MILLI RE 2020 ANNUAL REPORT

Activities and Major Developments Related to Activities General Information Financial Rights Provided to the Members of the Governing Body and Senior Executives Research & Development Activities Milli Re Annual Report 2020 10 Chairperson’s Message In the last two years, the world economy struggled to overcome the adverse impacts of many developments which led to trade wars, a slowdown in global growth and substantial changes in basic balances. The Covid-19 outbreak turned into a pandemic in 2020, a year starting with rapid recovery in economic indicators, changed all the dynamics and became the most important agenda item on a global scale. While the pandemic caused an unprecedented shock both in the supply and demand side, with the normalization steps taken in the third quarter of the year, the economic activity gained momentum. Yet, the increase in the number of cases in the fourth quarter have caused downside risks on the macroeconomic outlook to strengthen once again. The International Monetary Fund (IMF) updated the World Economic Outlook with the January 2021 report, revising its global growth contraction forecast for 2020 to 3.5%, which was previously projected as 4.4%, as the global economic activity attained stronger-than-expected momentum in the second half of 2020. For 2021, the IMF foresees a global growth of 5.5%with the impact of the base effect. In line with the vision of being a preferred business partner, Milli Re aims to carry its success into the future by maintaining its steady performance with the confidence which comes from being a strong and well-established company, and having a prestigious position in the insurance and reinsurance markets.