RSA: RSA Insurance Group Plc: Disposal
UK Regulatory Announcement
RSA announces sale of its business in China for £71m
RSA Insurance Group plc today announces that on 3 July 2014 it reached
agreement to sell Sun Alliance Insurance (China) Limited (‘RSA China’) to
Swiss Re Corporate Solutions.
RSA will receive consideration of approximately £71m payable in cash. The
transaction is expected to result in a gain on sale and an addition to the
Group’s tangible net assets of approximately £26m.
Completion is subject to obtaining regulatory approval.
Stephen Hester, RSA Group Chief Executive said:
“This transaction builds on the momentum of our recently announced disposals
in the Baltics, Poland and Canada, and represents continued progress against
our aim of tightening the strategic focus of the Group. We are continuing to
evaluate further non-core disposals, some of which we expect to agree during
RSA China underwrites both commercial and personal insurance risks and
accounted for £14m of net written premiums in RSA Group’s 2013 financial
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Rupert Taylor Rea Louise Shield
Tel: +44 (0) 20 7111 7140 Tel: +44 (0) 20 7111 7047
Louise Jordan Jon Sellors
Tel: +44 (0) 20 7111 1891 Tel: +44 (0) 20 7111 7327
Notes to editors:
With a 300 year heritage, RSA is one of the world’s leading multinational
quoted insurance groups. RSA has major operations in the UK, Scandinavia,
Canada, Ireland, Asia and the Middle East, Latin America and Central and
Eastern Europe and has the capability to write business in around 140
countries. Focusing on general insurance, RSA has around 23,000 employees and,
in 2013, its net written premiums were £8.7 billion.
This press release may contain ‘forward-looking statements’ with respect to
certain of the Group’s plans and its current goals and expectations relating
to its future financial condition, performance results, strategic initiatives
and objectives. Generally, words such as “may”, “could”, “will”, “expect”,
“intend”, “estimate”, “anticipate”, “aim”, “outlook”, “believe”, “plan”,
“seek”, “continue” or similar expressions identify forward-looking statements.
These forward-looking statements are not guarantees of future performance. By
their nature, all forward-looking statements are inherently predictive and
speculative and involve risk and uncertainty because they relate to future
events and circumstances which are beyond the Group’s control, including
amongst other things, UK domestic and global economic business conditions,
market-related risks such as fluctuations in interest rates and exchange
rates, the policies and actions of regulatory authorities, the impact of
competition, inflation, deflation, the timing impact and other uncertainties
of future acquisitions or combinations within relevant industries, as well as
the impact of tax and other legislation or regulations in the jurisdictions in
which the Group and its affiliates operate. As a result, the Group’s actual
future financial condition, performance and results may differ materially from
the plans, goals and expectations set forth in the Group’s forward-looking
statements. Forward-looking statements in this press release are current only
as of the date on which such statements are made. The Group undertakes no
obligation to update any forward-looking statements, save in respect of any
requirement under applicable law or regulation. Nothing in this press release
shall be construed as a profit forecast.
RSA Insurance Group Plc
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