Milli Re 2025 Annual Report

Our premium production increased by 10% in 2025 to TL 16,153 million, with 87.2% originated from domestic operations, while the remaining 12.8% was derived from international operations. Our total assets grew by 48% to TL 49,817 million, and our shareholders’ equity rose by 60% to reach TL 26,338 million. We booked TL 9,776 million in net profit for the period. Following the 2026 renewals, we have participated in the placement of 17 companies utilizing proportional reinsurance coverage and served as lead reinsurer in reinsurance treaties for 12 companies. We increased our market share from 18% in 2024 to 19.5% in 2025. While we got 8% share in the Cat XL treaties of 28 companies in which we participated excluding compulsory earthquake insurance, we participated in the programs of 12 companies that structure their risk protections on an excess of loss basis. Digital transformation and a data-driven culture are the key to progress Digital transformation remains within our strategic priorities. The progress we achieved in data infrastructure, reporting systems and analytical competencies started contributing directly to the effectiveness of operational processes as of 2025. We are addressing digitalization as a building block that strengthens decision-making processes, increases the depth of risk analysis, and sharpens agility. We have paved significant distance in our organizational improvement roadmap as well; while we reached the maturity stage in certain projects, we attained stable progress in some others. In this process, strengthening internal competencies and disseminating a data-driven culture are among the key components of transformation. We are focused on the future with our sustainability and responsibility approach Owing to the nature of our field of activity, sustainability is a strategic responsibility for Milli Re. Being an important member of a sector directly affected by the impacts of climate change, it is among our priority goals to accurately analyze associated risks and devise long-term solutions. Direct outcomes of our sustainability approach included the establishment of sustainability committees, formulation of the Sustainability Policy and Responsible Investment Policy, determination of priorities, and steps towards environmental impact mitigation. We are carrying on with our efforts to reduce our environmental footprint in processes under our control, including energy and resource use and waste management. Besides the steps we take to improve our environmental performance, we prioritize strengthening our corporate social responsibility concept, transparent stakeholder communication, and governance standards. Our TSRS-aligned 2024 sustainability report where we disclosed our determined steps and performance in sustainability represents a first in the global reinsurance market and manifests our pioneering character. We are anticipating that the sector will focus on risk diversification, technology investments, catastrophe protection, cyber risk solutions and alternative risk transfer mechanisms in 2026. We are marching cautiously amid a shifting risk environment, supporting our experience and technical expertise with portfolio diversity, selective underwriting and powerful reinsurance programs, and we remain committed to contributing to the development of our sector and creating lasting value for our stakeholders in keeping with our vision and leadership. We continue to define our position not merely by financial scale, but also through reliability, expertise, and long-term partnerships. As we focus on the future with the strength we draw from our deep- seated history and our approach that places sustainability at the heart of its strategy, we are taking the necessary steps to be future-ready as a digital, agile and internationally competitive company. I would like to extend my sincere gratitude to all our shareholders, business partners and colleagues for their contributions to our sustainable performance and for their unyielding trust in our Company. Sincerely, Fikret Utku ÖZDEMİR Board Member and General Manager 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 19