MILLIRE ENG2024

Market risk Market risk is the risk that changes in market prices, such as interest rate, foreign exchange rates and credit spreads will affect the Group’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return on risk. Foreign currency risk The Group is exposed to foreign currency risk through insurance and reinsurance transactions in foreign currencies. Foreign exchange gains and losses arising from foreign currency transactions are recorded at transaction dates. At the end of the reporting periods, foreign currency assets and liabilities evaluated by the Central Bank of the Republic of Turkey’s spot purchase rates and the differences arising from foreign currency rates are recorded as foreign exchange gain or loss in the statement of operations. The Group’s exposure to foreign currency risk is as follows: December 31, 2024 US Dollar Euro Other currencies Total Assets: Cash and cash equivalents 909.292.040 310.155.297 241.868.091 1.461.315.428 Financial assets and financial investments with risks on policyholders 7.646.960.932 2.027.683.065 - 9.674.643.997 Receivables from main operations 4.839.376.097 2.570.953.484 1.540.203.037 8.950.532.618 Total foreign currency assets 13.395.629.069 4.908.791.846 1.782.071.128 20.086.492.043 Liabilities: Payables arising from main operations (2.395.932.994) (4.634.248.601) (172.659.437) (7.202.841.032) Insurance technical reserve (*) (4.878.854.981) (850.033.068) (1.835.476.811) (7.564.364.860) Financial Liabilities - - (8.814.691) (8.814.691) Total foreign currency liabilities (7.274.787.975) (5.484.281.669) (2.016.950.939) (14.776.020.583) Net financial position 6.120.841.094 (575.489.823) (234.879.811) 5.310.471.460 December 31, 2023 US Dollar Euro Other currencies Total Assets: Cash and cash equivalents 767.733.700 434.799.105 223.512.777 1.426.045.582 Financial assets and financial investments with risks on policyholders 8.396.913.998 1.826.224.373 - 10.223.138.371 Receivables from main operations 3.637.470.975 4.044.496.815 1.435.139.978 9.117.107.768 Total foreign currency assets 12.802.118.673 6.305.520.293 1.658.652.755 20.766.291.721 Liabilities: Payables arising from main operations (1.706.576.446) (2.396.139.394) (181.934.094) (4.284.649.934) Insurance technical reserve (*) (4.762.874.165) 3.114.225.152 (1.487.893.862) (3.136.542.875) Financial Liabilities (2.237.303.200) - (15.530.811) (2.252.834.011) Total foreign currency liabilities (8.706.753.811) 718.085.758 (1.685.358.767) (9.674.026.820) Net financial position 4.095.364.862 7.023.606.051 (26.706.012) 11.092.264.901 (*) According to the “Communiqué on Amendments to Communiqué on Technical Reserves for Insurance, Reinsurance and Pension Companies and the Related Assets That Should Be Invested Against Those Technical Reserves” published in Official Gazette no 27655 dated July 28, 2010; foreign currency denominated claims provisions evaluated by the Central Bank of the Republic of Turkey’s spot sales rates. 230 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) MİLLİ RE