QBE Syndicate 2999 Annual Report and Accounts 2009

Notes to the financial statements
continued
For the year ended 31 December 2009
15 Movement in opening and closing portfolio investments net of financing
40
QBE Syndicate 2999
Annual report 2009
2009 2008
£000 £000
Net cash inflow for the year:
Increase/(decrease) in cash holdings 12,094 (5,382)
Increase/(decrease) in overseas deposits 18,433 (5,909)
Net portfolio (disinvestments)/investments (32,344) 41,618
Movement arising from cash flows (1,817) 30,327
Changes in market value and exchange rates (95,952) 306,672
Total movement in portfolio investments, net of financing (97,769) 336,999
At 1 January, net of financing 1,494,287 1,157,288
At 31 December, net of financing 1,396,518 1,494,287
Movement in cash, portfolio investments and financing
Changes
to market At 31
1 January value and December
2009 Cash flow currencies 2009
£000 £000 £000 £000
Cash at bank and in hand 10,136 12,094 (436) 21,794
Overseas deposits 69,768 18,433 (1,566) 86,635
Shares and other variable yield securities and units in unit trusts 66,075 26,794 (2,993) 89,876
Debt securities and other fixed income securities 1,283,884 (65,082) (90,490) 1,128,312
Participations in investment pools 57,078 4,096 (206) 60,968
Deposits with credit institutions 7,346 1,848 (687) 8,507
Derivatives – – 426 426
Total cash, portfolio investments and financing 1,494,287 (1,817) (95,952) 1,396,518
16 Cash flows invested in portfolio investments
2009 2008
£000 £000
Purchase of shares and other variable yield securities (957,070) (1,035,357)
Purchase of debt securities and other fixed income securities (1,829,662) (3,198,645)
Purchase of participations in investment pools (40,394) (115,385)
Sale of shares and other variable yield securities 930,276 1,094,211
Sale of debt securities and other fixed income securities 1,894,744 3,074,612
Sale of participations from investment pools 36,298 131,211
Amount owed to credit institutions (1,848) 7,735
Net cash inflow(outflow) on portfolio investments 32,344 (41,618)