Page 118 - Continental Reinsurance 2022 Annual Report
P. 118
116 Notes to the Consolidated and separate financial statement - continued
For the year ended 31 December 2022
29 Share premium
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 8,204,371 8,204,371 8,204,371 8,204,371
30 Contingency reserve
The statutory contingency reserve has been computed in accordance with Section 21 (1) of the Insurance Act, Cap I17 LFN 2004. The composition on the
account are as follows:
Group Group Company Company
31 December 31 December 31 December 31 December
2022 2021 2022 2021
=N='000 =N='000 =N='000 =N='000
Non - Life 8,766,598 7,833,214 8,226,318 7,077,565
Life 531,088 436,102 525,971 430,985
Total
9,297,686 8,269,316 8,752,289 7,508,549
Movement in this account is as shown below: 8,269,316 7,274,065 7,508,549 6,551,407
1,028,370 995,251 1,243,740 957,142
At 1, January 9,297,686 8,752,289
Addition during the year 8,269,316 7,508,549
At 31 December
31 Retained earnings:
Retained earnings comprise the undistributed profits from previous years, which have not been reclassified to the other reserves noted below.
32 Other reserves
32.1Available-for-sale reserve:
The fair value available-for-sale reserve shows the effects from the fair value measurement of financial instruments of the category available-for-sale. Any gains or
losses are not recognised in the profit or loss until the asset has been sold or impaired.
32.2Foreign currency translation reserve:
Foreign currency translation reserve comprise the exchange differences arising on translation of its subsidiary. Gains or losses arising therefrom is recognised in
other comprehensive income.
33 Non-controlling interests
In 2013 financial year, Britam Asset Managers (BAM) invested in Continental Reinsurance Limited, Kenya (Cre Limited, Kenya); subsidiary of Continental
Reinsurance Plc (CRe Plc), through capital injection. This was to fulfill regulatory requirement of minimum 30% local shareholding.
In 2014,Continental Reinsurance Plc and Botswana Insurance Company Limited co-founded Continental Reinsurance Limited, Botswana, this led to
Continental Reinsurance Plc having shareholding of 60% and Botswana Insurance Company Limited 40% in Continental Reinsurance Limited, Botswana.
In 2018, Continental Reinsurance Plc and C.Re Holdings Limited, Mauritius co-founded Continental Reinsurance Limited, Cameroon, this led to Continental
Reinsurance Plc having shareholding of 51% and C.Re Holdings Limited 49% in Continental Reinsurance Limited, Cameroon.
