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| Zurich Insurance abandons plans for RSA bid | Zurich Insurance abandons plans for RSA bid |
| (34 minutes later) | |
| Zurich Insurance has announced that it has finished its discussions with RSA and does not plan to make a bid. | Zurich Insurance has announced that it has finished its discussions with RSA and does not plan to make a bid. |
| The Swiss insurer announced in July that it was considering buying its British counterpart for £5.6bn. | The Swiss insurer announced in July that it was considering buying its British counterpart for £5.6bn. |
| RSA said that the approach had been unsolicited but that Zurich's decision not to proceed had not been a result of anything unexpected in the due diligence process. | RSA said that the approach had been unsolicited but that Zurich's decision not to proceed had not been a result of anything unexpected in the due diligence process. |
| Zurich warned profits in its general insurance arm would miss forecasts. | Zurich warned profits in its general insurance arm would miss forecasts. |
| "Given the deterioration in profitability in certain parts of the General Insurance business, and following his appointment as General Insurance CEO, Kristof Terryn is conducting an in-depth review of the business," Zurich said in an update on third quarter trading. | "Given the deterioration in profitability in certain parts of the General Insurance business, and following his appointment as General Insurance CEO, Kristof Terryn is conducting an in-depth review of the business," Zurich said in an update on third quarter trading. |
| It estimated that it would lose about $275m (£177m) as a result of the explosions at a container storage station in the Port of Tianjin in China in mid-August. | It estimated that it would lose about $275m (£177m) as a result of the explosions at a container storage station in the Port of Tianjin in China in mid-August. |
| Overall, it expects an operating loss of about $200m from the general insurance business. | |
| RSA shares fell 22% in early trading as some banks and investment houses advised clients to be less enthusiastic about the stock. | |
| The falls came despite the company announcing that its trading results for July and August had been "positive and ahead of our expectations". |