MILLI RE 2023 ANNUAL REPORT

Notes to the Consolidated 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) Gain and losses from financial assets Gains and losses recognized in the statement of income, net: December 31, 2023 December 31, 2022 Income from derivative transactions 1.296.253.767 833.925.736 Interest income from bank deposits 1.814.696.661 567.105.246 Foreign exchange gains 11.036.934.305 3.507.077.409 Interest income from available-for-sale financial assets (564.977.231) 219.858.409 Income from participates 599.301.192 292.267.890 Income from investment funds reclassified as available for sale financial assets 5.392.611 167.639.537 Income from equity shares classified as held for trading financial assets 2.130.241.171 909.959.207 Income from investment funds reclassified as held for trading financial assets 3.219.684.053 1.014.790.588 Income from equity shares 101.868 139.238.153 Income from subsidiaries - (592.172) Interest income from repos 356 136.744 Gains transferred from the statement of equity to the statement of income on disposal of available for sale financial assets ( Note 15) 1.773.575.731 669.897.779 Interest income from debt securities classified as held to maturity financial investments 24.641.815 129.402.652 Other 1.952.318 2.403.656 Investment income 21.337.798.617 8.453.110.834 Loss from valuation of financial assets (82.669.203) (1.336.747) Loss from derivative transactions (576.504.323) (1.245.098.558) Investment management expenses (including interest) (214.728.643) (40.507.820) Loss from disposal of financial assets (858.310.002) (223.871.017) Foreign exchange losses (5.082.238.998) (733.384.634) Investment expenses (6.814.451.169) (2.244.198.776) Investment income, net 14.523.347.448 6.208.912.058 Financial gains and losses recognized in equity, net: December 31, 2023 December 31, 2022 Fair value changes in available for sale financial assets (Note 15) 2.573.917.705 1.417.838.998 Gains transferred from the statement of equity to the statement of income on disposal of available for sale financial assets ( Note 15) (1.773.575.731) (669.897.779) Total 800.341.974 747.941.219 Capital management The Company’s capital management policies include the following: - To comply with the insurance capital requirements required by the Republic of Turkey Ministry of Treasury and Finance - To safeguard the Company’s ability to continue as a going concern In accordance with the “Communiqué on Measurement and Assessment of Capital Adequacy for Insurance, Reinsurance and Individual Pension Companies” issued by Republic of Turkey Ministry of Treasury and Finance on August 23, 2015 dated and 29454 numbered; the Company measured its minimum capital requirement as TL 3.296.213.822 as of December 31, 2023. As of December 31, 2023, and 2022, the capital amount of the Company presented in the unconsolidated financial statements are TL 10.107.826.960 and 5.170.486.290 respectively and capital surplus of the Company is amounting to TL 6.811.613.138 (December 31, 2022: TL 3.481.322.450) according to the communiqué. As of December 31, 2023, required equity amount determined in calculations over consolidated financial statements of Company’s subsidiary Anadolu Sigorta, is amounted TL 10.094.286.054. As of 31 December 2023, the amount of raw equity in Anadolu Sigorta’s unconsolidated financial statements is TL 4.616.670.470 above the required equity amount calculated in accordance with the regulation. 220 MİLLİ RE