MILLI RE 2020 ANNUAL REPORT

PAGE: UNCONSOLIDATED BALANCE SHEET 92 UNCONSOLIDATED STATEMENT OF INCOME 98 UNCONSOLIDATED STATEMENT OF CHANGES IN EQUITY 100 UNCONSOLIDATED STATEMENT OF CASH FLOWS 102 UNCONSOLIDATED STATEMENT OF PROFIT DISTRIBUTION 103 NOTES TO THE UNCONSOLIDATED FINANCIAL STATEMENTS 104-160 NOTE 1 GENERAL INFORMATION 104 NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 105 NOTE 3 SIGNIFICANT ACCOUNTING ESTIMATES AND REQUIREMENTS 123 NOTE 4 MANAGEMENT OF INSURANCE AND FINANCIAL RISK 124 NOTE 5 SEGMENT INFORMATION 134 NOTE 6 TANGIBLE ASSETS 134 NOTE 7 INVESTMENT PROPERTIES 135 NOTE 8 INTANGIBLE ASSETS 136 NOTE 9 INVESTMENTS IN ASSOCIATES 137 NOTE 10 REINSURANCE ASSETS AND LIABILITIES 137 NOTE 11 FINANCIAL ASSETS 138 NOTE 12 LOANS AND RECEIVABLES 141 NOTE 13 DERIVATIVE FINANCIAL ASSETS 141 NOTE 14 CASH AND CASH EQUIVALENTS 142 NOTE 15 EQUITY 142 NOTE 16 OTHER RESERVES AND EQUITY COMPONENT OF DISCRETIONARY PARTICIPATION 144 NOTE 17 INSURANCE CONTRACT LIABILITIES AND REINSURANCE ASSETS 145 NOTE 18 INVESTMENT CONTRACT LIABILITIES 147 NOTE 19 TRADE AND OTHER PAYABLES AND DEFERRED INCOME 147 NOTE 20 FINANCIAL LIABILITIES 148 NOTE 21 DEFERRED TAX 148 NOTE 22 RETIREMENT BENEFIT OBLIGATIONS 149 NOTE 23 OTHER LIABILITIES AND EXPENSE ACCRUALS 150 NOTE 24 NET INSURANCE PREMIUM REVENUE 151 NOTE 25 FEE REVENUE 151 NOTE 26 INVESTMENT INCOME 151 NOTE 27 NET INCOME ACCRUAL ON FINANCIAL ASSETS 151 NOTE 28 ASSET HELD AT FAIR VALUE THROUGH PROFIT OR LOSS 151 NOTE 29 INSURANCE RIGHTS AND CLAIMS 151 NOTE 30 INVESTMENT CONTRACT BENEFITS 151 NOTE 31 OTHER EXPENSES 151 NOTE 32 OPERATING EXPENSES 152 NOTE 33 EMPLOYEE BENEFIT EXPENSES 152 NOTE 34 FINANCIAL COSTS 152 NOTE 35 INCOME TAXES 153 NOTE 36 NET FOREIGN EXCHANGE GAINS 153 NOTE 37 EARNINGS PER SHARE 153 NOTE 38 DIVIDENDS PER SHARE 154 NOTE 39 CASH GENERATED FROM OPERATIONS 154 NOTE 40 CONVERTIBLE BONDS 155 NOTE 41 REDEEMABLE PREFERENCE SHARES 155 NOTE 42 RISKS 155 NOTE 43 COMMITMENTS 155 NOTE 44 BUSINESS COMBINATIONS 155 NOTE 45 RELATED PARTY TRANSACTIONS 156 NOTE 46 SUBSEQUENT EVENTS 159 NOTE 47 OTHER 160 CONTENTS 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 Milli Re Annual Report 2020 91