CGNU sells Portugese Gen Ins.

CGNU PLC 18 February 2002 CGNU sells its Portuguese general insurance business CGNU plc ('CGNU') has agreed the sale of its Portuguese general insurance operation, a branch of CGU International Insurance plc (CGUII), to Victoria Seguros SA, a subsidiary of the Ergo Group. The net asset value of the business as at 31 December 2000 was Euros 4.6 million. CGUII's Portuguese branch is a general insurer focused on personal lines. In 2000 it had gross written premiums of Euros 21 million. The disposal is consistent with CGNU's strategy of building top five positions in its chosen markets and withdrawing from operations where it does not have sufficient scale to achieve this. The transaction is subject to regulatory approval and is expected to complete in the second quarter of 2002. Enquiries: Analysts/Investors Steve Riley, Investor Relations Director, CGNU +44 (0) 20 7662 8115 Media Ian Frater, Head of Group Media Relations, CGNU +44 (0) 20 7662 8221 Alex Child-Villiers, Financial Dynamics +44 (0) 20 7269 7107 Notes to editors * CGNU plc is the world's seventh largest insurance group and the largest insurer in the UK This information is provided by RNS The company news service from the London Stock Exchange

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