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 17 In 2020, a year which witnessed deep economic and social disruptions, increasing by 10%compared to the previous year, our Company’s premium production reached TL 1,820million. As part of the ongoing digital transformation project, the new underwriting platform, which enables the integration of all reinsurance acitivities conducted in our Head Office and the Singapore Branch, has been completed and went live at the beginning of 2020. Moreover, major steps have been taken with regards to migrating all processes which have been restructured end-to-end, to a digital platform in order to increase efficiency and create a more agile structure. In 2020, a year which witnessed deep economic and social disruptions, Milli Re achieved its targets in line with its profit- oriented risk management. Increasing by 10% compared to the previous year, our Company’s premium production reached TL 1,820 million. Making up 73% of the total premium, TL 1,335 million was generated from local business while TL 485 million, corresponding to 27%, was obtained from international business. As at the end of 2020, total assets reached TL 5,506 million, shareholder’s equity amounted to TL 2,639 million and the net profit recorded as TL 349 million. Continuing its activities successfully since 1929 with its well- established company culture and experience, Milli Re remained to be a preferred business partner in the international markets by providing reinsurance capacity to over 120 ceding companies operating in above 50 countries in 2020, while maintaining its position as a leader in the local market. As it has been until today, in line with its sustainable profitability strategy, our Company aims to play an active role in the local and international markets in the future as well, thanks to its ability to manage market cycles and risks appropriately while meeting market demands with optimum solutions. Our strong capital structure, competence in transforming our potential into growing performance and the synergy created with our business partners will continue to serve as the main foundation for successfully executing our operations in the “new normal”. I would like to thank to our shareholders, business partners and employees for their support, contributions and trust. Fikret Utku ÖZDEMİR Director and General Manager