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'

I have generally had the same experience as opto.

Me also and I've just sold having suffered held since 2011.

Started trading these early 2004 and always made a little on them.

Current holdings from early 2013...under water on this lot...but traveling hopefully :-)

Broker

There is also - Deutsche Bank Hold 487.15 481.50 88.00 440.00 Reiterates

Disposal

RSA announces sale of its majority-owned Canadian insurance brokerage business
for an aggregate price of CAD $500m

RSA Insurance Group plc announces that today it reached agreement to sell its shareholding in Noraxis Capital Corporation, its Canadian insurance brokerage business, to a subsidiary of Arthur J. Gallagher & Co.

The total aggregate price for the business is CAD $500m. After minorities, and including estimated excess working capital, RSA is expected to receive cash consideration of CAD $441m (£238m) subject to closing adjustments on completion. The transaction is expected to close within two months and is subject to certain regulatory approvals. The transaction is expected to result in a gain on sale of approximately £140m and is expected to add approximately £225m to the Group’s tangible net assets, improving the Group’s capital strength.

Citigroup Neutral 490.20 490.20 480.00 501.00 Reiterates

Interim Result 07 August.

Half-yearly Report

Trading results

Capital metrics at 30 June 2014 (pro-forma for announced disposals): IGD surplus c.£1.7bn with coverage of 2.2 times; ECA surplus c.£1.3bn with coverage of 1.5 times.

Tangible equity £2.6bn (31 December 2013: £1.7bn); £3.1bn pro-forma for announced disposals.

Net written premiums of £3.9bn down 9%1 (down 3% underlying) reflecting our portfolio action plan and a more disciplined underwriting approach.

Foreign exchange movements, notably the strengthening of Sterling during the first half, drove reported premiums down 16%.

Headline underwriting profit £2m after absorbing losses in Ireland and charges elsewhere for prior year reserve additions.

Current year underwriting profit of £87m excluding Ireland (H1 2013: £80m excluding Ireland); underlying current year loss ratio of 58.5% excluding Ireland, 1.2pts better than prior year (H1 2013: 59.7%).

Underlying current year profit trends broadly in line with our expectations including aggregate weather and large loss performance at a Group level. Good results in Scandinavia; Weather impacts in the UK, Ireland, and Canada; Latin America impacted by Chile earthquake, as previously reported.

Ireland underwriting loss of £64m as clean-up continues. Our goal is to return Ireland to profitability in 2015.

Prior year loss of £21m excluding Ireland (H1 2013: £98m profit ex Ireland, included margin release ex Ireland of £42m). Various clean-up adjustments including reserve additions in the UK and Scandinavia.

Net gains of £142m includes only £17m from announced disposals (Latvia) with the balance expected in H2 2014 or early 2015. Gains offset by £133m ‘one-off’ charges including £57m write down of Ireland goodwill and intangibles.

Pre-tax profit was £69m (£45m from continuing operations).
Strategic update

Good progress on our Action Plan as we tighten strategic focus, build capital strength, and put in place the foundations to improve business performance.
Agreed disposals of Baltics, Poland, Noraxis and China operations with total proceeds of £591m.

Rights issue proceeds and disposal gains substantially rebuilding tangible equity. Pension plans now moved into IAS 19 surplus of £50m.
Tangible equity to premiums ratio of 33%2 (31 December 2013: 19%). Expect to advance to a healthy level within our target range of 35-45% over the next 18-30 months.

Focused on laying the foundations for future business performance. Also engaged in further and more detailed and ambitious strategic challenge of the business.
Existing plans include target gross annualised cost reductions in excess of £180m (excluding disposals).

Targeting dividend restart with 2014 full year results.

Regulator warns British insurers over reserves

A good rise this morning but no accompanying news to show the reason?
Skinny often comes in with a clue...any guidance today Skinny?

I don't hold these currently, but I'd hazard a guess :-)

22 Jan 15 Credit Suisse Outperform 464.55 450.00 525.00 Upgrades

26 FEB 2015 - Announcement of 2014 Full Year Results - Financial Calendar

Cheers Skinny, looks like it could be CS upgrade that's given the boost today.

Did you read that in post 684? :-)

I haven't look at the indices, but insurance companies seem to be up, perhaps in anticipation of QE?

AV. going well!

I jump out of OML and few others a little too early!

Fred AV. TO of FLG is probably add fuel to the market - I hold both, but am tempted to sell FLG on any post 1:30pm spike.

skinny...of course I read it in post 684 :-)

Finals on the 26th Feb

Deutsche Bank Hold 441.65 500.00 450.00 Reiterates