Milli Re 2025 Annual Report

As of December 31, 2025, and 2024 technical reserves of the Company are as follows: December 31, 2025 December 31, 2024 Unearned premiums reserve, gross 6.810.684.187 5.944.522.967 Unearned premiums reserve, ceded (Note 10) (36.464.066) (43.992.595) Unearned premiums reserve, net 6.774.220.121 5.900.530.372 Outstanding claims reserve, gross 14.980.391.877 11.343.283.860 Outstanding claims reserve, ceded (Note 10) (1.342.759.689) (1.729.970.615) Outstanding claims reserve, net 13.637.632.188 9.613.313.245 Unexpired risks reserve, gross 35.770.084 22.010.219 Unexpired risks reserve, ceded (Note 10) (2.639) (96.577) Unexpired risks reserve, net 35.767.445 21.913.642 Equalization reserve, net 948.299.682 474.736.051 Total technical reserves, net 21.395.919.436 16.010.493.310 Short-term 20.447.619.754 15.535.757.259 Long-term 948.299.682 474.736.051 Total technical reserves, net 21.395.919.436 16.010.493.310 Movements of the insurance liabilities and related reinsurance assets are presented below: Unearned premiums reserv e December 31, 2025 Gross Ceded Net Unearned premiums reserve at the beginning of the period 5.944.522.967 (43.992.595) 5.900.530.372 Written premiums during the period 16.153.360.806 (3.708.520.971) 12.444.839.835 Earned premiums during the period (15.287.199.586) 3.716.049.500 (11.571.150.086) Unearned premiums reserve at the end of the period 6.810.684.187 (36.464.066) 6.774.220.121 Unearned premiums reserve December 31, 2024 Gross Ceded Net Unearned premiums reserve at the beginning of the period 4.970.704.922 (60.065.549) 4.910.639.373 Written premiums during the period 14.720.529.934 (5.467.356.778) 9.253.173.156 Earned premiums during the period (13.746.711.889) 5.483.429.732 (8.263.282.157) Unearned premiums reserve at the end of the period 5.944.522.967 (43.992.595) 5.900.530.372 182 MİLLÎ REASÜRANS 2025 Annual Report Notes to the Unconsolidated Financial Statements As of December 31, 2025 Millî Reasürans Türk Anonim Şirketi (Currency: Turkish Lira (TRY)) (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish)