4. Investment loss
Investment loss includes:
|
2008
£m |
2007
£m |
| (Loss) /profit on financial assets measured at fair value through the income statement
| (0.7) |
1.2 |
| Investment in joint venture |
0.5 |
– |
| Net investment (loss)/gain |
(0.2) |
1.2 |
Investment income represents income recognised in relation to the Lloyd’s Market Syndicates in which the Group has a joint venture arrangement as disclosed in note 15. During the year the Group received a dividend of £0.1m from the Syndicate which is reflected in the net assets recognised in the disclosure in note 15.
The investment loss in the year is in recognition of negative returns on investments in units held in managed funds by the Group’s insurance captives, as disclosed in note 15. At the date of the approval of these financial statements the Group no longer has any investment in these managed funds.