CGU plc announces that it has acquired the outstanding minority shareholding of 16.88% in its Australian subsidiary, CGU Insurance Australia Limited, from the National Mutual Group. CGU Insurance Australia Limited is now a 100% owned subsidiary of CGU plc.
CGU plc announces that it has acquired the outstanding minority shareholding of 16.88% in its Australian subsidiary, CGU Insurance Australia Limited, from the National Mutual Group. CGU Insurance Australia Limited is now a 100% owned subsidiary of CGU plc.
The consideration was not material in the context of the consolidated net assets of CGU plc.
Notes to Editors
- CGU is a leading European based insurance group with worldwide life and general premium income of Ł15.7bn in 1998.
- CGU Insurance Australia Limited was formed by the 1998 merger of the group's two Australian subsidiaries, Commercial Union Holdings Australia Limited and NZI Insurance Australia Limited. It ranks number 3 in the Australian general insurance market with premium income of Ł442m in 1998.