MILLIRE ENG2024

10 Reinsurance assets and liabilities As of December 31, 2024, and 2023, outstanding reinsurance assets and liabilities of the Group in accordance with existing reinsurance contracts are as follows: Reinsurance assets 31 December 2024 31 December 2023 Unearned premiums reserves, ceded (Note 17) 6.186.511.289 4.797.310.036 Outstanding claims reserve, ceded (Note 4.2), (Note 17) 11.481.005.211 16.122.814.162 Receivables from reinsurance companies (Note 12) 2.521.327.822 2.907.188.037 Cash deposited to reinsurance companies 1.683.352.237 1.512.369.005 Total 21.872.196.559 25.339.681.240 Reinsurance liabilities 31 December 2024 31 December 2023 Payables to the reinsurers related to premiums written (Note 19) 5.357.534.158 4.326.819.769 Deferred commission income (Note 19) 943.652.041 644.038.671 Cash deposited by reinsurance companies 389.788.163 152.612.753 Commission payables to the reinsurers related to written premiums (Note 19) - 35.383.333 Total 6.690.974.362 5.158.854.526 Gains and losses recognized in the consolidated statement of income in accordance with existing insurance and retrocession contracts are as follows: 31 December 2024 31 December 2023 Premiums ceded during the period (Note 17) (20.350.894.270) (12.109.441.785) Unearned premiums reserve, ceded at the beginning of the period (Note 17) (4.797.310.036) (2.523.561.505) Unearned premiums reserve, ceded at the end of the period (Note 17) 6.186.511.289 4.797.310.036 Earned premiums, ceded (Note 17) (18.961.693.017) (9.835.693.254) Claims paid, ceded during the period (Note 17) 11.042.380.860 18.399.604.706 Outstanding claims reserves, ceded at the beginning of the period (Note 17) (16.122.814.162) (4.562.215.886) Outstanding claims reserves, ceded at the end of the period (Note 17) 11.481.005.210 16.122.814.162 Incurred claims, ceded (Note 17) 6.400.571.908 29.960.202.982 Commission income accrued from reinsurers during the period (Note 32) 1.347.834.282 1.289.418.860 Deferred commission income at the beginning of the period (Note 19) 644.038.671 346.493.633 Deferred commission income at the end of the period (Note 19) (943.652.041) (644.038.671) Commission income earned from reinsurers (Note 32) 1.048.220.912 991.873.822 Changes in unexpired risk reserves, reinsurers’ share (Note 17) (316.447.194) 394.560.623 Total, net (11.829.347.391) 21.510.944.173 239 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