Final Results
February 26 2003 - 5:00AM
UK Regulatory
RNS Number:9782H
General Accident PLC
26 February 2003
INFORMATION FOR GENERAL ACCIDENT PREFERENCE SHAREHOLDERS
GENERAL ACCIDENT PLC AND SUBSIDIARY COMPANIES
Unaudited results for the year ended 31 December 2002
These results are published for the benefit of preference shareholders of General Accident plc, whose
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).
We have delivered a robust set of results, with operating profit before tax of #1,178 million, in a
difficult year where the ongoing turmoil in investment markets has affected consumer demand and investor
sentiment.
The benefits of a strong business model, where resilient long-term savings operations are allied with a
cash-generative general insurance business, are evident in these tough market conditions. We expect 2003 to
be a challenging year and will continue our emphasis on capital disciplines, cost management and building
our bancassurance opportunities.
Summarised consolidated profit and loss account
Restated*
Statutory results Unaudited unaudited
results to results to
31 December 31 December
2002 2001
#m #m
Premium income (after reinsurance) and investment sales 27,502 27,966
------ ------
Operating profit before tax 1,178 1,407
------ ------
(Loss)/profit on ordinary activities before tax (248) 623
Tax on (loss)/ profit on ordinary activities (238) (206)
Minority interests (24) (35)
(Loss)/profit attributable to shareholders (510) 382
Preference dividends (21) (21)
------ ------
(Loss)/profit attributable to equity shareholders (531) 361
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Summarised balance sheet
Restated*
Unaudited Unaudited
results to results to
31 December 31 December
2002 2001
#m #m
Total assets 181,778 183,334
------ ------
Equity shareholders' funds 10,209 13,341
Non-equity shareholders' funds and minority interests 733 640
Technical provisions and other liabilities 170,836 169,353
------- ------
Total liabilities 181,778 183,334
====== ======
Summarised cash flow statement Unaudited Unaudited
results to results to
31 December 31 December
2002 2001
#m #m
Net cash inflow from operating activities 1,014 438
Net cash inflow from other activities 655 426
Net purchases of investments (765) (1,138)
------ ------
Increase/(decrease) in cash holdings 904 (274)
====== ======
* Restated for the impact of Financial Reporting Standard 19 'Deferred Tax'.
The principal impact of the change from the accounting policy applied under SSAP 15 is to provide
additional deferred tax on unrealised appreciation or depreciation of investments. This decreased
shareholders' funds at 31 December 2001 by #118 million.
The audited results of Aviva plc for the year ended 31 December 2002 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 76628115
This information is provided by RNS
The company news service from the London Stock Exchange
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