Page 129 - Continental Reinsurance 2022 Annual Report

Notes to the Consolidated and separate financial statement - continued 127

For the year ended 31 December 2022

Company Life Non-life Total
31 December 2021 insurance insurance segments
=N='000 =N='000 =N='000
Gross Premium
Change in Reserve for unearned premium 4,531,862 30,394,126 34,925,988
Earned premium income (675,065) (3,628,742) (4,303,807)
Less: Retrocession costs 3,856,797 26,765,384 30,622,181
Net insurance premium revenue (459,423) (4,167,923) (4,627,346)
Commission earned under retrocession arrangements 3,397,374 22,597,461 25,994,835
Underwriting income
174,789 799,402 974,191
Expenses 3,572,163 23,396,863 26,969,026
Gross claims paid
Change in Reserve for outstanding claims 1,504,870 12,173,418 13,678,288
Ceded Outstanding Claims Reserve (7,993) 5,795,253 5,787,260
Claims incurred 9,510 (634,433) (624,922)
Retrocession recoveries
Net claims incurred 1,506,387 17,334,239 18,840,626
Underwriting expenses: (180,584) (2,971,478) (3,152,062)
Acquisition and maintenance cost 1,325,803 14,362,761 15,688,564
Depreciation and amortisation
Management expenses 1,264,512 6,795,200 8,059,712
39,259 268,680 307,939
Underwriting profit
Investment and other income 341,823 2,259,300 2,601,123
Foreign exchange gain 1,645,594 9,323,180 10,968,773
Administrative expenses
Impairment of assets 600,766 (289,077) 311,690
Results of operating activities 134,716 1,317,916 1,452,632
Income tax expenses
Profit for the year 15,465 899,120 914,585
(119,593) (1,182,280) (1,301,873)
Segment Assets
9,918 70,348 80,266
Segment liabilities 641,273 816,027 1,457,300
(2,123) (121,229) (123,352)
639,150 694,799 1,333,948

2,673,631 24,341,252 27,014,882

2,669,470 22,730,632 25,400,102