MILLIRE_2019_Annual Report

228 Milli Re Annual Report 2019 Millî Reasürans Türk Anonim Şirketi NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 (Currency: Turkish Lira (TL)) (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Note 2.1.1) The Group’s exposure to foreign currency risk is as follows: December 31, 2019 US Dollar Euro Other currencies Total Assets: Cash and cash equivalents 385.454.283 2.987.287.874 8.106.868 3.380.849.025 Financial assets and financial investments with risks on policyholders 630.606.290 45.903.303 - 676.509.593 Receivables from main operations 512.251.594 161.241.702 291.060.361 964.553.657 Total foreign currency assets 1.528.312.167 3.194.432.879 299.167.229 5.021.912.275 Liabilities: Payables arising from main operations (223.426.526) (49.438.829) (27.715.306) (300.580.661) Insurance technical reserve (*) (647.544.475) (252.029.594) (226.936 .001) (1.126.510.070) Financial Liabilities (226.054.310) (2.951.667.120) - (3.177.721.430) Total foreign currency liabilities (1.097.025.311) (3.253.135.543) (254.651.307) (4.604.812.161) Net financial position 431.286.856 (58.702.664) 44.515.922 417.100.114 December 31, 2018 US Dollar Euro Other currencies Total Assets: Cash and cash equivalents 449.524.875 69.200.637 8.058.407 526.783.919 Financial assets and financial investments with risks on policyholders 291.955.528 44.130.994 - 336.086.522 Receivables from main operations 414.414.079 167.123.461 192.189.831 773.727.371 Total foreign currency assets 1.155.894.482 280.455.092 200.248.238 1.636.597.812 Liabilities: Payables arising from main operations (168.696.157) (73.220.617) (12.937.850) (254.854.624) Insurance technical reserve (*) (477.490.117) (229.031.016) (155.025.195) (861.546.328) Total foreign currency liabilities (646.186.274) (302.251.633) (167.963.045) (1.116.400.952) Net financial position 509.708.208 (21.796.541) 32.285.193 520.196.860 (*) According to the “Communiqué on Amendments to Communiqué on Technical Reserves for Insurance, Reinsurance and Pension Companies and the Related Assets That Should Be Invested Against Those Technical Reserves” published in Official Gazette no 27655 dated July 28, 2010; foreign currency denominated claims provisions evaluated by the Central Bank of the Republic of Turkey’s spot sales rates. TL equivalents of the related monetary amounts denominated in foreign currencies are presented in the above table. Foreign currency rates used for the translation of foreign currency denominated monetary assets and liabilities as of December 31, 2019 and 2018 are as follows: At the end of the period Average US Dollar Euro US Dollar Euro December 31, 2019 5,9402 6,6506 5,6712 6,3481 December 31, 2018 5,2609 6,0280 4,8301 5,6789