MILLIRE_2019_Annual Report

Milli Re Annual Report 2019 91 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 UNCONSOLIDATED BALANCE SHEET 92 UNCONSOLIDATED STATEMENT OF INCOME 97 UNCONSOLIDATED STATEMENT OF CHANGES IN EQUITY 100 UNCONSOLIDATED STATEMENT OF CASH FLOWS 102 UNCONSOLIDATED STATEMENT OF PROFIT DISTRIBUTION 103 NOTES TO THE UNCONSOLIDATED FINANCIAL STATEMENTS 104-168 NOTE 1 GENERAL INFORMATION 104 NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 106 NOTE 3 SIGNIFICANT ACCOUNTING ESTIMATES AND REQUIREMENTS 129 NOTE 4 MANAGEMENT OF INSURANCE AND FINANCIAL RISK 129 NOTE 5 SEGMENT INFORMATION 140 NOTE 6 TANGIBLE ASSETS 141 NOTE 7 INVESTMENT PROPERTIES 142 NOTE 8 INTANGIBLE ASSETS 143 NOTE 9 INVESTMENTS IN ASSOCIATES 144 NOTE 10 REINSURANCE ASSETS AND LIABILITIES 144 NOTE 11 FINANCIAL ASSETS 145 NOTE 12 LOANS AND RECEIVABLES 148 NOTE 13 DERIVATIVE FINANCIAL ASSETS 148 NOTE 14 CASH AND CASH EQUIVALENTS 149 NOTE 15 EQUITY 149 NOTE 16 OTHER RESERVES AND EQUITY COMPONENT OF DISCRETIONARY PARTICIPATION 152 NOTE 17 INSURANCE CONTRACT LIABILITIES AND REINSURANCE ASSETS 153 NOTE 18 INVESTMENT CONTRACT LIABILITIES 156 NOTE 19 TRADE AND OTHER PAYABLES AND DEFERRED INCOME 156 NOTE 20 FINANCIAL LIABILITIES 157 NOTE 21 DEFERRED TAX 157 NOTE 22 RETIREMENT BENEFIT OBLIGATIONS 158 NOTE 23 OTHER LIABILITIES AND EXPENSE ACCRUALS 160 NOTE 24 NET INSURANCE PREMIUM REVENUE 160 NOTE 25 FEE REVENUE 160 NOTE 26 INVESTMENT INCOME 160 NOTE 27 NET INCOME ACCRUAL ON FINANCIAL ASSETS 160 NOTE 28 ASSET HELD AT FAIR VALUE THROUGH PROFIT OR LOSS 160 NOTE 29 INSURANCE RIGHTS AND CLAIMS 161 NOTE 30 INVESTMENT CONTRACT BENEFITS 161 NOTE 31 OTHER EXPENSES 161 NOTE 32 OPERATING EXPENSES 161 NOTE 33 EMPLOYEE BENEFIT EXPENSES 162 NOTE 34 FINANCIAL COSTS 162 NOTE 35 INCOME TAX 162 NOTE 36 NET FOREIGN EXCHANGE GAINS 162 NOTE 37 EARNINGS PER SHARE 163 NOTE 38 DIVIDENDS PER SHARE 163 NOTE 39 CASH GENERATED FROM OPERATIONS 164 NOTE 40 CONVERTIBLE BONDS 164 NOTE 41 REDEEMABLE PREFERENCE SHARES 164 NOTE 42 RISKS 164 NOTE 43 COMMITMENTS 164 NOTE 44 BUSINESS COMBINATIONS 164 NOTE 45 RELATED PARTY TRANSACTIONS 165 NOTE 46 SUBSEQUENT EVENTS 168 NOTE 47 OTHER 168