General Accident PLC Announcement of Results (3720S)
09 Marzo 2023 - 9:00AM
UK Regulatory
TIDMGACA
RNS Number : 3720S
General Accident PLC
09 March 2023
INFORMATION FOR GENERAL ACCIDENT PLC PREFERENCE SHAREHOLDERS
GENERAL ACCIDENT PLC
Announcement of results for the year ended 31 December 2022
These results are published for the benefit of preference
shareholders of General Accident plc ("the Company") for the year
ended 31 December 2022. 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, in 2005, in return for an inter-company
loan. The income of the Company for the year ended 31 December 2022
consists of interest received on this loan.
The principal risks and uncertainties facing the Company
are:
- Credit risk: The net asset value of the Company's financial
resources is exposed to the potential default on the loan and
short-term receivables due from its parent, Aviva plc. The external
issuer credit rating of Aviva plc (representing an issuer's ability
to meet its overall financial commitments as they fall due) is A,
and as such the risk of counterparty default is considered remote.
In addition, the loan amounting to GBP9,439 million ( 2021:
GBP9,484 million) is secured by a legal charge against the ordinary
share capital of Aviva Group Holdings Limited mitigating the risk
of loss in the event of Aviva plc defaulting. Due to the nature of
the loan, and the fact that it is intended to be held until settled
by Aviva plc (on maturity or earlier if redeemed before maturity)
and not traded, the Company is not exposed to the risk of changes
to the market value caused by changing perceptions of the credit
worthiness of Aviva plc. There were no financial assets that were
past due or impaired at either 31 December 2022 or 31 December
2021.
- Interest rate risk: The net asset value of the Company's
financial resources is exposed to potential fluctuations in
interest rates impacting investment income.
Exposure to credit risk and interest rate risk is managed
through the monitoring of several risk measures.
The Company is part of the Aviva group ("Group"), and Aviva plc
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 2022 2021
GBPm GBPm
Investment income 66 66
------------------------------------- ----------------------------- ------------------------------
Total income 66 66
Profit on ordinary activities before
tax 66 66
Tax on profit on ordinary activities - -
------------------------------------- ----------------------------- ------------------------------
Profit for the period 66 66
------------------------------------- ----------------------------- ------------------------------
Basic earnings per share (pence) 0.24 0.24
------------------------------------- ----------------------------- ------------------------------
Summarised statement of financial Audited Audited
position
31 December 31 December
2022 2021
GBPm GBPm
Total assets 13,932 13,932
---------------------------------- ----------------------------- ------------------------------
Equity attributable to ordinary
shareholders 13,682 13,682
Preference share capital 250 250
Total equity 13,932 13,932
Liabilities - -
Total equity and liabilities 13,932 13,932
---------------------------------- ----------------------------- ------------------------------
Statement of changes in equity Audited Audited
results results
12 months to 12 months to
31 December 31 December
2022 2021
GBPm GBPm
Total equity at 1 January 13,932 13,932
Profit for the period 66 66
---------------------------------- ----------------------------- ------------------------------
Total comprehensive income for
the period 66 66
Dividends (66) (66)
Total equity at 31 December 13,932 13,932
---------------------------------- ----------------------------- ------------------------------
Summarised statement of cash flows Audited Audited
results results
12 months 12 months to
to
31 December 31 December
2022 2021
GBPm GBPm
Cash flows from financing activities - -
---------------------------------------- ------------------------ ------------------------------
Net cash from financing activities - -
---------------------------------------- ------------------------ ------------------------------
Total net increase/(decrease) in - -
cash and cash
---------------------------------------- ------------------------ ------------------------------
Cash and cash equivalents at 1 January - -
---------------------------------------- ------------------------ ------------------------------
Cash and cash equivalents at 31 December - -
(1)
---------------------------------------- ------------------------ ------------------------------
(1) The closing balance as at 31 December 2022 is GBP355 ( 2021:
GBP195 ). The majority of the Company's cash requirements are met
by fellow Group companies.
Basis of preparation
The results announcement for the year ended 31 December 2022 was
approved by the Board of Directors on 8 March 2023. The results
announcement for the year ended 31 December 2022 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 2022 will be filed
with the Registrar of Companies. The results for the year ended 31
December 2022 and 2021 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 2022, 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: Rupert Taylor Rea, Investor Relations Director, Aviva
plc, rupert.taylorrea@aviva.com , +44 (0)7385 494 440
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END
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March 09, 2023 03:00 ET (08:00 GMT)
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