Page 107 - Continental Reinsurance 2022 Annual Report

Notes to the Consolidated and separate financial statements - continued 105

16 Retrocession Assets 9,540,839 5,356,223 808,271 870,947
17,727,459 11,129,597 5,300,203 5,757,343
Retrocessionaires’ share of claims recoverable
Retro share of Non life unearned premium and outstanding claims 286,170 163,578 438,867 235,853
Retrocessionaires' share of life insurance contract liabilities (602,465) (602,465) (602,465) (602,465)
Impairment on retro share of claims recoverable (note 16.1) 26,952,005 16,046,933 5,944,877 6,261,679
Total retrocession assets

At 31 December 2022, the Company conducted an impairment review of the retrocession assets. The exercise resulted in nil
impairment release (charge). The carrying amounts disclosed above approximate fair value at the reporting date.

16.1 Breakdown of retro share of non life unearned premium and 12,435,466 7,065,265 3,047,807 2,325,805
outstanding claims 11,486,962 7,996,298 3,230,891 3,793,402
Retro share of unearned premium (6,194,968) (3,931,966) (978,494) (361,864)
Retro share of outstanding claims reserves 17,727,459 11,129,597 5,300,203 5,757,343
Less retro share of deferred acquisition cost
498,086 281,633 446,254 225,030
16.2 Breakdown of retro share of life insurance contract liabilities 107,643 105,831 85,896 82,391
Retro share of unearned premium (319,558) (223,885)
Retro share of outstanding claims reserves 286,170 163,578 (93,282) (71,568)
Less retro share of deferred acquisition cost 438,867 235,853

16.3 Movement in retro share of unearned premium 7,346,898 6,251,622 2,550,834 1,455,558
At 1 January 5,586,654 1,095,276 943,226 1,095,276
Increase (decrease) during the year (see note 1.2) 12,933,552 7,346,898 2,550,834
At 31 December 3,494,060

16.4 Movement in retro share of outstanding claims; 8,102,129 4,698,514 3,875,793 2,237,486
At 1 January 3,492,475 3,403,614 (559,006) 1,638,307
Increase (decrease) during the year (see note 2.1a) 11,594,604 8,102,129 3,316,787 3,875,793
At 31 December

16.5 Reconciliation of impairment on retro share of claims recoverable Group Group Company Company
At 1 January Dec. 2022 Dec. 2021 Dec. 2022 Dec. 2021
Charge for the year (Note 6.3) =N='000 =N='000 =N='000 =N='000
At 31 December
602,465 689,726 602,465 689,726
- (87,262) - (87,262)
602,465 602,465
602,465 602,465

17 Deferred acquisition costs 7,036,111 5,393,915 3,548,781 2,388,974
At 1 January 26,079,119 17,218,171 10,219,791 8,324,020
Acquisition cost during the year (23,070,218) (15,575,975) (9,060,619) (7,164,213)
Amortized acquisition cost for the year (Note 2.2) 10,045,012 3,548,781
At 31 December 7,036,111 4,707,953

18 Other receivables and Prepayments 109,512 188,287 24,621 73,750
Prepayments - - 2,267,359 2,844,188
Intercompany balances
Withholding tax receivable 4,168 4,168 4,168 4,168
Accrued income on statutory deposit 14,671 8,384 14,671 8,384
Others 917,109 346,925 159,794 157,417
1,045,461 547,765 2,470,613 3,087,907
Impairment on other assets (note 18.1) (158,762) (158,762) (158,762) (158,762)
886,700 389,003 2,311,852 2,929,146

Below are the breakdown of intercompany balances; -- 278,967 180,108
Receivables on shared services -- 698,420 620,338
Payment to retrocesionaires onbehalf of subsidiaries -- 1,195,131 1,486,398
Disposal of assets -- 557,345
Other intercompany balances -- 94,842 2,844,188
2,267,359