MILLIRE ENG2024

15 Equity Paid in Capital The shareholder having direct or indirect control over the shares of the Company is İş Bankası Group having 87.60% of outstanding shares. As of December 31, 2024, and 2023, the shareholding structure of the Company is presented below: Name 31 December 2024 31 December 2023 Shareholding amount (TL) Shareholding rate (%) Shareholding amount (TL) 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 As of December 31, 2024, the issued share capital of the Group is TL 660.000.000 (December 31, 2023: TL 660.000.000) and the share capital of the Group consists of 66.000.000.000 (December 31, 2023: 66.000.000.000 shares) issued shares with TL 0,01 nominal value each. There are no privileges over the shares of the Group. There are not any treasury shares held by the Group itself or by its subsidiaries or associates. There are not any treasury shares issued which will be subject to sale in accordance with forward transactions and contracts. Equity method consolidation Anadolu Hayat, in which the Group holds a 21.00% stake (effective share: 12.46%), was consolidated according to the equity method as of December 31, 2024 and December 31, 2023 in the accompanying financial statements. Legal Reserves The legal reserves consist of first and second legal reserves in accordance with the Turkish Commercial Code. The first legal reserve is appropriated out of the statutory profits at the rate of 5%, until the total reserve reaches a maximum of 20% of the entity’s share capital. The second legal reserve is appropriated at the rate of 10% of all distributions in excess of 5% of the entity’s share capital. The first and second legal reserves are not available for distribution unless they exceed 50% of the share capital but may be used to absorb losses in the event that the general reserve is exhausted. The movements of legal reserves are as follows: 31 December 2024 31 December 2023 Legal reserves at the beginning of the period 312.168.254 261.812.474 Transfer from profit 12.643.323 50.355.780 Legal reserves at the end of the period 324.811.577 312.168.254 As of December 31, 2024, and 2023, “Other Reserves and Retained Earnings” includes extraordinary reserves, sales profits to be capitalized and buildings for own use revaluation differences. 246 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