Page 113 - Continental Reinsurance 2022 Annual Report

Notes to the Consolidated and separate financial statements - continued 111

23 Statutory deposits Group Group Company Company
31 December 31 December 31 December 31 December

2022 2021 2022 2021
=N='000 =N='000 =N='000 =N='000

At 31 December 1,000,000 1,000,000 1,000,000 1,000,000

Statutory deposit represents the amount deposited with the Central Bank of Nigeria in accordance with section 9(1) and section 10(3)
of Insurance Act 2003. This is restricted cash as management does not have access to the balances in its day to day activities. They are
measured at cost and interest is paid semi-annually with 2021 average interest rate being 4.82% (2021: 3%).

24 Insurance contract liabilities 41,681,828 25,008,822 15,395,074 10,632,412
36,583,796 25,252,607 15,536,661 12,098,220
Unearned premium (Note 24.2) 78,265,624 50,261,429 30,931,735 22,730,632
Outstanding claims (Note 24.3)
Non-life contract liabilities 5,160,413 4,308,077 3,648,298 2,669,470
Life (Note 24.1) 83,426,036 54,569,505 34,580,032 25,400,102
Total insurance liabilities
(26,952,006) (16,046,934) (5,944,877) (6,261,679)
Total retrocessionaire's share of insurance liabilities (Note 16) 56,474,030 38,522,571 28,635,155 19,138,423
Net insurance contracts
2,162,184 1,345,026 1,982,876 1,307,811
24.1 Insurance liabilities on life business; 1,208,018 813,589 957,834 675,065
3,570
a Group life reserve for unearned premium 3,713 2,940,710 1,982,876
At 1 January 3,373,915 2,162,184
Addition (release) in the period
Exchange difference 2,145,893 2,145,893 686,594 686,594
At 31 December 2,750,028 2,912,686 2,278,116 1,496,877
(3,113,535) (2,916,183) (2,257,122) (1,496,877)
b Life reserve for outstanding claims
At 1 January 4,113 3,498 707,588 686,594
Claims Incurred in the year including IBNR (note 2.1) 1,786,498 2,145,893
Claims paid during the period 3,648,298 2,669,470
Exchange difference 5,160,413 4,308,077
At 31 December
25,008,822 25,008,822 10,632,412 7,003,669
Total Insurance liabilities on life business 95,588,710 64,736,634 38,291,784 30,394,126
(78,947,571) (64,776,229) (33,529,122) (26,765,383)
24.2 Reserve for unearned premium-Non life
At 1 January 31,867 39,595 15,395,074 10,632,412
Increase in the year (see note 1.1) 41,681,828 25,008,822
Released during the period
Exchange difference 25,252,607 25,252,607 12,098,220 12,098,220
At 31 December - - --

24.3 Reserve for outstanding claims-Non life 38,420,752 29,131,904 17,986,413 17,343,749
At 1 January (27,118,612) (29,170,191) (14,547,972) (17,343,749)
Portfolio transfer and claims adjustments during the period
Incurred in the current year including IBNR (note 2.1) 29,049 38,287 15,536,661 12,098,220
Claims paid during the period 36,583,796 25,252,607
Exchange difference
At 31 December

25 Reinsurance creditors 5,639,734 1,760,488 876,447 87,942
4,040,999 2,800,691 3,110,439 1,707,908
Due to retrocessionaires 9,680,733 4,561,180 3,986,886 1,795,850
Due to ceding companies

This represents the amount payable to insurance and reinsurance
companies.