MILLI RE 2020 ANNUAL REPORT

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 33 Milli Re Annual Report 2020 The transformation project for upgrading the applications used for following up and accounting of the Company’s reinsurance business went live in January 2020, whereby uniformity was achieved for different applications that were being used at the Head Office and Singapore Branch, resulting in standardization and integration. Following the acquisition of the applications and phasing of the business processes within the scope of the digital transformation project launched in 2019 with the aim of improving the Company’s business processes and increasing their efficiency, digitalization of operational processes began in 2020. 2021 targets include migrating all operational processes to the digital platform and initiating the work in relation to reinsurance processes. Research & Development Activities