CGNU & PGGM Joint Venture

CGNU PLC
29 April 2002


CGNU and PGGM joint venture in the Netherlands will not proceed

In January 2002, CGNU plc announced that a joint venture had been agreed 
between Delta Lloyd N.V., its subsidiary in the Netherlands, and PGGM, a 
major Dutch pension fund.  This joint venture will now not proceed as the 
parties have been unable to reach agreement on certain commercial aspects.

Enquiries:

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

Media:

Hayley Stimpson,  Director of External  Affairs      [phone]
Stuart Blackmore, Financial Dynamics                 [phone]

Notes to editors:

* CGNU is the UK's largest insurance group, one of the top-five insurers in  
  Europe and has substantial positions in other markets around the world.  
  CGNU is the  world's seventh-largest insurer based on gross worldwide 
  premiums.

* CGNU's principal business activities are long-term savings, fund management 
  and general insurance, with worldwide premium income and retail investment 
  sales from ongoing business of more than £28 billion, and over  
  £200 billion of assets under management at 31 December 2001.


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