MILLI RE 2023 ANNUAL REPORT

Millî Reasürans Türk Anonim Şirketi The accompanying notes are an integral part of these consolidated financial statements. (Currency: Turkish Lira (TL)) (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish) I- TECHNICAL SECTION Note Audited Current Period January 1- December 31, 2023 Audited Prior Period January 1- December 31, 2022 A- Non-Life Technical Income 45.729.324.363 21.896.426.295 1- Earned Premiums (Net of Reinsurer Share) 28.392.871.726 14.015.356.207 1.1- Written Premiums (Net of Reinsurer Share) 17 40.455.954.458 21.756.489.737 1.1.1- Gross Written Premiums (+) 17 53.128.811.914 28.051.364.289 1.1.2- Ceded Premiums to Reinsurers (-) 10,17 (12.093.216.858) (5.867.423.011) 1.1.3- Ceded Premiums to SSI (-) 17 (579.640.598) (427.451.541) 1.2- Change in Unearned Premiums Reserve (Net of Reinsurers Shares and Reserves Carried Forward) (+/-) 17,29 (11.119.270.311) (7.364.757.325) 1.2.1- Unearned Premiums Reserve (-) 17 (13.463.388.421) (8.468.228.075) 1.2.2- Reinsurance Share of Unearned Premiums Reserve (+) 10,17 2.265.875.426 958.276.132 1.2.3- SSI of Unearned Premiums Reserve (+) 78.242.684 145.194.618 1.3- Changes in Unexpired Risks Reserve (Net of Reinsurer Share and Reserves Carried Forward)(+/-) 17 (943.812.421) (376.376.205) 1.3.1- Unexpired Risks Reserve (-) 17 (1.338.373.044) (336.831.870) 1.3.2- Reinsurance Share of Unexpired Risks Reserve (+) 10,17 394.560.623 (39.544.335) 2- Investment Income Transferred from Non-Technical Part 15.314.595.910 7.086.316.987 3- Other Technical Income (Net of Reinsurer Share) 1.579.663.527 548.040.403 3.1- Gross Other Technical Income (+) 1.243.705.991 548.040.403 3.2- Reinsurance Share of Other Technical Income (-) 335.957.536 - 4- Accrued Subrogation and Salvage Income (+) 442.193.200 246.712.698 B- Non-Life Technical Expense (-) (38.193.711.230) (20.190.360.982) 1- Total Claims (Net of Reinsurer Share) (27.818.274.526) (15.103.918.742) 1.1- Claims Paid (Net of Reinsurer Share) 17,29 (19.675.614.152) (10.541.605.376) 1.1.1- Gross Claims Paid (-) 17 (38.072.650.228) (12.328.958.503) 1.1.2- Reinsurance Share of Claims Paid (+) 10,17 18.397.036.076 1.787.353.127 1.2- Changes in Outstanding Claims Reserve (Net of Reinsurer Share and Reserves Carried Forward) (+/-) 17,29 (8.142.660.374) (4.562.313.366) 1.2.1- Outstanding Claims Reserve (-) 17 (19.701.690.226) (6.164.955.952) 1.2.2- Reinsurance Share of Outstanding Claims Reserve (+) 10,17 11.559.029.852 1.602.642.586 2- Changes in Bonus and Discount Reserve (Net of Reinsurer Share and Reserves Carried Forward) (+/-) 29 - - 2.1- Bonus and Discount Reserve (-) 29 - - 2.2- Reinsurance Share of Bonus and Discount Reserve (+) - - 3- Changes in Other Technical Reserves (Net of Reinsurer Share and Reserves Carried Forward) (+/-) 29 52.179.084 (339.859.647) 4- Operating Expenses (-) 32 (9.604.475.147) (4.259.893.775) 5- Changes in Mathematical Reserves (Net of Reinsurer Share and Reserves Carried Forward) (+/-) - - 5.1- Mathematical Reserves (-) - - 5.2- Reinsurance Share of Mathematical Reserves (+) - - 6- Other Technical Expenses (-) 47 (823.140.641) (486.688.818) 6.1- Gross Other Technical Expenses (-) (836.973.120) (497.766.160) 6.2- Reinsurance Share of Other Technical Expenses (+) 13.832.479 11.077.342 C- Non Life Technical Net Profit (A-B) 7.535.613.133 1.706.065.313 D- Life Technical Income 19.587.603 11.282.882 1- Earned Premiums (Net of Reinsurer Share) 15.442.368 8.078.559 1.1- Written Premiums (Net of Reinsurer Share) 17 19.127.110 8.763.104 1.1.1- Gross Written Premiums (+) 17 35.352.037 11.041.605 1.1.2- Ceded Premiums to Reinsurers (-) 10,17 (16.224.927) (2.278.501) 1.2- Change in Unearned Premiums Reserve (Net of Reinsurers Shares and Reserves Carried Forward) (+/-) 17,29 (3.684.742) (1.633.068) 1.2.1- Unearned Premium Reserves (-) 17 (11.557.847) (3.586.478) 1.2.2- Unearned Premium Reserves Reinsurer Share (+) 10,17 7.873.105 1.953.410 1.3- Changes in Unexpired Risks Reserve (Net of Reinsurer Share and Reserves Carried Forward)(+/-) - 948.523 1.3.1- Unexpired Risks Reserves (-) - 948.523 1.3.2- Unexpired Risks Reserves Reinsurer Share (+) - - 2- Life Branch Investment Income 3.621.548 2.924.863 3- Unrealized Income from Investments - - 4- Other Technical Income (Net of Reinsurer Share) (+/-) 523.687 279.460 4.1- Gross Other Technical Income (+/-) 382.267 279.460 4.2- Reinsurance Share of Other Technical Income (+/-) 141.420 - 5- Accrued Subrogation and Salvage Income (+) - - Consolidated Statement of Income For the Year Ended December 31, 2023 177 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