Note 9 – Investment return Amounts in $000


Interest on fixed income securities Bank deposit interest Dividends receivable


Profit on sale of investments Other investment charges


Unrealised gains on investments Exchange gain


2011


16,840 52


2,537 6,719 (43)


26,105 31,349


12,055 69,509


2010


12,441 22


3,841 1,867 (563)


17,608 48,275


12,782 78,665


The investment portfolio incorporates holdings in a number of different currencies designed to protect the Association from fluctuations within claims outstanding as a result of movements in exchange rates. This leads to the exchange gain or loss noted in the table above. The associated fluctuations within claims outstanding are included within the change in provision for net outstanding claims (see note 7).


Note 10 – Taxation Amounts in $000


Taxation charge based on investment income in the current financial year Adjustment in respect of prior periods Overseas Taxation


Deferred taxation on investment losses Surplus before taxation


Expected taxation charge at 28 per cent Underwriting result not subject to taxation


Portion of investment income not subject to taxation Net adjustment in respect of prior periods Taxation charge


2011


(1,229) (121) (66) -


(1,416) 64,033


(17,929) 987


15,648 (122)


(1,416)


2010


(1,663) 817 -


(817) (1,663) 76,838


(21,515) 2,008


17,844 -


(1,663)


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