Page 128 - Continental Reinsurance 2022 Annual Report

126 Notes to the Consolidated and separate financial statement - continued

For the year ended 31 December 2022

Company Life Non-life Total
31 December 2022 insurance insurance segments
=N='000 =N='000 =N='000
Gross Premium
Change in Reserve for unearned premium 6,200,508 38,291,784 44,492,292
Earned premium income (957,834) (4,762,662) (5,720,496)
Less: Retrocession costs 5,242,674 33,529,122 38,771,796
Net insurance premium revenue (1,084,031) (7,860,507) (8,944,538)
Commission earned under retrocession arrangements 4,158,643 25,668,615 29,827,258
Underwriting income
190,317 1,849,817 2,040,134
Expenses 4,348,960 27,518,432 31,867,392
Gross claims paid
Change in Reserve for outstanding claims 2,257,122 14,547,972 16,805,094
Ceded Outstanding Claims Reserve 20,994 2,879,435 2,900,429
Claims incurred (3,505) 562,511 559,006
Retrocession recoveries
Net claims incurred 2,274,611 17,989,918 20,264,529
Underwriting expenses: (706,864) (2,465,058) (3,171,922)
Acquisition and maintenance cost 1,567,747 15,524,860 17,092,607
Depreciation and amortisation
Management expenses 1,495,086 8,608,387 10,103,473
39,259 195,233 234,492
Underwriting profit
Investment and other income 380,539 2,302,167 2,682,707
Foreign exchange gain 1,914,884 11,105,788 13,020,672
Administrative expenses
Impairment of assets 866,329 887,785 1,754,113
Results of operating activities 253,847 2,202,332 2,456,179
Income tax expenses 2,220,388 2,246,333
Profit for the year 25,945 (1,031,606) (1,222,178)
(190,572) (1,000,163) (1,003,915)
Segment Assets 3,278,736 4,230,532
(3,752) (426,697) (428,626)
Segment liabilities 951,798 2,852,040 3,801,906
(1,929)
949,869 31,825,708 35,698,342

3,872,634 30,931,735 34,580,033

3,648,298