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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Allianz Dres.2 | LSE:ADR | London | Ordinary Share | GB0004948419 | ORD 5P 2006 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:0634C
Allianz Dresdr 2 Endw Policy TstPLC
26 April 2006
For immediate release 26th April 2006
ALLIANZ DRESDNER SECOND ENDOWMENT POLICY TRUST plc
Six months to 31st March 2006
Investment Review - 2006 Pool
The net asset value has risen from 163.5p per 2006 Share at 30th September 2005
to 169.3p per 2006 Share at 31st March 2006, an increase of 3.5%.
The 2006 Pool currently has investments in policies valued at #18.0 million from
a total of 43 with profits funds. During the six month period the 2006 Pool
realised proceeds of policy maturities amounting to #15.5 million. The average
annualised return on these policies was 5.9%, excluding benefits arising from
demutualisation. All the bank debt for the 2006 Pool has now been repaid. In
addition, short dated gilts totalling #14.9 million were purchased in order to
maintain the Company's investment trust status under s. 842 of the Income and
Taxes Act 1988.
Investment Review - 2009 Pool
The net asset value has risen from 129.4p per 2009 Share at 30th September 2005
to 137.7p per 2009 Share at 31st March 2006, an increase of 6.4%.
The 2009 Pool currently has investments in policies valued at #31.8 million from
a total of 56 with profits funds. During the six month period the 2009 Pool
realised proceeds of policy maturities amounting to #0.7 million. The average
annualised return on these policies was 6.3%, excluding benefits arising from
demutualisation.
Standard Life
We stated in the last Annual Report that we expected more detailed information
by April 2006. Standard Life recently released a statement highlighting the
main steps to demutualisation and flotation and the demutualisation entitlement
of policyholders.
The Board can confirm that it is expected that the Company will receive one
fixed allocation of 185 shares as compensation for loss of membership. In
addition, the Company's two Pools will receive variable allocations of shares.
The variable allocation for the Pools will reflect the size of with profits
investments with Standard Life, the length of time those investments had been
continuously invested in with profits with Standard Life as at 30th March 2004,
and the type of policy. The Company will receive all of its demutualisation
entitlement in shares. It is not possible to calculate accurately the likely
demutualisation benefit at this stage and no allowance has been made for the
demutualisation in the current NAV and projections.
2006 Pool
2006 Shareholders will be aware that we are approaching the final date for the
Pool (30th September 2006). Detailed proposals will be sent to shareholders in
advance of this date. The Board currently expects to provide shareholders with a
range of options, including cash, at the winding-up of the 2006 Pool. These
options will not affect the continuing existence of the Company and the 2009
Shares will be the sole remaining share class thereafter.
Accrued guaranteed benefits
A significant proportion of shareholders' assets is now made up of guaranteed
benefits - the total of sums assured and reversionary bonuses declared to date.
Projected final net asset values based on the value of guaranteed benefit
accrued to date, after estimated costs and based on current interest rates, are
154.0p and 107.6p for the 2006 and 2009 shares respectively. These figures
assume no further bonuses, reversionary or terminal, from 31st March 2006 and
take into account future premium commitments, expenses and interest costs.
Projected final net asset values
The Company publishes projected final net asset values on a regular basis.
These projections are based on possible future bonus rate levels, which will
reflect, inter alia, the investment returns earned by the underlying
with-profits funds. Projected final net asset values as at 31st March 2006 are
given in the table below.
150% Current 120% Current 100% Current 80% Current No Further
Bonus Rates Bonus Rates Bonus Rates Bonus Rates Bonuses
Projected final net asset
value at 30th September
2006 (2006 Pool) 179.1p 174.1p 170.8p 167.6p 154.0p
Projected final net asset
value at 31st December
2009 (2009 Pool) 167.9p 155.2p 146.8p 139.0p 107.6p
Projected final net asset values are calculated using the principal bases and
assumptions set out on the last page of this announcement. They provide an
indication of the sensitivity of the projected final net asset values to bonus
rate changes. They should not be taken as forecasts of any particular degree of
change in bonus rate levels.
Accounting policies
During the period the Company has adopted the requirements of FRS 25 and FRS 26.
In accordance with the recommendations set out in the AITC SORP published in
December 2005 fair value gains and losses on financial assets are recognised in
the Income Statement. Nevertheless, there is no change to the valuation
methodology for endowment policies adopted by the Board. Further details are
provided in the notes to the accounts.
Earnings and dividend
The Company is managed with the objective of providing returns to investors
entirely in the form of capital growth. The continuing deficit on the Revenue
Account is consistent with this objective. Consequently, no dividend will be
payable on either class of share.
Share buy backs
During the period under review no 2006 or 2009 Shares were bought back for
cancellation.
Status
The Company operates as an approved investment trust within the meaning of
Section 842 of the Income and Corporation Taxes Act 1988. Such approval has
been granted for the year ended 30th September 2004 and is expected to be
granted for the year ended 30th September 2005 and the current accounting year.
The Company is not a close company.
155 Bishopsgate By Order of the Board
London EC2M 3AD P W I Ingram
Company Secretary
SUMMARY OF UNAUDITED RESULTS - 2006 POOL
INCOME STATEMENT
Six months ended 31st March 2006
Revenue Capital Total
#'000s #'000s #'000s
(Note 2)
Net gains on investments at fair value - 1,168 1,168
Income 250 - 250
Management and advisory fees (258) - (258)
Expenses of administration (67) - (67)
Return on ordinary activities
before finance costs and taxation (75) 1,168 1,093
Finance costs: interest payable and similar charges (3) - (3)
Return on ordinary activities before taxation (78) 1,168 1,090
Taxation - - -
Transfer (from) to reserves (78) 1,168 1,090
Return per 2006 Share (0.39)p 5.82p 5.43p
BALANCE SHEET #'000s
As at 31st March 2006
Investments at fair value through profit or loss 33,324
Interest rate swaps at fair value through profit or 96
loss
Net Current Assets 571
33,991
Medium Term Loan -
33,991
Called up Share Capital 1,004
Share Premium Account -
Capital Redemption Reserve 5
Capital Reserves: Realised 20,054
Unrealised 6,825
Special Reserve 19,128
Hedging Reserve 96
Revenue Reserve (13,121)
Net assets attributable to 2006 Shareholders 33,991
Net asset value per 2006 Share 169.3p
The net asset value is based on 20,073,064 2006 Shares in issue.
Calculations of net asset value are based on recent open market transactions at
auction, or surrender values in certain cases.
SUMMARY OF UNAUDITED RESULTS - 2009 POOL
INCOME STATEMENT
Six months ended 31st March 2006
Revenue Capital Total
#'000s #'000s #'000s
(Note 2)
Net gains on investments at fair value - 1,982 1,982
Income 42 - 42
Management and advisory fees (235) - (235)
Expenses of administration (65) - (65)
Return on ordinary activities
before finance costs and taxation (258) 1,982 1,724
Finance costs: interest payable and similar charges (149) - (149)
Return on ordinary activities before taxation (407) 1,982 1,575
Taxation - - -
Transfer (from) to reserves (407) 1,982 1,575
Return per 2009 Share (2.06)p 10.04p 7.98p
BALANCE SHEET #'000s
As at 31st March 2006
Investments at fair value through profit or loss 32,863
Interest rate swaps at fair value through profit or 60
loss
Net Current Assets 111
33,034
Medium Term Loan (5,850)
27,184
Called up Share Capital 197
Share Premium Account 18,925
Capital Redemption Reserve 3
Capital Reserves: Realised 5,195
Unrealised 9,272
Hedging Reserve 60
Revenue Reserve (6,468)
Net assets attributable to 2009
Shareholders 27,184
Net asset value per 2009 Share 137.7p
The net asset value is based on 19,745,000 2009 Shares in issue.
Calculations of net asset value are based on recent open market
transactions at auction, or surrender values in certain cases.
SUMMARY OF UNAUDITED RESULTS - CONSOLIDATED
INCOME STATEMENT
Six months ended 31st March 2006
Revenue Capital Total
#'000s #'000s #'000s
(Note 2)
Net gains on investments at fair value - 3,150 3,150
Income 292 - 292
Management and advisory fees (493) - (493)
Expenses of administration (132) - (132)
Return on ordinary activities (333) 3,150 2,817
before finance costs and taxation
Finance costs: interest payable and (152) - (152)
similar charges
Return on ordinary activities before (485) 3,150 2,665
taxation
Taxation - - -
Transfer (from) to reserves (485) 3,150 2,665
BALANCE SHEET #'000s
As at 31st March 2006
Investments at fair value through profit or loss 66,187
Interest rate swaps at fair value through profit or 156
loss
Net Current Assets 682
67,025
Medium Term Loan (5,850)
61,175
Called up Share Capital 1,201
Share Premium Account 18,925
Capital Redemption Reserve 8
Capital Reserves: Realised 25,249
Unrealised 16,097
Special Reserve 19,128
Hedging Reserve 156
Revenue Reserve (19,589)
Net assets attributable to Ordinary Shareholders 61,175
SUMMARY OF UNAUDITED RESULTS - 2006 POOL
INCOME STATEMENT
Six months ended 31st March 2005
Revenue Capital Total
#'000s #'000s #'000s
(Note 2)
Net gains on investments at fair value - 514 514
Income 57 - 57
Management and advisory fees (280) - (280)
Expenses of administration (60) - (60)
Return on ordinary activities
before finance costs and taxation (283) 514 231
Finance costs: interest payable and similar charges (200) - (200)
Return on ordinary activities before taxation (483) 514 31
Taxation - - -
Transfer (from) to reserves (483) 514 31
Return per 2006 Share (2.40)p 2.56p 0.16p
BALANCE SHEET #'000s
As at 31st March 2005
Investments at fair value through profit or loss 36,499
Net Current Assets 153
36,652
Medium Term Loan (5,050)
31,602
Called up Share Capital 1,004
Share Premium Account -
Capital Redemption Reserve 5
Capital Reserves: Realised 12,371
Unrealised 11,736
Special Reserve 19,128
Revenue Reserve (12,642)
Net assets attributable to 2006 Shareholders 31,602
Net asset value per 2006 Share 157.4p
The net asset value is based on 20,073,064 2006 Shares in issue.
Calculations of net asset value are based on recent open market transactions at
auction, or surrender values in certain cases.
SUMMARY OF UNAUDITED RESULTS - 2009 POOL
INCOME STATEMENT
Six months ended 31st March 2005
Revenue Capital Total
#'000s #'000s #'000s
(Note 2)
Net gains on investments at fair value - 1,786 1,786
Income 48 - 48
Management and advisory fees (223) - (223)
Expenses of administration (47) - (47)
Return on ordinary activities
before finance costs and taxation (222) 1,786 1,564
Finance costs: interest payable and similar (151) - (151)
charges
Return on ordinary activities before taxation (373) 1,786 1,413
Taxation - - -
Transfer (from) to reserves (373) 1,786 1,413
Return per 2009 Share (1.89)p 9.05p 7.16p
BALANCE SHEET #'000s
As at 31st March 2005
Investments at fair value through profit or loss 30,832
Net Current Assets 20
30,852
Medium Term Loan (5,650)
25,202
Called up Share Capital 197
Share Premium Account 18,925
Capital Redemption Reserve 3
Capital Reserves: Realised 4,732
Unrealised 7,019
Revenue Reserve (5,674)
Net assets attributable to 2009 Shareholders 25,202
Net asset value per 2009 Share 127.6p
The net asset value is based on 19,745,000 2009 Shares in issue.
Calculations of net asset value are based on recent open market
transactions at auction, or surrender values in certain cases.
SUMMARY OF UNAUDITED RESULTS - CONSOLIDATED
INCOME STATEMENT
Six months ended 31st March 2005
Revenue Capital Total
#'000s #'000s #'000s
(Note 2)
Net gains on investments at fair value - 2,300 2,300
Income 105 - 105
Management and advisory fees (503) - (503)
Expenses of administration (107) - (107)
Return on ordinary activities (505) 2,300 1,795
before finance costs and taxation
Finance costs: interest payable and (351) - (351)
similar charges
Return on ordinary activities before (856) 2,300 1,444
taxation
Taxation - - -
Transfer (from) to reserves (856) 2,300 1,444
BALANCE SHEET #'000s
As at 31st March 2005
Investments at fair value through profit or loss 67,331
Net Current Assets 173
67,504
Medium Term Loan (10,700)
56,804
Called up Share Capital 1,201
Share Premium Account 18,925
Capital Redemption Reserve 8
Capital Reserves: Realised 17,103
Unrealised 18,755
Special Reserve 19,128
Revenue Reserve (18,316)
Net assets attributable to Ordinary Shareholders 56,804
SUMMARY OF UNAUDITED RESULTS - 2006 POOL
INCOME STATEMENT
Year ended 30th September 2005
Revenue Capital Total
#'000s #'000s #'000s
(Note 2)
Net gains on investments at fair value - 2,127 2,127
Income 110 - 110
Management and advisory fees (553) - (553)
Expenses of administration (121) - (121)
Return on ordinary activities
before finance costs and taxation (564) 2,127 1,563
Finance costs: interest payable and similar (320) - (320)
charges
Return on ordinary activities before taxation (884) 2,127 1,243
Taxation - - -
Transfer (from) to reserves (884) 2,127 1,243
Return per 2006 Share (4.41)p 10.59p 6.18p
BALANCE SHEET #'000s
As at 30th September 2005
Investments at fair value through profit or 33,503
loss
Net Current Liabilities (689)
32,814
Medium Term Loan -
32,814
Called up Share Capital 1,004
Share Premium Account -
Capital Redemption Reserve 5
Capital Reserves: Realised 14,240
Unrealised 11,480
Special Reserve 19,128
Revenue Reserve (13,043)
Net assets attributable to 2006 Shareholders 32,814
Net asset value per 2006 Share 163.5p
The net asset value is based on 20,073,064 2006 Shares in issue.
Calculations of net asset value are based on recent open market transactions at
auction, or surrender values in certain cases.
SUMMARY OF UNAUDITED RESULTS - 2009 POOL
INCOME STATEMENT
Year ended 30th September 2005
Revenue Capital Total
#'000s #'000s #'000s
(Note 2)
Net gains on investments at fair value - 2,520 2,520
Income 91 - 91
Management and advisory fees (458) - (458)
Expenses of administration (92) - (92)
Return on ordinary activities
before finance costs and taxation (459) 2,520 2,061
Finance costs: interest payable and similar charges (301) - (301)
Return on ordinary activities before taxation (760) 2,520 1,760
Taxation - - -
Transfer (from) to reserves (760) 2,520 1,760
Return per 2009 Share (3.85)p 12.76p 8.91p
BALANCE SHEET #'000s
As at 30th September 2005
Investments at fair value through profit or loss 31,199
Net Current Assets 1
31,200
Medium Term Loan (5,650)
25,550
Called up Share Capital 197
Share Premium Account 18,925
Capital Redemption Reserve 3
Capital Reserves: Realised 4,937
Unrealised 7,549
Revenue Reserve (6,061)
Net assets attributable to 2009 Shareholders 25,550
Net asset value per 2009 Share 129.4p
The net asset value is based on 19,745,000 2009 Shares in issue.
Calculations of net asset value are based on recent open market transactions at
auction, or surrender values in certain cases.
SUMMARY OF UNAUDITED RESULTS - CONSOLIDATED
INCOME STATEMENT
Year ended 30th September 2005
Revenue Capital Total
#'000s #'000s #'000s
(Note 2)
Net gains on investments at fair value - 4,647 4,647
Income 201 - 201
Management and advisory fees (1,011) - (1,011)
Expenses of administration (213) - (213)
Return on ordinary activities
before finance costs and taxation (1,023) 4,647 3,624
Finance costs: interest payable and (621) - (621)
similar charges
Return on ordinary activities before
taxation (1,644) 4,647 3,003
Taxation - - -
Transfer (from) to reserves (1,644) 4,647 3,003
BALANCE SHEET #'000s
As at 30th September 2005
Investments at fair value through profit or loss 64,702
Net Current Liabilities (688)
64,014
Medium Term Loan (5,650)
58,364
Called up Share Capital 1,201
Share Premium Account 18,925
Capital Redemption Reserve 8
Capital Reserves: Realised 19,177
Unrealised 19,029
Special Reserve 19,128
Revenue Reserve (19,104)
Net assets attributable to Ordinary Shareholders 58,364
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS - 2006 POOL
For the six months ended 31st March 2006 and comparative periods
(#000s) (#000s) (#000s) (#000s) (#000s) (#000s) (#000s) (#000s) (#000s)
Calledup Share Capital Capital Capital Hedging Special Revenue Total
Share Premium Redemption Realised Unrealised Reserve Reserve Reserve
Capital Account Account Reserve Reserve
Six months ended 31st
March 2006
Net Assets at 30th 1,004 - 5 14,240 11,480 - 19,128 (13,043) 32,814
September 2005
Adjustment to record - - - - (9) - - - (9)
listed investments at bid
values
Recognition of interest - - - - - 96 - - 96
rate swaps at fair value
Revenue Return - - - - - - - (78) (78)
Capital Return - - - 5,814 (4,646) - - - 1,168
Net Assets at 31st March 1,004 - 5 20,054 6,825 96 19,128 (13,121) 33,991
2006
Six months ended 31st
March 2005
Net Assets at 30th 1,004 - 5 11,183 12,410 - 19,128 (12,159) 31,571
September 2004
Revenue Return - - - - - - - (483) (483)
Capital Return - - - 1,188 (674) - - - 514
Net Assets at 31st March 1,004 - 5 12,371 11,736 - 19,128 (12,642) 31,602
2005
Year ended 30th September
2005
Net Assets at 30th 1,004 - 5 11,183 12,410 - 19,128 (12,159) 31,571
September 2004
Revenue Return - - - - - - - (884) (884)
Capital Return - - - 3,057 (930) - - - 2,127
Net Assets at 30th 1,004 - 5 14,240 11,480 - 19,128 (13,043) 32,814
September 2005
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS - 2009 POOL
For the six months ended 31st March 2006 and comparative periods
(#000s) (#000s) (#000s) (#000s) (#000s) (#000s) (#000s) (#000s) (#000s)
Calledup Share Capital Capital Capital Hedging Special Revenue Total
Share Premium Redemption Realised Unrealised Reserve Reserve Reserve
Capital Account Account Reserve Reserve
Six months ended 31st
March 2006
Net Assets at 30th 197 18,925 3 4,937 7,549 - - (6,061) 25,550
September 2005
Adjustment to record - - - - (1) - - - (1)
listed investments at bid
values
Recognition of interest - - - - - 60 - - 60
rate swaps at fair value
Revenue Return - - - - - - - (407) (407)
Capital Return - - - 258 1,724 - - - 1,982
Net Assets at 31st March 197 18,925 3 5,195 9,272 60 - (6,468) 27,184
2006
Six months ended 31st
March 2005
Net Assets at 30th 197 18,925 3 4,620 5,345 - - (5,301) 23,789
September 2004
Revenue Return - - - - - - - (373) (373)
Capital Return - - - 112 1,674 - - - 1,786
Net Assets at 31st March 197 18,925 3 4,732 7,019 - - (5,674) 25,202
2005
Year ended 30th September
2005
Net Assets at 30th 197 18,925 3 4,620 5,345 - - (5,301) 23,789
September 2004
Revenue Return - - - - - - - (760) (760)
Capital Return - - - 317 2,204 - - - 2,520
Net Assets at 30th 197 18,925 3 4,937 7,549 - - (6,061) 25,550
September 2005
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS - CONSOLIDATED
For the six months ended 31st March 2006 and comparative periods
(#000s) (#000s) (#000s) (#000s) (#000s) (#000s) (#000s) (#000s) (#000s)
Calledup Share Capital Capital Capital Hedging Special Revenue Total
Share Premium Redemption Realised Unrealised Reserve Reserve Reserve
Capital Account Account Reserve Reserve
Six months ended 31st
March 2006
Net Assets at 30th 1,201 18,925 8 19,177 19,029 - 19,128 (19,104) 58,364
September 2005
Adjustment to record - - - - (10) - - - (10)
listed investments at bid
values
Recognition of interest - - - - - 156 - - 156
rate swaps at fair value
Revenue Return - - - - - - - (485) (485)
Capital Return - - - 6,072 (2,922) - - - 3,150
Net Assets at 31st March 1,201 18,925 8 25,249 16,097 156 19,128 (19,589) 61,175
2006
Six months ended 31st
March 2005
Net Assets at 30th 1,201 18,925 8 15,803 17,755 - 19,128 (17,460) 55,360
September 2004
Revenue Return - - - - - - - (856) (856)
Capital Return - - - 1,300 1,000 - - - 2,300
Net Assets at 31st March 1,201 18,925 8 17,103 18,755 - 19,128 (18,316) 56,804
2005
Year ended 30th September
2005
Net Assets at 30th 1,201 18,925 8 15,803 17,755 - 19,128 (17,460) 55,360
September 2004
Revenue Return - - - - - - - (1,644) (1,644)
Capital Return - - - 3,373 1,273 - - - 4,647
Net Assets at 30th 1,201 18,925 8 19,177 19,029 - 19,128 (19,104) 58,364
September 2005
CASH FLOW STATEMENT - 2006 POOL
Six Months to Six Months to Year to
March March September
2006 2005 2005
#'000s #'000s #'000s
Net cash outflow from operating activities (250) (244) (526)
Servicing of Finance
Interest paid (11) (201) (319)
Taxation
UK income tax repaid 2 - -
Investing activities
Payments to acquire investments (13,541) (509) (973)
Receipts on disposal of investments 15,010 3,113 8,060
Net cash inflow from investing activities 1,469 2,604 7,087
Net cash inflow before financing 1,210 2,159 6,242
Financing
Decrease in medium term loans (1,300) (2,150) (5,900)
(Decrease) increase in cash (90) 9 342
CASH FLOW STATEMENT - 2009 POOL
Six Months to Six Months to Year to
March March September
2006 2005 2005
#'000s #'000s #'000s
Net cash outflow from operating activities (310) (241) (390)
Servicing of Finance
Interest paid (143) (149) (297)
Taxation
UK income tax repaid - - -
Investing activities
Payments to acquire investments (432) (452) (896)
Receipts on disposal of investments 771 629 1,400
Net cash inflow from investing activities 339 177 504
Net cash outflow before financing (114) (213) (183)
Financing
Increase in medium term loans 200 - -
Increase (decrease) in cash 86 (213) (183)
CASH FLOW STATEMENT - CONSOLIDATED
Six Months to Six Months to Year to
March March September
2006 2005 2005
#'000s #'000s #'000s
Net cash outflow from operating activities (560) (485) (916)
Servicing of Finance
Interest paid (154) (350) (616)
Taxation
UK income tax repaid 2 - -
Investing activities
Payments to acquire investments (13,973) (961) (1,869)
Receipts on disposal of investments 15,781 3,742 9,460
Net cash inflow from investing activities 1,808 2,781 7,591
Net cash inflow before financing 1,096 1,946 6,059
Financing
Decrease in medium term loans (1,100) (2,150) (5,900)
(Decrease) increase in cash (4) (204) 159
.
2006 POOL
ALLIANZ DRESDNER SECOND ENDOWMENT POLICY TRUST plc
TWENTY LARGEST HOLDINGS BY LIFE OFFICE
As at 31st March 2006
Life Office Value of Policies
#'000s % of Total
Investments
Standard Life 4,827 14.5
AVIVA (Norwich Union) 2,414 7.2
Legal & General 1,757 5.3
Prudential 1,604 4.8
Prudential (Scottish Amicable) 1,348 4.0
Scottish Provident 795 2.4
Scottish Widows 744 2.2
Clerical Medical 390 1.2
Friends Provident 389 1.2
Scottish Life 343 1.0
Royal & Sun Alliance (Royal Life) 333 1.0
Guardian 313 0.9
Alba Life (Crusader) 298 0.9
AVIVA (Commercial Union) 274 0.8
AXA Equity & Law 188 0.6
Colonial 166 0.5
AVIVA (Provident Mutual) 157 0.5
Scottish Mutual 149 0.4
Friends Provident (London & Manchester) 138 0.4
London Life 131 0.4
Total of twenty largest holdings 16,758 50.2
Others 1,260 3.8
Total holdings of endowment policies 18,018 54.0
Fixed Interest Holdings
UK Govt 4.5% Treasury 07/03/07 12,302 36.9
UK Govt 7.5% Treasury 07/12/06 2,550 7.7
EIB 7.625% 07/12/2006 454 1.4
15,306 46.0
TOTAL OF INVESTED FUNDS 33,324 100.0
2009 POOL
ALLIANZ DRESDNER SECOND ENDOWMENT POLICY TRUST plc
TWENTY LARGEST HOLDINGS BY LIFE OFFICE
As at 31st March 2006
Life Office Value of Policies
#'000s % of Total
Investments
Standard Life 8,177 24.9
Legal & General 5,266 16.0
Prudential (Scottish Amicable) 3,116 9.5
Scottish Widows 2,312 7.0
AVIVA (Norwich Union) 1,903 5.8
Prudential 1,647 5.0
Scottish Life 1,353 4.1
Clerical Medical 1,251 3.8
Scottish Provident 963 2.9
Friends Provident 899 2.7
Colonial 424 1.3
National Mutual 357 1.1
Royal & Sun Alliance (Royal Life) 316 1.0
Gresham Life 290 0.9
Sun Life of Canada 216 0.6
Guardian 194 0.6
AVIVA (Provident Mutual) 192 0.6
Britannic Assurance 156 0.5
AVIVA (Commercial Union) 150 0.5
Australian Mutual Provident 148 0.4
Total of twenty largest holdings 29,330 89.2
Others 2,492 7.6
Total holdings of endowment policies 31,822 96.8
Fixed Interest Holdings
Abbey 5.375% 30/12/09 518 1.6
Finland 10.125% 22/06/08 523 1.6
1,041 3.2
TOTAL OF INVESTED FUNDS 32,863 100.0
Note 1
The Returns per 2006 Share have been calculated using a weighted average number
of shares in issue during the period of 20,073,064 (30th September 2005
20,073,064; 31st March 2005 20,073,064). The Returns per 2009 Share have been
calculated using a weighted average number of shares in issue during the period
19,745,000 (30th September 2005 19,745,000); 31st March 2005 19,745,000).
Note 2
The total columns of this statement are the profit and loss accounts of the 2006
Pool, 2009 Pool or the Company. All revenue and capital items derive from
continuing operations. No operations were acquired or discontinued in the
period. Statements of Total Recognised Gains and Losses are not required as all
gains and losses of the two Pools and the Company have been reflected in the
relevant Income Statements.
Note 3
Endowment policies, listed investments and interest rate swaps are held at fair
value through profit or loss in accordance with FRS 26 "Financial Instruments:
Measurement". Listed investments and interest rate swaps are valued at bid
market prices. This represents a change in accounting policy. However, in
accordance with the exemption conferred by paragraph 108D of FRS 26,
comparatives have not been restated. In prior periods listed investments were
valued at mid market prices. As a consequence the adoption of bid prices on 1st
October 2005 decreased the value of listed investments in the 2006 Pool by
#8,527 and the 2009 Pool by #702.
Also, in prior periods interest rate swaps were not recognised in the balance
sheet.
Note 4
FRS 26 requires that the listed investments be measured at their fair value
which is deemed to be the bid price. Had the Company not elected to take
advantage of the exemption under paragraph 108d of FRS 26, the effect of
revaluing the listed investments at 30th September 2005 from mid to bid would be
to lower the value of the investments in the 2006 Pool by #395 to #1,364,403 and
lower the value of listed investments in the 2009 Pool by #757 to #1,061,264,
subsequently reducing the total net assets by the same amount.
The existing methodology of valuing endowment policies is considered to provide
a fair value, and thus no adjustments are required.
Note 5
This interim statement has been neither audited nor reviewed by the Company's
auditors.
The interim statement has been prepared using the same accounting policies as
those adopted in the annual accounts for the year ended 30th September 2005,
with the exception of the changes as stated in Note 4.
The non-statutory accounts for the year to 30th September 2005 are an extract
from the latest published accounts of the Company which have been delivered to
the Registrar of Companies. The auditors' opinion on those accounts was
unqualified and did not contain a statement under Section 237(2) or (3) of the
Companies Act 1985.
The Interim Report will be sent to shareholders and made available to the public
at the Registered Office of the Company, 155 Bishopsgate, London EC2M 3AD.
Principal bases and assumptions used in projecting the final net asset value.
The final net asset values for the 2006 Pool and the 2009 Pool have been
calculated as at 30th September 2006 and 31st December 2009 respectively, on the
basis that:
1) All policies are held to maturity and no death claims or demutualisation
benefits are received and no further purchases or disposals of policies are
made.
2) The latest reversionary and terminal bonus rates declared at 31st March 2006
continue to apply until maturity or are reduced immediately by 20% or 100%, or
increased by 20%.
3) The estimated mid-market gross redemption yields, as at 31st March 2006, for
policies of differing remaining terms, are assumed to remain unchanged.
4) Annual expenses are assumed to be in line with recent experience, and future
annual inflation is assumed to be 3%. Interest rates payable and receivable by
the Company over the Company's remaining life, in so far as not fixed by swaps,
are assumed to be consistent with the shape of the yield curve at 31st March
2006.
5) No further shares are issued or repurchased, nor are any dividends paid.
For further information, please contact
Simon White, RCM (UK) Limited
Tel: 020 7065 1539
This information is provided by RNS
The company news service from the London Stock Exchange
END
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