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CISGIL Stock Exchange Announcement – Update on Transformation

28 July 2017

CIS General Insurance Limited (‘CISGIL’) contracted with IBM in June 2015 to upgrade CISGIL’s key technology systems as part of a broader transformation of the manner in which CISGIL engages with members and customers.

It had been anticipated that the programme to replace and upgrade the core systems would have delivered major components of the new systems by the end of 2016. CISGIL's 2016 Annual Report and Accounts stated that delivery of the programme had been delayed, and that discussions had been held with IBM about the future direction of the programme. Since then, further discussions have been held between CISGIL and IBM, however IBM has notified CISGIL that it is terminating the contract with immediate effect.

CISGIL is considering all of its options in respect of its rights, and will be considering alternative options for updating its technology. Insurance remains a core part of The Co-op Group’s strategic plan, increasing the range of services it can provide to millions of Co-op members and customers.

In the meantime, CISGIL continues to operate on its existing systems and remains fully committed to supporting the needs of its customers and members.

Media Enquiries
Catherine Turner, Head of PR
07834 090783

Jonathan Sibun, Tulchan Communications
020 7353 4200

Investor Enquiries
Damien Duffy: Chief Financial Officer
0161 692 6415