TIDMBIF
RNS Number : 0894R
BarclaysGlbl Inv Endowment Fd II Ld
24 April 2009
For Immediate Release 24 April 2009
Barclays Global Investors Endowment Fund II Limited
Interim Results for the six months ended 28 February 2009
Barclays Global Investors Endowment Fund II Limited (BGIEF II), launched in
December 1996, is a Jersey-registered closed-ended investment company, which
invests in a range of traded with-profits endowment policies. The policies,
which are written by a variety of life offices, thereby seeking to achieve for
shareholders a strategic objective of an attractive level of capital growth
coupled with low investment risk. It is the Company's policy not to invest in
other UK listed investment companies. One fifth of the Company's original shares
were redeemed in 2005, 2006, 2007 and 2008. It is the intention of the Directors
to wind up the Company after 1 September 2009. As policies do not produce
income, the Directors do not intend to recommend dividend payments to
shareholders.
During a period when the FTSE All Share Index fell by an exceptional
32.7%, financial results for the six months ended 28 February 2009 include:
+---+-------------------------------------------------------------------------------+
| - | Decrease in Net Asset Value of 5.2% |
| | |
+---+-------------------------------------------------------------------------------+
| - | Share price fall of 14.6% from 128.75p to 110.0p per share (standing today at |
| | 118p) |
| | |
+---+-------------------------------------------------------------------------------+
| - | Fourth capital redemption payment made to shareholders on 3 September 2008 at |
| | a price of 133p per share |
| | |
+---+-------------------------------------------------------------------------------+
Commenting on the results, Peter Bailey, Chairman, said:
"Economic and capital market conditions around the world have generally
continued to deteriorate during the last six months, and indices for most of the
major equity markets stand at lower levels than they did when the company was
launched in 1996. TEP market prices have held up well relative to equities since
August 2008 as investors view them as relatively safe investments, but poor
investment returns for life funds mean that bonuses have seen some substantial
cuts. Nevertheless despite experiencing some regrettable losses in NAV and share
price our investors have been protected from the worst of the prevailing market
conditions during this extraordinary period.
As we near the liquidation of the company at the end of August, its investments
are increasingly taking the form of cash related assets."
For further information please contact:
+-----------------------------------------------+-----------------------------------+
| Barclays Global Investors Endowment Fund II | |
| Limited | |
+-----------------------------------------------+-----------------------------------+
| Peter Bailey | 01534 855908 |
+-----------------------------------------------+-----------------------------------+
| | |
+-----------------------------------------------+-----------------------------------+
| Barclays Global Investors Limited | |
+-----------------------------------------------+-----------------------------------+
| Adrian Lawrence | 0207 668 8335 |
+-----------------------------------------------+-----------------------------------+
| | |
+-----------------------------------------------+-----------------------------------+
| Weber Shandwick Financial | |
+-----------------------------------------------+-----------------------------------+
| Alex Brown /Victoria Dodson | 0207 067 0700 |
+-----------------------------------------------+-----------------------------------+
CHAIRMAN'S STATEMENT
Overview
Economic and capital market conditions around the world have generally continued
to deteriorate during the last six months. As I write, indices for most of the
major equity markets stand at lower levels than they did when the Company was
launched in the autumn of 1996, and the Bank of England base rate, at an
all-time low of 0.5%, indicates the extreme measures the UK authorities are
taking to stimulate growth. Traded Endowment Policy ("TEP") market prices have
held up well relative to equities since August 2008, but poor investment returns
for life funds mean that bonuses have seen some substantial cuts. However, as we
are now quite close to the liquidation of the Company, its assets are
increasingly taking the form of cash as policies mature.
Economies and markets
Growth has continued to weaken in all the major economies over the last six
months, and the general view is that the recession is now likely to last longer
than was foreseen last year. Forecasters currently estimate that global growth
will slow to about 2% in 2009, compared to estimates of about 3% made in the
autumn. By contrast, the UK economy, the worst hit of all major economies, is
now forecast to contract by nearly 3% this year, compared to estimates of a 1%
contraction made six months ago, and will probably struggle to make any growth
in 2010. The latest "quantitative easing" measures adopted by the Bank of
England to stimulate growth involve large purchases in the bond markets that
should have the effect of supporting bond prices, but equity markets are likely
to struggle for some time before making any sustained progress against the
prevailing economic gloom.
TEP market turnover continues to be fairly low. Some UK investors are still
buying because they see TEPs as relatively safe investments in a world where
financial markets have become much more volatile and uncertain, knowing they can
rely on values supported by guaranteed sums assured and attaching bonuses.
However, it is still overseas investors who are the main buyers, albeit on a
more modest scale than last year. TEP price valuation, however, has probably
become even more of an art than hitherto. Where funds are faced with substantial
sales orders from investors wanting their money back, they are usually no longer
able to sell blocks of TEPs as they used to do, and therefore have had to
surrender policies to the issuing life offices. Unsurprisingly, in this climate,
the quality of information available on TEP prices is limiting.
Shareholder Returns
During the six months to 28 February 2009 the Company's net asset value (NAV)
decreased by 5.2%, and the share price fell by 14.6% from 128.75p to 110p,
standing today at 118p. The latest available NAV, calculated as at 31 March
2008, is 126.50p per share. By comparison, the FTSE All Share Index fell over
the same period by an exceptional 32.7%, while the FTSE Actuaries British
Government 5-15 Year Index, rose by 7.7%.
The Life Assurance Industry
Not much that has happened in the UK life insurance sector during the last six
months is likely to have a significant impact on maturity payouts before the 31
August 2009 year-end. To be sure, life office sales and profits are down, and
the industry continues to rationalise because balance sheets are still under
pressure, but the current financial environment presents new business
opportunities as well as threats. We believe that those life funds that have
weathered the storm well to date, and those that currently have an attractive
mix of assets, are also the ones that should deliver the best returns to their
policy holders.
The FSA still monitors closely the solvency positions of life offices. It
applies stress tests to balance sheets in order to simulate very severe stock
market conditions, including further very large falls from current levels in
equity and bond markets, and ensures that life companies have substantial
reserves in place.
Investment returns and bonuses
Exceptional stock market conditions during the year mean that asset shares are
at very low levels. The main bonus season in the first three months of 2008 gave
a mixed picture across the sector, with some offices announcing small increases,
and others small decreases. In contrast, the second half of the year generally
saw large cuts, which had a negative impact on the Fund. Not surprisingly, bonus
declarations this year have nearly all been negative, with typical reductions on
an annualised basis of up to 15% of policy values.
Capital Redemption and Liquidation
The fourth capital redemption payment was made to shareholders on 3 September
2008 at a price of 133p per share. The cash flow arising from the proceeds of
maturity payouts has been invested in the BGI Liquidity Fund.
It is planned that the Company will commence a voluntary liquidation soon after
the 31 August 2009 year-end. Since all policies are scheduled to mature before
31 August 2009, the Company should be entirely in cash related assets at the
year end. As it is anticipated that the Liquidator will be able to make a
significant first liquidation payment shortly after that date the Board has
accordingly resolved not to make a 5th redemption payment.
Outlook
Although it is very likely that markets will continue to experience significant
volatility during the current year, the outlook for the Company is limited to
its final year end of 31 August and subsequent liquidation, a period during
which, as already indicated, the company is increasingly in a cash only
situation.
Peter Bailey, Chairman
22 April 2009
+---------------------------------+--+-----------+-----------+------------+---------+---------+----------+---------+---------+----------+
| INCOME STATEMENT (UNAUDITED) | | | | | | | | | |
+------------------------------------+-----------+-----------+------------+---------+---------+----------+---------+---------+----------+
| | | | | | | | | | | |
+---------------------------------+--+-----------+-----------+------------+---------+---------+----------+---------+---------+----------+
| For the six months ended 28 | | | | | | | | | |
| February 2009 | | | | | | | | | |
+------------------------------------+-----------+-----------+------------+---------+---------+----------+---------+---------+----------+
| | | 6 months to 28.02.09 | 6 months to 29.02.08 | 12 months to 31.08.08 |
+---------------------------------+--+------------------------------------+------------------------------+------------------------------+
| | | Revenue | Capital | | Revenue | Capital | | Revenue | Capital | |
+---------------------------------+--+-----------+-----------+------------+---------+---------+----------+---------+---------+----------+
| | | GBP 000 | GBP 000 | GBP 000 | GBP 000 | GBP 000 | GBP 000 | GBP 000 | GBP 000 | GBP 000 |
+---------------------------------+--+-----------+-----------+------------+---------+---------+----------+---------+---------+----------+
| Capital | | | | | | | | | | |
+---------------------------------+--+-----------+-----------+------------+---------+---------+----------+---------+---------+----------+
| Realised gains on financial assets | - | 1,173 | 1,173 | - | 2,513 | 2,513 | - | 5,144 | 5,144 |
| at fair value | | | | | | | | | |
+------------------------------------+-----------+-----------+------------+---------+---------+----------+---------+---------+----------+
| Movement in fair value of | - | (1,448) | (1,448) | - | (1,930) | (1,930) | - | (4,523) | (4,523) |
| investments | | | | | | | | | |
+------------------------------------+-----------+-----------+------------+---------+---------+----------+---------+---------+----------+
| | | | | | | | | | | |
+---------------------------------+--+-----------+-----------+------------+---------+---------+----------+---------+---------+----------+
| Revenue | | | | | | | | | | |
+---------------------------------+--+-----------+-----------+------------+---------+---------+----------+---------+---------+----------+
| Interest income | 33 | - | 33 | 28 | - | 28 | 97 | - | 97 |
+------------------------------------+-----------+-----------+------------+---------+---------+----------+---------+---------+----------+
| Administrative expenses | (158) | - | (158) | (195) | - | (195) | (383) | - | (383) |
+------------------------------------+-----------+-----------+------------+---------+---------+----------+---------+---------+----------+
| | | | | | | | | | | |
+---------------------------------+--+-----------+-----------+------------+---------+---------+----------+---------+---------+----------+
| Net return before finance costs | (125) | (275) | (400) | (167) | 583 | 416 | (286) | 621 | 335 |
+------------------------------------+-----------+-----------+------------+---------+---------+----------+---------+---------+----------+
| Interest payable | (5) | - | (5) | (175) | - | (175) | (188) | - | (188) |
+------------------------------------+-----------+-----------+------------+---------+---------+----------+---------+---------+----------+
| | | | | | | | | | | |
+---------------------------------+--+-----------+-----------+------------+---------+---------+----------+---------+---------+----------+
| Return on ordinary activities | | | | | | | | | |
+------------------------------------+-----------+-----------+------------+---------+---------+----------+---------+---------+----------+
| for the period | (130) | (275) | (405) | (342) | 583 | 241 | (474) | 621 | 147 |
+------------------------------------+-----------+-----------+------------+---------+---------+----------+---------+---------+----------+
| | | | | | | | | | | |
+---------------------------------+--+-----------+-----------+------------+---------+---------+----------+---------+---------+----------+
| Return per redeemable ordinary | | | (8.10p) | | | 2.41p | | | 1.47p |
| share | | | | | | | | | |
+------------------------------------+-----------+-----------+------------+---------+---------+----------+---------+---------+----------+
| Redemption of redeemable ordinary | | | 1.09p | | | 2.21p | | | 2.21p |
| shares | | | | | | | | | |
+------------------------------------+-----------+-----------+------------+---------+---------+----------+---------+---------+----------+
| | | | | | | | | | | |
+---------------------------------+--+-----------+-----------+------------+---------+---------+----------+---------+---------+----------+
| Change in net asset value | | | (7.01p) | | | 4.62p | | | 3.68p |
+------------------------------------+-----------+-----------+------------+---------+---------+----------+---------+---------+----------+
| Dividend per redeemable ordinary | | | Nil | | | Nil | | | Nil |
| share | | | | | | | | | |
+------------------------------------+-----------+-----------+------------+---------+---------+----------+---------+---------+----------+
| | | | | | | | | | | |
+---------------------------------+--+-----------+-----------+------------+---------+---------+----------+---------+---------+----------+
| | | | | | | | | | | |
+---------------------------------+--+-----------+-----------+------------+---------+---------+----------+---------+---------+----------+
| | | | | | | | | | | |
+---------------------------------+--+-----------+-----------+------------+---------+---------+----------+---------+---------+----------+
| All revenue and capital items in the above statement derive from | | | | | | |
| continuing activities. | | | | | | |
+---------------------------------+--+-----------+-----------+------------+---------+---------+----------+---------+---------+----------+
BALANCE SHEET (UNAUDITED)
As at 28 February 2009
+-----------------------------------------------+--------------+----------+----------+
| | 28.02.09 | 29.02.08 | 31.08.08 |
+-----------------------------------------------+--------------+----------+----------+
| | GBP 000 | GBP 000 | GBP 000 |
+-----------------------------------------------+--------------+----------+----------+
| | | | |
+-----------------------------------------------+--------------+----------+----------+
| Fixed assets | | | |
+-----------------------------------------------+--------------+----------+----------+
| Financial assets at fair value through profit | - | 4,296 | - |
| or loss | | | |
+-----------------------------------------------+--------------+----------+----------+
| | | | |
+-----------------------------------------------+--------------+----------+----------+
| | | | |
+-----------------------------------------------+--------------+----------+----------+
| Current assets | | | |
+-----------------------------------------------+--------------+----------+----------+
| Cash at bank | 397 | 346 | 286 |
+-----------------------------------------------+--------------+----------+----------+
| | | | |
+-----------------------------------------------+--------------+----------+----------+
| Debtors | 702 | 504 | 1,450 |
+-----------------------------------------------+--------------+----------+----------+
| | | | |
+-----------------------------------------------+--------------+----------+----------+
| Investments | 5,770 | 11,164 | 12,178 |
+-----------------------------------------------+--------------+----------+----------+
| | | | |
+-----------------------------------------------+--------------+----------+----------+
| | 6,869 | 12,014 | 13,914 |
+-----------------------------------------------+--------------+----------+----------+
| | | | |
+-----------------------------------------------+--------------+----------+----------+
| Current liabilities | | | |
+-----------------------------------------------+--------------+----------+----------+
| Creditors: Amounts falling due within one | (364) | (332) | (354) |
| year | | | |
+-----------------------------------------------+--------------+----------+----------+
| | | | |
+-----------------------------------------------+--------------+----------+----------+
| Net current assets | 6,505 | 11,682 | 13,560 |
+-----------------------------------------------+--------------+----------+----------+
| | | | |
+-----------------------------------------------+--------------+----------+----------+
| Total assets less current liabilities | 6,505 | 15,978 | 13,560 |
+-----------------------------------------------+--------------+----------+----------+
| Creditors: Amounts falling due after | | | |
+-----------------------------------------------+--------------+----------+----------+
| more than one year | - | (2,324) | - |
+-----------------------------------------------+--------------+----------+----------+
| | | | |
+-----------------------------------------------+--------------+----------+----------+
| Total | 6,505 | 13,654 | 13,560 |
+-----------------------------------------------+--------------+----------+----------+
| | | | |
+-----------------------------------------------+--------------+----------+----------+
| | | | |
+-----------------------------------------------+--------------+----------+----------+
| Represented by: | | | |
+-----------------------------------------------+--------------+----------+----------+
| Net assets attributable to holders of | | | |
+-----------------------------------------------+--------------+----------+----------+
| Redeemable ordinary shares | 6,355 | 13,504 | 13,410 |
+-----------------------------------------------+--------------+----------+----------+
| | | | |
+-----------------------------------------------+--------------+----------+----------+
| Preference shares | 150 | 150 | 150 |
+-----------------------------------------------+--------------+----------+----------+
| | | | |
+-----------------------------------------------+--------------+----------+----------+
| | | | |
+-----------------------------------------------+--------------+----------+----------+
| Total | 6,505 | 13,654 | 13,560 |
+-----------------------------------------------+--------------+----------+----------+
| | | | |
+-----------------------------------------------+--------------+----------+----------+
| | | | |
+-----------------------------------------------+--------------+----------+----------+
| Net assets | | | |
+-----------------------------------------------+--------------+----------+----------+
| Per redeemable ordinary share | 127.09p | 135.04p | 134.10p |
+-----------------------------------------------+--------------+----------+----------+
CASH FLOW STATEMENT (UNAUDITED)
For the six months ended 28 February 2009
+-----------------------------------------------+------------+------------+-----------+
| | 6 months | 6 months | 12 months |
| | to | to | to |
+-----------------------------------------------+------------+------------+-----------+
| | 28.02.09 | 29.02.08 | 31.08.08 |
+-----------------------------------------------+------------+------------+-----------+
| | GBP 000 | GBP 000 | GBP 000 |
+-----------------------------------------------+------------+------------+-----------+
| Net cash outflow from operating activities | 552 | (70) | (1,235) |
+-----------------------------------------------+------------+------------+-----------+
| Capital expenditure and financial investment | | | |
+-----------------------------------------------+------------+------------+-----------+
| Payments of premiums | (41) | (187) | (288) |
+-----------------------------------------------+------------+------------+-----------+
| Cash received from policies ceasing on | 3,533 | 7,504 | 14,603 |
| maturity | | | |
+-----------------------------------------------+------------+------------+-----------+
| Cash received from policies ceasing on | | | 1,177 |
| surrender | | | |
+-----------------------------------------------+------------+------------+-----------+
| Net cash inflow from capital expenditure | | | |
+-----------------------------------------------+------------+------------+-----------+
| and financial investment | 3,492 | 7,317 | 15,492 |
+-----------------------------------------------+------------+------------+-----------+
| | | | |
+-----------------------------------------------+------------+------------+-----------+
| Net cash inflow before management of | | | |
+-----------------------------------------------+------------+------------+-----------+
| liquid reserves and financing | 4,044 | 7,247 | 14,257 |
+-----------------------------------------------+------------+------------+-----------+
| | | | |
+-----------------------------------------------+------------+------------+-----------+
| Management of liquid resources | | | |
+-----------------------------------------------+------------+------------+-----------+
| Net cash redeemed from/(invested in) | 2,687 | 590 | (4,220) |
| liquidity fund shares | | | |
+-----------------------------------------------+------------+------------+-----------+
| | | | |
+-----------------------------------------------+------------+------------+-----------+
| Financing | | | |
+-----------------------------------------------+------------+------------+-----------+
| (Decrease) in loan | (4) | (1,400) | (3,741) |
+-----------------------------------------------+------------+------------+-----------+
| Net cash outflow from share redemptions | (6,616) | (6,300) | (6,219) |
+-----------------------------------------------+------------+------------+-----------+
| Net cash outflow from financing | (6,620) | (7,700) | (9,960) |
+-----------------------------------------------+------------+------------+-----------+
| Increase in cash in the period | 111 | 137 | 77 |
+-----------------------------------------------+------------+------------+-----------+
Notes to the accounts
1. Accounting Policies
The Directors confirm that, to the best of their knowledge, this condensed set
of financial statements has been prepared in accordance with United Kingdom
Generally Accepted Accounting Practice (UK GAAP) and applicable Jersey law.
The financial information for each of the six month periods ended 28 February
2009 and 29 February 2008 comprise non-statutory accounts whilst the financial
information for the year ended 31 August 2008, which has been summarised in
these financial statements, received an unqualified auditors' report and have
been delivered to the UK Financial Services Authority and the Jersey Financial
Services Commission.
The Directors consider it appropriate to adopt the going concern basis in
preparing the condensed financial statements for the period to 28 February
2009.
2. Return per redeemable ordinary share
The return for the 6 months to 28 February 2009 is based on 5,000,017 ordinary
shares in issue following the redemption of 4,999,978 shares on 3 September
2008, which was unchanged for the remainder of the period
3. Called up share capital
On 3 September 2008 the Company redeemed one half of its ordinary shares
(4,999,978) at 133.0p per share leaving 5,000,017 shares in issue, which was
unchanged for the remainder of the period. The redemption proceeds repaid share
capital and premium of GBP6,649,971 to shareholders.
4. Reconciliation of Movements in Shareholders' Funds
+----------------+----------------+----------------+----------------+----------------+
| | | 6 months to | 6 months to | Year to |
| | | 28.02.09 | 29.02.08 | 31.08.08 |
+----------------+----------------+----------------+----------------+----------------+
| | | GBP 000 | GBP 000 | GBP 000 |
+----------------+----------------+----------------+----------------+----------------+
| Revenue deficit for the period | (130) | (342) | (474) |
+---------------------------------+----------------+----------------+----------------+
| Recognised capital | (275) | 583 | 621 |
| (losses)/gains for the period | | | |
+---------------------------------+----------------+----------------+----------------+
| Capital redemption during | (6,650) | (6,300) | (6,300) |
| period | | | |
+---------------------------------+----------------+----------------+----------------+
| Issue of preference shares | - | 50 | 50 |
+---------------------------------+----------------+----------------+----------------+
| Net decrease in shareholder | (7,055) | (6,009) | (6,103) |
| funds | | | |
+---------------------------------+----------------+----------------+----------------+
| Opening shareholders' funds | 13,560 | 19,663 | 19,663 |
+---------------------------------+----------------+----------------+----------------+
| Closing shareholders' funds | 6,505 | 13,654 | 13,560 |
+----------------+----------------+----------------+----------------+----------------+
+----------------+----------------+----------------+----------------+----------------+
| Shareholders' funds attributable to each class of share |
+------------------------------------------------------------------------------------+
| | | 6 months to | 6 months to | Year to |
| | | 28.02.09 | 29.02.08 | 31.08.08 |
+----------------+----------------+----------------+----------------+----------------+
| | | GBP 000 | GBP 000 | GBP 000 |
+----------------+----------------+----------------+----------------+----------------+
| Equity shares | | 6,355 | 13,504 | 13,410 |
+----------------+----------------+----------------+----------------+----------------+
| Non-equity | | 150 | 150 | 150 |
| shares | | | | |
+----------------+----------------+----------------+----------------+----------------+
| | | 6,505 | 13,654 | 13,560 |
+----------------+----------------+----------------+----------------+----------------+
DISTRIBUTION OF POLICIES
Distribution by value of policies held on 28 February 2009
+----------------------------------+----------+
| Policies held by maturity date | % |
+----------------------------------+----------+
| Up to 31 August 2009 | 41.9 |
+----------------------------------+----------+
| 1 September 2009 onwards | - |
+----------------------------------+----------+
| Total holdings of policies | 41.9 |
+----------------------------------+----------+
| BGI Sterling First Liquidity | 42.1 |
| Fund* | |
+----------------------------------+----------+
| Other current assets | 16.0 |
+----------------------------------+----------+
| Total | 100.0 |
+----------------------------------+----------+
+--------------+--------------+------+------+-----------------+-------------+--------------+
| Life office | | % | | Life office | | % |
+--------------+--------------+------+------+-----------------+-------------+--------------+
| Aegon: | Scottish | 3.0 | | Royal London: | Refuge | 0.2 |
| | Equitable | | | | | |
+--------------+--------------+------+------+-----------------+-------------+--------------+
| Aviva: | Commercial | 0.7 | | | Scottish | 0.5 |
| | Union | | | | Life | |
+--------------+--------------+------+------+-----------------+-------------+--------------+
| | General | 1.2 | | Standard Life: | | 4.6 |
| | Accident | | | | | |
+--------------+--------------+------+------+-----------------+-------------+--------------+
| | Norwich | 4.7 | | Sun Life of | | 0.5 |
| | Union | | | Canada: | | |
+--------------+--------------+------+------+-----------------+-------------+--------------+
| | Provident | 1.2 | | Swiss Re: | National | 0.6 |
| | Mutual | | | | Mutual | |
+--------------+--------------+------+------+-----------------+-------------+--------------+
| AXA: | Sun Life | 0.1 | | Windsor: | Gresham | 1.0 |
+--------------+--------------+------+------+-----------------+-------------+--------------+
| Cooperative: | | 0.2 | | Zurich: | Eagle Star | 0.6 |
+--------------+--------------+------+------+-----------------+-------------+--------------+
| Friends | Friends | 0.6 | | | | |
| Provident: | Provident | | | | | |
+--------------+--------------+------+------+-----------------+-------------+--------------+
| Legal & | | 3.3 | | | | |
| General: | | | | | | |
+--------------+--------------+------+------+-----------------+-------------+--------------+
| Lloyds TSB: | Clerical | 1.1 | | Total holdings of policies | 41.9 |
| | Medical | | | | |
+--------------+--------------+------+------+-------------------------------+--------------+
| | Scottish | 3.7 | | | |
| | Widows | | | | |
+--------------+--------------+------+------+-------------------------------+--------------+
| Pearl: | Pearl | 0.8 | | Other assets | |
+--------------+--------------+------+------+-------------------------------+--------------+
| | Royal | 1.0 | | BGI Sterling First Liquidity | 42.1 |
| | | | | Fund* | |
+--------------+--------------+------+------+-------------------------------+--------------+
| | Scottish | 0.1 | | Other current assets | 16.0 |
| | Provident | | | | |
+--------------+--------------+------+------+-------------------------------+--------------+
| | Sun Alliance | 0.7 | | | |
+--------------+--------------+------+------+-------------------------------+--------------+
| Prudential: | Prudential | 1.3 | | Total assets | 100.0 |
+--------------+--------------+------+------+-------------------------------+--------------+
| | Scottish | 10.2 | | | |
| | Amicable | | | | |
+--------------+--------------+------+------+-------------------------------+--------------+
| | | | | Number of policies held | 120 |
+--------------+--------------+------+------+-------------------------------+--------------+
| | | | | Total value of policies | GBP2,876,823 |
+--------------+--------------+------+------+-------------------------------+--------------+
| | | | | Total assets | GBP6,868,556 |
+--------------+--------------+------+------+-------------------------------+--------------+
| | | | | | |
+--------------+--------------+------+------+-----------------+-------------+--------------+
The majority of policies have original terms between 20 and 25 years. All
policies mature before 31 August 2009.
*A sub-fund of Barclays Global Investors Cash Selection Funds plc.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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