Norwich Union PLC - Re Merger - Pt 2 -Replacement
February 21 2000 - 4:24AM
UK Regulatory
RNS Number:8968F
Norwich Union PLC
CGU PLC
21 February 2000
The issuer has made the following amendment to the "Re Merger - Part 2"
announcement released today at 07:04 under RNS No 8908F.
This part of the announcement contained text duplicated in the other parts; only
Appendix I should have been shown. All other details remain unchanged.
The full corrected version is shown below.
Appendix I
Extracts from the CGU unaudited preliminary results
announcement for the year ended 31 December 1999
1999 1998
# million # million
Net premiums written
Life
United Kingdom 3,703 2,891
France 2,148 1,709
Holland 837 753
Italy 943 788
Poland 322 166
Ireland 137 40
Other Europe 421 215
International 315 390
----- -----
8,826 6,952
===== =====
General
UK personal
- motor 511 528
- homeowners 599 567
- creditor 88 165
- PMI - -
- Other 85 90
UK commercial
- motor 328 333
- property 414 497
- liability 248 297
- London market 146 186
- other 192 225
----- -----
2,611 2,888
Continental Europe 1,585 1,481
International 4,425 4,280
----- -----
8,621 8,649
===== =====
Health 225 123
===== =====
1999 1998
# million # million
Operating earnings
before tax (1)
Life modified statutory basis
- United Kingdom 271 227
- Continental Europe 262 251
- International 15 20
--- ---
548 498
=== ===
General
- United Kingdom 134 52
- Continental Europe 30 110
- International 295 320
--- ---
459 482
=== ===
Corporate and (236) (205)
other activities
--- ---
Total 771 775
=== ===
Actual dividend per share 38.00p 35.15p
Value added by
life new business
- United Kingdom 134 119
- Continental Europe 115 56
- International 8 5
--- ---
257 180
=== ===
Operating earnings before
tax on an achieved profits
basis(2)
Life and General
- United Kingdom 580 582
- Continental Europe 451 570
- International 319 351
Corporate and
other activities (236) (205)
----- -----
1,114 1,298
===== =====
Embedded value of
life business
- United Kingdom 2,349 1,935
- Continental Europe 3,086 2,725
- International 240 208
----- -----
5,675 4,868
===== =====
Equity shareholders'
funds(3) 9,367 8,837
===== =====
Assets under management 136,426 121,204
======= =======
Notes:
(1) On a modified statutory basis and
before amortisation of the value of acquired
in-force business, goodwill amortisation and
exceptional items
(2)Incorporates non-life earnings together
with life operating earnings on an
achieved profits basis
(3) Equity shareholders' funds including
the embedded value of life business.
Financial information in respect of
CGU's US property and casualty business
for the year ended 31 December 1999,
which is included in the table above, is
as follows: Premiums #2,621 million,
operating earnings before tax #178
million and equity shareholders' funds
#2,831 million (including an inter-
company loan of #683 million)
END
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