b'PROMUTUEL RASSURANCESTATEMENT OF INCOMEFor the year ended December 31, 20222022 2021$ $(in thousands of Canadian dollars)REVENUEGross written premiums 230,344 197,573Variation of unearned gross premiums (13,939) (3,832)Gross premiums earned 216,405 193,741Cession to retrocessionaires and reinsurers (44,554) (36,420)Net premiums earned 171,851 157,321COST OF LOSSESIndemnities and settlement fees 124,212 78,623Recovered from retrocessionaires and reinsurers (20,959) (3,297)Net losses 103,253 75,326GROSS SURPLUS 68,598 81,9951 6 2 A nnua l 2 Re or t | p 20'