MILLI_RE_ANNUAL REPORT 2022

29 Insurance rights and claims December 31, 2022 December 31, 2021 Claims paid, net off reinsurers’ share (10.550.897.509) (5.692.884.630) Changes in outstanding claims reserves, net off reinsurers’ share (4.552.398.236) (2.262.121.026) Changes in unearned premium reserves, net off reinsurers’ share (7.366.390.393) (1.517.394.204) Change in equalization reserves (339.961.000) (138.101.706) Change in life mathematical reserves, net off reinsurers’ share - 13.014 Changes in unexpired risks reserves, net off reinsurers’ share (375.427.682) (324.852.685) Exchange in return for bonuses and discounts, deducting the reinsurer share - (4.000.000) Total (23.185.074.820) (9.939.341.237) 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, 2022 and 2021, the operating expenses are disclosed as follows: December 31, 2022 December 31, 2021 Commission expenses (Note 17) 2.612.265.552 1.481.038.028 Commissions to the intermediaries accrued during the period (Note 17) 3.732.510.952 1.740.351.880 Changes in deferred commission expenses (Note 17) (1.120.245.400) (259.313.852) Employee benefit expenses (Note 33) 817.994.326 412.355.419 Foreign exchange losses 266.284.991 162.979.104 Administration expenses 479.387.228 207.179.776 Commission income from reinsurers (Note 10) (528.465.603) (318.903.340) Commission income from reinsurers accrued during the period (Note 10) (672.229.232) (385.906.303) Change in deferred commission income (Note 10) 143.763.629 67.002.963 Advertising and marketing expenses 66.852.766 29.783.284 Outsourced benefits and services 60.577.789 35.188.441 Commission expenses from reinsurance transactions (Note 10) 450.968.252 220.024.696 Commissions from reinsurance transactions during the period (Note 10) 543.172.976 255.314.358 Change in deferred reinsurance commission expenses (Note 10) (92.204.724) (35.289.662) Other 39.740.410 14.188.953 Total 4.265.605.711 2.243.834.361 259 MİLLİ RE 2022 ANNUAL REPORT Notes to the Consolidated Financial Statements As of December 31, 2022 Millî Reasürans Türk Anonim Şirketi (Currency: Turkish Lira (TL)) Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Note 2.1.1 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 FINANCIAL STATUS