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4 Mar 2010 10:00
INFORMATION FOR GENERAL ACCIDENT PLC PREFERENCE SHAREHOLDERS
GENERAL ACCIDENT PLC
Results for the year ended 31 December 2009
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).
The Company transferred its interest in its subsidiaries to its parent company, Aviva plc ("Aviva") in 2005, in return for an inter-company loan with Aviva. The income of the Company now consists of interest received on this loan.
Equity shareholders' funds of the Aviva Group, prepared using accounting policies under IFRS, decreased during the year by £823 million to £10,556 million at 31 December 2009. Operating profit of the Aviva Group at £2,022 million was 12% lower than in 2008 (2008: £2,297 million) and net operating cash inflows in 2009 were £2,685 million (2008: £8,095 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 |
2009 |
2008 |
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£m |
£m |
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Finance income |
410 |
784 |
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Total income |
410 |
784 |
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Profit on ordinary activities before tax |
410 |
784 |
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Tax on profit on ordinary activities |
(115) |
(223) |
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Profit for the year |
295 |
561 |
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Summarised statement of financial position |
Unaudited |
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31 December |
31 December |
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2009 |
2008 |
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£m |
£m |
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Total assets |
14,258 |
14,432 |
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Equity attributable to ordinary shareholders |
13,663 |
13,729 |
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Preference share capital |
250 |
250 |
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Total equity |
13,913 |
13,979 |
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Liabilities |
345 |
453 |
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Total equity and liabilities |
14,258 |
14,432 |
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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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2009 |
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£m |
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Total equity at 1 January 2009 |
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13,979 |
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Profit for the year |
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295 |
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Other comprehensive income |
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- |
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Total comprehensive income for the year |
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295 |
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Dividends |
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(361) |
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Total equity at 31 December 2009 |
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13,913 |
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Summarised statement of cash flows |
Unaudited |
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12 months to |
12 months to |
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31 December |
31 December |
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2009 |
2008 |
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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 |
(1) |
(15) |
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Decrease in cash and cash equivalents |
(1) |
(15) |
Basis of preparation
The results of the Company for the year to 31 December 2009 have been prepared on the basis of the accounting policies set out in the Company's 2009 Annual report and financial statements. These correspond to the Aviva plc accounting policies used as a basis of preparation of that Group's results, announced on 4 March 2010.
The preliminary announcement for the year to 31 December 2009 does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The results for the year to 31 December 2008 have been audited by Ernst & Young LLP. The Company's Annual Report and Accounts for 2008 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.
Enquiries: Charles Barrows, Investor Relations Director, Aviva plc 020 7662 8115
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