Milli Re 2025 Annual Report

18 Investment contract liabilities None. 19 Trade and other payables and deferred income December 31, 2025 December 31, 2024 Financial Liabilities (Note 20) 39.196.496 22.471.441 Payables from reinsurance operations 419.618.569 474.163.450 Short/long term deferred income and expense accruals 555.868.294 59.910.858 Taxes and other liabilities and similar obligations 29.729.733 15.618.183 Due to related parties (Note 45) 724.960 2.446.229 Other payables 24.871.231 11.581.653 Total 1.070.009.283 586.191.814 Short-term liabilities 1.054.837.096 578.361.633 Long-term liabilities 15.172.187 7.830.181 Total 1.070.009.283 586.191.814 As of December 31, 2025, and 2024, other payables largely consist of outsourced benefits and services. Short/long term deferred income and expense accruals include deferred commission income (Note 10) amounting to TL 928.569 (December 31, 2024: TL 4.303.316). As of December 31, 2025, the amounting of the expense accruals TL 554.939.725 (December 31, 2024: TL 55.607.542) are detailed in the table below. December 31, 2025 December 31, 2024 Accrued technical expenses (Estimated adjustment premiums and commissions payable) 406.719.789 - Dividend accrual 105.191.800 29.977.516 Other accruals 43.028.136 25.630.026 Total 554.939.725 55.607.542 20 Financial liabilities As of 31 December 2025 and 2024, discounted repayment plans for the Company’s operating leases are as follows: December 31, 2025 December 31, 2024 Within one year 24.024.309 14.680.140 More than one year 15.172.187 7.791.301 Total 39.196.496 22.471.441 185 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)