Further to the announcement of 16 July 2001 that CGNU plc (CGNU) had agreed to sell its general insurance business in Pakistan as well as its 51% stake in Commercial Union Life Assurance Company (Pakistan) Limited to Old Mutual plc, CGNU now announces that Old Mutual plc has advised that it has decided not to proceed with the acquisitions.
Further to the announcement of 16 July 2001 that CGNU plc (CGNU) had agreed to sell its general insurance business in Pakistan as well as its 51% stake in Commercial Union Life Assurance Company (Pakistan) Limited to Old Mutual plc, CGNU now announces that Old Mutual plc has advised that it has decided not to proceed with the acquisitions.
The combined net assets of these businesses were Ł3 million at 31 December 2000.
Enquiries
Analysts
James Matthews, Head of Investor Relations
Tel: +44 (0)20 7662 2137
Media
Ian Frater, Head of Group Media Relations
Tel: +44 (0)20 7662 8221
Stuart Blackmore, Financial Dynamics
Tel: +44 (0)20 7269 7241
Notes to editors
- CGNU is the world's seventh-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 Ł200 billion in assets under management at 30 June 2001.
- The most recent financial reports are available on this internet site