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HY11 GA Results

4th Aug 2011 10:00

RNS Number : 7150L
General Accident PLC
04 August 2011
 



 

 

INFORMATION FOR GENERAL ACCIDENT PLC PREFERENCE SHAREHOLDERS

 

 

GENERAL ACCIDENT PLC

Unaudited results for the six months ended 30 June 2011

 

 

These results are published for the benefit of preference shareholders of General Accident plc ("the Company") for the six months ended 30 June 2011. 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 for the six months to 30 June 2011 consists of interest received on this loan. The principal risk and uncertainty facing the Company for the remainder of the year is interest rate risk, as the net asset value of the Company's financial resources is exposed to potential fluctuations in interest rates. Exposure to interest rate risk is managed through the monitoring of several risk measures.

 

Equity attributable to shareholders of Aviva plc (excluding preference shares), prepared using accounting policies under IFRS, decreased during the period by £623 million from £12,794 million at 31 December 2010 to £12,171 million at 30 June 2011. Operating profit of the Aviva Group at £1,337 million was 5% higher than for the six months to 30 June 2010 of £1,270 million. Net operating cash outflows for the six months to 30 June 2011 were £1,638 million (six months to 30 June 2010: £5,231 million inflows).

 

 

Summarised income statement

Unaudited

Unaudited

 

results

results

 

6 months to

6 months to

 

30 June

30 June

Statutory results

2011

2010

 

£m

£m

 

 

 

Finance income

158

154

 

 

Total income

158

154

 

 

 

Profit on ordinary activities before tax

158

154

Tax on profit on ordinary activities

(43)

 (43)

Profit for the period

115

111

 

 

 

 

 

Summarised statement of financial position

 

 

Unaudited

 

30 June

31 December

2011

2010

£m

£m

 

 

 

Total assets

14,147

14,115

 

 

 

Equity attributable to ordinary shareholders

13,765

13,661

Preference share capital

250

250

 

 

 

Total equity

14,015

13,911

 

 

 

Liabilities

132

204

Total equity and liabilities

14,147

14,115

 

 

Statement of changes in equity

Unaudited

results

6 months to

30 June

2011

£m

 

Total equity at 1 January 2011

13,911

 

 

Profit for the period

115

Other comprehensive income

 

-

Total comprehensive income for the period

 

115

 

 

 

Dividends

 

 (11)

 

 

 

Total equity at 30 June 2011

 

14,015

 

Summarised statement of cash flows

Unaudited

Unaudited 

6 months to

6 months to

30 June

30 June

2011

2010

£m

£m

 

 

 

Net cash flow from operating activities

-

-

 

 

 

Net cash flow from investing activities

-

-

 

 

 

Net cash flow from financing activities

-

-

 

 

 

Increase / (decrease) in cash and cash equivalents

-

-

 

 

 

Basis of preparation

 

The results for the six months to 30 June 2011 have been prepared on the basis of the accounting policies set out in the Company's 2010 Annual Report and Accounts. The interim accounts do not constitute statutory accounts as defined by section 434 of the Companies Act 2006. The auditor has reported on the 2010 accounts and the report was unqualified and did not contain a statement under section 498(2) or (3) of the Companies Act 2006. The Company's 2010 Report and Accounts have been filed with the Registrar of Companies.

 

The results for the six months are unaudited.

 

The unaudited results of Aviva plc for the six months ended 30 June 2011 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 website at www.aviva.com.

 

Responsibility statement

 

The directors confirm that, to the best of each person's knowledge:

 

(a) the condensed set of financial statements in this report, which have been prepared in accordance with IFRS as adopted by the EU, International Financial Reporting Interpretations Committee's interpretation and those parts of the Companies Act 2006 applicable to companies reporting under IFRS, give a true and fair view of the assets, liabilities, financial position and results of the Company; and

 

(b) the management report contained in this report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.

 

 

By order of the board

 

 

 

Andrew Moss Patrick Regan

Group chief executive Chief financial officer

3 August 2011

 

 

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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