LONDON--(BUSINESS WIRE)--
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 £46m, and the transaction is expected to result in a gain on sale of approximately £16m and an addition to the Group’s tangible net assets of approximately £19m. 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 £8.7 billion.
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