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 | 4.769.604.091 | 4.908.818.545 |
1- Cash | - | - | |
2- Cheques Received | - | - | |
3- Banks | 2.12, 14 | 1.864.447.409 | 2.511.214.022 |
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 | 36.811.925.311 | 28.845.045.335 |
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 | 1.833.675.008 | 2.151.259.530 |
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 | 553.196.932 | 258.606.354 |
1- Receivables From Insurance Operations | 12.1 | 212.943.554 | 141.140.857 |
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 | - | - | |
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 | 20.288.586 | 19.618.727 |
1- Due from Shareholders | - | - | |
2- Due from Affiliates | - | - | |
3- Due from Subsidiaries | 12.2 | 4.898.637 | 2.879.090 |
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 | 14.406.949 | 11.378.576 |
1- Leasing Receivables | - | - | |
2- Unearned Leasing Interest Income (-) | - | - | |
3- Deposits and Guarantees Given | 32.725 | 32.725 | |
4- Other Receivables | 14.218.013 | 11.189.640 | |
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 | 1.584.254.518 | 1.385.437.319 | |
1- Deferred Commission Expenses | 2.20 | 1.239.576.406 | 1.033.974.031 |
2- Accrued Interest and Rent Income | - | - | |
3- Income Accruals | 45 | 19.219.214 | 85.109.544 |
4- Other Prepaid Expenses | 47.1 | 325.458.898 | 266.353.744 |
G- Other Current Assets | 47.1 | 8.470.749 | 2.518.028 |
1- Stock to be used in following months | - | - | |
2- Prepaid Taxes and Funds | - | - | |
3- Deferred Tax Assets | - | - | |
4- Business Advances | 47.1 | 7.650.787 | 1.577.949 |
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 | 43.762.147.136 | 35.431.422.884 | |
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 | 1.442.197.252 | 792.197.252 | |
1- Long-term Investments | - | - | |
2- Affiliates | - | - | |
3- Capital Commitments to Affiliates (-) | - | - | |
4- Subsidiaries | 9, 45 | 1.438.250.000 | 788.250.000 |
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 | 501.102.356 | 284.787.967 |
1- Investment Properties | - | - | |
2- Impairment on Investment Properties (-) | - | - | |
3- Owner Occupied Property | - | - | |
4- Machinery and Equipments | 6.3 | 85.636.384 | 84.420.287 |
5- Furnitures and Fixtures | 6.3 | 159.461.261 | 42.929.981 |
6- Vehicles | 6.3 | 4.456.101 | 8.538.700 |
7- Other Tangible Assets (Including Leasehold Improvements) | 6.3 | 99.040.897 | 45.196.828 |
8- Leased Tangible Fixed Assets | 6.3 | 362.405.675 | 244.041.676 |
9- Accumulated Depreciation (-) | 6.3 | (209.897.962) | (140.339.505) |
10- Advances Paid for Tangible Fixed Assets (Including Construction In Progresses) | - | - | |
F- Intangible Assets | 8 | 1.301.120.029 | 974.806.816 |
1- Rights | - | - | |
2- Goodwill | - | - | |
3- Establishment Costs | - | - | |
4- Research and Development Expenses | - | - | |
5- Other Intangible Assets | 8 | 1.072.101.763 | 914.916.582 |
6- Accumulated Amortizations (-) | 8 | (519.325.965) | (432.965.340) |
7- Advances Regarding Intangible Assets | 8 | 748.344.231 | 492.855.574 |
G- Prepaid Expenses and Income Accruals | 3.817.449 | 1.368.491 | |
1- Deferred Expenses | - | - | |
2- Income Accruals | - | - | |
3- Other Prepaid Expenses and Income Accruals | 47.1 | 3.817.449 | 1.368.491 |
H- Other Non-current Assets | 21, 35 | 509.476.125 | 336.941.523 |
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 | 509.476.125 | 336.941.523 |
6- Other Non-current Assets | - | - | |
7- Other Non-current Assets Amortization (-) | - | - | |
8- Provision for Other Non-current Assets (-) | - | - | |
II- Total Non-current Assets | 296.146.211.599 | 231.082.375.369 | |
Total Assets (I+II) | 339.908.358.735 | 266.513.798.253 |
LIABILITIES | |||
III- SHORT TERM LIABILITIES | Note | Reviewed Current Period | Audited Previous Period |
30 June 2025 | 31 December 2024 | ||
A- Borrowings | 20 | 80.395.731 | 59.168.889 |
1- Borrowings from Financial Institutions | - | - | |
2- Finance Lease Payables | 4,20 | 181.626.904 | 122.990.097 |
3- Deferred Finance Lease Costs (-) | 20 | (101.231.173) | (63.821.208) |
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 | 3.360.222.636 | 2.889.268.832 |
1- Payables From Insurance Operations | 4, 19 | 643.335.348 | 438.913.735 |
2- Payables From Reinsurance Operations | - | - | |
3- Cash Deposited by Insurance & Reinsurance Companies | - | - | |
4- Payables From Pension Operations | 4,19 | 2.716.887.288 | 2.450.355.097 |
5- Payables From Other Operations | - | - | |
6- Discount on Other Payables From Main Operations, Notes Payable (-) | - | - | |
C- Due to Related Parties | 4, 19 | 79.382.547 | 280.354.939 |
1- Due to Shareholders | 12.2,19 | 2.733.279 | 3.516.257 |
2- Due to Affiliates | - | - | |
3- Due to Subsidiaries | 12.2,19 | 39.690 | 1.534.974 |
4- Due to Entities Under Common Control | - | - | |
5- Due to Personnel | 19 | 4.172.999 | 5.045.202 |
6- Due to Other Related Parties | 19, 45 | 72.436.579 | 270.258.506 |
D- Other Payables | 4,19,47.1 | 114.573.568 | 130.896.242 |
1- Guarantees and Deposits Received | 26.276 | 23.327 | |
2- Medical Treatment Payables to Social Security Institution | - | - | |
3- Other Payables | 114.547.292 | 130.872.915 | |
4- Discount on Other Payables (-) | - | - | |
E- Insurance Technical Reserves | 17.15 | 4.054.810.136 | 3.258.822.490 |
1- Unearned Premiums Reserve - Net | 17.15 | 2.968.291.122 | 2.656.200.446 |
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 | 343.748.174 | 254.839.604 |
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 | 978.408.029 | 638.369.529 | |
1- Taxes and Dues Payable | 294.411.337 | 255.763.285 | |
2- Social Security Premiums Payable | 70.380.365 | 52.151.200 | |
3- Overdue, Deferred or By Installment Taxes and Other Liabilities | - | - | |
4- Other Taxes and Liabilities | - | - | |
5- Corporate Tax Provision on Period Profit | 35 | 1.152.702.905 | 1.199.785.267 |
6- Advance Taxes and Other Liabilities on Period Profit (-) | 35 | (539.086.578) | (869.330.223) |
7- Provisions for Other Taxes and Liabilities | - | - | |
G- Provisions for Other Risks | 23.2 | 499.543.477 | 441.033.554 |
1- Provision for Employee Termination Benefits | - | - | |
2- Pension Fund Deficit Provision | - | - | |
3- Provisions for Costs | 23.2 | 499.543.477 | 441.033.554 |
H- Deferred Income and Expense Accruals | 19 | 545.287.223 | 345.639.429 |
1- Deferred Income | 2.20, 19 | 11.106.570 | 8.297.894 |
2- Expense Accruals | 19 | 534.180.653 | 337.341.535 |
3- Other Deferred Income and Expense Accruals | - | - | |
I- Other Short Term Liabilities | 23.2 | 57.862.515 | 29.821.401 |
1- Deferred Tax Liability | - | - | |
2- Inventory Count Differences | - | - | |
3- Other Short Term Liabilities | 23.2 | 57.862.515 | 29.821.401 |
III - Total Short Term Liabilities | 9.770.485.862 | 8.073.375.305 | |
LIABILITIES | |||
IV- LONG TERM LIABILITIES | Notes | Reviewed Current Period | Audited Previous Period |
30 June 2025 | 31 December 2024 | ||
A- Borrowings | 20 | 231.749.867 | 152.318.111 |
1- Borrowings From Financial Institutions | - | - | |
2- Finance Lease Payables | 4,20 | 488.383.728 | 218.843.812 |
3- Deferred Finance Lease Costs (-) | 20 | (256.633.861) | (66.525.701) |
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 | 41.122.018 | 30.785.140 | |
1- Other Liabilities | - | - | |
2- Overdue, Deferred or By Installment Other Liabilities | - | - | |
3- Other Liabilities and Expense Accruals | 41.122.018 | 30.785.140 | |
G- Provisions for Other Risks | 22 | 114.258.900 | 97.494.552 |
1- Provision for Employee Termination Benefits | 22 | 114.258.900 | 97.494.552 |
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 | 323.466.474.772 | 253.100.511.403 | |
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 | 4.219.769.737 | 2.504.692.764 | |
1- Legal Reserves | 15.2 | 237.439.901 | 138.339.901 |
2- Statutory Reserves | 15.2 | 11.494 | 11.494 |
3- Extraordinary Reserves | 15.2 | 4.038.941.710 | 2.383.438.086 |
4- Special Funds (Reserves) | - | - | |
5- Valuation of Financial Assets | 15.2 | 45.390.066 | 75.248.129 |
6- Other Profit Reserves | 15.2 | (102.013.434) | (92.344.846) |
D- Retained Earning | - | - | |
1- Retained Earnings | - | - | |
E- Previous Years' Losses (-) | - | - | |
1- Previous Years' Losses | - | - | |
F- Net Profit of the Period | 2.384.633.607 | 2.754.603.624 | |
1- Net Profit of the Period | 2.384.633.607 | 2.754.603.624 | |
2- Net Loss of the Period | - | - | |
3- Net Profit of the Period not Subject to Distribution | - | - | |
Total Shareholders' Equity | 6.671.398.101 | 5.339.911.545 | |
Total Liabilities and Shareholders' Equity (III+IV+V) | 339.908.358.735 | 266.513.798.253 | |
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 | 119.664.754 | 61.480.584 | 78.194.967 | 42.174.788 | |
1- Earned Premiums (Net of Reinsurer Share) | 119.664.754 | 61.480.584 | 78.194.967 | 42.174.788 | |
1.1- Premiums (Net of Reinsurer Share) | 5,24 | 142.001.329 | 50.448.595 | 117.323.138 | 40.332.938 |
1.1.1- Gross Premiums (+) | 5,24 | 142.654.980 | 50.780.957 | 117.772.194 | 40.543.667 |
1.1.2- Ceded Premiums to Reinsurers (-) | 5,10,24 | (653.651) | (332.362) | (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 | (22.336.575) | 11.031.989 | (39.128.171) | 1.841.850 |
1.2.1- Unearned Premiums Reserve (-) | 17.15 | (22.336.575) | 11.031.989 | (39.117.726) | 1.841.850 |
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 | - | - | - | - | |
3- Other Technical Income (Net of Reinsurer Share) | - | - | - | - | |
3.1- Gross Other Technical Income (+) | - | - | - | - | |
3.2- Reinsurance Share of Other Technical Income (-) | - | - | - | - | |
4. Accrued Subrogation and Sovtage Income (+) | - | - | - | - | |
B- Non-Life Technical Expenses (-) | (92.046.125) | (33.427.342) | (65.309.004) | (26.638.305) | |
1- Total Claims (Net of Reinsurer Share) | 5 | (1.936.916) | (1.511.948) | (2.008.674) | 1.274.212 |
1.1- Claims Paid (Net of Reinsurer Share) | 17.15 | (3.164.426) | (1.306.359) | (2.518.010) | (1.082.931) |
1.1.1- Gross Claims Paid (-) | 17.15 | (3.244.418) | (1.386.351) | (2.668.396) | (1.100.931) |
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 | 1.227.510 | (205.589) | 509.336 | 2.357.143 |
1.2.1- Outstanding Claims Reserve (-) | 17.15 | 1.257.249 | (170.609) | (31.317) | 1.839.759 |
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 | (88.674.976) | (31.420.690) | (62.057.982) | (27.487.826) |
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) | 27.618.629 | 28.053.242 | 12.885.963 | 15.536.483 | |
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 (+) | - | - | - | - |
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 | (11.417.558.482) | (5.779.870.577) | (6.629.222.114) | (2.740.177.112) | |
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 | (3.068.465.204) | (1.561.988.260) | (1.624.000.372) | (764.679.420) |
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) | 1.765.068.522 | 1.141.897.729 | 565.639.597 | 472.473.985 | |
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 | (3.320.661.488) | (1.776.922.341) | (2.299.296.013) | (1.177.024.116) | |
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 | (2.839.276.880) | (1.498.237.981) | (1.991.558.546) | (1.007.721.351) |
4- Other Technical Expenses (-) | 5 | (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) | (618.337.902) | (503.398.344) | (494.324.991) | (362.495.164) |
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) | 27.618.629 | 28.053.242 | 12.885.963 | 15.536.483 | |
F- Life Technical Profit / (Loss) (D-E) | 1.765.068.522 | 1.141.897.729 | 565.639.597 | 472.473.985 | |
I- Private Pension Technical Profit / (Loss) (G-H) | (618.337.902) | (503.398.344) | (494.324.991) | (362.495.164) | |
J- Total Technical Profit / (Loss) (C+F+I) | 1.174.349.249 | 666.552.627 | 84.200.569 | 125.515.304 | |
K- Investment Income | 2.437.522.519 | 1.238.905.682 | 1.701.970.976 | 794.508.603 | |
1- Income From Financial Investment | 26 | 1.889.458.011 | 518.798.864 | 1.060.585.232 | 414.000.485 |
2- Income from Sales of Financial Investments | 26 | 870.036 | - | 9.381.378 | 7.487.271 |
3- Revaluation of Financial Investments | 27 | 279.453.601 | 591.048.623 | 370.021.897 | 309.768.006 |
4- Foreign Exchange Gains | 36 | 257.411.870 | 129.058.195 | 259.832.478 | 61.102.850 |
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 (-) | (236.803.721) | (130.823.105) | (170.501.205) | (106.446.028) | |
1- Investment Management Expenses (Including Interest) (-) | (63.313.415) | (36.144.995) | (27.616.072) | (17.113.204) | |
2- Valuation Allowance of Investments (-) | - | - | - | - | |
3- Losses On Sales of Investments (-) | - | - | (41.566) | - | |
4- Investment Income Transferred to Non-Life Technical Division (-) | - | - | - | - | |
5- Losses from Derivatives (-) | 13,26,36 | (13.085.900) | (6.656.400) | (3.286.900) | (181.500) |
6- Foreign Exchange Losses (-) | 36 | (7.233) | (42) | (35.830.649) | (31.388.488) |
7- Depreciation Charges (-) | 6.1 | (159.961.323) | (88.009.206) | (103.714.269) | (57.759.301) |
8- Other Investment Expenses (-) | (435.850) | (12.462) | (11.749) | (3.535) | |
M- Income and Expenses From Other and Extraordinary Operations (+/-) | 183.966.574 | 82.829.552 | 110.899.719 | 33.212.448 | |
1- Provisions (+/-) | (41.483.486) | (3.087.337) | (4.074.139) | 2.924.415 | |
2- Discounts (+/-) | - | - | - | - | |
3- Specialty Insurances (+/-) | - | - | - | - | |
4- Inflation Adjustment (+/-) | - | - | - | - | |
5- Deferred Tax Asset (+/-) | 35,47.4 | 283.306.419 | 134.603.701 | 123.209.050 | 40.384.534 |
6- Deferred Tax Liability Accounts (+/-) | - | - | - | - | |
7- Other Income and Revenues | 47.1 | 147.584.438 | 75.812.322 | 76.927.405 | 32.593.842 |
8- Other Expenses and Losses (-) | 47.1 | (213.020.831) | (117.333.426) | (85.468.045) | (39.354.797) |
9- Prior Period Income | 47.3 | 26.976.197 | 5.720.113 | 8.032.266 | 334.884 |
10- Prior Period Losses (-) | 47.3 | (19.396.163) | (12.885.821) | (7.726.818) | (3.670.430) |
N- Net Profit / (Loss) | 2.384.633.607 | 1.260.120.053 | 1.198.378.737 | 603.276.447 | |
1- Profit / (Loss) Before Tax | 3.559.034.621 | 1.857.464.756 | 1.726.570.059 | 846.790.327 | |
2- Corporate Tax Charge and Other Fiscal Liabilities (-) | 35,47.4 | (1.174.401.014) | (597.344.703) | (528.191.322) | (243.513.880) |
3- Net Profit / (Loss) | 2.384.633.607 | 1.260.120.053 | 1.198.378.737 | 603.276.447 | |
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 | 10.525.164.812 | 6.418.336.347 | |
2. Cash inflows from the reinsurance operations | - | - | |
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) | (2.357.525.662) | |
5. Cash outflows due to the reinsurance operations (-) | - | - | |
6. Cash outflows due to the pension operations (-) | (38.339.603.650) | (28.220.766.989) | |
7. Cash generated from the operating activities (A1+A2+A3-A4-A5-A6) | 9.556.616.731 | 5.689.676.770 | |
8. Interest payments (-) | - | - | |
9. Income tax payments (-) | (767.859.335) | (359.747.652) | |
10. Other cash inflows | 92.425.415 | 116.094.771 | |
11. Other cash outflows (-) | (4.599.526.533) | (2.587.875.489) | |
12. Net cash generated from / (used in) operating activities | 4.281.656.278 | 2.858.148.400 | |
B. Cash flows from the investing activities | - | - | |
1. Sale of tangible assets | 15.995.522 | 569.471 | |
2. Purchase of tangible assets (-) | 6.3.1 | (593.275.841) | (290.400.561) |
3. Acquisition of financial assets (-) | 11.4 | (8.375.433.075) | (6.348.408.855) |
4. Sale of financial assets | 4.059.265.989 | 4.176.562.964 | |
5. Interest received | 1.974.709.139 | 1.142.682.716 | |
6. Dividends received | 26 | 10.329.001 | - |
7. Other cash inflows | - | - | |
8. Other cash outflows (-) | 9 | (650.000.000) | (629.000.000) |
9. Net cash generated from / (used in) the investing activities | (3.558.409.265) | (1.947.994.265) | |
C. Cash flows from the financing activities | - | - | |
1. Issue of equity shares | - | - | |
2. Cash inflows from borrowings | - | - | |
3. Payments of financial leases (-) | 20 | (73.203.883) | (40.071.714) |
4. Dividends paid (-) | (940.822.517) | (281.809.142) | |
5. Other cash inflows | - | - | |
6. Other cash outflows (-)- | (13.620.400) | (23.636.005) | |
7. Cash generated from / (used in) the financing activities | (1.027.646.800) | (345.516.861) | |
D. Effects of Exchange Rate Differences on Cash and Cash Equivalents | 2.402.389 | 490.496 | |
E. Net increase / (decrease) in cash and cash equivalents (A12+B9+C7+D) | (301.997.398) | 565.127.770 | |
F. Cash and cash equivalents at the beginning of the period | 2.12 | 4.741.636.830 | 1.949.761.321 |
G. Cash and cash equivalents at the end of period (E+F) | 2.12 | 4.439.639.432 | 2.514.889.091 |
NON-CONSOLIDATED SHAREHOLDERS' EQUITY AS OF 30 JUNE 2025
(Amounts expressed in Turkish Lira (TL) unless otherwise stated).
Reviewed Current Period | |||||||||||
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) (-) | Total | |
I- Balance at (31/12/2024) | 180.000.000 | (100.221.938) | 75.248.129 | - | - | 138.339.901 | 11.494 | 2.291.930.335 | 2.754.603.624 | - | 5.339.911.545 |
A- Capital increase (A1 + A2) | - | - | - | - | - | - | - | - | - | - | - |
1- Cash | - | - | - | - | - | - | - | - | - | - | - |
2- Internal Resources | - | - | - | - | - | - | - | - | - | - | - |
B- Purchase of own shares | - | (13.620.400) | - | - | - | - | - | - | - | - | (13.620.400) |
C- Income / (expenses) recognized directly in equity | - | - | - | - | - | - | - | (9.668.588) | - | - | (9.668.588) |
D- Valuation gains on assets | - | - | (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 | - | - | - | - | - | - | - | - | 2.384.633.607 | - | 2.384.633.607 |
I- Payment of dividends | - | - | - | - | - | - | - | - | (1.000.000.000) | - | (1.000.000.000) |
J- Transfers | - | - | - | - | - | 99.100.000 | - | 1.655.503.624 | (1.754.603.624) | - | - |
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 | - | - | 237.439.901 | 11.494 | 3.937.765.371 | 2.384.633.607 | - | 6.671.398.101 |
Reviewed Previous 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) (-) | Total | |
I- Balance at (31/12/2023) | 180.000.000 | (44.783.416) | 55.579.038 | - | - | 109.239.901 | 11.494 | 1.277.297.427 | 1.373.709.052 | - | 2.951.053.496 |
A- Capital increase (A1 + A2) | - | - | - | - | - | - | - | - | - | - | - |
1- Cash | - | - | - | - | - | - | - | - | - | - | - |
2- Internal Resources | - | - | - | - | - | - | - | - | - | - | - |
B- Purchase of own shares | - | (23.636.005) | - | - | - | - | - | - | - | - | (23.636.005) |
C- Income / (expenses) recognized directly in equity | - | - | - | - | - | - | - | (21.589.444) | - | - | (21.589.444) |
D- Valuation gains on assets | - | - | (13.133.036) | - | - | - | - | - | - | - | (13.133.036) |
E- Exchange difference arising on translation of foreign operations | - | - | - | - | - | - | - | - | - | - | - |
F- Other income / (expenses) | - | - | - | - | - | - | - | - | - | - | - |
G- Inflation adjustments | - | - | - | - | - | - | - | - | - | - | - |
H- Net profit for the period | - | - | - | - | - | - | - | - | 1.198.378.737 | - | 1.198.378.737 |
I- Payment of dividends | - | - | - | - | - | - | - | - | (300.000.000) | - | (300.000.000) |
J- Transfers | - | - | - | - | - | 29.100.000 | - | 1.044.609.052 | (1.073.709.052) | - | - |
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 | - | - | 138.339.901 | 11.494 | 2.300.317.035 | 1.198.378.737 | - | 3.791.073.748 |