LONDON--(BUSINESS WIRE)--
RSA announces completion of sale of its business in Latvia
Further to the announcement of 17 April 2014, RSA Insurance Group plc (RSA) today announces the completion of the sale of AAS Balta, its business in Latvia, on 30 June 2014 to Powszechny Zaklad Ubezpieczen sa (PZU), following receipt of formal regulatory approval.
The sales of Lietuvos Draudimas AB (Lithuania), the business of the Estonian branch of Codan Forsikring A/S and Link4 Towarzystwo Ubezpieczen Spolka Akcyjna (Poland) are each expected to complete during the second half of 2014, subject to obtaining relevant regulatory approvals in the respective countries.
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Enquiries:
| Analysts | Press | ||
| 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:
About RSA
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.
About PZU
PZU Group is one of the largest financial institutions in Poland and in Central and Eastern Europe with a history dating back to 1803. PZU Group provides comprehensive insurance products in all of the most important areas of private, public and business life in Poland and also has operations in Ukraine, Lithuania, Latvia and Estonia. In 2013 PZU had Gross Written Premium of PLN 16.5 billion (approximately € 3.9 bn) and its current market capitalisation is 37bn PLN (9bn EUR). The Polish State Treasury controls 35% of the company with the remaining 65% floated on the Polish stock exchange.
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.