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5 Aug 2010 10:00
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Page 1
INFORMATION FOR GENERAL ACCIDENT PREFERENCE SHAREHOLDERS
GENERAL ACCIDENT PLC
Unaudited results for the six months ended 30 June 2010
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 income of the Company consists primarily of interest received on an inter-company loan to its parent, Aviva plc. The principal risk and uncertainty facing the Company for the remainder of the year is interest rate risk, as the net asset value of the Company's financial resources is exposed to potential fluctuations in interest rates. Exposure to interest rate risk is managed through the monitoring of several risk measures.
Equity shareholders' funds of the Aviva Group, prepared using accounting policies under IFRS, increased during the period by £695 million from £10,356 million at 31 December 2009 to £11,051 million at 30 June 2010. Operating profit of the Aviva Group at £1,270 million was 21% higher than for the six months to 30 June 2009 (£1,049 million) and net operating cash inflows for the six months to 30 June 2010 were £5,231 million (six months to 30 June 2009: £3,686 million).
Summarised income statement
|
Unaudited results 6 months to 30 June 2010 £m |
|
Unaudited results 6 months to 30 June 2009 £m |
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Statutory results
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|
||
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Finance income |
154 |
|
239 |
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Total income |
154 |
|
239 |
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|
|
|
|
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Profit on ordinary activities before tax
|
154 |
|
239 |
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Tax on profit on ordinary activities |
(43) |
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(67) |
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|
|
|
|
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Profit for the period |
111 |
|
172 |
|
|
|
|
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Summarised statement of financial position
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Unaudited 30 June 2010 £m |
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31 December 2009 £m |
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|||
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Total assets |
14,178 |
|
14,258 |
|
|
|
|
|
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Equity attributable to ordinary shareholders
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13,764 |
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13,663 |
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Preference share capital
|
250 |
|
250 |
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Total equity
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14,014
|
|
13,913
|
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Liabilities
|
164 |
|
345 |
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Total equity and liabilities |
14,178 |
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14,258 |
|
Statement of changes in equity |
Unaudited results 6 months to 30 June 2010 £m |
|
|
|
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Total equity at 1 January 2010 |
13,913 |
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|
|
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Profit for the period |
111 |
|
Other comprehensive income |
- |
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Total comprehensive income for the year |
111 |
|
|
|
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Dividends |
(10) |
|
|
|
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Total equity at 30 June 2010 |
14,014 |
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Summarised statement of cash flows
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Unaudited
6 months to
30 June 2010
£m
|
|
Unaudited
6 months to
30 June 2009
£m
|
|
|
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||
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Net cash flow from operating activities
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-
|
|
-
|
|
|
|
|
|
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Net cash flow from investing activities
|
-
|
|
-
|
|
|
|
|
|
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Net cash flow from financing activities
|
-
|
|
(1)
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Decrease in cash and cash equivalents
|
-
|
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(1)
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Basis of preparation
The results for the six months to 30 June 2010 have been prepared on the basis of the accounting policies set out in the Company's 2009 Annual Report and Accounts. The interim accounts do not constitute statutory accounts as defined by section 434 of the Companies Act 2006. The auditor has reported on the 2009 accounts and the report was unqualified and did not contain a statement under section 498(2) or (3) of the Companies Act 2006. The Company's 2009 Report and Accounts have been filed with the Registrar of Companies.
The results for the six months are unaudited.
The unaudited results of Aviva plc for the six months ended 30 June 2010 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.
Responsibility statement
The directors confirm that, to the best of each person's knowledge:
(a) the condensed set of financial statements in this report, which have been prepared in accordance with IFRS as adopted by the EU, International Financial Reporting Interpretations Committee's interpretation and those parts of the Companies Act 2006 applicable to companies reporting under IFRS, give a true and fair view of the assets, liabilities, financial position and results of the Company; and
(b) the management report contained in this report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.
By order of the board
Andrew Moss Patrick Regan
Group Chief Executive Chief Financial Officer
4 August 2010
Enquiries: Charles Barrows, Investor Relations Director, Aviva plc 020 7662 8115
End
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