CGNU Interim Results 2001-Pt6

CGNU PLC 2 August 2001 PART 6 OF 6 -------------------------------------------------------------------- Page 30 Statistical supplement Segmental analysis of Group operating profit* at constant currency - achieved profit basis 6 months 2000 at 2001 6 months exchange 6 months 2001 rates 2000 Ongoing business £m £m £m Life achieved operating profit United Kingdom 473 462 462 France 110 127 124 Ireland 37 33 33 Italy 24 11 11 Netherlands (including Belgium and Luxembourg) 93 77 75 Poland life and pensions 44 52 45 Spain 31 7 7 Other Europe 28 (19) (18) International 17 14 15 ------ ------ ------ 857 764 754 ====== ====== ====== Health United Kingdom 4 2 2 France 4 6 6 Netherlands 24 26 26 ------ ------ ------ 32 34 34 ====== ====== ====== Fund management United Kingdom 5 6 6 France 6 5 5 Netherlands 4 1 1 Other Europe 1 1 1 Australia and New Zealand 5 7 7 United States 3 2 2 ------ ------ ------ 24 22 22 ====== ====== ====== General insurance United Kingdom 254 196 196 France 34 (122) (120) Ireland 17 11 11 Netherlands 5 (3) (3) Other Europe 15 6 8 Australia and New Zealand 26 31 33 Canada 50 46 44 Other 26 26 24 ------ ------ ------ 427 191 193 ====== ====== ====== Non-insurance operations (7) (19) (19) Corporate costs (81) (97) (97) Unallocated interest charges - external (90) (65) (65) - intra-group (125) (102) (102) ------ ------ ------ 1,037 728 720 Wealth management (60) (41) (41) ------ ------ ------ Group operating profit before tax* - ongoing business 977 687 679 ====== ====== ====== * Group operating profit before tax, amortisation of goodwill and exceptional items Restating 2000 modified statutory life profits to account for the impact of exchange rate movements in 2001 would result in modified statutory life profits increasing from £606 million to £611 million for the six months to 30 June 2000. -------------------------------------------------------------------- Page 31 Supplementary analyses a) New business contribution - including effect of solvency margin 6 months 2000 6 months at 2001 6 months 2001 assumptions* 2000 £m £m £m United Kingdom 158 123 130 Europe (excluding UK) France 20 21 25 Ireland 14 10 11 Italy 11 5 5 Netherlands (including Belgium and Luxembourg) 1 (1) 2 Poland - Life 2 3 2 - Pensions 1 21 17 Spain 19 1 1 Other 2 1 1 International (1) - - ------ ------- ------ 227 184 194 ====== ====== ====== * 2000 new business contribution has been shown using the application of 2001 economic assumptions and exchange rates. b) Non-insurance operations - operating result 6 months 6 months Full year 2001 2000 2000 £m £m £m United Kingdom Hill House Hammond 5 7 12 Norwich Union Direct Financial Services - (5) (7) Norwich Union Equity Release and other personal finance subsidiaries (5) (6) (7) Your Move (10) (27) (39) Other 2 - (3) Europe (excluding UK) 1 12 20 ------ ------ ------ (7) (19) (24) ====== ====== ====== c) Corporate costs 6 months 6 months Full year 2001 2000 2000 £m £m £m Staff profit share scheme costs (32) (28) (57) Other corporate costs (49) (69) (128) ------ ------ ------ (81) (97) (185) ====== ====== ====== d) Wealth management - operating result 6 months 6 months Full year 2001 2000 2000 £m £m £m United Kingdom assertahome (10) (10) (23) Other wealth management (50) (31) (110) ------ ------ ------ (60) (41) (133) ====== ====== ====== -------------------------------------------------------------------- Page 32 Supplementary analyses (continued) e) General business - investment return information Actual Longer-term investment investment return return 6 6 Full 6 6 Full months months year months months year 2001 2000 2000 2001 2000 2000 £m £m £m £m £m £m United Kingdom 255 257 489 323 322 683 Europe (excluding UK) France 35 31 52 49 47 93 Ireland 24 21 41 27 24 51 Netherlands 16 13 14 17 18 36 Other * 32 39 53 35 41 75 International Australia and New Zealand 30 37 73 34 45 89 Canada 54 53 110 66 62 131 Other * 23 29 61 28 41 75 ------ ------ ------ ------ ------ ------ Total longer-term investment return - ongoing business 579 600 1,233 Total actual investment income 469 480 893 Realised gains 43 307 507 Unrealised (losses)/ gains (345) 43 82 ------ ------ ------ Total actual investment return - ongoing business 167 830 1,482 Businesses discontinued United States 165 147 483 152 211 417 London Market - 22 45 - 37 55 ------ ------ ------ ------ ------ ------ 332 999 2,010 731 848 1,705 ====== ====== ====== ====== ====== ====== * The actual investment income and longer-term investment return for Turkey of £5 million and £6 million respectively in the six months to 30 June 2000 has been re-classified from International to Other Europe, consistent with current and full year disclosure. Reconciliation between general business investment return information and short-term fluctuation in investment returns incorporated in the summarised consolidated profit and loss account - modified statutory basis. For the six months to 30 June 2001 Short-term Actual Longer-term fluctuation investment investment in investment return return returns £m £m £m General business 332 731 (399) Health business 9 42 (33) ------ ------ ------ 341 773 (432) ====== ====== Life business (14) ------ Total short-term fluctuation in investment returns (446) ====== -------------------------------------------------------------------- Page 33 Supplementary analyses (continued) f) General business information on ongoing business - adverse weather/catastrophe claims costs 6 months 6 months Full year 2001 2000 2000 £m £m £m United Kingdom * - - 195 Europe (excluding UK) France 4 90 95 Ireland - - 4 International Australia and New Zealand 3 3 4 Canada 5 4 15 Other - 16 18 ------ ------ ------ 12 113 331 ====== ====== ====== * Adverse weather/catastrophe claims costs are the costs above the 10-year average weather pattern. g) Disposals - impact on operating profit The Group's operating profit in 2001 and 2000 from ongoing business excludes the result from the United States general insurance business and London Market operations. All other disposals and businesses in the process of being sold are not considered sufficiently material to merit separate disclosure in the Group results or do not meet the Financial Reporting Standard 3, 'Reporting Financial Performance', definition of discontinued business. A summary of the contribution to the Group's operating profit from these operations is as follows: Full 6 months 6 months year 2001 2000 2000 £m £m £m Disposals United Kingdom - fund management 3 6 11 Poland - life * - (7) (6) Other Europe - life * - (3) (10) Other Europe - general - 1 5 New Zealand - general - 5 10 Other International - life* 3 6 19 Other International - general - (4) 8 Businesses being disposed of Italy - life * 1 1 2 Other Europe - general (3) (2) (6) ------ ------ ------ 4 3 33 ====== ====== ====== * Impact on operating profit is stated on an achieved profit basis. The longer-term investment return component of the general insurance business results included in the table above was £6 million (six months to 30 June 2000: £26 million, full year 2000: £43 million). -------------------------------------------------------------------- Page 34 General insurance - geographical ratio analysis Combined Claims Expense operating ratio ratio ratio 6 6 6 6 6 6 months months months months months months 2001 2000 2001 2000 2001 2000 % % % % % % United Kingdom 71.5% 75.3% 10.6% 10.8% 103% 105% France 72.1% 121.5% 11.8% 13.5% 103% 154% Ireland 85.0% 85.0% 8.3% 10.5% 104% 107% Netherlands 64.6% 77.4% 18.4% 11.8% 104% 109% Australia and New Zealand 73.9% 74.0% 13.9% 17.6% 103% 105% Canada 74.7% 74.0% 13.3% 12.2% 104% 104% ------ ------ ------ ------ ------ ------ Group - ongoing business 71.8% 78.9% 11.9% 12.1% 103% 109% ====== ====== ====== ====== ====== ====== Ratios are measured in local currency. The total Group ratios are based on average exchange rates applying to the respective periods. Definitions: Claims - Incurred claims expressed as a percentage of net earned ratio premiums. Expense - Written expenses excluding commissions expressed as a ratio percentage of net written premiums. Commission - Written commissions expressed as a percentage of net ratio written premiums. Combined - Aggregate of claims ratio, expense ratio and commission ratio ratio. -------------------------------------------------------------------- Page 35 General insurance - class of business analyses a) United Kingdom - ongoing business Net Combined written Underwriting operating premiums result ratio 6 6 6 6 6 6 months months months months months months 2001 2000 2001 2000 2001 2000 £m £m £m £m % % Personal Motor 750 706 (29) (37) 104% 107% Homeowner 531 618 29 20 95% 97% Creditor 288 227 14 12 98% 97% Other 49 54 - (3) 95% 109% ------ ------ ------ ------ ------ ------ 1,618 1,605 14 (8) 100% 101% ------ ------ ------ ------ ------ ------ Commercial Motor 354 365 (34) (56) 107% 116% Property 297 350 (19) (33) 106% 108% Liability 117 117 (33) (41) 128% 133% Other 68 51 3 12 96% 75% ------ ------ ------ ------ ------ ------ 836 883 (83) (118) 109% 113% ------ ------ ------ ------ ------ ------ 2,454 2,488 (69) (126) 103% 105% ====== ====== ====== ====== ====== ====== During the six months to 30 June 2001, annualised rating increases for commercial motor have been 20%, with 16% for personal motor and 19% for commercial liability, while homeowners and commercial property have seen increases of 4% and 8% respectively. b) France Net Combined written Underwriting operating premiums result ratio 6 6 6 6 6 6 months months months months months months 2001 2000 2001 2000 2001 2000 Em Em Em Em % % Motor 232 231 (31) (46) 114% 121% Property 263 244 11 (215) 91% 207% Other 132 106 (4) (13) 102% 113% ------ ------ ------ ------ ------ ------ 627 581 (24) (274) 103% 154% ====== ====== ======= ====== ====== ====== -------------------------------------------------------------------- Page 36 General insurance - class of business analyses (continued) c) Netherlands Net Combined written Underwriting operating premiums result ratio 6 6 6 6 6 6 months months months months months months 2001 2000 2001 2000 2001 2000 Em Em Em Em % % Personal property 17 20 2 (2) 86% 114% Commercial property 128 97 3 (6) 93% 103% Motor 139 121 (21) (12) 115% 110% Liability 35 35 (6) (9) 123% 137% Inward reinsurance - 4 - (2) - 143% Other 47 95 3 (4) 90% 103% ------ ------ ------ ------ ------ ------ 366 372 (19) (35) 104% 109% ====== ====== ====== ====== ====== ====== d) Canada Net Combined written Underwriting operating premiums result ratio 6 6 6 6 6 6 months months months months months months 2001 2000 2001 2000 2001 2000 C$m C$m C$m C$m % % Automobile 594 643 (1) (20) 99% 103% Property 282 311 (31) (27) 113% 109% Liability 70 80 (13) - 118% 100% Other 14 14 10 4 66% 70% ------ ------ ------ ------ ------ ------ 960 1,048 (35) (43) 104% 104% ====== ====== ====== ====== ====== ====== -------------------------------------------------------------------- Page 37 Assets under management Long-term General business business and Group Group other 30 30 30 31 June June June December 2001 2001 2001 2000 £m £m £m £m Financial investments Shares, other variable yield securities and units in unit trusts 40,940 5,016 45,956 50,910 Debt and fixed income securities at market value 12,897 8,300 21,197 25,273 Debt and fixed income securities at amortised cost 34,773 - 34,773 35,095 Loans secured by mortgages and other loans, net of non-recourse funding 10,990 1,139 12,129 12,311 Deposits with credit institutions 1,809 1,839 3,648 2,841 ------ ------ ------ ------ Total financial investments 101,409 16,294 117,703 126,430 Investments in Group undertakings and participating interests 749 284 1,033 992 Land and buildings 8,330 768 9,098 8,826 ------ ------ ------ ------ Total investments 110,488 17,346 127,834 136,248 Assets held to cover linked liabilities 24,843 - 24,843 27,255 Other assets included in the balance sheet 9,068 19,237 28,305 29,815 ------ ------ ------ ------ Total assets included in the balance sheet 144,399 36,583 180,982 193,318 ====== ====== Third party funds under management: Unit trusts, Oeics, Peps and Isas 4,524 5,295 Segregated funds 18,961 21,302 ------ ------ Total assets under management 204,467 219,915 ====== ====== General insurance and other investments mix Total 30 United Continental June Kingdom Europe International 2001 £m £m £m £m Shares, other variable yield securities and units in unit trusts 2,356 1,991 669 5,016 Debt and fixed income securities at market value 3,387 2,634 2,279 8,300 Land & buildings 277 447 44 768 Other 2,345 605 312 3,262 ------ ------ ------ ------ Total Investments 8,365 5,677 3,304 17,346 ====== ====== ====== ====== -------------------------------------------------------------------- Page 38 Shareholder information Financial calendar 2001/2002 Ex-dividend date for 2001 interim dividend 26 September 2001 Record date for 2001 interim dividend 28 September 2001 Payment of interim 2001 dividend 15 November 2001 Announcement of long-term savings new business for 9 months to 30 September 25 October 2001 Preliminary announcement of 2001 results 27 February 2002 Dividend reinvestment plan Shareholders are offered the opportunity to participate in the Company's Dividend Reinvestment Plan (the 'Plan') which enables dividends to be reinvested in the Company's shares at reduced dealing costs. Shareholders who have previously elected to join the Plan need take no further action as their cash dividend will automatically be used to purchase CGNU's shares, on or around the dividend payment date, in accordance with the terms of the Plan. Shareholders who have not already joined the Plan and wish to do so should contact the Company's Registrar, at the address below, in order to obtain full details and a mandate form. Completed mandate forms must be returned to the Registrar by no later than 26 October 2001 in order to participate in the Plan for the 2001 interim dividend. The Plan is available to ordinary shareholders, members of the CGNU Share Account and members of the Group's employee profit sharing schemes. Interim report and accounts In an effort to minimise waste and eliminate unnecessary cost, the Company has decided not to mail interim reports automatically to all shareholders each year. However, shareholders who would like a copy of the report, now and in future years, should contact the Company's Registrar at the address below. Shareholder enquiries Shareholders who have any administrative enquiries about their shareholding in CGNU plc should contact the Company's Registrar: Lloyds TSB Registrars The Causeway Worthing West Sussex BN99 6DA 0870 600 3952 Internet addresses There are various internet sites within the Group, most of which inter-link to enable quick reference direct to specific sites. Principal UK internet sites are as follows: CGNU Group www.cgnu-group.com UK long-term savings and general insurance www.norwichunion.co.uk Fund management www.morleyfm.com Wealth management www.norwichunion.com Buying a home www.your-move.co.uk www.assertahome.com CGNU plc Registered in England no: 2468686 Registered Office: St Helen's, 1 Undershaft, London EC3P 3DQ

Companies

Aviva (AV.)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today