RSA Ireland issues warning over company’s audited accounts

22 November 2013 15:54

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RSA Ireland issues warning over company’s audited accounts

Company puts a retrospective health warning on its 2012 accounts

RSA Ireland, the insurance company that recently suspended three senior executives over alleged irregularities in its claims department, has put a retrospective health warning on its 2012 accounts, which were released this afternoon.

The company said the accounts were approved in April by the board, including its currently suspended chief executive Philip Smith.

In an unusual move, however, the directors indicated there is a possibility the figures may have to be changed at a future date, depending upon the results of an ongoing investigation into the alleged irregularities.

The results state that RSA’s Irish arm, which owns the online insurer 123.ie, show that its gross written prmeiums last year in Ireland were €498 million, up from €492 million the previous year.

The Irish unit recorded profits of €38.6 million, a seven-fold increase on the profits for the previous year.

RSA’s parent group this month injected €100 million into the Irish operation after a capital shortfall was discovered, which led to the suspensions and an ongoing investigation.

Source: irishtimes.com

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