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RSA swings into profit in 2014, restarts dividend

Reuters - UK Focus

LONDON, Feb 26 (Reuters) - RSA said on Thursday it posted a 2014 pre-tax profit of 275 million pounds ($427.24 million), recovering from a 244 million pound loss in 2013.

Under the stewardship of former Royal Bank of Scotland (LSE: RBS.L - news) boss Stephen Hester, the insurer said it would restart dividend payments, with a final dividend payment of 2 pence per share.

The firm said in a separate statement that chief financial officer Richard Houghton would step down from the board of RSA from May 7. He would leave the firm later this year, once a successor is recruited, RSA added.

RSA also upped its cost savings target to an annualised 210 million pounds by 2016, from a previous 180 million.

It set a new target of greater than 250 million pounds for 2017.

($1 = 0.6437 pounds) (Reporting by Carolyn Cohn, editing by Sinead Cruise)