Share Name Share Symbol Market Type Share ISIN Share Description
Rsa Insurance Group Plc LSE:RSA London Ordinary Share GB00BKKMKR23 ORD GBP1.00
  Price Change % Change Share Price Shares Traded Last Trade
  0.40 0.08% 517.40 157,690 09:31:18
Bid Price Offer Price High Price Low Price Open Price
517.20 517.60 519.40 513.80 519.40
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Nonlife Insurance 7,018.00 480.00 31.80 16.3 5,336
Last Trade Time Trade Type Trade Size Trade Price Currency
09:31:18 AT 400 517.40 GBX

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Date Time Title Posts
23/8/201909:24THE FUTURE IS SUNNY::::::::THE FUTURE IS RSA !8,749
13/5/201418:51royal sun alliance-
13/11/201321:44Only worth 17p on fundamentals....22

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Rsa Insurance Daily Update: Rsa Insurance Group Plc is listed in the Nonlife Insurance sector of the London Stock Exchange with ticker RSA. The last closing price for Rsa Insurance was 517p.
Rsa Insurance Group Plc has a 4 week average price of 497.20p and a 12 week average price of 497.20p.
The 1 year high share price is 600.20p while the 1 year low share price is currently 490.40p.
There are currently 1,031,399,367 shares in issue and the average daily traded volume is 2,824,595 shares. The market capitalisation of Rsa Insurance Group Plc is £5,328,209,129.92.
loganair: Is FTSE 100 faller RSA Insurance a top buy after 9% plunge? Shares in RSA Insurance Group (LSE: RSA) fell by 9.9% in morning trading Friday, as the FTSE 100 insurance giant revealed a disappointing third quarter. Heavier-than-expected UK losses have led to an underwriting loss for the quarter, leading chief executive Stephen Hester to tell us that “actions to improve in the UK are well under way,” while the company reported a strong period in its international business. Problems in the UK stem partly from bad weather losses, but RSA’s motor and marine insurance sectors have been suffering too. But on the upside, UK household and commercial property insurance saw improvements. Although reported pre-tax profit should be ahead of last year, on an underlying basis it’s expected to come in below 2017’s result — and that was put down “primarily to elevated weather costs.” Buy or sell? What does all this say about RSA as an investment, and has it hit Mr Hester’s “best-in-class ambitions” for the company? Well, the first thought that strikes me is that insurance companies are in the business of shouldering risk for their clients, so when things go bad it’s the company that takes the hit and not the person with a wind-blown tree crushing their car, or whatever calamity it is. So investors should expect to see quarters like this, which are pretty much inevitable for any insurance company. And as an investor who likes the insurance business myself, I’d be looking to top up on share price drops like this. On the whole, I still see RSA as a solid long-term investment.
loganair: Barrie Cornes, equity research analyst at Panmure Gordon, noted that the profit warning was a “bit of a blow” and expected RSA’s shares to be “under pressure” today. He commented: “RSA is a well-run business and non-life insurers will of course be subject to large weather losses from time to time. “Although the share price has come off Summer highs where we viewed them as being priced for perfection, we still think that they are fully valued.” Equity Analyst Robert Stephen said "the prospects for the RSA share price in the near term could be uncertain. Investors have reacted negatively to today’s update, and this could cause further declines in the company’s valuation over the short run." "In the long term, I feel that the company has a sound strategy through which to generate improving financial performance. It has a P/E ratio of around 12 at the moment, and is forecast to post double-digit EPS growth in the next financial year." "As a result, it seems to offer good value for money to my mind, while a forward divided yield of 5.5% for next year means it could also have income investing appeal in the coming years."
loganair: If Allianz decides to make a bid for RSA it seems to me a realistic offer would be between 750p and 800p or around a 10% to 20% premium from where the current share price is. Overall I will be very happy to take an offer between 750p and 800p.
loganair: It seems to me, until some thing major happens, the share price of RSA is going to struggle to get above 700p and will likely trade side ways in the 600p to 700p range. 700p takes the share price back to where it was in 2011 and in old money, before the 1 to 5 share consolidation is only 140p, when years ago the share price was over 600p in old money or £30 in to days share price.
loganair: RSA has been told only a full sale will get best value for shareholders and selling bits of the business is not now beneficial. Berenberg said today: ”The pension liability and loss of diversification benefits in its capital model mean disposing of any remaining operations is unlikely to be beneficial for RSA shareholders.” Berenberg said in its note that chief executive Stephen Hester had hinted RSA’s different parts of the business together, when compared to peers, meant a valuation of £8.50 on share price, valuing the company at £8.7bn. The firm is currently trading at £6.34, with a market capitalisation of £6.51bn. But Berenberg said Hester way of valuing the business - called sum-of-the-parts - was ‘likely unattainable without a bid forthcoming’. Elsewhere, Berenberg praised Hester’s transformation of the business and said it can double 2017 earnings to £540m by 2019, hitting an impressive combined ratio in the low 90s. The bank analysts at Berenberg said RSA can now concentrate on operational improvement. “All the boxes have been ticked; the balance sheet is in good order, leverage is at a suitable level; the company has a clear and rational footprint; and its operations are underwriting profitability,”; Berenberg said.
loganair: Barrie Cornes, analyst at Panmure which has a hold rating on the stock, said RSA's recent strong share price performance had cut the chances of an offer for the company after rival insurer Zurich (ZURN.S) abandoned a bid in 2015. RSA said it would pay an interim dividend of 6.6 pence, up 32 percent but below a forecast 7 pence. Hester told a media call the company was still on track to offer further cash to shareholders in 2018 through special dividends or share buybacks. "The dividend upgrade we forecast did not occur," KBW analysts said in a note, though they reiterated their outperform rating on the stock.
loganair: I see that the RSA share price is starting to close in on the Zurich Insurance take over offer price of last year, so it seems for once that a companies CEO was right when he said that the offer under valued the said company.
loganair: As a long suffering share holder of RSA, personally I do not wish Hester to sell out to Zurich for less than 600p. If Zurich are not willing to pay 600p Hester tell them to just go away. I'm saying this as in my good opinion this time next year RSA share price will be around the 500p level with a dividend for 2016 in the region of 15p and with a little good fortune for 2017 20p as RSA have said many, many times that they will be paying 40% to 50% of their profits in dividends. If RSA remains independent I can see good dividend growth over the next few years and that is what is important, dividend growth. Between them Artimis, Schroders and Newton own 51.31% of RSA, so basically the decision on whether Zurich takes over RSA is up to just these 3.
loganair: Clearly, there has been discussion of the potential for takeovers within the insurance market in recent months, with a combination of low valuations and new rules regarding cash balances making diversification and mergers a more appealing prospect. And, in the last month, shares in RSA have gradually crept up from less than 400p to 450p prior to today’s announcement from Zurich. Of course, on the one hand a takeover for RSA would be good news for the company’s investors. It is likely to mean a substantial premium to the company’s share price prior to today’s announcement and, for investors looking for a quick gain, this would be a dream scenario. However, for longer term investors, the company’s new strategy holds considerable promise and it could be argued that there is significant potential for further capital gains in 2016 and beyond without RSA being taken over. In fact, RSA’s new management team, led by Stephen Hester, is doing a very good job of rationalising the business and shoring up its financial standing. As such, RSA is set to return to profitability in the current year and post earnings growth of 7% next year. This shows that the company is moving in the right direction and, with RSA trading on a price to book (P/B) ratio of just 1.16 even after today’s share price move, it appears to be very cheap at the present time. As a result, share price appreciation over the medium to long term appears to be very much on the cards without a bid. Furthermore, RSA looks set to become an excellent dividend stock once more, with its shareholder payouts having the potential to increase at a rapid rate over the medium term. For example, it may yield only 2.1% after today’s share price rise but, with dividends being covered almost three times by net profit, there is tremendous scope for their rise moving forward. And, when earnings growth is also factored in, RSA could return to its status as a great income play in the years ahead. Certainly, the fact that RSA is the subject of considerable takeover speculation shows that the company is turning its fortunes around after the accounting scandal and profit warnings that occurred in recent years. However, there could still be considerable value to be unlocked, which means that investors in the company seem to be in a win-win situation so that they stand to benefit whether a bid is made for the company, or not.
spob: December 13, 2013 6:08 pm RSA looks in need of fresh capital By Alistair Gray and David Oakley FT A decade ago RSA earned the nickname Rapidly Shrinking Assurance when it sold off big chunks of its operations, helping revive the fortunes of the then-troubled insurer. On Friday, after RSA issued its third profit warning within a month, investors were left asking whether another bout of slimming down would work this time. More ON THIS STORY RSA warns as losses at Irish unit mount Video Crisis at RSA Lex RSA – not so assured Ireland poised to exit EU bailout RSA's Irish expansion runs out of luck ON THIS TOPIC European storm to cost insurers €1.4bn Lombard RSA / Thomas Cook / bricks RSA Irish chief resigns amid probe Questions linger over regulation as RSA Ireland chief exits IN INSURANCE Regulators warn on insurance accounting Ward joins Brit as owners eye exit Prudential raises dividend expectations Swiss Re hunt for Admin Re partner continues The UK's biggest non-life insurer by market capitalisation, whose chief executive Simon Lee finally stood aside on Friday after months of questions about his future, looks like it needs fresh capital. Richard Houghton, finance director, says the group's capital position is "adequate" but adds: "We want to be in a far more comfortable position." "Adequate isn't good enough," says Barrie Cornes, analyst at Panmure Gordon. Most big listed UK insurers hold at least £1.5bn more than the funds required by regulators but RSA is now estimated to have a surplus of little more than £600m. How RSA will shore up its balance sheet is less clear than its need to do so, however. "They are caught between a rock and a hard place," as one top 10 investor in RSA sums up the mounting problems at the insurer. For some companies needing to raise cash, the answer would be simple enough – launch a rights issue. However, given the weakness of RSA's shares – which fell 7 per cent on Friday – and that the group is so out of favour in the City, its board may struggle to successfully go cap in hand to shareholders. Martin Scicluna, chairman, appears to recognise this – at least for now. "We will do everything necessary to ensure our capital is strong, and is perceived to be strong," he says. But he adds that RSA has "no current plans" to raise fresh capital from shareholders. His problem is that few of the alternatives look particularly palatable. Although Mr Scicluna would not spell it out on Friday, it now looks highly likely that RSA will cut its dividend for a second consecutive year. We will do everything necessary to ensure our capital is strong, and is perceived to be strong - Martin Scicluna, chairman Even so, cutting the payout will be no panacea for the group's ills. RSA is looking at disposals to shore up its balance sheet. "We've got some excellent businesses around the world, some excellent assets," says Mr Scicluna. "Nothing is ruled in on any countries; nothing is ruled out." All or parts of RSA could be of interest to European insurers such as Zurich or Allianz. Most of the disposal options seem to have big drawbacks for RSA, however. A sale of the Scandinavian business would be likely to bring in the heftiest sum for RSA, but the group is heavily reliant on cash flow from its operations in the region, say analysts at Berenberg. Alternatively, RSA could sell its Canadian or Latin American business for a premium to its book value. However, Berenberg warns RSA would then be shedding some of its brightest prospects. Meanwhile, the likelihood of a single-digit return on equity this year with reduced dividends will be far from pleasing to RSA investors. Several top shareholders welcome Simon Lee's decision to quit – he will receive a year's salary of £824,000 – as they say his position had become untenable. RSA could use his departure as a platform for a turnround, they say. I would like to see some more reassuring comments from the chairman that they are taking action to stop the rot - Leading RSA investor Even so, the mounting problems with its Irish unit, where there are alleged accounting irregularities, and concerns that the books had been signed off by Deloitte, the tax and consulting group, run deep and will not be solved by a simple change at the top. Indeed, even though he has only been in the job for less than a year, there are already question marks over Mr Scicluna's stewardship as chairman. For now though his position looks secure. The disruption caused by forcing him out would risk a further crumbling in the share price. He is now set for a spell lasting several months as an executive chairman while RSA looks for a permanent successor to Mr Lee. The obvious internal candidate for the job, say analysts, is Adrian Brown, who runs RSA's UK business and is temporarily looking after Ireland. Rowan Saunders, chief executive of the group's Canada business, is an outside possibility. Analysts speculated on Friday that RSA could even turn to its former chief executive, Andy Haste. For the time being, the group has indicated that shareholders will need to wait until RSA's full-year results in February to learn about the concrete steps it plans to take to boost its balance sheet. That is not good enough for some. "I would like to see some more reassuring comments from the chairman that they are taking action to stop the rot," says one of RSA's leading 10 investor. "That would be a step in the right direction." Price of debacle While RSA has been at pains to stress that none of its policyholders have been adversely affected by its financial difficulties at its Irish arm, consumers in the Republic could still pay the price of the debacle through higher insurance premiums, write Alistair Gray and Jamie Smyth. The insurer has moved to reassure customers that in spite of the accounting irregularities discovered in Ireland, it is still paying policyholders' claims as normal. Even so, the problems of RSA in Ireland – where it operates the well known brand – are likely to have a knock on effect on the wider insurance market in the Republic. Jonathan Hehir, managing director of, an Irish insurance broker, says: "We have already had customers contacting us looking for an alternative quote after being hit by a 30 per cent increase in their renewal premium." RSA had been aggressively growing in the Republic. Its expansion has kept the market competitive: motor premiums fell by an estimated 10 per cent in the year to October. But some brokers believe a more cautious approach from RSA will contribute to upward pressure on premiums. "We estimate that motor insurance premiums will increase by 10-15 per cent over the next 12 months," says Mr Hehir. Although apparent irregularities in the way RSA accounted for premiums and claims are company-specific, brokers say there is also a wider trend of more frequent and higher-cost injury claims that applies to the insurance market overall. Ciaran Phelan, chief executive of the Irish Brokers Association, says: "There has been a significant increase in claims over the last couple of years and it is inevitable that this will lead to some hardening in rates." Comments Sorted by newest first | Sort by oldest first Reportmfj775 | December 14 10:29am | Permalink After nearly 50 years with the RSA, and having become disenchanted with the terms and conditions of both the RSA Homeowners' policy and its motor policy, I moved my business to the Zurich for my house and to AXA for my car. I not only saved money by my move but the terms and conditions were much better. I tried to point out to RSA the reasons for my move but they ignored me. As a former FTSE finance director I can only say that I am not surprised at their problems.
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