MILLIRE ENG2024

24 Net insurance premium revenue Net insurance premium revenues, categorized by non-life and life branches, are included in the consolidated income statement. 25 Fee revenue None. 26 Investment income Investment income is presented in Note 4.2 - Financial risk management . 27 Net income accrual on financial asset Net realized gains on financial assets are presented in Note 4.2 - Financial risk management . 28 Assets held at fair value through profit or loss Presented in “ Note 4.2 - Financial Risk Management”. 29 Insurance rights and claims 1 January - 31 December 2024 1 January - 31 December 2023 Claims paid, net off reinsurers’ share (31.235.947.496) (19.682.445.639) Changes in outstanding claims reserves, net off reinsurers’ share (7.766.613.356) (8.141.320.571) Changes in unearned premium reserves, net off reinsurers’ share (11.821.356.499) (11.122.955.053) Change in equalization reserves (673.092.006) 54.664.362 Changes in unexpired risks reserves, net off reinsurers’ share 4.702.088 (943.812.421) Total (51.492.307.269) (39.835.869.322) 30 Investment contract benefits None. 31 Other expenses The allocation of the expenses with respect to their nature or function is presented in Note 32 - Expenses by nature below. 32 Operating expenses For the years ended December 31, 2024, and 2023, the operating expenses are disclosed as follows: 1 January - 31 December 2024 1 January - 31 December 2023 Commission expenses (Note 17) 10.439.246.533 6.064.209.776 Commissions to the intermediaries accrued during the period (Note 17) 12.193.172.050 7.988.344.380 Changes in deferred commission expenses (Note 17) (1.753.925.517) (1.924.134.604) Employee benefit expenses (Note 33) 4.589.648.892 1.718.351.422 Technical Operations Foreign Exchange Losses 721.565.504 1.367.257.032 Foreign exchange losses 1.498.876.706 941.357.175 Administration expenses (1.803.782.792) (991.873.822) Commission income from reinsurers (Note 10) (2.103.396.162) (1.289.418.860) Commission income from reinsurers accrued during the period (Note 10) 299.613.370 297.545.038 Change in deferred commission income (Note 10) 307.744.711 145.187.404 Advertising and marketing expenses 381.004.726 258.372.441 Other 85.730.314 106.409.011 Total 16.220.034.594 9.609.270.439 258 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