Page 23 - Continental Reinsurance 2022 Annual Report

2022 Investment Performance 21
Review and Report

Group Portfolio Asset Mix/Allocation
The asset budget allocation is a factor of various variables at the point of budgeting, and we have had to undertake a bit of
rebalancing depending on market and business demands. Details in Tables 2 and 3 and the charts below

Figure 1: Group Asset Allocation Figure 2: Company Asset Allocation

1% Group asset allocation 3% 1% Group asset allocation
2% 1% 3% 1%

4% 31% Sovereign Eurobond 6% 36% FGN Eurobond
5% 23% Cash & Cash Equivalent 6% Cash & Cash Equivalent
8% Sovereign Bonds - Local FGN Bonds - Local
Investment Property 19% Investment Property
9% Mutual Funds Corporate Bonds - Eurobond
Corporate Bonds - Eurobond 27% Statutory Deposit
17% Treasury Bills Equity
Statutory Deposit Mutual Funds
Equity Corporate Bonds - Local
Corporate Bonds - Local

Fixed income proportion including cash: 87% (2021: 84%;2020: 80%; 2019: 79%) Fixed income proportion including cash: 86% (2021: 82%;2020: 77%; 2019: 57%)

By Geographical distribution/location of assets
The following table and chart show the location of the assets across the group:

Country C Re Plc C Re Gab C Re Douala C Re Nairobi Total Percentage 1%

Nigeria N'million N'million N'million N'million N'million 31-Dec-22 31-Dec-21 6%
Cameroon 6%
Kenya 25,369 2,226 37 27,631 48.65% 49.00% 3%
Botswana 2%
Tunis 3,478 3,478 6.12% 7.23%
Cote'd Ivoire
Ghana 7 15,766 15,773 27.77% 28.54% Nigeria
Others Cameroon
Total 982 982 1.73% 2.48% Kenya
% Group allocation (31 Dec 22) Botswana
% Group allocation (31 Dec 21) 1,592 1,592 2.80% 1.78% 48% Tunisia
Cote’d Ivoire
324 3,254 3,578 6.30% 7.67% 28% Ghana
6% Others
3,002 304 3,306 5.82% 2.06%

460 460 0.81% 1.24%

30,754 3,511 6,769 15,766 56,801 100.00% 100.00%

54.14% 6.18% 11.92% 27.76% 100.00%

50.67% 6.62% 14.18% 28.53% 100.00%

C Re Plc's portfolio constitutes 54.14% (2021: 50.7%) of the group portfolio, with an annualized yield of 8.68% compared to
budget of 6.91%. Nairobi at 27.76% (Dec 2021: 28.53%) with an annualized yield of 9.11% compared to the budget yield of
9.22%. Douala portfolios at 11.92% (Dec 2021: 14.18%) of the total portfolio with yield of 7.34% as against the budget yield of
5.65% and Gaborone constitute 6.18% (2021 was 6.62%) of the group portfolio and the yield on investment is 7.83 % as against
the budget yield of 5.22%.

Our assets are distributed across the six regions of our operations and Ghana. The bulk of the assets are domiciled in Nigeria at
48.65% followed by Kenya at 27.77%; total 76.42%. Other locations include Mutual funds in Europe of N243 million and
Uganda Re shares, valued at N217 million as follows.

Counter Party Currency 31 Dec 31 Dec % Change
2022 2021
J P Morgan USD N'000 N'000 0%
Scottish Widow (Lcl International)/Monument USD -6%
HSBC LIFE BOND-53001 GBP 35 35 -6%
HSBC -LIFE BOND-3926 GBP 47 50 -11%
Uganda Re Shares USD 92 98 58%
Total 69 77 16%
217 137
460 397