MILLI_RE_ANNUAL REPORT 2022

As part of Milli Re’s strategy to expand to international markets, the Company began writing business from these markets in 2006. In alignment with this strategy, Singapore Branch was opened in 2007. By bringing its merited reputation and technical knowledge gained in the Turkish market to international arena and with the support of its financial strength, Milli Re continues to maintain its credibility in international markets through its strong performance. On 22 September 2022, A.M. Best assigned Milli Re a global rating of “C” with a negative look. Milli Re’s national scale rating was affirmed as “tr BBB- “by Standard&Poor’s (S&P) on 30 September 2022. Possessing all the structural competence and a solid capital base, Milli Re’s main objective is to achieve sustainable growth by translating its strong position in the local insurance market and its profit-oriented business model, which incorporates closely monitoring of risk/ return balance to international markets. Milli Re Singapore Branch As part of its strategy to expand to international markets, Milli Re, like many other international reinsurers, examined the benefits of establishing regional branches. Consequently, Singapore Branch was opened in view of the significance of Far East in the global insurance market, as well as its potential business volume and geographical location. Having received the license for operation from the Monetary Authority of Singapore (MAS) in November 2007, Singapore Branch began writing business from 01 April 2008. With its well qualified and highly experienced workforce of 12 people, Singapore Branch plays an important role in international operations of Milli Re. Anadolu Sigorta Holding 57.31% share in its capital, Milli Re is the principal shareholder of Anadolu Anonim Türk Sigorta Şirketi, one of the largest and well-established insurance companies in the Turkish insurance industry. WITH ITS WELL QUALIFIED AND HIGHLY EXPERIENCED WORKFORCE OF 12 PEOPLE, SINGAPORE BRANCH PLAYS AN IMPORTANT ROLE IN INTERNATIONAL OPERATIONS OF MİLLİ RE. FINANCIAL STATUS RISKS AND ASSESSMENT OF THE GOVERNING BODY UNCONSOLIDATED FINANCIAL STATEMENTS TOGETHER WITH INDEPENDENT AUDITORS’ REPORT THEREON CONSOLIDATED FINANCIAL STATEMENTS TOGETHER WITH INDEPENDENT AUDITORS’ REPORT THEREON 9 MİLLİ RE 2022 ANNUAL REPORT