The 2013 full year preliminary results for RSA Insurance Group plc was announced 27 February 2014.


"3 FOR 8 RIGHTS ISSUE AT 56 PENCE PER NEW ORDINARY SHARE
Further to the announcement on 27 February of its preliminary results for the year ended 31 December 2013, RSA Insurance Group plc ("RSA" or the “Company”) today announces the launch of a rights issue to raise £773 million in proceeds (£748 million net of expenses) (the “Rights Issue”). The Rights Issue is a fully underwritten 3 for 8 rights issue of 1,380,976,863 ordinary shares of 27.5 pence each in the capital of the Company at a price of 56 pence per New Ordinary Share.
The Issue Price of 56 pence per New Ordinary Share represents a discount of approximately 40% to the closing price of 93.4 pence on 24 March 2014 (being the last business day prior to the release of this announcement) and a 32.7% discount to the theoretical ex-rights price based on the closing price on 24 March 2014."

(thanks to skinny for this article)


Bottom chart 'fast stochastic'

Agreed. It is intra-day and based on 2 deals.

My trading period is generally longer.

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Found notes

Target
28 Sep Exane BNP Paribas Outperform 112.35 133.00 133.00
27 Sep Daniel Stewart Buy 112.35 135.00 135.00
20 Sep Shore Capital Buy 112.35 - -
11 Sep Panmure Gordon Hold 112.35 110.00 110.00

Interim Management Statement

Premium growth1 in nine months to September 2012 of 4%.
Confirming guidance of combined operating ratio of better than 96% and investment income of around £500m for 2012.

Net written premium of £6.2bn representing growth of 4%1

Scandinavia up 2%1 to £1,403m

Canada up 6%1 to £1,179m

UK & Western Europe flat1 at £2,728m

Emerging Markets up 15%1 to £887m

IGD surplus remains strong at £1.2bn; coverage remains at 1.9 times. Economic capital surplus of £0.3bn

Net asset value (excluding IAS 19 pension deficit) up 1% to 105p per share

8 November: All reiterations:

Deutsche: Hold TP: 120p

Panmure Gordon: Hold TP: 110p

Investec Securities: Hold TP: 102p

RSA Group Announces Martin Scicluna as its New Chairman
Leading global insurer RSA today announces the appointment of Martin Scicluna as its new Chairman.

Martin brings considerable financial services experience having spent over 30 years at Deloitte where he was Chairman from 1995 to 2007. He has also built up wide Board experience in his current roles as Chairman of Great Portland Estates Plc and Chairman of the Audit committee and a Non-Executive Director of Lloyd’s Banking Group Plc.

He will join the Board on 1 January 2013 and succeeds John Napier who is stepping down after ten years with effect from 31 December 2012.
Edward Lea, Senior Independent Director, said:
“I am delighted that Martin is to be RSA’s next Chairman. His considerable knowledge and understanding of the financial services sector and his board experience will be real assets to the Group. Martin will bring a fresh approach that will support our aims to deliver an excellent service to our customers and value for our shareholders.

“I would also like to take this opportunity to thank John for his contribution and commitment to the company over the last ten years. Alongside the management team he has been instrumental in transforming RSA into the thriving global business it is today. The Board would like to congratulate John on his tenure as Chairman and wish him well for the future.”

Martin Scicluna said:
“It is a privilege to be appointed as Chairman of one of the world’s largest international insurers. I look forward to joining the RSA team and working with my new colleagues on the Board.”


Daniel Stewart Buy TP 135p Reiterates

Exane BNP Paribas Outperform TP 150.00p Reiterates

12 month high this morning @121.90p

12 month high today @123p.

Insurance cos enjoying a strong period Skinny, looking at your chart I see the RSI pushing 80..can pull back a bit from this high...but nothing can be certain.

Looking over bought again (like a lot of other shares) ho hum!

RSA

I put a little into sometime ago and bought a few SBs in last few days.

If you are interested, be careful as one broker dropped target, but I think it is worth 160p on Fundies and charts say the same to me.

But watch the double top formation.

Also ATR is 1 for stops, and OBV is 5 as it suits my trading.

Yield is not bad.


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Not intentionally double posting!

Results tomorrow.

New highs today. I just hope the results live up to the heightened expectations.

So do I.

Generally dump SBs before results, but holding a small number plus shares.

W/s.

Final Results

RSA DELIVERS 5% GROWTH IN PREMIUMS, £684M OPERATING PROFIT AND COMBINED RATIO OF 95.4%

Solid performance, 5% growth1 in net written premiums

Net written premiums up 5% on constant exchange rate basis to £8,353m
Underwriting result flat at £375m (2011: £375m) including negative impact from UK adverse weather and Italian earthquakes in first half; combined operating ratio of 95.4% (2011: 94.9%)

Investment income of £515m (2011: £579m), ahead of 2012 guidance

Emerging Markets now represents 10% of insurance result

Acquisitions in Canada and Argentina completed

Operating profit of £684m (2011: £727m); Return on equity of 9.1% (2011: 11.5%)

Balance Sheet remains strong with healthy capital surplus

IGD surplus of £1.2bn; covering capital requirement 1.9 times

Economic capital surplus of £1.2bn at 99.5% calibration
Net asset value per share excluding pension deficit of 107p (2011: 108p)

Strategy is delivering – expecting to achieve 10-12% ROE in 2013

Continued growth in premiums as business expands in Emerging Markets, Canada and Global Specialty Lines

Further improvements to combined ratio anticipated as reshaping in UK, remediation in Italy and operating leverage in Emerging Markets deliver

Expect to deliver strong premium growth, a COR of better than 95%, around £470m of investment income and return on equity of between 10 and 12% in 2013

Confident in prospects for further improvements to ROE and COR in medium term
Recommendation to rebase dividend. Final dividend of 3.90p per share

Reflects prospects of prolonged low bond yield environment

Creates sustainable dividend and progressive dividend policy for the future consistent with the anticipated underlying growth in earnings

Final dividend of 3.90p per share (2011: 5.82p). Board anticipates similar percentage reduction in 2013 interim dividend
1 at constant exchange

Ouch!

Just had a dabble @116.92 - hopefully the gap at the end of November filled.

Joined you at 118p, new gap opened to be filled, hopefully over the next few months.

Painful.

Shock or something like that.
Bought s a few.

Joined you lot at 118. This is another oportunity like BVIC.