The FT-SE Actuaries Committee have announced that from the effective date of the scheme of arrangement of Norwich Union (the "Effective Date"), which will be the first day of trading for CGNU shares, CGNU will be listed in the FT-SE life assurance sector. The Effective Date is expected to be Tuesday 30 May 2000.
The FT-SE Actuaries Committee have announced that from the effective date of the scheme of arrangement of Norwich Union (the "Effective Date"), which will be the first day of trading for CGNU shares, CGNU will be listed in the FT-SE life assurance sector. The Effective Date is expected to be Tuesday 30 May 2000.
Bob Scott, Group Chief Executive designate of CGNU commented:
"I am delighted that CGNU's emphasis on life business has been recognised by our inclusion in the life sector. Our focus is on growing the long term savings business aggressively and profitably. CGNU will be one of the leading UK life businesses, and uniquely among major financial services companies in the UK, we already have a strong portfolio of businesses elsewhere in Europe.
Considerable planning for the integration of our businesses has already taken place and the integration process will begin immediately."
CGNU will be:
- the UK's largest insurance group, with worldwide premium income and retail investment sales of Ł26 billion
- the second largest writer of new life and pensions business in the UK with a diversified approach to distribution incorporating IFAs, financial institutions, agents and direct
- a top five European life insurer, based on premium income, with leading positions in the UK, France, the Netherlands, Ireland and Poland, in addition to a strengthened presence in other European markets
- a significant asset management business with in excess of Ł200 billion of assets under management and the second largest UK-based fund manager by reference to funds under management
- the largest provider of general insurance in the UK with a focus on personal lines and small commercial business
- a group with leading positions in a number of other general insurance markets
- a group committed to the development of innovative internet and e-commerce applications across its businesses.
Enquiries:
| Analyst contact: | |
| Steve Riley, Director of Investor Relations, CGNU (designate) | +44 (0)20 7662 8115 |
| Media contact: | |
| CGU | |
| Laura Frost, The Maitland Consultancy | +44 (0)20 7379 5151 |
| Norwich Union | |
| Liz Nicholson | +44 (0)1603 688 263 |
NOTES TO EDITORS:
- On 21 February 2000, CGU and Norwich Union announced the proposed merger of the two groups to form CGNU plc. Shareholders approved the merger at the end of March.
- The pro-forma split of 1999 premium income and retail investment sales for CGNU was 56% life assurance and 44% general insurance. Following the intended disposal of CGU's US property and casualty operations, the pro-forma split would be 62% life and 38% general.
- CGNU's corporate website - www.cgnu-group.com - will be launched on Tuesday, 30 May 2000. All future corporate information will be posted to this site. Initially it will contain historical information relating to both CGU and Norwich Union, including results announcements, corporate presentations and report and accounts.