MILLI RE 2023 ANNUAL REPORT

2023 TECHNICAL RESULTS In 2023, Milli Re’s technical operations were negatively impacted by the increased claim costs due to depreciation of the Turkish lira against foreign currencies, inflation and the earthquake disaster that struck Kahramanmaraş and other provinces in the region February 06, 2023. Nevertheless with the contribution of the augmented premium income and transfers from the nontechnical division Milli Re generated TL 197 million profit on its technical operations. Technical Profitability (TL) Line of Business 2023 2022 2021 Accident 71,456,546 38,912,914 26,184,601 Health 1,637,990 (71,841) 3,435,187 Land Vehicles 52,179,357 5,059,176 680,947 Railway Vehicles - - - Air Vehicles (23,095,040) (3,549,376) 5,719,487 Sea Vehicles (21,679,227) (59,494,441) 18,439,783 Marine 237,427,289 190,151,565 58,355,638 Fire & Natural Disasters (525,711,613) 206,951,272 476,855,109 General Damages 216,908,685 (156,759,270) (258,848,290) Land Vehicles Liability 32,486,859 1,713,313 (59,808,604) Air Vehicles Liability - - - Sea Vehicles Liability 270,738 (535,632) (34,808) General Liability 191,493,992 173,161,743 (25,506,958) Credit 7,307,143 2,128,338 2,282,662 Fidelity Guarantee (5,061,511) (18,232,592) (3,890,694) Financial Losses (51,223,858) (62,919,981) (19,838,432) Legal Protection 939,087 1,011,608 530,878 Total Non-life 185,336,437 317,526,796 224,556,506 Life 11,785,906 6,092,590 (3,402,392) Total 197,122,343 323,619,386 221,154,114 72 MİLLİ RE