NOTES TO F I NANC I AL STATEMENTS 11.1.1. Drought (continues) 31 DECEMBER 2022 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 2022 459,904 – 29,826,458 4,095,550 34,381,912 Insurance contract assets as at 1 January 2022 – – – – – Net insurance contract (assets)/ liabilities as at 1 January 2022 459,904 – 29,826,458 4,095,550 34,381,912 Insurance revenue (20,317,223) – – – (20,317,223) Insurance service expenses – – 25,150,146 1,617,381 26,767,527 Incurred claims and other expenses – – 25,150,146 5,712,931 30,863,077 Amortisation of insurance acquisition cash flows – – – – – Changes that relate to past service – adjustments to the LIC – – – (4,095,550) (4,095,550) Total changes in the statement of comprehensive income (20,317,223) 25,150,146 1,617,381 6,450,304 Cash flows 21,213,720 – (35,324,601) – (14,110,881) Premium received 21,213,720 – – – 2 1,213,720 Claims and other expenses paid – – (35,324,601) – (35,324,601) Insurance acquisition cash flows – – – – – Net insurance contract (assets)/ liabilities as at 31 December 2022 1,356,401 – 19,652,003 5,712,931 26,721,335 Insurance contract liabilities as at 31 December 2022 1,356,401 – 19,652,003 5,712,931 26,721,335 Insurance contract assets as at 31 December 2022 – – – – – Net insurance contract (assets)/ liabilities as at 31 December 2022 1,356,401 – 19,652,003 5,712,931 26,721,335 113
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