Parent Company Financial Statements
Independent auditors' report to the members of Royal & Sun Alliance Insurance Group plc
We have audited the Parent Company financial statements of Royal & Sun Alliance Insurance Group plc for the year ended 31 December 2005 which comprise the Parent Company Balance Sheet, Statement of Changes in Equity of the Parent Company, the Parent Company Cashflow Statement and the related notes. These Parent Company financial statements have been prepared under the accounting policies set out therein. We have also audited the information in the Directors’ Emoluments and the Directors’ Interests that is described as having been audited.
We have reported separately on the consolidated financial statements of Royal & Sun Alliance Insurance Group plc for the year ended 31 December 2005.
Respective responsibilities of directors and auditors
The directors’ responsibilities for preparing the Annual Report, the Directors’ Emoluments and the Directors’ Interests and the Parent Company financial statements in accordance with applicable law and International Financial Reporting Standards (IFRS) as adopted by the European Union are set out in the Directors’ Report.
Our responsibility is to audit the Parent Company financial statements and the sections on Directors’ Emoluments and the Directors’ Interests that are described as having been audited in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland). This report, including the opinion, has been prepared for and only for the Company’s members as a body in accordance with Section 235 of the Companies Act 1985 and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
We report to you our opinion as to whether the Parent Company financial statements give a true and fair view and whether the Parent Company financial statements and the sections on Directors’ Emoluments and the Directors’ Interests that are described as having been audited have been properly prepared in accordance with the Companies Act 1985. We also report to you if, in our opinion, the Directors’ Report is not consistent with the Parent Company financial statements, if the Company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding directors’ remuneration and other transactions is not disclosed.
We read other information contained in the Annual Report and consider whether it is consistent with the audited Parent Company financial statements. The other information comprises only the Highlights, the Key business information, the Chairman’s statement, the Group CEO’s review, the Royal & SunAlliance today section, the Operating and Financial review, the Corporate Responsibility section, the Share and shareholder analysis, the Directors’ Report, the Corporate Governance statement, the Remuneration Report and the unaudited part of Directors’ Interests. We consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the Parent Company financial statements. Our responsibilities do not extend to any other information.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the Parent Company financial statements and the sections on Directors’ Emoluments and the Directors’ Interests that are described as having been audited. It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the Parent Company financial statements, and of whether the accounting policies are appropriate to the Company’s circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the Parent Company financial statements and the part of the Directors’ Emoluments and Directors’ Interests to be audited are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the Parent Company financial statements and the sections on Directors’ Emoluments and the Directors’ Interests that are described as having been audited.
Opinion
In our opinion:
- The Parent Company financial statements give a true and fair view, in accordance with IFRS as adopted by the European Union as applied in accordance with the provisions of the Companies Act 1985, of the state of the Company’s affairs as at 31 December 2005 and cashflows for the year then ended,
- The Parent Company financial statements and the sections on Directors’ Emoluments and the Directors’ Interests that is described as having been audited have been properly prepared in accordance with the Companies Act 1985.
PricewaterhouseCoopers LLP
Chartered Accountants and Registered Auditors
London
8 March 2006
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