MILLIRE_2019_Annual Report

251 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)) Distribution of new life insurance policyholders in terms of numbers and gross and net premiums as individual or group during the period None. Distribution of mathematical reserves for life insurance policyholders who left the Group’s portfolio as individual or group during the period None. Pension investment funds established by the Group and their unit prices None. Number and amount of participation certificates in portfolio and circulation None. Portfolio amounts in terms of number of new participants, left or cancelled participants, and existing participants for individuals and groups None. Valuation methods used in profit share calculation for saving life contracts with profit sharing None. Distribution of new participants in terms of their numbers and gross and net contributions for individuals and groups None. Distribution of new participants in terms of their numbers and gross and net contributions for individuals and groups which were transferred from other insurance companies during the year None. Distribution of individual and group participants and their gross and net contributions which were transferred from life insurance portfolio to private pension portfolio during the year None. Distribution of individual and group participants which were cancelled or transferred to other insurance companies in terms of their numbers and gross and net contributions None. Profit share distribution rate of life insurances None. Deferred commission expenses The Group capitalizes commissions paid to the intermediaries related to policy production under short-term and long-term prepaid expenses. As of December 31, 2019, short-term prepaid expenses amounting to TL 606.023.035 (December 31, 2018: TL 500.778.298) consist of deferred acquisition cost; deferred commission expenses amounting to TL 555.184.994 (December 31, 2018: TL 461.641.048) and other prepaid expenses amounting to TL 50.838.041 (December 31, 2018: TL 39.137.250). Long-term prepaid expenses amounting TL 1.444.448 (December 31, 2018: TL 9.445.638) are composed of other prepaid expenses.