Page 126 - Continental Reinsurance 2022 Annual Report

124 Notes to the Consolidated and separate financial statement - continued

For the year ended 31 December 2022

Group Notes Life Non-life Total
31 December 2022 insurance insurance segments
1.1 =N='000 =N='000 =N='000
Gross Premium 24.3
Change in Reserve for unearned premium 7,627,495 95,588,710 103,216,204
Earned premium income 1.1 (1,208,018) (15,652,826) (16,860,844)
Less: Retrocession costs 1.2
Net insurance premium revenue 6,419,477 79,935,883 86,355,360
Commission earned under retrocession arrangements 2.1 (1,160,719) (21,248,555) (22,409,273)
Underwriting income 2.1
2.1 5,258,758 58,687,329 63,946,087
Expenses 218,211 5,766,685 5,984,896
Gross claims paid 5.1
Change in Reserve for outstanding claims 6.2 5,476,969 64,454,014 69,930,983
Ceded Outstanding Claims Reserve
Claims incurred 6 3,113,535 27,118,612 30,232,147
Retrocession recoveries 8 (447,845) 11,331,189 10,883,344
Net claims incurred
Underwriting expenses: 80,832 (25,543) 55,289
Acquisition and maintenance cost 2,746,523 38,424,258 41,170,781
Management expenses (760,105) (5,945,244) (6,705,348)
1,986,418 32,479,014 34,465,432
Underwriting profit
1,766,123 22,819,140 24,585,263
Investment and other income 486,580 5,110,432 5,597,013
Foreign exchange gain
Administrative expenses 2,252,703 27,929,572 30,182,276
Impairment of assets
Results of operating activities 1,237,848 4,045,428 5,283,275
Income tax expense
Profit for the year 307,917 4,503,079 4,810,996
28,877 2,108,157 2,137,034
Segment assets (1,863,925) (2,096,373)
(232,448) (1,694,050) (1,698,243)
Segment liabilities (4,193) 7,098,689 8,436,689
(1,596,290) (1,601,691)
1,337,999 5,502,399 6,834,998
(5,401)

1,332,598

3,872,634 145,064,377 148,937,011

3,648,298 94,767,543 98,415,841