GENERAL ACCIDENT PLC

Earnings Release • Mar 6, 2014

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RNS Number : 6415B

General Accident PLC

06 March 2014

INFORMATION FOR GENERAL ACCIDENT PLC PREFERENCE SHAREHOLDERS

GENERAL ACCIDENT PLC

Preliminary Announcement of results for the year ended 31 December 2013

These results are published for the benefit of preference shareholders of General Accident plc ("the Company") for the year ended 31 December 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 year ended 31 December 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, decreased during the period by £240 million from £8,404 million at 31 December 2012 to £8,164 million at 31 December 2013. Operating profit of the Aviva Group at £2,339 million was 3% higher than for the twelve months to 31 December 2012 (£2,277 million restated) and net operating cash inflows for the twelve months to 31 December 2013 were £3,997 million (twelve months to 31 December 2012: £2,499 million restated).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

Summarised income statement	Audited	Audited
	results	results
	12 months to	12 months to
	31 December	31 December
Statutory results	2013	2012
	£m	£m
Investment income	243	282
Total income	243	282
Profit on ordinary activities before tax	243	282
Tax on profit on ordinary activities	(57)	(69)
Profit for the year	186	213
Basic earnings per share (pence)	0.01	0.01

Summarised statement of financial position	Audited	Audited
31 December	31 December
2013	2012
£m	£m
Total assets	14,041	14,070
Equity attributable to ordinary shareholders	13,665	13,665
Preference share capital	250	250
Total equity	13,915	13,915
Liabilities	126	155
Total equity and liabilities	14,041	14,070
Statement of changes in equity		Audited
	results
	12 months to
	31 December
	2013
	£m
Total equity at 1 January 2013		13,915
Profit for the year		186
Other comprehensive income		-
Total comprehensive income for the year		186
Dividends		(186)
Total equity at 31 December 2013		13,915

Summarised statement of cash flows as at 31 December 2013

No statement of cash flows is presented as all balances would be nil (2012: 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 2013 was approved by the Board of Directors on 5 March 2014. The preliminary announcement for the year ended 31 December 2013 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 2012 have been filed with the Registrar of Companies. The results for the year ended 31 December 2012 and 2013 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 2013, 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

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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