Aviva plc GA Interim Results
31 July 2003 - 8:00PM
UK Regulatory
RNS Number:1637O
General Accident PLC
31 July 2003
INFORMATION FOR GENERAL ACCIDENT PREFERENCE SHAREHOLDERS
GENERAL ACCIDENT PLC AND SUBSIDIARY COMPANIES
Unaudited results for the six months ended 30 June 2003
These results are published for the benefit of preference shareholders of
General Accident plc. 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).
In a challenging environment the Group has delivered operating profit before tax
of #619 million. Our emphasis remains on developing our distribution power,
particularly in bancassurance, while ensuring strict cost and capital management
disciplines across our businesses. We believe that these measures combined with
our resilient business model will give us the platform to succeed in our chosen
markets.
Summarised consolidated profit and loss account
Unaudited Unaudited
Statutory results 6 months to 6 months to
30 June 30 June
2003 2002
#m #m
Premium income (after reinsurance) and investment sales 15,535 13,824
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Operating profit before tax 619 761
========== ==========
Profit on ordinary activities before tax 904 238
Tax on profit on ordinary activities (251) (71)
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Profit on ordinary activities after tax 653 167
Minority interests (19) (19)
---------- ----------
Profit attributable to shareholders 634 148
Preference dividends (11) (11)
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Profit attributable to equity shareholders 623 137
========== ==========
Summarised balance sheet
Unaudited Unaudited
30 June 30 June
2003 2002
#m #m
Total assets 197,205 186,716
========== ==========
Equity shareholders' funds 11,218 13,308
Non-equity shareholders' funds and minority interests 866 670
Technical provisions and other liabilities 185,121 172,738
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Total liabilities 197,205 186,716
========== ==========
Summarised cash flow statement
Unaudited Unaudited
6 months to 6 months to
30 June 30 June
2003 2002
#m #m
Net cash inflow from operating activities excluding exceptional items 432 599
Net cash outflow from other activities including exceptional items (90) (834)
Net (purchases)/sales of investments (433) 542
---------- ----------
(Decrease)/increase in cash holdings (91) 307
========== ==========
The unaudited results of Aviva plc for the six months ended 30 June 2003 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: Steve Riley, Investor Relations Director, Aviva plc 020 7662 8115
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