MILLIRE ENG2024

Deferred commission expenses The Company capitalizes commissions paid to the intermediaries related to policy production under short-term and long-term prepaid expenses. As of December 31, 2024, deferred production expenses amounting to TL 1.302.479.934 (December 31, 2023: 1.151.447.899 TL) deferred production commissions amounting to TL 1.298.830.397 (31 December 2023: TL 1.147.768.977) and deferred loss surplus amounting to TL 3.649.537 (31 December 2023: TL 3.678.921) It consists of premiums. As of December 31, 2024, and 2023, the movement of deferred commission expenses is presented below: December 31, 2024 December 31, 2023 Deferred commission expenses at the beginning of the period 1.147.768.977 537.519.644 Commissions accrued during the period (Note 32) 3.049.327.773 2.259.936.635 Commissions expensed during the period (Note 32) (2.898.266.353) (1.649.687.302) Deferred commission expenses at the end of the period 1.298.830.397 1.147.768.977 18 Investment contract liabilities None. 19 Trade and other payables and deferred income December 31, 2024 December 31, 2023 Financial Liabilities (Note 20) 22.471.441 29.846.096 Payables from reinsurance operations 474.163.450 841.905.698 Short/long term deferred income and expense accruals 59.910.858 48.379.059 Taxes and other liabilities and similar obligations 15.618.183 15.176.235 Due to related parties (Note 45) 2.446.229 722.655 Other payables 11.581.653 9.665.367 Total 586.191.814 945.695.110 Short-term liabilities 578.361.633 929.095.646 Long-term liabilities 7.830.181 16.599.464 Total 586.191.814 945.695.110 As of December 31, 2024, and 2023, other payables largely consist of outsourced benefits and services. Short/long term deferred income and expense accruals include deferred commission income (Note 10) amounting to TL 4.303.316 (December 31, 2023: TL 8.565.638). As of December 31, 2024, the amounting of the expense accruals TL 55.607.542 (December 31, 2023: TL 39.421.809) are detailed in the table below. December 31, 2024 December 31, 2023 Dividend accrual 29.977.516 14.165.226 Other accruals 25.630.026 25.256.583 Total 55.607.542 39.421.809 159 2024 Annual Report 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) GENERAL INFORMATION FINANCIAL RIGHTS PROVIDEDTOTHE MEMBERS OF THE GOVERNING BODY AND SENIOR EXECUTIVES RISKS AND ASSESSMENT OF THE GOVERNING BODY ACTIVITIES AND MAJOR DEVELOPMENTS RELATED TO ACTIVITIES RESEARCH & DEVELOPMENT ACTIVITIES FINANCIAL STATUS FINANCIAL INFORMATION