MILLIRE_2019_Annual Report

Milli Re Annual Report 2019 185 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 The accompanying notes are an integral part of these consolidated financial statements. (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Note 2.1.1) (Currency: Turkish Lira (TL)) CONSOLIDATED STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2019 II-NON-TECHNICAL SECTION Note Audited Current Period January 1- December 31, 2019 Audited Prior Period January 1- December 31, 2018 C- Net Technical Income - Non-Life (A-B) 722.902.705 594.962.673 F- Net Technical Income - Life (D-E) 3.612.684 5.438.770 I- Net Technical Income - Pension Business (G-H) - - J- Total Net Technical Income (C+F+I) 726.515.389 600.401.443 K- Investment Income 1.823.293.029 1.987.569.297 1- Income From Financial Investment 4.2 578.365.327 492.185.973 2- Income from Sales of Financial Investments 4.2 95.400.016 133.806.090 3- Revaluation of Financial Investments 4.2 33.395.314 59.476.032 4- Foreign Exchange Gains 4.2 489.708.640 901.481.239 5- Income from Affiliates 4.2 75.745.271 53.479.268 6- Income from Subsidiaries and Joint Ventures 4.2 309.134 255.858 7- Income Received from Land and Building 7 52.719.531 49.194.811 8- Income from Derivatives 4.2 497.591.796 297.457.026 9- Other Investments 58.000 233.000 10- Investment Income transferred from Life Technical Part - - L- Investment Expense (1.855.485.562) (1.963.482.363) 1- Investment Management Expenses (including interest) (-) 4.2 (38.276.163) (2.012.996) 2- Valuation Allowance of Investments (-) 4.2 (4.981.343) (8.864.845) 3- Losses On Sales of Investments (-) 4.2 (63.644.857) (47.588.465) 4- Investment Income Transferred to Non-Life Technical Part (-) (1.443.659.274) (1.303.922.345) 5- Losses from Derivatives (-) 4.2 (30.741.125) (66.177.031) 6- Foreign Exchange Losses (-) 4.2 (206.389.927) (488.165.142) 7- Depreciation Expenses (-) 6,8 (49.626.963) (31.457.767) 8- Other Investment Expenses (-) (18.165.910) (15.293.772) M- Income and Expenses From Other and Extraordinary Operations 9.333.139 (99.458.473) 1- Provisions Account (+/-) 47 (78.966.046) (84.220.628) 2- Discount account (+/-) 47 5.376.644 (10.405.221) 3- Mandatory Earthquake Insurance Account (+/-) - - 4- Inflation Adjustment Account (+/-) - - 5- Deferred Tax Asset Accounts(+/-) 35 69.039.680 2.333.561 6- Deferred Tax Expense Accounts (-) 35 - (6.968.982) 7- Other Income and Revenues 14.655.659 2.014.470 8- Other Expense and Losses (-) (772.798) (2.211.673) 9- Prior Period Income - - 10- Prior Period Losses (-) - - N- Net Profit for the Year 501.742.578 418.033.477 1- Profit/(Loss) Before Tax 703.655.995 525.029.904 2- Corporate Tax Liability Provision (-) 35 (201.913.417) (106.996.427) 3- Net Profit (Loss) 501.742.578 418.033.477 3.1- Groups Profit/(Loss) 309.978.881 278.283.572 3.2- Minority Shares 191.763.697 139.749.905 4- Monetary Gains and Losses - -