MILLIRE_2019_Annual Report

Milli Re Annual Report 2019 177 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 CONTENTS PAGE CONSOLIDATED BALANCE SHEET 178 CONSOLIDATED STATEMENT OF INCOME 183 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 186 CONSOLIDATED STATEMENT OF CASH FLOWS 188 CONSOLIDATED STATEMENT OF PROFIT DISTRIBUTION 189 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 190-264 NOTE 1 GENERAL INFORMATION 190 NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 193 NOTE 3 SIGNIFICANT ACCOUNTING ESTIMATES AND REQUIREMENTS 220 NOTE 4 MANAGEMENT OF INSURANCE AND FINANCIAL RISK 221 NOTE 5 SEGMENT INFORMATION 233 NOTE 6 TANGIBLE ASSETS 234 NOTE 7 INVESTMENT PROPERTIES 236 NOTE 8 INTANGIBLE ASSETS 237 NOTE 9 INVESTMENTS IN ASSOCIATES 238 NOTE 10 REINSURANCE ASSETS AND LIABILITIES 238 NOTE 11 FINANCIAL ASSETS 239 NOTE 12 LOANS AND RECEIVABLES 242 NOTE 13 DERIVATIVE FINANCIAL ASSETS 244 NOTE 14 CASH AND CASH EQUIVALENTS 244 NOTE 15 EQUITY 245 NOTE 16 OTHER RESERVES AND EQUITY COMPONENT OF DISCRETIONARY PARTICIPATION 248 NOTE 17 INSURANCE CONTRACT LIABILITIES AND REINSURANCE ASSETS 248 NOTE 18 INVESTMENT CONTRACT LIABILITIES 252 NOTE 19 TRADE AND OTHER PAYABLES AND DEFERRED INCOME 252 NOTE 20 FINANCIAL LIABILITIES 253 NOTE 21 DEFERRED TAXES 253 NOTE 22 RETIREMENT BENEFIT OBLIGATIONS 254 NOTE 23 PROVISION FOR OTHER LIABILITIES AND EXPENSE ACCRUALS 256 NOTE 24 NET INSURANCE PREMIUM REVENUE 256 NOTE 25 FEE REVENUE 256 NOTE 26 INVESTMENT INCOME 256 NOTE 27 NET INCOME ACCRUAL ON FINANCIAL ASSET 256 NOTE 28 ASSETS HELD AT FAIR VALUE THROUGH PROFIT OR LOSS 256 NOTE 29 INSURANCE RIGHTS AND CLAIMS 257 NOTE 30 INVESTMENT CONTRACT BENEFITS 257 NOTE 31 OTHER EXPENSES 257 NOTE 32 OPERATING EXPENSES 257 NOTE 33 EMPLOYEE BENEFIT EXPENSES 258 NOTE 34 FINANCIAL COSTS 258 NOTE 35 INCOME TAX 258 NOTE 36 NET FOREIGN EXCHANGE GAINS 259 NOTE 37 EARNINGS PER SHARE 259 NOTE 38 DIVIDENDS PER SHARE 259 NOTE 39 CASH GENERATED FROM OPERATIONS 260 NOTE 40 CONVERTIBLE BOND 260 NOTE 41 REDEEMABLE PREFERENCE SHARES 260 NOTE 42 RISKS 260 NOTE 43 COMMITMENTS 260 NOTE 44 BUSINESS COMBINATIONS 260 NOTE 45 RELATED PARTY TRANSACTIONS 261 NOTE 46 SUBSEQUENT EVENTS 264 NOTE 47 OTHER 264