RSA stocks down on loss news

<p>RSA has announced a loss in its latest financial results.</p>

The share price of RSA is down this morning (February 27th) after the insurance group confirmed it made a sizeable loss in 2013.

Figures released by the firm today showed it lost £244 million over the course of the year, which the company admitted was a disappointing result.

New chief executive Stephen Hester described the results as "poor". Mr Hester, who was previously chief executive at Royal Bank of Scotland, only took over the role recently.

He said: "We need to grasp the nettles of both underperformance and undercapitalisation. As part of this we intend to launch a rights issue to help ensure we have the appropriate level of capital behind the group."

Mr Hester added that the firm aims to "focus aggressively on tightening strategy, improving customer service in core businesses and delivering operational improvements".

Stocks in RSA dropped by more than two per cent on the back of the news. By 10:34 GMT, the share price of the company was down 2.4 per cent for the session and at 13:49 GMT, stocks were 3.26 per cent down for the day.

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