CGNU plc announces that it has signed a binding agreement to sell to Winterthur-Europe Assurances SA (the Credit Suisse Group subsidiary in Belgium) the entire issued share capital of CGU SA, its main general insurance business in Belgium, for some £72m.
CGNU plc announces that it has signed a binding agreement to sell to Winterthur-Europe Assurances SA (the Credit Suisse Group subsidiary in Belgium) the entire issued share capital of CGU SA, its main general insurance business in Belgium, for some Ł72m. CGU SA had gross written premiums of Ł106m in 2000. CGNU is currently conducting a strategic review into its remaining general insurance activities in Belgium.
The disposal reflects the Group's strategy to exit businesses in which it has insufficient scale or where growth prospects are limited. CGNU remains committed to building its long-term savings business in Belgium through Delta Lloyd Nuts Ohra.
The transaction is subject to regulatory approval and is expected to be completed in the second half of 2001.
Analysts
Steve Riley, Investor Relations Director
Tel: +44 (0) 20 7662 8115
Media Alex Child-Villiers, Financial Dynamics
Tel: +44 (0) 20 7269 7107
Notes to editors:
• CGNU plc is the UK's largest insurance group and the world's sixth largest insurer based on gross worldwide premiums.