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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 |
Hot Features
Premium
RNS Number:7686A
Allianz Dresdr 2 Endw Policy TstPLC
24 July 2007
For immediate release 24th July 2007
ALLIANZ DRESDNER SECOND ENDOWMENT POLICY TRUST plc
Six months to 30th June 2007
Investment Review - 2009 Pool
The net asset value has risen from 149.6p per 2009 Share at 31st December 2006
to 153.0p per 2009 Share at 30th June 2007, an increase of 2.3%.
The 2009 Pool currently has investments in policies valued at #32.9 million from
a total of 54 with- profits funds. During the six month period the 2009 Pool
realised proceeds of policy maturities amounting to #2.1 million. The average
annualised return on these policies was 5.7%, excluding benefits arising from
demutualisation.
The Company has #4.425m bank debt currently, which amounts to net gearing of
8.3%. It is expected that this will have been repaid by the end of the first
quarter of 2008. With-profits funds should continue to benefit from the
strength in equity markets and until recently the strong performance of
commercial property. There is also the possibility, in a number of funds, of a
windfall to policyholders from the reallocation of so called "orphan" assets.
Given the relatively short remaining life of the Company the number of life
policies maturing will now start to escalate. Once the bank debt has been repaid
and the Company starts to accumulate cash, the Managers will invest in
short-dated UK gilts in order to maintain the Company's investment trust status.
Repayment of 2006 Shares
An initial repayment of 174.7708p per 2006 Share was made to 2006 Shareholders
on 6th October 2006. A second repayment of 0.2634192p per 2006 Share was made
to 2006 Shareholders on 26th March 2007.
Investment Trust Status
Following the change in accounting reference date, which was a consequence of
the repayment to 2006 Shareholders, the Company has since 1st January 2007 been
conducting its affairs so as to enable it to be approved under Section 842 of
the Income and Corporation Taxes Act 1988. Such approval has been granted for
the year ended 30th September 2005 and is expected to be granted for the year
ended 30th September 2006. The Company extended its accounting reference date
from 30th September to 31st December as part of the repayment to 2006
Shareholders. The Company was not eligible for investment trust status for the
period from 1st October 2006 to 31st December 2006. However, the Directors
conducted the affairs of the Company to minimise any chargeable gains arising in
this period. In addition, losses are available to set against any chargeable
gains arising in that period so no corporation tax will be payable.
Approval is expected to be granted under Section 842 of the Income and
Corporation Taxes Act 1988 for the current accounting year. The Company is not
a close company.
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 value based on the value of guaranteed benefit accrued
to date, after estimated costs and based on current interest rates, is 117.1p
for the 2009 Shares. This figure assumes no further bonuses, reversionary or
terminal, from 30th June 2007 and takes 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 30th June 2007 are
given in the table below.
200% 150% 120% 100% 80% C No Further
Current Current Current Current Current Bonuses
Bonus Rates Bonus Rates Bonus Rates Bonus Rates Bonus Rates
Projected final net asset
value at 31st December
2009 (2009 Pool) 202.1p 179.9p 166.7p 158.1p 149.6p 117.1p
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.
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.
Share buy backs
During the period under review no 2009 Shares were bought back for cancellation.
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 30th June 2007
Revenue Capital Total Return
#'000s #'000s #'000s
(Note 2)
Net gains on investments at fair value - - -
Income (2) - (2)
Management and advisory fees - - -
Administration expenses 12 - 12
Net return before finance costs and
taxation 10 - 10
Finance costs: interest payable and similar
charges - - -
Net return on ordinary activities before taxation 10 - 10
Taxation - - -
Net return attributable to 2006 Shareholders 10 - 10
BALANCE SHEET #'000s
As at 30th June 2007
Investments at fair value through profit or loss -
Fair value of interest rate swaps -
Net current assets -
Total Assets less Current Liabilities -
Creditors: amounts falling due after more than
one year -
Total Net Assets -
Called up Share Capital -
Share Premium Account -
Capital Redemption Reserve -
Capital Reserves: Realised 12,875
Unrealised -
Special Reserve -
Hedging Reserve -
Revenue Reserve (12,875)
Shareholders' Funds -
SUMMARY OF UNAUDITED RESULTS - 2009 POOL
INCOME STATEMENT
Six months ended 30th June 2007
Revenue Capital Total Return
#'000s #'000s #'000s
(Note 2)
Net gains on investments at fair value - 1,188 1,188
Income 38 - 38
Management and advisory fees (262) - (262)
Administration expenses (82) - (82)
Net return before finance costs and
taxation (306) 1,188 882
Finance costs: interest payable and similar charges (197) - (197)
Net return on ordinary activities before
taxation (503) 1,188 685
Taxation - - -
Net return attributable to 2009 Shareholders (503) 1,188 685
Return per 2009 Share (2.55)p 6.02p 3.47p
(basic and diluted)
BALANCE SHEET #'000s
As at 30th June 2007
Investments at fair value through profit or loss 33,839
Fair value of interest rate swaps (39)
Net current assets 835
Total Assets less Current Liabilities 34,635
Creditors: amounts falling due after more than
one year (4,425)
Total Net Assets 30,210
Called up Share Capital 197
Share Premium Account 18,925
Capital Redemption Reserve 3
Capital Reserves: Realised 7,052
Unrealised 11,549
Special Reserve -
Hedging Reserve 44
Revenue Reserve (7,560)
Shareholders' Funds 30,210
Net asset value per 2009 Share 153.0p
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 30th June 2007
Revenue Capital Total Return
#'000s #'000s #'000s
(Note 2)
Net gains on investments at fair value - 1,188 1,188
Income 36 - 36
Management and advisory fees (262) - (262)
Administration expenses (70) - (70)
Net return before finance costs and
taxation (296) 1,188 892
Finance costs: interest payable and
similar charges (197) - (197)
Net return on ordinary activities
before taxation (493) 1,188 695
Taxation - - -
Net return on ordinary activities after
taxation (493) 1,188 695
BALANCE SHEET #'000s
As at 30th June 2007
Investments at fair value through profit or loss 33,839
Fair value of interest rate swaps (39)
Net current assets 835
Total Assets less Current Liabilities 34,635
Creditors: amounts falling due after more than one
year (4,425)
Total Net Assets 30,210
Called up Share Capital 197
Share Premium Account 18,925
Capital Redemption Reserve 3
Capital Reserves: Realised 19,927
Unrealised 11,549
Special Reserve -
Hedging Reserve 44
Revenue Reserve (20,435)
Shareholders' Funds 30,210
SUMMARY OF UNAUDITED RESULTS - 2006 POOL
INCOME STATEMENT
Six months ended 31st March 2006
Revenue Capital Total Return
#'000s #'000s #'000s
(Note 2)
Net gains on investments at fair value - 1,159 1,159
Income 250 - 250
Management and advisory fees (258) - (258)
Administration expenses (67) - (67)
Net return before finance costs and
taxation (75) 1,159 1,084
Finance costs: interest payable and similar charges (3) - (3)
Net return on ordinary activities before taxation (78) 1,159 1,081
Taxation - - -
Net return attributable to 2006 Shareholders (78) 1,159 1,081
Return per 2006 Share (0.39)p 5.77p 5.38p
(basic and diluted)
BALANCE SHEET #'000s
As at 31st March 2006
Investments at fair value through profit or loss 33,324
Fair value of interest rate swaps 96
Net current assets 571
Total Assets less Current Liabilities 33,991
Creditors: amounts falling due after more than one year -
Total Net Assets 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)
Shareholders' Funds 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 Return
#'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)
Administration expenses (65) - (65)
Net return before finance costs and
taxation (258) 1,982 1,724
Finance costs: interest payable and similar charges
(149) - (149)
Net return on ordinary activities before taxation
(407) 1,982 1,575
Taxation - - -
Net return attributable to 2009 Shareholders (407) 1,982 1,575
Return per 2009 Share (2.06)p 10.04p 7.98p
(basic and diluted)
BALANCE SHEET #'000s
As at 31st March 2006
Investments at fair value through profit or loss 32,863
Fair value of interest rate swaps 60
Net current assets 111
Total Assets less Current Liabilities 33,034
Creditors: amounts falling due after more than one
year
(5,850)
Total Net Assets 27,184
Called up Share Capital 197
Share Premium Account 18,925
Capital Redemption Reserve 3
Capital Reserves: Realised 5,195
Unrealised 9,272
Special Reserve -
Hedging Reserve 60
Revenue Reserve (6,468)
Shareholders' Funds 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 Return
#'000s #'000s #'000s
(Note 2)
Net gains on investments at fair value - 3,141 3,141
Income 292 - 292
Management and advisory fees (493) - (493)
Administration expenses (132) - (132)
Net return before finance costs and
taxation (333) 3,141 2,808
Finance costs: interest payable and
similar charges (152) - (152)
Net return on ordinary activities
before taxation (485) 3,141 2,656
Taxation - - -
Net return on ordinary activities after
taxation (485) 3,141 2,656
BALANCE SHEET #'000s
As at 31st March 2006
Investments at fair value through profit or loss 66,187
Fair value of interest rate swaps 156
Net current assets 682
Total Assets less Current Liabilities 67,025
Creditors: amounts falling due after more than one
year (5,850)
Total Net Assets 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)
Shareholders' Funds 61,175
SUMMARY OF UNAUDITED RESULTS - 2006 POOL
INCOME STATEMENT
Fifteen months ended 31st December 2006
Revenue Capital Total Return
#'000s #'000s #'000s
(Note 2)
Net gains on investments at fair value - 2,153 2,153
Income 1,112 - 1,112
Management and advisory fees (505) - (505)
Administration expenses (445) - (445)
Net return before finance costs and
taxation 162 2,153 2,315
Finance costs: interest payable and similar
charges (4) - (4)
Net return on ordinary activities before
taxation 158 2,153 2,311
Taxation - - -
Net return attributable to 2006 Shareholders 158 2,153 2,311
Return per 2006 Share 0.79p 10.73p 11.52p
(basic and diluted)
BALANCE SHEET #'000s
As at 31st December 2006
Investments at fair value through profit or loss -
Fair value of interest rate swaps -
Net current assets -
Total Assets less Current Liabilities -
Creditors: amounts falling due after more than
one year -
Total Net Assets -
Called up Share Capital -
Share Premium Account -
Capital Redemption Reserve -
Capital Reserves: Realised 12,885
Unrealised -
Special Reserve -
Revenue Reserve (12,885)
Shareholders' Funds
-
SUMMARY OF UNAUDITED RESULTS - 2009 POOL
INCOME STATEMENT
Fifteen months ended 31st December 2006
Revenue Capital Total Return
#'000s #'000s #'000s
(Note 2)
Net gains on investments at fair value - 4,985 4,985
Income 109 - 109
Management and advisory fees (619) - (619)
Administration expenses (157) - (157)
Net return before finance costs and
taxation (667) 4,985 4,318
Finance costs: interest payable and similar
charges (386) - (386)
Net return on ordinary activities before taxation (1,053) 4,985 3,932
Taxation 57 (57) -
Net return attributable to 2009 Shareholders (996) 4,928 3,932
Return per 2009 Share (5.04)p 24.95p 19.91p
(basic and diluted)
BALANCE SHEET #'000s
As at 31st December 2006
Investments at fair value through profit or loss 34,422
Fair value of interest rate swaps 37
Net current assets 371
Total Assets less Current Liabilities 34,830
Creditors: amounts due after more than one year (5,300)
Total Net Assets 29,530
Called up Share Capital 197
Share Premium Account 18,925
Capital Redemption Reserve 3
Capital Reserves: Realised 6,325
Unrealised 11,088
Hedging Reserve 49
Revenue Reserve (7,057)
Shareholders' Funds 29,530
Net asset value per 2009 Share 149.6p
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
Fifteen months ended 31st December 2006
Revenue Capital Total Return
#'000s #'000s #'000s
(Note 2)
Net gains on investments at fair value - 7,138 7,138
Income 1,221 - 1,221
Management and advisory fees (1,124) - (1,124)
Administration expenses (602) - (602)
Net return before finance costs and
taxation (505) 7,138 6,633
Finance costs: interest payable and
similar charges (390) - (390)
Net return on ordinary activities
before taxation (895) 7,138 6,243
Taxation 57 (57) -
Net return on ordinary activities after
taxation (838) 7,081 6,243
BALANCE SHEET #'000s
As at 31st December 2006
Investments at fair value through profit or loss 34,422
Fair value of interest rate swaps 37
Net current assets 371
Total Assets less Current Liabilities 34,830
Creditors: amounts falling due after more than one
year (5,300)
Total Net Assets 29,530
Called up Share Capital 197
Share Premium Account 18,925
Capital Redemption Reserve 3
Capital Reserves: Realised 19,210
Unrealised 11,088
Special Reserve -
Hedging Reserve 49
Revenue Reserve (19,942)
Shareholders' Funds 29,530
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS - 2006 POOL
For the six months ended 30th June 2007 and comparative periods
Called up Share Capital Capital Capital Special Hedging Revenue Total
Share Premium Redemption Reserve Reserve Reserve Reserve Reserve (#000s)
Capital Account Reserve Realised Unrealised (#000s) (#000s) (#000s)
(#000s) (#000s) (#000s) (#000s) (#000s)
Six months ended 30th
June 2007
Net Assets at 31st
December 2006 - - - 12,885 - - - (12,885) -
Revenue Return - - - - - - - 10 10
Amounts cancelled upon
reconstruction - - - (10) - - - - (10)
Net Assets at 30th June - - - 12,875 - - - (12,875) -
2007
Six months ended 31st
March 2006
Net Assets at 30th
September 2005 1,004 - 5 14,240 11,480 19,128 - (13,043) 32,814
Recognition of interest
rate swaps at fair value - - - - - - 96 - 96
Revenue Return - - - - - - - (78) (78)
Capital Return - - - 5,814 (4,655) - - - 1,159
Net Assets at 31st March 1,004 - 5 20,054 6,825 19,128 96 (13,121) 33,991
2006
Fifteen months ended 31st
December 2006
Net Assets at 30th
September 2005 1,004 - 5 14,240 11,480 19,128 - (13,043) 32,814
Revenue Return - - - - - - - 158 158
Capital Return - - - 13,633 (11,480) - - - 2,153
Amounts cancelled upon
reconstruction (1,004) - (5) (14,988) - (19,128) - - (35,125)
Net Assets at 31st
December 2006 - - - 12,885 - - - (12,885) -
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS - 2009 POOL
For the six months ended 30th June 2007 and comparative periods
Called up Share Capital Capital Capital Special Hedging Revenue Total
Share Premium Redemption Reserve Reserve Reserve Reserve Reserve (#000s)
Capital Account Reserve Realised Unrealised (#000s) (#000s) (#000s)
(#000s) (#000s) (#000s) (#000s) (#000s)
Six months ended 30th June
2007
Net Assets at 31st
December 2006 197 18,925 3 6,325 11,088 - 49 (7,057) 29,530
Amortisation of interest
rate swaps at fair value - - - - - - (5) - (5)
Revenue Return - - - - - - - (503) (503)
Capital Return - - - 727 461 - - - 1,188
Net Assets at 30th June 197 18,925 3 7,052 11,549 - 44 (7,560) 30,210
2007
Six months ended 31st
March 2006
Net Assets at 30th
September 2005 197 18,925 3 4,937 7,549 - - (6,061) 25,550
Adjustment to record
listed investments at bid
value - - - - (1) - - - (1)
Amortisation of interest
rate swaps at fair value - - - - - - 60 - 60
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
Fifteen months ended 31st
December 2006
Net Assets at 30th
September 2005 197 18,925 3 4,937 7,549 - - (6,061) 25,550
Adjustment to record
listed investments at bid
value - - - - (1) - - - (1)
Amortisation of interest
rate swaps at fair value - - - - - - 49 - 49
Revenue Return - - - - - - - (996) (996)
Capital Return - - - 1,388 3,540 - - - 4,928
Net Assets at 31st
December 2006 197 18,925 3 6,325 11,088 - 49 (7,057) 29,530
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS - CONSOLIDATED
For the six months ended 30th June 2007 and comparative periods
Called up Share Capital Capital Capital Special Hedging Revenue Total
Share Premium Redemption Reserve Reserve Reserve Reserve Reserve (#000s)
Capital Account Reserve Realised Unrealised (#000s) (#000s) (#000s)
(#000s) (#000s) (#000s) (#000s) (#000s)
Six months ended 30th
June 2007
Net Assets at 31ts
December 2006 197 18,925 3 19,210 11,088 - 49 (19,942) 29,530
Amortisation of interest
rate swaps at fair value - - - - - - (5) - (5)
Revenue Return - - - - - - - (493) (493)
Capital Return - - - 727 461 - - - 1,188
Amounts cancelled upon
reconstruction - - - (10) - - - - (10)
Net Assets at 30th June 197 18,925 3 19,927 11,549 - 44 (20,435) 30,210
2007
Six months ended 31st
March 2006
Net Assets at 30th
September 2005 1,201 18,925 8 19,177 19,029 19,128 - (19,104) 58,364
Adjustment to record
listed investments at bid
value - - - - (1) - - - (1)
Amortisation of interest
rate swaps at fair value - - - - - - 156 - 156
Revenue Return - - - - - - - (485) (485)
Capital Return - - - 6,072 (2,931) - - - 3,141
Net Assets at 31st March 1,201 18,925 8 25,249 16,097 19,128 156 (19,589) 61,175
2006
Fifteen months ended 31st
December 2006
Net Assets at 30th
September 2005 1,201 18,925 8 19,177 19,029 19,128 - (19,104) 58,364
Adjustment to record
listed investments at bid
value - - - - (1) - - - (1)
Amortisation of interest
rate swaps at fair value - - - - - - 49 - 49
Revenue Return - - - - - - - (838) (838)
Capital Return - - - 15,021 (7,940) - - - 7,081
Amounts cancelled upon
reconstruction (1,004) - (5) (14,988) - (19,128) - - (35,125)
Net Assets at 31st
December 2006 197 18,925 3 19,210 11,088 - 49 (19,942) 29,530
CASH FLOW STATEMENT - 2006 POOL
Six Months to Six Months to Fifteen months to
30th June 31st March 31st December
2007 2006 2006
#'000s #'000s #'000s
Net cash (outflow) inflow from operating
activities (39) (250) 7
Servicing of Finance
Interest paid - (11) (11)
Taxation
UK income tax repaid - 2 2
Financial Investment
Purchases of fixed asset investments - (13,541) (31,568)
Sales of fixed asset investments - 15,010 66,651
Receipts from demutualisations - - 907
Net cash inflow from financial investment - 1,469 35,990
Net cash (outflow) inflow before financing (39) 1,210 35,988
Financing
Decrease in medium term loan - (1,300) (1,300)
Amounts cancelled upon reconstruction (53) - (35,082)
Net cash outflow from financing (53) (1,300) (36,382)
Decrease in cash (92) (90) (394)
CASH FLOW STATEMENT - 2009 POOL
Six Months to Six Months to Fifteen months to
30th June 31st March 31st December
2007 2006 2006
#'000s #'000s #'000s
Net cash outflow from operating activities (258) (310) (712)
Servicing of Finance
Interest paid (114) (143) (342)
Taxation
UK income tax repaid - - -
Financial Investment
Purchases of fixed asset investments (393) (432) (1,068)
Sales of fixed asset investments 2,176 771 2,078
Receipts on demutualisations - - 764
Net cash inflow from financial investment 1,783 339 1,774
Net cash inflow(outflow) before financing 1,411 (114) 720
Financing
(Decrease) Increase in medium term loan (875) 200 (350)
Net cash inflow (outflow) from financing (875) 200 (350)
Increase in cash 536 86 370
CASH FLOW STATEMENT - CONSOLIDATED
Six Months to Six Months to Fifteen months to
30th June 31st March 31st December
2007 2006 2006
#'000s #'000s #'000s
Net cash outflow from operating activities (297) (560) (705)
Servicing of Finance
Interest paid (114) (154) (353)
Taxation
UK income tax repaid - 2 2
Financial Investment
Purchases of fixed asset investments (393) (13,973) (32,636)
Sales of fixed asset investments 2,176 15,781 68,729
Receipts from demutualisations - - 1,671
Net cash inflow from financial investment 1,783 1,808 37,764
Net cash inflow before financing 1,372 1,096 36,708
Financing
Decrease in medium term loan (875) (1,100) (1,650)
Amounts cancelled upon reconstruction (53) - (35,082)
Net cash outflow from financing (928) (1,100) (36,732)
Increase (Decrease) in cash 444 (4) (24)
.
2009 POOL
ALLIANZ DRESDNER SECOND ENDOWMENT POLICY TRUST plc
TWENTY LARGEST HOLDINGS BY LIFE OFFICE
As at 30th June 2007
Life Office Value of Policies
#'000s % of Total
Investments
Standard Life 9,000 26.6
Legal & General 5,330 15.8
Prudential (Scottish Amicable) 3,270 9.7
Scottish Widows 2,339 6.9
AVIVA (Norwich Union) 1,809 5.3
Prudential 1,755 5.2
Scottish Life 1,482 4.4
Clerical Medical 1,354 4.0
Scottish Provident 1,047 3.1
Friends Provident 724 2.1
Colonial 349 1.0
National Mutual 344 1.0
Gresham Life 335 1.0
Royal & Sun Alliance (Royal Life) 288 0.9
Sun Life of Canada 220 0.7
AVIVA (Provident Mutual) 208 0.6
Britannic Assurance 174 0.5
Guardian Assurance 158 0.5
Scottish Equitable 151 0.4
Alba Life (FS Assurance) 146 0.4
Total of twenty largest holdings 30,483 90.1
Others 2,370 7.0
Total holdings of endowment policies 32,853 97.1
Fixed Interest Holdings
Abbey 5.375% 30/12/09 499 1.5
Finland 10.125% 22/06/08 487 1.4
986 2.9
TOTAL OF INVESTED FUNDS 33,839 100.0
Note 1
The Returns per 2009 Share have been calculated using a weighted average number
of shares in issue during the period of 19,745,000 (31st December 2006
19,745,000); 31st March 2006 19,745,000).
Note 2
The total columns on pages 3 to 11 are the profit and loss accounts of the 2006
Pool, 2009 Pool and 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.
Note 4
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 fifteen months ended 31st December
2006.
The non-statutory accounts for the fifteen months to 31st December 2006 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 values on
page 2.
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 death claims or demutualisation
benefits arise and no further purchases or disposals of policies are made;
2) The latest reversionary and terminal bonus rates declared at 30th
June 2007 continue to apply until maturity or are reduced immediately by 20% or
100%, or increased by 20%, 50% or 100%;
3) The estimated mid-market gross redemption yields as at 30th June 2007, 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 are assumed to be consistent with the shape of the swap
rate yield curve at 30th June 2007; and
5) No further shares are issued or repurchased, nor are any dividends paid.
6) They do not account for any likely costs of liquidation.
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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