Page 16 - Continental Reinsurance 2022 Annual Report
P. 16
14 2022 Financial Year Business Review
Combined ratio. in 2022, down by 7% from 93% contribution in
The non-life combined ratio is calculated as a 2021. This mix still shows the continued
percentage of 'Net Earned Premium' and includes dominance of the Group life business, a trend
Claims incurred, Acquisition costs and Charges expected to continue over the next couple of years
and Management Expenses. The combined ratio mainly due to the impact of the Nigerian pension
for non-life operations improved from 92% in reform act where the bulk of the premiums are
2021 to 94% in 2022. Barring any unusual claims generated. The trend is however expected to
experience, the combined ratio is expected to taper as the individual life business is beginning to
continuously improve in the next couple of years gain more acceptance.
as an increase in volume and stability is achieved.
Life Business Outgo.
Life Business Life Gross Claims Incurred in 2022 were NGN2.75
Premium Income. billion compared to NGN2.92 billion in 2021; a
Life business improved in 2022 by 35% to decrease of 6%.
NGN7.63 billion from NGN5.65 billion in 2021.
This resulted from improved participation in some Acquisition costs and charges paid were NGN1.77
treaty businesses. Group life contributed 86% of billion in 2022 compared to NGN1.47 billion in
the total premium of NGN7.63 billion generated 2021 representing a 20% increase.
