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CIC INSURANCE GROUP LIMITEDNotes to the Financial Statements continuedFor the year ended 31 December 201146 RISK MANAGEMENT OBJECTIVES AND POLICIES (Continued)Short term insurance contracts (Continued)The table below indicates the contractual timing of cash flows arising from assets and liabilities included in the group’sALM framework for management of long-term insurance contracts as of 31 December 2011:Life insurance businessCarryingAmount No stated Contractual cash flows (undiscounted)Financial assets 31.12.2011 maturity 0-1 yr 1-2 yrs 2-3 yrs 3-4 yrs > 5 yrsSh’000 Sh’000 Sh’000 Sh’000 Sh’000 Sh’000 Sh’000Debt securities held to maturity:-Government bonds and treasurybills at fixed rate 1,206,318 - 289,276 85,000 15,000 20,000 797,042Equity securities:At fair value through profit or loss -Listed securities 62,183 62,183 - - - - -Loans and receivables from insuranceand reinsurance contracts 216,461 - 47,615 17240 17240 17,156 117,210Fixed and other deposits 1,105,340 - 1,105,340 - - - -Cash and bank balances 44,187 - 44,187 - - - -Total 2,634,489 62,183 1,486,418 102,240 32,240 37,156 914,252Long - term insurance liabilities:Insurance contracts- Long term 280,998 - 280,998 - - - -Payables arising from reinsurancearrangements 68,318 - 68,318 - - - -Less assets arising from reinsurancecontracts (4,853) - (4,853) - - - -Total 344,463 - 344,463 - - - -Difference in contractual cash flows 2,290,026 62,183 1,141,975 102,240 32,240 37,156 914,252PAGE 742011 ANNUAL REPORT & FINANCIAL STATEMENTS