MILLIRE_2019_Annual Report

Milli Re Annual Report 2019 136 Millî Reasürans Türk Anonim Şirketi NOTES TO THE UNCONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 (Currency: Turkish Lira (TL)) (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Note 2.1.1) The Company’s exposure to foreign currency risk is as follows: December 31, 2019 US Dollar Euro Other currencies Total Assets: Cash and cash equivalents 342.391.688 1.195.187 5.097.719 348.684.594 Financial assets and financial investments of risky insurers 125.237.757 28.789.772 154.027.529 Receivables from main operations 63.121.897 27.167.763 195.477.075 285.766.735 Total foreign currency assets 530.751.342 57.152.722 200.574.794 788.478.858 Liabilities: Payables arising from main operations (14.115.806) (2.583.100) (28.058.846) (44.757.752) Insurance technical reserves (*) (284.223.390) (144.877.345) (152.774.383) (581.875.118) Total foreign currency liabilities (298.339.196) (147.460.445) (180.833.229) (626.632.870) Net financial position 232.412.146 (90.307.723) 19.741.565 161.845.988 December 31, 2018 US Dollar Euro Other currencies Total Assets: Cash and cash equivalents 398.635.043 17.362.486 5.589.240 421.586.769 Receivables from main operations 69.372.305 32.350.106 152.399.146 254.121.557 Total foreign currency assets 468 .007.348 49.712.592 157.988.386 675.708.326 Liabilities: Payables arising from main operations (12.881.791) (8.260.518) (20.458.243) (41.600.552) Insurance technical reserves (*) (241.303.121) (128.788.912) (125.188.008) (495.280.041) Total foreign currency liabilities (254.184.912) (137.049.430) (145.646.251) (536.880.593) Net financial position 213.822.436 (87.336.838) 12.342.135 138.827.733 (*) According to the “Communiqué on Amendments to Communiqué on Technical Reserves for Insurance, Reinsurance and Pension Companies and the Related Assets That Should Be Invested Against Those Technical Reserves” published in Official Gazette no 27655 dated July 28, 2010; foreign currency denominated claims provisions evaluated by the Central Bank of Republic of Turkey’s spot sales rates. TL equivalents of the related monetary amounts denominated in foreign currencies are presented in the above table. Foreign currency rates used for the translation of foreign currency denominated monetary assets and liabilities as of December 31, 2019 and 2018 dates are as follows: At the end of the period Average US Dollar Euro US Dollar Euro December 31, 2019 5,9402 6,6506 5,6712 6,3481 December 31, 2018 5,2609 6,0280 4,8301 5,6789