According to Stockopedia, RSA (RSA Insurance) has an average ROCE of 3.2% over the last 6 years. It’s fair to say that that makes it a bad business. Over 5 years, the share price returned -36%, compared with the Footsie, which is +52%. No wonder, given it can’t earn a decent return on its capital.
Its PTBV (price to tangible book value) is 1.61 despite recent falls. I doubt RSA is worth a PTBV more than 1, so there would appear to be more downside than upside on this share.
That’s not to say that there wont be a dead cat bounce due to the severity of the declines.