RSA Insurance Group
By Daniel Thomas
Business reporter, BBC News
By Simon Read
Insurer Royal & Sun Alliance has published a trading update in which Stephen Hester, chief executive, said: "RSA's results to end September are strong, and consistent with our plans for the period. Current year underwriting results have sharply improved, with all our regional businesses contributing. There is lots more to do - not least to finish 2019 well, with momentum into next year."
It says a "UK cost reduction programme" has started which will be described more fully with year end results and that it has taken £8m in restructuring charges for this
RSA Insurance has extended its losses and it continues to lead the FTSE 100 fallers, down 9.56% at 573.3p after it said full-year underlying profit would be less than expected.
The blue chip index has also fallen further, down 0.74% at 7,489.71.
Engine-maker Roll-Royce is now leading the FTSE 100 risers, up 2.8% at 993.1p.
Outsourcing specialist Serco is the FTSE 250's largest riser, up 13.25% at 100p while Games Workshop is down 5.82% at £37.25.
- Copyright: Randgold Resources
It has been a volatile week for Randgold Resources (pictured).
On Monday, it agreed to be taken over by Canada's Barrick Gold and since then its shares have jumped all over the place, ending the week at the top of the FTSE 100, up 2.36% at £53.84.
RSA Insurance leads the fallers, down 8.3% at 580.5p, after it warned that its underlying profits would be impacted by weather related costs.
The wider FTSE 100 is down 0.10% at 7,537.67.
Serco has soared to the top of the FTSE 250, up 14.84% at 101.4p, after the outsourcing group said it expected its full year figures to be ahead of forecasts.
A possible share sale by Games Workshop sent its shares down 6.46% to £36.95.
The FTSE 250 is down 17.64 points at 20,356.57.
- Copyright: PA
RSA Insurance says that its underlying full-year will be lower because of higher costs related to harsh winter weather in both the UK and Canada.
On a pre-tax basis it says that profit will be higher than 2017.
However, RSA's share price tumbled by 8.68% to 579p.
Chief executive Stephen Hester says: "RSA's international businesses performed well in the third quarter, making strong progress against our best-in-class ambitions.
"However, our UK and 'London market' business reported an underwriting loss which is disappointing. Actions to improve in the UK are well underway and we are determined to restore satisfactory performance whilst continuing our progress internationally."