MILLIRE_2019_Annual Report

Milli Re Annual Report 2019 145 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 NOTES TO THE UNCONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Note 2.1.1) (Currency: Turkish Lira (TL)) Gains and losses recognized in the statement of income in accordance with existing retrocession contracts are as follows: December 31, 2019 December 31, 2018 Premiums ceded during the period (Note 17) (205.915.052) (165.195.789) Unearned premiums reserve, ceded at the beginning of the period (Note 17) (18.693.888) (6.817.997) Unearned premiums reserve, ceded at the end of the period (Note 17) 44.693.136 18.693.888 Premiums earned, ceded (Note 17) (179.915.804) (153.319.898) Claims paid, ceded during the period (Note 17) 38.058.182 34.643.877 Outstanding claims reserve, ceded at the beginning of the period (Note 17) (48.942.099) (47.871.980) Outstanding claims reserve, ceded at the end of the period (Note 17) 90.544.841 48.942.099 Claims incurred, ceded (Note 17) 79.660.924 35.713.996 Commission income accrued from reinsurers during the period (Note 32) 2.791.118 2.228.392 Deferred commission income at the beginning of the period (Note 19) 758.494 614.358 Deferred commission income at the end of the period (Note 19) (1.018.666) (758.494) Commission income earned from reinsurers (Note 32) 2.530.946 2.084.256 Changes in unexpired risks reserve, reinsurers’ share (Note 17) 315.759 (188.997) Total, net (97.408.175) (115.710.643) 11 Financial assets As of December 31, 2019 and 2018, the Company’s financial assets portfolio are detailed as follows: December 31, 2019 December 31, 2018 Available for sale financial assets 527.710.291 166.943.287 Impairment loss on available for sale financial assets (6.954.540) (6.954.540) Total 520.755.751 159.988.747