A JV FOR CGNU IN NETHERLANDS
CGNU PLC
23 January 2002
NEW JOINT VENTURE FOR CGNU IN THE NETHERLANDS
CGNU plc (CGNU) announces that its Dutch business, Delta Lloyd N.V.
(Delta Lloyd), has agreed to establish a joint venture in The Netherlands
with PGGM, the second largest pension fund in Europe. The joint venture
will offer financial services products to employers and employees in the
Dutch healthcare and welfare sector under the newly-developed brand 'Careon'.
PGGM currently has some 1.5 million members through some 14,000 employers
and total assets under management of over €52 billion at the end of 2000.
The joint venture will provide access to a wide range of financial products
and services, including savings products, life and general insurance,
investment products and some banking products such as mortgages. The
products under the Careon brand will be based on products from OHRA, the
direct division of Delta Lloyd.
As part of the joint venture Delta Lloyd will take a controlling interest in
the small life and general insurance companies of PGGM.
The joint venture brings a new distribution channel to CGNU's business in
The Netherlands and is in line with Delta Lloyd's strategy to provide a wide
range of financial products through multiple distribution channels.
The establishment of the joint venture is expected in the second quarter of
2002 with a roll-out of products and services commencing in the second half
of the year.
Enquiries:
Analysts/Investors:
Steve Riley, Investor Relations Director +44 (0)20 7662 8115
Media:
Hayley Stimpson, Director of External Affairs +44 (0)20 7662 7544
Alex Child-Villiers, Financial Dynamics +44 (0)20 7269 7107
Notes to editors:
* CGNU is the world's seventh-largest insurance group and the largest insurer
in the UK. It has worldwide premium and investment sales from ongoing
business of £27 billion, and over £200 billion in assets under management
at 30 June 2001.
* DLNO is a top five ranking life and pensions business in The Netherlands.
* The most recent financial reports are available on the Group's website,
www.cgnu-group.com
This information is provided by RNS
The company news service from the London Stock Exchange
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