Milli Re 2025 Annual Report

21 Deferred tax As of December 31, 2025, and 2024, deferred tax assets and liabilities are attributable to the following: December 31, 2025 December 31, 2024 Deferred tax assets/(liabilities) Deferred tax assets/(liabilities) Provision for pension and healthcare fund deficits 293.861.505 196.362.726 Accrued expenses for the technical department 122.015.937 - Equalization provision 124.215.209 58.427.310 Other 56.962.979 (67.057.081) Deferred tax (liabilities)/assets, net 597.055.630 187.732.955 As of 31 December 2025, the Company has a deductible financial loss of TL 420.097.410 that can be used until 31 December 2029, and TL 1.824.582.765 that can be used until 31 December 2027, totaling TL 2.244.680.175 (31 December 2024: TL 3.688.928.783). The Company reviewed the business plan as of December 31, 2025 and estimated the risk of not being able to use the financial losses, which can be deducted in the coming years, and as of December 31, 2025 and 2024, no deferred tax was calculated on the aforementioned accumulated financial losses with the precautionary principle Movement of deferred tax assets are given below: 2025 2024 Opening balance at 1 January 187.732.955 91.409.605 Deferred tax income 410.797.064 53.365.094 Deferred tax income/expense recognised in equity (1.474.389) 42.958.256 Closing balance at 31 December 597.055.630 187.732.955 22 Retirement benefit obligations Employees of the Company are the members of “Milli Reasürans Türk Anonim Şirketi Emekli ve Sağlık Sandığı Vakfı (“Milli Reasürans Pension Fund”) which is established in accordance with the temporary Article 20 of the Social Security Act No: 506. As per the provisional article No: 23 of the Banking Law No: 5411, pension funds of the banks which were established within the framework of Social Security Institution Law, should be transferred to the Social Security Institution within three years after the publication of the prevailing Banking Law enacted on November 1, 2005. However, the said article of the Banking Law has been vetoed by the President on November 2, 2005 and the execution of the article was ceased based on the Supreme Court’s decision numbered 2007/33 and dated March 22, 2007. The justified decision of Supreme Court is published in Official Gazette dated December 15, 2007 and numbered 26731. Supreme Court asserted possible losses on acquired rights of employees of pension fund as reason for cancellation decision. 186 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)