MILLI RE 2023 ANNUAL REPORT

the current era. Investments are being made particularly in human resource and technological infrastructure in line with our new business model. Work is underway for digital handling of our operational processes as part of our digital transformation project initiated to improve our work processes and increase their effectiveness. We are fully confident that our company will rise powerfully on its historic foundations reinforced by the new business model and contemporary organizational structure. We believe that digital transformation coupled with a new location equipped with a much more robust technology and office capabilities that will increase our productivity and efficiency make important elements of sustainable success. With this thought in mind, we have relocated from our head office building in Teşvikiye to the İş Towers in Levent in July. Our new work setting has been designed as a special venue where we will be able to make the most of technology, realize the envisaged changes in our ways of doing business more easily, and transform into a large and agile team. Milli Re boasts a competent and engaged human resource that is open to continuous learning and development. Believing that all its employees should possess equal rights, opportunities and means without any discrimination within the frame of gender equality, our company is differentiated from the industry particularly with the high percentage of women in middle and senior management. Besides its contributions to the insurance industry and the national economy, Milli Re invests, in a sense, in the future of our country through the support it extends to social and cultural progress. Along this line, our company carries out projects in the areas of culture, art and sport with a sustainability perspective that makes the focal point of every step it takes. Marking an important initiative in relation to culture in 2023, our Company prepared a special selection of books from its archive consisting of titles pertaining to past exhibitions mounted at Milli Re Art Gallery that has practically become an accredited institution in arts with the exclusive status it has acquired, and presented them to 100 art and culture institutions as a memento for the Centennial of the Turkish Republic. In addition, Milli Re Chamber Orchestra gave a concert titled “Tango of the Republic”, paying homage to the legendary Turkish tango composers of the Early Republic Period for the 100 th anniversary of the Turkish Republic as part of the 51 st İstanbul Music Festival. While the concert brought to light the sheet music from the Early Republic Period sliding into oblivion, the instrumental tango piece composed by Hasan Niyazi Tura for the 100 th anniversary of our Republic “Centennial – 100. Yıl Tangosu” was performed for the first time in front of an audience. We are carrying our global brand to the future. The market conditions that have been persisting in the insurance ecosystem for the past several years are anticipated to remain in existence for some more time to come. Increased natural disaster damages will possibly continue to lead to higher reinsurance costs and challenges in obtaining capacity, and the fact that Türkiye is an earthquake- prone country will have permanent implications for the industry’s terms. It is believed that there are no obstacles that would prevent the Turkish insurance industry from achieving higher and sustainable technical profitability, subject to technical pricing and correct business writing enabled by the supervisory actions and improvements of the Insurance and Private Pension Regulation and Supervision Agency (SEDDK), in addition to retrocession costs to be tightened in the medium term. Insurance penetration in our country is expected to increase given that insurance is still a business line with significant potential, coupled with the anticipation that the people’s increased sensitivity following the earthquake will help raise insurance awareness. Being one of the key actors fulfilling the reinsurance need of the Turkish market, our company will continue to provide coverage to our industry in a period characterized by capacity issues, and will keep working with strict commitment to satisfying all its responsibilities to vest the industry in a healthier structure and carry it into the future. In the future, as we march towards our profit-driven and sustainable growth target empowered by our long-lasting collaborations by optimally analyzing risks and effectively utilizing our capital in the light of our deep-rooted experience, we will carry the global brand we have created as a respected and reliable reinsurer in national and international markets into the future. In closing, I take this opportunity to thank all our shareholders, business partners, and employees for their contributions towards our rising performance and their confidence in our company. Fikret Utku ÖZDEMİR Director & General Manager 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 15 2023 Annual Report RISKS AND ASSESSMENT OF THE GOVERNING BODY