MILLI_RE_ANNUAL REPORT 2022

Contents GENERAL INFORMATION Vision-Mission 6 Shareholder Structure 7 Corporate Profile 8 Milestones 10 Chairperson’s Message 12 General Manager’s Message 14 Board of Directors 20 Participation of the Members of the Board of Directors in Relevant Meetings during the Fiscal Period 23 Internal Systems Managers 23 Senior Management 24 Organization Chart 26 Human Resources Applications 27 2022 Annual Report Compliance Statement 29 Independent Auditor’s Report on the Annual Report of the Board of Directors 30 FINANCIAL RIGHTS PROVIDED TO THE MEMBERS OF THE GOVERNING BODY AND SENIOR EXECUTIVES Financial Rights Provided to the Members of the Governing Body and Senior Executives 34 RESEARCH & DEVELOPMENT ACTIVITIES Research & Development Activities 35 ACTIVITIES AND MAJOR DEVELOPMENTS RELATED TO ACTIVITIES Information on Investments Made by the Company during the Accounting Period 38 Repurchased Own Shares by the Company 38 Disclosures Concerning Special Audit and Public Audit during the Reporting Period 38 Lawsuits Filed Against the Company and Potential Results 38 Disclosures on Administrative or Judicial Sanctions Imposed on the Company and the Members of the Governing Body 38 Assessments on Prior Period Targets and General Assembly Resolutions 38 Expenses Incurred in the Reporting Period in Relation to Donations, Grants and Social Responsibility Projects Relations with the Controlling Company or an Affiliate Thereof 38 Internal Audit 39 Internal Control 40 Affiliates 41 Corporate Social Responsibility 42 FINANCIAL STATUS 47 Economic Outlook 48 Turkish Insurance Market 52 Turkish Reinsurance Market and Milli Re in 2022 56 Global Reinsurance Market and Milli Re 60 Assessment of Financial Strength, Profitability and Solvency 70 Key Financial Indicators 72 Company Capital 74 2022 Technical Results 75 2022 Financial Results 77 Agenda for the General Assembly 79 Board of Directors Report 80 Dividend Distribution Policy 82 Dividend Distribution Proposal 83 RISKS AND ASSESSMENT OF THE GOVERNING BODY 85 Risk Management 86 Assessment of Capital Adequacy 90 Transactions Carried Out with Milli Re’s Risk Group 91 External Service Procurement 91 The Annual Reports of the Parent Company in the Group of Companies 92 UNCONSOLIDATED FINANCIAL STATEMENTS TOGETHER WITH INDEPENDENT AUDITORS’ REPORT THEREON Independent Auditor’s Report 94 Unconsolidated Financial Statements as at and for the Year Ended December 31, 2022 98 Unconsolidated Balance Sheet as of December 31, 2022 100 Unconsolidated Statement of Income for the Year Ended December 31, 2022 105 Unconsolidated Statement of Changes in Equity for the Year Ended December 31, 2022 108 Unconsolidated Statement of Cash Flows for the Year Ended December 31, 2022 110 Unconsolidated Statement of Profit Distribution for the Year Ended December 31, 2022 111 Notes to the Unconsolidated Financial Statements as of December 31, 2022 112 CONSOLIDATED FINANCIAL STATEMENTS TOGETHER WITH INDEPENDENT AUDITORS’ REPORT THEREON Information on Consolidated Subsidiaries 174 Independent Auditor’s Report 175 Consolidated Financial Statements as at and for the Year Ended December 31, 2022 178 Consolidated Balance Sheet as of December 31, 2022 180 Consolidated Statement of Income for the Year Ended December 31, 2022 185 Consolidated Statement of Changes in Equity for the Year Ended December 31, 2022 188 Consolidated Statement of Cash Flows for the Year Ended December 31, 2022 190 Consolidated Statement of Profit Distribution for the Year Ended December 31, 2022 191 Notes to the Consolidated Financial Statements as of December 31, 2022 192 Contact Information 2 MİLLİ RE 2022 ANNUAL REPORT