Page 148 - NIB Annual Report 12-13 | 13-14

TURKS AND CAICOS ISLANDS NATIONAL INSURANCE BOARD
Notes to Financial Statements, continued Year ended March 31, 2014
20. Financial instruments, continued
(c) Market risk, continued
(ii) Price risk, continued
Asset Class According to IPS Amount
Cash and money market instruments US$ 28,822,010 Fixed income 48,469,103 Convertibles 6,944,163 Real estate and Real estate investment trust – U.S. equities
Large cap value 12,862,532 Large cap growth 13,662,967 Mid cap 4,615,328 Small cap 4,652,835
Non U.S. equities 35,203,571 Alternative investments 17,055,506
US$ 172,288,015
2013
%
17% 28% 4% 0%
7% 8% 3% 3%
20% 10%
100%
With the exception of cash and money market instruments at March 31, 2014 and 2013, NIB kept its asset allocation within ranges recommended by the IPS.
The investment portfolio held by NIB at March 31, 2014 and March 31, 2013 was presented in these financial statements as follows:
Cash and cash equivalents Cash at investment managers Cash at banks – savings and
current accounts Available-for-sale financial assets Long-term receivables
US$
2014
5,696,221
39,205,846 147,024,963 3,556,882
2013
5,490,239
28,822,010 133,870,860 4,104,906
172,288,015
US$ 195,483,912
144| The National Insurance Board of The Turks and Caicos Islands
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In compliance with internal investment guidelines a money market fund held by investment managers is considered by NIB as part of available-for-sale financial assets.
Effective April 1, 2011 the long term deposits held with TCI Bank were, for IPS reporting purposes, written down to zero. The balance reported per the financial statements of US$4,164,598, net of impairment, (note 9) at March 31, 2014 (2013 – US$4,164,598) has therefore been excluded from the above tables.