Royal Bank of Scotland Insurance reported a 52% leap in income, up to £3,245m for the year ending 31 December 2003, compared with £2,139m for 2002.
It said income for the insurance division was boosted by the acquisition of Churchill Insurance, which was completed in September 2003. Excluding Churchill's results, RBS Insurance said income grew 25%, or £525m.
Following Churchill's acquisition, RBS Insurance said: "The number of UK in-force motor insurance policies increased by 3.4 million of which 3.1 million was from Churchill, while the number of UK in-force home insurance policies increased by 3.6 million including 3.4 million from Churchill.
"The number of international in-force motor policies increased by 317,000 during the year."
The combined operating ratio for RBS Insurance's UK business was 91.6%, a slight increase from the 2002 figure of 89.4%. Excluding Churchill, the UK ratio improved from 89.4% to 89.2% said the company.
