Business profile
RBC Insurance provides a wide range of creditor, life, health,
travel, home, auto and reinsurance products and services to
more than five million clients in Canada, the U.S. and internationally.
These products and services are offered through a wide variety
of distribution channels, including the telephone, independent
brokers, travel agents, a proprietary sales force and the Internet.
Share of RBC 2003 net income (1)
Key strategies
| • |
Significantly expand by adding distribution
channels and entering into new markets |
| • |
Further integrate
operational areas on a North American basis to maximize efficiencies
and economies of scale
and scope |
Key operating highlights
| • |
Enhanced creditor insurance products in
Canada to simplify processes and eliminate duplication and
paper, significantly reducing costs, eliminating client irritants
and improving overall relationships |
| • |
Launched new Investment
Credit Facility program to easily and conveniently deliver
a well-priced and tax-efficient financial vehicle to our Canadian
clients from one source |
Financial highlights – U.S. GAAP
 |
(C$ millions,
except percentage amounts) |
% chan |
ge |
|
2003 |
|
|
|
2002 |
|
| |
|
|
|
|
|
|
|
|
| Total revenues |
7 |
% |
$ |
2,045 |
|
|
$ |
1,910 |
Policyholder benefits,
claims
and acquisition expense |
6 |
|
|
1,404 |
|
|
|
1,330 |
| Non-interest expense |
6 |
|
|
424 |
|
|
|
399 |
| Net income |
20 |
|
|
228 |
|
|
|
190 |
| Return on equity (6) |
70 |
bp |
|
26.4% |
|
|
|
25.7% |
|
|
