Page 130 - Continental Reinsurance 2022 Annual Report

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The segment information provided to the Company Executive Board for the reportable segments for the year ended 31 December 2022 is as follows: Notes to the Consolidated and separate financial statement - continued

Nigeria Cameroon Kenya Abidjan Tunis Botswana Total Eliminations Consolidated For the year ended 31 December 2022
=N='000 =N='000 =N='000 =N='000 =N='000
=N='000 =N='000 =N='000 =N='000
103,216,205
Group 31,415,623 3,712,202 41,478,899 5,838,794 13,076,669 10,901,555 106,423,742 (3,207,538) (16,860,845)
(2,299,739) (471,249) (9,059,347) (418,177) (3,420,757) (1,191,575) (16,860,844) -
Gross premium 29,115,885 3,240,952 32,419,552 5,420,618 86,355,360
Change in reserve for unearned premium (7,137,210) (1,509,069) (7,838,090) (2,701,585) 9,655,912 9,709,980 89,562,898 (3,207,538) (22,409,273)
Earned premium income 21,978,675 1,731,884 24,581,462 2,719,033 (1,807,328) (4,623,529) (25,616,811) 3,207,538
Retrocession costs - 63,946,087
Net insurance premium revenue 1,260,567 462,643 2,115,404 521,827 7,848,584 5,086,451 63,946,087 6,726,131
Commission earned under retrocession arrangements 23,239,240 2,194,527 26,696,866 3,240,859 779,567 1,586,123 6,726,131 -
Underwriting income 6,672,574 70,672,218 70,672,218
Expenses 12,800,193 8,628,151 (780,824)
Gross claims incurred (1,108,972) 4,392,433 41,951,605 780,824 41,170,781
Retrocession recoveries 11,691,222 1,132,448 14,587,841 1,574,354 7,464,336 (1,753,542) (7,486,173) - (6,705,349)
Net claims incurred (250,024) (1,617,357) (693,328) (2,062,950) 34,465,432
2,638,891 34,465,432
Underwriting expenses: 882,423 12,970,484 881,026 5,401,384 24,585,263
Acquisition and maintenance cost 6,338,248
Management expenses 7,520,893 938,888 9,451,078 1,274,425 2,582,581 2,817,399 24,585,263 -
2,277,962 459,735 1,642,344 593,315 639,237 725,655 6,338,248 - 30,923,510
Underwriting profit 9,798,855 1,398,623 11,093,422 -
Investment Income & other income 1,867,740 3,221,818 3,543,054 30,923,511 5,283,276
Foreign exchange gain/(loss) 1,749,163 - 4,810,995
Administrative expenses 2,297,058 (86,519) 2,632,960 492,093 4,949 490,629 5,283,275 - 2,137,034
Impairment of financial assets 2,246,333 530,782 1,373,180 225,759 159,121 225,094 4,810,994 (87,578) (2,096,373)
Results of operating activities (1,061,303) (132,724) 108,380 2,224,612 - (1,698,242)
Income tax expenses (909,954) 2,489 (478,154) 134 - (181,198) (2,096,374) - 8,436,690
Profit for the year 4,321,298 (87,161) (454,776) (127,682) (160,875) (137,249) (1,698,242) (87,578) (1,601,691)
(428,626) (143,524) 2,940,486 505,656 8,524,264 - 6,834,999
Segment assets 3,892,672 216,066 (936,233) 41,222 (93,961) (135,806) (1,601,691) (87,578)
(95,187) 2,004,253 631,527 (90,767) 369,850 6,922,573 149,158,292
Segment liabilities 73,383,960 120,878 (5,839) (8,450,340)
625,688 - 98,637,122
Ratios: 42,080,494 22,483,667 44,242,089 (90,767) 17,498,916 157,608,632 (2,327,230)
Retro ratio - 22%
Claims ratio 14,886,239 31,736,808 - 12,260,811 100,964,352 49%
Acquisition cost ratio - 35%
Management expense ratio -
Combined ratio 9%
23% 41% 19% 46% 14% 42% 24% 93%
50% 40% 49% 27% 63% 40% 49%
32% 43% 35% 39% 30% 42% 35%
10% 21% 18% 11%
92% 104% 6% 85% 7% 93% 9%
90% 100% 93%