Fitch ratings has said that CGNU Plc's preliminary 2001 results reflect a strong operating performance in what has been a tough year for the insurance industry.
The agency believes that CGNU has very strong 'Insurer Financial Strength' (IFS) which is supported by operating results and the group's business profile.
CGNU's operating profitability improved in 2001 by 41%, rising to £2,004m.
A Fitch spokesman said: "2001 was a year of strong performance for the group. Life and pension sales grew strongly through organic growth and acquisition.
"The partnerships with banks to sell savings products are delivering strong growth.
"Life margins increased and non-life profitability improved markedly.
"Finally, the group achieved annualised cost savings from the merger of CGU and Norwich Union of some £317m - 15% ahead of its original target."
