MILLI_RE_ANNUAL REPORT 2022

The Miltaş Sports Complex has been serving the insurance sector since 1986 with its facilities in various sports, particularly tennis. The International Insurance Tennis Tournament has been held every June at this Complex since 1986, providing a unique environment for local and foreign reinsurers and brokers. In addition to tennis and basketball courses organized every year for youngsters, private tennis lessons are available for adults in the Complex. 1.9 Name or other identity information about the reporting entity and the changes in this information after previous reporting date Trade name of the Company: Millî Reasürans Türk Anonim Şirketi Registered address of the head office: Maçka Cad. No: 35 34367 Şişli/İstanbul The web page of the Company: www.millire.com There has been no change in the aforementioned information subsequent to the previous reporting date. 1.10 Subsequent events Milli Reasürans, following the earthquake disaster that occured in Turkey on February 6, 2023, we conducted a financial analysis study in order to calculate the estimated loss amount that could arise from our domestic fire and engineering treaty and facultative book and its impact on our shareholders’ equity. The modelling was based on stochastic loss scenarios and earthquake accumulations provided by cedants and involved substantial assumptions, while it did not capture losses that could stem from fire following earthquake, volatility in macroeconomic indicators that could lead to increased costs and additional costs and expenses due to demand surge. The estimated loss amount does not include any amounts relating to lines of business such as personal accident, motor own damage, marine that might be covered under nonproportional catastrohe treaties, but cannot be modelled. For this reason, it is possible for the ultimate loss amount to exceed the estimated figure. On the other hand, Milli Re also provides capacity to nonproportional programme of TCIP, for which taking a conservative approach, full limit of liability was considered when estimating the total loss amount. In consequence of the above explanations; the estimated net loss amount that could arise from our fire and engineering treaty and facultative portfolio and capacity provided to TCIP programme is calculated as TL 761 million. TL 401 million of equilization reserve as at the end of 2022 will be utilized for the losses to be incurred. Considering the estimated recoveries from the retrocession programme and the relavant reinstatement premiums payable, we project TL 1 billion of impact to the shareholders’ equity, which is expected to be realized over a period of time depending on the loss pay outs. The Company’s subsidiary Anadolu Sigorta, in its notification to SEDDK as of 21 February 2023, anticipates that it will not have a negative impact on the Company’s equity and the estimated loss will be covered from the equiliation reserve amount after reinsurance protection. Considering that the total equity capital of Group is TL 6.986.693.006, therefore no issues identified related to the going concern. 2 Summary of significant accounting policies 2.1 Basis of preparation 2.1.1 Information about the principles and the specific accounting policies used in the preparation of the financial statements In accordance with Article 136(5) in Section VIII of the Capital Markets Law, numbered 6362 Anadolu Sigorta which is the subsidiaries of the Company and Anadolu Hayat which is the affiliates of the Group complies with their own specific laws and regulations in matters of establishment, auditing, supervision/oversight, accounting and financial reporting. Therefore, the Group complies with the accounting principles and standards set out in the regulations in force in accordance with the Insurance Law numbered 5684 published in the Official Gazette dated 14 June 2007 and numbered 26522, and the Insurance and Private Pension Regulation and Supervision Agency (IPPRSA”) established by the Presidential Decree of 18 October 2019. “) other regulations issued by the statements and guidance and Turkey Accounting Standards except arranged matters with them (“TAS”) with Turkey Financial Reporting Standards (“IFRS”) contains the terms” Insurance Accounting and Financial Reporting regulations “are prepared in accordance with The insurance legislation before the establishment of SEDDK and the initiation of regulatory activities regarding the insurance sector was published by the Turkey Ministry of Treasury and Finance. 194 MİLLİ RE 2022 ANNUAL REPORT Notes to the Consolidated 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 GENERAL INFORMATION FINANCIAL RIGHTS PROVIDED TO THE MEMBERS OF THE GOVERNING BODY AND SENIOR EXECUTIVES RESEARCH & DEVELOPMENT ACTIVITIES ACTIVITIES AND MAJOR DEVELOPMENTS RELATED TO ACTIVITIES