MILLI REASURANS ANNUAL REPORT 2018

Milli Re Annual Report 2018 General Information / 17 Milli Re successfully achieved its strategy of profitable growth in 2018, a year marked with frequently changing global agenda and dominated by a tense political and economic atmosphere. Increasing by around 22% compared to last year, Milli Re’s premium production reached TL 1,320 million in 2018, 69% of which was generated from local business while 31% thereof was obtained from international business and after tax profit for the year was recorded as TL 278 million. Approximately 80% of our premium was generated from Milli Re’s target business lines which are Fire, Engineering and Marine. As at the end of 2018, total assets amounted to TL 3,738 million while shareholders’ equity reached TL 1,736 million. Keeping up with the rapidly changing industry dynamics and giving high importance to technological investments, our Company finalised the setup phase of “SICS Project”, which aims to renovate the reinsurance applications used in our Head Office and the Singapore branch. While the kick-off is scheduled for the second half of 2019, currently the project is at the end-to-end user acceptance. Moreover Milli Re, in order to increase productivity and achieve cost reduction, set its road map for digital transformation aimed at digitalization of its business processes and performance measurement, efficient usage of big data and business analytics and development of reporting tools. Milli Re, marking its 90 th year in operation in 2018, became one of the most significant players in its region. Our Company sustains its robust growth performance owing to its competence to assess and meet market demand, as well as its risk management skills, supported by its strong capital structure. Milli Re’s main goal is to maintain and develop its leading position and market share in the local market in the upcoming periods and be a preferred business partner in the international markets. Our experienced human capital, rooted company culture, as well as the synergy established with our trusting business partners will remain as the main pillars in fulfilling our goals. I would like to extend my sincere thanks to our shareholders and our business partners for their valuable contributions in our achievements and to all of our employees for their efforts. Hasan Hulki YALÇIN Director and General Manager 50 Milli Re provides reinsurance capacity to insurance companies active in over 50 countries, with the contribution of its Singapore Branch operating since 2008.