7th Mar 2013 10:00
INFORMATION FOR GENERAL ACCIDENT PLC PREFERENCE SHAREHOLDERS
GENERAL ACCIDENT PLC
Preliminary Announcement of results for the year ended 31 December 2012
This announcement is in respect of the as yet unaudited results of General Accident plc ("the Company") for the year ended 31 December 2012 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 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 £4,439 million from £12,843 million at 31 December 2011 to £8,404 million at 31 December 2012. Operating profit of the Aviva Group at £2,127 million was 15% lower than for the twelve months to 31 December 2011 (£2,503 million) and net operating cash inflows for the twelve months to 31 December 2012 were £2,294 million (twelve months to 31 December 2011: £342 million outflow).
| |||
Summarised income statement | Unaudited | Audited | |
| results | results | |
| 12 months to | 12 months to | |
| 31 December | 31 December | |
Statutory results | 2012 | 2011 | |
| £m | £m | |
|
|
| |
Finance income | 282 | 323 | |
|
| ||
Total income | 282 | 323 | |
|
|
| |
Profit on ordinary activities before tax | 282 | 323 | |
Tax on profit on ordinary activities | (69) | (86) | |
Profit for the year | 213 | 237 |
Summarised statement of financial position |
|
| |
Unaudited 31 December | Audited 31 December | ||
2012 | 2011 | ||
£m | £m | ||
|
|
| |
Total assets | 14,070 | 14,084 | |
|
|
| |
Equity attributable to ordinary shareholders | 13,665 | 13,659 | |
Preference share capital | 250 | 250 | |
|
|
| |
Total equity | 13,915 | 13,909 | |
|
|
| |
Liabilities | 155 | 175 | |
Total equity and liabilities | 14,070 | 14,084 | |
| |||
| |||
Statement of changes in equity | Unaudited | ||
results | |||
12 months to | |||
31 December | |||
2012 | |||
£m | |||
| |||
Total equity at 1 January 2012 | 13,909 | ||
|
| ||
Profit for the year | 213 | ||
Other comprehensive income |
| - | |
Total comprehensive income for the year |
| 213 | |
|
|
| |
Dividends |
| (207) | |
|
|
| |
Total equity at 31 December 2012 |
| 13,915 | |
|
Statement of cash flows as at 31 December 2012
No statement of cash flows is presented as all balances would be nil (2011: nil). All the Company's cash requirements are met by fellow Group companies.
The preliminary announcement for the year ended 31 December 2012 was approved by the Board of Directors on 6 March 2013. The preliminary announcement for the year ended 31 December 2012 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 2011 have been filed with the Registrar of Companies. The results for the year ended 31 December 2011 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 2012, once published, will be available on application to the Group General Counsel and 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
END
Related Shares:
Gen.acc.8se.pf