RBC Insurance covers Canada and the US like an ermine mantle. A business segment of Royal Bank of Canada, Canada's largest bank, RBC Insurance offers individual and group life and health insurance, as well as home, travel, and auto insurance across Canada. In the US the company offers life and travel insurance, as well as annuities. In addition to its core insurance products, the company also provides reinsurance to clients around the world. RBC sells its products through a variety of channels, including retail branches, brokers, travel agencies, and its own sales team.
The company provides property/casualty products in the US through its subsidiary RBC U.S. Insurance Services. In 2010 the company chose to trim its US life insurance operations, and announced plans to sell its Liberty Life Insurance to Athene Holdings for $628 million.
RBC Insurance has been working to strengthen its Canadian sales network; in 2009 it expanded its retail sales operations in the country to some 50 branches.
In 2009 the company saw its profits go up across the business. The increase was due to a combination of factors, including a steady rise in premium income and overall gains in the company's investments. RBC saw its largest increases in its US business (due to gains on investments and a strong US dollar) and its reinsurance business. The company has been investing in expanding its reinsurance business in Europe and continues to actively expand the growing business into other international markets. – less
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