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
Allianz Dresdr Endw Policy Tstpl (LSE:ADRK)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Allianz Dresdr Endw Policy Tstpl (LSE:ADRK)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024
