GENERAL ACCIDENT PLC

Interim / Quarterly Report • Aug 8, 2013

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RNS Number : 2202L

General Accident PLC

08 August 2013

INFORMATION FOR GENERAL ACCIDENT PLC PREFERENCE SHAREHOLDERS

GENERAL ACCIDENT PLC

Unaudited results for the six months ended 30 June 2013

These results are published for the benefit of preference shareholders of General Accident plc ("the Company") for the six months ended 30 June 2013.  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 2013 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 shareholders' funds of the Aviva Group, prepared using accounting policies under IFRS, increased during the period by £72 million from £8,404 million at 31 December 2012 to £8,476 million at 30 June 2013. Operating profit of the Aviva Group at £1,133 million was 5% lower than for the restated six months to 30 June 2012 (£1,195 million) and net operating cash inflows for the six months to 30 June 2013 were £1,127 million (restated six months to 30 June 2012: £2,376 million inflow).

Summarised income statement	Unaudited	Unaudited
	results	results
	6 months to	6 months to
	30 June	30  June
Statutory results	2013	2012
	£m	£m
Investment income	120	147
Total income	120	147
Profit on ordinary activities before tax	120	147
Tax on profit on ordinary activities	(28)	(36)
Profit for the period	92	111
Basic earnings per share (pence)	0.5	0.6

Summarised statement of financial position	Unaudited
30 June	31 December
2013	2012
£m	£m
Total assets	14,094	14,070
Equity attributable to ordinary shareholders	13,747	13,665
Preference share capital	250	250
Total equity	13,997	13,915
Liabilities	97	155
Total equity and liabilities	14,094	14,070
Statement of changes in equity		Unaudited
	results
	6 months to
	30 June
	2013
	£m
Total equity at 1 January 2013		13,915
Profit for the period		92
Other comprehensive income		-
Total comprehensive income for the period		92
Dividends		(10)
Total equity at 30 June 2013		13,997

Summarised statement of cash flows as at 30 June 2013

No statement of cash flows is presented as all balances would be nil (June 2012: nil). All the Company's cash requirements are met by fellow Group companies.

Basis of preparation

The results for the six months to 30 June 2013 have been prepared on the basis of the accounting policies set out in the Company's 2012 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 2012 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 2012 Report and Accounts have been filed with the Registrar of Companies.

During the period, there have been no changes in the nature of related party transactions from those described in the Company's 2012 accounts.

The results for the six months are unaudited.

The unaudited results of Aviva plc for the six months ended 30 June 2013 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 these condensed interim financial statements have been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting", as adopted by the European Union and as issued by the IASB and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:

(a)        An indication of important events that have occurred during the first six months and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and

(b)        Material related party transactions in the first six months and any material changes in the related party transactions described in the last annual report.

Patrick Regan                                                   Kirstine Cooper

Director                                                            Director

Enquiries: Colin Simpson, Investor Relations Director, Aviva plc       020 7662 8115

This information is provided by RNS

The company news service from the London Stock Exchange

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