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) As of December 31, 2023, and 2022 technical reserves of the Company are as follows: December 31, 2023 December 31, 2022 Unearned premiums reserve, gross 4.970.704.922 2.293.557.896 Unearned premiums reserve, ceded (Note 10) (60.065.549) (49.314.693) Unearned premiums reserve, net 4.910.639.373 2.244.243.203 Outstanding claims reserve, gross 11.825.397.858 4.174.390.046 Outstanding claims reserve, ceded (Note 10) (5.807.404.091) (129.947.122) Outstanding claims reserve, net 6.017.993.767 4.044.442.924 Unexpired risks reserve, gross 34.469.669 13.916.585 Unexpired risks reserve, ceded (Note 10) (642.771) (752.399) Unexpired risks reserve, net 33.826.898 13.164.186 Equalization reserve, net 270.559.287 405.400.733 Mathematical reserves - - Total technical reserves, net 11.233.019.325 6.707.251.046 Short-term 10.962.460.038 6.301.850.313 Medium and long-term 270.559.287 405.400.733 Total technical reserves, net 11.233.019.325 6.707.251.046 As of December 31, 2023, and 2022, movements of the insurance liabilities and related reinsurance assets are presented below: Unearned premiums reserve December 31, 2023 Gross Ceded Net Unearned premiums reserve at the beginning of the period 2.293.557.896 (49.314.693) 2.244.243.203 Written premiums during the period 9.924.594.569 (2.089.018.861) 7.835.575.708 Earned premiums during the period (7.247.447.543) 2.078.268.005 (5.169.179.538) Unearned premiums reserve at the end of the period 4.970.704.922 (60.065.549) 4.910.639.373 Unearned premiums reserve December 31, 2022 Gross Ceded Net Unearned premiums reserve at the beginning of the period 1.187.333.155 (23.649.245) 1.163.683.910 Written premiums during the period 4.808.430.037 (701.343.384) 4.107.086.653 Earned premiums during the period (3.702.205.296) 675.677.936 (3.026.527.360) Unearned premiums reserve at the end of the period 2.293.557.896 (49.314.693) 2.244.243.203 148 MİLLİ RE