Milli Re 2025 Annual Report

9 Investments in affiliates The Company accounts for its subsidiaries and its investment in affiliates, except for Genesis Management Limited, using the equity method defined in TAS 27 - “Consolidated and Separate Financial Statements” in preparing the unconsolidated financial statements. The recorded values of the Company’s subsidiaries and affiliates in the non-consolidated balance sheet are as follows: December 31, 2025 December 31, 2024 Net book value Participation rate % Net book value Participation rate % Anadolu Hayat 1.701.692.910 12,46 1.254.912.086 12,46 Investments in affiliates 1.701.692.910 1.254.912.086 Anadolu Sigorta 18.810.532.720 57,31 12.443.252.540 57,31 Miltaş 7.104.818.882 100,00 5.119.639.860 100,00 Genesis Management Limited (*) 55.091 100,00 - - Investments in subsidiaries 25.915.406.693 17.562.892.400 Total 27.617.099.603 18.817.804.486 (*) Genesis Management Limited was registered in Hong Kong on July 17, 2025, with an establishment capital of 55.091 TL, corresponding to 10.000 HKD. This subsidiary has been established as a Managing General Agent (MGA) company, authorized to carry out various underwriting activities on behalf of insurance or reinsurance companies, and is expected to commence operations in 2026. As of the reporting date, since the subsidiary has not yet started operations, it has been accounted for at cost in the non-consolidated balance sheet, considering the materiality principle. The consolidated financial information of Anadolu Sigorta and Anadolu Hayat, along with the non-consolidated financial information of Miltaş as of December 31, 2025, is presented below: Name Total assets Shareholders’ equity Retained earnings Profit for the year Audited Period Affiliates : Anadolu Hayat 443.673.308.407 13.657.246.469 319.134.805 5.994.213.205 Audited. December 31, 2025 Subsidiaries: Miltaş 9.221.206.488 7.104.818.882 1.422.659.312 1.871.282.444 Not Audited December 31, 2025 Anadolu Sigorta 128.693.250.391 35.553.399.346 979.151.064 13.431.245.293 Audited December 31, 2025 169 Notes to the Unconsolidated Financial Statements As of December 31, 2025 Millî Reasürans Türk Anonim Şirketi GENERAL INFORMATION FINANCIAL RIGHTS PROVIDED TO THE 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 (Currency: Turkish Lira (TRY)) (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish)