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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Rsa Insurance Group Ld | LSE:RSA | London | Ordinary Share | GB00BKKMKR23 | ORD GBP1.00 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 684.20 | 684.20 | 684.40 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMRSA
RNS Number : 0204U
RSA Insurance Group PLC
26 March 2019
26 March 2019
RSA INSURANCE GROUP PLC
(THE "COMPANY")
2018 ANNUAL FINANCIAL REPORT ANNOUNCEMENT
In accordance with Listing Rule 9.6 and Disclosure and Transparency Rule ("DTR") 4.1, the Company announces that the following documents have been posted to shareholders and have today been submitted to the UK Listing Authority via the National Storage Mechanism:
-- Annual Report and Accounts for the year ended 31 December 2018 -- Notice of the 2018 Annual General Meeting to be held on 10 May 2019 -- Proxy form for the 2019 Annual General Meeting
The above mentioned documents (except for the Proxy form) are available on our website at www.rsagroup.com and www.rsagroup.com/agm2019 and will shortly be made available for inspection at www.morningstar.co.uk/uk/NSM. Shareholders can obtain additional copies of the Proxy form from our Registrar, Equiniti Limited, at Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA.
This announcement should be read in conjunction with the Company's announcement issued on 28 February 2019. Together these constitute the material required by DTR 6.3 to be communicated to the media in full unedited text through a Regulatory Information Service. This material is not a substitute for reading the Company's 2018 Annual Report and Accounts.
An indication of the important events that occurred in 2018 and their impact on the condensed consolidated financial statements, the condensed consolidated financial statements themselves and the responsibility statement were announced to the London Stock Exchange on 28 February 2019, forming part of the Preliminary Results announcement for the year ended 31 December 2018. In the Appendix below for the purposes of compliance with DTR 6.3.5 is the statement of key risks and mitigants which is set out in the 2018 Annual Report and Accounts and the text of note 15 to the consolidated financial statements in the 2018 Annual Report and Accounts concerning related party transactions.
Other information:
LEI number: 549300HOGQ7E0TY86138
Enquiries:
Chris Smyth
Deputy Group Company Secretary
RSA Insurance Group plc
Tel: +44 (0) 20 7111 7000
IMPORTANT DISCLAIMER
Visit www.rsagroup.com for more information.
This press release (together with the Annual Report and Accounts referred to herein) has been prepared in accordance with the requirements of English company law and the liabilities of the directors in connection with this press release (together with the Annual Report and Accounts referred to herein) shall be subject to the limitations and restrictions provided by such law. 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", "potential", "target", "reasonably possible" or similar expressions identify forward-looking statements. By their nature, all forward-looking statements involve risk and uncertainty because they relate to, and maybe impacted by, future events and circumstances which are beyond the Group's control, including amongst other things, UK domestic, European and global economic business conditions, market-related risks such as fluctuations in interest rates and exchange rates, the policies and actions of governments, central banks and regulatory authorities (including changes related to capital and solvency requirements whether in the UK, Europe or globally), 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. 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 and, as a result these forward-looking statements are not guarantees of future performance of the Group and undue reliance should not be placed on them. The Group undertakes no obligation to update any forward-looking statements, save in respect of any requirement under applicable law or regulation. Neither the content of RSA's website nor the content of any other website accessible from hyperlinks on RSA's website is incorporated into, or forms part of, this document. Nothing in this press release (together with the Annual Report and Accounts referred to herein) should be construed as a profit forecast.
APPIX
References to page numbers and notes to the accounts made in this Appendix refer to page numbers and notes to the accounts in the 2018 Annual Report and Accounts.
KEY RISKS AND MITIGANTS
Hot Features
Premium
Key risk and exposures Key mitigants and controls Commentary
Catastrophe risk Consistent with
Arises from the * Our reinsurance programme significantly reduces our our strategy and
risk of large natural exposure to catastrophe risks, with historical losses appetite of retaining
disasters, with being well covered by our programme. The programme is risks that reside
our main exposure designed to cover at least 1-in-200-year events. within our core
being to North expertise, where
European windstorms we are able to
and Canadian maximise risk-adjusted
earthquakes. returns, our Solvency
II Capital Requirement
(SCR) primarily
comprises insurance
related risks,
including higher
than anticipated
underwriting losses,
large retained
catastrophe losses
and deterioration
in our stock of
reserves for future
claims.
While our investment
strategy remains
deliberately
conservative,
we continue to
look for opportunities
to increase returns
through the purchase
of less liquid
high-quality assets
as we are able
to match the cash
flow profile against
that of our liabilities.
Another key SCR
risk arises from
the Group's defined
benefit pension
schemes. Although
these schemes are
well funded (95%
at the latest triennial
review), under
the Solvency II
rules we are required
to hold suffi cient
capital to withstand
a 1-in-200-year
event. For more
information on
the pension schemes,
see note 38 of
the financial
statements.
Management of
operational
risk is key to
servicing and supporting
our customers,
as well as an SCR
driver. Cyber remains
one of our key
operational risks.
The last few years
have seen the volume,
nature and capabilities
of would-be attackers
increase significantly,
meaning the risk
is ever present.
In response, RSA
has been investing
heavily in our
technology and
capability to counter
such threats and
building employee
awareness through
briefings and training.
These efforts continue
at pace driven
by a refreshed
Group Cyber Strategy.
----------------------------------------------------------------- -------------------------
Reserving risk
This is the risk * Reserves are reviewed and challenged at the Group
that the Group's Reserving Committee meeting which is attended by the
estimate of future Group Chief Actuary, CRO, CUO, CFO and CEO.
claims is insufficient.
Longer tail-lines
of business present * The reserve assurance programme has independently
more uncertainty verified >90% of the Group's net reserves over a
on the size and three-year period.
timing of payments,
with our largest
exposure being * Claims case reserves are prudently set and reviewed
the Swedish Personal at quarterly case reserving committees.
Lines (including
motor). The risk
includes legislative
changes, e.g. the
Ogden rate change.
----------------------------------------------------------------- -------------------------
Underwriting and
claims risk * Controlled through well-defined risk appetite
This is the risk statements which are rigorously monitored at
that underwritten quarterly portfolio reviews, with remediation action
business is less taken where deemed necessary.
profitable than
planned due to
insufficient pricing * Brexit risks to inflation and supply chain delays are
and setting of being monitored and we are ready to respond.
claims case reserves.
Key exposures arise
from large portfolios * Extensive control validation and assurance activities
where claims trends performed over underwriting pricing and claims.
are slow to emerge,
such as UK Commercial
and Marine.
-----------------------------------------------------------------
Market, credit
and currency risk * RSA adopts a prudent investment strategy with the
This is the risk investment portfolio favouring high-quality fixed
to our insurance income bonds.
funds arising from
movements in
macroeconomic * RSA ensures assets are closely duration and currency
variables, including matched with insurance liabilities to hedge
widening credit volatility.
spreads, fluctuating
bond yields and
currency fluctuations. * Investment positions are regularly monitored to
ensure limits remain within appetite.
* Asset Managers positioning assets to minimise Brexit
risk where possible.
-----------------------------------------------------------------
Pension risk
We face longevity * Funding assets are well matched to liabilities in the
and in particular pension schemes, including the use of swap
market-related arrangements.
risks, which arise
from our defined
benefit pension * The tri-annual valuation process is complete and a
schemes. The largest new long-term de-risking plan has been agreed.
exposures arise
from credit spread
and equity movements, * Possible market impacts of Brexit are examined and
although these well understood with a specific focus on Pension
are partly hedged risk.
by offsetting movements
in the Insurance
Investment Fund.
-----------------------------------------------------------------
Operational risk
This risk relates * Operational risk processes and procedures are in
to customer and/or place, including incident management.
reputational damage
arising from
operational * Control Validation and Assurance review control
failures such as effectiveness.
IT system failure.
* New UK Cyber Strategy has been developed.--
* IT risks remain a key focus, especially cyber threat.
----------------------------------------------------------------- -------------------------
RELATED PARTY TRANSACTIONS
Key management personnel comprise members of the Group Executive Committee, executive directors, and non-executive directors.
Key management personnel compensation
2018 2017
GBPm GBPm
Salaries and other short-term employee
benefits 7 7
------ ------
Bonus awards 1 3
------ ------
Pension benefits - -
------ ------
Share based awards 5 5
------ ------
Total 13 15
------ ------
Included in salaries and other short term employee benefits and bonus awards is GBP3,942,000 (2017: GBP4,625,000) paid in respect of directors. These amounts exclude the value of share options granted to directors and gains made on the exercise of such options, Group contributions paid in respect of pension schemes and cash or other assets received or receivable under long term incentive schemes. The total value of the directors' remuneration (including values for these excluded items) and other details are disclosed in the remuneration report.
Key management personnel transactions
A number of key management personnel, or their related parties, hold positions in other companies that result in them having significant influence over these companies. A number of these companies transacted with the Group during the year. The terms and conditions of these transactions were no more favourable than those available, or which might reasonably be expected to be available, in similar transactions with non-key management personnel-related companies on an arm's length basis.
A number of the directors, other key managers, their close families and entities under their influence have general insurance policies with subsidiary companies of the Group. General insurance policies are available at discounted rates to all employees including executive directors.
RESPONSIBILITY STATEMENT
We confirm that to the best of our knowledge:
-- The financial statements on pages 106 to 175, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Parent Company and the undertakings included in the consolidation taken as a whole; and
-- The strategic report on pages 04 to 95 includes a fair review of the development and performance of the business and the position of the Parent Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.
We consider the annual report and accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Group's position and performance, business model and strategy.
Signed by order of the Board
Stephen Hester Scott Egan
Group Chief Executive Group Chief Financial Officer
(appointed as CEO, UK & International
on 5 February 2019)
27 February 2019 27 February 2019
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
ACSZMGZFLVMGLZG
(END) Dow Jones Newswires
March 26, 2019 05:25 ET (09:25 GMT)
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