MILLI RE 2020 ANNUAL REPORT

Financial Status Risks and Assessment of the Governing Body Unconsolidated Financial Statements Together with Independent Auditors’ Report Thereon Consolidated Financial Statements Together with Independent Auditors’ Report Thereon Milli Re Annual Report 2020 13 In 2020, our Company, which seamlessly adapts to the extraordinary conditions prevailing all over the world, have continued to offer reinsurance capacity in line with the needs of the ceding companies by accurately analyzing the market dynamics with its experience going back to many years and owing to its strong financial structure. The Insurance Association of Turkey announced that the Turkish insurance industry has produced TL 82.6 billion premium by the end of 2020, which corresponds to 19% nominal and 4% real growth compared to 2019. While 83% of the total premium production originates from Non-life; Life Insurance grew by 27% as a result of the ongoing expansion in loan volume in 2020 and the acceleration in housing sales with the impact of the low-interest loans introduced in the second half of the year. In 2020, our Company, which seamlessly adapts to the extraordinary conditions prevailing all over the world, have continued to offer reinsurance capacity in line with the needs of ceding companies by accurately analyzing the market dynamics, with its experience going back to many years and strong financial structure. Increasing by 10% compared to last year, Milli Re’s premium production was TL 1,820 million in 2020. As of 2020 year-end, Milli Re’s total assets reached TL 5,506 million, shareholders’ equity amounted to TL 2,639 million and the net profit was registered as TL 349 million. In line with the vision of being a preferred business partner, Milli Re aims to carry its success into the future by maintaining its steady performance with the confidence which comes from being a strong and well-established company, and having a prestigious position in the insurance and reinsurance markets. On behalf of myself and our Board of Directors, I would like to thank all our stakeholders, especially our employees, shareholders, and business partners, for their valuable support and contribution. Ebru ÖZŞUCA Chairperson of the Board of Directors