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Rating Action:

MOODY'S REVIEWS RATINGS OF ROYAL & SUN ALLIANCE GROUP FOR POSSIBLE UPGRADE

17 Feb 2005
MOODY'S REVIEWS RATINGS OF ROYAL & SUN ALLIANCE GROUP FOR POSSIBLE UPGRADE

Outlook on ratings of US subsidiaries revised to stable (IFSR at Ba3)

London, 17 February 2005 -- Moody's today placed the European ratings of the Royal & Sun Alliance Group under review for possible upgrade (Baa2 IFSR and P-3 commercial paper at Royal & Sun Alliance Insurance plc and Scandinavian subsidiaries; Ba2 guaranteed subordinated debt at Royal & Sun Alliance Insurance Group plc). Ratings of US subsidiaries (IFSR at Ba3) were affirmed, with outlooks revised to stable from negative.

The review for possible upgrade follows the Group's conclusion to its US reserve review process. The Group has stated that reserve strengthening of GBP160 million will take place in respect of its general US loss reserves, predominantly in relation to Workers' Compensation claims. Moody's notes that the reserve strengthening is lower in magnitude than the previously established GBP200 million contingency reserve, and consequently that, although 2004 operating results will be impacted by the charge, the group's available capital position will not be adversely influenced.

In Moody's view, the conclusion of the reserve study significantly reduces uncertainty in relation to the Group's capital position and ongoing winding down of its US business. This also follows some material improvements to capital through 2004 (following the sales of UK and Danish life businesses and bond rewording), improving underlying operational profitability, and moderating financial leverage.

The review for possible upgrade for the Group's European ratings will therefore focus on the Group's ability to continue to produce sound operating performance, as well as to continue to maintain a sound capital position. Moody's review will also consider the Group's exposure to remaining legacy issues in the US and the management of the wind-down of US operations.

The move to a stable outlook on the US operating companies reflects the reduced uncertainty with respect to the ultimate development of core loss reserves. Nonetheless, several challenges related to the US operations remain, including the potential for further adverse loss reserve development for asbestos & environmental claims, the high level of unsecured reinsurance recoverables and uncertainty with respect to certain litigation issues facing the Group.

The following ratings were placed under review for possible upgrade

Royal & Sun Alliance Insurance plc Baa2 IFSR; P-3 commercial paper

Sun Alliance & London Insurance plc Baa2 IFSR

Codan Forsikring A/S Baa2 IFSR

Trygg-Hansa Forsikrings A/S Baa2 IFSR

Royal & Sun Alliance Insurance Group plc Ba2 subordinated debt

The following ratings were affirmed and outlooks revised to stable from negative.

US operating companies Ba3 IFSR

Royal & Sun Alliance Group, headquartered in London, United Kingdom, had total assets of GBP30 billion as at end September 2004.

London
Simon Harris
Managing Director
Financial Institutions Group
Moody's Investors Service Ltd.
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Jean-Luc Lepreux
Senior Vice President
Financial Institutions Group
Moody's France S.A.
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