Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  London Stock Exchange  >  RSA Insurance Group plc       GB0006616899

SummaryNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

Aviva CEO: Capital Regime Rules Schedule "Getting More Difficult"

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/08/2012 | 06:26pm CEST

-- Aviva CEO says many issues surrounding Solvency II "still up in the air"

-- Major European insurers voice concerns to Members of the European Parliament

-- Aviva committed to remain in the U.K., says CEO

 
   By Vladimir Guevarra 
   Of  
 

The scheduled implementation of a transitional "soft launch" of the upcoming Solvency II capital regime for insurers in January 2013 "is still possible, but it's getting more difficult every day," Aviva PLC (AV.LN) Chief Executive Andrew Moss said Thursday.

"There are so many factors at the moment. If it's going to be fully implemented in 2014, they [European lawmakers] would have to do it very quickly. Nearly everything is still up in the air. It's genuinely very difficult to tell," Moss told Dow Jones Newswires.

Moss' comments come a week after Peter Skinner, a Member of the European Parliament who also sits on the European Parliament's Committee on Economic and Monetary Affairs, said he is confident a soft launch for Solvency II could be implemented as scheduled in January next year.

A soft launch means that the responsibilities of country supervisors relating to Solvency II will start Jan. 1, 2013, with implementation by insurance companies coming after that, likely in 2014.

Moss told reporters that the Pan-European Insurance Forum earlier this week sent a letter to MEPs, "showing a united front," and expressing their concern over any delay in implementing Solvency II.

The PEIF is a group of CEOs of major insurance companies in Europe, including Aegon NV (AEG), Allianz SE (>> Allianz SE), Aviva, AXA SA (>> AXA), Generali SpA (>> Assicurazioni Generali SpA), ING Groep NV (ING), Mapfre SA(>> Mapfre SA), Munich Re (MUV2.XE), RSA Insurance Group PLC (>> RSA Insurance Group plc), Swiss Re AG (SREN.VX), Uniqa and Zurich Financial Services AG (ZURN.VX).

"Clearly, we are in an intensely political phase. We were always going to go through that phase but it does mean nearly everything in the text is being thrown up in the air as we understand it at this point," Moss said.

"The next few weeks, into months probably, will be an important time. But I think on the whole, the industry is crying for certainty on this. We want to get on with our lives. It's been nearly 10 years in the making and the uncertainty doesn't do anybody any good," he said.

Moss also said that Aviva will not move its headquarters out of the U.K. no matter how Solvency II turns out.

"We're extremely committed to the U.K. More than 40% of our profits come from the U.K. market. We love the U.K. We have 14 million customers here and we have 17,000 people serving those customers," he said.

"If Aviva was redomiciled, we'll be turning the lights out...The rest of the City would have left first," he said.

The comments come after Prudential PLC (>> Prudential plc) recently said it is looking into whether it should move its headquarters away from London due in part to the uncertainties around Solvency II.

- By Vladimir Guevarra, Dow Jones Newswires. Tel. +44 (0) 2078429486, vladimir.guevarra@dowjones.com

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on RSA INSURANCE GROUP PLC
09/25 RSA INSURANCE : Update ahead of investor meetings
09/15 RSA INSURANCE : France Appoints Gaelle Tortuyaux as Managing Director
09/14 RSA INSURANCE : France appoints Gaëlle Tortuyaux as managing director
09/13 SPIRE HEALTHCARE : to pay out 27 million pounds to victims of Ian Paterson
09/12 RSA INSURANCE : Stay together for the pet
09/11 Factbox - Impact on insurers from Britain's vote to leave the EU
09/08 RSA INSURANCE : Issues Statement on Ministry of Justice's Announcement
09/07 FTSE edges up but financials falter after ECB meeting
09/07 UK to change personal injury payment rate in boost for insurers
09/07 RSA INSURANCE : MoJ announces new proposed Discount Rate framework - our respons..
More news
Financials ( GBP)
Sales 2017 6 779 M
EBIT 2017 684 M
Net income 2017 397 M
Debt 2017 -
Yield 2017 3,49%
P/E ratio 2017 15,67
P/E ratio 2018 11,96
Capi. / Sales 2017 0,94x
Capi. / Sales 2018 0,92x
Capitalization 6 343 M
Technical analysis trends RSA INSURANCE GROUP PLC
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
 
Mean consensus HOLD
Number of Analysts 18
Average target price 6,60  GBP
Spread / Average Target 6,6%
EPS Revisions
Managers
NameTitle
Stephen Alan Michael Hester Group Chief Executive Officer & Executive Director
Martin A. Scicluna Non-Executive Chairman
Scott Egan Group Chief Financial Officer & Executive Director
Darren Price Group Chief Information Officer
Alastair William Stewart Barbour Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
RSA INSURANCE GROUP PLC8 545
BERKSHIRE HATHAWAY12.49%450 173
THE TRAVELERS COMPANIES0.20%33 850
THE ALLSTATE CORPORATION22.33%32 898
TOKIO MARINE HOLDINGS INC-6.98%30 136
SAMPO OYJ2.28%28 780