Following its announcement on 4 January 2002 of exclusive discussions with Groupama, CGNU plc confirms that CGU France has agreed the sale of CGU Courtage to Groupama.
Following its announcement on 4 January 2002 of exclusive discussions with Groupama, CGNU plc confirms that CGU France has agreed the sale of CGU Courtage to Groupama.
CGU Courtage is a general insurance commercial lines business distributed through brokers and had net written premiums in 2001 of €378 million. Net assets at 31 December 2001 were €228 million. The profit on sale is expected to be €10 million after taking account of transaction costs, warranties and indemnities.
This completes the strategic re-orientation of our business in France to focus on long-term savings and personal and small commercial lines general insurance. CGU France operates in the life market in France through Abeille vie, which had €3.2 billion of new business in 2001, and will continue to operate in general insurance through Abeille assurances (tied agency distribution) and Eurofil (tele-direct). These businesses are complemented by Victoire Asset Management, our award winning investment management company in France.
As part of the sale, the participation of CGU Courtage in the aviation and space pools, La Réunion Aérienne and La Réunion Spatiale, will transfer to Groupama. In addition Abeille assurances has resigned its membership of La Réunion Aérienne and La Réunion Spatiale with effect from 31 December 2002 and has reinsured its 2001 and 2002 participations.
The transaction is subject to regulatory approval and completion is expected in the first half of 2002.
Enquiries:
Analysts/Investors:
James Matthews, Head of Investor Relations
+44 (0)20 7662 2137
Media:
Ian Frater, Head of External Affairs
+44 (0)20 7662 8221
Alex Child-Villiers, Financial Dynamics
+44 (0)20 7269 7107
Notes to Editors
- Total general insurance net written premiums in France, in 2001, were €1,129 million
- 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 more than Ł28 billion, and over Ł200 billion in assets under management at 31 December 2001.
- The most recent financial reports are available on this internet site