MILLI RE 2020 ANNUAL REPORT

Activities and Major Developments Related to Activities General Information Financial Rights Provided to the Members of the Governing Body and Senior Executives Research & Development Activities 70 Milli Re Annual Report 2020 2020 Technical Results Mill Re’s technical operations resulted with TL 62.5 million of profit, mainly owing to an improved loss ratio further to an increased premium income, as well as with the contribution of other income and expense accounts and net income transferred from non‑technical accounts. Technical Profitability (TL) Line of Business 2020 2019 2018 Accident 16,685,999 19,270,398 9,654,743 Health 18,907,237 (23,654,163) 336,021 Land Vehicles 1,675,359 (2,082,930) 5,243,438 Railway Vehicles - - - Air Vehicles 937,843 822,139 (134,925) Sea Vehicles (9,088,680) (13,176,073) (4,004,357) Marine 23,772,585 21,999,869 18,564,180 Fire & Natural Disasters 229,434,666 110,252,677 97,531,101 General Damages (88,032,362) (4,986,851) 1,768,730 Land Vehicles Liability (31,938,298) (8,741,515) (29,263,167) Air Vehicles Liability - - - Sea Vehicles Liability (85,492) 729,938 (350,778) General Liability (59,302,976) 5,898,370 (4,138,904) Credit (426,313) (29,278) (188,397) Fidelity Guarantee (740,583) (205,730) (535,041) Financial Losses (42,944,706) (25,064,359) (283,129) Legal Protection 479,235 418,611 1,021,919 Total Non-life 59,333,514 81,451,103 95,221,434 Life 3,142,208 3,612,684 5,438,770 Total 62,475,722 85,063,787 100,660,204 Development of technical ratios per underwriting year are given below in order to provide a better assessment of the implication of the revisions made in Company business model in line with the Company strategy: (%) 120 100 80 60 40 20 0 2016 2017 2018 2019 2020 Loss Ratio Combined Ratio 104 113 105 93 61 35 66 76 87 77 Technical Ratios per Underwriting Year