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RBC Insurance

RBC Insurance (5)

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)
RBC Insurance - share of income

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%





(1) Another 5% of net income was derived from the Other segment.
(2) Canadian brand name.
(3) U.S. brand names.
(4) Caribbean and the Bahamas brand name.
(5) Global brand names.
(6) Return on equity is defined in the Glossary on page 110.