RSA Insurance sells business for $119m

RSA Insurance Group Plc has reached an agreement to sell its business in China for 71 million pounds ($119 million), one of several smaller asset sales aimed at shoring up the British company's finances, Reuters reported on Thursday.

The sale to Swiss Re Corporate Solutions is expected to result in a gain on the sale and an addition to the company's tangible net assets of about 26 million pounds, RSA said. The transaction adds to recently announced disposals in the Baltics, Poland and Canada.

"We are continuing to evaluate further non-core disposals, some of which we expect to agree during 2014," Hester said in a statement.