MILLIRE ENG2024

33 Employee benefit expenses As of December 31, 2024, and 2023, employee benefit expenses are disclosed as follows: December 31, 2024 December 31, 2023 Life Non-Life Life Non-Life Wages and salaries 1.363.681 329.228.576 404.829 179.346.681 Employer’s share in social security premiums 593.663 122.087.229 111.800 42.438.473 Pension fund benefits 282.349 61.332.626 138.754 50.366.069 Total (Note 32) 2.239.693 512.648.431 655.383 272.151.223 34 Financial costs As of December 31, 2024, TL 4.165.831 (1 January - 31 December 2023: 577.324) interest expense arising from leases that the Company is subject to TFRS 16 Leasing Transactions standard is recognised under “Investment Management Expenses - Interest Included” account; and the depreciation expense amounting to TL 13.794.753 is recognised under the “Depreciation and Amortization Expense” accounts (1 January - 31 December 2023: 9.941.999). 35 Income Taxes Income tax expense in the accompanying financial statements is as follows: December 31, 2024 December 31, 2023 Corporate tax expense: Corporate tax provision - - Deferred taxes: Origination and reversal of temporary differences 53.365.094 (523.942.071) Total income tax expense/(income) 53.365.094 (523.942.071) For the period then ended As of December 31, 2024 and 2023, a reconciliation of tax expense applicable to profit from operating activities before income tax at the statutory income tax rate to income tax expense at the Company’s effective income tax rate is as follows: December 31, 2024 December 31, 2023 Profit before taxes 5.880.266.311 Tax rate (%) 4.152.950.124 Tax rate (%) Taxes on income per statutory tax rate 1.764.079.893 30 ,00 1.245.885.037 30,00 Tax exempt income (2.461.660.090) (41,86) (1.168.135.751) (28,13) Tax rate change impact - - 210.208.668 5,06 Deferred tax not recognized on tax losses and non-deductible expenses 644.215.103 10,96 235.984.117 5,68 Total tax expense recognized in profit or loss (53.365.094) (0,91) 523.942.071 12,62 36 Net foreign exchange gains Net foreign exchange gains are presented in Note 4.2 - Financial Risk Management above. 165 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