Page 20 - Continental Reinsurance 2022 Annual Report
P. 20
18 2022 Investment Performance Review and Report
We recorded a translation gain of N77.86 million from the conversion of subsidiary reporting currencies to Naira and
N1.70 billion from the valuation of non-Naira denominated investment assets (majorly USD assets) of CRe Plc,
giving rise to a net foreign exchange gain of N1.78 billion.
In USD terms, the portfolio appreciated by 13.19% to USD123.08 million as of 31st December 2022 from
USD108.38 million as of 31st December 2021. The impact of currency devaluation due to the weakening NGN and
other reporting currencies on the portfolio was cushioned by improving collections, income, and USD holdings.
The tables below show the movement of the exchange rate as of 31st December 2022.
