Full-year profit at Royal & Sun Alliance has inched up by 5%, helped by cost controls and lower storm damage claims.
R&SA said its operating result for the year to Dec 31 2006 came in at £780m, up from £743m the previous year.
The improvement reflected cost discipline and lower claims for weather-related damage than in 2005, which pushed insurance profits up 18% to £310m.
RSA said its plan to cut £130m in costs by mid-2008 was running ahead of schedule.
The improved cost efficiency offset slow revenue growth, with net premium income climbing just 3% to £5.48bn, held back by stiff competition.
R&SA's combined operating ratio improved to 93.3% from 94.1% in 2005, and the group said it is targeting a ratio of below 95% for 2007.
Including £499m in asset writedowns and trading losses from the group's troubled US operation, which it sold earlier this week, RSA had a post-tax loss of £20m.
The US unit, which was closed to new business in 2003 after being hit by potentially ruinous asbestos-related claims, was bought by its own management in a deal that completed on Monday.
The disposal eliminates RSA's exposure to future asbestos claims in the US, and has sparked speculation of a takeover bid for the company, with Finland's Sampo named as a possible buyer earlier this week.
However, according to reports, chief executive Andy Haste said: "It's all speculative and hypothetical, and I'm not going to comment."
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
