MILLIRE 2021 ANNUAL REPORT

NOTES TO THE UNCONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 Millî Reasürans Türk Anonim Şirketi (Currency: Turkish Lira (TL)) (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Note 2.1.1) As of December 31, 2021, and 2020, movements of the insurance liabilities and related reinsurance assets are presented below: Unearned premiums reserve December 31, 2021 Gross Ceded Net Unearned premiums reserve at the beginning of the period 840.067.426 (20.130.822) 819.936.604 Written premiums during the period 2.482.605.065 (330.959.315) 2.151.645.750 Earned premiums during the period (2.135.339.336) 327.440.892 (1.807.898.444) Unearned premiums reserve at the end of the period 1.187.333.155 (23.649.245) 1.163.683.910 Unearned premiums reserve December 31, 2020 Gross Ceded Net Unearned premiums reserve at the beginning of the period 751.413.623 (44.693.136) 706.720.487 Written premiums during the period 1.820.275.306 (238.964.890) 1.581.310.416 Earned premiums during the period (1.731.621.503) 263.527.204 (1.468.094.299) Unearned premiums reserve at the end of the period 840.067.426 (20.130.822) 819.936.604 Outstanding claims reserve December 31, 2021 Gross Ceded Net Outstanding claims reserve at the beginning of the period 1.710.325.122 (78.871.381) 1.631.453.741 Claims reported during the period and changes in the estimations of outstanding claims reserve provided at the beginning of the period 2.342.572.852 (88.572.054) 2.254.000.798 Claims paid during the period (1.373.848.905) 57.817.710 (1.316.031.195) Discount effect (303.452.493) 2.838.454 (300.614.039) Outstanding claims reserve at the end of the period 2.375.596.576 (106.787.271) 2.268.809.305 Outstanding claims reserve December 31, 2020 Gross Ceded Net Outstanding claims reserve at the beginning of the period 1.455.609.062 (90.544.841) 1.365.064.221 Claims reported during the period and changes in the estimations of outstanding claims reserve provided at the beginning of the period 1.443.605.643 (39.936.116) 1.403.669.527 Claims paid during the period (1.052.685.037) 50.639.210 (1.002.045.827) Discount effect (136.204.546) 970.366 (135.234.180) Outstanding claims reserve at the end of the period 1.710.325.122 (78.871.381) 1.631.453.741 Total amount of guarantee that should be placed by the Company for life and non-life branches and guarantees placed for the life and non-life branches in respect of related assets The Company, being a reinsurance company, has no obligation of providing guarantees. Total amount of insurance risk on a branch basis Total amount of insurance risk on branch basis for non-life insurance branch is not kept by the Company. Company’s number of life insurance policies, additions, disposals during the year and the related mathematical reserves None. 148 MİLLÎ REASÜRANS ANNUAL REPORT 2021 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