16th Jan 2007 13:51
Royal & Sun Alliance Insurance Group plc - Accounting for US operation in 2006Results Royal & Sun Alliance Insurance Group plc ("R&SA") today announces that inaccordance with IFRS 5, it will be classifying its US operation as 'held forsale' in its 2006 results. In line with IFRS 5 the US operation will be writtendown to fair value less any disposal costs in the 2006 results. This write down and the US operation's result for the year will be shown on oneline in the 2006 preliminary announcement as 'discontinued operations', which isoutside the Group's Operating Result. The write down and the loss for the yearare together expected to total approximately £480m. For further information: \* TAnalysts Press----------------------------------------------------------------------------------------------Shona Cotterill Phil Wilson-Brown----------------------------------------------------------------------------------------------Head of Investor Relations Head of External Communications----------------------------------------------------------------------------------------------Tel: +44 (0) 20 7111 7212 Tel: +44 (0) 20 7111 7047----------------------------------------------------------------------------------------------\* T Note to editors: 1. On 28th September 2006, R&SA announced the sale of the US operation toArrowpoint Capital Corp. and its wholly owned subsidiary Arrowpoint Capital LLCat an estimated pre tax loss on disposal of £443m. 2. At Q3 2006, R&SA announced a pre tax loss for the US operation of £25m. 3. In R&SA's 2006 full year results, the Operating Result will comprise solelythe results of the Core Group. At Q3 2006, the Operating Result for the CoreGroup was £598m (2005 £533m). Copyright Business Wire 2007Related Shares:
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