Page 80 - Continental Reinsurance 2022 Annual Report

78 Statement of Significant Accounting Policies

Group Company

Liabilities Carrying Insurance Carrying Insurance
Amount Contracts Amount Contracts
Trade payable
Income tax payable 884,117 884,117 847,009 847,008
Deferred tax payable 722,035 722,035 648,999 648,999
Unearned premium 72,908
Outstanding claims 4,912,295 - 68,777 -
Other liabilities 6,169,658 4,912,295 3,684,628 3,684,628
Other retro liabilities 761,433 6,169,658 5,468,935 5,468,935
Retirement benefits 330,721
Total 278,372 - 696,328 -
Predominance ratio 14,131,539 330,721 621,801 621,801
278,372 -
- 12,314,849 11,271,372
13,018,826 92%

92%

d) The impact assessment of IFRS 9 on the company’s
financial assets as December 31, 2017, the reporting
date that immediately precede January 1, 2018, the
effective implementation date of the standard is stated
below;

Financial Assets IAS 39 IFRS 9 Impact
Securities through profit or loss - 345,067 345,067
Loans and other receivables (amortised cost) 439,081
Available-for-sale investments (FVOCI) 439,081 1,494,377 -
Held to maturity (FVOCI/amortised cost) 2,090,531 6,013,902 (596,154)
Reinsurance receivables 6,065,330 5,910,421
Total 6,184,435 14,202,848 (51,428)
14,779,377 (274,014)
(576,529)

e) The company’s activities have remained the same and The group financial assets with contractual terms that give rise
are predominantly connected with insurance contracts to cash flows that are solely payments of principal and interest
as reflected in (b) above on the principal amount outstanding are as follows:
a) Loans
f) The nature and carrying amounts of the liabilities b) Other assets/receivables
connected with insurance contracts are disclosed in c) Short term placements
notes 8, 24 and 25 respectively d) Premium receivables
The assets listed above are short term in nature and are
Fair value disclosures receivable within 12 months from the end of the reporting
I) Financial assets with contractual terms that give rise to period and as such the carrying amount of these financial asset
are deemed to be a reasonable approximation of its fair value.
cash flows that are solely payments of principal and The group is yet to assess the impact of premium receivables.
interest

e) Investment securities

Bonds 2022 Fair Value
Treasury Bills
34,909,144,069 2021
2,272,407,811
22,967,912,021
1,284,167,979

Fair value changes during the year are disclosed in notes
4 and 7 respectively

ii) Financial assets with contractual terms that do not give
rise to cash flows that are solely payments of principal
and interest