Net Asset Value(s) - Replacement

    RNS Number : 5329H
  Allianz Dresdr 2 Endw Policy TstPLC
  05 November 2008
   

    The following replaces "Net Asset Value(s)" announcement released earlier today, Wednesday 5 November 2008 at 13.29 under RNS Number
5136H for Allianz Dresdner Second Endowment Policy Trust plc.
    One of the Fixed Interest Holdings was incorrectly stated.  



    Allianz Dresdner Second Endowment Policy Trust plc

    2009 Pool

    The Company announces that its unaudited net asset value as at 30th September 2008 was 155.7p per 2009 Share.

    The valuation of the Company's endowment policy portfolio comprises estimates of mid-market price based on the Company's Investment
Advisers' own bid pricing information, with a floor of 100% of estimated surrender value in each case. This has resulted in an aggregate
valuation of the endowment policy portfolio of 102.0% of estimated surrender value, compared to 103.0% last quarter.

    Projected final net asset values

    The Company publishes projected final net asset values on a regular basis. These projections have been based both on current bonus rate
levels and, in order to give a measure of the sensitivity of the projected final net asset value to changes in bonus rates on 150%,
120%,100% and 80% of current bonus rates and no further bonuses. Projected final net asset values as at 30th September 2008 are:

    Projected final net asset values as at 31st December 2009:-

    177.0p per 2009 Share, assuming 150% of current bonus rates,
    167.4p per 2009 Share, assuming 120% of current bonus rates,
    161.0p per 2009 Share, assuming 100% of current bonus rates, 
    154.7p per 2009 Share, assuming 80% of current bonus rates, 
    130.1p per 2009 Share, assuming no further bonuses.

    Projected final net asset values are calculated using the principal bases and assumptions set out in the Annual Financial Report which,
inter alia, assume no further death claims, or demutualisation benefits are received and no further purchases or disposals of policies are
made. They have been calculated after deduction of estimated future expenses and interest costs. Interest rates over the Company's life are
assumed to be consistent with the shape of the swap yield curve at 30th September 2008. 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. 


 ALLIANZ DRESDNER SECOND ENDOWMENT POLICY TRUST plc

 TWENTY LARGEST HOLDINGS BY LIFE OFFICE
 As at 30th September 2008 - 2009 POOL

 Life Office                                          Value of Policies
                                                £'000s      % of total investment

 Standard Life                                   8,369                       28.2
 Legal & General                                 3,253                       11.0
 Prudential (Scottish Amicable)                  2,439                        8.2
 Scottish Widows                                 1,772                        6.0
 Prudential                                      1,526                        5.2
 AVIVA (Norwich Union)                           1,500                        5.1
 Scottish Life                                   1,275                        4.3
 Clerical Medical                                1,157                        3.9
 Scottish Provident                              1,130                        3.8
 Friends Provident                                 365                        1.2
 Colonial Mutual                                   349                        1.2
 Gresham Life                                      251                        0.8
 Royal & Sun Alliance (Royal Life)                 228                        0.8
 AVIVA (Provident Mutual)                          212                        0.7
 Sun Life of Canada                                196                        0.6
 Scottish Equitable                                124                        0.4
 Pearl Assurance                                   120                        0.4
 AXA (Sun Life)                                    114                        0.4
 Britannic Assurance                               108                        0.4
 NFU Mutual                                        106                        0.4

 Total of twenty largest holdings               24,594                       83.0
 Others                                          1,469                        5.0
 Total holdings of endowment policies           26,063                       88.0

 Fixed Interest Holdings
 Abbey 5.375% 30/12/09                             500                        1.7
 UK Govt 5.75% 07/12/09                          3,064                       10.3
                                                 3,564                       12.0

 TOTAL OF INVESTED FUNDS                        29,627                     100.00







    155 Bishopsgate                By Order of the Board
    London EC2M 3AD                P W I Ingram
    5th November 2008                Company Secretary

This information is provided by RNS
The company news service from the London Stock Exchange
 
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