MILLIRE_2019_Annual Report

Milli Re Annual Report 2019 15 Activities and Major Developments Related to Activities Financial Status Risks and Assessment of the Governing Body Unconsolidated Financial Statements Together with Independent Auditors’ Report Thereon Consolidated Financial Statements Together with Independent Auditors’ Report Thereon General Information Financial Rights Provided to the Members of the Governing Body and Senior Executives Research & Development Activities Positive impacts of the rebalancing in the country economy had repercussions on the insurance industry as well. As of 2020 renewals, our Company maintained its market share of 27% in the local market by leading the reinsurance treaties of 17 ceding companies buying reinsurance protection on proportional bouquet basis. For the same period, Milli Re’s liability in the catastrophe excess of loss programmes is around 8%. Being one of the oldest reinsurance companies active in Europe, in line with our strategy to expand into global markets, Milli Re provides reinsurance capacity to around 130 insurance companies in over 50 countries with the contribution of our Singapore Branch, which started its operations in 2008. In line with its profit-oriented risk management and sustainable growth target, Milli Re successfully continued its operations in 2019, which was a year marked with a rapidly changing economic and political agenda both in our country and globally. Increasing by 26% compared to last year, Milli Re’s premium production reached TL 1,659 million. Making up 64% of the total premium, TL 1,061 million was generated from local business while TL 598 million, corresponding to 36%, was obtained from international business. As at the end of 2019, total assets reached TL 4,532 million, shareholder’s equity amounted to TL 2,236 million and the net profit recorded as TL 313 million. Our Company, positioning information technologies at the centre of its operations by responding to the rapidly changing market dynamics in order to prepare for the future; as of 2020, started using the new underwriting platform in our Head Office and the Singapore Branch. Moreover, the digitalisation of some business processes for which a road map was set in 2018 has been completed in order to achieve cost reduction and increase productivity. With its well-established company culture and experience, maintaining its lead position in the local market and being a preferred business partner in the international markets, Milli Re continues its steady growth supported by its strong capital and the synergy of its business partners. I would like to extend my sincere thanks to our shareholders for their support, our business partners for their trust and our employees for their expertise and efforts. Fikret Utku ÖZDEMİR Director and General Manager In 2020 renewals, our Company maintained its market share of 27% in the local market by leading the reinsurance treaties of 17 ceding companies buying reinsurance protection on proportional bouquet basis. 17