Notes to the consolidated
financial statements
continued
19 Financial assets and liabilities continued
Investments at 31 December are denominated in the following currencies at their fair value:
2012 2011
£000 £000
Debt and fixed income securities
Sterling 404,769 408,328
US Dollars 1,496,748 1,508,234
Euro and other currencies 293,349 254,026
2,194,866 2,170,588
Equities and shares in unit trusts
Sterling 105,486 90,303
US Dollars 82,683 81,620
Euro and other currencies 1,860 1,509
190,029 173,432
Deposits with credit institutions
Sterling 12,957 12,588
US Dollars 246 260
Euro and other currencies – –
13,203 12,848
Total investments 2,398,098 2,356,868
20 Loans and receivables including insurance receivables
2012 2011
£000 £000
Gross receivables arising from insurance and reinsurance contracts 425,720 429,676
Provision for impairment (986) (956)
Net receivables arising from insurance and reinsurance contracts 424,734 428,720
Due from contract holders, brokers, agents and intermediaries 295,892 299,879
Due from reinsurance operations 128,842 128,841
424,734 428,720
Prepayments and accrued income 10,345 8,387
Other loans and receivables:
Net profit commission receivable 7,295 13,792
Accrued interest 9,120 10,149
Share of Syndicates’ other debtors’ balances 13,138 19,726
Other debtors including related party amounts 27,432 26,948
Total loans and receivables including insurance receivables 492,064 507,722
The amounts expected to be recovered before and after one year are estimated as follows:
Within one year 476,930 499,805
After one year 15,134 7,917
492,064 507,722
There is no significant concentration of credit risk with respect to loans and receivables as the Group has a large number of internationally
dispersed debtors. The Group has recognised a loss of £30,000 (2011: gain of £85,000) for the impairment of receivables during the year
ended 31 December 2012.
86 Notes to the consolidated financial statements Hiscox Ltd Report and Accounts 2012