Page 150 - Continental Reinsurance 2022 Annual Report

Notes to the Consolidated and separate financial statement - continued CONTINENTAL REINSURANCE PLC ENERGY FIRE ACCIDENT LIABILITY MARINE ENGINEERING AGRIC LIFE Eliminations TOTAL
UNDERWRITING REVENUE ACCOUNT N'000 N'000 N'000 N'000
For the year ended 31 December 2022 N'000 N'000 N'000 N'000 N'000 N'000
FOR JANUARY TO DECEMBER 2022
GROUP
INCOME

GROSS BOOKED PREMIUMS 3,218,660 36,884,792 19,991,171 4,675,317 5,718,070 8,361,609 1,619,041 6,568,114 -3,207,538 83,829,237
ADD PIPELINE C/F 1,016,444 12,002,728 10,347,882 2,615,433 2,736,867 6,090,673 554,352 2,265,135 -3,207,538 37,629,515
LESS PIPELINE B/F -494,193 -6,292,851 -3,602,930 -2,207,758 -1,661,305 -2,551,660 -226,094 -1,205,755 -18,242,548
CHANGE IN PIPELINE 5,709,876 6,744,952 407,675 1,075,562 3,539,013 328,258 1,059,380 -3,207,538 19,386,967
GROSS PREMIUM INCOME 522,251 42,594,668 26,736,122 5,082,992 6,793,631 11,900,622 7,627,494 103,216,203
ADD UNEXPIRED RISK AT THE BEGINNING OF THE PERIOD-GROSS 3,740,912 9,419,727 2,006,461 2,228,775 4,089,559 1,947,299 2,411,137 27,203,506
LESS UNEXPIRED RISK AT THE END OF THE PERIOD-GROSS -15,060,728 5,779,201 -2,335,983 -2,939,396 -6,623,549 438,496 -3,619,154 -44,064,350
INCREASE/DECREASE IN UNEXPIRED RISKS-GROSS 830,150 -5,641,001 -11,594,608 -329,522 -710,620 -2,533,990 -645,088 -1,208,017 -16,860,844
ADD UNEXPIRED RISK AT THE BEGINNING OF THE PERIOD-NET -1,245,843 -5,815,408 1,553,181 1,782,429 2,894,239 -206,592 2,154,713 19,856,608
LESS UNEXPIRED RISK AT THE END OF THE PERIOD-NET 6,269,173 -1,886,889 -2,600,430 -4,498,048 184,914 -3,123,910 -31,130,798
INCREASE/DECREASE IN UNEXPIRED RISKS-NET -415,694 -9,213,953 4,478,121 -333,708 -1,603,809 -393,888 -969,197 -11,274,190
GROSS PREMIUM EARNED 539,838 -2,944,780 -8,168,526 4,749,284 -818,001 10,296,813 -208,974 6,658,297 91,942,014
-1,245,154 39,649,889 -3,690,405 5,975,630
-705,316 23,045,718 1,738,325
3,035,595

PREMIUM CEDED -1,149,413 -15,360,769 -6,699,939 -1,099,455 -408,780 -4,257,725 -827,845 -1,399,539 3,207,538 -27,995,927
COMMISSION RECEIVED ON PREMIUM CEDED 6,649 3,946,775 978,898 128,156 69,644 1,116,478 261,321 218,210 -741,235 5,984,896
6,649 3,946,775 978,898 128,156 69,644 1,116,478 261,321 218,210
NET PREMIUM EARNED 7,155,565 1,171,802 -741,235 69,930,983
OUTGO: 1,892,831 28,235,895 17,324,677 3,777,985 5,636,494 5,476,968
GROSS CLAIMS PAID
LESS OCR AT THE BEGINNING OF THE PERIOD-GROSS 147,695 16,406,966 9,523,275 1,084,832 1,612,825 1,755,381 782,361 3,078,174 -780,824 33,610,685
ADD OCR AT THE END OF THE PERIOD-GROSS -714,321 -13,723,317 -4,609,162 -1,749,351 -1,074,357 -2,768,226 -346,912 -1,630,947 -26,616,595
INCREASE/DECREASE IN OUTSTANDING CLAIMS-GROSS 505,724 19,404,340 9,349,034 2,229,667 1,829,361 2,990,351 701,232 1,218,464 -780,824 38,228,172
LESS OCR AT THE BEGINNING OF THE PERIOD-NET -208,598 4,739,872 354,319 780,824 11,611,578
ADD OCR AT THE END OF THE PERIOD-NET -700,035 5,681,022 -3,652,974 480,316 755,004 222,125 -121,128 -412,483 -18,514,466
INCREASE/DECREASE IN OUTSTANDING CLAIMS-NET 505,724 -8,273,427 7,207,513 -1,522,866 -598,117 -2,202,591 326,561 -1,443,329 - 26,633,568
GROSS CLAIMS INCURRED -194,311 12,029,179 3,554,540 2,183,235 1,292,785 1,976,891 205,434 1,111,679
LESS: RETROCESSION RECOVERIES -46,616 3,755,752 13,077,815 694,668 987,795 8,119,102
NET CLAIMS INCURRED -27,683 20,162,719 -1,239,494 660,369 2,307,493 -225,699 -521,969 -331,651 41,729,787
-74,299 -4,870,537 11,838,321 1,745,202 1,529,681 465,825 2,746,523 -7,264,355
15,292,182 -63,793 -562,053 -760,105 34,465,432
455 2,243,700 967,629 1,986,418
1,745,656

COMMISSIONS 237,881 9,935,066 5,171,085 776,182 1,761,353 3,036,654 331,911 1,895,004 -741,235 22,403,901
ADD DAC (NET) AT THE BEGINNING OF THE PERIOD 112,545 2,073,261 1,223,260 402,841 652,571 846,857 47,028 641,542 -741,235 5,999,906
LESS DAC (NET) AT THE END OF THE PERIOD -129,815 -2,246,051 -2,134,619 -457,246 -822,566 -46,920 -801,257 -7,868,440
CHANGE IN DEFERRED ACQUISITION COST -17,270 -172,790 -911,359 -54,405 -169,994 -1,229,966 -159,715 -1,868,535
NET COMMISSIONS 220,611 9,762,276 4,259,725 721,777 -383,109 108 20,535,366
1,591,359 332,020 1,735,289
2,653,545

BROKERAGES AND CHARGES 123,020 1,288,561 1,119,459 207,127 213,968 270,266 55,426 30,834 3,308,662
MANAGEMENT EXPENSES 254,246 2,734,445 1,266,528 357,201 439,149 624,777 117,201 544,700 6,338,247

TOTAL OUTGO 523,577 29,077,463 18,484,034 3,031,762 4,488,176 4,516,217 970,472 4,297,241 -741,235 64,647,707

148 UNDERWRITING RESULT 1,369,254 -841,568 -1,159,357 746,224 1,148,318 2,639,348 201,329 1,179,727 - 5,283,276