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'

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.

in again at 117.5p

" The new dividend is appropriate for the business today, sustainable into the future and will allow a progressive dividend policy going forward."

That said, but when the divi grows they seek the first opportunity to reduce it!

However I've been a bit slow this morning, should have been out of bed earlier and picked some up at 117/118. Will watch for a while and buy a few if they ease again this morning.

....can't get on to my TDW account now!!

Take your pick.


Daniel Stewart Hold 118.35 136.30 135.00 135.00 Reiterates

Bank of America Merrill Lynch Neutral 118.35 136.30 125.00 125.00 Reiterates

Panmure Gordon Sell 118.35 136.30 130.00 120.00 Downgrades

Espirito Santo Execution Noble Sell 118.35 136.30 112.00 112.00 Reiterates

Oriel Securities Hold 118.35 136.30 110.00 110.00 Retains

Exane BNP Paribas Outperform 118.35 136.30 - 152.00 Reiterates

Finally managed to buy a few at 117.3

Nomura Neutral 116.70p 115.00p 124.00p Upgrade

Exane BNP Paribas Outperform 116.65 117.00 152.00 152.00 Reiterates

HB Markets Hold 116.65 117.00 - - Reiterates

JP Morgan Cazenove Overweight 116.65 117.00 130.00 130.00 Reiterates

Deutsche Bank Hold 116.65 117.00 147.00 122.00 Downgrades

Numis Hold 116.65 117.00 115.00 115.00 Reiterates

Barclays Capital Underweight 116.65 117.00 116.00 115.00 Retains

Bank of America Merrill Lynch Neutral 116.65 117.00 125.00 123.00 Reiterates

Goldman Sachs Neutral 116.65 117.00 - - Retains

skinny, thanks for the upgrade.
I see that some are talking of 90p, if this does arrive I could well be tempted with more than just a few.

Thanks for the broker views skinny. They make everything so much clearer. :-))

RSA Insurance Group plc

Transactions in shares by Persons Discharging Managerial Responsibility (��SPDMR⬝)

Ordinary Shares of 27.5p each

25 February 2013

RSA Insurance Group plc (the ��SCompany⬝) received notification on 22 February 2013 of the following transactions in its ordinary shares of 27.5p each (��SOrdinary Shares⬝) by PDMRs of the Company.

On 22 February 2013, Ordinary Shares were purchased by the PDMRs listed below:

Name

Number of Shares Purchased Share Price
(per share)


Alastair Barbour1 20,891 £1.179
Edward Lea2 68,000 £1.188
Johanna Waterous3 8,400 £1.186
Martin Scicluna 42,012 £1.183
Richard Houghton4 100,000 £1.172

Bounced strongly from the 200ma.

Come on Skinny....you haven't posted today's reported director buys! ;-)

Are there any then ?

Sorry Skinny I looked at the last deals, thought they were for today...but not so they were the ones posted on the 25th.
Do you know I bought some more on the strength of them! LOL

:-)