MILLI_RE_ANNUAL REPORT 2022

Contents CONTENTS PAGE: UNCONSOLIDATED BALANCE SHEET 100-104 UNCONSOLIDATED STATEMENT OF INCOME 105-107 UNCONSOLIDATED STATEMENT OF CHANGES IN EQUITY 108 UNCONSOLIDATED STATEMENT OF CASH FLOWS 110 UNCONSOLIDATED STATEMENT OF PROFIT DISTRIBUTION 111 NOTES TO THE UNCONSOLIDATED FINANCIAL STATEMENTS 112-172 NOTE 1 General information 112 NOTE 2. Summary of significant accounting policies 114 NOTE 3 Significant Accounting Estimates and Requirements 133 NOTE 4 Management of insurance and financial risk 134 NOTE 5 Segment Information 145 NOTE 6 Tangible assets 145 NOTE 7 Investment properties 146 NOTE 8 Intangible assets 147 NOTE 9 Investments in associates 148 NOTE 10 Reinsurance assets and liabilities 149 NOTE 11 Financial assets 149 NOTE 12 Loans and receivables 152 NOTE 13 Derivative financial assets 153 NOTE 14 Cash and cash equivalents 153 NOTE 15 Equity 154 NOTE 16 Other reserves and equity component of discretionary participation 156 NOTE 17 Insurance contract liabilities and reinsurance assets 156 NOTE 18 Investment contract liabilities 159 NOTE 19 Trade and other payables and deferred income 160 NOTE 20 Financial liabilities 160 NOTE 21 Deferred tax 161 NOTE 22 Retirement benefit obligations 161 NOTE 23 Other liabilities and expense accruals 163 NOTE 24 Net insurance premium revenue 163 NOTE 25 Fee revenue 163 NOTE 26 Investment income 163 NOTE 27 Net income accrual on financial assets 163 NOTE 28 Asset held at fair value through profit or loss 163 NOTE 29 Insurance rights and claims 164 NOTE 30 Investment contract benefits 164 NOTE 31 Other expenses 164 NOTE 32 Operating expenses 164 NOTE 33 Employee benefit expenses 165 NOTE 34 Financial costs 165 NOTE 35 Income Taxes 165 NOTE 36 Net foreign exchange gains 165 NOTE 37 Earnings per share 166 NOTE 38 Dividends per share 166 NOTE 39 Cash generated from operations 166 NOTE 40 Convertible bonds 167 NOTE 41 Redeemable preference shares 167 NOTE 42 Risks 167 NOTE 43 Commitments 167 NOTE 44 Business combinations 167 NOTE 45 Related party transactions 168 NOTE 46 Subsequent events 171 NOTE 47 Other 171 99 MİLLİ RE 2022 ANNUAL REPORT 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 FINANCIAL STATUS