Page 131 - Continental Reinsurance 2022 Annual Report

The segment information provided to the Company Executive Board for the reportable segments for the year ended 31 December 2021 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
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70,385,076
Group 26,947,492 2,455,192 22,241,773 4,422,008 7,978,496 8,067,032 72,111,993 (1,726,918) (6,213,944)
(3,712,818) (30,644) (2,039,191) (242,527) (590,989) 402,226 (6,213,943) - 64,171,132
Gross premium 23,234,674 20,202,582 4,179,482 7,387,507 (14,408,031)
Change in reserve for unearned premium (3,813,421) 2,424,547 (3,802,515) (1,796,139) (813,925) 8,469,258 65,898,050 (1,726,918) 49,763,101
Earned premium income 19,421,253 (950,411) 16,400,067 2,383,343 6,573,582 (4,958,538) (16,134,949) 1,726,918
Retrocession costs 1,474,136 - 3,733,785
Net insurance premium revenue 880,305 776,487 444,913 93,886 3,510,720 49,763,101 53,496,886
Commission earned under retrocession arrangements 20,301,557 96,359 17,176,554 2,828,256 6,667,468 1,441,835 3,733,785 -
Underwriting income 1,570,495 4,952,555 53,496,886 32,044,591
Expenses 14,904,639 2,243,812 3,935,987 (709,999) (5,779,740)
Gross claims incurred (3,023,317) 1,040,356 7,964,714 (846,832) (128,745) 2,665,082 32,754,590 709,999
Retrocession recoveries (803,480) (190,547) (1,496,818) (6,489,739) - -
Ceded outstanding claims reserve 11,881,321 1,396,979 3,807,243 - 26,264,851
Claims incurred 236,877 7,774,167 1,168,264 - -
Retrocession recoveries 11,881,321 1,396,979 3,807,242 26,264,851 - -
Net claims incurred 236,876 7,774,167 1,168,264 26,264,851
6,265,313 - -
Underwriting expenses: 2,238,154 26,264,851 - 17,862,380
Acquisition and maintenance cost 8,503,468 - 4,983,747
Management expenses 608,843 5,908,032 959,520 1,794,400 2,326,273 17,862,381
(83,232) 406,365 1,089,307 375,106 670,908 561,386 5,341,226 - 23,203,606
Underwriting profit 1,395,561 1,015,208 6,997,339 1,334,626 -
Investment Income & other income 2,465,306 2,887,659 23,203,607 (8,685) 4,028,430
Foreign exchange gain/(loss) 914,585 96,650 - 3,697,072
Administrative expenses (1,004,473) 318,412 2,405,048 124,520 394,920 896,632 4,028,428 - 1,142,574
Impairment of financial assets 836,519 1,121,397 57,071 162,004 3,697,071 (8,685) (2,023,022)
Results of operating activities 64,180 (5,926) (693) - 146,535 1,151,259 - (178,264)
Income tax expenses 1,286,621 (128,713) 96,758 (118,812) (120,977) (2,023,023) (8,685) 6,666,790
Profit for the year (106,584) (322,905) (352,647) (297,400) (69,340) (178,264) (1,217,964)
1,180,036 697,386 (281,217) 414,932 16,086 1,014,854 6,675,471 (9,599,880) 5,448,826
Segment assets (55,050) 2,989,339 516,597 (222,065) (1,217,964)
57,888,868 642,336 (813,075) (4,422) 170,678 792,789 5,457,507 (3,476,770) 105,808,718
Segment liabilities 2,176,264 512,175 (16,768)
30,032,280 153,910 62,578,655
Ratios: 17,220,821 27,110,058 - 13,188,852 115,408,599
Retro ratio 14% - 20%
Claims ratio 59% 10,792,375 16,903,985 - 8,326,785 66,055,425 49%
Acquisition cost ratio 31% - 33%
Management expense ratio 11%
Combined ratio 100% 39% 17% 41% 10% 61% 22% 9% 129
15% 45% 49% 57% 24% 49% 92%
39% 34% 34% 27% 47% 33%
26% 13% 10% 11% 10%
80% 6% 97% 94% 82% 92%
86%