Page 63 - Continental Reinsurance 2022 Annual Report

Risk Management Statement 61

Stakeholder Communication: There is also ongoing
communication of the impact of IFRS 9 and IFRS 17 to key
stakeholders, who are provided with updates on the progress
of the implementation, and potential financial impacts, and
informed of expected changes to financial statements and
disclosures.

The Group has a robust plan in place to actively monitor and
address any operational impacts that arise post-
implementation of IFRS 9 and IFRS 17, to ensure compliance
with the standards while minimizing any disruption to their
financial reporting processes.

Closing Statement
Continental Reinsurance closely monitors economic trends
and developments to inform our risk management strategies.

While the economic outlook for 2023 is subject to various
uncertainties, due to political instability, economic volatility,
and the continued underdevelopment of the African insurance
industry, we remain optimistic and anticipate continued
growth for our business.

We shall remain vigilant in assessing macroeconomic factors,
such as GDP growth, inflation rates, political stability, and
currency fluctuations, to proactively manage potential risks
and capitalize on emerging opportunities.

The Group continues to maintain a comprehensive risk
management framework, prioritize compliance with
regulations and laws and foster a risk-aware culture that aims
to protect the interests of our stakeholders, ensure long-term
sustainability, and contribute to the resilience of the African
reinsurance industry.

Our commitment to risk management is integral to our
mission of providing "credible reinsurance security and
services to our clients and sustainable value to our
shareholders".