MILLIRE ENG2024

21 Deferred taxes As of December 31, 2024, and 2023, deferred tax assets and liabilities are attributable to the following: 31 December 2024 31 December 2023 Deferred tax assets/(liabilities) Deferred tax assets/(liabilities) Valuation of real estate (1.499.987.932) (1.043.673.541) Insurance Provisions 648.557.320 607.919.851 Non-Technical Provisions 600.241.862 301.399.247 Other, net (12.758.258) (11.712.349) Deferred tax assets/(liabilities), net (263.947.008) (146.066.792) As of December 31, 2024, the Group has a total deductible financial loss of 3.786.091.162 TL, of which 1.921.745.145 TL can be utilized by December 31, 2029, 1.119.422.941 TL by December 31, 2028, and 744.923.076 TL by December 31, 2027 (December 31, 2023: 1.864.346.017 TL).The Group reviewed the business plan as of December 31, 2024 and estimated the risk of not being able to use the financial losses, which can be deducted in the coming years, and as of December 31, 2024, no deferred tax was calculated on the aforementioned accumulated financial losses with the precautionary principle. Movement of deferred tax assets as of December 31, 2024 and 2023 are given below: 2024 2023 Opening balance at January 1 (146.066.792) 15.816.260 Recognized in profit or loss (155.885.646) 263.997.271 Recognized in equity 205.661.586 (357.343.239) Cancellation corporate tax provision (*) (167.656.156) (68.537.084) Closing balance at December 31 (263.947.008) (146.066.792) 22 Retirement benefit obligations Employees of the company, “Milli Reasürans Türk Anonim Şirketi Retirement and Health Fund Foundation” (“Fund”), which was established based on the Temporary Article 20 of the Social Insurance Law No. 506, and Anadolu Sigorta employees, “Anadolu Anonim Türk Anonim Türk AŞ. a member of the Insurance Company Officers Pension Fund. Following annulment of the temporary Article 23 of the Banking Law, the new law “Amendments to the Social Security and General Health Insurance Act Including Certain Laws and Decrees” was published in the Official Gazette dated May 8, 2008 and came into force. The new law requires transfer of the participants or beneficiaries of pension funds to Social Security Institution as at the effective date of the Act within 3 years and prescribe the extension period of the transfer as maximum of two years upon the order of the Cabinet. Accordingly, the three-year period expired on May 8, 2011 was extended to the May 8, 2013. On March 8, 2012, “Amendments to the Social Security and General Health Insurance Act Including Certain Laws and Decrees” numbered 28227, was published on Official Gazette and 4 th article of this act changed “two years” phrase as “four years” which takes part on second sentence of first clause of 20 th article of the code numbered 5510. Also, under the scope of Decree of the Council of Ministers numbered 2013/4617 was published on Official Gazette numbered 28636, on May 3, 2013 and 20 th temporary article of the Social Security Laws numbered 506 banks, insurance and reinsurance companies, chambers of commerce, stock markets or participants of pension funds and salary or income provided ones and their shareholders’ transfer duration has been extended one year to the Social Security Institution by Decree of the Council of Ministers. “Council of minister is entitled to determine the Social Security Intuition’s turnover date for banks, assurance and reinsurance companies, chamber of commerce and industry, stock markets or pension fund’ partnerships that is constituted by them for union employees along with monthly income endowed people and their rights holder within the scope of 506 numbered law’ provisional 20. Article. Pension fund contributors as of the transfer date and considered insured by the first paragraph of Article 4 of this law. 255 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