MILLI RE 2020 ANNUAL REPORT

Millî Reasürans Türk Anonim Şirketi (Currency: Turkish Lira (TL)) NOTES TO THE UNCONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2020 (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Note 2.1.1) 24 Net insurance premium revenue Net insurance premium revenue for non-life branches is presented in detailed in the accompanying unconsolidated statement of income. 25 Fee revenue None. 26 Investment income Investment income is presented in Note 4.2 - Financial risk management . 27 Net income accrual on financial assets Net realized gains on financial assets are presented in Note 4.2 - Financial risk management . 28 Asset held at fair value through profit or loss Presented in “Note 4.2 - Financial Risk Management”. 29 Insurance rights and claims December 31, 2020 December 31, 2019 Life Non-Life Life Non-Life Claims paid, net off reinsurers’ share (8.167.036) (993.878.791) (5.425.658) (943.198.053) Changes in outstanding claims reserve, net off reinsurers’ share 1.113.555 (267.503.075) (116.156) (205.866.027) Changes in unearned premiums reserve, net off reinsurers’ share (6.971.463) (106.244.654) 701.958 (127.117.873) Changes in unexpired risks reserve, net off reinsurers’ share - (24.624.102) - (20.221.287) Change in equalization reserve, net off reinsurers’ share (345.929) (44.573.541) (186.425) (38.578.905) Change in life mathematical reserves, net off reinsurers’ share 25.677 - 35.104 - Total (14.345.196) (1.436.824.163) (4.991.177) (1.334.982.145) 30 Investment contract benefits None. 31 Other expenses The allocation of the expenses with respect to their nature or function is presented in Note 32 - Expenses by nature below. 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 151