Milli Re 2025 Annual Report

32 Operating expenses As of December 31, 2025, and 2024, the operating expenses are disclosed as follows: December 31, 2025 December 31, 2024 Life Non-Life Life Non-Life Commission expenses (Note 17) 60.796.736 3.515.403.448 11.669.139 2.886.597.214 Commissions to the intermediaries accrued during the period (Note 17) 72.701.709 3.664.868.258 24.985.888 3.024.341.885 Changes in deferred commission expenses (Note 17) (11.904.973) (149.464.810) (13.316.749) (137.744.671) Employee benefit expenses (Note 33) 5.158.763 780.999.450 2.239.693 512.648.431 Technical Operations Exchange Rate Expenses 608.153 1.231.758.789 665.680 720.899.824 Administration expenses 1.201.736 190.062.565 536.884 123.098.628 Commission income from reinsurers (Note 10) (4.890.500) (60.852.629) (1.531.550) (165.192.494) Commission income from reinsurers accrued during the period (Note 10) (4.890.500) (57.477.882) (1.531.550) (160.930.172) Change in deferred commission income (Note 10) - (3.374.747) - (4.262.322) Outsourced benefits and services 306.052 42.201.129 197.545 40.117.714 Other 205.367 85.195.285 90.169 68.565.135 Total 63.386.307 5.784.768.037 13.867.560 4.186.734.452 33 Employee benefit expenses As of December 31, 2025, and 2024, employee benefit expenses are disclosed as follows: December 31, 2025 December 31, 2024 Life Non-Life Life Non-Life Wages and salaries 3.440.581 536.651.314 1.363.681 329.228.576 Employer’s share in social security premiums 597.837 87.011.044 593.663 122.087.229 Pension fund benefits 1.120.345 157.337.092 282.349 61.332.626 Total (Note 32) 5.158.763 780.999.450 2.239.693 512.648.431 34 Financial costs As of December 31, 2025, TL 12.964.454 (1 January - 31 December 2024 : 4.165.831) interest expense arising from leases that the Company is subject to TFRS 16 Leasing Transactions standard is recognised under “Investment Management Expenses - Interest Included” account; and the depreciation expense amounting to TL 32.651.089 is recognised under the “Depreciation and Amortization Expense” accounts (1 January - 31 December 2024: 13.794.753). 191 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)