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 | 5.618.190.756 | 4.908.818.545 |
1- Cash | - | - | |
2- Cheques Received | - | - | |
3- Banks | 2.12, 14 | 2.320.770.231 | 2.511.214.022 |
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 | 42.176.453.512 | 28.845.045.335 |
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 | 4.109.381.951 | 2.151.259.530 |
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 | 591.650.621 | 258.606.354 |
1- Receivables From Insurance Operations | 12.1 | 214.603.039 | 141.140.857 |
2- Provision for Receivables From Insurance Operations (-) | - | - | |
3- Receivables From Reinsurance Operations | - | - | |
4- Provision for Receivables From Reinsurance Operations (-) | - | - | |
5- Cash Deposited With Insurance & Reinsurance Companies | - | - | |
6- Loans to Policyholders | - | - | |
7- Provision for Loans to Policyholders (-) | - | - | |
8- Receivables from Pension Operation | 12.1 | 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 | 41.890.849 | 19.618.727 |
1- Due from Shareholders | - | - | |
2- Due from Affiliates | - | - | |
3- Due from Subsidiaries | 12.2 | 4.977.807 | 2.879.090 |
4- Due from Entities Under Common Control | - | - | |
5- Due from Personnel | 138.765 | 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 | 33.152.999 | 11.378.576 |
1- Leasing Receivables | - | - | |
2- Unearned Leasing Interest Income (-) | - | - | |
3- Deposits and Guarantees Given | 32.725 | 32.725 | |
4- Other Receivables | 32.970.309 | 11.189.640 | |
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 | 1.711.572.801 | 1.385.437.319 | |
1- Deferred Commission Expenses | 2.20 | 1.464.531.430 | 1.033.974.031 |
2- Accrued Interest and Rent Income | - | - | |
3- Income Accruals | 45 | 9.416.562 | 85.109.544 |
4- Other Prepaid Expenses | 47.1 | 237.624.809 | 266.353.744 |
G- Other Current Assets | 47.1 | 51.373.535 | 2.518.028 |
1- Stock to be used in following months | - | - | |
2- Prepaid Taxes and Funds | - | - | |
3- Deferred Tax Assets | - | - | |
4- Business Advances | 47.1 | 50.684.467 | 1.577.949 |
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 | 50.224.285.073 | 35.431.422.884 | |
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 | 1.442.419.473 | 792.197.252 | |
1- Long-term Investments | - | - | |
2- Affiliates | - | - | |
3- Capital Commitments to Affiliates (-) | - | - | |
4- Subsidiaries | 9 | 1.438.250.000 | 788.250.000 |
5- Capital Commitments to Subsidiaries (-) | - | - | |
6- Entities Under Common Control | - | - | |
7- Capital Commitments to Entities Under Common Control (-) | - | - | |
8- Financial Assets and Investments with Risks on Policyholders | - | - | |
9- Other Financial Assets | 45.2 | 4.169.473 | 3.947.252 |
10- Impairment on Financial Assets (-) | - | - | |
E- Tangible Assets | 6.3 | 527.611.974 | 284.787.967 |
1- Investment Properties | - | - | |
2- Impairment on Investment Properties (-) | - | - | |
3- Owner Occupied Property | - | - | |
4- Machinery and Equipments | 6.3 | 85.377.374 | 84.420.287 |
5- Furnitures and Fixtures | 6.3 | 154.770.934 | 42.929.981 |
6- Vehicles | 6.3 | 4.456.101 | 8.538.700 |
7- Other Tangible Assets (Including Leasehold Improvements) | 6.3 | 162.582.409 | 45.196.828 |
8- Leased Tangible Fixed Assets | 6.3 | 363.082.111 | 244.041.676 |
9- Accumulated Depreciation (-) | 6.3 | (242.656.955) | (140.339.505) |
10- Advances Paid for Tangible Fixed Assets (Including Construction In Progresses) | - | - | |
F- Intangible Assets | 8 | 1.438.009.990 | 974.806.816 |
1- Rights | - | - | |
2- Goodwill | - | - | |
3- Establishment Costs | - | - | |
4- Research and Development Expenses | - | - | |
5- Other Intangible Assets | 8 | 1.353.297.804 | 914.916.582 |
6- Accumulated Amortizations (-) | 8 | (573.303.629) | (432.965.340) |
7- Advances Regarding Intangible Assets | 8 | 658.015.815 | 492.855.574 |
G- Prepaid Expenses and Income Accruals | 2.861.882 | 1.368.491 | |
1- Deferred Expenses | - | - | |
2- Income Accruals | - | - | |
3- Other Prepaid Expenses and Income Accruals | 47.1 | 2.861.882 | 1.368.491 |
H- Other Non-current Assets | 21, 35 | 670.167.909 | 336.941.523 |
1- Cash Foreign Currency Accounts | - | - | |
2- Foreign Currency Accounts | - | - | |
3- Stock to be used in following months | - | - | |
4- Prepaid Taxes and Funds | - | - | |
5- Deferred Tax Assets | 21, 35 | 670.167.909 | 336.941.523 |
6- Other Non-current Assets | - | - | |
7- Other Non-current Assets Amortization (-) | - | - | |
8- Provision for Other Non-current Assets (-) | - | - | |
II- Total Non-current Assets | 351.039.917.929 | 231.082.375.369 | |
Total Assets (I+II) | 401.264.203.002 | 266.513.798.253 |
LIABILITIES | |||
III- SHORT TERM LIABILITIES | Note | Reviewed Current Period | Audited Previous Period |
30 September 2025 | 31 December 2024 | ||
A- Borrowings | 20 | 96.519.355 | 59.168.889 |
1- Borrowings from Financial Institutions | - | - | |
2- Finance Lease Payables | 4,20 | 189.450.450 | 122.990.097 |
3- Deferred Finance Lease Costs (-) | 20 | (92.931.095) | (63.821.208) |
4- Current Portion of Long Term Borrowings | - | - | |
5- Principal, Installments and Interests on Issued Bills (Bonds) | - | - | |
6- Other Financial Instruments Issued | - | - | |
7- In Excess of Par of Financial Instruments (-) | - | - | |
8- Other Financial Borrowings (Liabilities) | - | - | |
B- Payables From Main Operations | 4, 19 | 3.916.146.325 | 2.889.268.832 |
1- Payables From Insurance Operations | 4, 19 | 756.094.208 | 438.913.735 |
2- Payables From Reinsurance Operations | - | - | |
3- Cash Deposited by Insurance & Reinsurance Companies | - | - | |
4- Payables From Pension Operations | 4,19 | 3.160.052.117 | 2.450.355.097 |
5- Payables From Other Operations | - | - | |
6- Discount on Other Payables From Main Operations, Notes Payable (-) | - | - | |
C- Due to Related Parties | 4, 19 | 47.276.410 | 280.354.939 |
1- Due to Shareholders | 12.2,19 | 1.700.644 | 3.516.257 |
2- Due to Affiliates | - | - | |
3- Due to Subsidiaries | 12.2,19 | - | 1.534.974 |
4- Due to Entities Under Common Control | - | - | |
5- Due to Personnel | 19 | 4.638.636 | 5.045.202 |
6- Due to Other Related Parties | 19, 45 | 40.937.130 | 270.258.506 |
D- Other Payables | 4,19,47.1 | 140.201.552 | 130.896.242 |
1- Guarantees and Deposits Received | 27.444 | 23.327 | |
2- Medical Treatment Payables to Social Security Institution | - | - | |
3- Other Payables | 140.174.108 | 130.872.915 | |
4- Discount on Other Payables (-) | - | - | |
E- Insurance Technical Reserves | 17.15 | 4.907.329.101 | 3.258.822.490 |
1- Unearned Premiums Reserve - Net | 17.15 | 3.452.860.509 | 2.656.200.446 |
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 | 438.271.760 | 254.839.604 |
5- Provision for Bonus and Discounts - Net | - | - | |
6- Provision for Investment Risk Life Insurance Policyholders' Policies - Net | - | - | |
7- Other Technical Reserves - Net | - | - | |
F- Taxes and Other Liabilities and Provisions | 1.034.331.486 | 638.369.529 | |
1- Taxes and Dues Payable | 329.343.329 | 255.763.285 | |
2- Social Security Premiums Payable | 73.368.228 | 52.151.200 | |
3- Overdue, Deferred or By Installment Taxes and Other Liabilities | - | - | |
4- Other Taxes and Liabilities | - | - | |
5- Corporate Tax Provision on Period Profit | 35 | 1.788.853.644 | 1.199.785.267 |
6- Advance Taxes and Other Liabilities on Period Profit (-) | 35 | (1.157.233.715) | (869.330.223) |
7- Provisions for Other Taxes and Liabilities | - | - | |
G- Provisions for Other Risks | 23.2 | 746.088.579 | 441.033.554 |
1- Provision for Employee Termination Benefits | - | - | |
2- Pension Fund Deficit Provision | - | - | |
3- Provisions for Costs | 23.2 | 746.088.579 | 441.033.554 |
H- Deferred Income and Expense Accruals | 19 | 731.264.980 | 345.639.429 |
1- Deferred Income | 2.20, 19 | 12.881.440 | 8.297.894 |
2- Expense Accruals | 19 | 718.383.540 | 337.341.535 |
3- Other Deferred Income and Expense Accruals | - | - | |
I- Other Short Term Liabilities | 23.2 | 65.205.213 | 29.821.401 |
1- Deferred Tax Liability | - | - | |
2- Inventory Count Differences | - | - | |
3- Other Short Term Liabilities | 23.2 | 65.205.213 | 29.821.401 |
III - Total Short Term Liabilities | 11.684.363.001 | 8.073.375.305 | |
LIABILITIES | |||
IV- LONG TERM LIABILITIES | Notes | Reviewed Current Period | Audited Previous Period |
30 September 2025 | 31 December 2024 | ||
A- Borrowings | 20 | 204.827.373 | 152.318.111 |
1- Borrowings From Financial Institutions | - | - | |
2- Finance Lease Payables | 4,20 | 441.992.992 | 218.843.812 |
3- Deferred Finance Lease Costs (-) | 20 | (237.165.619) | (66.525.701) |
4- Bonds Issued | - | - | |
5- Other Financial Instruments Issued | - | - | |
6- In Excess of Par of Financial Instruments (-) | - | - | |
7- Other Borrowings (Financial Liabilities) | - | - | |
B- Payables From Main Operations | 4,12.1,17.5,17.6,19 | 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 | 46.002.165 | 30.785.140 | |
1- Other Liabilities | - | - | |
2- Overdue, Deferred or By Installment Other Liabilities | - | - | |
3- Other Liabilities and Expense Accruals | 46.002.165 | 30.785.140 | |
G- Provisions for Other Risks | 22 | 131.597.100 | 97.494.552 |
1- Provision for Employee Termination Benefits | 22 | 131.597.100 | 97.494.552 |
2- Provisions for Employee Pension Fund Deficits | - | - | |
H- Deferred Income and Expense Accruals | - | - | |
1- Deferred Income | - | - | |
2- Expense Accruals | - | - | |
3- Other Deferred Income and Expense Accruals | - | - | |
I- Other Long Term Liabilities | - | - | |
1- Deferred Tax Liability | - | - | |
2- Other Long Term Liabilities | - | - | |
IV- Total Long Term Liabilities | 381.481.002.598 | 253.100.511.403 | |
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 | 4.331.391.814 | 2.504.692.764 | |
1- Legal Reserves | 15.2 | 237.439.901 | 138.339.901 |
2- Statutory Reserves | 15.2 | 11.494 | 11.494 |
3- Extraordinary Reserves | 15.2 | 4.038.941.710 | 2.383.438.086 |
4- Special Funds (Reserves) | - | - | |
5- Valuation of Financial Assets | 15.2 | 171.689.369 | 75.248.129 |
6- Other Profit Reserves | 15.2 | (116.690.660) | (92.344.846) |
D- Retained Earning | - | - | |
1- Retained Earnings | - | - | |
E- Previous Years' Losses (-) | - | - | |
1- Previous Years' Losses | - | - | |
F- Net Profit of the Period | 3.700.450.832 | 2.754.603.624 | |
1- Net Profit of the Period | 3.700.450.832 | 2.754.603.624 | |
2- Net Loss of the Period | - | - | |
3- Net Profit of the Period not Subject to Distribution | - | - | |
Total Shareholders' Equity | 8.098.837.403 | 5.339.911.545 | |
Total Liabilities and Shareholders' Equity (III+IV+V) | 401.264.203.002 | 266.513.798.253 | |
I- 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 | ||
A- Non-Life Technical Income | 187.671.526 | 68.006.772 | 127.154.831 | 48.959.864 | |
1- Earned Premiums (Net of Reinsurer Share) | 187.671.526 | 68.006.772 | 127.154.831 | 48.959.864 | |
1.1- Premiums (Net of Reinsurer Share) | 5,24 | 242.304.378 | 100.303.049 | 186.559.684 | 69.236.546 |
1.1.1- Gross Premiums (+) | 5,24 | 243.315.091 | 100.660.111 | 187.239.803 | 69.467.609 |
1.1.2- Ceded Premiums to Reinsurers (-) | 5,10,24 | (1.010.713) | (357.062) | (680.119) | (231.063) |
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 | (54.632.852) | (32.296.277) | (59.404.853) | (20.276.682) |
1.2.1- Unearned Premiums Reserve (-) | 17.15 | (54.632.852) | (32.296.277) | (59.394.408) | (20.276.682) |
1.2.2- Reinsurance Share of Unearned Premiums Reserve (+) | 10, 17.15 | - | - | (10.445) | - |
1.3- Changes in Unexpired Risks Reserve (Net of Reinsurer Share and Reserves Carried Forward) (+/-) | - | - | - | - | |
1.3.1- Unexpired Risks Reserve (-) | - | - | - | - | |
1.3.2- Reinsurance Share of Unexpired Risks Reserve (+) | - | - | - | - | |
2- Investment Income Transferred from Non-Technical Division | - | - | - | - | |
3- Other Technical Income (Net of Reinsurer Share) | - | - | - | - | |
3.1- Gross Other Technical Income (+) | - | - | - | - | |
3.2- Reinsurance Share of Other Technical Income (-) | - | - | - | - | |
4. Accrued Subrogation and Sovtage Income (+) | - | - | - | - | |
B- Non-Life Technical Expenses (-) | (146.755.140) | (54.709.015) | (105.803.548) | (40.494.544) | |
1- Total Claims (Net of Reinsurer Share) | 5 | (2.984.083) | (1.047.167) | (4.144.294) | (2.135.620) |
1.1- Claims Paid (Net of Reinsurer Share) | 17.15 | (5.091.463) | (1.927.037) | (3.631.629) | (1.113.619) |
1.1.1- Gross Claims Paid (-) | 17.15 | (5.215.001) | (1.970.583) | (3.782.015) | (1.113.619) |
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 | 2.107.380 | 879.870 | (512.665) | (1.022.001) |
1.2.1- Outstanding Claims Reserve (-) | 17.15 | 2.212.436 | 955.187 | (609.033) | (577.716) |
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 | (141.291.282) | (52.616.306) | (99.681.750) | (37.623.768) |
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) | 40.916.386 | 13.297.757 | 21.351.283 | 8.465.320 | |
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 (+) | - | - | - | - |
I- 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 | ||
E- Life Technical Expense | (17.848.508.623) | (6.430.950.141) | (10.299.431.553) | (3.670.209.439) | |
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 | (4.916.798.651) | (1.848.333.447) | (2.573.389.051) | (949.388.679) |
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) | 2.840.081.533 | 1.075.013.011 | 1.131.671.773 | 566.032.176 | |
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 | (5.331.975.162) | (2.011.313.674) | (3.619.645.640) | (1.320.349.627) | |
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 | (4.577.070.791) | (1.737.793.911) | (3.100.690.984) | (1.109.132.438) |
4- Other Technical Expenses (-) | 5 | (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) | (1.201.855.283) | (583.517.381) | (871.965.083) | (377.640.092) |
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) | 40.916.386 | 13.297.757 | 21.351.283 | 8.465.320 | |
F- Life Technical Profit / (Loss) (D-E) | 2.840.081.533 | 1.075.013.011 | 1.131.671.773 | 566.032.176 | |
I- Private Pension Technical Profit / (Loss) (G-H) | (1.201.855.283) | (583.517.381) | (871.965.083) | (377.640.092) | |
J- Total Technical Profit / (Loss) (C+F+I) | 1.679.142.636 | 504.793.387 | 281.057.973 | 196.857.404 | |
K- Investment Income | 3.922.564.989 | 1.485.042.470 | 2.587.837.483 | 885.866.507 | |
1- Income From Financial Investment | 26 | 3.148.754.732 | 1.259.296.721 | 1.904.612.932 | 844.027.700 |
2- Income from Sales of Financial Investments | 26 | 59.704.286 | 58.834.250 | 11.219.873 | 1.838.495 |
3- Revaluation of Financial Investments | 27 | 264.350.728 | (15.102.873) | 332.212.922 | (37.808.975) |
4- Foreign Exchange Gains | 36 | 437.874.242 | 180.462.372 | 337.638.165 | 77.805.687 |
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 (-) | (428.062.580) | (191.258.859) | (258.941.398) | (88.440.193) | |
1- Investment Management Expenses (Including Interest) (-) | (91.643.956) | (28.330.541) | (52.187.785) | (24.571.713) | |
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 (-) | - | - | - | - | |
5- Losses from Derivatives (-) | 13,26,36 | (17.883.800) | (4.797.900) | (6.618.000) | (3.331.100) |
6- Foreign Exchange Losses (-) | 36 | (51.444.821) | (51.437.588) | (35.831.844) | (1.195) |
7- Depreciation Charges (-) | 6.1 | (260.177.471) | (100.216.148) | (164.250.454) | (60.536.185) |
8- Other Investment Expenses (-) | (438.748) | (2.898) | (11.749) | - | |
M- Income and Expenses From Other and Extraordinary Operations (+/-) | 318.901.469 | 134.934.895 | 163.842.871 | 52.943.152 | |
1- Provisions (+/-) | (50.077.067) | (8.593.581) | 792.391 | 4.866.530 | |
2- Discounts (+/-) | - | - | - | - | |
3- Specialty Insurances (+/-) | - | - | - | - | |
4- Inflation Adjustment (+/-) | - | - | - | - | |
5- Deferred Tax Asset (+/-) | 35,47.4 | 473.385.597 | 190.079.178 | 193.829.154 | 70.620.104 |
6- Deferred Tax Liability Accounts (+/-) | - | - | - | - | |
7- Other Income and Revenues | 47.1 | 229.315.475 | 81.731.037 | 103.835.351 | 26.907.946 |
8- Other Expenses and Losses (-) | 47.1 | (336.667.202) | (123.646.371) | (136.540.964) | (51.072.919) |
9- Prior Period Income | 47.3 | 28.041.148 | 1.064.951 | 9.620.611 | 1.588.345 |
10- Prior Period Losses (-) | 47.3 | (25.096.482) | (5.700.319) | (7.693.672) | 33.146 |
N- Net Profit / (Loss) | 3.700.450.832 | 1.315.817.225 | 1.900.835.849 | 702.457.112 | |
1- Profit / (Loss) Before Tax | 5.492.546.514 | 1.933.511.893 | 2.773.796.929 | 1.047.226.870 | |
2- Corporate Tax Charge and Other Fiscal Liabilities (-) | 35,47.4 | (1.792.095.682) | (617.694.668) | (872.961.080) | (344.769.758) |
3- Net Profit / (Loss) | 3.700.450.832 | 1.315.817.225 | 1.900.835.849 | 702.457.112 | |
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 | 17.351.008.501 | 10.213.708.278 | |
2. Cash inflows from the reinsurance operations | - | - | |
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) | (3.759.704.468) | |
5. Cash outflows due to the reinsurance operations (-) | - | - | |
6. Cash outflows due to the pension operations (-) | (62.289.704.041) | (42.712.376.899) | |
7. Cash generated from the operating activities (A1+A2+A3-A4-A5-A6) | 15.607.518.835 | 9.433.743.980 | |
8. Interest payments (-) | - | - | |
9. Income tax payments (-) | (1.386.007.778) | (600.080.293) | |
10. Other cash inflows | 148.971.132 | 142.851.134 | |
11. Other cash outflows (-) | (6.357.600.908) | (4.399.058.699) | |
12. Net cash generated from / (used in) operating activities | 8.012.881.281 | 4.577.456.122 | |
B. Cash flows from the investing activities | - | - | |
1. Sale of tangible assets | 22.764.468 | 569.687 | |
2. Purchase of tangible assets (-) | 6.3.1 | (864.358.558) | (448.116.764) |
3. Acquisition of financial assets (-) | 11.4 | (14.577.707.636) | (10.145.818.252) |
4. Sale of financial assets | 6.470.982.036 | 5.857.900.412 | |
5. Interest received | 3.401.097.188 | 2.022.321.782 | |
6. Dividends received | 26 | 10.329.001 | 2.149.991 |
7. Other cash inflows | - | - | |
8. Other cash outflows (-) | 9 | (650.000.000) | (629.000.000) |
9. Net cash generated from / (used in) the investing activities | (6.186.893.501) | (3.339.993.144) | |
C. Cash flows from the financing activities | - | - | |
1. Issue of equity shares | - | - | |
2. Cash inflows from borrowings | - | - | |
3. Payments of financial leases (-) | 20 | (112.821.073) | (68.856.376) |
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 | (1.068.168.452) | (381.534.509) | |
D. Effects of Exchange Rate Differences on Cash and Cash Equivalents | 4.772.643 | 938.710 | |
E. Net increase / (decrease) in cash and cash equivalents (A12+B9+C7+D) | 762.591.971 | 856.867.179 | |
F. Cash and cash equivalents at the beginning of the period | 2.12 | 4.741.636.830 | 1.949.761.321 |
G. Cash and cash equivalents at the end of period (E+F) | 2.12 | 5.504.228.801 | 2.806.628.500 |
NON-CONSOLIDATED SHAREHOLDERS' EQUITY AS OF 30 SEPTEMBER 2025
(Amounts expressed in Turkish Lira (TL) unless otherwise stated).
Reviewed Current Period | |||||||||||
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) (-) | 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 | - | - | - | - | - | - | - | (24.345.814) | - | - | (24.345.814) |
D- Valuation gains on assets | - | - | 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 | - | - | - | - | - | - | - | - | 3.700.450.832 | - | 3.700.450.832 |
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 (30/09/2025) (III+A+B+C+D+E+F+G+H+I+J) | 180.000.000 | (113.842.338) | 171.689.369 | - | - | 237.439.901 | 11.494 | 3.923.088.145 | 3.700.450.832 | - | 8.098.837.403 |
Reviewed Previous 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) (-) | Total | |
I- Balance at (31/12/2023) | 180.000.000 | (44.783.416) | 55.579.038 | - | - | 109.239.901 | 11.494 | 1.277.297.427 | 1.373.709.052 | - | 2.951.053.496 |
A- Capital increase (A1 + A2) | - | - | - | - | - | - | - | - | - | - | - |
1- Cash | - | - | - | - | - | - | - | - | - | - | - |
2- Internal Resources | - | - | - | - | - | - | - | - | - | - | - |
B- Purchase of own shares | - | (30.868.991) | - | - | - | - | - | - | - | - | (30.868.991) |
C- Income / (expenses) recognized directly in equity | - | - | - | - | - | - | - | (25.053.268) | - | - | (25.053.268) |
D- Valuation gains on assets | - | - | 113.955.931 | - | - | - | - | - | - | - | 113.955.931 |
E- Exchange difference arising on translation of foreign operations | - | - | - | - | - | - | - | - | - | - | - |
F- Other income / (expenses) | - | - | - | - | - | - | - | - | - | - | - |
G- Inflation adjustments | - | - | - | - | - | - | - | - | - | - | - |
H- Net profit for the period | - | - | - | - | - | - | - | - | 1.900.835.849 | - | 1.900.835.849 |
I- Payment of dividends | - | - | - | - | - | - | - | - | (300.000.000) | - | (300.000.000) |
J- Transfers | - | - | - | - | - | 29.100.000 | - | 1.044.609.052 | (1.073.709.052) | - | - |
IV- Balance at (30/09/2024) (III+A+B+C+D+E+F+G+H+I+J) | 180.000.000 | (75.652.407) | 169.534.969 | - | - | 138.339.901 | 11.494 | 2.296.853.211 | 1.900.835.849 | - | 4.609.923.017 |