MILLIRE_2019_Annual Report

249 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)) As of December 31, 2019 and 2018, technical reserves of the Group’ are as follows: December 31, 2019 December 31, 2018 Unearned premiums reserves, gross 3.899.597.423 3.280.229.790 Unearned premiums reserves, ceded (Note 10) (868.053.967) (732.987.716) Unearned premiums reserves, SSI share (74.462.604) (63.611.725) Unearned premiums reserves, net 2.957.080.852 2.483.630.349 Outstanding claims reserve, gross 6.595.436.311 5.416.277.390 Outstanding claims reserve, ceded (Note 10) (1.507.010.830) (1.195.809.112) Outstanding claims reserve, net 5.088.425.481 4.220.468.278 Unexpired risk reserves 89.355.440 109.401.448 Unexpired risk reserves, ceded (15.528.210) (40.180.867) Unexpired risk reserves, net 73.827.230 69.220.581 Equalization reserves, net (*) 357.827.967 276.734.089 Other technical reserves, net 357.827.967 276.734.089 Life mathematical reserves 38.691 73.795 Total technical reserves, net 8.477.200.221 7.050.127.092 Short-term 8.117.368.295 6.772.584.798 Medium and long-term 359.831.926 277.542.294 Total technical reserves, net 8.477.200.221 7.050.127.092 As of December 31, 2019 and 2018, movements of the insurance liabilities and related reinsurance assets are presented belows: Unearned premiums reserve December 31, 2019 Gross Ceded SSI Share Net Unearned premiums reserve at the beginning of the period 3.280.229.790 (732.987.716) (63.611.725) 2.483.630.349 Written premiums during the period 8.091.533.647 (1.976.107.372) (136.068.059) 5.979.358.216 Earned premiums during the period (7.471.816.014) 1.841.041.121 125.217.180 (5.505.557.713) Unearned premiums reserve at the end of the period 3.899.947.423 (868.053.967) (74.462.604) 2.957.430.852 Unearned premiums reserve December 31, 2018 Gross Ceded SSI Share Net Unearned premiums reserve at the beginning of the period 2.761.900.572 (551.618.894) (58.817.233) 2.151.464.445 Written premiums during the period 6.874.082.761 (1.770.959.962) (120.450.837) 4.982.671.962 Earned premiums during the period (6.355.753.543) 1.589.591.140 115.656.345 (4.650.506.058) Unearned premiums reserve at the end of the period 3.280.229.790 (732.987.716) (63.611.725) 2.483.630.349