MILLIRE_2019_Annual Report

201 Milli Re Annual Report 2019 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 CONSOLIDATED 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)) 2.12 Cash and cash equivalents Cash and cash equivalents, which is the basis for the preparation of the statement of cash flows includes cash on hand, cheques received, other cash and cash equivalents, demand deposits and time deposits at banks having an original maturity less than 3 months which are ready to be used by the Group or not blocked for any other purpose. 2.13 Capital The shareholder having direct or indirect control over the shares of the Company is İş Bankası Group. As of December 31, 2019 and 2018, the share capital and ownership structure of the Company are as follows: Name December 31, 2019 December 31, 2018 Shareholding amount (TL) Shareholding rate (%) Shareholding amount (TL) Shareholding rate (%) Türkiye İş Bankası A.Ş. 508.573.072 77,06 505.810.925 76,64 Millî Reasürans TAŞ Mensupları Yardımlaşma Sandığı Vakfı 69.604.854 10,55 69.604.854 10,55 Groupama Hayat A.Ş. * 38.809.894 5,88 38.809.894 5,88 Ankara Doğal Elektrik Üretim ve Ticaret A.Ş. 22.240.456 3,37 22.240.456 3,37 T.C. Ziraat Bankası A.Ş. 16.430.944 2,49 16.430.944 2,49 Other 4.340.780 0,65 7.102.927 1,07 Paid Capital 660.000.000 100,00 660.000.000 100,00 (*) As of April 12, 2019, the name of Groupama Emeklilik A.Ş. is changed to Groupama Hayat A.Ş. Sources of capital increases during the period The company has not performed capital increase as of December 31, 2019 (December 31, 2018: None). Privileges on common shares representing share capital There are no privileges on common shares representing share capital. Registered capital system in the Company None. Repurchased own shares by the Company None. 2.14 Insurance and investment contracts - classification An insurance contract is a contract under which the Group accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain future event (the insured event) adversely affects the policyholder. Insurance risk covers all risk except for financial risks. All premiums have been received within the coverage of insurance contracts recognized as revenue under the account caption “written premiums”.