RBC Insurance posts strong 3-Q premium growth

RBC Insurance increased premium and deposit income for the third quarter of the group’s financial year by 22% to $536 million compared with the $440 million reported for the same period a year prior. Net earned premiums rose by 27% year-on-year for the latest quarterly reporting period to $423 million (3-Q 2001: $334 million).The insurance arm of RBC Financial Group (NYSE: RY) lifted net income for the third quarter to end July by 4% to $49 million against the $47 million shown 12 months previous. The gain in earnings resulted from improved conditions in the Canadian insurance and reinsurance markets, the company says. However, earnings at the group’s Liberty Insurance operation were halved to $6 million due mainly to reduced investment performance and an increase in actuarial reserving. Net income for RBC Insurance for the first nine months of the current financial year rose by 7% to $139 million compared with the same period a year ago.