Royal & Sun Alliance today announced it is going to close its UK life company to new business and cu...
Royal & Sun Alliance today announced it is going to close its UK life company to new business and cut staff members by 1,200 as a result.
The company says the move will save money and help it focus on its core insurance business, although it does not say how much money it will save.
Some 4 million policyholders and four life funds will be affected by the move, according to a company spokesman.
The new policy takes effect on 6 September this year, and follows the December 2001 decision to stop offering new customers with profits products.
R&SA has been involved in selling off a number of assets in order to realise targeted gains of £800m to plough back into its core business.
Most recently this involved the sale of its Group Risk business to Canada Life for some £60m.
The spokesman said there were no plans at present to sell off any of the four funds affected by the latest decision.
RSA shares are down 37.5p to 105.25p today on further news that the company may sell new shares next year to shore up its finances.
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