NOTES TO FINANCIAL STATEMENTS NOTES TO F I NANC I AL STATEMENTS 11.2.3. Non-sovereign business 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 NSB 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 LOSSRECOVERY COMPONENT ESTIMATES OF THE PRESENT VALUE OF FUTURE CASH FLOWS RISK ADJUSTMENT Reinsurance contract assets as at 1 January 2023 – – 60,171 2,865 63,036 Reinsurance contract liabilities as at 1 January 2023 – – – – – Net reinsurance contract (assets)/ liabilities as at 1 January 2023 – – 60,171 2,865 63,036 Reinsurance premium (2,703,104) – – – (2,703,104) Amounts recoverable from reinsurers for incurred claims 244 – 378,622 31,525 410,391 Amounts recoverable for incurred claims and other expenses – – 55,844 – 55,844 Amortisation of insurance acquisition cash flows 244 – – 244 Changes to amounts recoverable for incurred claims – – 322,778 31,525 354,303 Total changes in the statement of comprehensive income (2,702,860) – 378,622 31,525 (2,292,713) Cash flows Premiums paid 4,499,443 – – – 4,499,443 Amounts received – – (67,822) – (67,822) Insurance acquisition cash flows (650) – – – (650) Total cash flows 4,498,793 – (67,822) – 4,430,971 Net reinsurance contract assets/ (liabilities) as at 31 December 2023 1,795,933 – 370,971 34,390 2,201,294 Reinsurance contract assets as at 31 December 2023 1,795,933 – 370,971 34,390 2,201,294 Reinsurance contract liabilities as at 31 December 2023 – – – – – Net reinsurance contract assets/ (liabilities) as at 31 December 2023 1,795,933 – 370,971 34,390 2,201,294 124
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