NOTES TO FINANCIAL STATEMENTS NOTES TO F I NANC I AL STATEMENTS 20. Segregated account (continued) Figures in USD GENERAL CELL O&E CELL CONSOLIDATED Insurance revenue 46,297,388 508,065 46,805,453 Insurance revenue expense (13,620,239) 52 (13,620,187) Insurance service result before reinsurance contracts held 32,677,149 (508,130) (10,393,082) Allocation of reinsurance premium (18,067,042) (508,065) (18,575,107) Amounts recoverable from reinsurance for incurred claims 1,504,091 45,167 1,549,258 Net expense from reinsurance contracts held (16,562,951) (462,898) (17,025,849) Net insurance financial service result 16,114,198 45,219 16,159,417 General and administrative expenses (5,774,838) (54,919) (5,829,757) Once-off and start-up costs (241,336) – (241,336) Net investment income 1,582,483 – 1,582,483 Other income – 54,919 54,919 Unrealized gain on marketable investments 3,187,170 – 3,187,170 Unrealized loss on foreign exchange (1,887,725) – (1,887,725) Realised gain on foreign exchange 1,195,861 – 1,195,861 Net income for the year 14,175,813 45,219 14,221,032 Write down of Equity grant from Class C Members (1,007,804) – (1,007,804) Total comprehensive income for the year 13,168,009 45,219 13,213,228 21. SUBSEQUENT EVENTS Subsequent events were evaluated to April 16, 2024, the date the financial statements were available to be issued. No events have occurred subsequent to December 31, 2023 requiring adjustments or disclosure in these financial statements. 22. APPROVAL OF THE FINANCIAL STATEMENTS These financial statements were approved by the Board of Directors on April 15, 2024. Management does not have the power to change or amend the financials after the date of approval by the Board of Directors. 136
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