GENERAL ACCIDENT PLC

Earnings Release • Mar 5, 2015

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RNS Number : 5922G

General Accident PLC

05 March 2015

INFORMATION FOR GENERAL ACCIDENT PLC PREFERENCE SHAREHOLDERS

GENERAL ACCIDENT PLC

Preliminary Announcement of results for the year ended 31 December 2014

These results are published for the benefit of preference shareholders of General Accident plc ("the Company") for the year ended 31 December 2014.  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 2014 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 terms receivable 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.

Equity shareholders' funds of the Aviva Group, prepared using accounting policies under IFRS, increased during the period by £2,054 million from £8,164 million at 31 December 2013 to £10,218 million at 31 December 2014. Operating profit of the Aviva Group at £2,173 million was 7% lower than for the twelve months to 31 December 2013 (£2,339 million).

Summarised income statement	Audited	Audited
	results	results
	12 months to	12 months to
	31 December	31 December
Statutory results	2014	2013
	£m	£m
Investment income	247	243
Total income	247	243
Profit on ordinary activities before tax	247	243
Tax on profit on ordinary activities	(53)	(57)
Profit for the year	194	186
Basic earnings per share (pounds)	0.01	0.01

Summarised statement of financial position	Audited	Audited
31 December	31 December
2014	2013
£m	£m
Total assets	14,026	14,041
Equity attributable to ordinary shareholders	13,666	13,665
Preference share capital	250	250
Total equity	13,916	13,915
Liabilities	110	126
Total equity and liabilities	14,026	14,041
Statement of changes in equity		Audited
	results
	12 months to
	31 December
	2014
	£m
Total equity at 1 January 2013		13,915
Profit for the year		194
Other comprehensive income		-
Total comprehensive income for the year		194
Dividends		(193)
Total equity at 31 December 2014		13,916

Summarised statement of cash flows as at 31 December 2014

No statement of cash flows is presented as all balances would be nil (2013: 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 2014 was approved by the Board of Directors on 4 March 2015. The preliminary announcement for the year ended 31 December 2014 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 2013 have been filed with the Registrar of Companies. The results for the year ended 31 December 2013 and 2014 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 2014, 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 can be found on the Aviva plc website at www.aviva.com/reports/2014ar.

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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