Milli Re 2025 Annual Report

22 Retirement benefit obligations Employees of the company, “Milli Reasürans Türk Anonim Şirketi Retirement and Health Fund Foundation” (“Fund”), which was established based on the Temporary Article 20 of the Social Insurance Law No. 506, and Anadolu Sigorta employees, “Anadolu Anonim Türk Anonim Türk AŞ. a member of the Insurance Company Officers Pension Fund. Following annulment of the temporary Article 23 of the Banking Law, the new law “Amendments to the Social Security and General Health Insurance Act Including Certain Laws and Decrees” was published in the Official Gazette dated May 8, 2008 and came into force. The new law requires transfer of the participants or beneficiaries of pension funds to Social Security Institution as at the effective date of the Act within 3 years and prescribe the extension period of the transfer as maximum of two years upon the order of the Cabinet. Accordingly, the three-year period expired on May 8, 2011 was extended to the May 8, 2013. On March 8, 2012, “Amendments to the Social Security and General Health Insurance Act Including Certain Laws and Decrees” numbered 28227, was published on Official Gazette and 4th article of this act changed “two years” phrase as “four years” which takes part on second sentence of first clause of 20th article of the code numbered 5510. Also, under the scope of Decree of the Council of Ministers numbered 2013/4617 was published on Official Gazette numbered 28636, on May 3, 2013 and 20th temporary article of the Social Security Laws numbered 506 banks, insurance and reinsurance companies, chambers of commerce, stock markets or participants of pension funds and salary or income provided ones and their shareholders’ transfer duration has been extended one year to the Social Security Institution by Decree of the Council of Ministers. In 2014, upon a letter dated February 19, 2014, numbered 174 from the Ministry of Labor and Social Security, the Council of Ministers extended the transfer period for the pension funds by one year, according to provisional Article 20 of the Social Insurance and General Health Insurance Law No. 5510. Finally, Article 51 of the Law on the Amendment of the Occupational Health and Safety Law and Some Laws and Decrees, published in the Official Gazette dated April 23, 2015, amended the first paragraph of the provisional Article 20 of Law No. 5510 as follows: “The Council of Ministers is authorized to determine the transfer date to the Social Security Institution of banks, insurance and reinsurance companies, trade chambers, industry chambers, stock exchanges, or the unions they form, established for participants, those who are granted monthly payments or income, and their beneficiaries under the provisional Article 20 of Law No. 506. As of the transfer date, fund participants shall be considered insured within the scope of paragraph (a) of the first clause of Article 4 of this Law.” The principles and practices of the transfer will be determined by a Council of Ministers decree to be published in the future. A request was made to the Constitutional Court by the Republican People’s Party on June 19, 2008, for the annulment and suspension of execution concerning some articles, including the first paragraph of the provisional Article 20, which contain the transfer provisions of the law. This application was rejected at the meeting of the mentioned court held on March 30, 2011. 301 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)