In the light of the recent disposal of its US general insurance operations, and the consequent increase in the long-term savings proportion of the Group’s business, CGNU plc (“CGNU”) has decided to change its communication of financial and operating information to the market. Commencing with the third quarter of this year, the Group will discontinue the practice of full first and third quarter reporting. The Group will continue to provide quarterly long-term savings new business information and will release market briefings on any key operational and financial developments as and when appropriate.
In the light of the recent disposal of its US general insurance operations, and the consequent increase in the long-term savings proportion of the Group's business, CGNU plc ("CGNU") has decided to change its communication of financial and operating information to the market. Commencing with the third quarter of this year, the Group will discontinue the practice of full first and third quarter reporting. The Group will continue to provide quarterly long-term savings new business information and will release market briefings on any key operational and financial developments as and when appropriate.
CGNU believes that half-yearly accounts statements are more appropriate for long-term savings businesses, consistent with many of its peers in financial services. In the first and third quarter, the Group will provide an enhanced level of disclosure of its new business long-term sales information, including new business margins, market developments and sales environment.
The third quarter long-term savings new business announcement will be released on 25 October 2001 and full-year results will be released on 27 February 2002.
Enquiries:
Analysts/Investors:
James Matthews, Head of Investor Relations +44 (0)20 7662 2137
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 sixth-largest insurance group and the largest insurer in the UK. It has worldwide premium and investment sales from ongoing business of Ł27 billion and more than Ł210 billion in assets under management.
• The most recent financial reports are available on the website.