Milli Re 2025 Annual Report

Actuarial Department The primary purpose of the Actuarial Department is to provide assurance to the Company’s Senior Management and the Insurance and Private Pension Regulation and Supervision Authority (in Turkish: SEDDK) regarding the Company’s overall pricing policy, actuarial adequacy of reinsurance treaties, the Company’s financial position, the reliability and adequacy of technical provisions, and asset and liability risk management associated with reinsurance activities, which are set out in Part 5, Article 32 of the Regulation on Internal Systems in Insurance and Private Pension Sectors published by the SEDDK in the Official Gazette issue 31670 dated 25 November 2021. These activities are carried out jointly by an external consultant actuary and assigning actuary engaged by the Company. . Under the related legislation, the Department prepared the Tariff Profitability Determination Report, Actuarial Method and Assumptions Report, and Actuarial Execution Report at the end of each quarter and submitted them to the Audit Committee and Senior Management. The same reports have been prepared as of year-end 2024 as well and sent to SEDDK in April 2025, together with the annual Actuarial Report. Under IFRS 4, the Department fulfilled the duties of calculating quarterly Reserve for Unearned Premiums, Equalization Reserve, and Unexpired Risks Reserve; completed the estimation of IBNR (Incurred But Not Reported) Outstanding Loss Reserve, which is calculated by branches employing the best estimation method, and ultimate loss ratios and calculation of discount rates, and presented the analyses to the Senior Management. In addition to the work described above, the Department carried out various works with the aim of determining the minimum content of the data used for actuarial calculations and upgrading the data quality, along with various activities associated with the IFRS 17 project that is in progress at the Company. In 2025, various activities were carried out within the scope of the IFRS 17 project that is in progress at the Company. 48 MİLLİ RE 2025 Annual Report