Page 99 - Continental Reinsurance 2022 Annual Report

Notes to the Consolidated and separate financial statements 97

1 Revenue Group Group Company Company
Dec. 2022 Dec. 2021 Dec. 2022 Dec. 2021
1.1 Insurance premium revenue =N='000 =N='000 =N='000 =N='000
Premium revenue arising from insurance contracts issued
Life insurance contracts 7,627,495 5,648,442 6,200,508 4,531,862
– Gross Premium (1,208,018) (813,589) (957,834) (675,065)
– Change in life unearned premium (Note 24.3a)
Non life insurance contracts 95,588,710 64,736,634 38,291,784 30,394,126
– Gross Premium (15,652,826) (5,400,354) (4,762,662) (3,628,742)
– Change in unearned premium provision (note 24.1) 64,171,133 38,771,796 30,622,181
Total Premium revenue arising from insurance contracts issued 86,355,360

1.2 Insurance premium ceded to retrocessionaires 1,399,539 561,833 1,305,255 459,423
26,596,388 14,941,475 8,582,509 5,263,199
Premium revenue ceded to retrocessionaires on insurance contracts 27,995,927 15,503,307 9,887,763 5,722,622
issued
Life insurance contracts (238,820) (54,664) (221,224) (54,664)
Non life insurance contracts
Gross premium ceded to retrocessionaires (5,347,834) (1,040,612) (722,002) (1,040,612)
Change in retrocessionaire share of unearned premium
reserve-Life 22,409,273 14,408,031 8,944,538 4,627,346
Change in retrocessionaire share of unearned premium
reserve-Non Life 63,946,087 49,763,102 29,827,258 25,994,835
Cost of Premium revenue ceded to retrocessionaires on insurance
contracts issued 218,211 220,775 190,317 174,789

Net insurance premium revenue 5,766,686 3,513,010 1,849,817 799,402
5,984,896 3,733,785 2,040,134 974,191
1.3 Commission earned under retrocession arrangements
Commission received on premium ceded to 2,750,028 2,912,686 2,278,116 1,496,877
retrocessionaires-Life 38,420,752 29,131,904 17,986,413 17,343,749
Commission received on premium ceded to 18,840,626
retrocessionaires-Non Life 41,170,781 32,044,590 20,264,529

2 Insurance benefits and underwriting expenses (6,705,348) (5,779,739) (3,171,922) (3,152,062)
34,465,432 26,264,851 17,092,607 15,688,564
2.1 Insurance claims and loss adjustment expenses
Life insurance contracts (note 24.1b) 3,212,873 2,376,124 3,730,928 1,513,755
Non life insurance contracts (note 24.3)
Total cost of policyholder benefits 3,492,475 3,403,614 (559,006) 1,638,307
Insurance claims and loss adjustment expenses recoverable 6,705,348 5,779,739 3,171,922 3,152,062
from retrocessionaire
Net insurance benefits and claims 23,070,218 15,575,975 9,060,619 7,164,213
1,515,045 2,286,405 1,042,854 895,499
2.1a Breakdown of claims recovery 5,597,013 5,341,227 2,917,199
Claims recovered and recoverable on paid claims 13,020,672 2,909,062
Change in retro share of outstanding claims liabilities (note 30,182,276 23,203,607 10,968,774
16.4)
64,647,709 49,468,458 30,113,279 26,657,338
2.2 Underwriting expenses

Amortized acquisition cost for the year (Note 17)
Costs incurred for the maintenance of insurance contracts
Management expenses (See Note 6.1)
Total underwriting expenses

Total insurance benefits and underwriting expenses