General Accident PLC Final Results (0597F)
05 Marzo 2020 - 11:00AM
UK Regulatory
TIDMGACA
RNS Number : 0597F
General Accident PLC
05 March 2020
INFORMATION FOR GENERAL ACCIDENT PLC PREFERENCE SHAREHOLDERS
GENERAL ACCIDENT PLC
Preliminary Announcement of results for the year ended 31
December 2019
These results are published for the benefit of preference
shareholders of General Accident plc ("the Company") for the year
ended 31 December 2019. 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 2019 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, and (2) interest rate risk, as the net asset
value of the Company's financial resources is exposed to potential
fluctuations in interest rates impacting investment income.
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 ("Group") and Aviva owns
100% of the Company's ordinary issued share capital.
Summarised income statement Audited Audited
results results
12 months to 12 months to
31 December 31 December
Statutory results 2019 2018
GBPm GBPm
Investment income 161 146
Preference share goodwill payment - (2)
-------------------------------------- ------------- -------------
Total income 161 144
Profit on ordinary activities before
tax 161 144
Tax on profit on ordinary activities - -
-------------------------------------- ------------- -------------
Profit for the period 161 144
-------------------------------------- ------------- -------------
Basic earnings per share (pence) 0.73 0.64
-------------------------------------- ------------- -------------
Summarised statement of financial Audited Audited
position
31 December 31 December
2019 2018
GBPm GBPm
Total assets 13,934 13,934
----------------------------------- ------------- -------------
Equity attributable to ordinary
shareholders 13,684 13,684
Preference share capital 250 250
Total equity 13,934 13,934
Liabilities - -
----------------------------------- ------------- -------------
Total equity and liabilities 13,934 13,934
----------------------------------- ------------- -------------
Statement of changes in equity Audited Audited
results results
12 months to 12 months to
31 December 31 December
2019 2018
GBPm GBPm
Total equity at 1 January 13,934 13,941
Profit for the period 161 144
Total comprehensive income for
the period 161 144
Dividends (161) (151)
Total equity at 31 December 13,934 13,934
----------------------------------- ------------- -------------
Summarised statement of cash flows Audited Audited
results results
12 months 12 months to
to
31 December 31 December
2019 2018
GBPm GBPm
Cash flows from financing activities - -
-------------------------------------------- ------------ -------------
Net cash from financing activities - -
-------------------------------------------- ------------ -------------
Total net increase/(decrease) in - -
cash and cash equivalents
Cash and cash equivalents at 1 January - -
-------------------------------------------- ------------ -------------
Cash and cash equivalents at 31 December(1) - -
-------------------------------------------- ------------ -------------
(1) The closing balance as at 31 December 2019 is GBP179 (2018:
GBP116). The majority of the Company's cash requirements are met by
fellow Group companies.
Basis of preparation
The preliminary announcement for the year ended 31 December 2019
was approved by the Board of Directors on 4 March 2020. The
preliminary announcement for the year ended 31 December 2019 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 2018 have been
filed with the Registrar of Companies. The results for the year
ended 31 December 2018 and 2019 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 2019, 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
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END
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