MILLIRE 2021 ANNUAL REPORT
GENERAL INFORMATION 4 VISION-MISSION 5 SHAREHOLDER STRUCTURE 6 CORPORATE PROFILE 8 MILESTONES 10 CHAIRPERSON’S MESSAGE 12 GENERAL MANAGER’S MESSAGE 16 BOARD OF DIRECTORS 20 SENIOR MANAGEMENT 22 ORGANIZATION CHART 23 HUMAN RESOURCES APPLICATIONS 25 2021 ANNUAL REPORT COMPLIANCE STATEMENT 26 INDEPENDENT AUDITOR’S REPORT ON THE ANNUAL REPORT OF THE BOARD OF DIRECTORS FINANCIAL RIGHTS PROVIDED TO THE MEMBERS OF THE GOVERNING BODY AND SENIOR EXECUTIVES 30 FINANCIAL RIGHTS PROVIDED TO THE MEMBERS OF THE GOVERNING BODY AND SENIOR EXECUTIVES RESEARCH & DEVELOPMENT ACTIVITIES 31 RESEARCH & DEVELOPMENT ACTIVITIES ACTIVITIES AND MAJOR DEVELOPMENTS RELATED TO ACTIVITIES 34 INFORMATION ON INVESTMENTS MADE BY THE COMPANY DURING THE ACCOUNTING PERIOD 34 REPURCHASED OWN SHARES BY THE COMPANY 34 DISCLOSURES CONCERNING SPECIAL AUDIT AND PUBLIC AUDIT DURING THE REPORTING PERIOD 34 LAWSUITS FILED AGAINST THE COMPANY AND POTENTIAL RESULTS 34 DISCLOSURES ON ADMINISTRATIVE OR JUDICIAL SANCTIONS IMPOSED ON THE COMPANY AND THE MEMBERS OF THE GOVERNING BODY 34 ASSESSMENTS ON PRIOR PERIOD TARGETS AND GENERAL ASSEMBLY RESOLUTIONS 34 EXPENSES INCURRED IN THE REPORTING PERIOD IN RELATION TO DONATIONS, GRANTS AND SOCIAL RESPONSIBILITY PROJECTS 34 RELATIONS WITH THE CONTROLLING COMPANY OR AN AFFILIATE THEREOF 35 INTERNAL AUDIT 36 INTERNAL CONTROL 37 AFFILIATES 38 CORPORATE SOCIAL RESPONSIBILITY FINANCIAL STATUS 44 ECONOMIC OUTLOOK 46 TURKISH INSURANCE MARKET 49 TURKISH REINSURANCE MARKET AND MİLLİ RE 52 GLOBAL REINSURANCE MARKET AND MİLLİ RE 62 FINANCIAL STRENGTH, PROFITABILITY AND SOLVENCY 64 KEY FINANCIAL INDICATORS 66 COMPANY CAPITAL 67 2021 TECHNICAL RESULTS 69 2021 FINANCIAL RESULTS 71 GENERAL ASSEMBLY AGENDA 72 REPORT BY THE BOARD OF DIRECTORS 74 DIVIDEND DISTRIBUTION POLICY 75 DIVIDEND DISTRIBUTION PROPOSAL RISKS AND ASSESSMENT OF THE GOVERNING BODY 78 RISK MANAGEMENT PRACTICES 82 ASSESSMENT OF CAPITAL ADEQUACY 82 TRANSACTIONS CARRIED OUT WITH MİLLİ RE’S RISK GROUP 83 THE ANNUAL REPORTS OF THE PARENT COMPANY IN THE GROUP OF COMPANIES UNCONSOLIDATED FINANCIAL STATEMENTS TOGETHER WITH INDEPENDENT AUDITORS’ REPORT THEREON 85 INDEPENDENT AUDITOR’S REPORT 88 CONVENIENCE TRANSLATION OF THE COMPANY’S REPRESENTATION ON THE UNCONSOLIDATED FINANCIAL STATEMENT PREPARED AS OF DECEMBER 31, 2021 90 UNCONSOLIDATED BALANCE SHEET 95 UNCONSOLIDATED STATEMENT OF INCOME 98 UNCONSOLIDATED STATEMENT OF CHANGES IN EQUITY 100 UNCONSOLIDATED STATEMENT OF CASH FLOWS 101 UNCONSOLIDATED STATEMENT OF PROFIT DISTRIBUTION 102 NOTES TO THE UNCONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS TOGETHER WITH INDEPENDENT AUDITORS’ REPORT THEREON 164 INFORMATION ON CONSOLIDATED SUBSIDIARIES 165 INDEPENDENT AUDITOR’S REPORT 168 CONVENIENCE TRANSLATION OF THE COMPANY’S REPRESENTATION ON THE CONSOLIDATED FINANCIAL STATEMENT PREPARED AS OF DECEMBER 31, 2021 170 UNCONSOLIDATED BALANCE SHEET 175 UNCONSOLIDATED STATEMENT OF INCOME 178 UNCONSOLIDATED STATEMENT OF CHANGES IN EQUITY 180 UNCONSOLIDATED STATEMENT OF CASH FLOWS 181 UNCONSOLIDATED STATEMENT OF PROFIT DISTRIBUTION 182 NOTES TO THE UNCONSOLIDATED FINANCIAL STATEMENTS CONTACT INFORMATION
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