Milli Re 2025 Annual Report

29 Insurance rights and claims January 1 - December 31, 2025 January 1 - December 31, 2024 Claims paid, net off reinsurers’ share (47.149.038.114) (31.235.947.496) Changes in outstanding claims reserves, net off reinsurers’ share (13.917.211.002) (7.766.613.356) Changes in unearned premium reserves, net off reinsurers’ share (14.358.827.814) (11.821.356.499) Change in equalization reserves (1.351.629.177) (673.092.006) Changes in unexpired risks reserves, net off reinsurers’ share (71.531.679) 4.702.088 Total (76.848.237.786) (51.492.307.269) 30 Investment contract benefits None. 31 Other expenses The allocation of the expenses with respect to their nature or function is presented in Note 32 - Expenses by nature below. 32 Operating expenses For the years ended December 31, 2025, and 2024, the operating expenses are disclosed as follows: January 1 - December 31, 2025 January 1 - December 31, 2024 Commission expenses 15.002.931.284 10.439.246.533 Commissions to the intermediaries accrued during the period 17.507.187.440 12.193.172.050 Changes in deferred commission expenses (2.504.256.156) (1.753.925.517) Employee benefit expenses (Note 33) 5.726.826.481 4.589.648.892 Technical Operations Foreign Exchange Losses 1.232.366.942 721.565.504 Foreign exchange losses 2.486.795.670 1.498.876.706 Administration expenses (2.008.613.467) (1.803.782.792) Commission income from reinsurers (1.965.121.388) (2.103.396.162) Commission income from reinsurers accrued during the period (43.492.079) 299.613.370 Change in deferred commission income 531.845.853 307.744.711 Advertising and marketing expenses 449.921.249 381.004.726 Other 83.520.477 85.730.314 Total 23.505.594.489 16.220.034.594 305 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)