28th Feb 2008 10:00
General Accident PLC28 February 2008 INFORMATION FOR GENERAL ACCIDENT PREFERENCE SHAREHOLDERSGENERAL ACCIDENT PLC Results for the year ended 31 December 2007 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 year by £1,673 million to £13,049 million at 31 December 2007. Operating profit of the Aviva Group at £2,228 million was 15%lower than in 2006 (2006 restated £2,609 million) and net operating cash inflows in 2007 were £4,032 million (2006 restated £1,879 million). Summarised income statement Unaudited results Results 12 months to 12 months to 31 December 31 DecemberStatutory results 2007 2006 £m £mFinance income 787 891----------------------------------------------------------------------------------------------------------------------- Total income 787 891Finance costs (20) (27)-----------------------------------------------------------------------------------------------------------------------Profit on ordinary activities before tax 767 864Tax on profit on ordinary activities (230) (253)-----------------------------------------------------------------------------------------------------------------------Profit for the year 537 611====================================================================================================================== Summarised balance sheet Unaudited 31 December 31 December 2007 2006 £m £m Total assets 14,480 14,823---------------------------------------------------------------------------------------------------------------------Equity attributable to ordinary shareholders 13,735 13,738Preference share capital 250 250---------------------------------------------------------------------------------------------------------------------Total equity 13,985 13,988Liabilities 495 835---------------------------------------------------------------------------------------------------------------------Total equity and liabilities 14,480 14,823===================================================================================================================== Statement of changes in equity Unaudited results 12 months to 31 December 2007 £mTotal equity at 1 January 2007 13,988Profit for the year 537Dividends (540)======================================================================================================================Total equity at 31 December 2007 13,985 ====================================================================================================================== Summarised cash flow statement Unaudited 12 months to 12 months to 31 December 31 December 2007 2006 £m £mNet cash flow from operating activities - -Net cash flow from investing activities - -Net cash flow from financing activities 3 8====================================================================================================================Increase in cash and cash equivalents 3 8==================================================================================================================== Basis of preparationThe results of the Company for the year to 31 December 2007 have been prepared using accounting policies under IFRS. These correspond to the Aviva plc accounting policies used as a basis of preparation of that Group's results, announced on 28 February 2008. The preliminary announcement for the year to 31 December 2007 does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The results for the year to 31 December 2006 have been audited by Ernst &Young LLP. The Company's Annual Report and Accounts for 2006 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 2007 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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