91 AUD I TED F I NANC I AL STATEMENTS Figures in USD 31 DEC 2023 (RESTATED) 31 DEC 2022 Insurance revenue 46,805,453 22,785,723 Insurance revenue expense (13,620,187) (37,802,598) Insurance service result before reinsurance contracts held 33,185,266 (15,016,875) Allocation of reinsurance premium (18,575,107) (11,297,207) Amounts recoverable from reinsurance for incurred claims 1,549,258 8,039,052 Net expense from reinsurance contracts held (17,025,849) (3,258,155) Insurance service result 16,159,417 (18,275,030) General and administrative expenses (5,829,757) (3,973,174) Once-off costs (241,336) (490,583) Net investment income/(loss) 1,582,483 (2,751,394) Other income 54,919 384,511 Unrealized gain/(loss) on marketable investments 3,187,170 (4,968,242) Unrealized (loss)/gain on foreign exchange (1,887,725) 4,302,640 Realised gain/(loss) on foreign exchange 1,195,861 (1,035,089) Net income/(loss) for the year 14,221,032 (26,806,361) Write down of Equity grant from Class C Members (1,007,804) (2,260,085) Total comprehensive income/(loss) for the year 13,213,228 (29,066,446) FOR THE YEAR ENDED 31 DECEMBER 2023 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME OR LOSS The accompanying notes are an integral part of these financial statements.
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