PROVIDIAN LIFE & HEALTH INSURANCE CO SEPARATE ACCOUNT V
N-30D, 1998-09-10
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<PAGE>
 
                                                              [AEGON LETTERHEAD]

September 10, 1998

VIA EDGAR
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Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C.  20549

Re:  Providian Life and Health Insurance Company Separate Account V -
     Personal Manager Variable Annuity
     File No. 33-72838, 811-6564, CIK 884067
     Rule 30b2-1 Filing
 
Commissioners:

As required by Rule 30d-2 under the Investment Company Act of 1940, as amended
(the "Act"), Providian Life and Health Insurance Company Separate Account V, a
unit investment trust registered under the Act, mailed to its contract owners
the annual report for the following underlying management investment companies:
Variable Insurance Products Fund, Variable Insurance Products Fund II, Dreyfus
Variable Investment Fund and Strong Variable Insurance Products Funds.  This
filing constitutes the filing of those reports as required by Rule 30b2-1 under
the Act.

Pursuant to Rule 30d-1 under the Act, the following annual reports were filed
with the Commission via EDGAR on the dates indicated:

 .  Variable Insurance Products Fund (CIK: 356494) filed February 25, 1998
 .  Variable Insurance Products Fund II (CIK: 831016) filed February 25, 1998
 .  Dreyfus Variable Investment Fund (CIK: 813383) filed March 2, 1998
 .  Strong Variable Insurance Products Funds (CIK: 883644) filed 
   February 27, 1998

To the extent necessary, these filings are incorporated herein by reference.

Very truly yours,

/s/ Gregory E. Miller-Breetz
- ----------------------------
Gregory E. Miller-Breetz
Assistant General Counsel

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400 West Market Street
Post Office Box 32830
Louisville, Kentucky  40232


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