NOTES TO FINANCIAL STATEMENTS NOTES TO F I NANC I AL STATEMENTS 11.1.1. Drought The roll-forward of the net asset or liability for insurance contracts issued, showing the liability for remaining coverage and the liability for incurred claims for drought product line, is disclosed in the table below: 31 DECEMBER 2023 LIABILITIES FOR REMAINING COVERAGE LIABILITIES FOR INCURRED CLAIMS TOTAL Figures in USD EXCLUDING LOSS COMPONENT LOSS COMPONENT ESTIMATES OF THE PRESENT VALUE OF FUTURE CASH FLOWS RISK ADJUSTMENT Insurance contract liabilities as at 1 January 2023 1,356,401 – 19,652,003 5,712,931 26,721,335 Insurance contract assets as at 1 January 2023 – – – – – Net insurance contract (assets)/ liabilities as at 1 January 2023 1,356,401 – 19,652,003 5,712,931 26,721,335 Insurance revenue (38,386,254) – – – (38,386,254) Insurance service expenses – 11,586,562 (1,734,971) 9,851,591 Incurred claims and other expenses – – 15,119,033 – 15,119,033 Amortisation of insurance acquisition cash flows – – – – – Changes that relate to past service - adjustments to the LIC – – (3,532,471) (1,734,971) (5,267,442) Total changes in the statement of comprehensive income (38,386,254) 11,586,562 (1,734,971) (28,534,663) Cash flows 32,394,726 – (18,058,703) – 14,336,023 Premium received 32,394,726 – – – 32,394,726 Claims and other expenses paid – – (18,058,703) – (18,058,703) Insurance acquisition cash flows – – – – – Net insurance contract (assets)/ liabilities as at 31 December 2023 (4,635,127) – 13,179,862 3,977,960 1 2,522,694 Insurance contract liabilities as at 31 December 2023 – – 13,179,862 3,977,960 17,157,822 Insurance contract assets as at 13 December 2023 (4,635,127 – – – (4,635,127) Net insurance contract (assets)/ liabilities as at 31 December 2023 (4,635,127 – 13,179,862 3,977,960 12,522,694 112
RkJQdWJsaXNoZXIy MTM3NDM0