MILLI RE 2023 ANNUAL REPORT

CONTENTS General Information 4 Vision-Mission 5 Shareholder Structure 6 Corporate Profile 8 Milestones 10 Chairperson’s Message 12 General Manager’s Message 16 Board of Directors 20 Senior Management 22 Organization Chart 23 Human Resources Applications 25 2023 Annual Report Compliance Statement 26 Independent Auditor’s Report on the Annual Report of the Board of Directors Financial Rights Provided to the Members of the Governing Body and Senior Executives 29 Financial Rights Provided to the Members of the Governing Body and Senior Executives Research & Development Activities 31 Research & Development Activities Activities and Major Developments Related to Activities 34 Information on Investments Made by the Company during the Accounting Period 34 Repurchased Own Shares by the Company 34 Disclosures Concerning Special Audit and Public Audit during the Reporting Period 34 Lawsuits Filed against the Company and Potential Results 34 Disclosures on Administrative or Judicial Sanctions Imposed on the Company and the Members of the Governing Body 34 Assessments on Prior Period Targets and General Assembly Resolutions 34 Expenses Incurred in the Reporting Period in Relation to Donations, Grants and Social Responsibility Projects 34 Relations with the Controlling Company or an Affiliate Thereof 35 Internal Audit 36 Internal Control 37 Affiliates 38 Corporate Social Responsibility Financial Status 44 Economic Overview 48 Turkish Insurance Market 52 Turkish Reinsurance Market and Milli Re in 2023 56 Global Reinsurance Market and Milli Re 66 Financial Strength, Profitability and Solvency 68 Key Financial Indicators 71 2023 Technical Results 73 2023 Financial Results 75 General Assembly Agenda 76 Board of Directors Report 78 Dividend Distribution Policy 79 Dividend Distribution Proposal Risk Management Practices 82 Risk Management Practices 86 Assessment of Capital Adequacy 87 Transactions Carried out with Milli Re’s Risk Group 87 External Service Procurement 88 The Annual Reports of the Parent Company in the Group of Companies Unconsolidated Financial Statements as of December 31, 2023 Together With the Independent Auditor’s Report 90 Independent Auditor’s Report 92 Convenience Translation of the Company’s Representation on the Unconsolidated Financial Statement Prepared as of December 31, 2023 94 Unconsolidated Balance Sheet 99 Unconsolidated Statement of Income 102 Unconsolidated Statement of Changes in Equity 104 Unconsolidated Statement of Cash Flows 105 Unconsolidated Statement of Profit Distribution 106 Notes to the Unconsolidated Financial Statements Consolidated Financial Statements as of December 31, 2023 together with the Independent Auditor’s Report 166 Information on Consolidated Subsidiaries 167 Independent Auditor’s Report 170 Convenience Translation of the Company’s Representation on the Consolidated Financial Statement Prepared as of December 31, 2023 172 Consolidated Balance Sheet 177 Consolidated Statement of Income 180 Consolidated Statement of Changes in Equity 182 Consolidated Statement of Cash Flows 183 Consolidated Statement of Profit Distribution 184 Notes to the Consolidated Financial Statements Contact Information