Jubilee Insurance 2010 Annual Report
Jubilee Insurance 2010 Annual Report
Jubilee Insurance 2010 Annual Report
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48<br />
JUBILEE HOLDINGS<br />
ANNUAL REPORT AND FINANCIAL STATEMENTS<br />
FOR THE YEAR ENDED 31 ST DECEMBER <strong>2010</strong><br />
NOTES (continued)<br />
20. LOANS RECEIVABLE (continued)<br />
Group<br />
(ii) Loans on life insurance policies <strong>2010</strong> 2009<br />
Kshs ‘000 Kshs ‘000<br />
At start of year 196,324 189,895<br />
Loans advanced 59,706 64,722<br />
Interest 28,914 25,359<br />
Loan repayments (71,254) (84,226)<br />
Impairment charge 304 574<br />
At end of year 213,994 196,324<br />
Maturity profile of policy loans<br />
Loans maturing<br />
Within 1 year 20,454 34,568<br />
In 1-5 years 63,255 113,272<br />
In over 5 years 130,285 48,484<br />
Total 213,994 196,324<br />
21. Government securities AT AMORTISED COST<br />
Group<br />
<strong>2010</strong> 2009<br />
Kshs ‘000 Kshs ‘000<br />
Treasury bonds maturing within 1 year 627,611 547,076<br />
Treasury bonds maturing in 1-5 years 326,413 1,069,250<br />
Treasury bonds maturing after 5 years 5,389,994 2,616,115<br />
Total 6,344,018 4,232,441<br />
22. Reinsurers’ share of insurance contract liabilities<br />
Group<br />
<strong>2010</strong> 2009<br />
Kshs ‘000 Kshs ‘000<br />
Reinsurers’ share of:<br />
- Unearned premium (Note 30) 1,438,051 725,734<br />
- Notified claims outstanding and IBNR (Note 35) 1,139,851 962,085<br />
Total 2,577,902 1,687,819<br />
Amounts due from reinsures in respect of claims already paid by the Group on contracts that are reinsured are included in receivables arising out of<br />
reinsurance arrangements on the balance sheet.<br />
JUBILEE HOLDINGS
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