<strong>CIC</strong> INSURANCE GROUP LIMITEDNotes to the Financial Statements continuedFor the year ended 31 December 201112 INTANGIBLE ASSETS – GROUP AND COMPANYComputer software:COSTGeneral Lifebusiness business TotalSh’000 Sh’000 Sh’000At 1 January 2010 39,834 48,462 88,296Additions 4,266 14,826 19,092At 31 December 2010 44,100 63,288 107,388At 1 January 2011 44,100 63,288 107,388Additions 12,727 29,865 42,592At 31 December 2011 56,827 93,153 149,980AMORTISATIONAt 1 January 2010 31,353 28,126 59,479Amortisation 3,187 8,791 11,978At 31 December 2010 34,540 36,917 71,457At 1 January 2011 34,540 36,917 71,457Amortisation 5,572 14,059 19,631At 31 December 2011 40,112 50,976 91,088NET BOOK VALUEAt 31 December 2011 16,715 42,177 58,892At 31 December 2010 9,560 26,371 35,931PAGE 502011 ANNUAL REPORT & FINANCIAL STATEMENTS
<strong>CIC</strong> INSURANCE GROUP LIMITEDNotes to the Financial Statements continuedFor the year ended 31 December 201113 INVESTMENT PROPERTIES – GROUP AND COMPANYKamiti Work in<strong>CIC</strong> plaza Land progress 2011 2010Sh’000 Sh’000 Sh’000 Sh’000 Sh’000At 1 January 249,050 600,000 42,199 891,249 239,050Additions - 13,868 220,525 234,393 602,199Fair value gain (note 5) 44,970 136,132 - 181,102 50,000At 31 December 294,020 750,000 262,724 1,306,744 891,249The movement in the year is as shown below:2011 2010Sh’000 Sh’000At 1 January 891,249 239,050Additions: Cash paid 654,393 182,199Amount payable (note 40) (420,000) 420,000Fair value gains (note 5) 181,102 50,000At 31 December 1,306,744 891,249<strong>CIC</strong> Plaza was revalued on 30 September 2011 by Lloyd Masika <strong>Limited</strong>, registered valuers, while the Kamiti Land wasrevalued by Crystal Valuers <strong>Limited</strong>, registered valuers, on the same date on the basis of open market value.14 INVESTMENT IN ASSOCIATETakaful <strong>Insurance</strong> of Africa <strong>Limited</strong> (Unquoted):GROUPCOMPANY2011 2010 2011 2010Sh’000 Sh’000 Sh’000 Sh’000At 1 January 100,000 - 100,000 -Share of loss before taxation (28,309) - - -Share of taxation 8,493Share of loss for the year (19,816 ) - - -Additions - 100,000 - 100,000At 31 December 80,184 100,000 100,000 100,000The associated company commenced underwriting business in the year ended 31 December 2011.The holding in Takaful <strong>Insurance</strong> of Africa <strong>Limited</strong> represents 26% (2010 – 30%) of the issued ordinary share capital. Theassociate is a limited liability company incorporated and domiciled in Kenya. Its principal activity is transaction of generalinsurance business and the financial year end is 31 December.2011 ANNUAL REPORT & FINANCIAL STATEMENTS PAGE 51