TIDMGACA
RNS Number : 4183J
General Accident PLC
16 August 2023
INFORMATION FOR GENERAL ACCIDENT PLC PREFERENCE SHAREHOLDERS
GENERAL ACCIDENT PLC
Unaudited results for the six months ended 30 June 2023
These results are published for the benefit of preference
shareholders of General Accident plc (the Company) for the six
months ended 30 June 2023. 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 with Aviva plc. The income of the Company for the six months
to 30 June 2023 consists of interest received on this loan.
The principal risks and uncertainties facing the Company for the
remainder of the year 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.
-- Interest rate risk: Effective from 1 January 2023, interest
rate risk arises as the loan receivable is subject to a floating
interest rate based on the SONIA swap rate. The net asset value of
the Company's financial resources is exposed to potential
fluctuations in interest rates impacting investment income. The net
asset value of the Company's financial resources is not anticipated
to be materially affected by fluctuations in interest rates.
-- Risk of non-payment : The payment of the preference share
dividends is made in cash by the parent of the Company, Aviva plc.
If Aviva plc had insufficient cash at any time to pay the dividend
it could use its revolving credit facility with Aviva Group
Holdings (AGH), utilising AGH's cash balances.
The Company is part of the Aviva plc group (Group) and Aviva plc
owns 100% of the Company's ordinary issued share capital.
Condensed income statement Unaudited Unaudited
results results
6 months to 6 months to
30 June 30 June
2023 2022
GBPm GBPm
Investment income 223 33
----------------------------------------- ----------- -----------
Total income 223 33
Profit on ordinary activities before tax 223 33
Tax on profit on ordinary activities* - -
----------------------------------------- ----------- -----------
Profit for the period 223 33
----------------------------------------- ----------- -----------
Basic earnings per share (pence) 1.1 0.1
----------------------------------------- ----------- -----------
* Tax on investment income is GBPnil due to losses surrendered
by a fellow Group company at no charge to cover any tax liabilities
arising on the Company's profits.
Condensed statement of financial position Unaudited Audited
30 June 31 December
2023 2022
GBPm GBPm
Total assets 14,144 13,932
--------------------------------------------- --------- -----------
Equity attributable to ordinary shareholders 13,894 13,682
Preference share capital 250 250
Total equity 14,144 13,932
Liabilities - -
--------- -----------
Total equity and liabilities 14,144 13,932
--------------------------------------------- --------- -----------
Condensed statement of changes in equity Unaudited Unaudited
results results
6 months to 6 months to
30 June 30 June
2023 2022
GBPm GBPm
Total equity at 1 January 13,932 13,932
Profit for the period 223 33
------------------------------------------- ----------- -----------
Total comprehensive income for the period 223 33
Dividends (11) (11)
Total equity at 30 June 14,144 13,954
------------------------------------------- ----------- -----------
Condensed statement of cash flows Unaudited Unaudited
results results
6 months to 6 months to
30 June 30 June
2023 2022
GBPm GBPm
Cash flows from financing activities - -
----------------------------------------- ----------- -----------
Net cash from financing activities - -
----------------------------------------- ----------- -----------
Total net increase/(decrease) in cash and - -
cash equivalents
Cash and cash equivalents at 1 January - -
----------------------------------------- ----------- -----------
Cash and cash equivalents at 30 June(1) - -
----------------------------------------- ----------- -----------
(1) The closing balance as at 30 June 2023 is GBP309 (2022:
GBP9). The majority of the Company's cash requirements are met by
Aviva plc.
Basis of preparation
The results for the six months to 30 June 2023 have been
prepared on the basis of the accounting policies set out in the
Company's 2022 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 2022 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 2022 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
2022 accounts.
The results for the six months are unaudited.
The unaudited results of Aviva plc for the six months ended 30
June 2023 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
.
Going concern
A going concern review has been undertaken as part of the 2023
interim reporting process. After making enquires, the directors
have a reasonable expectation that the Group has adequate resources
to continue in operational existence over a period of at least
twelve months from the date of approval of the interim accounts.
For this reason, the Company continues to adopt the going concern
basis in preparing the interim accounts.
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 UK 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:
(1) 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
(2) Material related party transactions in the first six months
and any material changes in the related party transactions
described in the last annual report.
K A Cooper A Dinwiddie N Harrison
Director Director Director
Enquiries:
Rupert Taylor Rea, Investor Relations Director, Aviva plc
rupert.taylorrea@aviva.com, +44 (0)7385 494 440
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END
IR BLGDIIDBDGXU
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