MILLI RE 2023 ANNUAL REPORT

Notes to the Unconsolidated Financial Statements As of December 31, 2023 Millî Reasürans Türk Anonim Şirketi (Currency: Turkish Lira (TL)) (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish) In accordance with the above-mentioned Communiqué, insurance and reinsurance companies are allowed to transfer technical section operating expense to insurance section through methods determined by Republic of Turkey Ministry of Treasury and Finance or by the Company itself. In accordance with the approval of the Undersecretariat of Republic of Turkey Ministry of Treasury and Finance, dated March 6, 2008 and numbered 10222, known and exactly distinguishable operating expenses are distributed to related branches directly and services rendered from third parties and other operating expenses in accordance with the gross premiums written for the last three years. Income from the assets invested against non-life technical provisions is transferred to technical section from non-technical section; remaining income is transferred to the non-technical section. Income is distributed to the sub-branches in accordance with the percentage calculated by dividing “net cash flow” to the “total net cash flow”, net cash flow being net of reinsurer share and calculated by deducting net losses paid from net written premiums. Income from the assets invested against mathematical provisions is recorded under technical section; remaining income is transferred to the non-technical section. 1.8 Information on the financial statements as to whether they comprise an individual Company or a group of companies The accompanying financial statements comprise only the unconsolidated financial information of the Company. As further discussed in note 2.2 - Consolidation, the Company has prepared consolidated financial statements As of December 31, 2023 separately. 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 : İş Kuleleri, Kule 3, Kat:20-21-22 34330 Levent, Beşiktaş,/İstanbul The web page of the Company : www.millire.com 1.10 Subsequent events With the Official Gazette Decision No. 32414 dated December 29, 2023 issued by the Insurance and Private Pension Regulation and Supervision Agency (“IPPRSA”), the mandatory effective date of the IFRS 17 standard has been postponed to accounting periods starting on or after January 1, 2025. 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 The Company 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 (“TFRS”) contains the terms” Insurance Accounting and Financial Reporting regulations “are prepared in accordance with n. The insurance legislation before the establishment of SEDDK and the initiation of regulatory activities regarding the insurance sector was published by Turkey Ministry of Treasury and Finance (“Ministry of Treasury and Finance”). According to numbered 4 th related law Accounting for subsidiaries, associates, joint ventures, consolidated financial statements, financial statements which disclosed public regulated by Republic of Turkey Ministry of Treasury and Finance. The Company prepares its financial statements are regulated in form and content in order to compare the financial statements of prior period and with other companies according to “Communiqué on Presentation of Financial Statements “which is published in the Official Gazette dated April 18, 2008 and numbered 26851. Accounting in hyperinflationary countries Financial statements of the Turkish entities have been restated for the changes in the general purchasing power of the Turkish Lira based on “TAS 29 - Financial Reporting in Hyperinflationary Economies ” as at December 31, 2004. TAS 29 requires that financial statements prepared in the currency of a hyperinflationary economy be stated in terms of the measuring unit current at the reporting date, and that corresponding figures for previous years be restated in the same terms. 107 2023 Annual Report GENERAL INFORMATION FINANCIAL RIGHTS PROVIDEDTOTHE MEMBERS OF THE GOVERNING BODY AND SENIOR EXECUTIVES RISKS AND ASSESSMENT OF THE GOVERNING BODY ACTIVITIES AND MAJOR DEVELOPMENTS RELATED TO ACTIVITIES RESEARCH & DEVELOPMENT ACTIVITIES FINANCIAL STATUS FINANCIAL INFORMATION