Move Consolidates RBC's U.S. Life Insurance Operations

GREENVILLE, S.C., July 3 /PRNewswire/ -- RBC Insurance has merged
Liberty Life Insurance Company and Business Men's Assurance Company of
America (BMA), its core U.S. insurance businesses, and consolidated its
marketing brands. The move strengthens RBC's position as a nationwide life
insurance carrier, providing capital leverage and increased market
visibility as the company pursues its U.S. growth strategy.

The merged company, whose legal entity will be called Liberty Life
Insurance Company, will eliminate its RBC Liberty Insurance brand and
operate under a single brand name, RBC Insurance. As South Carolina's
largest state- based life insurer, it will remain headquartered in
Greenville, where it has over 200 employees. No job losses are expected as
a result of the merger.

"Consolidating our operations solidifies RBC's U.S. insurance platform
and positions us for continued growth in today's highly competitive
marketplace," said David Black, head of U.S. insurance for RBC. "This
merger strengthens our balance sheet, elevates our market profile and
creates internal efficiencies that enable us to serve our clients more
effectively."

The merger has been approved by the South Carolina Department of
Insurance and is subject to approvals by other U.S. regulators. The company
is licensed in all states except New York. In addition to its Greenville
headquarters, it has a sales and marketing office in Kansas City, MO, and a
field force of approximately 300 full-time agents.

Liberty Life Insurance Company and BMA were acquired by Royal Bank of
Canada in November 2000 and May 2003, respectively.

About RBC Insurance

As the insurance operation of Royal Bank of Canada (NYSE: RY; Toronto),
RBC Insurance provides a wide range of creditor, life, health, travel,
home, auto and reinsurance products to more than five million North
American customers. Based in Greenville, South Carolina, the U.S. life
insurance division of RBC Insurance, through its operating entity, Liberty
Life Insurance Company, provides life and health insurance, annuities and
related personal financial security products to consumers through regional
and independent broker dealers, national marketing organizations, RBC
banking and investment channels, the Internet, other direct marketing
channels and a field force of approximately 300 full-time sales agents. For
more information, please visit http://www.rbcinsurance.com/us .

SOURCE RBC Insurance

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Related links:

http://www.rbcinsurance.com/us

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