Earnings Release • Mar 10, 2016
Earnings Release
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National Storage Mechanism | Additional information
RNS Number : 6517R
General Accident PLC
10 March 2016
INFORMATION FOR GENERAL ACCIDENT PLC PREFERENCE SHAREHOLDERS
Preliminary Announcement of results for the year ended 31 December 2015
These results are published for the benefit of preference shareholders of General Accident plc ("the Company") for the year ended 31 December 2015. 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 2015 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 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 £5,746 million from £10,218 million at 31 December 2014 to £15,964 million at 31 December 2015. Operating profit of the Aviva Group at £2,665 million was 20% higher than for the twelve months to 31 December 2014 (restated: £2,213 million).
| Summarised Income Statement | Audited | Audited | |
| results | results | ||
| 12 months to | 12 months to | ||
| 31 December | 31 December | ||
| Statutory results | 2015 | 2014 | |
| £m | £m | ||
| Investment income | 166 | 247 | |
| Total income | 166 | 247 | |
| Profit on ordinary activities before tax | 166 | 247 | |
| Tax on profit on ordinary activities | (34) | (53) | |
| Profit for the year | 132 | 194 | |
| Basic earnings per share (pounds) | 0.01 | 0.01 |
| Summarised Statement of Financial Position | Audited | Audited | |
| 31 December | 31 December | ||
| 2015 | 2014 | ||
| £m | £m | ||
| Total assets | 14,004 | 14,026 | |
| Equity attributable to ordinary shareholders | 13,667 | 13,666 | |
| Preference share capital | 250 | 250 | |
| Total equity | 13,917 | 13,916 | |
| Liabilities | 87 | 110 | |
| Total equity and liabilities | 14,004 | 14,026 | |
| Summarised Statement of Changes in Equity | Audited | ||
| results | |||
| 12 months to | |||
| 31 December | |||
| 2015 | |||
| £m | |||
| Total equity at 1 January 2015 | 13,916 | ||
| Profit for the year | 132 | ||
| Other comprehensive income | - | ||
| Total comprehensive income for the year | 132 | ||
| Dividends | (131) | ||
| Total equity at 31 December 2015 | 13,917 | ||
Summarised Statement of Cash Flows as at 31 December 2015
No statement of cash flows is presented as all balances would be nil (2014: 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 2015 was approved by the Board of Directors on 9 March 2016. The preliminary announcement for the year ended 31 December 2015 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 2014 have been filed with the Registrar of Companies. The results for the year ended 31 December 2014 and 2015 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 2015, 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, and on the Aviva plc website at www.aviva.com/reports/2015ar.
Enquiries: Chris Esson, 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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