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FY11 GA Results

8th Mar 2012 10:00

RNS Number : 9285Y
General Accident PLC
08 March 2012
 



 

 

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).

 

 

 

Summarised income statement

Unaudited

 

 

results

Results

 

12 months to

12 months to

 

31 December

31 December

Statutory results

2011

2010

 

£m

£m

 

 

 

Finance income

323

318

 

 

Total income

323

318

 

 

 

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

 

 

 

Unaudited

31 December

 

31 December

2011

2010

£m

£m

 

 

 

Total assets

14,084

14,115

 

 

 

Equity attributable to ordinary shareholders

13,659

13,661

Preference share capital

250

250

 

 

 

Total equity

13,909

13,911

 

 

 

Liabilities

175

204

Total equity and liabilities

14,084

14,115

 

 

Statement of changes in equity

Unaudited

results

12 months to

31 December

2011

£m

 

Total equity at 1 January 2011

13,911

 

 

Profit for the year

237

Other comprehensive income

 

-

Total comprehensive income for the year

 

237

 

 

 

Dividends

 

 (239)

 

 

 

Total equity at 31 December 2011

 

13,909

 

 

 

 

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

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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