MILLI RE 2023 ANNUAL REPORT

PAGE: CONSOLIDATED BALANCE SHEET 172 CONSOLIDATED STATEMENT OF INCOME 177 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 180 CONSOLIDATED STATEMENT OF CASH FLOWS 182 CONSOLIDATED STATEMENT OF PROFIT DISTRIBUTION 183 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 184-251 NOTE 1 General information 184 NOTE 2 Summary of significant accounting policies 186 NOTE 3 Important accounting estimates and provisions 210 NOTE 4 Management of insurance and financial risk 211 NOTE 5 Segment information 221 NOTE 6 Tangible assets 221 NOTE 7 Investment properties 223 NOTE 8 Intangible Assets 224 NOTE 9 Investments in associates 224 NOTE 10 Reinsurance assets and liabilities 225 NOTE 11 Financial assets 226 NOTE 12 Loans and receivables 229 NOTE 13 Derivative financial assets 230 NOTE 14 Cash and cash equivalents 231 NOTE 15 Equity 231 NOTE 16 Other reserves and equity component of discretionary participation 234 NOTE 17 Insurance contract liabilities and reinsurance assets 235 NOTE 18 Investment contract liabilities 239 NOTE 19 Trade and other payables and deferred income 239 NOTE 20 Financial liabilities 240 NOTE 21 Deferred taxes 240 NOTE 22 Retirement benefit obligations 241 NOTE 23 Provision for other liabilities and expense accruals 242 NOTE 24 Net insurance premium revenue 243 NOTE 25 Fee revenue 243 NOTE 26 Investment income 243 NOTE 27 Net income accrual on financial asset 243 NOTE 28 Assets held at fair value through profit or loss 243 NOTE 29 Insurance rights and claims 243 NOTE 30 Investment contract benefits 243 NOTE 31 Other expenses 243 NOTE 32 Operating expenses 244 NOTE 33 Employee benefit expenses 244 NOTE 34 Financial costs 244 NOTE 35 Income tax 245 NOTE 36 Net foreign exchange gains 245 NOTE 37 Earnings per share 245 NOTE 38 Dividends per share 246 NOTE 39 Cash generated from operations 246 NOTE 40 Convertible bond 246 NOTE 41 Redeemable preference shares 246 NOTE 42 Risks 247 NOTE 43 Commitments 247 NOTE 44 Business combinations 247 NOTE 45 Related party transactions 247 NOTE 46 Subsequent events 251 NOTE 47 Other 251 Contents 171 2023 Annual Report GENERAL INFORMATION FINANCIAL RIGHTS PROVIDEDTOTHE MEMBERS OF THE GOVERNING BODY AND SENIOR EXECUTIVES RISKS AND ASSESSMENT OF THE GOVERNING BODY ACTIVITIES AND MAJOR DEVELOPMENTS RELATED TO ACTIVITIES RESEARCH & DEVELOPMENT ACTIVITIES FINANCIAL STATUS FINANCIAL INFORMATION