ASSETS | |||
I- CURRENT ASSETS | Notes | Reviewed Current Period | Audited Previous Period |
30 June 2026 | 31 December 2025 | ||
A- Cash and Cash Equivalents | 2.12, 14 | 10.978.631.312 | 6.676.805.376 |
1- Cash | - | - | |
2- Cheques Received | - | - | |
3- Banks | 2.12, 14 | 6.813.088.583 | 2.812.204.814 |
4- Cheques Given and Payment Orders (-) | - | - | |
5- Bank Guaranteed Credit Card Receivables with Maturities Less Than Three Months | 2.12, 14 | 4.165.542.729 | 3.864.600.562 |
6- Other Cash and Cash Equivalents | - | - | |
B- Financial Assets and Investments with Risks on Policyholders | 4,11.4 | 52.280.092.707 | 47.155.662.848 |
1- Financial Assets Available for Sale | 4,11.4 | 3.952.139.580 | 3.879.371.873 |
2- Financial Assets Held to Maturity | 4,11.4 | 1.887.565.144 | 1.816.492.078 |
3- Financial Assets Held for Trading | 4,11.4 | 3.365.225.798 | 5.306.485.859 |
4- Loans | - | - | |
5- Provision for Loans (-) | - | - | |
6- Investments with Risks on Policyholders | 4,11.4 | 43.075.162.185 | 36.153.313.038 |
7- Equity Shares | - | - | |
8- Impairment on Financial Assets (-) | - | - | |
C- Receivables From Main Operations | 12.1 | 904.441.300 | 401.069.190 |
1- Receivables From Insurance Operations | 12.1 | 377.949.581 | 206.816.479 |
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 | 526.491.719 | 194.252.711 |
9- Doubtful Receivables From Main Operations | - | - | |
10- Provisions for Doubtful Receivables From Main Operations (-) | - | - | |
D- Due from Related Parties | 12.1 | 104.609.982 | 110.937.642 |
1- Due from Shareholders | - | - | |
2- Due from Affiliates | - | - | |
3- Due from Subsidiaries | 12.2 | 3.556.729 | 5.602.908 |
4- Due from Entities Under Common Control | - | - | |
5- Due from Personnel | 78.984 | 78.224 | |
6- Due from Other Related Parties | 45 | 100.974.269 | 105.256.510 |
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 | 43.071.262 | 35.781.798 |
1- Leasing Receivables | - | - | |
2- Unearned Leasing Interest Income (-) | - | - | |
3- Deposits and Guarantees Given | 4.494.785 | 32.725 | |
4- Other Receivables | 12.639.215 | 35.599.108 | |
5- Discount on Other Receivables (-) | - | - | |
6- Other Doubtful Receivables | 25.937.262 | 149.965 | |
7- Provisions for Other Doubtful Receivables (-) | - | - | |
F- Prepaid Expenses and Income Accruals | 2.787.741.189 | 1.722.697.217 | |
1- Deferred Commission Expenses | 2.20 | 2.266.706.101 | 1.562.251.760 |
2- Accrued Interest and Rent Income | - | - | |
3- Income Accruals | 45 | 37.295.971 | - |
4- Other Prepaid Expenses | 47.1 | 483.739.117 | 160.445.457 |
G- Other Current Assets | 47.1 | 57.538.017 | 2.118.371 |
1- Stock to be used in following months | - | - | |
2- Prepaid Taxes and Funds | - | - | |
3- Deferred Tax Assets | - | - | |
4- Business Advances | 47.1 | 56.643.959 | 915.850 |
5- Advances Given to Personnel | 47.1 | 894.058 | 1.202.521 |
6- Stock Count Differences | - | - | |
7- Other Current Assets | - | - | |
8- Provision for Other Current Assets (-) | - | - | |
I- Total Current Asset | 67.156.125.769 | 56.105.072.442 | |
ASSETS | |||
II- NON CURRENT ASSETS | Notes | Reviewed Current Period | Audited Previous Period |
30 June 2026 | 31 December 2025 | ||
A- Receivables From Main Operations | 12.1 | 448.327.478.415 | 402.132.019.806 |
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 | 838.855.859 | 790.128.263 |
7- Provision for Loans to Policyholders (-) | - | - | |
8- Receivables From Pension Operations | 17.5,17.6,19 | 447.488.622.556 | 401.341.891.543 |
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 | 862.158 | 861.412 |
1- Leasing Receivables | - | - | |
2- Unearned Leasing Interest Income (-) | - | - | |
3- Deposits and Guarantees Given | 12.1 | 862.158 | 861.412 |
4- Other Receivables | - | - | |
5- Discount on Other Receivables (-) | - | - | |
6- Other Doubtful Receivables | - | - | |
7- Provisions for Other Doubtful Receivables (-) | - | - | |
D- Financial Assets | 2.142.419.473 | 1.442.419.473 | |
1- Long-term Investments | - | - | |
2- Affiliates | - | - | |
3- Capital Commitments to Affiliates (-) | - | - | |
4- Subsidiaries | 2.138.250.000 | 1.438.250.000 | |
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 | 4.169.473 | 4.169.473 |
10- Impairment on Financial Assets (-) | - | - | |
E- Tangible Assets | 6.3 | 820.357.721 | 850.784.428 |
1- Investment Properties | - | - | |
2- Impairment on Investment Properties (-) | - | - | |
3- Owner Occupied Property | - | - | |
4- Machinery and Equipments | 6.3 | 226.516.896 | 224.829.703 |
5- Furnitures and Fixtures | 6.3 | 167.904.105 | 170.501.760 |
6- Vehicles | 6.3 | 4.456.101 | 4.456.101 |
7- Other Tangible Assets (Including Leasehold Improvements) | 6.3 | 408.128.183 | 354.773.557 |
8- Leased Tangible Fixed Assets | 6.3 | 428.595.656 | 393.727.557 |
9- Accumulated Depreciation (-) | 6.3 | (415.243.220) | (297.504.250) |
10- Advances Paid for Tangible Fixed Assets (Including Construction In Progresses) | - | - | |
F- Intangible Assets | 8 | 1.947.451.617 | 1.598.345.738 |
1- Rights | - | - | |
2- Goodwill | - | - | |
3- Establishment Costs | - | - | |
4- Research and Development Expenses | - | - | |
5- Other Intangible Assets | 8 | 2.328.089.646 | 1.871.502.220 |
6- Accumulated Amortizations (-) | 8 | (841.846.377) | (647.347.494) |
7- Advances Regarding Intangible Assets | 8 | 461.208.348 | 374.191.012 |
G- Prepaid Expenses and Income Accruals | 3.154.644 | 2.786.271 | |
1- Deferred Expenses | - | - | |
2- Income Accruals | - | - | |
3- Other Prepaid Expenses and Income Accruals | 47.1 | 3.154.644 | 2.786.271 |
H- Other Non-current Assets | 21 | 491.494.507 | 339.851.317 |
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 | 491.494.507 | 339.851.317 |
6- Other Non-current Assets | - | - | |
7- Other Non-current Assets Amortization (-) | - | - | |
8- Provision for Other Non-current Assets (-) | - | - | |
II- Total Non-current Assets | 453.733.218.535 | 406.367.068.445 | |
Total Assets (I+II) | 520.889.344.304 | 462.472.140.887 |
LIABILITIES | |||
III- SHORT TERM LIABILITIES | Note | Reviewed Current Period | Audited Previous Period |
30 June 2026 | 31 December 2025 | ||
A- Borrowings | 20 | 98.693.039 | 112.595.417 |
1- Borrowings from Financial Institutions | - | - | |
2- Finance Lease Payables | 4,20 | 179.868.087 | 201.798.247 |
3- Deferred Finance Lease Costs (-) | 20 | (81.175.048) | (89.202.830) |
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 | 4.546.049.155 | 5.063.791.072 |
1- Payables From Insurance Operations | 4, 19 | 951.740.770 | 967.678.474 |
2- Payables From Reinsurance Operations | - | - | |
3- Cash Deposited by Insurance & Reinsurance Companies | - | - | |
4- Payables From Pension Operations | 4,19 | 3.594.308.385 | 4.096.112.598 |
5- Payables From Other Operations | - | - | |
6- Discount on Other Payables From Main Operations, Notes Payable (-) | - | - | |
C- Due to Related Parties | 4, 19 | 124.775.122 | 169.811.615 |
1- Due to Shareholders | 12.2,19 | 4.745.659 | 1.793.615 |
2- Due to Affiliates | - | - | |
3- Due to Subsidiaries | 12.2,19 | 42.232 | - |
4- Due to Entities Under Common Control | - | - | |
5- Due to Personnel | 19 | 5.654.742 | 7.384.835 |
6- Due to Other Related Parties | 19, 45 | 114.332.489 | 160.633.165 |
D- Other Payables | 4,19,47.1 | 200.734.304 | 187.129.886 |
1- Guarantees and Deposits Received | 30.795 | 28.329 | |
2- Medical Treatment Payables to Social Security Institution | - | - | |
3- Other Payables | 200.703.509 | 187.101.557 | |
4- Discount on Other Payables (-) | - | - | |
E- Insurance Technical Reserves | 17.15 | 8.015.128.548 | 5.311.162.148 |
1- Unearned Premiums Reserve - Net | 17.15 | 5.718.886.672 | 3.574.573.337 |
2- Unexpired Risk Reserves - Net | - | - | |
3- Life Mathematical Reserves - Net | 17.15 | 1.695.810.950 | 1.271.911.198 |
4- Outstanding Claims Reserve - Net | 2.20,17.15 | 600.430.926 | 464.677.613 |
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 | 1.442.173.953 | 929.288.988 | |
1- Taxes and Dues Payable | 508.109.589 | 449.315.828 | |
2- Social Security Premiums Payable | 109.213.285 | 77.916.428 | |
3- Overdue, Deferred or By Installment Taxes and Other Liabilities | - | - | |
4- Other Taxes and Liabilities | - | - | |
5- Corporate Tax Provision on Period Profit | 35 | 1.790.263.046 | 2.203.296.514 |
6- Advance Taxes and Other Liabilities on Period Profit (-) | 35 | (965.411.967) | (1.801.239.782) |
7- Provisions for Other Taxes and Liabilities | - | - | |
G- Provisions for Other Risks | 23.2 | 571.745.086 | 697.311.569 |
1- Provision for Employee Termination Benefits | - | - | |
2- Pension Fund Deficit Provision | - | - | |
3- Provisions for Costs | 23.2 | 571.745.086 | 697.311.569 |
H- Deferred Income and Expense Accruals | 19 | 812.248.644 | 349.491.069 |
1- Deferred Income | 2.20, 19 | 26.906.222 | 15.446.561 |
2- Expense Accruals | 19 | 785.342.422 | 334.044.508 |
3- Other Deferred Income and Expense Accruals | - | - | |
I- Other Short Term Liabilities | 23.2 | 113.935.483 | 70.226.073 |
1- Deferred Tax Liability | - | - | |
2- Inventory Count Differences | - | - | |
3- Other Short Term Liabilities | 23.2 | 113.935.483 | 70.226.073 |
III - Total Short Term Liabilities | 15.925.483.334 | 12.890.807.837 | |
LIABILITIES | |||
IV- LONG TERM LIABILITIES | Notes | Reviewed Current Period | Audited Previous Period |
30 June 2026 | 31 December 2025 | ||
A- Borrowings | 20 | 197.270.611 | 196.716.724 |
1- Borrowings From Financial Institutions | - | - | |
2- Finance Lease Payables | 4,20 | 458.998.903 | 428.614.667 |
3- Deferred Finance Lease Costs (-) | 20 | (261.728.292) | (231.897.943) |
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 | 447.488.622.556 | 401.341.891.543 |
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 | 447.488.622.556 | 401.341.891.543 |
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 | 44.883.241.182 | 38.184.104.164 |
1- Unearned Premiums Reserve - Net | - | - | |
2- Unexpired Risk Reserves - Net | - | - | |
3- Life Mathematical Reserves - Net | 17.15 | 44.608.692.301 | 37.973.565.061 |
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 | 274.548.881 | 210.539.103 |
F- Other Liabilities and Provisions | 60.884.538 | 54.047.586 | |
1- Other Liabilities | - | - | |
2- Overdue, Deferred or By Installment Other Liabilities | - | - | |
3- Other Liabilities and Expense Accruals | 60.884.538 | 54.047.586 | |
G- Provisions for Other Risks | 22 | 281.978.398 | 228.965.078 |
1- Provision for Employee Termination Benefits | 22 | 281.978.398 | 228.965.078 |
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 | 492.911.997.285 | 440.005.725.095 | |
SHAREHOLDERS' EQUITY | |||
V- SHAREHOLDERS' EQUITY | Notes | Reviewed Current Period | Audited Previous Period |
30 June 2026 | 31 December 2025 | ||
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 | (116.757.152) | (113.005.243) |
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 | (116.757.152) | (113.005.243) |
C- Profit Reserves | 8.136.979.950 | 4.358.734.507 | |
1- Legal Reserves | 15.2 | 361.539.901 | 237.439.901 |
2- Statutory Reserves | 15.2 | 11.494 | 11.494 |
3- Extraordinary Reserves | 15.2 | 7.814.720.401 | 4.038.941.710 |
4- Special Funds (Reserves) | - | - | |
5- Valuation of Financial Assets | 15.2 | 138.270.318 | 246.906.378 |
6- Other Profit Reserves | 15.2 | (177.562.164) | (164.564.976) |
D- Retained Earning | - | - | |
1- Retained Earnings | - | - | |
E- Previous Years' Losses (-) | - | - | |
1- Previous Years' Losses | - | - | |
F- Net Profit of the Period | 3.851.640.887 | 5.149.878.691 | |
1- Net Profit of the Period | 3.851.640.887 | 5.149.878.691 | |
2- Net Loss of the Period | - | - | |
3- Net Profit of the Period not Subject to Distribution | - | - | |
Total Shareholders' Equity | 12.051.863.685 | 9.575.607.955 | |
Total Liabilities and Shareholders' Equity (III+IV+V) | 520.889.344.304 | 462.472.140.887 | |
I- TECHNICAL DIVISION | Notes | Reviewed Current Period | Reviewed Current Period | Reviewed Previous Period | Reviewed Previous Period |
1 January- 30 June 2026 | 1 April- 30 June 2026 | 1 January- 30 June 2025 | 1 April- 30 June 2025 | ||
A- Non-Life Technical Income | 154.050.713 | 80.288.570 | 119.664.754 | 61.480.584 | |
1- Earned Premiums (Net of Reinsurer Share) | 154.050.713 | 80.288.570 | 119.664.754 | 61.480.584 | |
1.1- Premiums (Net of Reinsurer Share) | 5,24 | 185.996.240 | 64.592.142 | 142.001.329 | 50.448.595 |
1.1.1- Gross Premiums (+) | 5,24 | 252.655.184 | 100.174.132 | 142.654.980 | 50.780.957 |
1.1.2- Ceded Premiums to Reinsurers (-) | 5,10,24 | (66.658.944) | (35.581.990) | (653.651) | (332.362) |
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 | (31.945.527) | 15.696.428 | (22.336.575) | 11.031.989 |
1.2.1- Unearned Premiums Reserve (-) | 17.15 | (79.763.263) | (5.807.864) | (22.336.575) | 11.031.989 |
1.2.2- Reinsurance Share of Unearned Premiums Reserve (+) | 10, 17.15 | 47.817.736 | 21.504.292 | - | - |
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 (-) | (129.338.463) | (70.359.916) | (92.046.125) | (33.427.342) | |
1- Total Claims (Net of Reinsurer Share) | 5 | (6.101.256) | (5.151.225) | (1.936.916) | (1.511.948) |
1.1- Claims Paid (Net of Reinsurer Share) | 17.15 | (3.331.229) | (1.956.918) | (3.164.426) | (1.306.359) |
1.1.1- Gross Claims Paid (-) | 17.15 | (16.632.817) | (12.154.337) | (3.244.418) | (1.386.351) |
1.1.2- Reinsurance Share of Claims Paid (+) | 10, 17.15 | 13.301.588 | 10.197.419 | 79.992 | 79.992 |
1.2- Changes in Outstanding Claims Reserve (Net of Reinsurer Share and Reserves Carried Forward) (+/-) | 17.15,47.4 | (2.770.027) | (3.194.307) | 1.227.510 | (205.589) |
1.2.1- Outstanding Claims Reserve (-) | 17.15 | (4.266.128) | (4.254.774) | 1.257.249 | (170.609) |
1.2.2- Reinsurance Share of Outstanding Claims Reserve (+) | 10, 17.15 | 1.496.101 | 1.060.467 | (29.739) | (34.980) |
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 | (1.893.498) | (1.326.957) | (1.433.170) | (493.641) |
4- Operating Expenses (-) | 31 | (121.341.888) | (63.879.913) | (88.674.976) | (31.420.690) |
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 (-) | (1.821) | (1.821) | (1.063) | (1.063) | |
6.1- Other Gross Technical Expenses (-) | (1.821) | (1.821) | (1.063) | (1.063) | |
6.2- Reinsurer Share of Other Gross Technical Expenses (+) | - | - | - | - | |
C- Non Life Technical Profit / (Loss) (A-B) | 24.712.250 | 9.928.654 | 27.618.629 | 28.053.242 | |
D- Life Technical Income | 16.399.864.369 | 8.781.440.148 | 13.182.627.004 | 6.921.768.306 | |
1- Earned Premiums (Net of Reinsurer Share) | 12.915.298.888 | 6.717.977.128 | 9.933.862.753 | 5.424.112.738 | |
1.1- Premiums (Net of Reinsurer Share) | 5,24 | 15.027.666.696 | 8.176.574.226 | 10.223.616.854 | 5.600.423.346 |
1.1.1- Gross Premiums (+) | 5,24 | 15.448.697.576 | 8.397.544.129 | 10.480.658.254 | 5.756.780.433 |
1.1.2- Ceded Premiums to Reinsurers (-) | 5,10,24 | (421.030.880) | (220.969.903) | (257.041.400) | (156.357.087) |
1.2- Change in Unearned Premiums Reserve (Net of Reinsurers Shares and Reserves Carried Forward) (+/-) | 5,17.15, 47.4 | (2.112.367.808) | (1.458.597.098) | (289.754.101) | (176.310.608) |
1.2.1- Unearned Premiums Reserve (-) | 17.15 | (2.115.327.019) | (1.461.367.582) | (292.280.735) | (177.462.249) |
1.2.2- Reinsurance Share of Unearned Premiums Reserve (+) | 10, 17.15 | 2.959.211 | 2.770.484 | 2.526.634 | 1.151.641 |
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 | 3.394.060.189 | 2.012.030.717 | 3.145.822.742 | 1.451.609.567 |
3- Accrued (Unrealized) Income from Investments | - | - | - | - | |
4- Other Technical Income (Net of Reinsurer Share) | 5 | 90.505.292 | 51.432.303 | 102.941.509 | 46.046.001 |
4.1- Other Gross Technical Income (+/-) | 5 | 90.505.292 | 51.432.303 | 102.941.509 | 46.046.001 |
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 2026 | 1 April- 30 June 2026 | 1 January- 30 June 2025 | 1 April- 30 June 2025 | ||
E- Life Technical Expense | (13.949.268.862) | (7.376.218.968) | (11.417.558.482) | (5.779.870.577) | |
1- Total Claims (Net of Reinsurer Share) | 5 | (2.587.487.792) | (1.349.013.390) | (1.327.652.616) | (714.237.164) |
1.1- Claims Paid (Net of Reinsurer Share) | 17.15 | (2.454.504.506) | (1.238.433.480) | (1.237.516.535) | (671.489.345) |
1.1.1- Gross Claims Paid (-) | 17.15 | (2.677.322.456) | (1.362.091.292) | (1.319.980.482) | (719.444.001) |
1.1.2- Reinsurance Share of Claims Paid (+) | 10,17.15 | 222.817.950 | 123.657.812 | 82.463.947 | 47.954.656 |
1.2- Changes in Outstanding Claims Reserve (Net of Reinsurer Share and Reserves Carried Forward) (+/-) | 17.15,47.4 | (132.983.286) | (110.579.910) | (90.136.081) | (42.747.819) |
1.2.1- Outstanding Claims Reserve (-) | 17.15 | (191.605.148) | (148.497.459) | (144.820.203) | (58.808.518) |
1.2.2- Reinsurance Share of Outstanding Claims Reserve (+) | 10,17.15 | 58.621.862 | 37.917.549 | 54.684.122 | 16.060.699 |
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 | (7.178.372.451) | (3.987.982.463) | (6.985.062.112) | (3.483.424.927) |
3.1- Life Mathematical Reserves | 17.15 | (7.178.151.300) | (3.987.957.026) | (6.988.142.756) | (3.485.339.643) |
3.1.1- Actuarial Mathematics provision(+/-) | (7.178.151.300) | (3.987.957.026) | (6.988.142.756) | (3.485.339.643) | |
3.1.2- Dividend Equivalent (Provision for Policyholders Investment Risk.) | - | - | - | - | |
3.2- Reinsurance Share of Life Mathematical Reserves | 10, 17.15 | (221.151) | (25.437) | 3.080.644 | 1.914.716 |
3.2.1- Provision of Reinsurance Actuarial Mathematics (+) | 10, 17.15 | (221.151) | (25.437) | 3.080.644 | 1.914.716 |
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 | (62.116.280) | (35.113.311) | (36.378.550) | (20.220.226) |
5- Operating Expenses (-) | 31 | (4.116.220.195) | (2.001.742.376) | (3.068.465.204) | (1.561.988.260) |
6- Investment Expenses (-) | 5,36 | (5.072.144) | (2.367.428) | - | - |
7- Unrealized Losses from Investments (-) | - | - | - | - | |
8- Investment Income Transferred to Non-Technical Divisions (-) | - | - | - | - | |
F- Life Technical Profit / (Loss) (D-E) | 2.450.595.507 | 1.405.221.180 | 1.765.068.522 | 1.141.897.729 | |
G- Private Pension Technical Income | 25 | 4.330.489.107 | 1.984.950.435 | 2.702.323.586 | 1.273.523.997 |
1- Fund Management Fee | 25 | 2.730.732.172 | 1.390.463.318 | 1.673.293.363 | 871.856.098 |
2- Management Fee | 25 | 1.301.509.432 | 440.018.112 | 844.195.054 | 304.057.125 |
3- Entrance Fee Income | 25 | 298.247.503 | 154.469.005 | 183.592.789 | 96.368.394 |
4- Management Fee In Case Of Temporary Suspension | - | - | - | - | |
5- Income from Individual Service Charges | - | - | - | - | |
6- Increase in Market Value of Capital Commitment Advances | - | - | 1.242.380 | 1.242.380 | |
7- Other Technical Income | - | - | - | - | |
H- Private Pension Technical Expenses | (4.679.112.375) | (2.328.218.228) | (3.320.661.488) | (1.776.922.341) | |
1- Fund Management Expenses (-) | (453.293.076) | (235.590.091) | (252.713.726) | (140.069.365) | |
2- Decrease in Market Value of Capital Commitment Advances (-) | - | - | (251.430) | (251.430) | |
3- Operating Expenses (-) | 31 | (3.946.970.842) | (1.948.823.274) | (2.839.276.880) | (1.498.237.981) |
4- Other Technical Expenses (-) | (264.062.265) | (137.102.885) | (202.424.659) | (115.488.864) | |
5- Penalty Payments | (14.786.192) | (6.701.978) | (25.994.793) | (22.874.701) | |
I- Private Pension Technical Profit / (Loss) (G-H) | (348.623.268) | (343.267.793) | (618.337.902) | (503.398.344) |
II- NON TECHNICAL DIVISION | Notes | Reviewed Current Period | Reviewed Current Period | Reviewed Previous Period | Reviewed Previous Period |
1 January- 30 June 2026 | 1 April- 30 June 2026 | 1 January- 30 June 2025 | 1 April- 30 June 2025 | ||
C- Non Life Technical Profit / (Loss) (A-B) | 24.712.250 | 9.928.654 | 27.618.629 | 28.053.242 | |
F- Life Technical Profit / (Loss) (D-E) | 2.450.595.507 | 1.405.221.180 | 1.765.068.522 | 1.141.897.729 | |
I- Private Pension Technical Profit / (Loss) (G-H) | (348.623.268) | (343.267.793) | (618.337.902) | (503.398.344) | |
J- Total Technical Profit / (Loss) (C+F+I) | 2.126.684.489 | 1.071.882.041 | 1.174.349.249 | 666.552.627 | |
K- Investment Income | 3.830.897.645 | 2.034.636.623 | 2.437.522.519 | 1.238.905.682 | |
1- Income From Financial Investment | 26 | 2.813.349.456 | 1.094.181.756 | 1.889.458.011 | 518.798.864 |
2- Income from Sales of Financial Investments | 26 | 454.446 | - | 870.036 | - |
3- Revaluation of Financial Investments | 27 | 623.331.209 | 747.360.656 | 279.453.601 | 591.048.623 |
4- Foreign Exchange Gains | 36 | 379.921.218 | 193.094.211 | 257.411.870 | 129.058.195 |
5- Dividend Income from Affiliates | 26 | 13.841.316 | - | 10.329.001 | - |
6- Income form Subsidiaries and Entities Under Common Control | - | - | - | - | |
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 (-) | (467.884.517) | (203.961.541) | (236.803.721) | (130.823.105) | |
1- Investment Management Expenses (Including Interest) (-) | (73.846.975) | (31.635.141) | (63.313.415) | (36.144.995) | |
2- Valuation Allowance of Investments (-) | - | - | - | - | |
3- Losses On Sales of Investments (-) | (174.485) | - | - | - | |
4- Investment Income Transferred to Non-Life Technical Division (-) | - | - | - | - | |
5- Losses from Derivatives (-) | 13,26,36 | (10.287.900) | (4.740.500) | (13.085.900) | (6.656.400) |
6- Foreign Exchange Losses (-) | 36 | (61.599.852) | (760.889) | (7.233) | (42) |
7- Depreciation Charges (-) | 6.1 | (321.879.496) | (166.825.011) | (159.961.323) | (88.009.206) |
8- Other Investment Expenses (-) | (95.809) | - | (435.850) | (12.462) | |
M- Income and Expenses From Other and Extraordinary Operations (+/-) | (25.426.472) | 27.312.371 | 78.125.739 | 87.683.444 | |
1- Provisions (+/-) | (84.992.270) | (11.266.720) | (41.483.486) | (3.087.337) | |
2- Discounts (+/-) | - | - | - | - | |
3- Specialty Insurances (+/-) | - | - | - | - | |
4- Inflation Adjustment (+/-) | - | - | - | - | |
5- Deferred Tax Asset (+/-) | 35,47.4 | 104.863.724 | 60.361.662 | 177.465.584 | 139.457.593 |
6- Deferred Tax Liability Accounts (+/-) | - | - | - | - | |
7- Other Income and Revenues | 47.1 | 272.885.196 | 147.740.051 | 147.584.438 | 75.812.322 |
8- Other Expenses and Losses (-) | 47.1 | (328.081.175) | (179.239.869) | (213.020.831) | (117.333.426) |
9- Prior Period Income | 47.3 | 14.613.095 | 10.916.908 | 26.976.197 | 5.720.113 |
10- Prior Period Losses (-) | 47.3 | (4.715.042) | (1.199.661) | (19.396.163) | (12.885.821) |
N- Net Profit / (Loss) | 3.851.640.887 | 2.066.372.640 | 2.384.633.607 | 1.260.120.053 | |
1- Profit / (Loss) Before Tax | 5.464.271.145 | 2.929.869.494 | 3.453.193.786 | 1.862.318.648 | |
2- Corporate Tax Charge and Other Fiscal Liabilities (-) | 35,47.4 | (1.612.630.258) | (863.496.854) | (1.068.560.179) | (602.198.595) |
3- Net Profit / (Loss) | 3.851.640.887 | 2.066.372.640 | 2.384.633.607 | 1.260.120.053 | |
4- Inflation Adjustment Account (+/-) | - | - | - | - |
Notes | Reviewed Current Period | Reviewed Previous Period | |
1 January- 30 June 2026 | 1 January- 30 June 2025 | ||
A. Cash Flows from the Operating Activities | - | - | |
1. Cash inflows from the insurance operations | 15.599.620.433 | 10.525.164.812 | |
2. Cash inflows from the reinsurance operations | - | - | |
3. Cash inflows from the pension operations | 58.551.603.030 | 41.566.743.301 | |
4. Cash outflows due to the insurance operations (-) | (7.242.969.953) | (4.195.687.732) | |
5. Cash outflows due to the reinsurance operations (-) | - | - | |
6. Cash outflows due to the pension operations (-) | (54.101.619.223) | (38.339.603.650) | |
7. Cash generated from the operating activities (A1+A2+A3-A4-A5-A6) | 12.806.634.287 | 9.556.616.731 | |
8. Interest payments (-) | - | - | |
9. Income tax payments (-) | (1.335.448.868) | (767.859.335) | |
10. Other cash inflows | 1.474.363.783 | 92.425.415 | |
11. Other cash outflows (-) | (6.466.115.018) | (4.599.526.533) | |
12. Net cash generated from / (used in) operating activities | 6.479.434.184 | 4.281.656.278 | |
B. Cash flows from the investing activities | - | - | |
1. Sale of tangible assets | 2.724.047 | 15.995.522 | |
2. Purchase of tangible assets (-) | 6.3.1 | (602.331.435) | (593.275.841) |
3. Acquisition of financial assets (-) | 11.4 | (8.986.593.307) | (8.375.433.075) |
4. Sale of financial assets | 7.609.565.226 | 4.059.265.989 | |
5. Interest received | 2.906.440.243 | 1.974.709.139 | |
6. Dividends received | 26 | 13.841.316 | 10.329.001 |
7. Other cash inflows | - | - | |
8. Other cash outflows (-) | 9 | (700.000.000) | (650.000.000) |
9. Net cash generated from / (used in) the investing activities | 243.646.090 | (3.558.409.265) | |
C. Cash flows from the financing activities | - | - | |
1. Issue of equity shares | - | - | |
2. Cash inflows from borrowings | - | - | |
3. Payments of financial leases (-) | 20 | (110.722.704) | (73.203.883) |
4. Dividends paid (-) | (1.168.949.088) | (940.822.517) | |
5. Other cash inflows | - | - | |
6. Other cash outflows (-)- | (3.751.909) | (13.620.400) | |
7. Cash generated from / (used in) the financing activities | (1.283.423.701) | (1.027.646.800) | |
D. Effects of Exchange Rate Differences on Cash and Cash Equivalents | 6.153.997 | 2.402.389 | |
E. Net increase / (decrease) in cash and cash equivalents (A12+B9+C7+D) | 5.445.810.570 | (301.997.398) | |
F. Cash and cash equivalents at the beginning of the period | 2.12 | 5.356.455.305 | 4.741.636.830 |
G. Cash and cash equivalents at the end of period (E+F) | 2.12 | 10.802.265.875 | 4.439.639.432 |
NON-CONSOLIDATED SHAREHOLDERS' EQUITY AS OF 30 JUNE 2026
(Amounts expressed in Turkish Lira (TL) unless otherwise stated).
Reviewed Current Period | |||||||||||
CURRENT PERIOD | 1 January-30 June 2026 | ||||||||||
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 (31/12/2025) | 180.000.000 | (113.842.338) | 246.906.378 | - | - | 237.439.901 | 11.494 | 3.875.213.829 | 5.149.878.691 | - | 9.575.607.955 |
A- Capital increase (A1 + A2) | - | - | - | - | - | - | - | - | - | - | - |
1- Cash | - | - | - | - | - | - | - | - | - | - | - |
2- Internal Resources | - | - | - | - | - | - | - | - | - | - | - |
B- Purchase of own shares | - | (3.751.909) | - | - | - | - | - | - | - | - | (3.751.909) |
C- Income / (expenses) recognized directly in equity | - | - | - | - | - | - | - | (12.997.188) | - | - | (12.997.188) |
D- Valuation gains on assets | - | - | (108.636.060) | - | - | - | - | - | - | - | (108.636.060) |
E- Exchange difference arising on translation of foreign operations | - | - | - | - | - | - | - | - | - | - | - |
F- Other income / (expenses) | - | - | - | - | - | - | - | - | - | - | - |
G- Inflation adjustments | - | - | - | - | - | - | - | - | - | - | - |
H- Net profit for the period | - | - | - | - | - | - | - | - | 3.851.640.887 | - | 3.851.640.887 |
I- Payment of dividends | - | - | - | - | - | - | - | - | (1.250.000.000) | - | (1.250.000.000) |
J- Transfers | - | - | - | - | - | 124.100.000 | - | 3.775.778.691 | (3.899.878.691) | - | - |
IV- Balance at (30/06/2026) (III+A+B+C+D+E+F+G+H+I+J) | 180.000.000 | (117.594.247) | 138.270.318 | - | - | 361.539.901 | 11.494 | 7.637.995.332 | 3.851.640.887 | - | 12.051.863.685 |
Reviewed Previous 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 |