Milli Re 2025 Annual Report

I- NON-TECHNICAL SECTION Note Audited Current Period January 1- December 31, 2025 Audited Prior Period January 1- December 31, 2024 C- Net Technical Income - Non-Life (A-B) 18.442.708.039 12.998.988.946 F- Net Technical Income - Life (D-E) 44.649.772 22.286.521 I- Net Technical Income - Pension Business (G-H) - - J- Total Net Technical Income (C+F+I) 18.487.357.811 13.021.275.467 K- Investment Income 40.923.831.909 27.116.443.257 1- Income From Financial Investment 4.2 12.764.000.167 6.136.203.234 2- Income from Sales of Financial Investments 4.2 4.250.579.366 3.210.213.843 3- Revaluation of Financial Investments 4.2 9.232.491.864 7.269.622.054 4- Foreign Exchange Gains 4.2 10.819.656.704 6.152.931.869 5- Income from Affiliates 4.2 1.258.784.773 904.218.444 6- Income from Subsidiaries and Joint Ventures - - 7- Income Received from Land and Building 7 2.289.575.301 2.161.882.915 8- Income from Derivatives 4.2 306.243.734 1.278.455.517 9- Other Investments 2.500.000 2.915.381 10- Investment Income transferred from Life Technical Part - - L- Investment Expense (37.844.577.033) (24.695.640.054) 1- Investment Management Expenses (including interest) (-) 4.2 (78.309.256) (62.983.176) 2- Valuation Allowance of Investments (-) 4.2 (133.554.935) (432.330.008) 3- Losses On Sales of Investments (-) 4.2 (743.107.317) (342.734.471) 4- Investment Income Transferred to Non-Life Technical Part (-) (28.327.372.785) (19.297.644.480) 5- Losses from Derivatives (-) 4.2 (201.269.016) (323.581.975) 6- Foreign Exchange Losses (-) 4.2 (7.839.491.204) (3.877.496.679) 7- Depreciation Expenses (-) 6,8 (292.663.759) (213.477.054) 8- Other Investment Expenses (-) (228.808.761) (145.392.211) M- Income and Expenses From Other and Extraordinary Operations (2.267.211.486) (1.513.587.487) 1- Provisions Account (+/-) 47 (1.884.434.532) (952.947.949) 2- Discount account (+/-) 47 (225.901.651) (378.982.423) 3- Mandatory Earthquake Insurance Account (+/-) - - 4- Inflation Adjustment Account (+/-) - - 5- Deferred Tax Asset Accounts(+/-) - - 6- Deferred Tax Expense Accounts (-) 35 (148.449.513) (155.885.646) 7- Other Income and Revenues 146.690.666 38.169.757 8- Other Expense and Losses (-) (155.116.456) (63.941.226) 9- Prior Period Income - - 10- Prior Period Losses (-) - - N- Net Profit for the Year  37 15.525.513.729 10.650.055.977 1- Profit/(Loss) Before Tax 19.299.401.201 13.928.491.183 2- Corporate Tax Liability Provision (-) 35 (3.773.887.472) (3.278.435.206) 3- Net Profit (Loss) 15.525.513.729 10.650.055.977 3.1- Groups Profit/(Loss) 9.791.715.113 5.724.122.032 3.2- Minority Shares 5.733.798.616 4.925.933.945 4- Monetary Gains and Losses - - 218 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 Statement of Income For the Year Ended December 31, 2025