Milli Re 2025 Annual Report

LIABILITIES III-Short-Term Liabilities Note Audited Current Period December 31, 2025 Audited Prior Period December 31, 2024 A- Borrowings 40.358.521 62.761.317 1- Loans to Financial Institutions - - 2- Finance Lease Payables - - 3- Deferred Finance Lease Borrowing Costs (-) - - 4- Current Portion of Long Term Borrowings - - 5- Principal, Instalments and Interests on Issued Bills (Bonds) - - 6- Other Financial Assets Issued - - 7- Value Differences on Issued Financial Assets (-) - - 8- Other Financial Borrowings (Liabilities) 20 40.358.521 62.761.317 B- Payables From Main Operations 19 11.192.108.075 8.681.478.542 1- Payables Due to Insurance Operations 19 7.079.922.448 5.536.753.833 2- Payables Due to Reinsurance Operations 19 894.566.221 596.660.310 3- Cash Deposited by Insurance & Reinsurance Companies 19 206.424.300 391.336.121 4- Payables Due to Pension Operations - - 5- Payables from Other Operations 19 3.013.679.844 2.160.706.785 6- Rediscount on Other Payables From Main Operations (-) 19 (2.484.738) (3.978.507) C- Due to Related Parties 45 3.100.026 13.571.284 1- Due to Shareholders 45 527.547 193.699 2- Due to Affiliates - - 3- Due to Subsidiaries - - 4- Due to Joint Ventures - - 5- Due to Personnel 45 2.272.298 11.094.492 6- Due to Other Related Parties 45 300.181 2.283.093 D- Other Payables 19 1.233.699.614 1.077.319.956 1- Deposits and Guarantees Received 60.625.695 46.143.185 2- Due to SSI regarding Treatment Expenses 290.337.232 350.845.855 3- Other Payables 19 904.107.474 708.870.199 4- Discount on Other Payables (-) 19 (21.370.787) (28.539.283) E- Insurance Technical Reserves 17 94.592.581.173 66.245.191.436 1- Unearned Premiums Reserve - Net 17 49.738.450.723 35.379.803.667 2- Unexpired Risk Reserves - Net 17 1.829.138.052 1.757.606.373 3- Mathematical Reserves - Net - - 4- Outstanding Claims Reserve - Net 17 43.024.992.398 29.107.781.396 5- Provision for Bonus and Discounts - Net - - 6- Other Technical Reserves - Net - - F- Taxes and Other Liabilities and Relevant Provisions 19 2.471.054.122 1.811.692.682 1- Taxes and Dues Payable 1.114.801.056 796.559.372 2- Social Security Premiums Payable 133.124.732 86.137.747 3- Overdue, Deferred or By Instalment Taxes and Other Liabilities - - 4- Other Taxes and Liabilities - - 5- Corporate Tax Liability Provision on Period Profit 35 3.773.887.472 3.278.435.206 6- Prepaid Taxes and Other Liabilities on Period Profit (-) (2.550.759.138) (2.349.439.643) 7- Provisions for Other Taxes and Liabilities - - G- Provisions for Other Risks - - 1- Provision for Employment Termination Benefits - - 2- Pension Fund Deficit Provision - - 3- Provisions for Costs - - H- Deferred Income and Expense Accruals 19 3.021.077.201 2.687.096.331 1- Deferred Commission Income 10 900.159.962 943.652.041 2- Expense Accruals 4.2 2.116.961.442 1.740.606.112 3- Other Deferred Income 3.955.797 2.838.178 I- Other Short Term Liabilities 75.029.671 45.871.704 1- Deferred Tax Liability - - 2- Inventory Count Differences - - 3- Other Short Term Liabilities 23 75.029.671 45.871.704 III-Total Short Term Liabilities 112.629.008.403 80.624.983.252 212 MİLLÎ REASÜRANS 2025 Annual Report Millî Reasürans Türk Anonim Şirketi The accompanying notes are an integral part of these consolidated financial statements. (Currency: Turkish Lira (TRY)) (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish) Consolidated Balance Sheet As of December 31, 2025