MILLI RE 2023 ANNUAL REPORT

Despite the earthquake disaster and the tightened economy policy in the second half of the year, the Turkish economy displayed a relatively strong performance and ended 2023 with a 4.5% growth rate. Private consumption has been the sub-item that made the highest contribution to growth throughout the year. However, this contribution took a downtrend, even if limited, in parallel with the tightened economy policy in the second half of the year. In that part of the year, while investment outlays made a growing contribution to growth owing to earthquake-compelled expenditures, net export’s shrinking effect upon growth was noted for its downtrend. While the annual rise in CPI at the end of 2023 was 64.77%, the CBRT gradually hiked the policy rate from 8.5% in June to 42.5% as of December within the frame of the simplification policy adhered to in the economy for strengthening macro financial stability and increasing the functionality of market mechanisms. The Insurance Industry achieved growth in 2023. Climate-related extreme weather events that lately increased in terms of number and frequency have become the most crucial risk element for the global insurance business. Amid an ecosystem that is exposed to pressure factors including the challenging economic conditions and inflation the world is experiencing, as well as catastrophes, reinsurance capacity and costs are inevitably affected adversely. Total economic losses attributable to catastrophes readopted an upturn in 2023 and amounted to USD 380 billion, while insured cat losses were worth USD 118 billion. Kahramanmaraş Earthquake that took place on February 6 th in our country was recorded as the costliest and most destructive natural disaster of 2023. Global insured losses in 2023 stemmed from medium-scale weather events and largely from secondary effects of natural disasters. The fact that only 31% of these global losses was underwritten by the insurance industry points at the low level of insurance ownership. In the aftermath of the earthquake disaster of February, our industry not only made claims payments, but forged an important value in the form of humanitarian aids and conveniences made available to the insured who were affected by the earthquake. In 2023 that saw the sector successfully attain real growth, total premium production increased by 107% to TL 486 billion; premium production by Non-Life branches that accounts for 88% of this amount was registered as TL 429 billion. The movements in inflation and exchange rates took the greatest toll on the premiums written in Land Vehicles Liability, Land Vehicles and Health branches due to their coverage. Premiums generated in the Life branch amounted to TL 55 billion, driving the share of the branch down to 11.7%. Always moving forward on the back of our deep-rooted foundations and experience. In 2023 when we jovially celebrated the centennial of our Republic, we were particularly proud for being an important soldier of an industry that has contributed solidly to the acquisitions of the Republic for 94 years. Placed among Europe’s most established reinsurers, and being the world’s first and only privately-owned company that managed a compulsory reinsurance system for all lines of business, Milli Re presses ahead sure- footedly, increasing its contribution to the national economy fulfilling its responsibility imposed by its leadership position. In addition to its economic contribution, as an institution of the Republic, our company supports societal progress with all its resources, conducts initiatives in relation to gender equality, culture & arts and sports, and works to give a concrete form to equality and inclusion principles. Having continued to offer the reinsurance capacity needed by ceding companies in 2023 when we authored a high performance, Milli Re upped its premium production by 106% year-on- year to TL 9,925 million, and registered TL 22,668 million in total assets, TL 10,128 million in shareholders’ equity and TL 3,629 million in net profit for the period. As it has done in the past, so too in the future, Milli Re will keep furnishing service as a respected business partner in the international markets, as well as in the Turkish market, backed by its robust financial structure, its business model underpinned by solid technology, and experienced team. Speaking both personally and on behalf of our Board of Directors, I thank all our employees, shareholders, business partners, and other stakeholders for their valuable support and contributions towards our company’s continued successful performance. Ebru ÖZŞUCA Chairperson of the Board of Directors GENERAL INFORMATION FINANCIAL RIGHTS PROVIDEDTOTHE MEMBERS OF THE GOVERNING BODY AND SENIOR EXECUTIVES ACTIVITIES AND MAJOR DEVELOPMENTS RELATED TO ACTIVITIES RESEARCH & DEVELOPMENT ACTIVITIES FINANCIAL STATUS FINANCIAL INFORMATION 11 2023 Annual Report RISKS AND ASSESSMENT OF THE GOVERNING BODY