MILLIRE ENG2024

At Anadolu Sigorta, the loss effect of the earthquake, which was centered in Kahramanmaraş and affected 11 provinces on February 6, 2023, reflected in our financial statements, was compensated by the equalization reserve and TL 127.636.838 was used from the equalization reserve as of December 31, 2024 (31 December 2023: 258.889.026). at the end of 2024 in financial statements, there is 1.062.027.735 TL (31 Aralık 2023: 593.112.491 TL) equalization reserve is allocated. 2.29 Related parties Parties are considered related to the Group if: (a) Directly, or indirectly through one or more intermediaries, the party: - Controls, is controlled by, or is under common control with the Group (this includes parent, subsidiaries and fellow subsidiaries); - Has an interest in the Group that gives it significant influence over the Group; or - Has joint control over the Group; (b) The party is an associate of the Group; (c) The party is a joint venture in which the Group is a venturer; (d) The party is member of the key management personnel of the Group; (e) The party is a close member of the family of any individual referred to in (a) or (d); (f) The party is an entity that is controlled or significantly influenced by, or for which significant voting power in such entity resides with directly or indirectly, any individual referred to in (d) or; (g) The party is a post-employment benefit plan for the benefit of employees of the Group, or of any entity that is a related party of the Group. A related party transaction is a transfer of resources, services or obligations between related parties, regardless of whether a price is charged. A number of transactions are entered into with related parties in the normal course of business. 2.30 Earnings per share Earnings per share presented in the income statement are calculated by dividing the net profit into the weighted average number of the outstanding shares throughout the financial year. Companies in Turkey can increase their capital by distributing “bonus shares” to shareholders from the prior years’ profit. Such “bonus share” distributions are considered as issued shares in the earnings per share calculations. Accordingly, weighted average number of the outstanding shares used in this calculation is found by considering the retrospective effects of the outstanding shares distributions. 2.31 Subsequent events Post-balance sheet events that provide additional information about the Group’s position at the balance sheet date (adjusting events) are reflected in the financial statements. Post-balance sheet events that are not adjusting events are disclosed in the notes when material. 2.32 Assets Held for Sale and Related Liabilities Property, plant, and equipment groups, including investment properties, are classified as assets held for sale when they are expected to be recovered through a sale transaction rather than through use or leasing. Liabilities directly associated with these assets are similarly grouped. Fixed assets or asset groups that meet the criteria for classification as held for sale are measured at the lower of their carrying amount and the fair value less costs to sell. No depreciation is charged on these assets. Assets held for sale are classified under the “Other Various Current Assets” item in the balance sheet. 2.33 The new standards, amendments and interpretations The accounting policies adopted in preparation of the consolidated financial statements as at December 31, 2024 are consistent with those of the previous financial year, except for the adoption of new and amended IFRS and IFRIC interpretations effective as of January 1, 2024. The effects of these standards and interpretations on the Group’s financial position and performance have been disclosed in the related paragraphs. i) The new standards, amendments and interpretations which are effective as at January 1, 2024 are as follows: - Amendment to IAS 1 - Non-current liabilities with covenants; effective from annual periods beginning on or after 1 January 2024. These amendments clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendments also aim to improve information an entity provides related to liabilities subject to these conditions. 221 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