ASSETS | |||
I- CURRENT ASSETS | Notes | Reviewed Current Period | Audited Previous Period |
30 September 2025 | 31 December 2024 | ||
A- Cash and Cash Equivalents | 2.12, 14 | 8.568.720.507 | 5.947.325.318 |
1- Cash | - | - | |
2- Cheques Received | - | - | |
3- Banks | 2.12, 14 | 5.271.299.982 | 3.549.720.795 |
4- Cheques Given and Payment Orders (-) | 2.12, 14 | - | (2.075.657) |
5- Bank Guaranteed Credit Card Receivables with Maturities Less Than Three Months | 2.12, 14 | 3.297.420.525 | 2.399.680.180 |
6- Other Cash and Cash Equivalents | - | - | |
B- Financial Assets and Investments with Risks on Policyholders | 4,11.4 | 42.530.324.839 | 29.293.542.799 |
1- Financial Assets Available for Sale | 4, 11.4 | 3.435.297.426 | 2.814.406.369 |
2- Financial Assets Held to Maturity | 4, 11.4 | 1.741.075.294 | 928.889.038 |
3- Financial Assets Held for Trading | 4, 11.4 | 4.463.253.278 | 2.599.756.994 |
4- Loans | - | - | |
5- Provision for Loans (-) | - | - | |
6- Investments with Risks on Policyholders | 4, 11.4 | 32.890.698.841 | 22.950.490.398 |
7- Equity Shares | - | - | |
8- Impairment on Financial Assets (-) | - | - | |
C- Receivables From Main Operations | 12.1 | 1.664.992.144 | 1.131.480.200 |
1- Receivables From Insurance Operations | 12.1 | 217.364.413 | 146.935.344 |
2- Provision for Receivables From Insurance Operations (-) | - | - | |
3- Receivables From Reinsurance Operations | 12.1, 45 | 1.070.580.149 | 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 | 377.047.582 | 117.465.497 |
9- Doubtful Receivables From Main Operations | - | - | |
10- Provisions for Doubtful Receivables From Main Operations (-) | - | - | |
D- Due from Related Parties | 12.1 | 36.914.032 | 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 | 139.755 | 49.570 | |
6- Due from Other Related Parties | 45 | 36.774.277 | 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 | 33.168.568 | 11.394.144 |
1- Leasing Receivables | - | - | |
2- Unearned Leasing Interest Income (-) | - | - | |
3- Deposits and Guarantees Given | 32.725 | 32.725 | |
4- Other Receivables | 32.985.878 | 11.205.208 | |
5- Discount on Other Receivables (-) | - | - | |
6- Other Doubtful Receivables | 149.965 | 156.211 | |
7- Provisions for Other Doubtful Receivables (-) | - | - | |
F- Prepaid Expenses and Income Accruals | 2.139.960.404 | 1.770.897.866 | |
1- Deferred Commission Expenses | 2.20 | 1.883.332.350 | 1.410.692.270 |
2- Accrued Interest and Rent Income | - | - | |
3- Income Accruals | 45 | 7.856.766 | 85.109.544 |
4- Other Prepaid Expenses | 47.1 | 248.771.288 | 275.096.052 |
G- Other Current Assets | 47.1 | 51.484.130 | 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 | 50.795.062 | 1.593.519 |
5- Advances Given to Personnel | 47.1 | 689.068 | 940.079 |
6- Stock Count Differences | - | - | |
7- Other Current Assets | - | - | |
8- Provision for Other Current Assets (-) | - | - | |
I- Total Current Asset | 55.025.564.624 | 38.173.913.562 | |
ASSETS | |||
II- NON CURRENT ASSETS | Notes | Reviewed Current Period | Audited Previous Period |
30 September 2025 | 31 December 2024 | ||
A- Receivables From Main Operations | 12.1 | 346.957.988.621 | 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 | 766.800.026 | 679.158.089 |
7- Provision for Loans to Policyholders (-) | - | - | |
8- Receivables From Pension Operations | 17.5, 17.6,19 | 346.191.188.595 | 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 | 858.080 | 164.351 |
1- Leasing Receivables | - | - | |
2- Unearned Leasing Interest Income (-) | - | - | |
3- Deposits and Guarantees Given | 12.1 | 858.080 | 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 | 4.169.473 | 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 | 4.169.473 | 3.947.252 |
10- Impairment on Financial Assets (-) | - | - | |
E- Tangible Assets | 6.3 | 555.196.504 | 305.019.048 |
1- Investment Properties | - | - | |
2- Impairment on Investment Properties (-) | - | - | |
3- Owner Occupied Property | - | - | |
4- Machinery and Equipments | 6.3 | 86.285.296 | 85.328.209 |
5- Furnitures and Fixtures | 6.3 | 166.552.548 | 51.317.660 |
6- Vehicles | 6.3 | 11.464.513 | 15.547.112 |
7- Other Tangible Assets (Including Leasehold Improvements) | 6.3 | 165.294.548 | 47.097.219 |
8- Leased Tangible Fixed Assets | 6.3 | 384.199.246 | 255.791.383 |
9- Accumulated Depreciation (-) | 6.3 | (258.599.647) | (150.062.535) |
10- Advances Paid for Tangible Fixed Assets (Including Construction In Progresses) | - | - | |
F- Intangible Assets | 8 | 1.862.767.391 | 1.232.487.076 |
1- Rights | - | - | |
2- Goodwill | - | - | |
3- Establishment Costs | - | - | |
4- Research and Development Expenses | - | - | |
5- Other Intangible Assets | 8 | 1.733.243.816 | 1.146.817.891 |
6- Accumulated Amortizations (-) | 8 | (640.201.373) | (453.544.335) |
7- Advances Regarding Intangible Assets | 8 | 769.724.948 | 539.213.520 |
G- Prepaid Expenses and Income Accruals | 2.870.411 | 1.415.402 | |
1- Deferred Expenses | - | - | |
2- Income Accruals | - | - | |
3- Other Prepaid Expenses and Income Accruals | 47.1 | 2.870.411 | 1.415.402 |
H- Other Non-current Assets | 21, 35 | 695.904.641 | 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 | 695.904.641 | 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 | 350.079.755.121 | 230.611.930.274 | |
Total Assets (I+II) | 405.105.319.745 | 268.785.843.836 | |
LIABILITIES | |||
III- SHORT TERM LIABILITIES | Note | Reviewed Current Period | Audited Previous Period |
30 September 2025 | 31 December 2024 | ||
A- Borrowings | 20 | 101.781.823 | 64.342.901 |
1- Borrowings from Financial Institutions | - | - | |
2- Finance Lease Payables | 4, 20 | 202.825.006 | 132.382.885 |
3- Deferred Finance Lease Costs (-) | 20 | (101.043.183) | (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 | 3.916.146.327 | 2.889.268.835 |
1- Payables From Insurance Operations | 4, 19 | 756.094.211 | 438.913.739 |
2- Payables From Reinsurance Operations | - | - | |
3- Cash Deposited by Insurance & Reinsurance Companies | - | - | |
4- Payables From Pension Operations | 4,19 | 3.160.052.116 | 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 | 47.496.096 | 287.082.003 |
1- Due to Shareholders | 12.2,19 | 1.700.644 | 3.516.257 |
2- Due to Affiliates | - | - | |
3- Due to Subsidiaries | - | - | |
4- Due to Entities Under Common Control | - | - | |
5- Due to Personnel | 19 | 4.854.180 | 5.309.118 |
6- Due to Other Related Parties | 19, 45 | 40.941.272 | 278.256.628 |
D- Other Payables | 4, 19, 47.1 | 716.839.584 | 305.018.198 |
1- Guarantees and Deposits Received | 27.444 | 23.327 | |
2- Medical Treatment Payables to Social Security Institution | - | - | |
3- Other Payables | 716.812.140 | 304.994.871 | |
4- Discount on Other Payables (-) | - | - | |
E- Insurance Technical Reserves | 17.15 | 7.472.445.915 | 5.181.488.634 |
1- Unearned Premiums Reserve - Net | 17.15 | 5.623.897.712 | 4.372.854.690 |
2- Unexpired Risk Reserves - Net | - | - | |
3- Life Mathematical Reserves - Net | 17.15 | 1.016.196.832 | 347.782.440 |
4- Outstanding Claims Reserve - Net | 2.20, 17.15 | 832.351.371 | 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 | 1.056.730.244 | 634.514.517 | |
1- Taxes and Dues Payable | 338.265.446 | 263.588.106 | |
2- Social Security Premiums Payable | 78.005.831 | 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 | 1.924.059.730 | 1.241.292.847 |
6- Advance Taxes and Other Liabilities on Period Profit (-) | 35 | (1.283.600.763) | (925.512.990) |
7- Provisions for Other Taxes and Liabilities | - | - | |
G- Provisions for Other Risks | 23.2 | 765.047.038 | 463.118.380 |
1- Provision for Employee Termination Benefits | - | - | |
2- Pension Fund Deficit Provision | - | - | |
3- Provisions for Costs | 23.2 | 765.047.038 | 463.118.380 |
H- Deferred Income and Expense Accruals | 19 | 838.194.346 | 353.417.590 |
1- Deferred Income | 2.20, 19 | 12.881.440 | 8.297.894 |
2- Expense Accruals | 19 | 825.312.906 | 345.119.696 |
3- Other Deferred Income and Expense Accruals | - | - | |
I- Other Short Term Liabilities | 23.2 | 69.984.807 | 32.193.227 |
1- Deferred Tax Liability | - | - | |
2- Inventory Count Differences | - | - | |
3- Other Short Term Liabilities | 23.2 | 69.984.807 | 32.193.227 |
III - Total Short Term Liabilities | 14.984.666.180 | 10.210.444.285 | |
LIABILITIES | |||
IV- LONG TERM LIABILITIES | Notes | Reviewed Current Period | Audited Previous Period |
30 September 2025 | 31 December 2024 | ||
A- Borrowings | 20 | 221.390.048 | 160.286.059 |
1- Borrowings From Financial Institutions | - | - | |
2- Finance Lease Payables | 4, 20 | 491.630.980 | 233.005.777 |
3- Deferred Finance Lease Costs (-) | 20 | (270.240.932) | (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 | 346.191.188.595 | 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 | 346.191.188.595 | 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 | 34.907.387.365 | 24.806.962.720 |
1- Unearned Premiums Reserve - Net | - | - | |
2- Unexpired Risk Reserves - Net | - | - | |
3- Life Mathematical Reserves - Net | 17.15 | 34.721.712.075 | 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 | 185.675.290 | 123.659.143 |
F- Other Liabilities and Provisions | 48.614.052 | 31.853.116 | |
1- Other Liabilities | - | - | |
2- Overdue, Deferred or By Installment Other Liabilities | - | - | |
3- Other Liabilities and Expense Accruals | 48.614.052 | 31.853.116 | |
G- Provisions for Other Risks | 22 | 148.052.123 | 114.437.980 |
1- Provision for Employee Termination Benefits | 22 | 148.052.123 | 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 | 381.516.632.183 | 253.126.490.755 | |
SHAREHOLDERS' EQUITY | |||
V- SHAREHOLDERS' EQUITY | Notes | Reviewed Current Period | Audited Previous Period |
30 September 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 | 4.441.980.832 | 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 | 171.689.369 | 75.248.129 |
6- Other Profit Reserves | 15.2 | (186.613.224) | (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 | 4.095.045.793 | 2.871.345.742 | |
1- Net Profit of the Period | 4.095.045.793 | 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 | 8.604.021.382 | 5.448.908.796 | |
Total Liabilities and Shareholders' Equity (III+IV+V) | 405.105.319.745 | 268.785.843.836 | |
I- TECHNICAL DIVISION | Notes | Reviewed Current Period 1 January- 30 September 2025 | Reviewed Current Period 1 July- 30 September 2025 | Reviewed Previous Period 1 January- 30 September 2024 | Reviewed Previous Period 1 July- 30 September 2024 |
A- Non-Life Technical Income | 4.423.211.192 | 1.611.587.741 | 639.931.918 | 385.166.036 | |
1- Earned Premiums (Net of Reinsurer Share) | 3.588.796.564 | 1.301.672.780 | 536.985.407 | 325.105.755 | |
1.1- Premiums (Net of Reinsurer Share) | 5,24 | 4.097.812.375 | 1.000.851.522 | 1.619.176.146 | 692.707.680 |
1.1.1- Gross Premiums (+) | 5,24 | 4.099.992.772 | 1.001.850.590 | 1.620.115.361 | 693.197.839 |
1.1.2- Ceded Premiums to Reinsurers (-) | 5,10,24 | (2.180.397) | (999.068) | (939.215) | (490.159) |
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 | (509.015.811) | 300.821.258 | (1.082.190.739) | (367.601.925) |
1.2.1- Unearned Premiums Reserve (-) | 17.15 | (509.015.811) | 300.821.258 | (1.082.180.294) | (367.601.925) |
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 | 827.333.251 | 307.807.912 | 95.213.631 | 57.359.592 | |
3- Other Technical Income (Net of Reinsurer Share) | 7.081.377 | 2.107.049 | 7.732.880 | 2.700.689 | |
3.1- Gross Other Technical Income (+) | 7.081.377 | 2.107.049 | 7.732.880 | 2.700.689 | |
3.2- Reinsurance Share of Other Technical Income (-) | - | - | - | - | |
4. Accrued Subrogation and Sovtage Income (+) | - | - | - | - | |
B- Non-Life Technical Expenses (-) | (3.822.692.420) | (1.357.774.436) | (706.014.147) | (405.079.889) | |
1- Total Claims (Net of Reinsurer Share) | 5 | (2.617.850.518) | (930.923.301) | (326.260.133) | (209.461.206) |
1.1- Claims Paid (Net of Reinsurer Share) | 17.15 | (2.431.890.187) | (852.433.706) | (213.914.326) | (143.255.655) |
1.1.1- Gross Claims Paid (-) | 17.15 | (2.432.013.725) | (852.477.252) | (214.064.712) | (143.255.655) |
1.1.2- Reinsurance Share of Claims Paid (+) | 10, 17.15 | 123.538 | 43.546 | 150.386 | - |
1.2- Changes in Outstanding Claims Reserve (Net of Reinsurer Share and Reserves Carried Forward) (+/-) | 17.15,47.4 | (185.960.331) | (78.489.595) | (112.345.807) | (66.205.551) |
1.2.1- Outstanding Claims Reserve (-) | 17.15 | (185.855.275) | (78.414.278) | (112.442.175) | (65.761.266) |
1.2.2- Reinsurance Share of Outstanding Claims Reserve (+) | 10,17.15 | (105.056) | (75.317) | 96.368 | (444.285) |
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 | (2.477.601) | (1.044.431) | (1.975.902) | (735.156) |
4- Operating Expenses (-) | 31 | (1.202.362.127) | (425.805.593) | (377.776.510) | (194.883.527) |
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 (-) | (2.174) | (1.111) | (1.602) | - | |
6.1- Other Gross Technical Expenses (-) | (2.174) | (1.111) | (1.602) | - | |
6.2- Reinsurer Share of Other Gross Technical Expenses (+) | - | - | - | - | |
C- Non Life Technical Profit / (Loss) (A-B) | 600.518.772 | 253.813.305 | (66.082.229) | (19.913.853) | |
D- Life Technical Income | 20.688.590.156 | 7.505.963.152 | 11.431.103.326 | 4.236.241.615 | |
1- Earned Premiums (Net of Reinsurer Share) | 16.018.110.535 | 6.084.247.782 | 8.277.088.671 | 3.225.324.276 | |
1.1- Premiums (Net of Reinsurer Share) | 5,24 | 16.760.137.746 | 6.536.520.892 | 9.721.502.543 | 3.581.790.169 |
1.1.1- Gross Premiums (+) | 5,24 | 17.196.901.939 | 6.716.243.685 | 10.089.762.068 | 3.725.246.567 |
1.1.2- Ceded Premiums to Reinsurers (-) | 5,10,24 | (436.764.193) | (179.722.793) | (368.259.525) | (143.456.398) |
1.2- Change in Unearned Premiums Reserve (Net of Reinsurers Shares and Reserves Carried Forward) (+/-) | 5,17.15,47.4 | (742.027.211) | (452.273.110) | (1.444.413.872) | (356.465.893) |
1.2.1- Unearned Premiums Reserve (-) | 17.15 | (746.568.505) | (454.287.770) | (1.452.075.735) | (359.139.995) |
1.2.2- Reinsurance Share of Unearned Premiums Reserve (+) | 10, 17.15 | 4.541.294 | 2.014.660 | 7.661.863 | 2.674.102 |
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 | 4.525.799.601 | 1.379.976.859 | 3.040.667.786 | 980.263.755 |
3- Accrued (Unrealized) Income from Investments | - | - | - | - | |
4- Other Technical Income (Net of Reinsurer Share) | 5 | 144.680.020 | 41.738.511 | 113.346.869 | 30.653.584 |
4.1- Other Gross Technical Income (+/-) | 5 | 144.680.020 | 41.738.511 | 113.346.869 | 30.653.584 |
4.2- Ceded Other Technical Income (+/-) | - | - | - | - | |
5. Accrued Subrogation Income (+) | - | - | - | - |
6
I- TECHNICAL DIVISION | Notes | Reviewed Current Period 1 January- 30 September 2025 | Reviewed Current Period 1 July- 30 September 2025 | Reviewed Previous Period 1 January- 30 September 2024 | Reviewed Previous Period 1 July- 30 September 2024 |
E- Life Technical Expense | (17.852.006.524) | (6.431.773.492) | (10.206.699.605) | (3.668.617.998) | |
1- Total Claims (Net of Reinsurer Share) | 5 | (2.292.877.012) | (965.224.396) | (1.081.348.273) | (426.372.288) |
1.1- Claims Paid (Net of Reinsurer Share) | 17.15 | (2.107.337.474) | (869.820.939) | (999.553.123) | (409.699.960) |
1.1.1- Gross Claims Paid (-) | 17.15 | (2.251.838.181) | (931.857.699) | (1.057.466.178) | (433.864.266) |
1.1.2- Reinsurance Share of Claims Paid (+) | 10, 17.15 | 144.500.707 | 62.036.760 | 57.913.055 | 24.164.306 |
1.2- Changes in Outstanding Claims Reserve (Net of Reinsurer Share and Reserves Carried Forward) (+/-) | 17.15,47.4 | (185.539.538) | (95.403.457) | (81.795.150) | (16.672.328) |
1.2.1- Outstanding Claims Reserve (-) | 17.15 | (299.334.331) | (154.514.128) | (140.569.106) | (46.705.255) |
1.2.2- Reinsurance Share of Outstanding Claims Reserve (+) | 10,17.15 | 113.794.793 | 59.110.671 | 58.773.956 | 30.032.927 |
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 | (10.579.294.414) | (3.594.232.302) | (6.221.893.092) | (2.098.808.481) |
3.1- Life Mathematical Reserves | 17.15 | (10.584.090.862) | (3.595.948.106) | (6.217.238.196) | (2.099.285.859) |
3.1.1- Actuarial Mathematics provision(+/-) | (10.584.090.862) | (3.595.948.106) | (6.217.238.196) | (2.099.285.859) | |
3.1.2- Dividend Equivalent (Provision for Policyholders Investment Risk.) | - | - | - | - | |
3.2- Reinsurance Share of Life Mathematical Reserves | 10, 17.15 | 4.796.448 | 1.715.804 | (4.654.896) | 477.378 |
3.2.1- Provision of Reinsurance Actuarial Mathematics (+) | 10, 17.15 | 4.796.448 | 1.715.804 | (4.654.896) | 477.378 |
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 | (59.538.546) | (23.159.996) | (34.292.276) | (12.732.070) |
5- Operating Expenses (-) | 31 | (4.920.296.552) | (1.849.156.798) | (2.480.657.103) | (947.797.238) |
6- Investment Expenses (-) | 5,36 | - | - | (388.508.861) | (182.907.921) |
7- Unrealized Losses from Investments (-) | - | - | - | - | |
8- Investment Income Transferred to Non-Technical Divisions (-) | - | - | - | - | |
F- Life Technical Profit / (Loss) (D-E) | 2.836.583.632 | 1.074.189.660 | 1.224.403.721 | 567.623.617 | |
G- Private Pension Technical Income | 25 | 4.130.119.879 | 1.427.796.293 | 2.747.680.557 | 942.709.535 |
1- Fund Management Fee | 25 | 2.663.222.134 | 989.928.771 | 1.878.793.795 | 710.479.454 |
2- Management Fee | 25 | 1.180.944.093 | 336.749.039 | 716.485.302 | 167.460.847 |
3- Entrance Fee Income | 25 | 283.174.868 | 99.582.079 | 152.401.139 | 64.769.234 |
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 | 2.778.784 | 1.536.404 | - | - |
7- Other Technical Income | - | - | - | - | |
H- Private Pension Technical Expenses | (5.339.501.063) | (2.013.584.444) | (3.579.853.855) | (1.323.989.819) | |
1- Fund Management Expenses (-) | (400.839.353) | (148.125.627) | (320.864.427) | (138.182.932) | |
2- Decrease in Market Value of Capital Commitment Advances (-) | (291.276) | (39.846) | - | - | |
3- Operating Expenses (-) | 31 | (4.584.596.692) | (1.740.064.681) | (3.060.899.199) | (1.112.772.630) |
4- Other Technical Expenses (-) | (298.395.570) | (95.970.911) | (183.720.224) | (69.706.735) | |
5- Penalty Payments | (55.378.172) | (29.383.379) | (14.370.005) | (3.327.522) | |
I- Private Pension Technical Profit / (Loss) (G-H) | (1.209.381.184) | (585.788.151) | (832.173.298) | (381.280.284) |
7
II- NON TECHNICAL DIVISION | Notes | Reviewed Current Period | Reviewed Current Period | Reviewed Previous Period | Reviewed Previous Period |
1 January- 30 September 2025 | 1 July- 30 September 2025 | 1 January- 30 September 2024 | 1 July- 30 September 2024 | ||
C- Non Life Technical Profit / (Loss) (A-B) | 600.518.772 | 253.813.305 | (66.082.229) | (19.913.853) | |
F- Life Technical Profit / (Loss) (D-E) | 2.836.583.632 | 1.074.189.660 | 1.224.403.721 | 567.623.617 | |
I- Private Pension Technical Profit / (Loss) (G-H) | (1.209.381.184) | (585.788.151) | (832.173.298) | (381.280.284) | |
J- Total Technical Profit / (Loss) (C+F+I) | 2.227.721.220 | 742.214.814 | 326.148.194 | 166.429.480 | |
K- Investment Income | 4.851.520.750 | 1.828.269.778 | 2.803.327.031 | 996.144.984 | |
1- Income From Financial Investment | 26 | 3.774.201.913 | 1.571.838.169 | 2.049.396.401 | 921.683.110 |
2- Income from Sales of Financial Investments | 26 | 141.130.833 | 78.809.659 | 31.761.681 | 13.950.327 |
3- Revaluation of Financial Investments | 27 | 486.106.889 | (4.421.260) | 381.688.705 | (17.479.148) |
4- Foreign Exchange Gains | 36 | 438.200.114 | 180.491.210 | 338.326.653 | 77.987.095 |
5- Dividend Income from Affiliates | - | - | - | - | |
6- Income form Subsidiaries and Entities Under Common Control | 26 | 10.329.001 | - | 2.149.991 | - |
7- Income Received from Land and Building | - | - | - | - | |
8- Income from Derivatives | 13,26,36 | 1.552.000 | 1.552.000 | 3.600 | 3.600 |
9- Other Investments | - | - | - | - | |
10- Investment Income transferred from Life Technical Division | - | - | - | - | |
L- Investment Expenses (-) | (1.315.677.126) | (521.916.070) | (392.496.409) | (150.455.443) | |
1- Investment Management Expenses (Including Interest) (-) | (98.256.427) | (30.523.465) | (76.962.348) | (26.316.905) | |
2- Valuation Allowance of Investments (-) | - | - | - | - | |
3- Losses On Sales of Investments (-) | (6.473.784) | (6.473.784) | (41.566) | - | |
4- Investment Income Transferred to Non-Life Technical Division (-) | (827.333.251) | (307.807.912) | (95.213.631) | (57.359.592) | |
5- Losses from Derivatives (-) | 13,26,36 | (17.883.800) | (4.797.900) | (6.618.000) | (3.331.100) |
6- Foreign Exchange Losses (-) | 36 | (52.575.233) | (51.743.231) | (37.372.512) | (357.093) |
7- Depreciation Charges (-) | 6.1 | (312.715.883) | (120.566.880) | (176.276.603) | (63.090.753) |
8- Other Investment Expenses (-) | (438.748) | (2.898) | (11.749) | - | |
M- Income and Expenses From Other and Extraordinary Operations (+/-) | 258.782.717 | 107.880.951 | 165.166.038 | 53.310.893 | |
1- Provisions (+/-) | (79.279.220) | (16.745.507) | (3.679.300) | 1.904.202 | |
2- Discounts (+/-) | - | - | - | - | |
3- Specialty Insurances (+/-) | - | - | - | - | |
4- Inflation Adjustment (+/-) | - | - | - | - | |
5- Deferred Tax Asset (+/-) | 35,47.4 | 459.788.951 | 176.247.849 | 208.138.272 | 74.398.549 |
6- Deferred Tax Liability Accounts (+/-) | - | - | - | - | |
7- Other Income and Revenues | 47.1 | 214.237.040 | 76.776.188 | 99.912.760 | 26.624.746 |
8- Other Expenses and Losses (-) | 47.1 | (338.911.750) | (123.759.926) | (141.385.744) | (51.214.756) |
9- Prior Period Income | 47.3 | 28.044.181 | 1.058.705 | 10.147.614 | 1.655.128 |
10- Prior Period Losses (-) | 47.3 | (25.096.485) | (5.696.358) | (7.967.564) | (56.976) |
N- Net Profit / (Loss) | 4.095.045.793 | 1.487.616.083 | 1.989.661.914 | 714.037.257 | |
1- Profit / (Loss) Before Tax | 6.022.347.561 | 2.156.449.473 | 2.902.144.854 | 1.065.429.914 | |
2- Corporate Tax Charge and Other Fiscal Liabilities (-) | 35,47.4 | (1.927.301.768) | (668.833.390) | (912.482.940) | (351.392.657) |
3- Net Profit / (Loss) | 4.095.045.793 | 1.487.616.083 | 1.989.661.914 | 714.037.257 | |
Owners of Parent | - | - | 1.990.143.638 | 715.553.450 | |
Minority Interests | - | - | (481.724) | (1.516.193) | |
4- Inflation Adjustment Account (+/-) | - | - | - | - |
Notes | Reviewed Current Period | Reviewed Previous Period | |
1 January- 30 September 2025 | 1 January- 30 September 2024 | ||
A. Cash Flows from the Operating Activities | - | - | |
1. Cash inflows from the insurance operations | 17.360.316.469 | 10.236.731.717 | |
2. Cash inflows from the reinsurance operations | 4.432.694.271 | 2.596.414.449 | |
3. Cash inflows from the pension operations | 67.539.335.885 | 45.692.117.069 | |
4. Cash outflows due to the insurance operations (-) | (6.993.121.510) | (3.544.974.177) | |
5. Cash outflows due to the reinsurance operations (-) | (4.421.263.513) | (2.387.916.853) | |
6. Cash outflows due to the pension operations (-) | (62.289.704.041) | (42.495.410.919) | |
7. Cash generated from the operating activities (A1+A2+A3-A4-A5-A6) | 15.628.257.561 | 10.096.961.286 | |
8. Interest payments (-) | (495.846) | (16.087.497) | |
9. Income tax payments (-) | (1.497.701.798) | (654.951.244) | |
10. Other cash inflows | 773.393.063 | 144.631.166 | |
11. Other cash outflows (-) | (6.449.772.650) | (4.777.647.930) | |
12. Net cash generated from / (used in) operating activities | 8.453.680.330 | 4.792.905.781 | |
B. Cash flows from the investing activities | - | - | |
1. Sale of tangible assets | 22.764.468 | 802.105 | |
2. Purchase of tangible assets (-) | 6.3.1 | (1.081.960.131) | (584.012.602) |
3. Acquisition of financial assets (-) | 11.4 | (16.719.328.513) | (11.483.693.200) |
4. Sale of financial assets | 8.798.412.423 | 6.942.856.076 | |
5. Interest received | 4.040.643.135 | 2.171.978.362 | |
6. Dividends received | 26 | 10.329.001 | 2.149.991 |
7. Other cash inflows | - | - | |
8. Other cash outflows (-) | - | - | |
9. Net cash generated from / (used in) the investing activities | (4.929.139.617) | (2.949.919.268) | |
C. Cash flows from the financing activities | - | - | |
1. Issue of equity shares | - | - | |
2. Cash inflows from borrowings | - | - | |
3. Payments of financial leases (-) | 20 | (119.983.282) | (82.718.826) |
4. Dividends paid (-) | (941.726.979) | (281.809.142) | |
5. Other cash inflows | - | - | |
6. Other cash outflows (-) | (13.620.400) | (30.868.991) | |
7. Cash generated from / (used in) the financing activities | (1.075.330.661) | (395.396.959) | |
D. Effects of Exchange Rate Differences on Cash and Cash Equivalents | 3.968.912 | 87.034 | |
E. Net increase / (decrease) in cash and cash equivalents (A12+B9+C7+D) | 2.453.178.964 | 1.447.676.588 | |
F. Cash and cash equivalents at the beginning of the period | 2.12 | 5.559.613.905 | 2.058.442.163 |
G. Cash and cash equivalents at the end of period (E+F) | 2.12 | 8.012.792.869 | 3.506.118.751 |
CONSOLIDATED SHAREHOLDERS' EQUITY AS OF 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira (TL) unless otherwise stated).
Reviewed Current Period | |||||||||||||
1 January-30 September 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 | - | - | - | - | - | - | - | (22.754.047) | - | - | (22.754.047) | - | (22.754.047) |
D- Valuation gains on assets | - | - | 96.441.240 | - | - | - | - | - | - | - | 96.441.240 | - | 96.441.240 |
E- Exchange difference arising on translation of foreign operations | - | - | - | - | - | - | - | - | - | - | - | - | - |
F- Other income / (expenses) | - | - | - | - | - | - | - | - | - | - | - | - | - |
G- Inflation adjustments | - | - | - | - | - | - | - | - | - | - | - | - | - |
H- Net profit for the period | - | - | - | - | - | - | - | - | 4.095.045.793 | - | 4.095.045.793 | - | 4.095.045.793 |
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 (30/09/2025) (III+A+B+C+D+E+F+G+H+I+J) | 180.000.000 | (113.842.338) | 171.689.369 | - | - | 237.839.901 | 11.494 | 4.033.277.163 | 4.095.045.793 | - | 8.604.021.382 | - | 8.604.021.382 |
Reviewed Current Period | |||||||||||||
1 January-30 September 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 | - | (30.868.991) | - | - | - | - | - | - | - | - | (30.868.991) | - | (30.868.991) |
C- Income / (expenses) recognized directly in equity | - | - | - | - | - | - | - | (25.790.777) | - | - | (25.790.777) | (11.396) | (25.802.173) |
D- Valuation gains on assets | - | - | 113.955.931 | - | - | - | - | - | - | - | 113.955.931 | - | 113.955.931 |
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 | - | - | - | - | - | - | - | - | 1.990.143.638 | - | 1.990.143.638 | (481.724) | 1.989.661.914 |
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 (30/09/2024) (III+A+B+C+D+E+F+G+H+I+J) | 180.000.000 | (75.652.407) | 169.534.969 | - | - | 138.739.901 | 11.494 | 2.354.545.607 | 1.990.143.638 | (40.761.641) | 4.716.561.561 | 130.159.650 | 4.846.721.211 |