MILLIRE_2019_Annual Report

Milli Re Annual Report 2019 99 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 Millî Reasürans Türk Anonim Şirketi (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Note 2.1.1) (Currency: Turkish Lira (TL)) The accompanying notes are an integral part of these unconsolidated financial statements. UNCONSOLIDATED STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2019 II- NON-TECHNICAL SECTION Note Audited Current Period December 31, 2019 Audited Prior Period December 31, 2018 C- Non Life Technical Profit (A-B) 81.451.103 95.221.434 F- Life Technical Profit (D-E) 3.612.684 5.438.770 I - Individual Retirement Technical Profit (G-H) - - J- Total Technical Profit (C+F+I) 85.063.787 100.660.204 K- Investment Income 661.184.678 644.537.098 1- Income From Financial Investment 4.2 288.894.987 214.039.085 2- Income from Sales of Financial Investments 4.2 10.190.719 50.373.242 3- Revaluation of Financial Investments 4.2 (7.692.608) 7.026.454 4- Foreign Exchange Gains 4.2 61.769.977 139.716.863 5- Income from Affiliates 4.2 44.942.194 31.731.033 6- Income from Subsidiaries and Joint Ventures 4.2 216.410.793 157.046.405 7- Income Received from Land and Building 7 46.591.631 44.371.016 8- Income from Derivatives 4.2 18.985 - 9- Other Investments 58.000 233.000 10- Investment Income transferred from Life Technical Part - - L- Investment Expenses (-) (403.360.732) (425.812.893) 1- Investment Management Expenses (including interest) (-) 4.2 (44.377) (511.981) 2- Valuation Allowance of Investments (-) - - 3- Losses On Sales of Investments (-) 4.2 (1.345.499) (11.907.041) 4- Investment Income Transferred to Non-Life Technical Part (-) (348.001.715) (338.043.300) 5- Losses from Derivatives (-) - - 6- Foreign Exchange Losses (-) 4.2 (31.632.288) (57.759.377) 7- Depreciation Expenses (-) 6,8 (4.170.943) (2.297.422) 8- Other Investment Expenses (-) (18.165.910) (15.293.772) M- Other Income and Expenses (+/-) 6.850.022 (13.488.014) 1- Provisions Account (+/-) 47 (13.080.686) (13.191.358) 2- Discount account (+/-) 47 (299.165) (727.787) 3- Mandatory Earthquake Insurance Account (+/-) - - 4- Inflation Adjustment Account (+/-) - - 5- Deferred Tax Asset Accounts(+/-) 21,35 9.740.590 1.814.922 6- Deferred Tax Expense Accounts (-) 21,35 - - 7- Other Income and Revenues 10.607.605 379.572 8- Other Expense and Losses (-) (118.322) (1.763.363) 9- Prior Period Income - - 10- Prior Period Losses (-) - - N- Net Profit/(Loss) 312.510.614 278.213.412 1- Profit/(Loss) Before Tax 349.737.755 305.896.395 2- Corporate Tax Liability Provision (-) (37.227.141) (27.682.983) 3- Net Profit (Loss) 312.510.614 278.213.412 4- Inflation Adjustment Account - -