RSA has sold the insurer to Swiss Re Corporate Solutions for £71m, a transaction which is expected to boost the British firm’s tangible net assets of £26m.
RSA’s China division, which accounted for £14m of net premiums in the RSA group’s 2013 financial statements, underwrites both commercial and personal insurance risks.
The group is continuing to sell businesses in regions across Asia and Europe as it focuses on its core assets in the UK, Ireland, Scandinavia, Canada and Latin America.
Chief executive, Stephen Hester, said cleaning up the company’s past weaknesses had been tough due to the expense and a difficult market climate.
Last month, RSA signed a deal to sell its Hong Kong and Singapore operations to Swiss insurer, Allied World Assurance Company.
In February this year, the insurer announced it was selling its stake in the Royal Sundaram Alliance Insurance Company to its joint venture partner, Sundaram Finance.
