MILLI REASURANS ANNUAL REPORT 2018

Millî Reasürans Türk Anonim Şirketi NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2018 (Currency: Turkish Lira (TL)) (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Note 2.1.1) As of December 31, 2018, other payables amounting to TL 97.294.815 (December 31, 2017: TL 116.595.290) consist of treatment cost payables to SSI amounting to TL 30.867.740 (December 31, 2017: TL 30.922.543) payables to Tarsim and DASK and outsourced benefits and services amounting to TL 56.972.083 (December 31, 2017: TL 79.390.665) and deposits and guarantees received amounting to TL 9.454.992 (December 31, 2017: 6.282.082). Payables arising from main operations of the Group as of December 31, 2018 and 2017 are as follows: December 31, 2018 December 31, 2017 Payables to reinsurance companies (Note 10) 421.304.226 293.709.891 Payables to agencies, brokers and intermediaries 65.074.280 44.147.545 Cash deposited by insurance and reinsurance companies 9.088.597 9.247.311 Total payables arising from reinsurance and insurance operations 495.467.103 347.104.747 Payables arising from other operating activities 204.600.596 171.765.147 Payables arising from main operations 700.067.699 518.869.894 Corporate tax liabilities and prepaid taxes are disclosed below: December 31, 2018 December 31, 2017 Corporate tax liabilities (106.996.427) (96.767.913) Taxes paid during the period 142.657.523 81.937.394 Corporate tax assets, net 35.661.096 (14.830.519) Total amount of investment incentives which will be benefited in current and forthcoming periods None. 20 Financial liabilities Group’s financial liabilities from repo transactions/ Takasbank Money Market Transactions is amounting to TL 50.700.491 as of December 31, 2018 (December 31, 2017: TL 102.934.273). The maturity distributions of financial liabilities are as follows: Maturity December 31, 2018 Maturity December 31, 2017 January 15, 2019 50.700.491 19 January 2018 20.084.905 - - 26 January 2018 82.849.368 Balance sheet value 50.700.491 102.934.273 As of December 31, 2018, the detail of the expense accrual arising from swap contracts amounting to TL 2.877.823 is disclosed at Note 13. (December 31, 2017: TL 7.868.066) Millî Reasürans Annual Report 2018 Consolidated Financial Statements and Independent Auditors’ Report / 235