Struggling insurer Royal & Sun Alliance (RSA) has unveiled a 30% rise in operating profits thanks to a shake-up.
But despite posting a profit of £100m for the three months to March, the group said more work remained to be done on its restructuring programme.
Last year RSA raised £960m with a rights issue and took steps to concentrate on its UK, Scandinavian and Canadian business.
Under the plans the firm also axed more than 1,000 jobs.
Further changes
Staff cuts continued into the first three months of the year, taking staff numbers down to the 29,000 mark.
Chief executive Andy Haste said: "The good result reflects the actions we have taken... We continue to restructure and rebuild the business but more remains to be done."
In a separate announcement, the firm added that it had avoided a spend of up to £500m following the successful conclusion of talks with City watchdog the Financial Services Authority.
The negotiations were to do with capital requirements for RSA's closed life insurance funds.
The company also denied it had put up its 71.5% stake in Danish life company Codan Forsikring - valued at £730m.
But RSA did say it had received two takeover approaches for the group, which it was duty bound to consider.
Home
~RS~q~RS~~RS~z~RS~46~RS~)
BBC NEWS CHANNEL
News services
E-mail this to a friend
Printable version
