CGNU Sells Belgian G.I. Co

CGNU PLC 22 May 2001 CGNU sells its main Belgian general insurance subsidiary CGNU plc announces that it has signed a binding agreement to sell to Winterthur-Europe Assurances SA (the Credit Suisse Group subsidiary in Belgium) the entire issued share capital of CGU SA, its main general insurance business in Belgium, for some £72m. CGU SA had gross written premiums of £106m in 2000. CGNU is currently conducting a strategic review into its remaining general insurance activities in Belgium. The disposal reflects the Group's strategy to exit businesses in which it has insufficient scale or where growth prospects are limited. CGNU remains committed to building its long-term savings business in Belgium through Delta Lloyd Nuts Ohra. The transaction is subject to regulatory approval and is expected to be completed in the second half of 2001. Enquiries: Analysts Steve Riley, Investor Relations Director Tel: +44 (0) 20 7662 8115 Media Alex Child-Villiers, Financial Dynamics Tel: +44 (0) 20 7269 7107 Notes to editors: * CGNU plc is the UK's largest insurance group and the world's sixth largest insurer based on gross worldwide premiums.

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