Milli Re 2025 Annual Report

LIABILITIES III-Short-Term Liabilities Note Audited Current Period December 31, 2025 Audited Prior Period December 31, 2024 A- Borrowings 20 24.024.309 14.680.140 1- Loans to Financial Institutions - - 2- Finance Lease Payables - - 3- Deferred Finance Lease Borrowing Costs (-) - - 4- Current Portion of Long-Term Borrowings - - 5- Principal, Installments and Interests on Issued Bills (Bonds) - - 6- Other Financial Assets Issued - - 7- Value Differences on Issued Financial Assets (-) - - 8- Other Financial Borrowings (Liabilities) 20 24.024.309 14.680.140 B- Payables From Main Operations 4.2,19 419.618.569 474.124.570 1- Payables Due to Insurance Operations - - 2- Payables Due to Reinsurance Operations 418.098.602 472.576.612 3- Cash Deposited by Insurance & Reinsurance Companies 1.519.967 1.547.958 4- Payables Due to Pension Operations - - 5- Payables from Other Operations - - 6- Rediscount on Other Payables From Main Operations (-) - - C- Due to Related Parties 4.2,19 724.960 2.446.229 1- Due to Shareholders 45 337.812 156.859 2- Due to Affiliates - - 3- Due to Subsidiaries 45 55.091 - 4- Due to Joint Ventures - - 5- Due to Personnel 45 31.876 6.277 6- Due to Other Related Parties 45 300.181 2.283.093 D- Other Payables 19 24.871.231 11.581.653 1- Deposits and Guarantees Received - - 2- Due to SSI regarding Treatment Expenses - - 3- Other Payables 19 24.871.231 11.581.653 4- Discount on Other Payables (-) - - E- Insurance Technical Reserves 17 20.447.619.754 15.535.757.259 1- Unearned Premiums Reserve - Net 17 6.774.220.121 5.900.530.372 2- Unexpired Risk Reserves - Net 17 35.767.445 21.913.642 3- Mathematical Reserves - Net - - 4- Outstanding Claims Reserve - Net 4.2,17 13.637.632.188 9.613.313.245 5- Provision for Bonus and Discounts - Net - - 6- Other Technical Reserves - Net - - F- Taxes and Other Liabilities and Relevant Provisions 4.2,19 29.729.733 15.618.183 1- Taxes and Dues Payable 28.538.594 14.777.538 2- Social Security Premiums Payable 1.191.139 840.645 3- Overdue, Deferred or By Installment Taxes and Other Liabilities - - 4- Other Taxes and Liabilities - - 5- Corporate Tax Liability Provision on Period Profit - - 6- Prepaid Taxes and Other Liabilities on Period Profit (-) - - 7- Provisions for Other Taxes and Liabilities - - G- Provisions for Other Risks - - 1- Provision for Employment Termination Benefits - - 2- Pension Fund Deficit Provision - - 3- Provisions for Costs - - H- Deferred Income and Expense Accruals 19 555.868.294 59.910.858 1- Deferred Commission Income 10, 19 928.569 4.303.316 2- Expense Accruals 4.2, 19 554.939.725 55.607.542 3- Other Deferred Income - - I- Other Short-Term Liabilities - - 1- Deferred Tax Liability - - 2- Inventory Count Differences - - 3- Other Short-Term Liabilities - - III-Total Short-Term Liabilities 21.502.456.850 16.114.118.892 114 MİLLÎ REASÜRANS 2025 Annual Report Millî Reasürans Türk Anonim Şirketi The accompanying notes are an integral part of these unconsolidated financial statements. (Currency: Turkish Lira (TRY)) (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish) Unconsolidated Balance Sheet As of December 31, 2025