MILLIRE ENG2024

33 Employee benefit expenses As of December 31, 2024, and 2023, employee benefit expenses are disclosed as follows: 1 January - 31 December 2024 1 January - 31 December 2023 Wages and salaries 3.438.539.323 1.194.659.462 Employer’s share in social security premiums 863.206.018 367.773.413 Pension fund benefits 61.614.975 50.504.823 Other 226.288.576 105.413.724 Total (Not 32) 4.589.648.892 1.718.351.422 34 Financial costs As of December 31, 2024, interest expense arising from the leases that the Group has subject to TFRS 16 Leasing Standards amounting to TL 43.624.128 (31 December 2023: TL 24.690.351) has accounted under “Investment Management Expenses - Including Interest”; amortization expense amounting to TL 59.322.796 has been accounted under “Depreciation and Amortization Expense” accounts (January 1 - December 31, 2023: TL 31.070.947). As of December 31, 2023, discounted repayment plans for the Group’s operating leases are as follows (December 31, 2023: TL 144.295.014): Operating lease repayments -TL Up to 1 year 62.761.317 1 - 2 years 57.170.391 2 - 3 years 51.192.877 3 - 4 years 59.791.649 Total 230.916.234 35 Income tax Income tax expense in the accompanying consolidated financial statements is as follows: 1 January - 31 December 2024 1 January - 31 December 2023 Current tax expense provision: Corporate tax provision (3.278.435.206) (1.664.485.864) Deferred taxes: Origination and reversal of temporary differences (155.885.646) 263.997.271 Total income tax expense/(income) (3.434.320.852) (1.400.488.593) A reconciliation of tax expense applicable to profit from operating activities before income tax at the statutory income tax rate to income tax expense at the Group’s effective income tax rate for the year ended December 31, 2024 and 2023 is as follows: 31 December 2024 31 December 2023 Profit before taxes 14.084.376.829 Tax rate(%) 7.755.915.413 Tax rate (%) Taxes on income per statutory tax rate 4.225.313.048 30,00 2.326.774.624 30,00 Effect of change in tax rate - - 100.189.368 1,29 Tax exempt income (1.746.602.616) (12,4) (1.236.907.482) (15,95) Non-deductible expenses 955.610.420 6,79 210.432.083 2,71 Total tax expense recognized in consolidated profit or loss 3.434.320.852 24,39 1.400.488.593 18,06 259 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