Page 151 - Continental Reinsurance 2022 Annual Report

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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 FOR JANUARY TO DECEMBER 2022 N'000 N'000 N'000 N'000 N'000 N'000
COMPANY 2,962,676
INCOME 1,015,987 16,026,543 4,326,681 1,039,959 3,704,995 3,079,937 865,073 5,238,521 37,244,385
-494,082 6,185,184 649,220 653,965 1,535,604 3,208,156 282,983 1,878,785 15,409,885
GROSS BOOKED PREMIUMS -3,227,946 -492,669 -415,819 -1,047,343 -1,517,564 -49,756 -916,798 -8,161,978
ADD PIPELINE C/F 521,905 2,957,238 156,550 238,146 1,690,592 233,228 961,987
LESS PIPELINE B/F 3,484,581 18,983,781 488,261 4,770,528 1,098,301 6,200,508 7,247,907
CHANGE IN PIPELINE 4,262,733 4,483,232 1,278,105 4,193,256 1,551,265 292,528 1,982,878 44,492,292
GROSS PREMIUM INCOME 824,727 -7,120,003 1,834,078 184,590 1,682,491 -2,629,808 -366,645 -2,940,712 12,615,290
ADD UNEXPIRED RISK AT THE BEGINNING OF THE PERIOD-GROSS -1,221,142 -2,857,270 -1,802,690 -294,399 -1,960,387 -1,078,543 -74,117 -957,834 -18,335,786
LESS UNEXPIRED RISK AT THE END OF THE PERIOD-GROSS 3,579,244 -109,808 1,379,945 1,757,849 -5,720,496
INCREASE/DECREASE IN UNEXPIRED RISKS-GROSS -396,416 -5,571,090 31,388 169,648 -277,896 -2,264,711 75,583 -2,494,458 10,064,456
ADD UNEXPIRED RISK AT THE BEGINNING OF THE PERIOD-NET 536,449 -1,991,846 1,199,434 -255,504 1,366,304 -884,766 -200,460 -736,610 -14,841,726
LESS UNEXPIRED RISK AT THE END OF THE PERIOD-NET -1,220,453 16,991,935 -1,072,659 -85,856 -1,762,389 3,885,762 -124,878 5,463,898 -4,777,270
INCREASE/DECREASE IN UNEXPIRED RISKS-NET -684,003 -396,085 973,423 39,715,022
GROSS PREMIUM EARNED 2,800,577 126,775 1,192,249 3,797,171
4,610,006
PREMIUM CEDED -966,554
COMMISSION RECEIVED ON PREMIUM CEDED 1,877 -3,533,818 -2,215,407 -313,400 -158,280 -964,519 -430,531 -1,305,255 -9,887,764
886,902 508,910 62,001 48,014 263,563 78,549 190,317 2,040,134
NET PREMIUM EARNED 1,835,900
OUTGO: 14,345,019 2,903,509 940,850 3,686,905 3,184,807 621,442 4,348,960 31,867,391
GROSS CLAIMS PAID 147,695
LESS OCR AT THE BEGINNING OF THE PERIOD-GROSS -714,321 10,717,179 1,505,493 180,624 936,397 796,621 263,964 2,257,122 16,805,094
ADD OCR AT THE END OF THE PERIOD-GROSS 494,120 -7,963,622 -766,403 -424,991 -493,581 -1,494,433 -240,868 -686,592 -12,784,812
INCREASE/DECREASE IN OUTSTANDING CLAIMS-GROSS -220,201 11,238,061 714,240 418,641 928,699 1,335,834 407,066 707,586 16,244,247
LESS OCR AT THE BEGINNING OF THE PERIOD-NET -700,035 3,274,439 435,118 166,197
ADD OCR AT THE END OF THE PERIOD-NET 494,120 -4,803,769 -52,163 -6,351 -407,540 -158,599 20,994 3,459,434
INCREASE/DECREASE IN OUTSTANDING CLAIMS-NET -205,915 8,591,929 -535,996 -403,297 870,955 -1,394,313 -59,868 -604,201 -8,909,019
GROSS CLAIMS INCURRED -58,220 3,788,160 521,933 418,595 463,415 1,160,146 248,092 621,690 12,927,460
LESS: RETROCESSION RECOVERIES -19,383 14,505,338 1,399,812 188,223 4,018,441
NET CLAIMS INCURRED -77,603 -2,071,416 -14,063 15,298 -43,884 -234,166 452,187 17,489 20,823,535
12,433,923 1,491,430 195,922 1,355,928 562,454 -125,750 2,274,611 -3,730,929
COMMISSIONS 230,768 -607,070 -156,563 326,437 -706,864 17,092,606
ADD DAC (NET) AT THE BEGINNING OF THE PERIOD 111,466 0 405,891 1,567,747
LESS DAC (NET) AT THE END OF THE PERIOD -128,866 884,361 195,922
CHANGE IN DEFERRED ACQUISITION COST -17,400
NET COMMISSIONS 213,368 4,146,288 951,724 105,855 1,076,275 1,209,459 235,243 1,625,833 9,581,445
1,163,719 319,842 30,722 495,756 432,312 25,410 536,124 3,115,350
BROKERAGES AND CHARGES 121,537 -1,316,067 -299,840 -52,037 -540,765 -577,963 -41,832 -678,805 -3,636,176
MANAGEMENT EXPENSES 236,833 -152,348 -21,315 -45,010 -145,651 -16,423 -142,682 -520,826
3,993,940 20,002 84,540 218,820 9,060,619
TOTAL OUTGO 494,136 971,727 1,031,265 1,063,809 1,483,151

UNDERWRITING RESULT 1,341,764 401,502 203,226 79,118 110,379 92,942 22,215 11,934 1,042,854
1,236,443 345,870 79,966 293,160 236,869 68,260 419,799 2,917,199

18,065,807 2,405,183 439,546 2,790,732 1,799,510 635,733 3,482,631 30,113,278

-3,720,788 498,326 501,304 896,173 1,385,297 -14,291 866,329 1,754,113