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) Name Total assets Shareholders’ equity Retained earnings Profit for the year Audited Period Associates : Anadolu Hayat Emeklilik AŞ (consolidated) 162.865.081.357 6.449.457.562 91.094.305 2.853.815.200 Audited. 31 December 2023 In the current period TL 599.301.192 (December 31, 2022: 292.267.890) of income is obtained from associates through equity accounted consolidation method. 10 Reinsurance assets and liabilities As of December 31, 2023, and 2022, outstanding reinsurance assets and liabilities of the Group in accordance with existing reinsurance contracts are as follows: Reinsurance assets December 31, 2023 December 31, 2022 Unearned premiums reserves, ceded (Note 17) 4.797.310.036 2.523.561.505 Outstanding claims reserve, ceded (Note 4.2), (Note 17) 16.122.814.162 4.562.215.886 Receivables from reinsurance companies (Note 12) 2.907.188.037 895.875.747 Cash deposited to reinsurance companies 1.512.369.005 1.005.162.022 Total 25.339.681.240 8.986.815.160 There are no impairment losses recognized for reinsurance assets. Reinsurance liabilities December 31, 2023 December 31, 2022 Payables to the reinsurers related to premiums written (Note 19) 4.326.819.769 1.697.747.508 Deferred commission income (Note 19) 644.038.671 346.493.633 Cash deposited by reinsurance companies 152.612.753 14.318.666 Commission payables to the reinsurers related to written premiums (Note 19) 35.383.333 12.955.729 Total 5.158.854.526 2.071.515.536 Gains and losses recognized in the consolidated statement of income in accordance with existing insurance and retrocession contracts are as follows: December 31, 2023 December 31, 2022 Premiums ceded during the period (Note 17) (12.109.441.785) (5.869.701.512) Unearned premiums reserve, ceded at the beginning of the period (Note 17) (2.523.561.505) (1.563.331.963) Unearned premiums reserve, ceded at the end of the period (Note 17) 4.797.310.036 2.523.561.505 Earned premiums, ceded (Note 17) (9.835.693.254) (4.909.471.970) Claims paid, ceded during the period (Note 17) 18.399.604.706 1.787.734.458 Outstanding claims reserves, ceded at the beginning of the period (Note 17) (4.562.215.886) (2.957.988.890) Outstanding claims reserves, ceded at the end of the period (Note 17) 16.122.814.162 4.562.215.886 Incurred claims, ceded (Note 17) 29.960.202.982 3.391.961.454 Commission income accrued from reinsurers during the period (Note 32) 1.289.418.860 672.229.232 Deferred commission income at the beginning of the period (Note 19) 346.493.633 202.730.004 Deferred commission income at the end of the period (Note 19) (644.038.671) (346.493.633) Commission income earned from reinsurers (Note 32) 991.873.822 528.465.603 Changes in unexpired risk reserves, reinsurers’ share (Note 17) 394.560.623 (39.544.335) Total, net 21.510.944.173 (1.028.589.248) 225 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