Download - CIC Insurance Group Limited

CIC INSURANCE GROUP LIMITEDConsolidated Statement of Cash FlowsFor the year ended 31 December 20112011 2010Notes Sh’000 Sh’000CASH FLOWS FROM OPERATING ACTIVITIESCash generated from operations 41(a) 1,712,196 893,418Taxation paid 9(c) (201,541) (61,698)Net cash generated from operating activities 1,510,655 831,720CASH FLOWS FROM INVESTING ACTIVITIESPurchase of property and equipment 11 (125,104) (73,352)Purchase of intangible assets 12 (42,592) (19,092)Purchase of investment properties 13 (654,393) (182,199)Investment in associate 14 - (100,000)Mortgage loans advanced 17 (52,579) (33,288)Mortgage loans repaid 17 25,915 32,711Purchase of quoted shares 19 (19,996) (72,714)Purchase of government securities 25 (1,383,726) (238,127)Proceeds of maturity of Government securities 25 70,000 38,000Purchase of short term investments 26 (28,929) (44,556)Staff and policy loans advanced (20,773) (35,259)Investment in fixed deposits in non-financial institutions (112,171) (99,001)Proceeds of disposal of equipment 358 6,357Investment income 537,928 235,361Movement in fixed deposits with financial institutions(excluding cash and cash equivalents) 12,958 (705,390)Net cash used in investing activities (1,793,104 ) (1,290,549 )CASH FLOWS FROM FINANCING ACTIVITIESIssue of shares 1,183,144 206,362Dividends paid 29 (93,557) (31,866)Funds awaiting allotment of shares - 932,459Net cash generated from financing activities 1,089,587 1,106,955INCREASE IN CASH AND CASH EQUIVALENTS 807,138 648,126CASH AND CASH EQUIVALENTS AT 1 JANUARY 1,341,841 693,715CASH AND CASH EQUIVALENTS AT 31 DECEMBER 41(b) 2,148,979 1,341,8412011 ANNUAL REPORT & FINANCIAL STATEMENTS PAGE 29