MILLIRE 2021 ANNUAL REPORT

The accompanying notes are an integral part of these consolidated financial statements. 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) I- TECHNICAL SECTION Note Audited Current Period January 1- December 31, 2021 Audited Prior Period January 1- December 31, 2020 E- Life Technical Expense (18.570.321) (19.950.640) 1- Total Claims (Net of Reinsurer Share) (15.373.920) (7.053.482) 1.1- Claims Paid (Net of Reinsurer Share) 17,29 (10.115.740) (8.167.035) 1.1.1- Gross Claims Paid (-) 17 (11.946.157) (11.471.676) 1.1.2- Claims Paid Reinsurer Share (+) 10,17 1.830.417 3.304.641 1.2- Changes in Outstanding Claims Reserve (Net of Reinsurer Share and Reserves Carried Forward) (+/-) 17,29 (5.258.180) 1.113.553 1.2.1- Outstanding Claims Reserve (-) 17 (3.585.990) 2.790.109 1.2.2- Reinsurance Share of Outstanding Claims Reserve (+) 10,17 (1.672.190) (1.676.556) 2- Changes in Bonus and Discount Reserve (Net of Reinsurer Share and Reserves Carried Forward) (+/-) - - 2.1- Bonus and Discount Reserve (-) - - 2.2- Reinsurance Share of Bonus and Discount Reserve (+) - - 3- Changes in Mathematical Reserves (Net of Reinsurer Share and Reserves Carried Forward) (+/-) 29 13.014 25.677 3.1- Mathematical Reserves (-) 29 13.014 25.677 3.1.1- Actuarial Mathematical Reserve (-) 29  13.014 25.677 3.1.2- Profit Share Reserve (Reserves for Life Insurance Policies Including Investment Risk) (-) - - 3.2- Reinsurer Share of Mathematical Reserves (+) - - 3.2.1- Reinsurance Share of Actuarial Mathematical Reserve (+) - - 3.2.2- Reinsurance Share of Profit Share Reserve (Reserves for Life Insurance Policies Including Investment Risk) (-) - - 4- Changes in Other Technical Reserves (Net of Reinsurer Share and Reserves Carried Forward) (+/-) 29 (5.725) (345.928) 5- Operating Expenses (-) 32 (3.203.690) (12.576.907) 6- Investment Expenses (-) - - 7- Unrealized Losses from Investments (-) - - 8- Investment Income Transferred to Non- Technical Part (-) - - F- Life Technical Profit (D-E) (3.402.391) 3.142.208 G- Individual Retirement Technical Income - - 1- Fund Management Fee - - 2- Management Fee Deduction - - 3- Initial Contribution Fee - - 4- Management Fee In Case Of Temporary Suspension - - 5- Witholding tax - - 6- Increase in Market Value of Capital Commitment Advances - - 7- Other Technical Income - - H- Individual Retirement Technical Expense - - 1- Fund Management Expenses (-) - - 2- Decrease in Market Value of Capital Commitment Advances (-) - - 3- Operating Expenses (-) - - 4- Other Technical Expense (-) - - I- Individual Retirement Technical Profit (G-H) - - CONSOLIDATED STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2021 176 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