Swiss-based insurer, Allied World Assurance Company, will now take over the two branches after approval was granted by regulators. Those in senior management roles are expected to stay with the two offices.
Last year, RSA announced it was disposing of its businesses in the Baltics, Poland, and China in order to focus on its core businesses in the UK, Ireland, Scandinavia, Canada and Latin America.
Last month, it announced it was selling its stake in Indian insurer, Royal Sundaram Alliance Insurance Company.
RSA’s Singapore business was sold for £93m and the Honk Kong branch for £37m.
“Tough realities”
“The company made good progress in the face of some tough realities,” said RSA chief executive, Stephen Hester, in a statement published with the group’s full year results. “We can look to the coming years with much sounder strategic and financial foundations.
“We have created far reaching and detailed plans for operational improvement. Actions are well underway and beginning to benefit both the underlying potential and performance of our businesses.”
“Clean-up”
The insurer said it returned to profit in 2014 following the successful disposal of a large portion of its business.
However, Hester said: “The clean-up of past weaknesses was also expensive. Market headwinds, especially from exchange rate changes and low interest rates, are a drag on results.
“RSA is much better positioned than before to make continued good progress. We are determined to do just that in 2015 and beyond.”
The group hopes to make proceeds totalling £800m following the sale of its businesses in China, Italy, India, Singapore and Hong Kong.
RSA’s operations in Singapore had total assets of £187m by December 2014, a fall of 21% compared to the £236m reported the year before. Meanwhile, the firm’s total assets in Hong Kong stood at £175m at the end of last year, against the previous year’s figure of £185m.
