MILLI_RE_ANNUAL REPORT 2022

10 Reinsurance assets and liabilities As of December 31, 2022, and 2021, outstanding reinsurance assets and liabilities of the Company, as Reinsurance Company in accordance with existing reinsurance contracts are as follows: Reinsurance assets December 31, 2022 December 31, 2021 Receivables from reinsurance companies (Note 12) 145.416.652 86.696.642 Cash deposited to reinsurance companies 240.868.016 199.336.037 Outstanding claims reserve, ceded (Note 4.2) , (Note 17) 129.947.122 106.787.271 Unearned premiums reserve, ceded (Note 17) 49.314.693 23.649.245 Total 565.546.483 416.469.195 There are no impairment losses recognized for reinsurance assets. Reinsurance liabilities December 31, 2022 December 31, 2021 Deferred commission income (Note 19) 9.482.897 4.098.066 Total 9.482.897 4.098.066 Gains and losses recognized in the statement of income in accordance with existing retrocession contracts are as follows: December 31, 2022 December 31, 2021 Premiums ceded during the period (Note 17) (701.343.384) (330.959.315) Unearned premiums reserve, ceded at the beginning of the period (Note 17) (23.649.245) (20.130.822) Unearned premiums reserve, ceded at the end of the period ( Note 17) 49.314.693 23.649.245 Premiums earned, ceded (Note 17) (675.677.936 ) (327.440.892) Claims paid, ceded during the period (Note 17) 102.412.195 57.817.710 Outstanding claims reserve, ceded at the beginning of the period (Note 17) (106.787.271) (78.871.381) Outstanding claims reserve, ceded at the end of the period (Note 17) 129.947.122 106.787.271 Claims incurred, ceded (Note 17) 125.572.046 85.733.600 Commission income accrued from reinsurers during the period (Note 32) 22.019.317 10.175.548 Deferred commission income at the beginning of the period (Note 19) 4.098.066 2.760.960 Deferred commission income at the end of the period (Note 19) (9.482.897) (4.098.066) Commission income earned from reinsurers (Note 32) 16.634.486 8.838.442 Changes in unexpired risks reserve, reinsurers’ share (Note 17) (1.702.688) 1.857.501 Total, net (535.174.092) (231.011.349) 11 Financial assets As of December 31, 2022, and 2021, the Company’s financial assets portfolio are detailed as follows: December 31, 2022 December 31, 2021 Available for sale financial assets 2.821.184.794 1.686.966.206 Financial Assets Held for Trading 999.731.915 244.003.125 Provisions for impairment for financial assets available for sale (6.954.540) (6.954.540) Total 3.813.962.169 1.924.014.791 149 MİLLİ RE 2022 ANNUAL REPORT Notes to the Unconsolidated 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