Panmure Gordon note - Research Tree



Read Panmure Gordon & Co’s note on RSA INSURANCE GROUP PLC, out this morning, by visiting
“RSA has delivered a good Q1 IMS with Net Written Premium at £1575m (-1% reported and flat at CRE) but Core NWP at £1457m was up 8%. The NTAV at 31 March was 303p/share (31 Dec 2015: 279p/share) whilst profitability was said to be slightly ahead of plan helped by better attritional losses and planned cost savings. The SII coverage ratio has increased to 150% (31/12/15: 143%). In our view the shares are…”