NOTES TO FINANCIAL STATEMENTS NOTES TO F I NANC I AL STATEMENTS 11.2. Roll–forward of net asset or liability for reinsurance contacts held showing the Assets for remaining coverage and the amounts recoverable on incurred claims. 11.2.1. Drought The roll–forward of the net asset or liability for reinsurance contracts held showing assets for remaining coverage and amounts recoverable on incurred claims arising on drought insurance ceded to reinsurers is disclosed in the table below: 31 DECEMBER 2023 ASSETS FOR REMAINING COVERAGE AMOUNTS RECOVERABLE ON INCURRED CLAIMS TOTAL Figures in USD EXCLUDING LOSS– RECOVERY COMPONENT LOSS– RECOVERY COMPONENT ESTIMATES OF THE PRESENT VALUE OF FUTURE CASH FLOWS RISK ADJUSTMENT Reinsurance contract assets as at 1 January 2023 529,372 – – – 529,372 Reinsurance contract liabilities as at 1 January 2023 – – – – – Net reinsurance contract (assets)/ liabilities as at 1 January 2023 529,372 – – – 529,372 Reinsurance premium (13,260,060) – – – (13,260,060) Amounts recoverable from reinsurers for incurred claims 472,458 – 525,932 – 998,390 Amounts recoverable for incurred claims and other expenses – – (116,181) – (116,181) Amortisation of insurance acquisition cash flows 472,458 – – – 472,458 Changes to amounts recoverable for incurred claims – – 642,113 – 642,113 Total changes in the statement of comprehensive income (12,787,602) – 525,932 – (12,261,670) Cash flows Premiums paid 12,948,022 – – – 12,948,022 Amounts received – – (525,932) – (525,932) Insurance acquisition cash flows (253,207) – – – (253,207) Total cash flows 12,694,815 – (525,932) – 12,168,883 Net reinsurance contract assets/ (liabilities) as at 31 December 2023 436,585 – – – 436,585 Reinsurance contract assets as at 31 December 2023 436,585 – – – 436,585 Reinsurance contract liabilities as at 31 December 2023 – – – – – Net reinsurance contract assets/ (liabilities) as at 31 December 2023 436,585 – – – 436,585 120
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