Page 152 - Continental Reinsurance 2022 Annual Report

Statement of value added Group Group Company Company %
2022 2021 2022 2021
For the year ended 31 December 2022 Net premium income:
- Local =N='000 % =N='000 % =N='000 % =N='000
- Foreign
Other income 21,978,675 19,421,253 21,978,675 19,421,253
41,967,412 30,341,848 7,848,583 6,573,581
Claims, commission, charges 2,432,479 1,441,032
and management expenses 4,569,728 3,569,681
68,515,814 53,332,782 32,259,737 27,435,866
- local
- imported (17,539,307) 100% (18,355,324) 100% (17,539,307) 100% (18,355,324) 100%
Value Added (38,847,183) (25,488,811) (8,623,202) (6,272,548)
Applied as follows: 6,097,227 2,807,994
12,129,323 9,488,647
To pay employees:
- Salaries, pension and other allowances 3,392,905 28% 2,464,378 47% 1,632,203 27% 1,042,757 37%

To pay Government: 1,242,748 13% 1,194,223 13% 205,489 3% 99,611 6%
- Income tax 39,101 0% 14,891 0% 39,101 1% 14,891 0%
- Information technology levy
299,729 1% 357,480 1% 234,492 1% 307,939 1%
Retained for growth: 319,842 3% 8,850 -3% 184,036 3% 8,850 -5%
- Depreciation and amortistion 6,834,998 56% 38% 3,801,906 62% 53%
- Deferred taxation 5,448,826 1,333,946
- Prot for the year 12,129,323 100% 100% 6,097,227 100% 100%
9,488,647 2,807,994

Value added is the wealth created by the efforts of the Company and subsidiary and its employees and its allocation between employees, shareholders, government and re-investment
for the future creation of further wealth.

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