MILLI_RE_ANNUAL REPORT 2022

Extraordinary reserves The movement of extraordinary reserves is as follows: December 31, 2022 December 31, 2021 Extraordinary reserves at the beginning of the period 823.206.149 692.870.924 Transfer from profit - - Accounted according to the equity method 232.743.627 130.335.225 Extraordinary reserves at the end of the period 1.055.949.776 823.206.149 Special funds (reserves) As of 31 December 2022, a fund of 33.809.969 TL has been allocated to receive venture capital investment fund participation shares from the 2021 period profit in accordance with the provisions of Article 325/A of the Tax Procedure Law and Article 10 of the Corporate Tax Law. (31 December 2021: 17.000.000 TL). As of December 31, 2022, special funds accounted according to the equity method is amounting to TL 67.127.812 (December 31, 2021: 40.074.90). The movements of special funds are as follows: December 31, 2022 December 31, 2021 Special funds at the beginning of the period 57.074.903 16.900.903 Transfer from profit 33.809.969 17.000.000 Accounted according to the equity method 27.052.909 23.174.000 Special funds at the end of the period 117.937.781 57.074.903 Other profit reserves According to revision on TAS 19, actuarial profit and losses that recognized in income statement in termination indemnity calculation before, is recognized in “Other Profit Reserves” account under equity in current period financial statements. The amount of TL (15.402.782) (December 31, 2021: TL (5.965.389) regarding actuarial calculation is presented in other profit reserves account, in calculation of termination indemnity As of December 31, 2022. Movement of other profit reserves is presented below: December 31, 2022 December 31, 2021 Other profit reserves at the beginning of the period 15.947.853 19.379.678 Actuarial gains/losses (9.437.393) (1.671.278) Accounted according to the equity method 699.771 (1.760.547) Other profit reserves at the end of the period 7.210.231 15.947.853 Statutory reserves After the allocation of first legal reserves and first dividend to shareholders, reserve for natural disasters and catastrophe might be allocated, if deemed necessary, based on the suggestion of the Board of Directors and decision of the General Assembly. As of December 31, 2022, there are no funds allocated in this manner (December 31, 2021: None). As of December 31, 2022, the statutory reverses that are accounted according to the equity method amounting to TL 122.747.456 (December 31, 2021: TL 83.112.202). Foreign currency translation differences Foreign currency translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations. As of December 31, 2022, foreign currency translation loss amounting to TL 86.654.441 (December 31, 2021: TL 41.999.609) stems from Singapore Branch whose functional currency is US Dollars. 155 MİLLİ RE 2022 ANNUAL REPORT Notes to the Unconsolidated Financial Statements As of December 31, 2022 Millî Reasürans Türk Anonim Şirketi (Currency: Turkish Lira (TL)) Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Note 2.1.1 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 FINANCIAL STATUS