MILLIRE ENG2024

Impairment on tangible and intangible assets On each balance sheet date, the Group evaluates whether there is an indication of impairment of fixed assets. If there is an objective evidence of impairment, the asset’s recoverable amount is estimated in accordance with the “ TAS 36 - Impairment of Assets” and if the recoverable amount is less than the carrying value of the related asset, a provision for impairment loss is made. Rediscount and provision expenses of the year are detailed in Note 47 . 2.10 Derivative financial instruments Derivative instruments are treated as held for trading financial assets in compliance with the standard TAS 39 - Financial Instruments: Recognition and measurement. The Company recognizes the profit and loss that arise from the Swap contracts in statement of income. Derivative financial instruments are initially recognized at their fair value. Collateral amounts and valuations that are necessary for derivative transactions are included in trading financial assets. The receivables and liabilities arising from the derivative transactions are recognized under the off-balance sheet accounts through the contract amounts. Derivative financial instruments are subsequently remeasured at fair value and positive fair value differences are presented either as “income accruals” and negative fair value differences are presented as “other financial liabilities” in the accompanying financial statements. All unrealized gains and losses on these instruments are included in the statement of income. 2.11 Offsetting of financial assets Financial assets and liabilities are offset, and the net amount is presented in the balance sheet when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. Income and expenses are presented on a net basis only when permitted by the Reporting Standards, or for gains and losses arising from a group of transactions resulting from the Group’s similar activities like trading transactions. 2.12 Cash and cash equivalents Cash and cash equivalents, which is the basis for the preparation of the statement of cash flows includes cash on hand, cheques received, other cash and cash equivalents, demand deposits and time deposits at banks having an original maturity less than 3 months which are ready to be used by the Group or not blocked for any other purpose. 2.13 Capital The shareholder having direct or indirect control over the shares of the Company is İş Bankası Group. As of December 31, 2024, and 2023, the share capital and ownership structure of the Company are as follows: Name December 31, 2024 December 31, 2023 Shareholding amount (TRY) Shareholding rate (%) Shareholding amount (TRY) Shareholding rate (%) Türkiye İş Bankası A.Ş. 578.177.926 87,60 578.177.926 87,60 Axa Hayat ve Emeklilik A.Ş. 38.809.894 5,88 38.809.894 5,88 Ankara Doğal Elektrik Üretim ve Ticaret A.Ş. 22.240.456 3,37 22.240.456 3,37 T.C. Ziraat Bankası A.Ş. 16.430.944 2,49 16.430.944 2,49 Other 4.340.780 0,66 4.340.780 0,66 Paid-in Capital 660.000.000 100,00 660.000.000 100,00 203 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