Usually a company changes its name because of a badly needed corporate makeover. But this isn’t the case with CGNU, which reported a good set of year-end results in a tough market. Operating profits were up by 41% to $5.5 billion, with CGNU achieving major growth in long-term savings business in major markets .

Global business sales reached $41.2 billion, and new business contribution was up 30% at $1.623 billion. 

Life achieved a worldwide operating profit of $4,598 million compared with $4,309 million last year. And there were sustainable returns from general insurance, which CEO Richard Harvey said were the result of lower weather-related claims and a “much more focused approach” to the smaller commercial and personal lines portfolios.  Overall, the general insurance operating profit was up 133% totalling $2.595 million.  

Mr Harvey said the company’s life businesses performed well in Britain and Europe, mainly through organic development, M&As, partnerships and new ventures “that extend our distribution capabilities”.