MILLIRE ENG2024

1 General information 1.1 Name of the Company and the ultimate owner of the group As of December 31, 2024, the shareholder having direct or indirect control over the shares of Millî Reasürans Türk Anonim Şirketi (the “Company”,“Milli Reasürans”) is Türkiye İş Bankası AŞ Group (“İş Bankası”) having 87,60% of the outstanding shares. The Company was established in February 26, 1929 and has been operating since in July 19, 1929. On September 30, 2010, the Company purchased 35,53% shares of Anadolu Sigorta Anonim Şirketi with nominal value of TL 177.650.110 from İş Bankası amounting to TL 248.710.154. The transaction is realized on the weighted average price on İstanbul Stock Exchange wholesale market. With the purchase, the share of the Company at Anadolu Sigorta increased to 57,31% and investment increased to TL 286.550.106. The consolidated financial statements As of December 31, 2024 include the Company and its subsidaries Anadolu Sigorta and Miltaş Turizm İnşaat A.Ş. (together with “the Group”). 1.2 The Company’s address and legal structure and address of its registered country and registered office (or, if the Company’s address is different from its registered office, the original location where the Company’s actual operations are performed) The Company was registered in Turkey in July 16, 1929 and has the status of “Incorporated Company”. The address of the Company’s registered office is “İş Kuleleri, Kule 3, Kat:20-21-22-24 34330 Levent, Beşiktaş, İstanbul” 1.3 Main operations of the Company The Company is primarily engaged in reinsurance and retrocession businesses in domestic and international markets. In 2007, the Company opened a branch in Singapore upon the completion of the necessary local formalities according to the local legislation. Singapore branch has been operating since 2008. The subsidiary of the Company, Anadolu Sigorta operates in almost all non-life insurance branches consisting of mainly casualty, health, land vehicles, aircraft, ships, marine, fire and natural disasters, general losses, credits, financial losses, and legal protection. As of December 31, 2024, the Company’s subsidiary Anadolu Sigorta operates with a total of 3,138 agents, consisting of 3,002 authorized agents and 136 unauthorized agents (as of December 31, 2023: a total of 2,966 agents, including 2,842 authorized and 124 unauthorized). The subsidiary of the Company, Miltaş is engaged in all kinds of construction works, providing construction and contracting services domestically and internationally; carries out various architecture, engineering, construction, assembly, installation, landscaping, interior design, decoration jobs by executing studies, projects, supervision, consultancy and contracting services domestically and internationally; operates places in accommodation, leisure, travel, entertainment, sports, food and beverage by opening, leasing, subleasing and managing such places; engaging in all kinds of sports activities, leasing, subleasing and operating facilities of this kind. As of December 31, 2024, Miltaş employs 12 personnel. 1.4 Details of the Company’s operations and nature of field of activities The Company and its subsidiary Anadolu Sigorta conduct their activities within the framework of the Insurance Law No. 5684 published in the Official Gazette dated June 14, 2007 and numbered 26552 (“Insurance Law”) and other regulations and regulations published by the Insurance Law and the Insurance and Private Pension Regulation and Supervision Board (“SEDDK”) based on this law and previously published by the Ministry of Treasury and Finance of the Republic of Turkey (“Ministry of Treasury and Finance”). Miltaş, a subsidiary of the Company, carries out its activities within the framework of the Turkish Commercial Code No. 6102. The purpose and activities of the Company as stated at the Articles of Association of the Company are as follows: - Providing life and non-life reinsurance and other related products and services in all insurance branches and sub-branches to Turkish and foreign insurance companies, - Managing and participating in reinsurance operations of Pools, - Purchasing, selling, constructing and renting real estates, - Purchasing debt instruments and shares issued by all sorts of commercial, industrial and financial institutions and government agencies as well as providing capital or participating in the establishment of such institutions to provide a consistent, secure and adequate financial income, - In addition to these, carrying out other operations upon recommendation by the Board of Directors and resolution of the General Meeting which are deemed to be beneficial and material for the Company and are not prohibited by the law. 193 2024 Annual Report Millî Reasürans Türk Anonim Şirketi (Currency: Turkish Lira (TL)) Notes to the Consolidated 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