Page 109 - Continental Reinsurance 2022 Annual Report

Notes to the Consolidated and separate financial statements - continued 107

b) Nature of investments in subsidiaries 2022 and 2021 Nature of Country of Proportion of Proportion of
business incorporation ordinary shares ordinary
Name of entity
Composite directly held shares held by
Continental Reinsurance Limited Kenya Composite by parent (%) non-controlling
Continental Reinsurance Limited, Botswana Composite
Continental Reinsurance Limited, Douala, Cameroon interests(%)

Kenya 65 35
Botswana 60 40
Cameroon 51 49

All subsidiaries undertakings are included in the consolidation. The proportion of the voting rights in the subsidiaries undertakings held
directly by the parent company do not differ from the proportion of ordinary shares held.

Signicant restrictions
There are no significant restrictions (contractual or otherwise) on the group’s ability to access or use the assets and settle the liabilities
of any member of the Group to the extent that regulation does not inhibit/prohibit the group from having access, and in liquidation
scenario, this restriction is limited to its level of investment in the entity.

20 Investment properties Group Group Company Company
Dec. 2022 Dec. 2021 Dec. 2022 Dec. 2021
At 1, January =N='000 =N='000 =N='000 =N='000
Addition 1,826,200 2,146,000
Disposal 4,925,062 4,998,800
Fair value gain/(loss) 35,506 130,270 - (331,400)
Transfer (to)/from owner-occupied property - 23,700 11,600
At 31 December (331,400) -
241,268 127,392 -
- - 1,849,900 1,826,200

5,201,836 4,925,062

Income generating floors of the owner-occupied property are classified as investment property since management has demonstrated
legally that the portion of the building which generates rental income can be sold separately or leased out separately under a finance
lease. Investment properties are measured at fair value and the value is determined by Olalekan Aboderin Consulting an independent
professional valuer. There is no restriction on the realisability of the property or the remittance of income and proceeds of disposal and
no contractual obligation to purchase, construct or develop the property or for repairs, maintenance or enhancements.

Below is a breakdown of investment properties showing movement during the year;

Group: 1-Jan-22 Addition/disposal Fair value gain 31-Dec-22
=N='000 =N='000 =N='000 =N='000
* 3 Bedroom apartment, Kubwa, FCT
* 17 Olosa street, Victoria Island, Lagos 9,200 35,506 700 9,900
* Mixed development property, Abidjan. 1,817,000 35,506 23,000 1,840,000
Total 3,098,861 217,568 3,351,935

4,925,061 241,268 5,201,836

Company 1-Jan-22 Addition/disposal Fair value gain 31-Dec-22
=N='000 =N='000 =N='000 =N='000
* 3 Bedroom apartment, Kubwa, FCT
* 17 Olosa street, Victoria Island, Lagos 9,200 - 700 9,900
Total 1,817,000 23,000 1,840,000

1,826,200 23,700 1,849,900

20.1 List of Investment properties and carrying amount

Description Date of Nature Location Carrying
acquisition of title amount
Kubuwa, Abuja
3 Bedroom apartment 2001 FHA Letter of allocation Victoria Island, Lagos 9,900
17 Olosa street, Victoria Island, Lagos 2020 Deed of Assignment 1,840,000
Mixed development property, Abidjan. 2014 C of O Abidjan 3,351,935
5,201,836