MILLIRE_2019_Annual Report

238 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) 9 Investments in associates December 31, 2019 December 31, 2018 Book value Participation rate % Book value Participation rate % Anadolu Hayat Emeklilik A.Ş. 270.036.755 21 ,00 199.307.030 21,00 Affiliates, net 270.036.755 199.307.030 Miltaş Turizm Inşaat Ticaret Anonim Şirketi 3.742.259 77,00 3.445.290 77,00 Subsidiaries, net 3.742.259 3.445.290 Total financial asset 273.779.014 202.752.320 Name Total assets Shareholders’ equity Retained earnings Profit for the year Audited Period Subsidiaries: Miltaş Turizm Inşaat Ticaret AŞ 5.196.104 4.860.077 - 401.473 Unaudited. December,31 2019 Associates : Anadolu Hayat Emeklilik AŞ (consolidated) 27.146.994.547 1.285.889.319 99.448.038 360.691.768 Audited. December, 31 2019 In the current period TL 75.745.271 (December 31, 2018: 53.479.268) of income is obtained from associates and TL 309.134 of income is obtained from subsidiaries (December 31, 2018: TL 255.858) through equity accounted consolidation method. 10 Reinsurance assets and liabilities As of December 31, 2019 and 2018, outstanding reinsurance assets and liabilities of the Group in accordance with existing reinsurance contracts are as follows: Reinsurance assets December 31, 2019 December 31, 2018 Unearned premiums reserves, ceded (Note 17) 868.053.967 732.987.716 Outstanding claims reserve, ceded (Note 4.2), (Note 17) 1.507.010.830 1.195.809.112 Receivables from reinsurance companies (Note 12) 143.868.474 122.576.181 Cash deposited to reinsurance companies 293.628.897 188.736.338 Total 2.812.562.168 2.240.109.347 There are no impairment losses recognized for reinsurance assets. Reinsurance liabilities December 31, 2019 December 31, 2018 Payables to the reinsurers related to premiums written (Note 19) 503.446.108 421.304.226 Deferred commission income (Note 19) 109.664.368 101.626.238 Cash deposited by reinsurance companies 4.871.763 8.527.925 Commission payables to the reinsurers related to written premiums (Note 19) 10.626.863 3.966.136 Total 628.609.102 535.424.525