Interim Management Statement
May 06 2008 - 5:44AM
UK Regulatory
RNS Number:7564T
Allianz Dresdr 2 Endw Policy TstPLC
06 May 2008
Allianz Dresdner Second Endowment Policy Trust PLC
Interim Management Statement
For the quarter ending 31st March 2008
This interim management statement relates to the quarter from 1st January 2008
to 31st March 2008 and contains information for that period unless otherwise
stated. This statement is produced to provide information in accordance with DTR
Rule 4.3.
Investment objective
The Company's objective is to invest in mid-term with-profits endowment policies
to provide capital growth over its planned life to 31st December 2009.
Basis of valuation
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
103.8% of estimated surrender value, compared to 104.1% 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 31st March 2008 are:
Projected final net asset values at 31st December 2009:
Assuming 150% of current bonus rates: 186.6p
Assuming 120% of current bonus rates: 173.3p
Assuming 100% of current bonus rates: 164.5p
Assuming 80% of current bonus rates: 155.9p
Assuming no further bonuses: 122.8p
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 31st March 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.
Portfolio
Twenty largest holdings by life office at 31st March 2008
Life Office Value of Policies
#'000s % of total
investment
Standard Life 9,191 29.0
Legal & General 4,563 14.4
Prudential (Scottish Amicable) 2,948 9.3
Scottish Widows 2,062 6.5
AVIVA (Norwich Union) 1,722 5.4
Prudential 1,625 5.1
Scottish Life 1,424 4.6
Clerical Medical 1,306 4.1
Scottish Provident 1,114 3.5
Friends Provident 641 2.0
Colonial Mutual 406 1.3
Royal & Sun Alliance (Royal Life) 284 0.9
National Mutual 269 0.8
Gresham Life 247 0.8
AVIVA (Provident Mutual) 204 0.6
Sun Life of Canada 203 0.6
Britannic Assurance 175 0.6
AVIVA (Commercial Union) 147 0.5
Pearl Assurance 132 0.4
Scottish Equitable 129 0.4
Total of twenty largest holdings 28,792 90.8
Others 1,918 6.1
Total holdings of endowment policies 30,710 96.9
Fixed Interest Holdings
Abbey 5.375% 30/12/09 508 1.6
Finland 10.125% 22/06/08 473 1.5
981 3.1
TOTAL OF INVESTED FUNDS 34,932 100.0
Material events and transactions
No dividends were paid during the quarter.
There were no changes to the Company's share capital over the period.
The Annual General Meeting was held on 24th April 2008 and all resolutions were
passed.
Financial Performance to 31st March 2008
% change
3m 6m 1yr 3yr 5yrs
Share price 0.92 3.57 3.57 37.41 59.25
Net Asset Value 1.27 1.40 3.52 24.22 35.67
Benchmark* -10.49 -10.10 -6.26 29.10 87.38
Source: Datastream
Total return with net dividends reinvested and net of fees.
* FTSE 100 Total Return
Financial position at 31st March 2008
31st March
Net assets #31,395,448
Share price 137.75p
Net asset value1 159.0p
Discount2 13.4%
Gearing 3 (1.5%)
1 Net asset values are calculated and announced quarterly.
2 The discount is the difference between the share price and the NAV (debt at
book value) per share expressed as a percentage of the NAV per share.
3 Actual gearing - net of cash and fixed interest.
Company Information
Launch date 1998
EPIC ADRK
Year end 31 December
Report and Accounts Final posted March, Interim posted August
AGM April
Price Information Financial Times, The Daily Telegraph, www.allianzgi.co.uk
Investor information
Further up to date information, including Net Asset Values and share prices, and
the latest available factsheets and portfolio information, is provided on the
Managers' website, which can be accessed via www.allianzgi.co.uk . Investor
Services can be contacted on 020 7065 1407 and information can also be obtained
from the Managers' helpline on 0800 317 573.
By order of the Board
Allianz Dresdner Second Endowment Policy Trust PLC
155 Bishopsgate
London EC2M 3AD
6 May 2008
This information is provided by RNS
The company news service from the London Stock Exchange
END
IMSUUUBWAUPRUBQ
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