RSA Rsa Insurance Group Ld

 
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RSA announces sale of its minority holding in India

RSA Insurance Group plc today announces that on 18 February it agreed the sale of its 26% holding in Indian insurer Royal Sundaram Alliance Insurance Company Limited to Sundaram Finance Limited, its joint venture partner.

RSA expects to receive cash consideration of approximately GBP46m, and the transaction is expected to result in a gain on sale of approximately GBP16m and an addition to the Group's tangible net assets of approximately GBP19m. Completion is expected within six months.

Stephen Hester, RSA Group Chief Executive said: "This transaction continues the excellent momentum of our disposal programme and represents further progress in tightening the strategic focus of the Group."

Enquiries:

 
Analysts                      Press 
Rupert Taylor Rea             Louise Shield 
Tel: +44 (0) 20 7111 7140     Tel: +44 (0) 20 7111 7047 
Ryan Jones                    Kaidee Sibborn 
Tel: +44 (0) 20 7111 7243     Tel: +44 (0) 20 7111 7137 
 
 

Notes to editors:

About RSA

With a 300 year heritage, RSA is one of the world's leading multinational quoted insurance groups. RSA has core operations in the UK, Scandinavia, Canada, Ireland and Latin America. Focusing on general insurance, RSA has around 21,000 employees and, in 2013, its net written premiums were GBP8.7 billion.

Important Disclaimer

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.

 
 
This information is provided by Business Wire 
 
 

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