MILLIRE ENG2024

Finally, Article 51 of the Law on the Amendment of the Occupational Health and Safety Law and Some Laws and Decrees, published in the Official Gazette dated April 23, 2015, and the first paragraph of the provisional article 20 of the Law No. 5510 have been amended as follows. “The participants of the funds established for the personnel of banks, insurance and reinsurance companies, chambers of commerce, chambers of industry, stock exchanges or their unions within the scope of the temporary article 20 of the Law No. The Council of Ministers is authorized to determine As of the transfer date, the participants of the ballot box are deemed to be insured within the scope of subparagraph (a) of the first paragraph of Article 4 of this Law. In accordance with the Act, as of the transfer date, present value of the liabilities will be determined by considering the income and expense of the pension fund. As per the temporary sub article No: 20 of the Article 73 of the above mentioned law also includes the following: a) technical deficit rate of 9.8% shall be used in the actuarial calculation of the value in cash, and b) uncovered other rights and compensations of participants or beneficiaries of pension funds should be covered by the entities who transfer the funds. In accordance with the law; after fund affiliates along with monthly salary and/or revenue endowed people and their rights holder transfer to Social Security Intuition, these people’ uncovered social rights and payments is paid, even if it is written in the foundation’s obligation which they are belong to, by funds and fund affiliate’s employer institutions. The benefits stated in the settlement deeds of pension fund but not subject to transfer will continue to be covered by the pension funds. The technical financial position of the Milli Reasürans Pension Fund is audited by the registered actuary in accordance with the Article 21 of the Insurance Law and Actuary Act. As per the calculations based on the above mentioned assumptions, actuarial and technical deficit amounting to TL 654.542.421 (December 31, 2023: TL 339.283.006) is accounted as “Provision for pension fund deficits” in the accompanying consolidated financial statements. An actuarial report has been obtained from registered actuary regarding calculation of the amount to be paid to the Social Security Institution by the Company in accordance with the new law. The CSO 1980 mortality table for December 31, 2024 9.8% of technical deficit interest rate are taken into account in the calculation of the said technical deficit. No real increase/decrease is anticipated in salary and health expenses. The health benefits to be paid will be considered by the Group management due to the changes in the Social Security Institution legislation and other regulations. At December 31, 2024 and 2023, technical deficit from pension funds comprised the following. 31 December 2024 31 December 2023 Net present value of total liabilities other than health (1.318.482.732) (852.626.284) Net present value of insurance premiums 466.569.320 345.969.987 Net present value of total liabilities other than health (851.913.412) (506.656.297) Net present value of health liabilities (191.390.413) (106.904.194) Net present value of health premiums 291.491.390 189.967.585 Net present value of health liabilities 100.100.977 83.063.391 Fund Retirement Bonus Provision (39.153.892) - Pension fund assets 136.423.906 84.309.900 Amount of actuarial and technical deficit (654.542.421) (339.283.006) 256 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