MILLI REASURANS ANNUAL REPORT 2018

Milli Re Annual Report 2018 4 / General Information As the world’s first and only privately owned company that managed a compulsory reinsurance system for all lines of business, Milli Re has played an important role in the formation and development of the insurance industry in Turkey. Following the termination of the compulsory reinsurance system, the Company redefined its goals and strategies in alignment with the current conditions and via its strategy of opening to international markets, today continues to serve as a global, prestigious and trusted reinsurer. Milli Re has been making every effort to support the development of the insurance industry in Turkey and provide high quality service. The Company meets reinsurance needs of the market with best possible terms and conditions, contributing significantly to customer satisfaction of insurance companies by providing prompt claim settlements. While operating the compulsory reinsurance system, the Company also made various contributions to the country such as; • Nationalization of the Turkish insurance industry, • Generation of continuous revenue for the Undersecretariat of Turkish Treasury, • Significant reduction in the outflow of foreign currency, • Providing insurance training and education programmes for the insurance industry, • Conducting top notch international relations. Milli Re managed Turkish Reinsurance Pool from 1963 to 1985, and the Economic Cooperation Organization (ECO) Pool from 1967 to 1995, which was originally established under the name of RCD Pool. While managing the Federation of Afro-Asian Insurers and Reinsurers (FAIR) Pool since 1974, Milli Re also undertook the management of the Turkish Catastrophe Insurance Pool (TCIP) between 2000 and 2005 where it was a co-founder. 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 09 August 2018, A.M. Best assigned Milli Re a global rating of B+ with a negative outlook. Milli Re’s national scale rating was affirmed as “tr A+” by Standard&Poor’s (S&P) on 17 August 2018. Possessing the structural competence in all aspects and the capital base, Milli Re’s main objective is to achieve sustainable growth by translating its strong position in the local insurance market and its business model closely monitoring risk/return balance to international markets. Milli Re was established by Türkiye İş Bankası (İşbank) on the compulsory reinsurance system, and commenced operations on 19 July 1929. CORPORATE PROFILE