At CGU plc's Annual General Meeting today, Group Chief Executive Bob Scott made the following comments on the Group's trading for the first quarter of 1999.
At CGU plc's Annual General Meeting today, Group Chief Executive Bob Scott made the following comments on the Group's trading for the first quarter of 1999.
The strong performance of our life and savings businesses in 1998 continued in the first quarter. Increased new business sales and profits were achieved, driven by our strong portfolio of UK and Continental European businesses.
In Poland, excellent progress has been made in capturing a large share of the newly privatised pensions market. To date, applications totaling over 500,000 have been received, making us one of the leading insurers of this business.
In general insurance, determined actions to improve underwriting profitability continued to be taken, including rate increases in the UK and the focusing of portfolios towards more profitable segments of the insurance market. Trading conditions remained competitive, although winter weather has been less severe in the United States, Canada and in the UK; however, Australia suffered a cyclone in the first quarter and a severe hailstorm in Sydney in April.
The rapid integration of our businesses has continued in the first three months of the year, with the merger on schedule to deliver the benefits to our shareholders.