MILLIRE_2019_Annual Report

Milli Re Annual Report 2019 154 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) As of December 31, 2019 and 2018, movements of the insurance liabilities and related reinsurance assets are presented below: Unearned premiums reserve December 31, 2019 Gross Ceded Net Unearned premiums reserve at the beginning of the period 597.910.179 (18.693.888) 579.216.291 Written premiums during the period 1.658.819.927 (205.915.052) 1.452.904.875 Earned premiums during the period (1.505.316.483) 179.915.804 (1.325.400.679) Unearned premiums reserve at the end of the period 751.413.623 (44.693.136) 706.720.487 Unearned premiums reserve December 31, 2018 Gross Ceded Net Unearned premiums reserve at the beginning of the period 460.020.207 (6.817.997) 453.202.210 Written premiums during the period 1.320.177.533 (165.195.789) 1.154.981.744 Earned premiums during the period (1.182.287.561) 153.319.898 (1.028.967.663) Unearned premiums reserve at the end of the period 597.910.179 (18.693.888) 579.216.291 Outstanding claims reserve December 31, 2019 Gross Ceded Net Outstanding claims reserve at the beginning of the period 1.208.024.137 (48.942.099) 1.159.082.038 Claims reported during the period and changes in the estimations of outstanding claims reserve provided at the beginning of the period 1.345.627.711 (80.916.759) 1.264.710.952 Claims paid during the period (986.681.894) 38.058.182 (948.623.712) Discount effect (111.360.892) 1.255.835 (110.105.057) Outstanding claims reserve at the end of the period 1.455.609.062 (90.544.841) 1.365.064.221 Outstanding claims reserve December 31, 2018 Gross Ceded Net Outstanding claims reserve at the beginning of the period 978.797.675 (47.871.980) 930.925.695 Claims reported during the period and changes in the estimations of outstanding claims reserve provided at the beginning of the period 1.101.172.109 (36.603.633) 1.064.568.476 Claims paid during the period (765.974.345) 34.643.877 (731.330.468) Discount effect (105.971.302) 889.637 (105.081.665) Outstanding claims reserve at the end of the period 1.208.024.137 (48.942.099) 1.159.082.038