MILLIRE_2019_Annual Report

233 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)) Capital management The Company’s capital management policies include the following: - To comply with the insurance capital requirements required by the Republic of Turkey Ministry of Treasury and Finance - To safeguard the Company’s ability to continue as a going concern In accordance with the “Communiqué on Measurement and Assessment of Capital Adequacy for Insurance, Reinsurance and Individual Pension Companies” issued by Republic of Turkey Ministry of Treasury and Finance on August 23, 2015 dated and 29454 numbered; the Company measured its minimum capital requirement as TL 581.406.867 (December 31, 2018: TL 467.082.690) as of December 31, 2019. As of December 31, 2019 and 2018, the capital amount of the Company presented in the unconsolidated financial statements are TL 2.135.840.889 and TL 1.736.300.262 respectively and capital surplus of the Company is amounting to TL 1.403.336.796 (December 31, 2018: TL 1.079.355.016) according to the communiqué. As of June 30, 2019, required equity amount determined in calculations over consolidated financial statements of Company’s subsidiary Anadolu Sigorta, is amounted TL1.483.636.300. As of 30 June 2019, the amount of raw equity in Anadolu Sigorta’s unconsolidated financial statements is 320.004.520 TL above the required equity amount calculated in accordance with the regulation. 5 Segment information A segment is a distinguishable component of the Group that is engaged either in providing products or services (business segment), or in providing products or services within a particular economic environment (geographical segment), which is subject to risks and rewards that are different from those of other segments. Business segment Financial information of the Group is presented on life and non-life basis in the accompanying consolidated financial statements. Geographical segment The main geographical segment which the Group operates is Turkey. Hence, the Group has not disclosed report on geographical segments.