NOTES TO F I NANC I AL STATEMENTS 11.1.2. Tropical cyclone (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 – – – – – Insurance contract assets as at 1 January 2022 (575,002) – – – (575,002) Net insurance contract (assets)/ liabilities as at 1 January 2022 (575,002) – – – (575,002) Insurance revenue (2,286,576) – – – (2,286,576) Insurance service expenses – – 10,714,206 – 1 0,714,206 Incurred claims and other expenses – – 10,865,968 – 1 0,865,968 Amortisation of insurance acquisition cash flows – – – – – Changes that relate to past service – adjustments to the LIC – – (151,762) – (151,762) Total changes in the statement of comprehensive income (2,286,576) – 10,714,206 – 8,427,630 Cash flows 2,998,371 – (10,714,206) – (7,715,835) Premium received 2,998,371 – – – 2,998,371 Claims and other expenses paid – – (10,714,206) – (10,714,206) Insurance acquisition cash flows – – – – – Net insurance contract (assets)/ liabilities as at 31 December 2022 136,793 – – – 136,793 Insurance contract liabilities as at 31 December 2022 136,793 – – – 136,793 Insurance contract assets as at 31 December 2022 – – – – – Net insurance contract (assets)/ liabilities as at 31 December 2022 136,793 – – – 136,793 115
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