Milli Re 2025 Annual Report

9 Investments in affiliates December 31, 2024 December 31, 2024 Book value Participation rate % Book value Participation rate % Anadolu Hayat 2.868.021.758 21,00 2.115.020.367 21,00 Affiliates, net 2.868.021.758 2.115.020.367 Name Total assets Shareholders’ equity Retained earnings Profit for the year Audited Period Affiliates: Anadolu Hayat (Consolidated) 443.673.308.407 13.657.246.469 319.134.805 5.994.213.205 Audited. December31, 2025 In the current period TRY 1.258.784.773 (December 31, 2024: TRY 904.218.444) of income is obtained from associates through equity accounted consolidation method. The movement schedule of investments valued using the equity method for the reporting period is as follows: 2025 2024 Beginning of the period-January 1 2.115.020.367 1.354.386.089 Shares of profit from the current period 1.258.784.773 904.218.444 Increase recognized in equity 19.216.618 66.415.834 Dividends (525.000.000) (210.000.000) End of the period-December 31 2.868.021.758 2.115.020.367 10 Reinsurance assets and liabilities As of December 31, 2025, and 2024, outstanding reinsurance assets and liabilities of the Group in accordance with existing reinsurance contracts are as follows: Reinsurance assets December 31, 2025 December 31, 2024 Unearned premiums reserves, ceded (Note 17) 6.929.266.451 6.186.511.289 Outstanding claims reserve, ceded (Note 4.2), (Note 17) 13.271.862.352 11.481.005.210 Receivables from reinsurance companies (Note 12) 3.171.511.793 2.521.327.822 Cash deposited to reinsurance companies 2.906.305.026 1.683.352.237 Total 26.278.945.622 21.872.196.558 Reinsurance liabilities December 31, 2025 December 31, 2024 Payables to the reinsurers related to premiums written (Note 19) 6.745.248.234 5.357.534.158 Deferred commission income (Note 19) 900.159.962 943.652.041 Cash deposited by reinsurance companies 204.904.333 389.788.163 Total 7.850.312.529 6.690.974.362 281 Notes to the Consolidated 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)