MILLI RE 2020 ANNUAL REPORT

PAGE: CONSOLIDATED BALANCE SHEET 168 CONSOLIDATED STATEMENT OF INCOME 174 CONSOLIDATED STATEMENT OF CASH FLOWS 176 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 178 CONSOLIDATED STATEMENT OF PROFIT DISTRIBUTION 179 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 180-247 NOTE 1 GENERAL INFORMATION 180 NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 182 NOTE 3 SIGNIFICANT ACCOUNTING ESTIMATES AND REQUIREMENTS 204 NOTE 4 MANAGEMENT OF INSURANCE AND FINANCIAL RISK 205 NOTE 5 SEGMENT INFORMATION 216 NOTE 6 TANGIBLE ASSETS 217 NOTE 7 INVESTMENT PROPERTIES 219 NOTE 8 INTANGIBLE ASSETS 220 NOTE 9 INVESTMENTS IN ASSOCIATES 220 NOTE 10 REINSURANCE ASSETS AND LIABILITIES 221 NOTE 11 FINANCIAL ASSETS 222 NOTE 12 LOANS AND RECEIVABLES 226 NOTE 13 DERIVATIVE FINANCIAL ASSETS 227 NOTE 14 CASH AND CASH EQUIVALENTS 227 NOTE 15 EQUITY 228 NOTE 16 OTHER RESERVES AND EQUITY COMPONENT OF DISCRETIONARY PARTICIPATION 231 NOTE 17 INSURANCE CONTRACT LIABILITIES AND REINSURANCE ASSETS 232 NOTE 18 INVESTMENT CONTRACT LIABILITIES 234 NOTE 19 TRADE AND OTHER PAYABLES AND DEFERRED INCOME 235 NOTE 20 FINANCIAL LIABILITIES 235 NOTE 21 DEFERRED TAXES 236 NOTE 22 RETIREMENT BENEFIT OBLIGATIONS 236 NOTE 23 PROVISION FOR OTHER LIABILITIES AND EXPENSE ACCRUALS 238 NOTE 24 NET INSURANCE PREMIUM REVENUE 238 NOTE 25 FEE REVENUE 239 NOTE 26 INVESTMENT INCOME 239 NOTE 27 NET INCOME ACCRUAL ON FINANCIAL ASSET 239 NOTE 28 ASSETS HELD AT FAIR VALUE THROUGH PROFIT OR LOSS 239 NOTE 29 INSURANCE RIGHTS AND CLAIMS 239 NOTE 30 INVESTMENT CONTRACT BENEFITS 239 NOTE 31 OTHER EXPENSES 239 NOTE 32 OPERATING EXPENSES 239 NOTE 33 EMPLOYEE BENEFIT EXPENSES 240 NOTE 34 FINANCIAL COSTS 240 NOTE 35 INCOME TAX 240 NOTE 36 NET FOREIGN EXCHANGE GAINS 241 NOTE 37 EARNINGS PER SHARE 241 NOTE 38 DIVIDENDS PER SHARE 241 NOTE 39 CASH GENERATED FROM OPERATIONS 242 NOTE 40 CONVERTIBLE BOND 242 NOTE 41 REDEEMABLE PREFERENCE SHARES 242 NOTE 42 RISKS 242 NOTE 43 COMMITMENTS 242 NOTE 44 BUSINESS COMBINATIONS 242 NOTE 45 RELATED PARTY TRANSACTIONS 242 NOTE 46 SUBSEQUENT EVENTS 246 NOTE 47 OTHER 247 CONTENTS 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 Milli Re Annual Report 2020 167