ECIC IR 2023

ANNUAL Financial Statements for the year ended 31 March 2023

E

D

H

S

I

L I

N

B

2

0

A

0

T

S

1

E

E X P O R T C R E

L T D

O C

A S

C

R I

D I

F

T

A

I

N

H

S

T

U

U

R

O

A

S

N

F

C

O

E

N

C

O

O

I

R

T

P

A

O

R

Notes to the Financial Statements

10.1 Provision for reinsurance unearned premiums

2023 R’000 7 697 (2 642)

2022 R’000 10 700 (2 778)

Balance at beginning of year

Amount transferred to the statement of comprehensive income

Foreign currency translation gain/(loss)

1 600 6 655

(225) 7 697

Balance at end of year

Maturity profile

Greater than 5 years R’000

Within 1 year R’000

1 to 5 years R’000

Total R’000 6 655 7 697

2023 2022

2 189 2 317

3 953 4 470

513 910

10.2 Provision for reinsurance claims reserves

2023 R’000

2022 R’000

Balance at beginning of year Outstanding claims reserve

- - -

- - -

Incurred but not reported claims reserve

Amount transferred from the statement of comprehensive income

148 706

-

New claims incurred

148 706

- - - - - - - - -

Outstanding claims reserve

-

Incurred but not reported claims reserve

148 706

Foreign currency translation (loss) /gain

(3 796)

Outstanding claims reserve

-

Incurred but not reported claims reserve

(3 796)

Balance at end of the year Outstanding claims reserve

144 911

-

Incurred but not reported claims reserve

144 911

Maturity profile

Greater than 5 years R’000

Within 1 year R’000

1 to 5 years R’000

Total R’000

2023 2022

144 911

144 911

- - The movement reflected in note 28 is comprised of new claims incurred and the unearned premium amount transferred to the statement of comprehensive income.

YOUR EXPORT RISK PARTNER

61