30.09.2024 Consolidated Financial Statements (SFRS Statutory)

Reviewed

Audited

Current Period

Previous Period

I- CURRENT ASSETS

Notes

30 September 2024

31 December 2023

A- Cash and Cash Equivalents

2.12, 14

4.212.635.813

2.195.408.741

1- Cash

-

-

2- Cheques Received

-

-

3- Banks

2.12, 14

2.055.077.214

740.256.025

4- Cheques Given and Payment Orders (-)

2.12, 14

(1.998.968)

(1.759.443)

5- Bank Guaranteed Credit Card Receivables with Maturities Less Than Three Months

-

-

6- Other Cash and Cash Equivalents

2.12, 14

2.159.557.567

1.456.912.159

B- Financial Assets and Investments with Risks on Policyholders

4,11.4

27.378.696.458

19.466.177.385

1- Financial Assets Available for Sale

4, 11.4

2.971.916.400

1.956.502.057

2- Financial Assets Held to Maturity

4, 11.4

1.183.678.752

1.129.087.860

3- Financial Assets Held for Trading

4, 11.4

2.108.601.762

1.017.341.747

4- Loans

-

-

5- Provision for Loans (-)

-

-

6- Investments with Risks on Policyholders

4, 11.4

21.114.499.544

15.363.245.721

7- Equity Shares

-

-

8- Impairment on Financial Assets (-)

-

-

C- Receivables From Main Operations

12.1

1.007.821.009

218.467.052

1- Receivables From Insurance Operations

12.1

125.029.796

102.121.330

2- Provision for Receivables From Insurance Operations (-)

-

-

3- Receivables From Reinsurance Operations

45

624.479.307

-

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

258.311.906

116.345.722

9- Doubtful Receivables From Main Operations

-

-

10- Provisions for Doubtful Receivables From Main Operations (-)

-

-

D- Due from Related Parties

12.1

676.695

4.606.494

1- Due from Shareholders

-

-

2- Due from Affiliates

-

-

3- Due from Subsidiaries

448.420

-

4- Due from Entities Under Common Control

-

-

5- Due from Personnel

125.767

149.556

6- Due from Other Related Parties

45

102.508

4.456.938

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

2.793.616

2.905.950

1- Leasing Receivables

-

-

2- Unearned Leasing Interest Income (-)

-

-

3- Deposits and Guarantees Given

32.725

32.725

4- Other Receivables

2.604.680

2.717.014

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

1.390.780.364

504.186.325

1- Deferred Commission Expenses

2.20

1.172.550.022

418.789.340

2- Accrued Interest and Rent Income

-

-

3- Income Accruals

22.110.179

2.150.000

4- Other Prepaid Expenses

47.1

196.120.163

83.246.985

G- Other Current Assets

47.1

11.622.456

3.574.734

1- Stock to be used in following months

-

-

2- Prepaid Taxes and Funds

2.817.348

-

3- Deferred Tax Assets

-

-

4- Business Advances

47.1

6.981.819

894.281

5- Advances Given to Personnel

47.1

1.823.289

2.680.453

6- Stock Count Differences

-

-

7- Other Current Assets

-

-

8- Provision for Other Current Assets (-)

-

-

I- Total Current Asset

34.005.026.411

22.395.326.681

Reviewed

Audited

Current Period

Previous Period

II- NON CURRENT ASSETS

Notes

30 September 2024

31 December 2023

A- Receivables From Main Operations

12.1

217.066.230.807

141.916.400.655

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

658.468.791

569.555.420

7- Provision for Loans to Policyholders (-)

-

-

8- Receivables From Pension Operations

4, 12.1, 17.5, 17.6,19

216.407.762.016

141.346.845.235

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

176.075

136.478

1- Leasing Receivables

-

-

2- Unearned Leasing Interest Income (-)

-

-

3- Deposits and Guarantees Given

12.1

176.075

136.478

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

3.738.919

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

3.738.919

10- Impairment on Financial Assets (-)

-

-

E- Tangible Assets

6.3

270.989.164

133.495.380

1- Investment Properties

-

-

2- Impairment on Investment Properties (-)

-

-

3- Owner Occupied Property

-

-

4- Machinery and Equipments

6.3

63.371.529

64.843.832

5- Furnitures and Fixtures

6.3

49.099.727

37.690.783

6- Vehicles

6.3

12.879.112

12.879.112

7- Other Tangible Assets (Including Leasehold Improvements)

6.3

43.597.830

35.904.357

8- Leased Tangible Fixed Assets

6.3

229.194.576

78.363.027

9- Accumulated Depreciation (-)

6.3

(127.153.610)

(96.185.731)

10- Advances Paid for Tangible Fixed Assets (Including Construction In Progresses)

-

-

F- Intangible Assets

8

1.010.390.062

624.626.783

1- Rights

-

-

2- Goodwill

-

-

3- Establishment Costs

-

-

4- Research and Development Expenses

-

-

5- Other Intangible Assets

8

892.775.954

707.259.719

6- Accumulated Amortizations (-)

8

(394.548.019)

(286.987.367)

7- Advances Regarding Intangible Assets

8

512.162.127

204.354.431

G- Prepaid Expenses and Income Accruals

173.494

4.130.284

1- Deferred Expenses

-

-

2- Income Accruals

-

-

3- Other Prepaid Expenses and Income Accruals

47.1

173.494

4.130.284

H- Other Non-current Assets

21, 35

320.365.417

203.280.074

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

320.365.417

203.280.074

6- Other Non-current Assets

-

-

7- Other Non-current Assets Amortization (-)

-

-

8- Provision for Other Non-current Assets (-)

-

-

II- Total Non-current Assets

218.672.272.271

142.885.808.573

Total Assets (I+II)

252.677.298.682

165.281.135.254

Reviewed

Audited

Current Period

Previous Period

30 September

31 December

III- SHORT TERM LIABILITIES

Note

2024

2023

A- Borrowings

20

57.341.093

9.923.552

1- Borrowings from Financial Institutions

-

-

2- Finance Lease Payables

4, 20

124.741.971

22.516.093

3- Deferred Finance Lease Costs (-)

20

(67.400.878)

(12.592.541)

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

2.474.417.049

1.701.535.074

1- Payables From Insurance Operations

4, 19

584.251.978

244.780.048

2- Payables From Reinsurance Operations

-

-

3- Cash Deposited by Insurance & Reinsurance Companies

-

-

4- Payables From Pension Operations

4,19

1.890.165.071

1.456.755.026

5- Payables From Other Operations

-

-

6- Discount on Other Payables From Main Operations, Notes Payable (-)

-

-

C- Due to Related Parties

4, 19

(4.862.254)

186.205.040

1- Due to Shareholders

19

1.479.376

2.419.707

2- Due to Affiliates

-

-

3- Due to Subsidiaries

(401.847)

-

4- Due to Entities Under Common Control

-

-

5- Due to Personnel

19

4.105.969

2.760.156

6- Due to Other Related Parties

19, 45

(10.045.752)

181.025.177

D- Other Payables

4, 19, 47.1

43.002.652

166.705.606

1- Guarantees and Deposits Received

22.560

19.464

2- Medical Treatment Payables to Social Security Institution

-

-

3- Other Payables

42.980.092

166.686.142

4- Discount on Other Payables (-)

-

-

E- Insurance Technical Reserves

17.15

3.877.625.132

1.278.263.655

1- Unearned Premiums Reserve - Net

17.15

3.531.404.194

1.004.626.712

2- Unexpired Risk Reserves - Net

-

-

3- Life Mathematical Reserves - Net

17.15

(4.766.362)

116.790.231

4- Outstanding Claims Reserve - Net

2.20, 17.15

350.987.300

156.846.712

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

743.321.862

351.808.990

1- Taxes and Dues Payable

226.040.898

150.179.267

2- Social Security Premiums Payable

163.799.162

65.341.470

3- Overdue, Deferred or By Installment Taxes and Other Liabilities

-

-

4- Other Taxes and Liabilities

-

-

5- Corporate Tax Provision on Period Profit

35

921.453.109

594.687.157

6- Advance Taxes and Other Liabilities on Period Profit (-)

35

(567.971.307)

(458.398.904)

7- Provisions for Other Taxes and Liabilities

-

-

G- Provisions for Other Risks

23.2

352.771.438

275.447.332

1- Provision for Employee Termination Benefits

-

-

2- Pension Fund Deficit Provision

-

-

3- Provisions for Costs

23.2

352.771.438

275.447.332

H- Deferred Income and Expense Accruals

19

590.940.056

160.013.355

1- Deferred Income

2.20, 19

7.588.222

3.285.928

2- Expense Accruals

19

583.351.834

156.727.427

3- Other Deferred Income and Expense Accruals

-

-

I- Other Short Term Liabilities

23.2

24.615.226

20.228.538

1- Deferred Tax Liability

-

-

2- Inventory Count Differences

-

-

3- Other Short Term Liabilities

23.2

24.615.226

20.228.538

III - Total Short Term Liabilities

8.159.172.254

4.150.131.142

Reviewed

Audited

Current Period

Previous Period

IV- LONG TERM LIABILITIES

Notes

30 September 2024

31 December 2023

A- Borrowings

20

151.624.361

50.825.186

1- Borrowings From Financial Institutions

-

-

2- Finance Lease Payables

4, 20

219.807.172

86.943.615

3- Deferred Finance Lease Costs (-)

20

(68.182.811)

(36.118.429)

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, 17.5,17.6, 19

216.407.762.016

141.346.845.235

1- Payables From Insurance Operations

-

-

2- Payables From Reinsurance Operations

-

-

3- Cash Deposited by Insurance & Reinsurance Companies

-

-

4- Payables From Pension Operations

4, 17.5, 17.6,

216.407.762.016

141.346.845.235

19

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

22.970.307.017

16.529.566.333

1- Unearned Premiums Reserve - Net

-

-

2- Unexpired Risk Reserves - Net

-

-

3- Life Mathematical Reserves - Net

17.15

22.861.277.259

16.456.804.753

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

109.029.758

72.761.580

F- Other Liabilities and Provisions

28.326.913

21.001.293

1- Other Liabilities

-

-

2- Overdue, Deferred or By Installment Other Liabilities

-

-

3- Other Liabilities and Expense Accruals

28.326.913

21.001.293

G- Provisions for Other Risks

22

112.443.153

82.991.535

1- Provision for Employee Termination Benefits

22

112.443.153

82.991.535

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

239.670.463.460

158.031.229.582

Reviewed

Audited

Current Period

Previous Period

V- SHAREHOLDERS' EQUITY

Notes

30 September 2024

31 December 2023

A- Paid in Capital

2.13,15.3

180.000.000

280.000.000

1- (Nominal) Capital

2.13,15.3

180.000.000

280.000.000

2- Unpaid Capital (-)

-

-

3- Positive Capital Restatement Differences

-

-

4- Negative Capital Restatement Differences (-)

-

-

5-Capital to be registered

-

-

B- Capital Reserves

15.2

(74.815.312)

(43.946.321)

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

(74.815.312)

(43.946.321)

C- Profit Reserves

2.662.085.255

1.479.878.992

1- Legal Reserves

15.2

138.739.901

109.639.901

2- Statutory Reserves

15.2

11.494

11.494

3- Extraordinary Reserves

15.2

2.487.569.191

1.392.065.691

4- Special Funds (Reserves)

-

-

5- Valuation of Financial Assets

15.2

169.625.348

55.579.038

6- Other Profit Reserves

15.2

(133.860.679)

(77.417.132)

D- Retained Earning

-

-

1- Retained Earnings

-

-

E- Previous Years' Losses (-)

(40.761.641)

(6.196.687)

1- Previous Years' Losses

(40.761.641)

(6.196.687)

F- Net Profit of the Period

1.990.995.016

1.390.038.546

1- Net Profit of the Period

1.990.995.016

1.390.038.546

2- Net Loss of the Period

-

-

3- Net Profit of the Period not Subject to Distribution

-

-

G-Minory Interests

130.159.650

-

Total Shareholders' Equity

4.847.662.968

3.099.774.530

Total Liabilities and Shareholders' Equity (III+IV+V)

252.677.298.682

165.281.135.254

Reviewed

Reviewed

Reviewed

Reviewed

Current Period

Current Period

Previous Period

Previous Period

1 January-

30 September

1 July -

1 January-

1 July -

I- TECHNICAL DIVISION

Notes

2024

30 September 2024

30 September 2023

30 September 2023

E- Life Technical Expense

(10.085.885.664)

(3.547.804.057)

(8.081.304.702)

(2.328.846.046)

1- Total Claims (Net of Reinsurer Share)

5

(1.081.031.307)

(426.055.322)

(567.627.576)

(214.680.452)

1.1- Claims Paid (Net of Reinsurer Share)

17.15

(999.236.157)

(409.382.994)

(537.330.763)

(196.364.785)

1.1.1- Gross Claims Paid (-)

17.15

(1.057.149.212)

(433.547.300)

(616.207.143)

(217.892.249)

1.1.2- Reinsurance Share of Claims Paid (+)

10, 17.15

57.913.055

24.164.306

78.876.380

21.527.464

1.2- Changes in Outstanding Claims Reserve (Net of Reinsurer Share and

Reserves Carried Forward) (+/-)

17.15,47.4

(81.795.150)

(16.672.328)

(30.296.813)

(18.315.667)

1.2.1- Outstanding Claims Reserve (-)

17.15

(140.569.106)

(46.705.255)

(63.642.674)

(26.898.743)

1.2.2- Reinsurance Share of Outstanding Claims Reserve (+)

10,17.15

58.773.956

30.032.927

33.345.861

8.583.076

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

(6.218.914.568)

(2.095.829.957)

(6.167.050.660)

(1.565.289.288)

3.1- Life Mathematical Reserves

17.15

(6.214.259.672)

(2.096.307.335)

(6.152.702.990)

(1.556.114.997)

3.1.1- Actuarial Mathematics provision(+/-)

(6.214.259.672)

(2.096.307.335)

(6.152.774.753)

(1.556.066.678)

3.1.2- Dividend Equivalent (Provision for Policyholders Investment Risk.)

-

-

71.763

(48.319)

3.2- Reinsurance Share of Life Mathematical Reserves

(4.654.896)

477.378

(14.347.670)

(9.174.291)

3.2.1- Provision of Reinsurance Actuarial Mathematics (+)

10, 17.15

(4.654.896)

477.378

(14.347.670)

(9.174.291)

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.

(34.292.276)

(12.732.070)

(1.870.370)

(5.734.471)

)

4

5- Operating Expenses (-)

31

(2.363.138.652)

(830.278.787)

(1.162.287.754)

(413.329.664)

6- Investment Expenses (-)

5,36

(388.508.861)

(182.907.921)

(184.415.621)

(130.003.293)

7- Unrealized Losses from Investments (-)

-

-

-

-

8- Investment Income Transferred to Non-Technical Divisions (-)

5,26

-

-

1.947.279

191.122

F- Life Technical Profit / (Loss) (D-E)

1.345.221.351

688.441.247

500.393.154

271.839.041

G- Private Pension Technical Income

25

2.747.663.478

942.692.456

1.310.400.742

507.955.179

1- Fund Management Fee

25

1.878.793.795

710.479.454

976.633.915

409.215.385

2- Management Fee

25

716.485.302

167.460.847

294.420.652

82.471.057

3- Entrance Fee Income

25

152.384.060

64.752.155

39.344.208

16.267.890

4- Management Fee In Case Of Temporary Suspension

25

321

-

1.967

847

5- Income from Individual Service Charges

-

-

-

-

6- Increase in Market Value of Capital Commitment Advances

-

-

-

-

7- Other Technical Income

-

-

-

-

H- Private Pension Technical Expenses

(3.703.881.478)

(1.448.017.442)

(1.932.331.839)

(856.641.277)

1- Fund Management Expenses (-)

(320.864.427)

(138.182.932)

(144.475.451)

(60.154.729)

2- Decrease in Market Value of Capital Commitment Advances (-)

-

-

-

-

3- Operating Expenses (-)

31

(3.185.878.843)

(1.237.752.274)

(1.681.235.852)

(746.363.245)

4- Other Technical Expenses (-)

(182.985.602)

(68.972.113)

(87.412.107)

(35.683.023)

5- Penalty Payments

(14.152.606)

(3.110.123)

(19.208.429)

(14.440.280)

I- Private Pension Technical Profit / (Loss) (G-H)

(956.218.000)

(505.324.986)

(621.931.097)

(348.686.098)