Page 101 - Continental Reinsurance 2022 Annual Report

Notes to the Consolidated and separate financial statements - continued 99

5 Breakdown of others Group Group Company Company
Interest on premium/loss reserve Dec. 2022 Dec. 2021 Dec. 2022 Dec. 2021
Recoveries from prior year written-off receivables =N='000 =N='000 =N='000 =N='000
Write back from prior year accruals
Receipt from parent company relating to prior years audit 82,163 15,207 27,418 462
and conferences 333,549 796,525 21,211 19,775
Other sundry receipts 47,416
47,416 - -
103,214
103,214 - 11,853 -
4,705 48,471 24,138
860,203 211,112 44,376
571,047

During the year the company was re-imbursed by her parent company for expenses incurred on half year audit of 2018 and 2019 financial
years and group seminars and conferences in 2020. These had earlier been expensed by the company in they year they were incurred.

5b Foreign exchange gain 2,431,487 1,161,657 1,746,702 860,714
Net forex gain on investment assets 297,567 43,350 274,220 37,652
Net forex gain on foreign currency banks 136,604 16,112
Net forex gain (loss) on reinsurances receivables/payables (593,558) (39,302) 1,231 (8,579)
Net forex gain (loss) on retrocessionaires assets/payables 1,539 (23,132) 87,578 8,685
Net forex gain on intercompany balances -
- 2,246,333 914,585
2,137,034 1,142,574

6 Operating expenses

6.1 Management expenses 3,392,905 2,464,378 1,632,203 1,042,757
Employee benefits expenses 208,575 343,875 160,367 202,725
Executive Directors emoluments 297,094 836,992 159,838 836,992
Gratuity, redundancy and other employee related expenses 45,651 63,341 26,463 23,495
Subscriptions 181,129 163,573 116,060 115,997
Business travels 388,021 334,381 349,260 277,256
Supervisory and regulatory levy 141,947 140,540 53,861 31,022
Training and seminars 114,612 183,167 36,707 41,631
Rent and rates 108,272 94,476 52,611 41,603
Bank charges 74,991 78,595 23,315 23,398
Stationeries, Printing and telephone 97,435 91,600 86,631 62,936
Electricity, fuel and diesel 169,921 141,657 108,712 91,303
ICT expenses-Hardware and software maintenance 158,913 152,119 77,408 89,985
Advert and publicity 33,980 46,355 19,703 10,343
Entert. & Public Relations 60,833 56,245 1,848 1,747
Stamp duty, registrars fees and charges 44,649 39,425 5,811 5,590
Depreciation of right-of-use assets (note 18b)
Interest expense(release) on lease liability during the year - 19,434 - 1,009
(note 26b) 57,758 48,047 19 149
Clients development 20,326 43,028 6,382
Other operating expenses 5,597,013 5,341,227 2,917,199 9,123
Total management expenses 2,909,062

Included in management expenses is an interest release on lease liability of N62.4m for the group. Company N3.6m

6.2 Administrative expenses comprises the following: 299,729 357,480 234,492 307,939
Depreciation and amortisation (Note 21 and 22) 126,548 134,344 45,000 44,385
Auditor's remuneration 406,694 483,240
Consultancy and professional fees 235,324 152,657 261,738 284,107
Non-executive directors expenses 307,966 160,060 165,102 97,237
Investment expenses 683,176 540,551 13,769
Productivity bonus 194,690 18,141
Other administrative expenses 36,934 2,023,022 483,954 540,551
Total administrative expenses 2,096,373 13,886
13,751
1,222,178 1,301,873

During the period, the company's auditor, PricewaterhouseCoopers, did not render non-audit services to the Company and the Group