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CIC INSURANCE GROUP LIMITEDNotes to the Financial Statements continuedFor the year ended 31 December 201114 INVESTMENT IN ASSOCIATE (Continued)Summarised financial information in respect of the associate is set out below:2011 2010Sh’000 Sh’000Total assets 477,145 314,432Total liabilities 214,875 116Nets assets 262,270 314,316Group’s share of net assets of associate 68,122 95,769Net earned premiums 44,946 -Loss for the year (76,332 ) (9,031 )Group’s share of loss of associate (19,816 ) -Group’s share of associate’s contingent liabilities Nil NilThe extent to which an outflow of funds will be required on the group’s share of associate’s contingent liabilities is dependenton the future operations of the associates being more or less favourable than currently expected. In common practice withthe insurance industry in general, the associate is subjected to litigation arising in the normal course of insurance business.15 INVESTMENT IN SUBSIDIARY - COMPANY2011 2010Sh’000 Sh’000CIC Asset Management Limited:550,000 ordinary shares of Sh 20 each at cost 311,000 11,000Included in the investment at 31 December 2011 is Sh 300 million awaiting allotment of shares.Company Percentage Country ofHolding Incorporation Principal activityCIC Asset Management Limited 100% Kenya Funds and assets management as regulatedby the Capital Markets Authority.Following approval by the Insurance Regulatory Authority and Minister of Finance, the company has reorganised itsbusiness and registered two subsidiaries, whose details are provided below, to carry out its insurance business and thesecommenced operations in January 2012.Company Percentage Country ofHolding Incorporation Principal activityCIC General Insurance Limited 100% Kenya Underwriting general insurance business.CIC Life Assurance Limited 100% Kenya Underwriting life assurance business.PAGE 522011 ANNUAL REPORT & FINANCIAL STATEMENTS