MILLI REASURANS ANNUAL REPORT 2018

CONTENTS PAGE UNCONSOLIDATED BALANCE SHEET 88 UNCONSOLIDATED STATEMENT OF INCOME 93 UNCONSOLIDATED STATEMENT OF CHANGES IN EQUITY 96 UNCONSOLIDATED STATEMENT OF CASH FLOWS 98 UNCONSOLIDATED STATEMENT OF PROFIT DISTRIBUTION 99 NOTES TO THE UNCONSOLIDATED FINANCIAL STATEMENTS 100-156 NOTE 1 GENERAL INFORMATION 100 NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 101 NOTE 3 SIGNIFICANT ACCOUNTING ESTIMATES AND REQUIREMENTS 123 NOTE 4 MANAGEMENT OF INSURANCE AND FINANCIAL RISK 123 NOTE 5 SEGMENT INFORMATION 133 NOTE 6 TANGIBLE ASSETS 133 NOTE 7 INVESTMENT PROPERTIES 134 NOTE 8 INTANGIBLE ASSETS 135 NOTE 9 INVESTMENTS IN ASSOCIATES 135 NOTE 10 REINSURANCE ASSETS AND LIABILITIES 136 NOTE 11 FINANCIAL ASSETS 137 NOTE 12 LOANS AND RECEIVABLES 139 NOTE 13 DERIVATIVE FINANCIAL ASSETS 139 NOTE 14 CASH AND CASH EQUIVALENTS 140 NOTE 15 EQUITY 140 NOTE 16 OTHER RESERVES AND EQUITY COMPONENT OF DISCRETIONARY PARTICIPATION 142 NOTE 17 INSURANCE CONTRACT LIABILITIES AND REINSURANCE ASSETS 143 NOTE 18 INVESTMENT CONTRACT LIABILITIES 145 NOTE 19 TRADE AND OTHER PAYABLES AND DEFERRED INCOME 145 NOTE 20 FINANCIAL LIABILITIES 146 NOTE 21 DEFERRED TAX 146 NOTE 22 RETIREMENT BENEFIT OBLIGATIONS 147 NOTE 23 OTHER LIABILITIES AND EXPENSE ACCRUALS 148 NOTE 24 NET INSURANCE PREMIUM REVENUE 149 NOTE 25 FEE REVENUE 149 NOTE 26 INVESTMENT INCOME 149 NOTE 27 NET INCOME ACCRUAL ON FINANCIAL ASSETS 149 NOTE 28 ASSET HELD AT FAIR VALUE THROUGH PROFIT OR LOSS 149 NOTE 29 INSURANCE RIGHTS AND CLAIMS 149 NOTE 30 INVESTMENT CONTRACT BENEFITS 149 NOTE 31 OTHER EXPENSES 149 NOTE 32 OPERATING EXPENSES 150 NOTE 33 EMPLOYEE BENEFIT EXPENSES 150 NOTE 34 FINANCIAL COSTS 150 NOTE 35 INCOME TAX 150 NOTE 36 NET FOREIGN EXCHANGE GAINS 151 NOTE 37 EARNINGS PER SHARE 151 NOTE 38 DIVIDENDS PER SHARE 151 NOTE 39 CASH GENERATED FROM OPERATIONS 152 NOTE 40 CONVERTIBLE BONDS 152 NOTE 41 REDEEMABLE PREFERENCE SHARES 152 NOTE 42 RISKS 152 NOTE 43 COMMITMENTS 152 NOTE 44 BUSINESS COMBINATIONS 152 NOTE 45 RELATED PARTY TRANSACTIONS 153 NOTE 46 SUBSEQUENT EVENTS 155 NOTE 47 OTHER 156 Millî Reasürans Annual Report 2018 Unconsolidated Financial Statements and Independent Auditors’ Report / 87