Page 106 - Continental Reinsurance 2022 Annual Report

104 Notes to the consolidated and separate financial statements - continued

13.1.1 Movement in available for sale securities; 1,168,563 1,191,597 1,168,563 1,191,597
At 1 January 27,767 363,867 7,177 9,224
Additions during the year
Disposal during the year (156,560) (438,000) (156,560) (83,768)
Reclassied to prepayment (12,267) (12,267)
Fair value movement in the year 45,755 51,099 46,453 51,510
At 31 December 1,168,563 1,168,563
Disposal during the year include brought forward fair value movement of 1,073,257 1,053,365
N19,375,000.

Sensitivities
"The sensitivity analysis for available for sale financial instruments illustrates how changes in the fair value or future cash flows of a
financial instrument will fluctuate because of changes in market rates at the reporting date."

A 5% movement in market rates will result in addition/reduction in the value of the assets by; Group of =N=54,276 million and
Company =N=53,282million

14 Held-to-maturity 37,126,238 24,231,490 18,671,646 11,235,664
Book value (985,063) 24,231,490 (889,612) 11,235,664
Impairment (note 6.3)
Carrying value 36,141,175 17,782,034

During the year, a triger event occured on the Ghana sovereign bond. The group conducted an impairment review of the sovereign
bond investment. The exercise resulted in impairment charge of N985m (company: N890m). The carrying amounts disclosed above
approximate fair value at the reporting date.

Listed 36,141,174 24,231,489 17,782,034 11,235,664
Unlisted - - - -

36,141,174 24,231,488 17,782,034 11,235,664

36,161,066 24,252,078 17,782,034 11,235,664

14.1 Movement in held-to-maturity securities; 24,231,490 24,231,490 11,235,664 11,235,664
At 1 January 14,350,356 143,538 7,400,008 79,161
Additions during the year (4,546,076)
Disposal during the year (663,131) (2,063,271) (539,131)
Amortization of premium/discount on bonds 466,335 (138,294) 296,868 (122,384)
Accrued interest 994,470 562,779
Exchange difference 1,629,663 275,129 231,201
At 31 December 37,126,238 382,757 1,239,597 351,154
24,231,489 18,671,646 11,235,664

None of these investment securities have been pledged to third party as collateral.

15 Reinsurance receivables Group Group Company Company
Dec. 2022 Dec. 2021 Dec. 2022 Dec. 2021
Due from ceding companies =N='000 =N='000 =N='000 =N='000
Due from ceding companies (Pipeline)
Premium reserves retained by ceding companies 16,056,202 13,385,920 3,871,708 3,460,178
Impairment on reinsurance receivables (Note 15.1 ) 24,755,752 13,733,327 11,952,129 5,909,022
3,148,451
6,936,057 5,288,844 3,576,222 12,517,652
47,748,010 32,408,091 19,400,059 (238,545)
(1,406,504) (1,074,664) 12,279,107
46,341,505 31,333,426 (165,973)
19,234,086

15.1 Reconciliation of impairment on reinsurance receivables 1,074,664 1,054,903 238,545 254,388
At 1 January (438,742) (236,409) (186,876) (22,838)
Written off during the year
Charge for the year (Note 6.3) 717,491 265,525 114,303 6,995
Exchange difference 53,091 (9,355) - -
At 31 December 1,074,664
1,406,504 165,973 238,545

By the group policy trade receivables above 4 years are written-off. During the year the group wrote-off trade receivables amounting
to N439m (Company N187m). The receivables were impaired in prior years