Milli Re 2025 Annual Report

Financial Analysis Ratios (%) 2025 2024 2023 1. Capital Adequacy Ratios Gross Premiums/Shareholders’ Equity 75 111 131 Average Shareholders’ Equity/Total Assets 43 39 33 Average Shareholders’ Equity/Net Technical Provisions 100 83 68 2. Asset Quality and Liquidity Ratios Liquid Assets/Total Assets 33 29 28 Liquidity Ratio 113 95 90 Current Ratio 91 78 87 Premium and Reinsurance Receivables/Total Assets 6 8 18 3. Operational Ratios Retention Ratio 77 63 79 Paid Claims/Paid Claims+Outstanding Claims 34 47 51 4. Profitability Ratios Gross Loss Ratio 74 69 275 Expense Ratio 29 24 21 Combined Ratio 103 93 296 Net Loss Ratio 91 107 129 Expense Ratio 37 37 26 Combined Ratio 128 144 155 Profit Before Tax/Gross Written Premiums 61 40 37 Gross Financial Profit/Gross Written Premiums 59 52 35 Technical Profit/Gross Written Premiums 2 (11) 2 Profit Before Tax/Total Assets 20 18 16 Profit Before Tax/Average Shareholders’ Equity (Excluding Profit) 72 70 68 Key Figures 2025 2024 2023 2022 2021 Gross Premiums 16,153,360,806 14,720,529,934 9,924,594,569 4,808,430,037 2,482,605,065 Technical Division Balance 303,601,684 (1,672,218,975) 197,122,343 323,619,386 221,154,114 Investment Income 13,770,220,210 10,495,454,452 7,817,832,550 3,067,317,755 1,353,558,990 Investment Expenses (4,366,932,061) (2,617,504,715) (3,661,647,130) (2,251,785,865) (865,902,058) Other Income and Expenses 69,529,372 (272,099,357) (724,299,710) (250,531,510) (30,947,807) Gross Profit/Loss for the Period 9,776,419,205 5,933,631,405 3,629,008,053 888,619,766 677,863,239 Taxation 0 0 0 0 (128,897,591) Profit/Loss for the Period 9,776,419,205 5,933,631,405 3,629,008,053 888,619,766 548,965,648 Shareholders’ Equity 26,338,377,148 16,474,890,923 10,128,117,780 5,055,935,662 3,000,422,620 Total Assets 49,817,461,771 33,749,307,558 22,668,143,370 12,400,448,277 7,183,128,434 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 81