Royal & SunAlliance’s chief for the Asia-Pacific region, Ewoud Kulk, is pretty happy with the region’s contribution to the company’s 2000 operating profit of about $1.4 billion. The group contributed about $246 million to the total, compared with $27 million last year.

The region’s general insurance made $117 million – compared to a $63 million loss in 1999 – and life contributed about $111 million. Another $18 million came from non-insurance and associate operations.

A 4% fall in general insurance premiums was attributed mainly to the renationalisation of the NZ workers’ comp market last year, as well as the decision by R&SA to pull out of CTP in Australia. Life premiums rose 9%.

Mr Kulk said a less catastrophic 1999 in Australia (no Sydney hailstorm, for example) was a major factor in the improved general insurance result, although a “firmer underwriting stance” in Australian commercial lines also played a part.

R&SA CEO Bob Mendelsohn said all property/casualty divisions did better last year, although the British and European storms, coupled with a new drive to “e-enable” the company, affected profits. The group’s overall combined ration worsened slightly to 109.6%.