MILLIRE 2021 ANNUAL REPORT

NOTES TO THE UNCONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 Millî Reasürans Türk Anonim Şirketi (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Note 2.1.1) (Currency: Turkish Lira (TL)) 10 Reinsurance assets and liabilities As of December 31, 2021, and 2020, outstanding reinsurance assets and liabilities of the Company, as Reinsurance company in accordance with existing reinsurance contracts are as follows: Reinsurance assets December 31, 2021 December 31, 2020 Receivables from reinsurance companies (Note 12) 86.696.642 48.027.209 Cash deposited to reinsurance companies 199.336.037 120.831.485 Outstanding claims reserve, ceded (Note 4.2) , (Note 17) 106.787.271 78.871.381 Unearned premiums reserve, ceded (Note 17) 23.649.245 20.130.822 Total 416.469.195 267.860.897 There are no impairment losses recognized for reinsurance assets. Reinsurance liabilities December 31, 2021 December 31, 2020 Deferred commission income (Note 19) 4.098.066 2.760.960 Total 4.098.066 2.760.960 Gains and losses recognized in the statement of income in accordance with existing retrocession contracts are as follows: December 31, 2021 December 31, 2020 Premiums ceded during the period (Note 17) (330.959.315) (238.964.890) Unearned premiums reserve, ceded at the beginning of the period (Note 17) (20.130.822) (44.693.136) Unearned premiums reserve, ceded at the end of the period (Note 17) 23.649.245 20.130.822 Premiums earned, ceded (Note 17) (327.440.892) (263.527.204) Claims paid, ceded during the period (Note 17) 57.817.710 50.639.210 Outstanding claims reserve, ceded at the beginning of the period (Note 17) (78.871.381) (90.544.841) Outstanding claims reserve, ceded at the end of the period (Note 17) 106.787.271 78.871.381 Claims incurred, ceded (Note 17) 85.733.600 38.965.750 Commission income accrued from reinsurers during the period (Note 32) 10.175.548 6.048.624 Deferred commission income at the beginning of the period (Note 19) 2.760.960 1.018.666 Deferred commission income at the end of the period (Note 19) (4.098.066) (2.760.960) Commission income earned from reinsurers (Note 32) 8.838.442 4.306.330 Changes in unexpired risks reserve, reinsurers’ share (Note 17) 1.857.501 25.701 Total, net (231.011.349) (220.229.423) 139 MİLLÎ REASÜRANS ANNUAL REPORT 2021 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