MILLIRE_2019_Annual Report

Milli Re Annual Report 2019 51 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 For this reason, the impact of the developments in Land Vehicles Compulsory Liability and Land Vehicles Insurances which generate respectively 32% and 16% of the market Non-life premium and substantial premium and loss increases in Agriculture remain limited in Milli Re’s domestic portfolio. On the other hand, market developments in Fire and Natural Perils, Engineering, General Liability and Marine where most companies utilise proportional reinsurance for protecting their risk portfolios, are evidently translated to Milli Re’s local portfolio. High level of outstanding loss reserves in Fire and Natural Perils, Engineering and General Liability and the increase in paid claims in Fire and Natural Perils and Engineering in comparison with the previous year had adverse effect on the loss ratio and technical results from these lines. On the other hand, with the real growth in Fire and Natural Perils, which constitute more than 50% of the domestic premium income, as well as the net transfers from the non-technical income, Milli Re’s local operations closed 2019 with a technical profit of TL 117 million. Local Premium by Lines of Business Share (%) Fire 53 Engineering 20 Marine 7 General Liability 6 Agriculture 4 Land Vehicles Liability 3 Personal Accident 2 Other * 2 Health 1 Land Vehicles 1 Life 1 Total 100 * Credit, Legal Protection, Air Vehicles, Plate Glass, Air Vehicles Liability, Fidelity Guarantee Local Portfolio 2019 2018 2017 2016 2015 Premium (TL) 1,060,777,933 911,044,062 818,143,937 698,726,549 739,801,769 Share in Total Premium (%) 63.9 69.0 75.4 75.1 74.2 Milli Re’s local operations closed 2019 with a technical profit of TL 117 million.