April 18 (Bloomberg) -- Royal & Sun Alliance Insurance Group Plc, the U.K.'s No. 2 property and casualty insurer, said the change to International Financial Reporting Standards will increase 2004 profit by 19 million pounds ($36.1 million).
IFRS is being adopted by about 7,000 public companies across the European Union to make accounts more comparable.
The new rules will also cut the company's net assets in 2004 by 350 million pounds because of the recognition of a pension-fund deficit, London-based Royal & Sun said today in a Regulatory News Service statement.
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