MILLIRE_2019_Annual Report

Milli Re Annual Report 2019 144 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) 9 Investments in associates The Company accounts for its subsidiaries, its investments in associates and its joint ventures using the equity method defined in TAS 27 - “Consolidated and Seperate Financial Statements” in preparing the unconsolidated financial statements. As of the reporting date, the carrying values of the investments accounted for using equity method accounted in balance sheet in the unconsolidated financial statements of the Company are as follows: December 31, 2019 December 31, 2018 Net book value Participation rate % Net book value Participation rate % Anadolu Hayat Emeklilik 160.221.809 12,46 118.255.503 12,46 Investments in associates, net 160.221.809 118.255.503 Anadolu Sigorta 900.077.235 57,31 647.247.206 57,31 Miltaş Turizm İnşaat Ticaret Anonim Şirketi 3.742.259 77,00 3.445.290 77,00 Investments in subsidiaries, net 903.819.494 650.692.496 Total financial asset 1.064.041.303 768.947.999 Name Total assets Shareholders’ equity Retained earnings Profit for the year Audited Period Associates: Anadolu Hayat Emeklilik (*) 27.146.994.547 1.285.889.319 99.448.038 360.691.768 Audited. December, 31 2019 Subsidiaries: Miltaş Turizm İnşaat Tic.A.Ş. 5.196.104 4.860.077 - 401.473 Not Audited. December, 31 2019 Anadolu Sigorta (*) 9.439.606.053 1.827.674.315 72.459.667 449.200.726 Audited. December, 31 2019 (*) As of December 31, 2019, consolidated financial informations of Anadolu Sigorta and Anadolu Hayat Emeklilik are shown. 10 Reinsurance assets and liabilities As of December 31, 2019 and 2018, outstanding reinsurance assets and liabilities of the Company, as Reinsurance company in accordance with existing reinsurance contracts are as follows: Reinsurance assets December 31, 2019 December 31, 2018 Receivables from reinsurance companies (Note 12) 60.633.142 46.329.322 Cash deposited to reinsurance companies 93.878.470 72.560.207 Outstanding claims reserve, ceded (Note 4.2) , (Note 17) 90.544.841 48.942.099 Unearned premiums reserve, ceded (Note 17) 44.693.136 18.693.888 Total 289.749.589 186.525.516 There is no impairment losses recognized for reinsurance assets. Reinsurance liabilities December 31, 2019 December 31, 2018 Deferred commission income (Note 19) 1.018.666 758.494 Total 1.018.666 758.494