RSA shares slip below £1

RSA shares have dropped below £1 for the first time since it issued two profit warnings last month.

The share price dipped to 98.65p today – the lowest they have been in the last year.

RSA issued two profit warnings in a week last month. Its share price fell from 129p to 121p on 5 November after it warned its full year profit would take a hit from weather losses in Europe and Canada.

Its share price slumped further on 11 November to close at 108p after it cut its operating profit forecast by £70m after uncovering accounting irregularities in its Irish arm.

The declines have wiped £1.12bn off the value of RSA since 4 November. At today’s low, total shares were worth £3.63bn.