3rd Mar 2011 10:00
INFORMATION FOR GENERAL ACCIDENT PLC PREFERENCE SHAREHOLDERS
GENERAL ACCIDENT PLC
Preliminary Announcement of results for the year ended 31 December 2010
This announcement is in respect of the as yet unaudited results of General Accident plc ("the Company") for the year ended 31 December 2010 and do not constitute statutory accounts as defined in section 434 of the Companies Act 2006 and are published for the benefit of the Company's preference shareholders. The preference shares have remained listed on the London Stock Exchange 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 Company transferred its interest in its subsidiaries to its parent company, Aviva plc ("Aviva") in 2005, in return for an inter-company loan with Aviva. The income of the Company now consists of interest received on this loan.
Equity shareholders' funds of the Aviva Group, prepared using accounting policies under IFRS, increased during the year by £2,438 million to £12,994 million at 31 December 2010. Operating profit of the Aviva Group at £2,550 million was 26% higher than in 2009 (2009: £2,022 million) and net operating cash inflows in 2010 were £1,807 million (2009: £2,685 million).
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Summarised income statement | Unaudited |
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| results | Results | |
| 12 months to | 12 months to | |
| 31 December | 31 December | |
Statutory results | 2010 | 2009 | |
| £m | £m | |
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Finance income | 318 | 410 | |
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Total income | 318 | 410 | |
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Profit on ordinary activities before tax | 318 | 410 | |
Tax on profit on ordinary activities | (89) | (115) | |
Profit for the year | 229 | 295 |
Summarised statement of financial position |
Unaudited |
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31 December | 31 December | ||
2010 | 2009 | ||
£m | £m | ||
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Total assets | 14,115 | 14,258 | |
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Equity attributable to ordinary shareholders | 13,661 | 13,663 | |
Preference share capital | 250 | 250 | |
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Total equity | 13,911 | 13,913 | |
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Liabilities | 204 | 345 | |
Total equity and liabilities | 14,115 | 14,258 | |
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Statement of changes in equity | Unaudited | ||
results | |||
12 months to | |||
31 December | |||
2010 | |||
£m | |||
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Total equity at 1 January 2010 | 13,913 | ||
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Profit for the year | 229 | ||
Other comprehensive income |
| - | |
Total comprehensive income for the year |
| 229 | |
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Dividends |
| (231) | |
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Total equity at 31 December 2010 |
| 13,911 | |
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Summarised statement of cash flows | Unaudited |
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12 months to | 12 months to | ||
31 December | 31 December | ||
2010 | 2009 | ||
£m | £m | ||
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Net cash flow from operating activities | - | - | |
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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 | - | (1) |
The preliminary announcement for the year ended 31 December 2010 is prepared on the basis of the accounting policies set out in the previous year's annual accounts. Audited statutory accounts, together with the auditor's report thereon, will be filed with the Registrar of Companies when approved and published.
The Company's Annual Report and Accounts for 2009 have been filed with the Registrar of Companies. The results for the year ended 31 December 2009 were audited by Ernst & Young LLP. The auditor's report was unqualified and did not contain a statement under section 498(2) or section 498(3) of the Companies Act 2006.
The audited annual reports and accounts of both the Company and of Aviva plc for the year ended 31 December 2010, once published, will be available on application to the Group Company Secretary, Aviva plc, St. Helen's, 1 Undershaft, London EC3P 3DQ. Copies can also be found on the Aviva plc website at www.aviva.com/reports.
Enquiries: Charles Barrows, Investor Relations Director, Aviva plc 020 7662 8115
Related Shares:
Gen.acc.8se.pf