At 31 March
2007
2006
£’000
25. Long-term assurance business attributable to policyholders
Liabilities to customers under investment contracts
Investec Employee Benefits Limited (IEB)
516 257
934 034
Investec Assurance Limited
2 487 997
2 554 722
Insurance liabilities, including unit -linked liabilities - IEB
20 743
139 818
Reinsurance liabilities - IEB
992 824
1 431 876
Total policyholder liabilities
4 017 821
5 060 450
Investec Employee Benefits Limited
The assets of the long-term assurance fund attributable to policyholders are detailed below:
Investments
529 515
1 039 611
Reinsurance assets
992 824
1 431 876
Other assets
7 486
34 243
1 529 825
2 505 730
Investments above comprise:
Interest bearing securities
79 248
142 490
Stocks, shares and unit trusts
344 043
577 511
Deposits
106 228
319 610
529 519
1 039 611
Investec Assurance Limited
The assets of the long-term assurance fund attributable to policyholders are detailed below:
Investments
2 389 177
2 502 473
Debtors and prepayments
67 352
7 618
Other assets
31 468
44 631
2 487 997
2 554 722
Assets of long-term assurance fund attributable to policyholders
Investments shown above comprise:
Interest bearing securities
159 395
329 137
Stocks, shares and unit trusts
1 448 799
1 439 185
Deposits
780 983
734 151
2 389 177
2 502 473
The business of Investec Assurance Limited is that of linked business with retirement funds.
The retirement funds hold units in a pooled portfolio of assets via a linked policy issued by the
company. The assets are beneficially held by Investec Assurance Limited. Due to the nature of a linked
policy, Investec Assurance Limited's liability to the policyholders is equal to the market value of the
assets underlying the policies.
Long-term assurance activities linked to policyholders
Income statement items related to assurance activities
Investment income on assurance activities
36 821
141 559
Premiums and reinsurance recoveries in insurance contracts
80 542
164 631
Claims and reinsurance premiums on insurance business
(111 492)
(293 135)
Operating expenses
(4 225)
(1 534)
Net income before taxation
1 646
11 521
Taxation
(477)
(10 478)
Net income after taxation
1 169
1 043
26. Other trading liabilities
Short positions
equities
245 658
378 386
gilts
76 205
78 868
321 863
457 254
