THE FUTURE IS SUNNY::::::::THE FUTURE IS RSA !

From the interims 30/9/03:-

NTA per share 145p

From BSL, consensus forward PE 7.

DY est 4% giong forward.

Improving operational performance at most levels. Cautious provisioning now out of the way. Possible disposal of problematic closed life funds. Current valuation is concluding continued value destruction, but forecasts indicate otherwise.

Overdone down on sentiment re RI and poor recent management performance?

Risks include:-

Asbestos legislation in US - not ruling out material adverse impact of calls for cash to central fund

Litigation re truck driver training loan defaults, assume negative largely result priced in.

fwiw Long Term value IMO, but not without risk (what is?).