General information - Eureko Sigorta

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112 EUREKO S‹GORTA investments in markets of crisis because they needed countries such as Turkey so that they could distribute their assumed risks. The premium production of the Turkish insurance industry steadily increases, and investors believe that Turkey can be an important market to be invested in, as the insurance premium of the young population per capita is very far below world average, which is vital for such a tendency to enter such markets. <strong>Eureko</strong> <strong>Sigorta</strong> works extensively with international reinsurance companies such as Munich Re, Swiss Re, Mapfre Re, Odyssey Re, Korean Re and Everest Re. Besides, it is also in close cooperation with Milli Re., the largest reinsurer in Turkey. (b) Financial Risk The Pool is exposed to financial risks because of its financial assets, reinsurance assets and insurance liabilities. In summary, the major financial risk is inadequacy of income derived from financial assets in meeting liabilities arising out of insurance contracts. The most significant components of the financial risk (which include interest rate risks and exchange rate risks) are credit risks and liquidity risks. The general risk management program of the Company focuses on the instability of financial markets and mitigation of probable negative effects of such instability on the Company's financial performance. The Company does not employ any derivatives of financial assets in order not to expose itself to probable risks. All responsibility to constitute and observe the risk management structure belongs to the Board of Directors. The Board of Directors ensures the effectiveness of the risk management system through the internal audit department of the Company. Risk management policies of the Company are established in order to define and analyze risks that the company face, determine the risk limits and controls, and monitor the consistency with the risks and the identified limits. Risk management policies and systems are regularly revised in such a way that they can reflect changes in the products and services provided. The Company, with its training and management standards, aims at developing a disciplined and constructive control environment where all the employees become aware of their tasks and responsibilities. i. Interest rate risk The Company is exposed to an interest rate risk which arises out of the impact of the changes in interest rates to which financial assets and liabilities with fixed interest rates are subject. ii. Currency risk The Company is exposed to exchange risks arising out of changes in exchange rates due to the translation of receivables and liabilities in foreign currencies, into New Turkish Liras. These risks are monitored by analyzing the exchange position. (c) Credit risk The ownership of financial assets carries the risk of the counter party that can not fulfil terms and conditions of the contract. The credit risk of the company arises from cash, cash equivalents and bank deposits, financial assets, reinsurance shares in insurance liabilities, receivables from reinsurance companies and premium receivables from policyholders and intermediary institutions. These risks are treated by the company management as total credit risks undertaken by the counter party. Financial assets of the company excluding the creditor and the borrower party and exposed to credit risk generally represent the government debt securities and both demand and time deposits held in the other financial institutions, and these receivables are not considered as carrying a high credit risk. (d) Liquidity risk The Company uses its available cash sources so as to meet its obligations arising out of insurance contracts. A liquidity risk is a risk where no sufficient cash is available for the payment of liabilities at reasonable costs. The management specifies limits in relation to available funds which will be adequate for the payment of the said liabilities.
7. 5-Year Financial Indicators Premium Production Thousand TRY 2004 171.052 2005 299.638 2006 363.579 2007 415.466 2008 478.515 Technical Profit Thousand TRY *2004 28.452 2005 28.500 2006 36.007 2007 43.804 2008 63.895 * These are not drawn up as per the Insurance Financial Reporting Standards (I.F.R.S.) Profit-Before-Tax Thousand TRY 2004 9.626 2005 25.056 2006 30.854 2007 42.452 2008 72.321 2008 ANNUAL REPORT 113
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A. GENERAL INFORMATION 1. Assent fo
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3. Historical Development of Eureko
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Dear Shareholders, 2008 ANNUAL REPO
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2008 ANNUAL REPORT The insurance se
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2008 ANNUAL REPORT 6. Abbreviated F
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(THOUSAND TRY) Shareholder's equity
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Ö⁄REN‹M DURUMU Elementary Scho
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2008 ANNUAL REPORT From the non-lif
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2008 ANNUAL REPORT • Eureko Sigor
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Cüneyt Sezgin Member Joop Kanen Me
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ERGUN ÖZEN (Chairman) He earned a
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Mehmet Emin ALKAN Eureko Sigorta -
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4. Executive Summary Submitted to t
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2008 ANNUAL REPORT including Divisi
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2008 ANNUAL REPORT C. FINANCIAL DET
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3. Independent Auditors' Report To
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EUREKO S‹GORTA ANON‹M fi‹RKET
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General information - Eureko Sigorta

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