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) 10 Reinsurance assets and liabilities As of December 31, 2023, and 2022, outstanding reinsurance assets and liabilities of the Company, as Reinsurance Company in accordance with existing reinsurance contracts are as follows: Reinsurance assets December 31, 2023 December 31, 2022 Receivables from reinsurance companies (Note 12) 985.866.927 145.416.652 Cash deposited to reinsurance companies 294.520.563 240.868.016 Outstanding claims reserve, ceded (Note 4.2) , (Note 17) 5.807.404.091 129.947.122 Unearned premiums reserve, ceded (Note 17) 60.065.549 49.314.693 Total 7.147.857.130 565.546.483 There are no impairment losses recognized for reinsurance assets. Reinsurance liabilities December 31, 2023 December 31, 2022 Deferred commission income (Note 19) 8.565.638 9.482.897 Total 8.565.638 9.482.897 Gains and losses recognized in the statement of income in accordance with existing retrocession contracts are as follows: December 31, 2023 December 31, 2022 Premiums ceded during the period (Note 17) (2.089.018.861) (701.343.384) Unearned premiums reserve, ceded at the beginning of the period (Note 17) (49.314.693) (23.649.245) Unearned premiums reserve, ceded at the end of the period (Note 17) 60.065.549 49.314.693 Premiums earned, ceded (Note 17) (2.078.268.005) (675.677.936) Claims paid, ceded during the period (Note 17) 7.622.976.582 102.412.195 Outstanding claims reserve, ceded at the beginning of the period (Note 17) (129.947.122) (106.787.271) Outstanding claims reserve, ceded at the end of the period (Note 17) 5.807.404.091 129.947.122 Claims incurred, ceded (Note 17) 13.300.433.551 125.572.046 Commission income accrued from reinsurers during the period (Note 32) 25.349.513 22.019.317 Deferred commission income at the beginning of the period (Note 19) 9.482.897 4.098.066 Deferred commission income at the end of the period (Note 19) (8.565.638) (9.482.897) Commission income earned from reinsurers (Note 32) 26.266.772 16.634.486 Changes in unexpired risks reserve, reinsurers’ share (Note 17) (109.628) (1.702.688) Total, net 11.248.322.690 (535.174.092) 140 MİLLİ RE