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Net income increased for RBC Insurance in the third quarter

by

Mathieu Carbasse

23 August, 2017 13:30

Photo : Freepik

In the third quarter of 2017, the net income from RBC Insurance increased to $ 161 million ($M), down 203 Million (- 56 %), compared to the same quarter of 2016.

Excluding the gain on the sale of its motor and home insurance to Aviva in the third quarter of 2016, the net profit of the insurer has increased by$ 32 Million (+25 %), mainly due to the increase in the profits generated on the investments, know the company.

Higher costs related to claims

Compared to the previous quarter, net income fell to$ 5 Million (- 3 %), due to the increase in the claims costs, primarily in the Insurance business – International. The insurer specifies, however, that this increase has been partially offset by the growth of activities and adjustments actuarial favourable reflecting management actions and assumption changes.

In wealth management, net income of RBC was $ 486 Million, up$ 98 Million (+ 25 %), compared to the same period of 2016. Compared to the previous quarter, net income rose$ 55 Million (+ 13 %).

Net income of$ 2.8 billion for RBC

Overall, the Royal Bank of Canada reported net income of 2.80 billion dollars (G$) for the quarter ended July 31, 2017, a decrease of$ 99 Million (- 3 %) compared to the same period a year earlier. Excluding an after-tax gain of 235 M$ from the sale of its motor and home insurance, the net income was up$ 136 Million (5 %).

According to RBC, these results reflect the strong earnings growth of sectors like wealth Management, Insurance, excluding the gain on sale recognized in the previous fiscal year, and investor Services and treasury, as well as a profit strong in the sector of banking Services to individuals and businesses.

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