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    IFC   CA45823T1066

INTACT FINANCIAL CORPORATION

(IFC)
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British insurer RSA profit rises ahead of takeover

02/26/2021 | 02:35am EDT
FILE PHOTO: Royal Bank of Scotland (RBS) chief executive Stephen Hester leaves their annual general meeting at their headquarters in Edinburgh

LONDON (Reuters) - British insurer RSA's 2020 operating profit rose 15% to 751 million pounds ($1.05 billion), it said on Friday, ahead of an anticipated takeover by Denmark's Tryg and Canada's Intact Financial.

The car, home and commercial insurer said strong underwriting discipline had helped its performance.

RSA started life in 1706 and is best known in Britain for its "More Than" brand. It also has major businesses in Canada, Ireland and Scandinavia.

The 7.2 billion pound takeover is expected to complete in the second quarter, RSA said.

Intact will gain RSA's Canada, UK and international operations while Tryg will take the Sweden and Norway businesses. The pair will co-own RSA's Danish unit.

RSA said there was a net COVID-19 impact of 42 million pounds on operating profit from premiums, claims and investment income.

"RSA's results had to be achieved despite a drag on profits from COVID-19, as well as coping with the many other severe challenges it posed - to capital and operations, and most

especially to customer service," said Chief Executive Stephen Hester.

Hester, who joined RSA as CEO in 2014, is due to step down after the deal completes.

($1 = 0.7179 pounds)

(Reporting by Carolyn Cohn; Editing by Rachel Armstrong)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
INTACT FINANCIAL CORPORATION -0.06% 171.21 Delayed Quote.13.59%
RSA INSURANCE GROUP 0.00%End-of-day quote.1.00%
TRYG A/S -0.36% 152.6 Delayed Quote.2.40%
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Financials
Sales 2021 16 219 M 12 807 M 12 807 M
Net income 2021 1 724 M 1 361 M 1 361 M
Net Debt 2021 4 802 M 3 792 M 3 792 M
P/E ratio 2021 16,0x
Yield 2021 1,97%
Capitalization 30 147 M 23 758 M 23 804 M
EV / Sales 2021 2,15x
EV / Sales 2022 1,69x
Nbr of Employees 26 000
Free-Float 99,8%
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Mean consensus BUY
Number of Analysts 12
Last Close Price 171,21 CAD
Average target price 195,25 CAD
Spread / Average Target 14,0%
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Managers and Directors
Charles J. G. Brindamour Chief Executive Officer & Director
Louis Marcotte Chief Financial Officer & Senior Vice President
Claude Dussault Chairman
Mathieu Lamy Vice Chairman-Innovation & Technology
Christian Menkens Chief Technology Officer & Senior Vice President
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