Page 94 - Continental Reinsurance 2022 Annual Report

Consolidated and separate statement of profit

92 or loss and other comprehensive income

For the year ended 31 December 2022

Notes Group Group Company Company
Dec. 2022 Dec. 2021 Dec. 2022 Dec. 2021
=N='000 =N='000 =N='000 =N='000

Gross premium written 103,216,204 70,385,076 44,492,292 34,925,988

Insurance premium revenue 1.1 86,355,360 64,171,133 38,771,796 30,622,181
Insurance premium ceded to retrocessionaires 1.2 (22,409,273) (14,408,031) (8,944,538) (4,627,346)
Net insurance premium revenue
Commission earned under retrocession arrangements 63,946,087 49,763,102 29,827,258 25,994,835
Underwriting income 1.3 5,984,896 3,733,785 2,040,134 974,191

69,930,983 53,496,887 31,867,392 26,969,026

Insurance Benefits 2.1 41,170,781 32,044,590 20,264,529 18,840,626
Insurance claims and loss adjustment expenses
Insurance claims and loss adjustment expenses 2.1 (6,705,349) (5,779,739) (3,171,922) (3,152,062)
recoverable from retrocessionaire 34,465,432 26,264,851 17,092,607 15,688,564
Net insurance benefits and claims

Underwriting expenses 2.2 30,182,276 23,203,607 13,020,672 10,968,774
Insurance benefits and underwriting expenses 64,647,708 49,468,458 30,113,279 26,657,338

Underwriting profit 5,283,275 4,028,430 1,754,113 311,688
Interest income
Fair value gain on investment properties 3 3,725,418 2,507,381 2,021,397 1,276,381
Other income
Foreign exchange gain 4 241,268 127,392 23,700 11,600
Administrative expenses
Impairment charge (release) during the year 5 844,310 1,062,300 411,082 164,651

5b 2,137,034 1,142,574 2,246,333 914,585

6.2 (2,096,373) (2,023,022) (1,222,178) (1,301,873)

6.3 (1,698,243) (178,265) (1,003,915) 80,266

Profit before income tax 8,436,689 6,666,790 4,230,532 1,457,298
Income tax 8 (1,601,691) (1,217,964) (428,626) (123,352)
Profit for the year
6,834,998 5,448,826 3,801,906 1,333,946

Attributable to: 5,619,752 3,804,307 3,801,906 1,333,946
Equity holders of the Parent 1,215,246 1,644,519 - -
Non controlling interest

Other comprehensive income 7 (67,027) 51,099 (65,828) 51,510
Other comprehensive income/(loss) to be reclassied to
prot or loss in subsequent periods: 27.2 947,775 450,611 --
Remeasurement gains/(loss) on available for sale 9.1
nancial assetsavailable for sale nancial assets (606,629) (165,469) (413,143) (117,196)
Reclassication adjustments to gains on available for
sale nancial assets included in prot or loss 181,989 (41,912) 123,943 35,159
Exchange difference on translation of foreign operation 456,108 294,329 (355,028) (30,527)

Other comprehensive income/(loss) not to be reclassified to 7,291,106 5,743,155 3,446,878 1,303,419
profit or loss in subsequent periods:
Remeasurement of post employment benefits obligations

Income tax relating to component of other comprehensive income
Other comprehensive (loss)/income for the year, net of tax

Total comprehensive income for the year

Attributable to: 6,075,860 4,098,636 3,446,878 1,303,419
Equity holders of the parent 1,215,246 1,644,519 - -
Non controlling interest 7,291,106 5,743,155
3,446,878 1,303,419
Earnings per share basic and diluted (kobo)
10 45 30 30 11
See accompanying notes to the consolidated financial statements.