Capital adequacy within the 'AA' confidence level, as measured using our risk-based model. Leading position in the Turkish insurance market as the country's only national reinsurer. Stable and experienced management team in place. The runoff motor third-party liability (MTPL) business line continues to harm underwriting performance. Milli Reasurans T.A.S. (Milli Re) is exposed to key macroeconomic risks in Tukey, namely high inflation and foreign exchange risk. Material property perils, particularly earthquakes in Turkey. Milli Re's capital adequacy, which is at the 'AA' level as measured using S&P Global Ratings' risk-based model, supports our 'trAA' Turkey national scale rating on the company. Milli Re is also the only national reinsurer in Turkey, and its experienced management team has maintained the company's
