MILLIRE ENG2024

17 Insurance contract liabilities and reinsurance assets Estimation of the ultimate payment for the outstanding claims is one of the most important accounting assumptions of the Company. Estimation of the insurance contract liabilities contains several ambiguities by nature. The Company makes calculation of the related insurance technical provisions accordance with the Insurance Legislation and reflects them into financial statements as mentioned in Note 2 - Summary of significant accounting policies . As of December 31, 2024, and 2023 technical reserves of the Company are as follows: December 31, 2024 December 31, 2023 Unearned premiums reserve, gross 5.944.522.967 4.970.704.922 Unearned premiums reserve, ceded (Note 10) (43.992.595) (60.065.549) Unearned premiums reserve, net 5.900.530.372 4.910.639.373 Outstanding claims reserve, gross 11.343.283.860 11.825.397.858 Outstanding claims reserve, ceded (Note 10) (1.729.970.615) (5.807.404.091) Outstanding claims reserve, net 9.613.313.245 6.017.993.767 Unexpired risks reserve, gross 22.010.219 34.469.669 Unexpired risks reserve, ceded (Note 10) (96.577) (642.771) Unexpired risks reserve, net 21.913.642 33.826.898 Equalization reserve, net 474.736.051 270.559.287 Total technical reserves, net 16.010.493.310 11.233.019.325 Short-term 15.535.757.259 10.962.460.038 Long-term 474.736.051 270.559.287 Total technical reserves, net 16.010.493.310 11.233.019.325 156 Millî Reasürans Türk Anonim Şirketi (Currency: Turkish Lira (TL)) Notes to the Unconsolidated Financial Statements As of December 31, 2024 (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish) MİLLİ RE