Milli Re 2025 Annual Report

2.13 Capital The shareholder having direct or indirect control over the shares of the Company is İş Bankası Group. As of December 31, 2025, and 2024, the share capital and ownership structure of the Company are as follows: December 31, 2025 December 31, 2024 Shareholder Shareholding amount (TRY) Shareholding rate (%) Shareholding amount (TRY) Shareholding rate (%) Türkiye İş Bankası A.Ş. 578.177.926 87,60 578.177.926 87,60 Axa Hayat ve Emeklilik A.Ş. 38.809.894 5,88 38.809.894 5,88 Ankara Doğal Elektrik Üretim ve Ticaret A.Ş. 22.240.456 3,37 22.240.456 3,37 T.C. Ziraat Bankası A.Ş. 16.430.944 2,49 16.430.944 2,49 Other 4.340.780 0,66 4.340.780 0,66 Paid-in Capital 660.000.000 100,00 660.000.000 100,00 Sources of capital increases during the period The Company has not performed capital increase As of December 31, 2025 (December 31, 2024: None). Privileges on common shares representing share capital There are no privileges on common shares representing share capital. Registered capital system in the Company None. Repurchased own shares by the Company None. 2.14 Insurance and investment contracts - classification An insurance contract is a contract under which the Group accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain future event (the insured event) adversely affects the policyholder. Insurance risk covers all risk except for financial risks. All premiums have been received within the coverage of insurance contracts recognized as revenue under the account caption “written premiums”. Investment contracts are those contracts which transfer financial risk with no significant insurance risk. Financial risk is the risk of a possible future change in a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, credit rating or credit index or other variable, provided, that it is not specific to a party to the contract, in the case of a non-financial variable. The Group acts as a reinsurer when writing insurance from an insurance Company (cedent) on the basis of reinsurance contracts and cedes insurance business to another retrocessionaire (the retrocedant) on the basis of retrocession contracts. As at the reporting date, the Group does not have a contract which is classified as an investment contract. 236 MİLLÎ REASÜRANS 2025 Annual Report Notes to the Consolidated 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)