General Accident PLC General Accident plc Final Results (1083H)
08 Marzo 2018 - 10:56AM
UK Regulatory
TIDMGACA
RNS Number : 1083H
General Accident PLC
08 March 2018
GENERAL ACCIDENT PLC
Preliminary Announcement of results for the year ended 31
December 2017
These results are published for the benefit of preference
shareholders of General Accident plc ("the Company") for the year
ended 31 December 2017. 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
year ended 31 December 2017 consists of interest received on this
loan. The principal risks and uncertainties facing the Company for
the remainder of the year are (1) credit risk, as the net asset
value of the Company's financial resources is exposed to the
potential default on the loans and short term receivables due from
its parent, Aviva plc, and (2) interest rate risk, as the net asset
value of the Company's financial resources is exposed to potential
fluctuations in interest rates. Exposure to both credit and
interest rate risk is managed through the monitoring of several
risk measures.
The Company is part of the Aviva group and Aviva owns 100% of
the Company's ordinary issued share capital. In this context the
Board has noted that in Aviva's 2017 results announcement on 8
March Aviva advised that it was targeting more than GBP500 million
in additional capital returns, incorporating liability management
and returns to shareholders. In this regard, Aviva also noted the
ability to cancel the preference shares at par value (plus accrued
interest, arrears and in the case of the preference shares issued
by General Accident plc, issue premium) through a reduction of
capital, subject to shareholder vote and court approval and that
the preference shares carry high coupons that are not
tax-deductible and they will not count as regulatory capital from
2026. As the Company and Aviva evaluate alternatives, one of the
things we are considering is how to balance the interests of
ordinary and preferred shareholders.
Summarised income statement Audited Audited
results results
12 months 12 months
to to
31 December 31 December
Statutory results 2017 2016
GBPm GBPm
Investment income 138 160
------------------------------- ------------ ------------
Total income 138 160
Profit on ordinary activities
before tax 138 160
Tax on profit on ordinary
activities - (32)
------------------------------- ------------ ------------
Profit for the year 138 128
------------------------------- ------------ ------------
Basic earnings per share
(pence) 0.61 0.56
------------------------------- ------------ ------------
Summarised statement of Audited Audited
financial position
31 December 31 December
2017 2016
GBPm GBPm
Total assets 13,973 13,980
------------------------------ ------------ ----------------------
Equity attributable to
ordinary shareholders 13,691 13,664
Preference share capital 250 250
Total equity 13,941 13,914
Liabilities 32 66
------------------------------ ------------ ----------------------
Total equity and liabilities 13,973 13,980
------------------------------ ------------ ----------------------
Statement of changes in Audited
equity
results
12 months
to
31 December
2017
GBPm
Total equity at 1 January
2017 13,914
Profit for the year 138
Other comprehensive income -
------------------------------ ------------ ----------------------
Total comprehensive income
for the year 138
Dividends (111)
Total equity at 31 December
2017 13,941
------------------------------ ------------ ----------------------
Summarised statement of cash flows as at 31 December 2017
No statement of cash flows is presented as all balances would be
nil (2016: nil). All the Company's cash requirements are met by
fellow Group companies.
Basis of preparation
The preliminary announcement for the year ended 31 December 2017
was approved by the Board of Directors on 7 March 2018. The
preliminary announcement for the year ended 31 December 2017 is
prepared on the basis of the accounting policies set out in the
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 2016 have been
filed with the Registrar of Companies. The results for the year
ended 31 December 2016 and 2017 were audited by
PricewaterhouseCoopers 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 2017, 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 will be made available on the Aviva plc website
once published at
http://www.aviva.com/investor-relations/reports/.
Enquiries: Chris Esson, 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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