15th Sep 2014 12:23
LONDON (Alliance News) - Alternative Asset Opportunities PCC Ltd Monday said there were 13 confirmed policy maturities with a total face value of USD17.4 million in its last financial year.
In a statement for the twelve months to June 30, the company said 13 maturities related to 12 individual lives, five of which were male and seven were female. At the end of the period, 89 policies remained within the fund's portfolio with exposure to 78 individual lives.
Cumulatively, as of June 30, there have been 58 policy maturities across 49 lives since inception, according to the company's statement. Proceeds received from all maturities total USD92.1 million, realising a USD40.2 million gain. Thirteen policies have been sold since inception of the company, generating proceeds of USD11.2 million, but realising a USD3.9 million loss. No policies were sold during the reporting period.
One further maturity (a male life insured) has been identified since the year end, according to the company's final results statement. The policy has a death befit of USD2.5 million, and will add approximately 1.3 pence to net asset value per share once formally certified.
In the year ended June 30, the company's net asset total return was negative 7.83%. On August 8 the company made a capital distribution paid pro rata to shareholders through the issue and redemption of 72.0 million B shares, amounting to a sum of 2.0p per share and totalling GBP1.4 million.
NAV per share in the fund decreased to 44.7p from 48.5p over the fund's last financial year.
Alternative Asset Opportunities PCC is a closed-ended protected cell company. It was established with one cell, which is known as the US Traded Life Interests Fund.
Alternative Asset Opportunities shares were Monday quoted up 1.0% at 38.00 pence.
By Samuel Agini; [email protected]; @samuelagini
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