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Prices & Quotes - UK Markets - RSA Insurance Group (RSA)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Down 429.00p
Change Today:
-0.90p
Market Cap:
4,438.63m
Sector:
Insurance (non-life)

RSA pulls final dividend at request of Bank of England

By Sean Farrell

Date: Wednesday 08 Apr 2020

LONDON (ShareCast) - (Sharecast News) - RSA Insurance has suspended its final dividend to strengthen its finances during the Covid-19 crisis after coming under pressure from the Bank of England.
The general insurer said it was strongly capitalised but that it was important for insurers to have maximum confidence in its ability to support customers during the coronavirus emergency. RSA said it also took into account regulators' concerns about short-term use of capital.

RSA will suspend the 15.6p a share final payout for the year to the end of December and withdraw the resolution proposing the dividend at its annual meeting. The FTSE 100 company said it wanted to restart dividends as soon as possible but that this might not happen in time for the next scheduled announcement.

RSA said it was too early to estimate the impact of the crisis on its business but that its solvency was within its target range and more than 150% before the decision to scrap the dividend was made.

Martin Scicluna, RSA's chairman, said: "This is a difficult decision, not least in terms of the initial impact it will have on shareholders. The company has a strong capital base, but we think it is right and prudent, for the many businesses and people that we support as well as wider stakeholders, to take these steps now, and ensure that RSA is well placed to continue doing what we can to help through this crisis."

RSA joins Aviva and Direct Line in cancelling its final dividend after the Bank of England told insurers to consider their financial strength when deciding on dividends during the crisis, which could lead to a surge in claims. However, Legal & General said on Friday it would go ahead with its final dividend.

The BoE backed RSA and other insurers deferring payouts. In a statement the central bank said: "We welcome the prudent decision from some insurance companies today to pause dividends given the uncertainties associated with Covid-19.

"When insurers are considering whether or not to proceed with any dividend payments, their boards should pay close attention to the need to protect policyholders and maintain safety and soundness."

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RSA Market Data

Currency UK Pounds
Price 429.00p
Change Today -0.90p
52 Week High 582.80p
52 Week Low 326.90p
Volume 1,285,800
Shares Issued 1,034.64m
Market Cap 4,438.63m

Performance Indicators

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What The Brokers Say

Strong Buy 15
Buy 1
Neutral 2
Sell 0
Strong Sell 0
Total 18
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

RSA Dividends

  Latest Previous
  Interim Interim
Ex-Div 12-Nov-20 05-Sep-19
Paid 04-Dec-20 11-Oct-19
Amount 8.00p 7.50p

Trades for 21-Oct-2020

Time Volume / Share Price
16:35 630,159 @ 429.00p
16:29 1 @ 426.90p
16:29 79 @ 427.10p
16:29 1,973 @ 427.00p
16:29 1,769 @ 426.50p

RSA Key Personnel

Chair Martin Scicluna
CEO Scott Egan