11th Nov 2013 07:00
IMMEDIATE 10 November 2013
RSA announces independent investigation into Irish claims and finance issues
Following the announcement on our Irish business on Friday 8 November, RSA Insurance Group plc (RSA) has appointed PwC to undertake a comprehensive review of the issues identified last week in its Irish claims and finance functions.
The review will focus on the financial and regulatory reporting processes and controls within the Irish Business and the Group oversight and controls of the Irish Business during the relevant period. The review will also assess the adequacy of the remedial actions being taken. PwC will report back to the RSA Board before the end of the year.
Simon Lee, Group Chief Executive of RSA said
“We are extremely disappointed with the issues which have been identified and their financial impact on the Group. Whilst the investigation is ongoing, I am confident that these issues are isolated to the Irish business. No policyholders have been affected and all our Irish businesses continue to operate as normal. Nevertheless, we want to ensure that the actions being taken in Ireland and across the Group are correct and that all lessons are learnt.
“Whilst these issues are serious, they do not have a material, long term impact on the Group. Our capital position remains robust and we remain committed to our dividend policy which is aligned with market expectations for the full year final 2013 dividend.”
ENDS
Enquiries
| Analysts & Investors | Press | ||||
| Matt Hotson | Louise Shield | ||||
| 0207 111 7212 | 020 7111 7047 | ||||
| 07711 956 077 | 07786 114 662 | ||||
| Rupert Taylor Rea | Jon Sellors | ||||
| 0207 111 7140 | 020 7111 7327 | ||||
| 07881 677 400 | 07711 701 806 | ||||
Conference Call
A conference call for analysts and investors will be held at 8:15am on Monday 11 November to discuss this announcement. Participants should call 0800 783 0906 from the UK or +44 (0)1296 480 100 from elsewhere quoting reference “RSA Investor Relations Call” and participant code 887 728. A webcast of the call will be available via the company website (www.rsagroup.com).
About RSA
With a heritage of over 300 years, RSA is one of the world’s leading multinational quoted insurance groups. RSA has major operations in the UK, Scandinavia, Canada, Ireland, Latin America, Asia and the Middle East 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 2012, its net written premiums were £8.4 billion.
Important disclaimer This press release and the associated conference call 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.
Copyright Business Wire 2013
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