Clerical Medical Life With Profits Funds, Bonds and Policies

Clerical Medical

Ownership status

Clerical medical is at present part of the HBOS group.

Range of Policies

Clerical Medical offers various types of with-profits policies which can be subdivided into life and pension policies. Life policies include, with-profits bonds, flexible growth bond, income bond and regular premium. Pension policies include regular premium, special payments, invested annuity and staff links.

Financial strength

Moody’s - Aa3

Standard and poor’s - A+

Asset Mix

	Uk Fixed Interest	Overseas Fixed interest	Property	UK shares	Overseas shares	Index Linked & Cash
(%) Share	27.4 %	3.1%	20.4%	35.4%	7.1%	5.6%

Source: www.clericalmedical.com/withprofits

On 31 Dec 2006, the size of the whole of Clerical Medical’s With-profit fund was £16.2 billion. The figures above show the figures used in calculating asset shares for sterling policies only

MVRs

	WP Bond	Single Premium Pension (0% RBG*)	Single Premium Pension (3.75% RBG*)	Single Premium Pension *(4% RBG)**
2000 Q4	0%	0%	4%	5%
2000 Q3	1%	0%	6%	7%
2000 Q2	2%	0%	6%	7%
2000 Q1	2%	0%	6%	7%
1999 Q4	0%	0%	4%	5%
1999 Q3	0%	0%	3%	4%
1999 Q2	0%	0%	3%	4%
1999 Q1	0%	0%	0%	2%
1998 Q4	0%	0%	0%	1%

Source: www.clericalmedical.com/withprofits

*RBG = Regular Bonus Guarantee

With-Profits return

	3m return	6m return	1yr return	3yr return	5yr return	10yr return	25yr return
WP Bond	0.3%	0.4%	1.0%	2.8%	8.3%
Sector average	0.4%	1.4%	2.9%	9.6%	16.2%

Phoenix WP Pension	1.0%	2.0%	4.0%	12.4%	21.9%
Sector average	0.6%	1.4%	3.3%	10.9%	18.3%

WP endowment	N/A	N/A	N/A	N/A	N/A	2.1%	7.9%

Source: www.trustnet.com/pen/funds/perf.asp

Return on Assets

As at Dec 31st 2006	1 yr %	5 yr %	10 yr %	5 yr % pa	10 yr % pa
UK Bonds	0.7%	32.8%	103.9%	5.8%	5.8%
International Bonds	6.2%	49.8%	66.1%	8.4%	5.2%
UK Shares	16.8%	50.2%	114.0%	8.5%	7.9%
International Shares	16.1%	44.6%	114.6%	7.6%	7.9%
Commodities	13.5%	107.2%	64.8%	15.7%	5.1%
Precious Metals	28.0%	147.9%	142.3%	19.9%	9.3%
UK Residential Property	9.9%	94.1%	182.9%	14.2%	11.0%
UK Commercial Property	18.1%	105.0%	258.4%	15.4%	13.6%
Cash	4.8%	24.1%	68.0%

Source: www.clericalmedical.com/withprofit

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