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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Allianz Dres.2K | LSE:ADRK | London | Ordinary Share | GB0004939905 | KSEPT 2009 SHS 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 145.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMADRK RNS Number : 2649O Allianz Dresdr 2 Endw Policy TstPLC 03 March 2009 For Immediate Release3rd March 2009 ALLIANZ DRESDNER SECOND ENDOWMENT POLICY TRUST plc Results for the year ended 31st December 2008 The following comprises extracts from the Company's Annual Financial Report for the year ended 31st December 2008. The full Annual Financial Report is available to be viewed on or downloaded from the Company's website at www.rcm.com/investmenttrusts. Copies will be mailed to shareholders shortly. Chairman's Statement Performance The net asset value per 2009 Share as at 31st December 2008 was 146.0p per share compared to 157.0p per share as at 31st December 2007.This represents a decrease of 7% over the year. Over the same period, the Company's share price declined from 136.5p per share to 131.5p per share, a decrease of 3.7%. By way of comparison, over the same period the UK equity market, as measured by the FTSE All-Share Index, declined by 33%. As at 31st December 2008, the Company had repaid all borrowings and had fixed interest and cash of GBP5.9 million, approximately 20% of net asset value. As it approaches the planned wind up date of 31st December 2009, the Company's liquidity will increase as policies mature during the course of the year. The Managers will continue to invest the Company's cash in a range of sterling bank deposits and government securities with a view to achieving a reasonable and secure return for shareholders on the Company's cash over the remainder of the Company's life. Outlook The year to 31st December 2008 was a very difficult one for financial markets: equities, bonds, property and many commodities saw steep falls.The outlook for the near future remains highly uncertain given the backdrop of continued financial dislocation, a developing global recession and consumer retrenchment. It is not surprising in the context of these difficult markets that many life offices have already reduced bonus rates and pay outs. Whilst this trend may well continue for the foreseeable future, shareholders may take comfort from the fact that a significant proportion of the Company's net asset value is represented by sums assured and declared reversionary bonuses. VAT I am pleased to report that settlement has been reached with the Managers, RCM (UK) Ltd, about the recovery of VAT following the ruling of the European Court of Justice in the VAT case brought by JPMorgan Fleming Claverhouse Trust plc in conjunction with the AIC. On 29th October 2008 the Company received GBP77,749 in relation to the 2009 Pool and GBP81,786 in relation to the 2006 Pool as compensation for VAT paid in the period from 2001 to 2007. The amount paid in respect of the 2006 Pool has been distributed to the relevant shareholders. Return of capital The Board will continue to consult with shareholders regarding the possibility of a tax efficient continuation of their investment in the second half of 2009. An announcement will be made in due course when this exercise has been completed. Managers' Review Introduction The Company is managed with the objective of providing long-term capital growth by investing in a diversified portfolio of mid-term traded endowment policies. Net Asset Value Over the year to 31st December 2008 the Company's Net Asset Value (NAV) has declined by 7% to 146.0p per 2009 Share. Since the launch of the Company in 1993, the NAV per share has increased at a compound annual rate of 3.6% for the 2009 Shares (4.9% for the 2006 Shares). The Net Asset Value is calculated using the current estimated market value of the Company's investments. The valuation of endowment policies has been carried out by LPVC under the supervision of the Actuarial Committee. The Board has determined that, in the absence of sufficient transactional data, the most appropriate basis of valuation of the Company's portfolio at 31st December 2008 is that of estimated surrender value. Investment Review At the year end, the 2009 Pool portfolio included policies from a total of 49 with-profits funds. During the year, the 2009 Pool received proceeds of GBP7.7 million from the maturity of policies. The average annualised return since purchase on these policies was 5.99%. This calculation makes no allowance for windfalls such as those arising from demutualisations or the distribution of orphan assets. Projected Final Net Asset Values The Company publishes projected final net asset values on a quarterly basis. These projections are based on possible bonus rate levels which themselves reflect, inter alia, assumptions about the investment returns earned by the underlying with-profits funds. These will be lower than previously anticipated, as a consequence of the steep falls in many asset classes since the summer of 2008. The projected final net asset values are based on an immediate reduction of 20%, 50% and 100% from current bonus levels, as well as current bonus rates. Final net asset values projected as at 31st December 2009 are given in the table on page 8. +---------------------+-----------+-----------+-----------+-----------+ | | 100% | 80% | 50% | No | | | Current | Current | Current | Further | | | Bonus | Bonus | Bonus | Bonuses | | | Rates | Rates | Rates | | | | | | | | +---------------------+-----------+-----------+-----------+-----------+ | Projected final net | 155.0p | 150.3p | 143.3p | 132.0p | | asset value at 31st | | | | | | December 2009 (2009 | | | | | | Pool) | | | | | +---------------------+-----------+-----------+-----------+-----------+ Projected final net asset values are calculated using the principal bases and assumptions set out below. These illustrations are given to provide an indication of the sensitivity of the projected final net asset value to bonus rate changes. They should not be taken as forecasts of any particular degree of change in bonus rate levels. Principal bases and assumptions used in projecting the estimated final net asset value The final net asset values for the 2009 Pool have been calculated at 31st December 2009 on the basis that: 1) All policies are held to maturity, no further 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 December 2008 continue to apply until maturity or are reduced immediately by 20%, 50% or 100%; 3) The estimated mid-market gross redemption yields as at 31st December 2008, 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 over the Company's remaining life, in so far as not fixed by swaps, are assumed to be consistent with the shape of the swap rate yield curve at 31st December 2008; 5) No further shares are issued or repurchased, nor are any dividends paid; and 6) They do not account for any likely costs of liquidation. Accrued guaranteed benefits Guaranteed benefits are attached to the policy portfolio (comprising sums assured and reversionary bonuses declared to date) and these have continued to grow as reversionary bonuses have been declared over the year. Stated as a projected final net asset value after projected expenses - including the cost of borrowings - they represented 132.0p per 2009 Share as at 31st December 2008. Principal Risks and Uncertainties The principal risks and uncertainties fall broadly under the following categories: Level of bonus declarations: the original investment programme was targeted at companies which the Board believed had the best prospects of returns from future bonuses in relation to the prices paid for policies. Undue concentration of investment: The limitation of investment in any one company to 25% by cost of the portfolio was intended to limit the risk from concentration. Gearing: To justify gearing, the returns on policies must exceed the cost of borrowing. As anticipated, all borrowings were repaid during the year. Board and outsourcing of management of the Company: The Board considers that it is in shareholders' best interests to save costs by keeping the numbers of Board members to a minimum. Nevertheless, the skills and attributes of the Directors overlap sufficiently for no one individual to be indispensable. The performance of Managers and Advisers is reviewed regularly. Related Parties' Transactions During the financial year, no transactions with related parties have taken place, which have materially affected the financial position or the performance of the Company during the period. Directors' Responsibilities The Directors each confirm to the best of their knowledge that: * the financial statements have been prepared in accordance with applicable UK accounting standards, and give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and * the Annual Financial Report, to be published shortly, includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces. +-----------------------------------------------------+---------------------------+ | 155 Bishopsgate | By Order of the Board | +-----------------------------------------------------+---------------------------+ | London EC2M 3AD | J Clement | | | Chairman | +-----------------------------------------------------+---------------------------+ | 3rd March 2009 | | +-----------------------------------------------------+---------------------------+ For further information contact: Simon White Head of Investment Trusts RCM (UK) Limited Telephone: 020 7065 1539 +----------------------------------------+------------+-------------+------------+ | RESULTS | +----------------------------------------+ | INCOME STATEMENT | +----------------------------------------+ | For the year ended 31st December 2008 | | | +-----------------------------------------------------+-------------+------------+ | | | | | +----------------------------------------+------------+-------------+------------+ | | Revenue | Capital | Total | | | | | Return | +----------------------------------------+------------+-------------+------------+ | | GBP'000s | GBP'000s | GBP'000s | +----------------------------------------+------------+-------------+------------+ | | | | (Note B) | +----------------------------------------+------------+-------------+------------+ | Net losses on investments at fair | - | (2,061) | (2,062) | | value | | | | +----------------------------------------+------------+-------------+------------+ | Income | 151 | - | 151 | +----------------------------------------+------------+-------------+------------+ | Management and advisory fees | (453) | - | (453) | +----------------------------------------+------------+-------------+------------+ | Management fee - VAT refund | 78 | - | 78 | +----------------------------------------+------------+-------------+------------+ | Administration expenses | (176) | - | (176) | +----------------------------------------+------------+-------------+------------+ | | | | | +----------------------------------------+------------+-------------+------------+ | Net return before finance costs and | (400) | (2,061) | (2,462) | | taxation | | | | +----------------------------------------+------------+-------------+------------+ | | | | | +----------------------------------------+------------+-------------+------------+ | Finance costs : interest payable and | 307 | - | 307 | | similar charges | | | | +----------------------------------------+------------+-------------+------------+ | | | | | +----------------------------------------+------------+-------------+------------+ | Net return attributable to 2009 | (93) | (2,061) | (2,155) | | Shareholders | | | | +----------------------------------------+------------+-------------+------------+ | | | | | +----------------------------------------+------------+-------------+------------+ | Taxation | - | - | - | +----------------------------------------+------------+-------------+------------+ | | | | | +----------------------------------------+------------+-------------+------------+ | Net return attributable to 2009 | (93) | (2,061) | (2,155) | | Shareholders | | | | +----------------------------------------+------------+-------------+------------+ | | | | | +----------------------------------------+------------+-------------+------------+ | Return per 2009 Share (Note A) | (0.47)p | (10.44)p | (10.91)p | +----------------------------------------+------------+-------------+------------+ | | | | | +----------------------------------------+------------+-------------+------------+ | | | | | +----------------------------------------+------------+-------------+------------+ | BALANCE SHEET | | | GBP'000s | | As at 31st December 2008 | | | | +----------------------------------------+------------+-------------+------------+ | | | | | +----------------------------------------+------------+-------------+------------+ | Investments held at fair value through profit or | | 26,160 | | loss | | | +-----------------------------------------------------+-------------+------------+ | Fair value of interest rate swaps | | | 395 | +----------------------------------------+------------+-------------+------------+ | Net Current Assets | | | 2,278 | +----------------------------------------+------------+-------------+------------+ | Total Assets less Current Liabilities | | 28,833 | +-----------------------------------------------------+-------------+------------+ | Creditors: Amounts falling due after more than one year | - | +-------------------------------------------------------------------+------------+ | Total Net Assets | | 28,833 | +-----------------------------------------------------+-------------+------------+ | | | | | +----------------------------------------+------------+-------------+------------+ | Called up Share Capital | | | 197 | +----------------------------------------+------------+-------------+------------+ | Share Premium Account | | | 18,925 | +----------------------------------------+------------+-------------+------------+ | Capital Redemption Reserve | | | 3 | +----------------------------------------+------------+-------------+------------+ | Capital Reserves: Realised | | | 23,967 | +----------------------------------------+------------+-------------+------------+ | : Unrealised | | | 6,517 | +----------------------------------------+------------+-------------+------------+ | Hedging Reserve | | | 19 | +----------------------------------------+------------+-------------+------------+ | Revenue Reserve | | | (20,795) | +----------------------------------------+------------+-------------+------------+ | Equity Shareholders' Funds | | | 28,833 | +----------------------------------------+------------+-------------+------------+ | | | | | +----------------------------------------+------------+-------------+------------+ | Net Asset Value per 2009 Share | | | 146.0p | +----------------------------------------+------------+-------------+------------+ | | | | | +----------------------------------------+------------+-------------+------------+ | The net asset value is based on 19,745,000 2009 Shares in issue | | | at the year end. | | +----------------------------------------+------------+-------------+------------+ +----------------------------------------+------------+------------+------------+ | RESULTS | +----------------------------------------+ | INCOME STATEMENT | +----------------------------------------+ | For the year ended 31st December 2007 | | | | +----------------------------------------+------------+------------+------------+ | | | | | +----------------------------------------+------------+------------+------------+ | | Revenue | Capital | Total | | | | | Return | +----------------------------------------+------------+------------+------------+ | | GBP'000s | GBP'000s | GBP'000s | +----------------------------------------+------------+------------+------------+ | | | | (Note B) | +----------------------------------------+------------+------------+------------+ | Net gains on investments at fair value | - | 2,257 | 2,257 | +----------------------------------------+------------+------------+------------+ | Income | 87 | - | 87 | +----------------------------------------+------------+------------+------------+ | Management and advisory fees | (507) | - | (507) | +----------------------------------------+------------+------------+------------+ | Administration expenses | (171) | - | (171) | +----------------------------------------+------------+------------+------------+ | | | | | +----------------------------------------+------------+------------+------------+ | Net return before finance costs and | (591) | 2,257 | 1,666 | | taxation | | | | +----------------------------------------+------------+------------+------------+ | | | | | +----------------------------------------+------------+------------+------------+ | Finance costs : interest payable and | (179) | - | (179) | | similar charges | | | | +----------------------------------------+------------+------------+------------+ | | | | | +----------------------------------------+------------+------------+------------+ | Net return on ordinary activities | (770) | 2,257 | 1,487 | | before taxation | | | | +----------------------------------------+------------+------------+------------+ | | | | | +----------------------------------------+------------+------------+------------+ | Taxation | - | - | - | +----------------------------------------+------------+------------+------------+ | | | | | +----------------------------------------+------------+------------+------------+ | Net return attributable to 2009 | (770) | 2,257 | 1,487 | | Shareholders | | | | +----------------------------------------+------------+------------+------------+ | | | | | +----------------------------------------+------------+------------+------------+ | Return per 2009 Share (Note A) | (3.90)p | 11.43p | 7.53p | +----------------------------------------+------------+------------+------------+ | | | | | +----------------------------------------+------------+------------+------------+ | | | | | +----------------------------------------+------------+------------+------------+ | | | | | +----------------------------------------+------------+------------+------------+ | BALANCE SHEET | | | GBP'000s | | As at 31st December 2007 | | | | +----------------------------------------+------------+------------+------------+ | | | | | +----------------------------------------+------------+------------+------------+ | Investments held at fair value through | | | 32,847 | | profit or loss | | | | +----------------------------------------+------------+------------+------------+ | Fair value of interest rate swaps | | | 78 | +----------------------------------------+------------+------------+------------+ | Net Current Assets | | | 707 | +----------------------------------------+------------+------------+------------+ | Total Assets less Current Liabilities | | | 33,632 | +----------------------------------------+------------+------------+------------+ | Creditors: Amounts falling due after more than one | | (2,625) | | year | | | +-----------------------------------------------------+------------+------------+ | Total Net Assets | 31,007 | +------------------------------------------------------------------+------------+ | | | | | +----------------------------------------+------------+------------+------------+ | Called up Share Capital | | | 197 | +----------------------------------------+------------+------------+------------+ | Share Premium Account | | | 18,925 | +----------------------------------------+------------+------------+------------+ | Capital Redemption Reserve | | | 3 | +----------------------------------------+------------+------------+------------+ | Capital Reserves: Realised | | | 7,941 | +----------------------------------------+------------+------------+------------+ | : Unrealised | | | 11,729 | +----------------------------------------+------------+------------+------------+ | Hedging Reserve | | | 39 | +----------------------------------------+------------+------------+------------+ | Revenue Reserve | | | (7,827) | +----------------------------------------+------------+------------+------------+ | Equity Shareholders' Funds | | | 31,007 | +----------------------------------------+------------+------------+------------+ | | | | | +----------------------------------------+------------+------------+------------+ | Net Asset Value per 2009 Share | | | 157.0p | +----------------------------------------+------------+------------+------------+ | | | +------------------------------------------------------------------+------------+ | The net asset value is based on 19,745,000 2009 Shares in issue | | | at the year end. | | +----------------------------------------+------------+------------+------------+ RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS For the year ended 31st December 2008 +--------------+----------+----------+------------+----------+------------+----------+----------+----------+ | | Called | Share | Capital | Capital | Capital | Hedging | Revenue | Total | | | up | Premium | Redemption | Reserve | Reserve | Reserve | Reserve | GBP'000s | | | Share | Account | Reserve | Realised | Unrealised | GBP'000s | GBP'000s | | | | Capital | GBP'000s | GBP'000s | GBP'000s | GBP'000s | | | | | | GBP'000s | | | | | | | | +--------------+----------+----------+------------+----------+------------+----------+----------+----------+ | Net Assets | 197 | 18,925 | 3 | 6,325 | 11,088 | 49 | (7,057) | 29,530 | | at 31st | | | | | | | | | | December | | | | | | | | | | 2006 | | | | | | | | | +--------------+----------+----------+------------+----------+------------+----------+----------+----------+ | Amortisation | - | - | - | - | - | (10) | - | (10) | | of Hedging | | | | | | | | | | Reserve | | | | | | | | | +--------------+----------+----------+------------+----------+------------+----------+----------+----------+ | Revenue | - | - | - | - | - | - | (770) | (770) | | Return | | | | | | | | | +--------------+----------+----------+------------+----------+------------+----------+----------+----------+ | Capital | - | - | - | 1,616 | 641 | - | - | 2,257 | | Return | | | | | | | | | +--------------+----------+----------+------------+----------+------------+----------+----------+----------+ | Net Assets | 197 | 18,925 | 3 | 7,941 | 11,729 | 39 | (7,827) | 31,007 | | at 31st | | | | | | | | | | December | | | | | | | | | | 2007 | | | | | | | | | +--------------+----------+----------+------------+----------+------------+----------+----------+----------+ | | | | | | | | | | +--------------+----------+----------+------------+----------+------------+----------+----------+----------+ | Net Assets | 197 | 18,925 | 3 | 7,941 | 11,729 | 39 | (7,827) | 31,007 | | at 31st | | | | | | | | | | December | | | | | | | | | | 2007 | | | | | | | | | +--------------+----------+----------+------------+----------+------------+----------+----------+----------+ | Amortisation | - | - | - | - | - | (20) | - | (20) | | of Hedging | | | | | | | | | | Reserve | | | | | | | | | +--------------+----------+----------+------------+----------+------------+----------+----------+----------+ | Revenue | - | - | - | - | - | - | (93) | (93) | | Return | | | | | | | | | +--------------+----------+----------+------------+----------+------------+----------+----------+----------+ | Capital | - | - | - | 3,151 | (5,212) | - | - | (2,061) | | Return | | | | | | | | | +--------------+----------+----------+------------+----------+------------+----------+----------+----------+ | Transfer | - | - | - | 12,875 | - | - | (12,875) | - | | from 2006 | | | | | | | | | | Pool | | | | | | | | | +--------------+----------+----------+------------+----------+------------+----------+----------+----------+ | Net Assets | 197 | 18,925 | 3 | 23,967 | 6,517 | 19 | (20,795) | 28,833 | | at 31st | | | | | | | | | | December | | | | | | | | | | 2008 | | | | | | | | | +--------------+----------+----------+------------+----------+------------+----------+----------+----------+ | | | | | | | | | | +--------------+----------+----------+------------+----------+------------+----------+----------+----------+ The Company previously consisted of the 2006 and 2009 Pools. The reconstruction of the 2006 Pool and the subsequent repayment of the 2006 Shares were both completed on 6th October 2006. The remaining 2006 Pool balances at 31st December 2007, consisting of Realised Capital Reserve GBP12,874,878 and Revenue Reserve (GBP12,874,878), were transferred into the 2009 Pool during the year. At 31st December 2008, no assets remained within the 2006 Pool. The 2009 Pool therefore represents all assets and liabilities attributable to the Company. Following the ruling of the European Court of Justice, settlement has been reached with the Managers, RCM, in respect of the recovery of overpaid VAT in past years. On 29th October 2008, an amount of GBP81,786 in respect of the 2006 Pool and GBP77,749 in respect of the 2009 Pool was paid to the Company in relation to VAT paid in the period from 2001 to 2007. Subsequently, with regard to the amount received in respect of the 2006 Pool, a further distribution was made to 2006 Shareholders on 7th November 2008. CASH FLOW STATEMENT For the year ended 31st December 2008 +------------------------------------------+--------------------+--+----+--------------------+ | | Year ended | | Year ended | | | 31st December 2008 | | 31st December 2007 | | | | | | +------------------------------------------+--------------------+--+-------------------------+ | | GBP'000s | | GBP'000s | +------------------------------------------+--------------------+--+-------------------------+ | | | | | +------------------------------------------+--------------------+--+-------------------------+ | Net cash outflow from operating | (450) | | (598) | | activities | | | | +------------------------------------------+--------------------+--+-------------------------+ | | | | | +------------------------------------------+--------------------+--+-------------------------+ | Returns on investment and servicing of | | | | | finance | | | | +------------------------------------------+--------------------+--+-------------------------+ | Interest paid | (46) | | (245) | +------------------------------------------+--------------------+--+-------------------------+ | | | | | +------------------------------------------+--------------------+--+-------------------------+ | | | | | +------------------------------------------+--------------------+--+-------------------------+ | Taxation | | | | +------------------------------------------+--------------------+--+-------------------------+ | Income tax repaid | - | | - | +------------------------------------------+--------------------+--+-------------------------+ | | | | | +------------------------------------------+--------------------+--+-------------------------+ | | | | | +------------------------------------------+--------------------+--+-------------------------+ | Capital expenditure and financial | | | | | investment | | | | +------------------------------------------+--------------------+--+-------------------------+ | Purchases of fixed asset investments | (3,688) | | (770) | +------------------------------------------+--------------------+--+-------------------------+ | Sales of fixed asset investments | 8,314 | | 4,601 | +------------------------------------------+--------------------+--+-------------------------+ | Net cash inflow from capital expenditure | 4,626 | | 3,831 | | and financial investment | | | | | | | | | +------------------------------------------+--------------------+--+-------------------------+ | Net cash inflow before financing | 4,130 | | 2,988 | +------------------------------------------+--------------------+--+-------------------------+ | | | | | +------------------------------------------+--------------------+--+-------------------------+ | Financing | | | | +------------------------------------------+--------------------+--+-------------------------+ | Decrease in bank loan | (2,625) | | (2,675) | +------------------------------------------+--------------------+--+-------------------------+ | Amounts cancelled upon reconstruction | - | | (53) | | and repayment of 2006 shares | | | | +------------------------------------------+--------------------+--+-------------------------+ | Net cash outflow from financing | (2,625) | | (2,728) | +------------------------------------------+--------------------+--+-------------------------+ | | | | | +------------------------------------------+--------------------+--+-------------------------+ | | | | | +------------------------------------------+--------------------+--+-------------------------+ | Increase in cash | 1,505 | | 260 | +------------------------------------------+--------------------+--+----+--------------------+ TWENTY LARGEST HOLDINGS BY LIFE OFFICE +--+---------------------------------------+----+----+---+---+----+----+----+-+----+----+----+ | AS AT 31st DECEMBER 2008 | | | | | +----------------------------------------------------+---+---+---------+-----------+ | | | | | | +----------------------------------------------------+---+---+---------+-----------+ | | | | | | | +--+---------------------------------------+----+---------------------------+-+---------+ | | | | Value | | Investments | +--+---------------------------------------+----+-----------------+---------+----------------+ | | POLICIES BY LIFE OFFICE | | GBP'000s | | % of Total | +--+---------------------------------------+----+-----------------+---------+----------------+ | | | | | | | +--+---------------------------------------+----+-----------------+---------+----------------+ | | Standard Life | | 7,371 | | 28.2 | +--+---------------------------------------+----+-----------------+---------+----------------+ | | Legal & General | | 2,618 | | 10.0 | +--+---------------------------------------+----+-----------------+---------+----------------+ | | Prudential (Scottish Amicable) | | 2,166 | | 8.3 | +--+---------------------------------------+----+-----------------+---------+----------------+ | | AVIVA (Norwich Union) | | 1,440 | | 5.5 | +--+---------------------------------------+----+-----------------+---------+----------------+ | | Scottish Widows | | 1,400 | | 5.4 | +--+---------------------------------------+----+-----------------+---------+----------------+ | | Prudential | | 1,397 | | 5.3 | +--+---------------------------------------+----+-----------------+---------+----------------+ | | Scottish Life | | 1,221 | | 4.7 | +--+---------------------------------------+----+-----------------+---------+----------------+ | | Clerical Medical | | 1,102 | | 4.2 | +--+---------------------------------------+----+-----------------+---------+----------------+ | | Scottish Provident | | 1,066 | | 4.1 | +--+---------------------------------------+----+-----------------+---------+----------------+ | | Friends Provident | | 291 | | 1.1 | +--+---------------------------------------+----+-----------------+---------+----------------+ | | Colonial | | 290 | | 1.1 | +--+---------------------------------------+----+-----------------+---------+----------------+ | | Gresham Life | | 190 | | 0.7 | +--+---------------------------------------+----+-----------------+---------+----------------+ | | Sun Life of Canada | | 173 | | 0.7 | +--+---------------------------------------+----+-----------------+---------+----------------+ | | Royal & Sun Alliance (Royal Life) | | 165 | | 0.6 | +--+---------------------------------------+----+-----------------+---------+----------------+ | | AVIVA (Provident Mutual) | | 148 | | 0.6 | +--+---------------------------------------+----+-----------------+---------+----------------+ | | Pearl Assurance | | 106 | | 0.4 | +--+---------------------------------------+----+-----------------+---------+----------------+ | | AXA Sun Life | | 95 | | 0.4 | +--+---------------------------------------+----+-----------------+---------+----------------+ | | Royal & Sun Alliance (Sun Alliance) | | 88 | | 0.3 | +--+---------------------------------------+----+-----------------+---------+----------------+ | | NFU Mutual | | 81 | | 0.3 | +--+---------------------------------------+----+-----------------+---------+----------------+ | | National Provident | | 80 | | 0.3 | +--+---------------------------------------+----+-----------------+---------+----------------+ | | Total of twenty largest holdings | | 21,488 | | 82.2 | +--+---------------------------------------+----+-----------------+---------+----------------+ | | | | | | | +--+---------------------------------------+----+-----------------+---------+----------------+ | | Holdings in other life offices | | 1,018 | | 3.9 | +--+---------------------------------------+----+-----------------+---------+----------------+ | | Total holdings of endowment policies | | 22,506 | | 86.1 | +--+---------------------------------------+----+-----------------+---------+----------------+ | | | | | | | +--+---------------------------------------+----+-----------------+---------+----------------+ | | | | | | | +--+---------------------------------------+----+-----------------+---------+----------------+ | | FIXED INTEREST HOLDINGS | | | | +--+---------------------------------------+----------------------+---------+----------------+ | | UK Govt GBP Bd 5.75% 07.12.09 | | 3,144 | | 12.0 | +--+---------------------------------------+----+-----------------+---------+----------------+ | | Abbey National 5.375% Note 30.12.09 | | 510 | | 1.9 | | | 30.12.09 | | | | | +--+---------------------------------------+----+-----------------+---------+----------------+ | | Total Fixed Interest Holdings | | 3,654 | | 13.9 | +--+---------------------------------------+----+-----------------+---------+----------------+ | | | | | | | +--+---------------------------------------+----+-----------------+---------+----------------+ | | Total of Invested Funds | | 26,160 | | 100.0 | +--+---------------------------------------+----+-----------------+---------+----------------+ | | | | | | | +--+---------------------------------------+----+----+---+---+----+----+----+-+----+----+----+ Notes Note A The return per 2009 Share is based on a weighted average number of 2009 Shares in issue during the year of 19,745,000. Note B The total return column on this statement is the profit and loss of the Company.All revenue and capital items derived from continuing operations. No operations were acquired or discontinued in the year. A Statement of Total Recognised Gains and Losses is not required as all gains and losses of the Company have been reflected in the Income Statement. Note C Valuation - Investments in endowment policies and bonds are designated as held at fair value through profit or loss in accordance with FRS 26 'Financial Instruments: Recognition and Measurement'. Gains or losses arising from changes in the fair value of the 'investments held at fair value through profit or loss' category are presented in the Income Statement within 'Net gains on investments at fair value' in the period in which they arise. Endowment policies are valued on the basis set out in Note 7 to the Annual Financial Report. Listed Investments are valued at bid market prices. The Company intends to hold investments in endowment policies and bonds to maturity. An Unrealised Capital Reserve has been established to reflect differences between book value and book cost. Net gains or losses arising on realisation of investments are taken directly to the Realised Capital Reserve. Note D The financial information set out in this announcement does not constitute the Company's statutory financial statements for the year ended 31st December 2008. The financial information for the year ended 31st December 2007 is derived from the statutory financial statements for that year which have been delivered to the Registrar of Companies. The auditors' report on those financial statements was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. The statutory financial statements for the year ended 31st December 2008 will be finalised on the basis of the financial information presented by the Directors in this announcement and will be delivered to the Registrar of Companies following the Company's Annual General Meeting. This information is provided by RNS The company news service from the London Stock Exchange END FR SSEFWDSUSEID
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