b'PROMUTUEL RASSURANCE 47CONSOLIDATED STATEMENTOF INCOMEFor the year ended December 31, 20212021 2020$ $(in thousands of Canadian dollars)REVENUEGross written premiums 197,573 204,013Variation in unearned gross premiums (3,832) 14,179Gross premiums earned 193,741 218,192Cession to retrocessionaires and reinsurers (36,420) (30,568)Net premiums earned 157,321 187,624COST OF LOSSESIndemnities and settlement fees 78,623 111,673Recovered from retrocessionaires and reinsurers (3,297) (5,617)Net losses 75,326 106,056GROSS SURPLUS 81,995 81,568EXPENSES (REVENUE)Acquisition 62,065 62,572Administration fees 13,573 18,908Contribution (9,351) (9,995)Retrocession and reinsurance commissions (6,979) (6,395)Premium taxes 61 1,149Total net expenses 59,369 66,239Insurance earnings 22,626 15,329Investment income 2,223 26,487Share of net income in an affiliate (70) 214Share of net income in joint ventures (688) (1,334)Interest expenses (295) (558)Gain on disposition of customer relationship 583 1,275Restructuring costs (186) (337)Dividends (6,529) -(4,962) 25,747Earnings before income taxes 17,664 41,076Income taxes 4,329 10,274Net income 13,335 30,802A N N UA L R E P O R T 2021'