A JV FOR CGNU IN NETHERLANDS

CGNU PLC
23 January 2002


NEW JOINT VENTURE FOR CGNU IN THE NETHERLANDS

CGNU plc (CGNU) announces that its Dutch business, Delta Lloyd N.V. 
(Delta Lloyd), has agreed to establish a joint venture in The Netherlands 
with PGGM, the second largest pension fund in Europe.  The joint venture 
will offer financial services products to employers and employees in the 
Dutch healthcare and welfare sector under the newly-developed brand 'Careon'. 

PGGM currently has some 1.5 million members through some 14,000 employers 
and total assets under management of over €52 billion at the end of 2000.

The joint venture will provide access to a wide range of financial products 
and services, including savings products, life and general insurance, 
investment products and some banking products such as mortgages. The 
products under the Careon brand will be based on products from OHRA, the 
direct division of Delta Lloyd.

As part of the joint venture Delta Lloyd will take a controlling interest in 
the small life and general insurance companies of PGGM.

The joint venture brings a new distribution channel to CGNU's business in 
The Netherlands and is in line with Delta Lloyd's strategy to provide a wide 
range of financial products through multiple distribution channels.

The establishment of the joint venture is expected in the second quarter of 
2002 with a roll-out of products and services commencing in the second half 
of the year.

Enquiries:

Analysts/Investors:
Steve Riley, Investor Relations Director        [phone]

Media:
Hayley Stimpson, Director of External Affairs   [phone]
Alex Child-Villiers, Financial Dynamics         [phone]


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 £27 billion, and over £200 billion in assets under management 
  at 30 June 2001.
* DLNO is a top five ranking life and pensions business in The Netherlands.
* The most recent financial reports are available on the Group's website, 
  www.cgnu-group.com


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