risks. In addition, some of the bank balances are insured by Government agencies. Consequently, the Group and the Company are of the view that the loss allowance is not material and hence, it is not provided for. The total investment in unquoted debt security and the impairment provided are as follows: Company 2023 RM’million 2022 RM’million Investment in unquoted debt security 287.5 278.5 Less: Loss allowances (28.2) (25.1) 259.3 253.4 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 317 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Credit risk (continued) (ii) Investment in unquoted debt security, deposits, bank and cash balances, derivative financial instruments and financial assets at FVTPL (continued) Impairment losses The impairment for the remaining investment in unquoted debt security, deposits, bankand cash balances, derivative financial instruments and financial assets at FVTPL during the financial year and previous financial year was insignificant. The loss allowances for investment in unquoted debt security for the Group and the Company using the general 3-stage approach reconciled to the opening loss allowances for that provision are as follows: Stage 1 RM’million Stage 2 RM’million Stage 3 RM’million Total RM’million 2023 As at the beginning of the financial year (25.1) 0 0 (25.1) Impairment loss recognised (6.0) 0 0 (6.0) Impairment loss reversed 2.9 0 0 2.9 As at the end of the financial year (28.2) 0 0 (28.2) 2022 As at the beginning of the financial year (27.4) 0 0 (27.4) Impairment loss recognised (3.1) 0 0 (3.1) Impairment loss reversed 5.4 0 0 5.4 As at the end of the financial year (25.1) 0 0 (25.1) The impact on the carrying value of the investment in unquoted debt security presented by the stages are as follows: Stage 1 RM’million Stage 2 RM’million Stage 3 RM’million Total RM’million 2023 Gross carrying amount 287.5 0 0 287.5 Less: Loss allowances (28.2) 0 0 (28.2) Net carrying amount 259.3 0 0 259.3 2022 Gross carrying amount