MILLI_RE_ANNUAL REPORT 2022

Gains and losses recognized in the consolidated statement of income in accordance with existing insurance and retrocession contracts are as follows: December 31, 2022 December 31, 2021 Premiums ceded during the period (Note 17) (5.869.701.512) (3.329.771.438) Unearned premiums reserve, ceded at the beginning of the period (Note 17) (1.563.331.963) (1.089.324.599) Unearned premiums reserve, ceded at the end of the period (Note 17) 2.523.561.505 1.563.331.963 Earned premiums, ceded (Note 17) (4.909.471.970) (2.855.764.074) Claims paid, ceded during the period (Note 17) 1.787.734.458 886.178.220 Outstanding claims reserves, ceded at the beginning of the period (Note 17) (2.957.988.890) (2.179.921.969) Outstanding claims reserves, ceded at the end of the period (Note 17) 4.562.215.886 2.957.988.891 Incurred claims, ceded (Note 17) 3.391.961.454 1.664.245.142 Commission income accrued from reinsurers during the period (Note 32) 672.229.232 385.906.303 Deferred commission income at the beginning of the period (Note 19) 202.730.004 135.727.041 Deferred commission income at the end of the period (Note 19) (346.493.633) (202.730.004) Commission income earned from reinsurers (Note 32) 528.465.603 318.903.340 Changes in unexpired risk reserves, reinsurers’ share (Note 17) (39.544.335) 98.986.599 Total, net (1.028.589.248) (773.628.993) 11 Financial assets As of December 31, 2022, and 2021, the Group’s financial assets are detailed as follows: December 31, 2022 December 31, 2021 Available for sale financial assets 10.162.243.014 6.937.424.930 Financial assets held for trading 3.365.235.815 928.078.966 Impairment loss on available for sale financial assets 379.792.253 1.471.518.019 Impairment in value of financial assets (-) (6.954.540) (6.954.540) Total 13.900.316.542 9.330.067.375 As of December 31, 2022, and 2021, the Group’s financial assets held for trading are detailed as follows: December 31, 2022 Nominal value Cost Fair value Book value Non-fixed income financial assets: Investment funds 1.152.180.527 1.788.288.637 1.788.288.637 Investment funds FC 63.032.262 114.654.293 114.654.293 Equity shares 382.654.129 570.731.684 570.731.684 Futures and options guarantees Derivative guarantees (Currency protected deposits) 849.180.960 891.561.201 891.561.201 2.447.047.878 3.365.235.815 3.365.235.815 Total financial assets held for trading 2.447.047.878 3.365.235.815 3.365.235.815 238 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