MILLIRE 2021 ANNUAL REPORT

NOTES TO THE CONSOLIDATED 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)) Movement of provision for employee termination benefits during the period is presented below: December 31, 2021 December 31, 2020 Provision at the beginning of the period 45.465.115 38.340.411 Interest cost (Note 47) 7.679.100 4.380.388 Service cost (Note 47) 4.458.468 4.015.240 Payments during the period (Note 47) (5.132.994) (4.865.371) Actuarial gain/loss 5.716.829 3.594.447 Provision at the end of the period 58.186.518 45.465.115 24 Net insurance premium revenue Net insurance premium revenue for non-life branches is presented in detailed in the accompanying consolidated statement of income. 25 Fee revenue None. 26 Investment income Investment income is presented in Note 4.2 - Financial risk management . Net income accrual on financial asset Net realized gains on financial assets are presented in Note 4.2 - Financial risk management . 27 Net accrual income of financial assets Presented in “Note 4.2 - Financial Risk Management”. 28 Assets held at fair value through profit or loss Presented in “ Note 4.2 - Financial Risk Management”. 29 Insurance rights and claims December 31, 2021 December 31, 2020 Claims paid, net off reinsurers’ share (5.692.884.630) (4.033.901.940) Changes in outstanding claims reserves, net off reinsurers’ share (2.262.121.026) (1.296.902.726) Changes in unearned premium reserves, net off reinsurers’ share (1.517.394.204) (597.237.878) Change in equalization reserves (138.101.706) (82.445.465) Change in life mathematical reserves, net off reinsurers’ share 13.014 25.677 Exchange in return for bonuses and discounts, deducting the reinsurer share (324.852.685) (44.388.442) Changes in unexpired risks reserves, net off reinsurers’ share (4.000.000) (4.000.000) Total (9.939.341.237) (6.058.850.774) 30 Investment contract benefits None. 31 Other expenses The allocation of the expenses with respect to their nature or function is presented in Note 32 - Expenses by nature below. 247 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