Page 127 - Continental Reinsurance 2022 Annual Report

Notes to the Consolidated and separate financial statement - continued 125

For the year ended 31 December 2022

Group Life Non-life Total
31 December 2021 insurance insurance segments
=N='000 =N='000 =N='000
Gross Premium
Change in Reserve for unearned premium 1.1 5,648,442 64,736,634 70,385,076
Earned premium income 24.3 (813,589) (5,400,355) (6,213,944)
Less: Retrocession costs 4,834,854 59,336,279 64,171,132
Net insurance premium revenue 1.1 (561,833) (13,846,198) (14,408,031)
Commission earned under retrocession arrangements 1.2 4,273,021 45,490,080 49,763,101
Underwriting income
2.1 220,775 3,513,010 3,733,785
Expenses 2.1 4,493,796 49,003,090 53,496,886
Gross claims paid 2.1
Change in Reserve for outstanding claims 2,609,396 18,736,186 21,345,582
Ceded Outstanding Claims Reserve 5.1 294,250 7,530,359 7,824,609
Claims incurred 6.2 18,551 2,855,849 2,874,400
Retrocession recoveries 6.3
Net claims incurred 2,922,197 29,122,394 32,044,591
Underwriting expenses: 8 (266,083) (5,513,656) (5,779,740)
Acquisition and maintenance cost 2,656,114 23,608,739 26,264,851
Management expenses
1,474,422 16,387,958 17,862,380
Underwriting profit 447,741 4,893,486 5,341,227

Underwriting profit/(loss) brought forward 1,922,163 21,281,444 23,203,607
Investment and other income
Foreign exchange gain (84,481) 4,112,908 4,028,428
Administrative expenses
Impairment of assets (84,481) 4,112,908 4,028,428
Results of operating activities 221,690 3,475,384 3,697,073
Income tax expense 1,124,925 1,142,574
Profit for the year 17,648 (1,827,877) (2,023,022)
(195,145) (205,159) (178,264)
Segment assets 6,680,180 6,666,789
26,895 (1,215,533) (1,217,964)
Segment liabilities (13,394) 5,464,647 5,448,825

(2,431)
(15,825)

2,673,631 103,135,086 105,808,717

2,669,470 59,909,185 62,578,655