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) 17 Insurance contract liabilities and reinsurance assets Estimation of the ultimate payment for the outstanding claims is one of the most important accounting assumptions of the Company. Estimation of the insurance contract liabilities contains several ambiguities by nature. The Company makes calculation of the related insurance technical provisions accordance with the Insurance Legislation and reflects them into consolidated financial statements as mentioned in Note 2 - Summary of significant accounting policies . As of December 31, 2023, and 2022 technical reserves of the Group’ are as follows: December 31, 2023 December 31, 2022 Unearned premiums reserves, gross 28.701.633.588 15.226.687.322 Unearned premiums reserves, ceded (Note 10) (4.797.310.036) (2.523.561.505) Unearned premiums reserves, SSI share (343.265.174) (265.022.490) Unearned premiums reserves, net 23.561.058.378 12.438.103.327 Outstanding claims reserve, gross 37.463.982.203 17.762.063.356 Outstanding claims reserve, ceded (Note 10) (16.122.814.162) (4.562.215.886) Outstanding claims reserve, net 21.341.168.041 13.199.847.470 Unexpired risk reserves 2.275.520.482 937.147.438 Unexpired risk reserves, ceded (513.212.022) (118.651.399) Unexpired risk reserves, net 1.762.308.460 818.496.039 Equalization reserves, net (*) 863.671.776 918.336.138 Other technical reserves, net 863.671.776 918.336.138 Life mathematical reserves - - Bonuses and Discount - - Total technical reserves, net 47.528.206.657 27.374.782.974 Short-term 46.660.903.988 26.451.760.997 Medium and long-term 867.302.669 923.021.977 Total technical reserves, net 47.528.206.657 27.374.782.974 235 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