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Maybe the market was expecting larger profits. ATB
And are back in the black ,So why are they dropping like a stone ?
Sell RSA as turnaround labours: RSA Insurance’s first set of results, following some major balance sheet surgery under Stephen Hester, was an opportunity to show shareholders the promise of a brighter future. RSA, formerly known as Royal and Sun Alliance, first hit problems in November last year. A black hole was discovered in the Irish division’s accounts, which required a near-doubling of reserves from £70 million to £130 million. The gap in the Irish arm’s insurance loss reserves was compounded by a £220 million fraud. RSA launched a £748 million discounted rights issue in March, the Baltic and Polish divisions were sold in April to raise a further £300 million, and the share price was consolidated five-for-one in May. This offset a strong performance in Scandinavia. Looking at the company as a whole, the amount of insurance it is writing is falling, with net written premiums down 9% to £3.9 billion. And the core insurance business is only just breaking even, with a profit from underwriting of £2 million, down from £188 million in the same period last year. The problem for RSA is that with record low bond yields, investment returns are also falling, down from £192 million to £166 million. Once you add in head office, interest and restructuring costs, the company reported first-half, pretax profits of £69 million, down from £250 million at the same stage last year. Questor picked RSA as a very high risk buy last year (92½p, December 16) on the basis that the core business would attract buyers and it would resolve its problems. Questor thinks this is as good a time as any to bail out of this speculative tip, and downgrades to a sell. RSA Insurance at 430½p-13.4p. Questor says “Sell”
I like what Hester is doing. The results will not come through for a while but I believe this will turn up trumps over the next year or two.
If these are new losses not previously reported could you please post a link? ATB.
Another £270 million
Markets jittery at the moment but Hester is doing all the right things and this one will turn around but not soon. Hang in there and once the divi is restored and Balance Sheet clean and strong we will see it come back
Its had no broker ratings since May that tells me a story .
What's going on with the Sp?
Luckily @490p
Who's next to leave in the clear-out?
My Cert arrived today so you should have yours soon. ATB.
It's very easy to update a figure online, but takes longer for the right person to print out a cert and send it via snail mail!! ATB.
Thanks for the reply Bonz1957. I see that Equniti have updated my new shareholding amount online.
RSA announces sale of its majority-owned Canadian insurance brokerage business for an aggregate price of CAD $500m. The transaction is expected to result in a gain on sale of approximately £140m and is expected to add pproximately £225m to the Group’s tangible net assets, improving the Group’s capital strength.
Thanks for that - I couldn't see it anywhere! x
There is to be no 2013 Final div, which would have been paid in the next week or so. However, in the last results there was talk of the possibility of a token 2014 Interim div, to be paid in |Nov, with the prospect of a return to a full div with the 2014 Final due this time next year.
Not as yet. As it only became effective a week ago I wouldn't expect the new share certs for at least another week or two.
Have RSA stopped paying dividends? :(
Please can anyone tell me if they have received a consolidated share certificate yet?
Bad news behind us, cash in th bank, selling off weak business streams! Viva RSA. Fingers crossed for no natural disasters or any more scandals.
For a nice drop -then we might buy some !
Make that the £5 barrier now!
By £48 on my holding
Oops, thanks for the clarification Uksteveg. I'm in RSA, but have been on holiday and had forgotten about the consolidation. Thought I'd made some money for a change, silly me!