1st Mar 2007 10:00
General Accident PLC01 March 2007 INFORMATION FOR GENERAL ACCIDENT PREFERENCE SHAREHOLDERS--------------------------------------------------------GENERAL ACCIDENT PLCResults for the year ended 31 December 2006 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 toform CGU plc (CGU), and the subsequent merger of CGU with Norwich Union plc in May 2000 to form Aviva plc (formerly CGNU plc). As part of the ongoing Aviva Group restructuring, the Company transferred its interest in Norwich Union Limited to its parent company, Aviva plc ("Aviva") in 2005, in return for an inter-company loan with Aviva. The income of the Companyconsists primarily of interest received on this loan. Equity shareholders' funds of the Aviva Group, prepared using accounting policies under IFRS, increased during the period by £2,402 million to £11,376 million at 31 December 2006. Operating profit of the Aviva Group was up 46% to£3,110 million (2005 £2,128 million) and net operating cash inflows in 2006 were £1,860 million (2005 £2,409 million). Summarised income statement Unaudited results Results 12 months to 12 months to 31 December 31 DecemberStatutory results 2006 2005 £m £m ------------ ------------ Finance income 891 8,171---------------------------------------------------------------------------------------------------------------------- Total income 891 8,171Finance costs (27) (53)----------------------------------------------------------------------------------------------------------------------Profit on ordinary activities before tax 864 8,118Tax on profit on ordinary activities (253) -----------------------------------------------------------------------------------------------------------------------Profit for the year 611 8,118---------------------------------------------------------------------------------------------------------------------- Summarised balance sheet Unaudited 31 December 31 December 2006 2005 £m £m ----------- ----------- Total assets 14,823 25,637----------------------------------------------------------------------------------------------------------------------Equity attributable to ordinary shareholders 13,738 20,048Preference share capital 250 250----------------------------------------------------------------------------------------------------------------------Total equity 13,988 20,298Liabilities 835 5,339----------------------------------------------------------------------------------------------------------------------Total equity and liabilities 14,823 25,637---------------------------------------------------------------------------------------------------------------------- Statement of changes in equity Unaudited results 12 months to 31 December 2006 £m ------------ Total equity at 1 January 2006 20,298Profit for the year 611Dividends (6,921)----------------------------------------------------------------------------------------------------------------------Total equity at 31 December 2006 13,988---------------------------------------------------------------------------------------------------------------------- Summarised cash flow statement Unaudited 12 months to 12 months to 31 December 31 December 2006 2005 £m £m ------------ ------------ Net cash flow from operating activities - -Net cash flow from investing activities - -Net cash flow from financing activities 8 5----------------------------------------------------------------------------------------------------------------------Increase in cash and cash equivalents 8 5---------------------------------------------------------------------------------------------------------------------- Basis of preparation The results of the Company for the year to 31 December 2006 have been prepared using accounting policies under IFRS. These correspond to the Aviva plc accounting policies used as the basis of preparation of that Group's results,announced on 1 March 2007. The preliminary announcement for the year to 31 December 2006 does not constitute statutory accounts as defined in section 240 of The Companies Act 1985. The results for the year to 31 December 2005 have been audited by Ernst &Young LLP. The Company's Annual Report and Accounts for 2005 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. The audited results of Aviva plc for the year ended 31 December 2006 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 websiteat www.aviva.com. Enquiries: Charles Barrows, Investor Relations Director, Aviva plc 020 7662 8115 END OF ANNOUNCEMENT This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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