Page 123 - Continental Reinsurance 2022 Annual Report

Notes to the Consolidated and separate financial statement - continued 121

For the year ended 31 December 2022

36 Related parties
The group is controlled by C-Re holdings Ltd (incorporated in Mauritius), the major shareholder of the group parent company, C-Re Africa Investment Limited
(incorporated in Mauritius)

a Related party transactions
Parties are considered to be related if one party has the ability to control the other party or to exercise influence over the other party in making financial and
operational decisions, or one other party controls both. The definition includes subsidiaries, associates as well as key management personnel.

b Transactions with key management personnel

The group's key management personnel, and persons connected with them are also considered to be related parties. The definition of key management
includes close members of family of key personnel and any entity over which they exercise control. The key management have been identified as executive and
non executive directors of the group as well as their close family members.

c Transaction with related parties

Name of related party and relationship Nature of transactions Due from/ due to Income (expense)

Dec. 2022 Dec. 2021 Dec. 2022 Dec. 2021
=N='000 =N='000 =N='000 =N='000

Salam/Saham group and related companies Premium 411,976 392,311 969,323 544,071
Salam/Saham group and related companies Acquistion cost - -
Salam/Saham group and related companies Claims - - (290,797) (163,221)
- -
(375,540) (167,621)
(196,804) (188,906) 302,986 213,229
215,173 203,405

These balances are between the group and parent company

Loans and advances to related parties

The following facilities were due from the Managing Director (MD)/Chief Executive Officer and Executive Director (ED) at the end of the year:

MD ED 2022 2021
=N='000 =N='000 =N='000 =N='000

Mortgage loan 2,532 - 2,532 -
Personal loan 30,000
32,532 - 30,000 21,857

- 32,532 21,857

These loans were given in line with the conditions of service of the Directors under the terms of the mortgage loan, repayment is to be made over the mortgage
period. The personal loan is salary advance

The carrying amounts of loans and advances to related parties as disclosed above approximate fair value at the reporting date. There was no allowance for
impairment on them at the reporting date and no bad debt expense in the year (2021: Nil).

36 Related party transactions (continued)
Compensation of key management personnel

The summary of compensation of key management personnel for the year is , as follows:

Short-term employee benefits: Group Group Company Company
Dec. 2022 Dec. 2021 Dec. 2022 Dec. 2021
=N='000 =N='000 =N='000 =N='000

Salaries and allowances 1,217,982 851,663 915,776 695,421
Post employment benefits:
Gratuity benefits paid 112,842 284,342 112,842 284,342
Pension contribution 80,699 79,001 64,756 62,349

1,411,523 1,215,006 1,093,374 1,042,112