CGNU Belgian Acquisition

CGNU PLC
23 July 2001


ASSET ACCUMULATION MOVE IN BELGIUM

CGNU plc (CGNU) announces that its Dutch business, Delta Lloyd Nuts Ohra N.V. 
(Delta Lloyd), has agreed to acquire Bank Nagelmackers, a medium size Belgian 
bank, which is predominantly owned by the P&V Group, for a total price of 
£82 million (Euro 135 million), substantially payable in cash.
 
The acquisition is an important step in the development of an asset 
accumulation proposition in Belgium, enabling Delta Lloyd to compete 
effectively in a market dominated by integrated financial services.

The activities of Bank Nagelmackers include private banking, asset management 
and the provision of stockbroking services to high net worth individuals,
through a network of over 100 branches.  The acquisition increases Delta 
Lloyd's banking customer base in Belgium to 180,000 from 40,000.

The acquisition is subject to regulatory approval and is expected to  
complete in the second half of 2001.




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 world's sixth-largest insurance group and the largest insurer 
  in the UK. It has worldwide premium and investment sales from ongoing 
  business of £27 billion, and more than £210 billion in assets under
  management at 31 March 2001.
* The most recent financial reports are available on the Group's website, 
  www.cgnu-group.com

* Exchange rate:  Euro 1 = £0.61