Our latest Investing Matters Podcast episode with QuotedData's Edward Marten has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE
Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc
Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRocView Video
Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors
Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investorsView Video

Latest Share Chat

RSA Insurance fighting fit as takeover completion nears

Thu, 06th May 2021 17:25

(Alliance News) - RSA Insurance Group PLC after the London market close on Thursday said it had a strong start to 2021, leaving the firm in good health as it prepares for new ownership.

The insurer reported gross written premiums of GBP2.05 billion in the first quarter of 2021, up 2% on a year ago. Business operating profit "nearly doubled", it said, with a significantly improved combined ratio and lower investment income.

Insurance market conditions were "largely unchanged" in the period, it added.

"RSA's run of record performance continued in Q1 as the group delivered a combined ratio of 86%, our best such quarterly result of the last decade. We also announced today that the bid from Intact and Tryg should complete at the end of May, having now received its required regulatory approvals," said Chief Executive Stephen Hester.

"The RSA business we handover has never been in better shape."

In a separate release on Thursday, RSA said its takeover is expected to become effective at the start of June.

In mid-November, RSA Insurance had agreed to be sold in a deal with a two-headed consortium which valued the insurer at GBP7.2 billion.

The deal will see the insurer divided between Canada's Intact and Scandinavian insurer Tryg AS. Tryg's contribution will be GBP4.2 billion with Intact's portion of the deal amounting to GBP3.0 billion.

Under the deal, RSA shareholders will receive 685 pence in cash for each share. In addition, RSA shareholders will be entitled to receive the insurer's interim dividend of 8p.

Shares in RSA closed down 0.1% at 682.80p in London on Thursday.

By Lucy Heming; lucyheming@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

Related Shares

More News
8 Jun 2021 12:06

Bank of England unveils climate stress tests for UK banks and insurers

Bank of England unveils climate stress tests for UK banks and insurers

8 Jun 2021 11:16

Cevian Capital builds stake in Aviva in effort to secure bumper payout

Cevian Capital builds stake in Aviva in effort to secure bumper payout

1 Jun 2021 09:44

RSA Insurance bought by Intact and Tryg consortium for GBP7.2 billion

RSA Insurance bought by Intact and Tryg consortium for GBP7.2 billion

28 May 2021 09:29

TOP NEWS: UK FCA targets loyalty penalties in motor and home insurance

TOP NEWS: UK FCA targets loyalty penalties in motor and home insurance

25 May 2021 15:50

DIRECTOR DEALINGS: Renalytix AI CEO sells USD2 million in shares

DIRECTOR DEALINGS: Renalytix AI CEO sells USD2 million in shares

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.