CGNU revealed better than expected full-year new business
figures today. It posted a 12% increase in full-year new business sales to £2.5bn, on an annual premium equivalent basis (APE).
CGNU revealed better than expected full-year new business
figures today.
It posted a 12% increase in full-year new business sales to £2.5bn, on an annual premium equivalent basis (APE).
City analysts had expected a rise of around 6% to £2.3bn.
Full-year worldwide long-term new business sales were up 10% to £15bn.
An expected fourth quarter fall in new business did not materialise and premiums increased 33% to £364m in the UK in the last three months of 2001.
CGNU chief executive Richard Harvey said: "The initiatives we have taken worldwide to develop our business and build a multi-distribution capability, position us for further progress in 2002."
But the UK insurance giant warned that life sales would be 'relatively flat' this year compared to last.
Group director Philip Scott said: "Looking at the UK, our best estimate at the present time would be perhaps a relatively flat market 2002 versus 2001."
A surge in pensions and the demise of Equitable Life had boosted the company last year.
