ASSETS | |||
I- CURRENT ASSETS | Notes | Reviewed Current Period | Audited Previous Period |
30 June 2025 | 31 December 2024 | ||
A- Cash and Cash Equivalents | 2.12, 14 | 7.509.085.260 | 5.947.325.318 |
1- Cash | - | - | |
2- Cheques Received | - | - | |
3- Banks | 2.12, 14 | 4.603.928.578 | 3.549.720.795 |
4- Cheques Given and Payment Orders (-) | 2.12, 14 | (3.791.203) | (2.075.657) |
5- Bank Guaranteed Credit Card Receivables with Maturities Less Than Three Months | - | - | |
6- Other Cash and Cash Equivalents | 2.12, 14 | 2.908.947.885 | 2.399.680.180 |
B- Financial Assets and Investments with Risks on Policyholders | 4,11.4 | 37.343.146.378 | 29.293.542.799 |
1- Financial Assets Available for Sale | 4, 11.4 | 3.827.148.274 | 2.814.406.369 |
2- Financial Assets Held to Maturity | 4, 11.4 | 1.680.559.595 | 928.889.038 |
3- Financial Assets Held for Trading | 4, 11.4 | 2.364.896.075 | 2.599.756.994 |
4- Loans | - | - | |
5- Provision for Loans (-) | - | - | |
6- Investments with Risks on Policyholders | 4, 11.4 | 29.470.542.434 | 22.950.490.398 |
7- Equity Shares | - | - | |
8- Impairment on Financial Assets (-) | - | - | |
C- Receivables From Main Operations | 12.1 | 1.678.386.552 | 1.131.480.200 |
1- Receivables From Insurance Operations | 12.1 | 217.196.250 | 146.935.344 |
2- Provision for Receivables From Insurance Operations (-) | - | - | |
3- Receivables From Reinsurance Operations | 12.1, 45 | 1.120.936.924 | 867.079.359 |
4- Provision for Receivables From Reinsurance Operations (-) | - | - | |
5- Cash Deposited With Insurance & Reinsurance Companies | - | - | |
6- Loans to Policyholders | - | - | |
7- Provision for Loans to Policyholders (-) | - | - | |
8- Receivables from Pension Operation | 12.1 | 340.253.378 | 117.465.497 |
9- Doubtful Receivables From Main Operations | - | - | |
10- Provisions for Doubtful Receivables From Main Operations (-) | - | - | |
D- Due from Related Parties | 12.1 | 15.389.949 | 16.739.637 |
1- Due from Shareholders | - | - | |
2- Due from Affiliates | - | - | |
3- Due from Subsidiaries | - | - | |
4- Due from Entities Under Common Control | - | - | |
5- Due from Personnel | 53.169 | 49.570 | |
6- Due from Other Related Parties | 45 | 15.336.780 | 16.690.067 |
7- Discount on Receivables Due from Related Parties (-) | - | - | |
8- Doubtful Receivables Due from Related Parties | - | - | |
9- Provisions for Doubtful Receivables Due from Related Parties (-) | - | - | |
E- Other Receivables | 12.1 | 14.422.517 | 11.394.144 |
1- Leasing Receivables | - | - | |
2- Unearned Leasing Interest Income (-) | - | - | |
3- Deposits and Guarantees Given | 32.725 | 32.725 | |
4- Other Receivables | 14.233.581 | 11.205.208 | |
5- Discount on Other Receivables (-) | - | - | |
6- Other Doubtful Receivables | 156.211 | 156.211 | |
7- Provisions for Other Doubtful Receivables (-) | - | - | |
F- Prepaid Expenses and Income Accruals | 2.063.378.225 | 1.770.897.866 | |
1- Deferred Commission Expenses | 2.20 | 1.705.178.689 | 1.410.692.270 |
2- Accrued Interest and Rent Income | - | - | |
3- Income Accruals | 45 | 16.391.004 | 85.109.544 |
4- Other Prepaid Expenses | 47.1 | 341.808.532 | 275.096.052 |
G- Other Current Assets | 47.1 | 8.586.360 | 2.533.598 |
1- Stock to be used in following months | - | - | |
2- Prepaid Taxes and Funds | - | - | |
3- Deferred Tax Assets | - | - | |
4- Business Advances | 47.1 | 7.766.398 | 1.593.519 |
5- Advances Given to Personnel | 47.1 | 819.962 | 940.079 |
6- Stock Count Differences | - | - | |
7- Other Current Assets | - | - | |
8- Provision for Other Current Assets (-) | - | - | |
I- Total Current Asset | 48.632.395.241 | 38.173.913.562 | |
ASSETS | |||
II- NON CURRENT ASSETS | Notes | Reviewed Current Period | Audited Previous Period |
30 June 2025 | 31 December 2024 | ||
A- Receivables From Main Operations | 12.1 | 292.387.640.661 | 228.692.108.969 |
1- Receivables From Insurance Operations | - | - | |
2- Provision for Receivables From Insurance Operations (-) | - | - | |
3- Receivables From Reinsurance Operations | - | - | |
4- Provision for Receivables From Reinsurance Operations (-) | - | - | |
5- Cash Deposited with Insurance & Reinsurance Companies | - | - | |
6- Loans to Policyholders | 2.20,12.1, 17.2, 17.15 | 730.118.893 | 679.158.089 |
7- Provision for Loans to Policyholders (-) | - | - | |
8- Receivables From Pension Operations | 4, 12.1, 17.5, 17.6,19 | 291.657.521.768 | 228.012.950.880 |
9- Doubtful Receivables from Main Operations | - | - | |
10- Provision for Doubtful Receivables from Main Operations | - | - | |
B- Due from Related Parties | - | - | |
1- Due from Shareholders | - | - | |
2- Due from Affiliates | - | - | |
3- Due from Subsidiaries | - | - | |
4- Due from Entities Under Common Control | - | - | |
5- Due from Personnel | - | - | |
6- Due from Other Related Parties | - | - | |
7- Discount on Receivables Due from Related Parties (-) | - | - | |
8- Doubtful Receivables Due from Related Parties | - | - | |
9- Provisions for Doubtful Receivables Due from Related Parties (-) | - | - | |
C- Other Receivables | 12.1 | 857.727 | 164.351 |
1- Leasing Receivables | - | - | |
2- Unearned Leasing Interest Income (-) | - | - | |
3- Deposits and Guarantees Given | 12.1 | 857.727 | 164.351 |
4- Other Receivables | - | - | |
5- Discount on Other Receivables (-) | - | - | |
6- Other Doubtful Receivables | - | - | |
7- Provisions for Other Doubtful Receivables (-) | - | - | |
D- Financial Assets | 45.2 | 3.947.252 | 3.947.252 |
1- Long-term Investments | - | - | |
2- Affiliates | - | - | |
3- Capital Commitments to Affiliates (-) | - | - | |
4- Subsidiaries | - | - | |
5- Capital Commitments to Subsidiaries (-) | - | - | |
6- Entities Under Common Control | - | - | |
7- Capital Commitments to Entities Under Common Control (-) | - | - | |
8- Financial Assets and Investments with Risks on Policyholders | - | - | |
9- Other Financial Assets | 45.2 | 3.947.252 | 3.947.252 |
10- Impairment on Financial Assets (-) | - | - | |
E- Tangible Assets | 6.3 | 528.903.099 | 305.019.048 |
1- Investment Properties | - | - | |
2- Impairment on Investment Properties (-) | - | - | |
3- Owner Occupied Property | - | - | |
4- Machinery and Equipments | 6.3 | 86.544.306 | 85.328.209 |
5- Furnitures and Fixtures | 6.3 | 169.372.718 | 51.317.660 |
6- Vehicles | 6.3 | 11.464.513 | 15.547.112 |
7- Other Tangible Assets (Including Leasehold Improvements) | 6.3 | 101.643.941 | 47.097.219 |
8- Leased Tangible Fixed Assets | 6.3 | 383.522.810 | 255.791.383 |
9- Accumulated Depreciation (-) | 6.3 | (223.645.189) | (150.062.535) |
10- Advances Paid for Tangible Fixed Assets (Including Construction In Progresses) | - | - | |
F- Intangible Assets | 8 | 1.650.412.534 | 1.232.487.076 |
1- Rights | - | - | |
2- Goodwill | - | - | |
3- Establishment Costs | - | - | |
4- Research and Development Expenses | - | - | |
5- Other Intangible Assets | 8 | 1.404.031.294 | 1.146.817.891 |
6- Accumulated Amortizations (-) | 8 | (568.068.442) | (453.544.335) |
7- Advances Regarding Intangible Assets | 8 | 814.449.682 | 539.213.520 |
G- Prepaid Expenses and Income Accruals | 3.838.772 | 1.415.402 | |
1- Deferred Expenses | - | - | |
2- Income Accruals | - | - | |
3- Other Prepaid Expenses and Income Accruals | 47.1 | 3.838.772 | 1.415.402 |
H- Other Non-current Assets | 21, 35 | 548.584.238 | 376.788.176 |
1- Cash Foreign Currency Accounts | - | - | |
2- Foreign Currency Accounts | - | - | |
3- Stock to be used in following months | - | - | |
4- Prepaid Taxes and Funds | - | - | |
5- Deferred Tax Assets | 21, 35 | 548.584.238 | 376.788.176 |
6- Other Non-current Assets | - | - | |
7- Other Non-current Assets Amortization (-) | - | - | |
8- Provision for Other Non-current Assets (-) | - | - | |
II- Total Non-current Assets | 295.124.184.283 | 230.611.930.274 | |
Total Assets (I+II) | 343.756.579.524 | 268.785.843.836 | |
LIABILITIES | |||
III- SHORT TERM LIABILITIES | Note | Reviewed Current Period | Audited Previous Period |
30 June 2025 | 31 December 2024 | ||
A- Borrowings | 20 | 84.481.221 | 64.342.901 |
1- Borrowings from Financial Institutions | - | - | |
2- Finance Lease Payables | 4, 20 | 193.848.716 | 132.382.885 |
3- Deferred Finance Lease Costs (-) | 20 | (109.367.495) | (68.039.984) |
4- Current Portion of Long Term Borrowings | - | - | |
5- Principal, Installments and Interests on Issued Bills (Bonds) | - | - | |
6- Other Financial Instruments Issued | - | - | |
7- In Excess of Par of Financial Instruments (-) | - | - | |
8- Other Financial Borrowings (Liabilities) | - | - | |
B- Payables From Main Operations | 4, 19 | 3.360.222.638 | 2.889.268.835 |
1- Payables From Insurance Operations | 4, 19 | 643.335.351 | 438.913.739 |
2- Payables From Reinsurance Operations | - | - | |
3- Cash Deposited by Insurance & Reinsurance Companies | - | - | |
4- Payables From Pension Operations | 4,19 | 2.716.887.287 | 2.450.355.096 |
5- Payables From Other Operations | - | - | |
6- Discount on Other Payables From Main Operations, Notes Payable (-) | - | - | |
C- Due to Related Parties | 4, 19 | 79.815.251 | 287.082.003 |
1- Due to Shareholders | 19 | 2.733.279 | 3.516.257 |
2- Due to Affiliates | - | - | |
3- Due to Subsidiaries | - | - | |
4- Due to Entities Under Common Control | - | - | |
5- Due to Personnel | 19 | 4.575.608 | 5.309.118 |
6- Due to Other Related Parties | 19, 45 | 72.506.364 | 278.256.628 |
D- Other Payables | 4, 19, 47.1 | 600.584.479 | 305.018.198 |
1- Guarantees and Deposits Received | 26.276 | 23.327 | |
2- Medical Treatment Payables to Social Security Institution | - | - | |
3- Other Payables | 600.558.203 | 304.994.871 | |
4- Discount on Other Payables (-) | - | - | |
E- Insurance Technical Reserves | 17.15 | 6.873.675.020 | 5.181.488.634 |
1- Unearned Premiums Reserve - Net | 17.15 | 5.472.445.860 | 4.372.854.690 |
2- Unexpired Risk Reserves - Net | - | - | |
3- Life Mathematical Reserves - Net | 17.15 | 742.770.840 | 347.782.440 |
4- Outstanding Claims Reserve - Net | 2.20, 17.15 | 658.458.320 | 460.851.504 |
5- Provision for Bonus and Discounts - Net | - | - | |
6- Provision for Investment Risk Life Insurance Policyholders' Policies - Net | - | - | |
7- Other Technical Reserves - Net | - | - | |
F- Taxes and Other Liabilities and Provisions | 1.009.973.112 | 634.514.517 | |
1- Taxes and Dues Payable | 300.579.806 | 263.588.106 | |
2- Social Security Premiums Payable | 74.879.142 | 55.146.554 | |
3- Overdue, Deferred or By Installment Taxes and Other Liabilities | - | - | |
4- Other Taxes and Liabilities | - | - | |
5- Corporate Tax Provision on Period Profit | 35 | 1.236.770.269 | 1.241.292.847 |
6- Advance Taxes and Other Liabilities on Period Profit (-) | 35 | (602.256.105) | (925.512.990) |
7- Provisions for Other Taxes and Liabilities | - | - | |
G- Provisions for Other Risks | 23.2 | 512.141.900 | 463.118.380 |
1- Provision for Employee Termination Benefits | - | - | |
2- Pension Fund Deficit Provision | - | - | |
3- Provisions for Costs | 23.2 | 512.141.900 | 463.118.380 |
H- Deferred Income and Expense Accruals | 19 | 663.220.252 | 353.417.590 |
1- Deferred Income | 2.20, 19 | 11.106.570 | 8.297.894 |
2- Expense Accruals | 19 | 652.113.682 | 345.119.696 |
3- Other Deferred Income and Expense Accruals | - | - | |
I- Other Short Term Liabilities | 23.2 | 62.854.160 | 32.193.227 |
1- Deferred Tax Liability | - | - | |
2- Inventory Count Differences | - | - | |
3- Other Short Term Liabilities | 23.2 | 62.854.160 | 32.193.227 |
III - Total Short Term Liabilities | 13.246.968.033 | 10.210.444.285 | |
LIABILITIES | |||
IV- LONG TERM LIABILITIES | Notes | Reviewed Current Period | Audited Previous Period |
30 June 2025 | 31 December 2024 | ||
A- Borrowings | 20 | 249.729.835 | 160.286.059 |
1- Borrowings From Financial Institutions | - | - | |
2- Finance Lease Payables | 4, 20 | 541.561.863 | 233.005.777 |
3- Deferred Finance Lease Costs (-) | 20 | (291.832.028) | (72.719.718) |
4- Bonds Issued | - | - | |
5- Other Financial Instruments Issued | - | - | |
6- In Excess of Par of Financial Instruments (-) | - | - | |
7- Other Borrowings (Financial Liabilities) | - | - | |
B- Payables From Main Operations | 4, 12.1, 17.5,17.6, 19 | 291.644.530.818 | 228.012.950.880 |
1- Payables From Insurance Operations | - | - | |
2- Payables From Reinsurance Operations | - | - | |
3- Cash Deposited by Insurance & Reinsurance Companies | - | - | |
4- Payables From Pension Operations | 4, 12.1,17.5, 17.6, 19 | 291.644.530.818 | 228.012.950.880 |
5- Payables From Other Operations | - | - | |
6- Discount on Other Payables From Main Operations (-) | - | - | |
C- Due to Related Parties | - | - | |
1- Due to Shareholders | - | - | |
2- Due to Affiliates | - | - | |
3- Due to Subsidiaries | - | - | |
4- Due to Entities Under Common Control | - | - | |
5- Due to Personnel | - | - | |
6- Due to Other Related Parties | - | - | |
D- Other Payables | - | - | |
1- Guarantees and Deposits Received | - | - | |
2- Medical Treatment Payables to Social Security Institution | - | - | |
3- Other Payables | - | - | |
4- Discount on Other Payables (-) | - | - | |
E- Insurance Technical Reserves | 17.15 | 31.434.813.169 | 24.806.962.720 |
1- Unearned Premiums Reserve - Net | - | - | |
2- Unexpired Risk Reserves - Net | - | - | |
3- Life Mathematical Reserves - Net | 17.15 | 31.273.342.306 | 24.683.303.577 |
4- Outstanding Claims Reserve - Net | - | - | |
5- Provision for Bonus and Discounts - Net | - | - | |
6- Provision for Investment Risk Life Insurance Policyholders' Policies -Net | - | - | |
7- Other Technical Reserves - Net | 2.20,17.15 | 161.470.863 | 123.659.143 |
F- Other Liabilities and Provisions | 43.437.568 | 31.853.116 | |
1- Other Liabilities | - | - | |
2- Overdue, Deferred or By Installment Other Liabilities | - | - | |
3- Other Liabilities and Expense Accruals | 43.437.568 | 31.853.116 | |
G- Provisions for Other Risks | 22 | 130.971.120 | 114.437.980 |
1- Provision for Employee Termination Benefits | 22 | 130.971.120 | 114.437.980 |
2- Provisions for Employee Pension Fund Deficits | - | - | |
H- Deferred Income and Expense Accruals | - | - | |
1- Deferred Income | - | - | |
2- Expense Accruals | - | - | |
3- Other Deferred Income and Expense Accruals | - | - | |
I- Other Long Term Liabilities | - | - | |
1- Deferred Tax Liability | - | - | |
2- Other Long Term Liabilities | - | - | |
IV- Total Long Term Liabilities | 323.503.482.510 | 253.126.490.755 | |
SHAREHOLDERS' EQUITY | |||
V- SHAREHOLDERS' EQUITY | Notes | Reviewed Current Period | Audited Previous Period |
30 June 2025 | 31 December 2024 | ||
A- Paid in Capital | 2.13,15.3 | 180.000.000 | 180.000.000 |
1- (Nominal) Capital | 2.13,15.3 | 180.000.000 | 180.000.000 |
2- Unpaid Capital (-) | - | - | |
3- Positive Capital Restatement Differences | - | - | |
4- Negative Capital Restatement Differences (-) | - | - | |
5-Capital to be registered | - | - | |
B- Capital Reserves | 15.2 | (113.005.243) | (99.384.843) |
1- Equity Share Premiums | - | - | |
2- Cancellation Profits of Equity Shares | - | - | |
3- Gain on Sale of Assets to be Transferred to Capital | - | - | |
4- Translation Reserves | - | - | |
5- Other Capital Reserves | 15.2 | (113.005.243) | (99.384.843) |
C- Profit Reserves | 4.331.704.514 | 2.537.709.538 | |
1- Legal Reserves | 15.2 | 237.839.901 | 138.739.901 |
2- Statutory Reserves | 15.2 | 11.494 | 11.494 |
3- Extraordinary Reserves | 15.2 | 4.219.053.292 | 2.487.569.191 |
4- Special Funds (Reserves) | - | - | |
5- Valuation of Financial Assets | 15.2 | 45.390.066 | 75.248.129 |
6- Other Profit Reserves | 15.2 | (170.590.239) | (163.859.177) |
D- Retained Earning | - | - | |
1- Retained Earnings | - | - | |
E- Previous Years' Losses (-) | - | (40.761.641) | |
1- Previous Years' Losses | - | (40.761.641) | |
F- Net Profit of the Period | 2.607.429.710 | 2.871.345.742 | |
1- Net Profit of the Period | 2.607.429.710 | 2.871.345.742 | |
2- Net Loss of the Period | - | - | |
3- Net Profit of the Period not Subject to Distribution | - | - | |
G-Minory Interests | - | - | |
Total Shareholders' Equity | 7.006.128.981 | 5.448.908.796 | |
Total Liabilities and Shareholders' Equity (III+IV+V) | 343.756.579.524 | 268.785.843.836 | |
I- TECHNICAL DIVISION | Notes | Reviewed Current Period | Reviewed Current Period | Reviewed Previous Period | Reviewed Previous Period |
1 January- 30 June 2025 | 1 April- 30 June 2025 | 1 January- 30 June 2024 | 1 April- 30 June 2024 | ||
A- Non-Life Technical Income | 2.811.623.451 | 1.509.121.211 | 254.765.882 | 216.886.339 | |
1- Earned Premiums (Net of Reinsurer Share) | 2.287.123.784 | 1.203.934.276 | 211.879.652 | 175.859.473 | |
1.1- Premiums (Net of Reinsurer Share) | 5,24 | 3.096.960.853 | 898.651.255 | 926.468.466 | 849.478.266 |
1.1.1- Gross Premiums (+) | 5,24 | 3.098.142.182 | 899.316.973 | 926.917.522 | 849.688.995 |
1.1.2- Ceded Premiums to Reinsurers (-) | 5,10,24 | (1.181.329) | (665.718) | (449.056) | (210.729) |
1.1.3- Premiums Transferred to SSI (-) | - | - | - | - | |
1.2- Change in Unearned Premiums Reserve (Net of Reinsurers Shares and Reserves Carried Forward) (+/-) | 5,17.15, 47.4 | (809.837.069) | 305.283.021 | (714.588.814) | (673.618.793) |
1.2.1- Unearned Premiums Reserve (-) | 17.15 | (809.837.069) | 305.283.021 | (714.578.369) | (673.618.793) |
1.2.2- Reinsurance Share of Unearned Premiums Reserve (+) | 10, 17.15 | - | - | (10.445) | - |
1.3- Changes in Unexpired Risks Reserve (Net of Reinsurer Share and Reserves Carried Forward) (+/-) | - | - | - | - | |
1.3.1- Unexpired Risks Reserve (-) | - | - | - | - | |
1.3.2- Reinsurance Share of Unexpired Risks Reserve (+) | - | - | - | - | |
2- Investment Income Transferred from Non-Technical Division | 519.525.339 | 303.077.547 | 37.854.039 | 37.854.039 | |
3- Other Technical Income (Net of Reinsurer Share) | 4.974.328 | 2.109.388 | 5.032.191 | 3.172.827 | |
3.1- Gross Other Technical Income (+) | 4.974.328 | 2.109.388 | 5.032.191 | 3.172.827 | |
3.2- Reinsurance Share of Other Technical Income (-) | - | - | - | - | |
4. Accrued Subrogation and Sovtage Income (+) | - | - | - | - | |
B- Non-Life Technical Expenses (-) | (2.464.917.984) | (1.243.832.652) | (300.934.258) | (214.040.455) | |
1- Total Claims (Net of Reinsurer Share) | 5 | (1.686.927.217) | (839.964.608) | (116.798.927) | (113.516.041) |
1.1- Claims Paid (Net of Reinsurer Share) | 17.15 | (1.579.456.481) | (847.442.804) | (70.658.671) | (69.223.592) |
1.1.1- Gross Claims Paid (-) | 17.15 | (1.579.536.473) | (847.522.796) | (70.809.057) | (69.241.592) |
1.1.2- Reinsurance Share of Claims Paid (+) | 10, 17.15 | 79.992 | 79.992 | 150.386 | 18.000 |
1.2- Changes in Outstanding Claims Reserve (Net of Reinsurer Share and Reserves Carried Forward) (+/-) | 17.15,47.4 | (107.470.736) | 7.478.196 | (46.140.256) | (44.292.449) |
1.2.1- Outstanding Claims Reserve (-) | 17.15 | (107.440.997) | 7.513.176 | (46.680.909) | (44.809.833) |
1.2.2- Reinsurance Share of Outstanding Claims Reserve (+) | 10,17.15 | (29.739) | (34.980) | 540.653 | 517.384 |
2- Changes in Bonus and Discount Reserve (Net of Reinsurer Share and Reserves Carried Forward) (+/-) | - | - | - | - | |
2.1- Bonus and Discount Reserve (-) | - | - | - | - | |
2.2- Reinsurance Share of Bonus and Discount Reserve (+) | - | - | - | - | |
3- Changes in Other Technical Reserves (Net of Reinsurer Share and Reserves Carried Forward) (+/-) | 5, 17.15,47.4 | (1.433.170) | (493.641) | (1.240.746) | (423.089) |
4- Operating Expenses (-) | 31 | (776.556.534) | (403.373.340) | (182.892.983) | (100.099.723) |
5- Changes in Mathematical Reserves (Net of Reinsurer Share and Reserves Carried Forward) (+/-) | - | - | - | - | |
5.1- Mathematical Reserves (-) | - | - | - | - | |
5.2- Reinsurer Share of Mathematical Reserves (+) | - | - | - | - | |
6- Other Technical Expenses (-) | (1.063) | (1.063) | (1.602) | (1.602) | |
6.1- Other Gross Technical Expenses (-) | (1.063) | (1.063) | (1.602) | (1.602) | |
6.2- Reinsurer Share of Other Gross Technical Expenses (+) | - | - | - | - | |
C- Non Life Technical Profit / (Loss) (A-B) | 346.705.467 | 265.288.559 | (46.168.376) | 2.845.884 | |
D- Life Technical Income | 13.182.627.004 | 6.921.768.306 | 7.194.861.711 | 3.212.651.097 | |
1- Earned Premiums (Net of Reinsurer Share) | 9.933.862.753 | 5.424.112.738 | 5.051.764.395 | 2.644.925.567 | |
1.1- Premiums (Net of Reinsurer Share) | 5,24 | 10.223.616.854 | 5.600.423.346 | 6.139.712.374 | 3.105.608.003 |
1.1.1- Gross Premiums (+) | 5,24 | 10.480.658.254 | 5.756.780.433 | 6.364.515.501 | 3.223.968.488 |
1.1.2- Ceded Premiums to Reinsurers (-) | 5,10,24 | (257.041.400) | (156.357.087) | (224.803.127) | (118.360.485) |
1.2- Change in Unearned Premiums Reserve (Net of Reinsurers Shares and Reserves Carried Forward) (+/-) | 5,17.15,47.4 | (289.754.101) | (176.310.608) | (1.087.947.979) | (460.682.436) |
1.2.1- Unearned Premiums Reserve (-) | 17.15 | (292.280.735) | (177.462.249) | (1.092.935.740) | (462.945.003) |
1.2.2- Reinsurance Share of Unearned Premiums Reserve (+) | 10, 17.15 | 2.526.634 | 1.151.641 | 4.987.761 | 2.262.567 |
1.3- Changes in Unexpired Risks Reserve (Net of Reinsurer Share and Reserves Carried Forward) (+/-) | - | - | - | - | |
1.3.1- Unexpired Risks Reserve (-) | - | - | - | - | |
1.3.2- Reinsurance Share of Unexpired Risks Reserve (+) | - | - | - | - | |
2- Life Branch Investment Income | 5 | 3.145.822.742 | 1.451.609.567 | 2.060.404.031 | 544.816.397 |
3- Accrued (Unrealized) Income from Investments | - | - | - | - | |
4- Other Technical Income (Net of Reinsurer Share) | 5 | 102.941.509 | 46.046.001 | 82.693.285 | 22.909.133 |
4.1- Other Gross Technical Income (+/-) | 5 | 102.941.509 | 46.046.001 | 82.693.285 | 22.909.133 |
4.2- Ceded Other Technical Income (+/-) | - | - | - | - | |
5. Accrued Subrogation Income (+) | - | - | - | - |
6
I- TECHNICAL DIVISION | Notes | Reviewed Current Period | Reviewed Current Period | Reviewed Previous Period | Reviewed Previous Period |
1 January- 30 June 2025 | 1 April- 30 June 2025 | 1 January- 30 June 2024 | 1 April- 30 June 2024 | ||
E- Life Technical Expense | (11.420.233.032) | (5.780.689.998) | (6.538.081.607) | (2.733.155.819) | |
1- Total Claims (Net of Reinsurer Share) | 5 | (1.327.652.616) | (714.237.164) | (654.975.985) | (355.532.873) |
1.1- Claims Paid (Net of Reinsurer Share) | 17.15 | (1.237.516.535) | (671.489.345) | (589.853.163) | (314.674.828) |
1.1.1- Gross Claims Paid (-) | 17.15 | (1.319.980.482) | (719.444.001) | (623.601.912) | (328.052.468) |
1.1.2- Reinsurance Share of Claims Paid (+) | 10, 17.15 | 82.463.947 | 47.954.656 | 33.748.749 | 13.377.640 |
1.2- Changes in Outstanding Claims Reserve (Net of Reinsurer Share and Reserves Carried Forward) (+/-) | 17.15,47.4 | (90.136.081) | (42.747.819) | (65.122.822) | (40.858.045) |
1.2.1- Outstanding Claims Reserve (-) | 17.15 | (144.820.203) | (58.808.518) | (93.863.851) | (65.609.434) |
1.2.2- Reinsurance Share of Outstanding Claims Reserve (+) | 10,17.15 | 54.684.122 | 16.060.699 | 28.741.029 | 24.751.389 |
2- Changes in Bonus and Discount Reserve (Net of Reinsurer Share and Reserves Carried Forward) (+/-) | - | - | - | - | |
2.1- Bonus and Discount Reserve (-) | - | - | - | - | |
2.2- Reinsurance Share of Bonus and Discount Reserve (+) | - | - | - | - | |
3- Changes in Life Mathematical Reserves (Net of Reinsurer Share and Reserves Carried Forward) (+/-) | 5, 47.4 | (6.985.062.112) | (3.483.424.927) | (4.123.084.611) | (1.402.981.215) |
3.1- Life Mathematical Reserves | 17.15 | (6.988.142.756) | (3.485.339.643) | (4.117.952.337) | (1.403.056.741) |
3.1.1- Actuarial Mathematics provision(+/-) | (6.988.142.756) | (3.485.339.643) | (4.117.952.337) | (1.403.056.741) | |
3.1.2- Dividend Equivalent (Provision for Policyholders Investment Risk.) | - | - | - | - | |
3.2- Reinsurance Share of Life Mathematical Reserves | 10, 17.15 | 3.080.644 | 1.914.716 | (5.132.274) | 75.526 |
3.2.1- Provision of Reinsurance Actuarial Mathematics (+) | 10, 17.15 | 3.080.644 | 1.914.716 | (5.132.274) | 75.526 |
3.2.2- Reinsurer's Share of Profit Share (Provision for Policyholders Investment Risk.) (+) | - | - | - | - | |
4- Changes in Technical Reserves for Investments with Risks on Policyholders (Net of Reinsurer Share and Reserves Carried Forward) (+/- ) | 5,17.15,47. 4 | (36.378.550) | (20.220.226) | (21.560.206) | (11.383.536) |
5- Operating Expenses (-) | 31 | (3.071.139.754) | (1.562.807.681) | (1.532.859.865) | (757.658.127) |
6- Investment Expenses (-) | 5,36 | - | - | (205.600.940) | (205.600.068) |
7- Unrealized Losses from Investments (-) | - | - | - | - | |
8- Investment Income Transferred to Non-Technical Divisions (-) | - | - | - | - | |
F- Life Technical Profit / (Loss) (D-E) | 1.762.393.972 | 1.141.078.308 | 656.780.104 | 479.495.278 | |
G- Private Pension Technical Income | 25 | 2.702.323.586 | 1.273.523.997 | 1.804.971.022 | 814.528.952 |
1- Fund Management Fee | 25 | 1.673.293.363 | 871.856.098 | 1.168.314.341 | 634.397.217 |
2- Management Fee | 25 | 844.195.054 | 304.057.125 | 549.024.455 | 134.969.868 |
3- Entrance Fee Income | 25 | 183.592.789 | 96.368.394 | 87.631.905 | 45.161.867 |
4- Management Fee In Case Of Temporary Suspension | 25 | - | - | 321 | - |
5- Income from Individual Service Charges | - | - | - | - | |
6- Increase in Market Value of Capital Commitment Advances | 25 | 1.242.380 | 1.242.380 | - | - |
7- Other Technical Income | - | - | - | - | |
H- Private Pension Technical Expenses | (3.325.916.619) | (1.779.290.319) | (2.255.864.036) | (1.187.221.169) | |
1- Fund Management Expenses (-) | (252.713.726) | (140.069.365) | (182.681.495) | (100.255.255) | |
2- Decrease in Market Value of Capital Commitment Advances (-) | (251.430) | (251.430) | - | - | |
3- Operating Expenses (-) | 31 | (2.844.532.011) | (1.500.605.959) | (1.948.126.569) | (1.017.918.404) |
4- Other Technical Expenses (-) | (202.424.659) | (115.488.864) | (114.013.489) | (64.599.490) | |
5- Penalty Payments | (25.994.793) | (22.874.701) | (11.042.483) | (4.448.020) | |
I- Private Pension Technical Profit / (Loss) (G-H) | (623.593.033) | (505.766.322) | (450.893.014) | (372.692.217) |
7
II- NON TECHNICAL DIVISION | Notes | Reviewed Current Period | Reviewed Current Period | Reviewed Previous Period | Reviewed Previous Period |
1 January- 30 June 2025 | 1 April- 30 June 2025 | 1 January- 30 June 2024 | 1 April- 30 June 2024 | ||
C- Non Life Technical Profit / (Loss) (A-B) | 346.705.467 | 265.288.559 | (46.168.376) | 2.845.884 | |
F- Life Technical Profit / (Loss) (D-E) | 1.762.393.972 | 1.141.078.308 | 656.780.104 | 479.495.278 | |
I- Private Pension Technical Profit / (Loss) (G-H) | (623.593.033) | (505.766.322) | (450.893.014) | (372.692.217) | |
J- Total Technical Profit / (Loss) (C+F+I) | 1.485.506.406 | 900.600.545 | 159.718.714 | 109.648.945 | |
K- Investment Income | 3.023.250.972 | 1.578.729.115 | 1.807.182.047 | 882.136.005 | |
1- Income From Financial Investment | 26 | 2.202.363.744 | 704.729.468 | 1.127.713.291 | 464.903.181 |
2- Income from Sales of Financial Investments | 26 | 62.321.174 | 23.340.584 | 17.811.354 | 15.205.254 |
3- Revaluation of Financial Investments | 27 | 490.528.149 | 721.368.111 | 399.167.853 | 338.422.555 |
4- Foreign Exchange Gains | 36 | 257.708.904 | 129.290.952 | 260.339.558 | 61.455.024 |
5- Dividend Income from Affiliates | 26 | 10.329.001 | - | - | - |
6- Income form Subsidiaries and Entities Under Common Control | 26 | - | - | 2.149.991 | 2.149.991 |
7- Income Received from Land and Building | - | - | - | - | |
8- Income from Derivatives | - | - | - | - | |
9- Other Investments | - | - | - | - | |
10- Investment Income transferred from Life Technical Division | - | - | - | - | |
L- Investment Expenses (-) | (793.761.056) | (454.182.018) | (242.040.966) | (147.031.144) | |
1- Investment Management Expenses (Including Interest) (-) | (67.732.962) | (38.366.775) | (50.645.443) | (17.841.057) | |
2- Valuation Allowance of Investments (-) | - | - | - | - | |
3- Losses On Sales of Investments (-) | - | - | (41.566) | - | |
4- Investment Income Transferred to Non-Life Technical Division (-) | (519.525.339) | (303.077.547) | (37.854.039) | (37.854.039) | |
5- Losses from Derivatives (-) | 13,26,36 | (13.085.900) | (6.656.400) | (3.286.900) | (181.500) |
6- Foreign Exchange Losses (-) | 36 | (832.002) | (431.562) | (37.015.419) | (31.701.079) |
7- Depreciation Charges (-) | 6.1 | (192.149.003) | (105.637.272) | (113.185.850) | (59.449.934) |
8- Other Investment Expenses (-) | (435.850) | (12.462) | (11.749) | (3.535) | |
M- Income and Expenses From Other and Extraordinary Operations (+/-) | 150.901.766 | 74.053.514 | 111.855.145 | 23.336.862 | |
1- Provisions (+/-) | (62.533.713) | (16.982.196) | (5.583.502) | 1.970.685 | |
2- Discounts (+/-) | - | - | - | - | |
3- Specialty Insurances (+/-) | - | - | - | - | |
4- Inflation Adjustment (+/-) | - | - | - | - | |
5- Deferred Tax Asset (+/-) | 35,47.4 | 283.541.102 | 147.004.567 | 133.739.723 | 35.627.004 |
6- Deferred Tax Liability Accounts (+/-) | - | - | - | - | |
7- Other Income and Revenues | 47.1 | 137.460.852 | 69.753.254 | 73.288.014 | 32.338.599 |
8- Other Expenses and Losses (-) | 47.1 | (215.151.824) | (118.565.686) | (90.170.988) | (43.286.984) |
9- Prior Period Income | 47.3 | 26.985.476 | 5.729.392 | 8.492.486 | 448.244 |
10- Prior Period Losses (-) | 47.3 | (19.400.127) | (12.885.817) | (7.910.588) | (3.760.686) |
N- Net Profit / (Loss) | 2.607.429.710 | 1.424.407.804 | 1.275.624.657 | 622.526.984 | |
1- Profit / (Loss) Before Tax | 3.865.898.088 | 2.099.201.156 | 1.836.714.940 | 868.090.668 | |
2- Corporate Tax Charge and Other Fiscal Liabilities (-) | 35,47.4 | (1.258.468.378) | (674.793.352) | (561.090.283) | (245.563.684) |
3- Net Profit / (Loss) | 2.607.429.710 | 1.424.407.804 | 1.275.624.657 | 622.526.984 | |
Owners of Parent | - | - | 1.274.590.188 | 621.492.515 | |
Minority Interests | - | - | 1.034.469 | 1.034.469 | |
4- Inflation Adjustment Account (+/-) | - | - | - | - |
Notes | Reviewed Current Period | Reviewed Previous Period | |
1 January- 30 June 2025 | 1 January- 30 June 2024 | ||
A. Cash Flows from the Operating Activities | - | - | |
1. Cash inflows from the insurance operations | 10.532.292.003 | 6.439.037.938 | |
2. Cash inflows from the reinsurance operations | 4.374.519.573 | 1.538.244.914 | |
3. Cash inflows from the pension operations | 41.566.743.301 | 29.849.633.074 | |
4. Cash outflows due to the insurance operations (-) | (4.195.687.732) | (2.142.795.371) | |
5. Cash outflows due to the reinsurance operations (-) | (3.616.257.379) | (1.481.868.617) | |
6. Cash outflows due to the pension operations (-) | (38.339.603.650) | (28.003.801.009) | |
7. Cash generated from the operating activities (A1+A2+A3-A4-A5-A6) | 10.322.006.116 | 6.198.450.929 | |
8. Interest payments (-) | (197.257) | - | |
9. Income tax payments (-) | (816.354.624) | (406.675.892) | |
10. Other cash inflows | 293.241.891 | 117.305.281 | |
11. Other cash outflows (-) | (4.866.784.378) | (2.980.172.667) | |
12. Net cash generated from / (used in) operating activities | 4.931.911.748 | 2.928.907.651 | |
B. Cash flows from the investing activities | - | - | |
1. Sale of tangible assets | 15.995.522 | 801.889 | |
2. Purchase of tangible assets (-) | 6.3.1 | (715.277.999) | (388.556.627) |
3. Acquisition of financial assets (-) | 11.4 | (10.035.632.424) | (7.143.108.830) |
4. Sale of financial assets | 5.701.964.160 | 4.734.875.095 | |
5. Interest received | 2.292.513.248 | 1.232.623.931 | |
6. Dividends received | 26 | 10.329.001 | - |
7. Other cash inflows | - | - | |
8. Other cash outflows (-) | - | - | |
9. Net cash generated from / (used in) the investing activities | (2.730.108.492) | (1.563.364.542) | |
C. Cash flows from the financing activities | - | - | |
1. Issue of equity shares | - | - | |
2. Cash inflows from borrowings | - | - | |
3. Payments of financial leases (-) | 20 | (77.978.689) | (51.234.404) |
4. Dividends paid (-) | (940.822.517) | (281.809.142) | |
5. Other cash inflows | - | - | |
6. Other cash outflows (-) | (13.620.400) | (39.635.579) | |
7. Cash generated from / (used in) the financing activities | (1.032.421.606) | (372.679.125) | |
D. Effects of Exchange Rate Differences on Cash and Cash Equivalents | 1.875.549 | (186.956) | |
E. Net increase / (decrease) in cash and cash equivalents (A12+B9+C7+D) | 1.171.257.199 | 992.677.028 | |
F. Cash and cash equivalents at the beginning of the period | 2.12 | 5.559.613.905 | 2.058.442.162 |
G. Cash and cash equivalents at the end of period (E+F) | 2.12 | 6.730.871.104 | 3.051.119.190 |
CONSOLIDATED SHAREHOLDERS' EQUITY AS OF 30 JUNE 2025
(Amounts expressed in Turkish Lira (TL) unless otherwise stated).
Reviewed Current Period | |||||||||||||
1 January-30 June 2025 | |||||||||||||
Capital | Treasury Shares | Investment Revaluation Reserve | Inflation Adjustment to Shareholders' Equity | Exchange Differences Arising on Translation of Foreign Operations | Legal Reserves | Statutory Reserves | Other Reserves and Retained Earnings | Net Profit / (Loss) for the Period | Previous Periods' Profits / (Losses) (-) | Equity Attributable to Owners of Parent | Non- controlling Interests | Total | |
I- Equity at End of Prior Period | 180.000.000 | (100.221.938) | 75.248.129 | - | - | 138.739.901 | 11.494 | 2.324.547.109 | 2.871.345.742 | (40.761.641) | 5.448.908.796 | - | 5.448.908.796 |
II- Changes In Accounting Policy(*) | - | - | - | - | - | - | - | - | - | - | - | - | - |
III- Balance at (01/01/2025) | 180.000.000 | (100.221.938) | 75.248.129 | - | - | 138.739.901 | 11.494 | 2.324.547.109 | 2.871.345.742 | (40.761.641) | 5.448.908.796 | - | 5.448.908.796 |
A- Capital increase (A1 + A2) | - | - | - | - | - | - | - | - | - | - | - | - | - |
1- Cash | - | - | - | - | - | - | - | - | - | - | - | - | - |
2- Internal Resources | - | - | - | - | - | - | - | - | - | - | - | - | - |
B- Purchase of own shares | - | (13.620.400) | - | - | - | - | - | - | - | - | (13.620.400) | - | (13.620.400) |
C- Income / (expenses) recognized directly in equity | - | - | - | - | - | - | - | (6.731.062) | - | - | (6.731.062) | - | (6.731.062) |
D- Valuation gains on assets | - | - | (29.858.063) | - | - | - | - | - | - | - | (29.858.063) | - | (29.858.063) |
E- Exchange difference arising on translation of foreign operations | - | - | - | - | - | - | - | - | - | - | - | - | - |
F- Other income / (expenses) | - | - | - | - | - | - | - | - | - | - | - | - | - |
G- Inflation adjustments | - | - | - | - | - | - | - | - | - | - | - | - | - |
H- Net profit for the period | - | - | - | - | - | - | - | - | 2.607.429.710 | - | 2.607.429.710 | - | 2.607.429.710 |
I- Payment of dividends | - | - | - | - | - | - | - | - | (1.000.000.000) | - | (1.000.000.000) | - | (1.000.000.000) |
J- Transfers | - | - | - | - | - | 99.100.000 | - | 1.731.484.101 | (1.871.345.742) | 40.761.641 | - | - | - |
IV- Balance at (30/06/2025) (III+A+B+C+D+E+F+G+H+I+J) | 180.000.000 | (113.842.338) | 45.390.066 | - | - | 237.839.901 | 11.494 | 4.049.300.148 | 2.607.429.710 | - | 7.006.128.981 | - | 7.006.128.981 |
Reviewed Current Period | |||||||||||||
1 January-30 June 2024 | |||||||||||||
Capital | Treasury Shares | Investment Revaluation Reserve | Inflation Adjustment to Shareholders' Equity | Exchange Differences Arising on Translation of Foreign Operations | Legal Reserves | Statutory Reserves | Other Reserves and Retained Earnings | Net Profit / (Loss) for the Period | Previous Periods' Profits / (Losses) (-) | Equity Attributable to Owners of Parent | Non-controlling Interests | Total | |
I- Equity at End of Prior Period | 180.000.000 | (44.783.416) | 55.579.038 | - | - | 109.639.901 | 11.494 | 1.315.471.300 | 1.424.603.500 | - | 3.040.521.817 | - | 3.040.521.817 |
II- Changes In Accounting Policy(*) | 100.000.000 | - | - | - | - | - | - | 14.354 | (34.564.954) | (6.196.687) | 59.252.713 | - | 59.252.713 |
III- Balance at (01/01/2024) | 280.000.000 | (44.783.416) | 55.579.038 | - | - | 109.639.901 | 11.494 | 1.315.485.654 | 1.390.038.546 | (6.196.687) | 3.099.774.530 | - | 3.099.774.530 |
A- Capital increase (A1 + A2) | - | - | - | - | - | - | - | - | - | - | - | - | - |
1- Cash | - | - | - | - | - | - | - | - | - | - | - | - | - |
2- Internal Resources | - | - | - | - | - | - | - | - | - | - | - | - | - |
B- Purchase of own shares | - | (23.636.005) | - | - | - | - | - | - | - | - | (23.636.005) | - | (23.636.005) |
C- Income / (expenses) recognized directly in equity | - | - | - | - | - | - | - | (24.350.444) | - | - | (24.350.444) | (4.106) | (24.354.550) |
D- Valuation gains on assets | - | - | (13.133.036) | - | - | - | - | - | - | - | (13.133.036) | - | (13.133.036) |
E- Exchange difference arising on translation of foreign operations | - | - | - | - | - | - | - | - | - | - | - | - | - |
F- Other income / (expenses) | (100.000.000) | - | - | - | - | - | - | (30.652.770) | - | - | (130.652.770) | 130.652.770 | - |
G- Inflation adjustments | - | - | - | - | - | - | - | - | - | - | - | - | - |
H- Net profit for the period | - | - | - | - | - | - | - | - | 1.274.590.188 | - | 1.274.590.188 | 1.034.469 | 1.275.624.657 |
I- Payment of dividends | - | - | - | - | - | - | - | - | (300.000.000) | - | (300.000.000) | - | (300.000.000) |
J- Transfers | - | - | - | - | - | 29.100.000 | - | 1.095.503.500 | (1.090.038.546) | (34.564.954) | - | - | - |
IV- Balance at (30/06/2024) (III+A+B+C+D+E+F+G+H+I+J) | 180.000.000 | (68.419.421) | 42.446.002 | - | - | 138.739.901 | 11.494 | 2.355.985.940 | 1.274.590.188 | (40.761.641) | 3.882.592.463 | 131.683.133 | 4.014.275.596 |