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5 Mar 2009 10:00
INFORMATION FOR GENERAL ACCIDENT PREFERENCE SHAREHOLDERS
GENERAL ACCIDENT PLC
Results for the year ended 31 December 2008
These results are published for the benefit of preference shareholders of General Accident plc ("the Company"). The preference shares have remained listed following the merger of the Company with Commercial Union plc, in June 1998 to form CGU plc ("CGU"), and the subsequent merger of CGU with Norwich Union plc in May 2000 to form Aviva plc (formerly CGNU plc).
As part of the ongoing Aviva Group restructuring, the Company transferred its interest in Norwich Union Limited to its parent company, Aviva plc ("Aviva") in 2005, in return for an inter-company loan with Aviva. The income of the Company consists primarily of interest received on this loan.
Equity shareholders' funds of the Aviva Group, prepared using accounting policies under IFRS, decreased during the year by £1,894 million to £11,252 million at 31 December 2008. Operating profit of the Aviva Group at £2,297 million was 4% higher than in 2007 (2007: £2,216 million) and operating cash inflows in 2008 were £8,795 million (2007: restated: £4,944 million).
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Summarised income statement |
Unaudited |
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results |
Results |
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12 months to |
12 months to |
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31 December |
31 December |
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Statutory results |
2008 |
2007 |
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£m |
£m |
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Finance income |
784 |
787 |
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Total income |
784 |
787 |
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Finance costs |
- |
(20) |
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Profit on ordinary activities before tax |
784 |
767 |
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Tax on profit on ordinary activities |
(223) |
(230) |
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Profit for the year |
561 |
537 |
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Summarised balance sheet |
Unaudited |
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31 December |
31 December |
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2008 |
2007 |
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£m |
£m |
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Total assets |
14,432 |
14,480 |
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Equity attributable to ordinary shareholders |
13,729 |
13,735 |
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Preference share capital |
250 |
250 |
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Total equity |
13,979 |
13,985 |
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Liabilities |
453 |
495 |
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Total equity and liabilities |
14,432 |
14,480 |
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Statement of changes in equity |
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Unaudited |
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results |
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12 months to |
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31 December |
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2008 |
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£m |
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Total equity at 1 January 2008 |
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13,985 |
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Profit for the year |
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561 |
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Dividends |
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(567) |
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Total equity at 31 December 2008 |
13,979 |
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Summarised cash flow statement |
Unaudited |
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12 months to |
12 months to |
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31 December |
31 December |
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2008 |
2007 |
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£m |
£m |
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Net cash flow from operating activities |
- |
- |
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Net cash flow from investing activities |
- |
- |
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Net cash flow from financing activities |
(15) |
3 |
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Increase in cash and cash equivalents |
(15) |
3 |
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Basis of preparation
The results of the Company for the year to 31 December 2008 have been prepared using accounting policies under IFRS. These correspond to the Aviva plc accounting policies used as a basis of preparation of that Group's results, announced on 5 March 2009.
The preliminary announcement for the year to 31 December 2008 does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The results for the year to 31 December 2007 have been audited by Ernst & Young LLP. The Company's Annual Report and Accounts for 2007 have been filed with the Registrar of Companies. The auditor's report was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985.
The audited results of Aviva plc for the year ended 31 December 2008 are available on application to the Group Company Secretary, Aviva plc, St. Helen's, 1 Undershaft, London EC3P 3DQ. A copy can also be found on the Aviva plc website at www.aviva.com.
Enquiries: Charles Barrows, Investor Relations Director, Aviva plc 020 7662 8115
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