MILLIRE 2021 ANNUAL REPORT

The accompanying notes are an integral part of these consolidated financial statements. 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)) II- NON-TECHNICAL SECTION Note Audited Current Period January 1- December 31, 2021 Audited Prior Period January 1- December 31, 2020 C- Net Technical Income - Non-Life (A-B) 1.008.636.041 788.347.409 F- Net Technical Income - Life (D-E) (3.402.391) 3.142.208 I - Net Technical Income - Pension Business (G-H) - - J- Total Net Technical Income (C+F+I) 1.005.233.650 791.489.617 K- Investment Income 7.530.233.160 2.930.020.235 1- Income From Financial Investment 4.2 961.030.637 486.681.461 2- Income from Sales of Financial Investments 4.2 382.305.022 206.153.004 3- Revaluation of Financial Investments 4.2 277.448.084 155.934.763 4- Foreign Exchange Gains 4.2 3.822.076.685 1.112.174.319 5- Income from Affiliates 4.2 146.997.494 110.657.245 6- Income from Subsidiaries and Joint Ventures 4.2 148.939 63.549 7- Income Received from Land and Building 7 131.245.944 70.803.895 8- Income from Derivatives 4.2 1.808.979.313 787.297.521 9- Other Investments 1.042 254.478 10- Investment Income transferred from Life Technical Part - - L- Investment Expense (7.411.691.709) (2.926.911.846) 1- Investment Management Expenses (including interest) (-) 4.2 (31.565.502) (19.235.674) 2- Valuation Allowance of Investments (-) 4.2 (2.037.569) (3.920.793) 3- Losses On Sales of Investments (-) 4.2 (97.064.043) (57.271.018) 4- Investment Income Transferred to Non-Life Technical Part (-) (3.290.559.596) (1.369.611.050) 5- Losses from Derivatives (-) 4.2 (3.017.776.367) (776.356.453) 6- Foreign Exchange Losses (-) 4.2 (843.340.003) (608.836.954) 7- Depreciation Expenses (-) 6,8 (101.967.531) (77.955.837) 8- Other Investment Expenses (-) (27.381.098) (13.724.067) M- Income and Expenses From Other and Extraordinary Operations (78.577.712) (103.641.030) 1- Provisions Account (+/-) 47 (168.131.584) (114.479.922) 2- Discount account (+/-) 47 (15.554.657) 2.683.283 3- Mandatory Earthquake Insurance Account (+/-) - - 4- Inflation Adjustment Account (+/-) - - 5- Deferred Tax Asset Accounts(+/-) 35 92.278.186 8.380.748 6- Deferred Tax Expense Accounts (-) 35 - (14.573.998) 7- Other Income and Revenues 14.749.237 15.879.162 8- Other Expense and Losses (-) (1.918.894) (1.530.303) 9- Prior Period Income - - 10- Prior Period Losses (-) - - N- Net Profit for the Year 739.095.391 561.891.455 1- Profit/(Loss) Before Tax 1.045.197.389 690.956.976 2- Corporate Tax Liability Provision (-) 35 (306.101.998) (129.065.521) 3- Net Profit (Loss) 739.095.391 561.891.455 3.1- Groups Profit/(Loss) 487.295.000 344.161.542 3.2- Minority Shares 251.800.391 217.729.913 4- Monetary Gains and Losses - - CONSOLIDATED STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2021 177 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