Page 75 - Continental Reinsurance 2022 Annual Report
P. 75
Statement of Significant Accounting Policies 73
1 General information general accident and engineering/bond insurance.
a. The consolidated financial statements of Continental 2 Summary of significant accounting policies
Reinsurance Plc and its subsidiaries (collectively, the
Group) for the year ended 31 December 2022 were 2.1 Introduction to summary of accounting policies
authorised for issue in accordance with a resolution of The principal accounting policies applied in the
the Directors on 3 February 2023. preparation of these financial statements are set out
below. These policies have been consistently applied to
Continental Reinsurance Plc (the Company or the parent) all the years presented, unless otherwise stated.
was incorporated in 1985 as a professional reinsurance
limited liability company under the Companies Act 1968 2.2 Basis of preparation
and obtained license to transact non-life Reinsurance These consolidated and separate financial statements
business on 10 December 1986. It commenced business are the financial statements of Continental Reinsurance
operation in January 1987. The Company subsequently Plc (“the Company'') and its subsidiaries, Continental
obtained the license to transact life reinsurance business Reinsurance Limited, Kenya, Continental Reinsurance
in September 1989 and commenced life reinsurance Limited, Botswana and Continental Reinsurance
business in January 1990. In 1999, the Company was Limited, Cameroon (together “the Group”).
converted to a public limited liability company and in
May 2007 and had it's shares listed on the Nigerian Stock 2.2.1 Statement of compliance
Exchange same year. The company was delisted from the The Group’s consolidated financial statements have
Nigerian stock exchange in January 2020. In January been prepared in accordance with International
2005, the Company opened a business office in Douala Financial Reporting Standards (IFRS) as issued by the
Cameroon, Nairobi, Kenya in year 2007 and Abidjan International Accounting Standards Board (IASB).
Cote d' Ivoire in March 2012. The Nairobi office was Additional information required by national regulations,
converted to a subsidiary in 2013. In 2014, the Company the Company and Allied Matters Act CAP C20 LFN
acquired a subsidiary in Gaborone, Botswana. The 2004, the Financial Reporting Council of Nigeria Act No.
Douala Cameroon office was converted to a subsidiary in 6, 2011, Insurance Act 2003 and its interpretations
2018. The registered office address of the Company is 17 issued by the National Insurance Commission in its
Olosa street, Victoria Island, Lagos, Nigeria. Insurance Industry Policy Guidelines is included where
appropriate.
The Company is regulated by the National Insurance
Commission of Nigeria (NAICOM). The consolidated financial statements comprise the
consolidated statement of financial position, the
b. Principal activity consolidated statement of profit or loss and other
comprehensive income, the consolidated statement of
The Group is licensed to carry out both life and non - life changes in equity, the consolidated statement of cash
reinsurance business. The Group provides cover in all flows and the notes to the consolidated financial
classes of reinsurance, basically non-life and life treaty statements.
and facultative reinsurance, backed by retrocessionaires
in the London and African reinsurance markets. The 2.2.1 Basis of measurements
products and services by the Group cuts across accident,
energy, fire, marine, liability, individual and group life. The consolidated financial statements have been
prepared in accordance with the going concern
The Group also has an investment portfolio with principle under the historical cost convention, except for
diversified investment focus aimed at improving its available-for-sale financial assets, financial assets
profitability, meet future claim obligations, and limit the designed at fair value through profit or loss and
Group's exposure to investment risk, preserve investment properties.
shareholders' capital in order to maximize total return on
investment. Functional and presentation currency
In addition, the Group also provides top-class specialized The consolidated financial statements are presented in
training and development programmes to its esteemed Naira, which is the Group’s functional currency. The
clients in various classes of insurance and reinsurance figures shown in the consolidated financial statements
including fire, energy, business interruption, are stated in thousands.
international reinsurance, life and pension, motor and
