CGNU PLC Q1 2001 Results-Pt 5

CGNU PLC 3 May 2001 CGNU plc Q1 Results PART 5 of 5 -------------------------------------------------------------------- Page 28 Statistical supplement Segmental analysis of Group operating profit* at constant currency - achieved profit basis Ongoing business 3 months 2000 at 2001 3 months exchange 3 months 2001 rates 2000 £m £m £m Life achieved operating profit United Kingdom 241 237 237 France 54 51 49 Ireland 17 16 15 Italy 11 5 5 Netherlands 46 47 46 Poland life and pensions 23 28 24 Spain 16 2 2 Other Europe 28 (5) (5) International 8 11 12 ------ ------ ------ 444 392 385 ====== ====== ====== Health United Kingdom (1) - - France 1 3 3 Netherlands 17 13 13 ------ ------ ------ 17 16 16 ====== ====== ====== Fund management United Kingdom 4 1 1 France 3 3 3 Netherlands 3 1 1 Other Europe - 1 1 Australia and New Zealand 5 3 3 United States 1 1 1 ------ ------ ------ 16 10 10 ====== ====== ====== General insurance United Kingdom 100 79 79 France 10 (13) (13) Ireland 5 5 5 Netherlands - (1) (1) Other Europe 7 1 1 Australia and New Zealand 11 18 20 Canada 11 13 12 Other 11 10 10 ------ ------ ------ 155 112 113 ====== ====== ====== Non-insurance operations (4) (4) (4) Corporate costs (40) (42) (41) Unallocated interest charges - external (46) (29) (28) - intra-group (65) (49) (49) ------ ------ ------ 477 406 402 Wealth management (32) (9) (9) ------ ------ ------ Group operating profit before tax* - ongoing business 445 397 393 ====== ====== ====== * 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 £290 million to £291 million for the three months to 31 March 2000. -------------------------------------------------------------------- Page 29 Supplementary analyses a) New business contribution - including effect of solvency margin 2000 3 months at 2001 3 months 2001 assumptions* 2000 £m £m £m United Kingdom 78 56 59 Europe (excluding UK) France 11 11 12 Ireland 6 5 6 Italy 7 1 1 Netherlands 1 1 3 Poland - Life 1 2 2 - Pensions 1 14 12 Spain 10 - - Other 1 1 1 International (3) (2) (2) ------ ------ ------ 113 89 94 ====== ====== ====== * 2000 new business contribution has been shown using the application of the 2001 economic assumptions and exchange rates. b) Non-insurance operations - operating profit 3 months 3 months Full year 2001 2000 2000 £m £m £m United Kingdom Hill House Hammond 2 4 12 Norwich Union Direct Financial Services - (3) (7) Norwich Union Equity Release and other personal finance subsidiaries (3) (3) (7) Your Move (7) (12) (39) Other 2 (2) (3) Europe (excluding UK) 2 12 20 ------ ------ ------ (4) (4) (24) ====== ====== ====== c) Corporate costs 3 months 3 months Full year 2001 2000 2000 £m £m £m Staff profit share scheme costs (16) (14) (57) Other corporate costs (24) (27) (128) ------ ------ ------ (40) (41) (185) ====== ====== ====== d) Wealth management - operating result 3 months 3 months Full year 2001 2000 2000 £m £m £m United Kingdom assertahome (4) (5) (23) Other wealth management (28) (4) (110) ------ ------ ------ (32) (9) (133) ====== ====== ====== -------------------------------------------------------------------- Page 30 Supplementary analyses (continued) e) General business - investment return information Actual Longer-term investment return investment return 3 3 Full 3 3 Full months months year months months year 2001 2000 2000 2001 2000 2000 £m £m £m £m £m £m United Kingdom 109 117 489 157 156 683 Europe (excluding UK) France 8 8 52 25 24 93 Ireland 11 10 41 13 12 51 Netherlands 5 9 14 9 9 36 Other 13 14 53 18 22 75 International Australia and New Zealand 14 20 73 18 24 89 Canada 27 26 110 32 31 131 Other 3 17 61 12 26 75 ------ ------ ------ ------ ------ ------ Total longer-term investment return - ongoing business 284 304 1,233 Total actual investment income 190 221 893 Realised gains 7 165 507 Unrealised (losses)/gains (249) 23 82 ------ ------ ------ Total actual investment return - ongoing business (52) 409 1,482 Businesses discontinued and to be discontinued United States 169 139 483 93 105 417 London Market - 15 45 - 18 55 ------ ------ ------ ------ ------ ------ 117 563 2,010 377 427 1,705 ====== ====== ====== ====== ====== ====== 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 three months to 31 March 2001 Short-term fluctuation Actual Longer-term in investment investment investment return return returns £m £m £m General business 117 377 (260) Health business 11 26 (15) ------ ------ ------ 128 403 (275) ------ ------ Life business (9) ------ Total short-term fluctuation in investment returns (284) ====== -------------------------------------------------------------------- Page 31 Supplementary analyses (continued) f) General business information - adverse weather/catastrophe claims costs 3 3 Full months months year 2001 2000 2000 £m £m £m United Kingdom* - - 195 Europe (excluding UK) France - 9 95 Ireland - - 4 International Australia and New Zealand 2 - 4 Canada 5 - 15 Other - - 18 ------ ------ ------ 7 9 331 ====== ====== ====== * 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 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: 3 3 Full months months year 2001 2000 2000 £m £m £m Disposals United Kingdom - fund management 3 3 11 Poland - life * - (1) (6) Other Europe - life * - (1) (10) Other Europe - general - - 5 New Zealand - general - 3 10 Other International - general - (4) 8 Businesses being disposed of Italy - life * 1 - 2 Other International - life * 3 3 19 ------ ------ ------ 7 3 39 ====== ====== ====== * Impact on operating profit is stated on an achieved profit basis. The longer-term investment return component of the general business results included in the table above was £nil (three months to 31 March 2000: £9 million, full year 2000: £29 million). -------------------------------------------------------------------- Page 32 General insurance - geographical ratio analysis Combined Claims ratio Expense ratio operating ratio 3 3 3 3 3 3 months months months months months months 2001 2000 2001 2000 2001 2000 % % % % % % United Kingdom 72.8% 77.1% 10.7% 10.8% 105% 107% France 72.8% 90.5% 10.9% 11.2% 103% 120% Ireland 85.1% 87.9% 9.8% 10.1% 106% 108% Netherlands 67.0% 72.4% 17.9% 15.5% 106% 108% Australia and New Zealand 74.4% 72.0% 15.5% 18.1% 105% 103% Canada 78.4% 77.3% 14.3% 14.5% 111% 109% ------ ------ ------ ------ ------ ------ Group - ongoing business 73.8% 78.3% 12.0% 12.3% 105% 108% ====== ====== ====== ====== ====== ====== Ratios are measured in local currency. The total Group ratios are based on average exchange rates applying to the respective periods. Definitions: Claims ratio - Incurred claims expressed as a percentage of net earned premiums. Expense ratio - Written expenses excluding commissions expressed as a percentage of net written premiums. Commission ratio - Written commissions expressed as a percentage of net written premiums. Combined ratio - Aggregate of claims ratio, expense ratio and commission ratio. -------------------------------------------------------------------- Page 33 General insurance - class of business analysis a) United Kingdom - ongoing business Net Combined written Underwriting operating premiums result ratio 3 3 3 3 3 3 months months months months months months 2001 2000 2001 2000 2001 2000 £m £m £m £m % % Personal Motor 356 337 (25) (22) 106% 109% Homeowner 277 319 7 9 98% 97% Creditor 151 108 6 2 100% 101% Other 25 26 - (3) 94% 107% ------ ------ ------ ------ ------ ------ 809 790 (12) (14) 102% 103% ------ ------ ------ ------ ------ ------ Commercial Motor 178 175 (20) (33) 109% 119% Property 133 168 (10) (19) 109% 111% Liability 55 57 (16) (14) 128% 123% Other 34 26 1 3 94% 87% ------ ------ ------ ------ ------ ------ 400 426 (45) (63) 110% 114% ------ ------ ------ ------ ------ ------ 1,209 1,216 (57) (77) 105% 107% ====== ====== ====== ====== ====== ====== During the three months to 31 March 2001, annualised rating increases for commercial motor have been 20%, with 15% for personal motor and commercial liability, while homeowners and commercial property have seen increases of 4% and 7% respectively. b) France Net Combined written Underwriting operating premiums result ratio 3 3 3 3 3 3 months months months months months months 2001 2000 2001 2000 2001 2000 Em Em Em Em % % Agents/brokers Motor 120 117 (21) (26) 117% 122% Property 173 156 1 (26) 99% 117% Other 77 69 (3) (3) 104% 105% Direct 17 15 (1) (6) 104% 138% ------ ------ ------ ------ ------ ------ 387 357 (24) (61) 103% 120% ====== ====== ====== ====== ====== ====== -------------------------------------------------------------------- Page 34 General insurance - class of business analysis (continued) c) Netherlands Net Combined written Underwriting operating premiums result ratio 3 3 3 3 3 3 months months months months months months 2001 2000 2001 2000 2001 2000 Em Em Em Em % % Domestic 31 29 2 (1) 92% 102% Motor 68 64 (5) (4) 109% 105% Commercial fire 39 32 (8) (4) 115% 112% Liability 17 17 (4) (4) 125% 134% Inward reinsurance 1 1 - (1) 120% 164% Other 22 26 1 (2) 94% 106% ------ ------ ------ ------ ------ ------ 178 169 (14) (16) 106% 108% ====== ====== ====== ====== ====== ====== d) Canada Net Combined written Underwriting operating premiums result ratio 3 3 3 3 3 3 months months months months months months 2001 2000 2001 2000 2001 2000 C$m C$m C$m C$m % % Automobile 269 274 (26) (33) 110% 111% Property 128 135 (20) (15) 116% 111% Liability 32 37 (2) 1 111% 99% Other 8 7 1 2 78% 67% ------ ------ ------ ------ ------ ------ 437 453 (47) (45) 111% 109% ====== ====== ====== ====== ====== ====== -------------------------------------------------------------------- Page 35 Assets under management General Long-term business business and other Group Group 31 31 31 31 March March March December 2001 2001 2001 2000 £m £m £m £m Financial investments Shares, other variable yield securities and units in unit trusts 42,727 5,052 47,779 50,910 Debt and fixed income securities at market value 12,011 14,477 26,488 25,273 Debt and fixed income securities at amortised cost 36,252 - 36,252 35,095 Loans secured by mortgages and other loans, net of non-recourse funding 11,770 1,236 13,006 12,311 Deposits with credit institutions 1,794 773 2,567 2,841 ------- ------- ------- ------- Total financial investments 104,554 21,538 126,092 126,430 Investments in Group undertakings and participating interests 752 287 1,039 992 Land and buildings 8,161 817 8,978 8,826 ------- ------- ------- ------- Total investments 113,467 22,642 136,109 136,248 Assets held to cover linked liabilities 24,002 - 24,002 27,255 Other assets included in the balance sheet 11,026 21,651 32,677 29,815 ------- ------- ------- ------- Total assets included in the balance sheet 148,495 44,293 192,788 193,318 ======= ======= Third party funds under management: Unit trusts, Oeics, Peps and Isas 4,788 5,295 Segregated funds 16,954 21,302 ------- ------- Total assets under management 214,530 219,915 ======= ======= -------------------------------------------------------------------- Page 36 Shareholder information Financial calendar 2001 Payment of 2000 final dividend 3 May 2001 Announcement of life new business - six months to 30 June 18 July 2001 Announcement of unaudited six months results 2 August 2001 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