MILLI_RE_ANNUAL REPORT 2022

Consolidated Statement of Income For the Year Ended December 31, 2022 I-TECHNICAL SECTION Note Audited Current Period January 1- December 31, 2022 Audited Prior Period January 1- December 31, 2021 A- Non-Life Technical Income 21.896.426.295 11.516.007.119 1- Earned Premiums (Net of Reinsurer Share) 14.015.356.207 7.580.279.224 1.1 - Written Premiums (Net of Reinsurer Share) 17 21.756.489.737 9.432.578.143 1.1.1 - Gross Written Premiums (+) 17 28.051.364.289 12.972.810.203 1.1.2 - Ceded Premiums to Reinsurers (-) 10,17 (5.867.423.011) (3.330.790.294) 1.1.3 - Ceded Premiums to SSI (-) 17  (427.451.541) (209.441.766) 1.2- Change in Unearned Premiums Reserve (Net of Reinsurers Shares and Reserves Carried Forward) (+/-) 17,29 (7.364.757.325) (1.528.394.757) 1.2.1 - Unearned Premiums Reserve (-) 17 (8.468.228.075) (2.032.170.785) 1.2.2 - Reinsurance Share of Unearned Premiums Reserve (+) 10,17 958.276.132 477.983.012 1.2.3 - SSI of Unearned Premiums Reserve (+) 145.194.618 25.793.016 1.3- Changes in Unexpired Risks Reserve (Net of Reinsurer Share and Reserves Carried Forward)(+/-)  17 (376.376.205) (323.904.162) 1.3.1 - Unexpired Risks Reserve (-)  17 (336.831.870) (422.890.761) 1.3.2 - Reinsurance Share of Unexpired Risks Reserve (+) 10,17  (39.544.335) 98.986.599 2- Investment Income Transferred from Non-Technical Part 7.086.316.987 3.290.559.596 3- Other Technical Income (Net of Reinsurer Share) 548.040.403 519.816.273 3.1 - Gross Other Technical Income (+) 548.040.403 519.816.238 3.2 - Reinsurance Share of Other Technical Income (-) - 35 4- Accrued Subrogation and Salvage Income (+) 246.712.698 125.352.026 B- Non-Life Technical Expense (-) (20.190.360.982) (10.507.371.078) 1- Total Claims (Net of Reinsurer Share) (15.103.918.742) (7.939.631.736) 1.1- Claims Paid (Net of Reinsurer Share) 17,29 (10.541.605.376) (5.682.768.890) 1.1.1 - Gross Claims Paid (-) 17 (12.328.958.503) (6.567.116.693) 1.1.2 - Reinsurance Share of Claims Paid (+) 10,17 1.787.353.127 884.347.803 1.2- Changes in Outstanding Claims Reserve (Net of Reinsurer Share and Reserves Carried Forward) (+/-) 17,29 (4.562.313.366) (2.256.862.846) 1.2.1 - Outstanding Claims Reserve (-) 17 (6.164.955.952) (3.036.601.958) 1.2.2 - Reinsurance Share of Outstanding Claims Reserve (+) 10,17 1.602.642.586 779.739.112 2- Changes in Bonus and Discount Reserve (Net of Reinsurer Share and Reserves Carried Forward) (+/-) 29  - 4.000.002 2.1 - Bonus and Discount Reserve (-)  29 - 4.000.002 2.2 - Reinsurance Share of Bonus and Discount Reserve (+) - - 3- Changes in Other Technical Reserves (Net of Reinsurer Share and Reserves Carried Forward) (+/-) 29 (339.859.647) (138.095.981) 4- Operating Expenses (-) 32 (4.259.893.775) (2.240.630.671) 5- Changes in Mathematical Reserves (Net of Reinsurer Share and Reserves Carried Forward) (+/-) - - 5.1- Mathematical Reserves (-) - - 5.2- Reinsurance Share of Mathematical Reserves (+) - - 6.- Other Technical Expenses (-)  47 (486.688.818) (193.012.692) 6.1.- Gross Other Technical Expenses (-) (497.766.160) (200.740.747) 6.2.- Reinsurance Share of Other Technical Expenses (+) 11.077.342 7.728.055 C- Non Life Technical Net Profit (A-B) 1.706.065.313 1.008.636.041 D- Life Technical Income 11.282.882 15.167.930 1- Earned Premiums (Net of Reinsurer Share) 8.078.559 11.229.108 1.1 - Written Premiums (Net of Reinsurer Share) 17 8.763.104 1.177.078 1.1.1 - Gross Written Premiums (+) 17 11.041.605 158.222 1.1.2 - Ceded Premiums to Reinsurers (-) 10,17 (2.278.501) 1.018.856 1.2- Change in Unearned Premiums Reserve (Net of Reinsurers Shares and Reserves Carried Forward) (+/-) 17,29 (1.633.068) 11.000.553 1.2.1- Unearned Premium Reserves (-) 17 (3.586.478) 14.976.201 1.2.2- Unearned Premium Reserves Reinsurer Share (+) 10,17 1.953.410 (3.975.648) 1.3- Changes in Unexpired Risks Reserve (Net of Reinsurer Share and Reserves Carried Forward)(+/-) 948.523 (948.523) 1.3.1- Unexpired Risks Reserves (-) 948.523 (948.523) 1.3.2- Unexpired Risks Reserves Reinsurer Share (+) - - 2- Life Branch Investment Income 2.924.863 3.475.599 3- Unrealized Income from Investments - - 4-Other Technical Income (Net of Reinsurer Share) (+/-) 279.460 463.223 4.1- Gross Other Technical Income (+/-) 279.460 463.223 4.2- Reinsurance Share of Other Technical Income (+/-) - - 5- Accrued Subrogation and Salvage Income (+) - - Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Note 2.1.1 185 MİLLİ RE 2022 ANNUAL REPORT Millî Reasürans Türk Anonim Şirketi (Currency: Turkish Lira (TL)) The accompanying notes are an integral part of these consolidated financial statements. 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