MILLIRE_2019_Annual Report
257 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)) 29 Insurance rights and claims December 31, 2019 December 31, 2018 Claims paid, net off reinsurers’ share (3.799.456.398) (3.390.740.033) Changes in outstanding claims reserves, net off reinsurers’ share (867.957.203) (672.824.445) Changes in unearned premium reserves, net off reinsurers’ share (472.362.222) (332.165.904) Change in equalization reserves (81.093.878) (66.543.242) Change in life mathematical reserves, net off reinsurers’ share 35.104 42.314 Changes in unexpired risks reserves, net off reinsurers’ share (4.606.649) (39.774.848) Total (5.225.441.246) (4.502.006.158) 30 Investment contract benefits None. 31 Other expenses The allocation of the expenses with respect to their nature or function is presented in Note 32 - Expenses by nature below. 32 Operating expenses For the years ended December 31, 2019 and 2018, the operating expenses are disclosed as follows: December 31, 2019 December 31, 2018 Commission expenses (Note 17) 996.680.788 837.704.032 Commissions to the intermediaries accrued during the period (Note 17) 1.083.550.914 914.371.048 Changes in deferred commission expenses (Note 17) (86.870.126) (76.667.016) Employee benefit expenses (Note 33) 291.494.818 239.728.958 Foreign exchange losses 30.188.546 70.480.481 Administration expenses 140.528.715 155.172.151 Commission income from reinsurers (Note 10) (211.883.477) (224.731.883) Commission income from reinsurers accrued during the period (Note 10) (219.921.607) (248.982.078) Change in deferred commission income (Note 10) 8.038.130 24.250.195 Advertising and marketing expenses 28.727.445 18.968.329 Outsourced benefits and services 25.179.548 21.559.689 Commission expenses from reinsurance transactions (Note 10) 164.169.217 116.479.375 Commissions from reinsurance transactions during the period (Note 10) 170.843.037 127.915.936 Change in deferred reinsurance commission expenses (Note 10) (6.673.820) (11.436.561) Other 14.804.358 35.622.658 Total 1.479.889.958 1.270.983.790
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