8th Mar 2012 10:00
INFORMATION FOR GENERAL ACCIDENT PLC PREFERENCE SHAREHOLDERS
GENERAL ACCIDENT PLC
Preliminary Announcement of results for the year ended 31 December 2011
This announcement is in respect of the as yet unaudited results of General Accident plc ("the Company") for the year ended 31 December 2011 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, decreased during the period by £151 million from £12,994 million at 31 December 2010 to £12,843 million at 31 December 2011. Operating profit of the Aviva Group at £2,503 million was 2% lower than for the twelve months to 31 December 2010 (£2,550 million) and net operating cashflows for the twelve months to 31 December 2011 was an outflow of £342 million (twelve months to 31 December 2010: £1,807 million inflow).
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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 | 2011 | 2010 | |
| £m | £m | |
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Finance income | 323 | 318 | |
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Total income | 323 | 318 | |
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Profit on ordinary activities before tax | 323 | 318 | |
Tax on profit on ordinary activities | (86) | (89) | |
Profit for the year | 237 | 229 |
Summarised statement of financial position |
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Unaudited 31 December |
31 December | ||
2011 | 2010 | ||
£m | £m | ||
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Total assets | 14,084 | 14,115 | |
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Equity attributable to ordinary shareholders | 13,659 | 13,661 | |
Preference share capital | 250 | 250 | |
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Total equity | 13,909 | 13,911 | |
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Liabilities | 175 | 204 | |
Total equity and liabilities | 14,084 | 14,115 | |
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Statement of changes in equity | Unaudited | ||
results | |||
12 months to | |||
31 December | |||
2011 | |||
£m | |||
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Total equity at 1 January 2011 | 13,911 | ||
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Profit for the year | 237 | ||
Other comprehensive income |
| - | |
Total comprehensive income for the year |
| 237 | |
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Dividends |
| (239) | |
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Total equity at 31 December 2011 |
| 13,909 | |
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Statement of cash flows as at 31 December 2011
No statement of cash flows is presented as all balances would be nil (2010: nil). All the Company's cash requirements are met by fellow Group companies.
The preliminary announcement for the year ended 31 December 2011 was approved by the Board of Directors on 7 March 2012. The preliminary announcement for the year ended 31 December 2011 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 2010 have been filed with the Registrar of Companies. The results for the year ended 31 December 2010 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 2011, once published, will be available on application to the Group Company Secretary, Aviva plc, St Helen's, 1 Undershaft, London, EC3P 3DQ. Copies can 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