NICK JOHNSON NUMIS
There is no clear common theme across RSA’s disparate businesses. Rates appear to be holding up in the key profit centre of Scandinavia and there are good increases in Canada household but there is ongoing competition in UK motor. Remains a hold.
EAMONN FLANAGAN SHORE CAPITAL
A surprisingly upbeat statement. We reiterate our buy recommendation, highlighting the 21 per cent discount that the stock stands on relative to our 140p sum-of-the-parts valuation for the group, which attributes proper valuations to the Scandinavian and Canadian operations.
SAMI TAIPALUS BERENBERG BANK
We were positively surprised by growth in Canada, but somewhat disappointed by development in high-margin Scandinavia. We remain positive about the long-term prospects of RSA, which in our view offers investors exposure to a unique mix of attractive insurance markets.