ASSETS | |||
I- CURRENT ASSETS | Notes | Reviewed Current Period | Audited Previous Period |
31 March 2025 | 31 December 2024 | ||
A- Cash and Cash Equivalents | 2.12, 14 | 7.490.299.069 | 5.947.325.318 |
1- Cash | - | - | |
2- Cheques Received | - | - | |
3- Banks | 2.12, 14 | 4.383.870.191 | 3.549.720.795 |
4- Cheques Given and Payment Orders (-) | 2.12, 14 | (3.799.689) | (2.075.657) |
5- Bank Guaranteed Credit Card Receivables with Maturities Less Than Three Months | - | - | |
6- Other Cash and Cash Equivalents | 2.12, 14 | 3.110.228.567 | 2.399.680.180 |
B- Financial Assets and Investments with Risks on Policyholders | 4,11.4 | 32.779.868.238 | 29.293.542.799 |
1- Financial Assets Available for Sale | 4, 11.4 | 3.406.982.874 | 2.814.406.369 |
2- Financial Assets Held to Maturity | 4, 11.4 | 1.357.286.870 | 928.889.038 |
3- Financial Assets Held for Trading | 4, 11.4 | 1.951.884.455 | 2.599.756.994 |
4- Loans | - | - | |
5- Provision for Loans (-) | - | - | |
6- Investments with Risks on Policyholders | 4, 11.4 | 26.063.714.039 | 22.950.490.398 |
7- Equity Shares | - | - | |
8- Impairment on Financial Assets (-) | - | - | |
C- Receivables From Main Operations | 12.1 | 1.978.050.697 | 1.131.480.200 |
1- Receivables From Insurance Operations | 12.1 | 247.177.872 | 146.935.344 |
2- Provision for Receivables From Insurance Operations (-) | - | - | |
3- Receivables From Reinsurance Operations | 12.1, 45 | 1.410.694.812 | 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 | 320.178.013 | 117.465.497 |
9- Doubtful Receivables From Main Operations | - | - | |
10- Provisions for Doubtful Receivables From Main Operations (-) | - | - | |
D- Due from Related Parties | 12.1 | 25.769.890 | 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 | 47.359 | 49.570 | |
6- Due from Other Related Parties | 45 | 25.722.531 | 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 | 12.544.024 | 11.394.144 |
1- Leasing Receivables | - | - | |
2- Unearned Leasing Interest Income (-) | - | - | |
3- Deposits and Guarantees Given | 32.725 | 32.725 | |
4- Other Receivables | 12.355.088 | 11.205.208 | |
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 | 2.019.362.956 | 1.770.897.866 | |
1- Deferred Commission Expenses | 2.20 | 1.566.506.751 | 1.410.692.270 |
2- Accrued Interest and Rent Income | - | - | |
3- Income Accruals | 45 | 17.289.497 | 85.109.544 |
4- Other Prepaid Expenses | 47.1 | 435.566.708 | 275.096.052 |
G- Other Current Assets | 47.1 | 19.513.715 | 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 | 18.204.016 | 1.593.519 |
5- Advances Given to Personnel | 47.1 | 1.309.699 | 940.079 |
6- Stock Count Differences | - | - | |
7- Other Current Assets | - | - | |
8- Provision for Other Current Assets (-) | - | - | |
I- Total Current Asset | 44.325.408.589 | 38.173.913.562 | |
ASSETS | |||
II- NON CURRENT ASSETS | Notes | Reviewed Current Period | Audited Previous Period |
31 March 2025 | 31 December 2024 | ||
A- Receivables From Main Operations | 12.1 | 262.014.780.863 | 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 | 698.785.560 | 679.158.089 |
7- Provision for Loans to Policyholders (-) | - | - | |
8- Receivables From Pension Operations | 4, 12.1, 17.5, 17.6,19 | 261.315.995.303 | 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 | 376.695 | 164.351 |
1- Leasing Receivables | - | - | |
2- Unearned Leasing Interest Income (-) | - | - | |
3- Deposits and Guarantees Given | 12.1 | 376.695 | 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 | 3.947.252 | 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 | 3.947.252 | 3.947.252 |
10- Impairment on Financial Assets (-) | - | - | |
E- Tangible Assets | 6.3 | 405.502.552 | 305.019.048 |
1- Investment Properties | - | - | |
2- Impairment on Investment Properties (-) | - | - | |
3- Owner Occupied Property | - | - | |
4- Machinery and Equipments | 6.3 | 85.669.757 | 85.328.209 |
5- Furnitures and Fixtures | 6.3 | 54.493.914 | 51.317.660 |
6- Vehicles | 6.3 | 15.547.112 | 15.547.112 |
7- Other Tangible Assets (Including Leasehold Improvements) | 6.3 | 76.284.524 | 47.097.219 |
8- Leased Tangible Fixed Assets | 6.3 | 355.665.317 | 255.791.383 |
9- Accumulated Depreciation (-) | 6.3 | (182.158.072) | (150.062.535) |
10- Advances Paid for Tangible Fixed Assets (Including Construction In Progresses) | - | - | |
F- Intangible Assets | 8 | 1.429.323.084 | 1.232.487.076 |
1- Rights | - | - | |
2- Goodwill | - | - | |
3- Establishment Costs | - | - | |
4- Research and Development Expenses | - | - | |
5- Other Intangible Assets | 8 | 1.271.371.199 | 1.146.817.891 |
6- Accumulated Amortizations (-) | 8 | (507.950.483) | (453.544.335) |
7- Advances Regarding Intangible Assets | 8 | 665.902.368 | 539.213.520 |
G- Prepaid Expenses and Income Accruals | 265.496 | 1.415.402 | |
1- Deferred Expenses | - | - | |
2- Income Accruals | - | - | |
3- Other Prepaid Expenses and Income Accruals | 47.1 | 265.496 | 1.415.402 |
H- Other Non-current Assets | 21, 35 | 415.819.896 | 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 | 415.819.896 | 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 | 264.270.015.838 | 230.611.930.274 | |
Total Assets (I+II) | 308.595.424.427 | 268.785.843.836 | |
LIABILITIES | |||
III- SHORT TERM LIABILITIES | Note | Reviewed Current Period | Audited Previous Period |
31 March 2025 | 31 December 2024 | ||
A- Borrowings | 20 | 61.768.132 | 64.342.901 |
1- Borrowings from Financial Institutions | - | - | |
2- Finance Lease Payables | 4, 20 | 167.374.368 | 132.382.885 |
3- Deferred Finance Lease Costs (-) | 20 | (105.606.236) | (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 | 3.528.014.989 | 2.889.268.835 |
1- Payables From Insurance Operations | 4, 19 | 587.567.515 | 438.913.739 |
2- Payables From Reinsurance Operations | - | - | |
3- Cash Deposited by Insurance & Reinsurance Companies | - | - | |
4- Payables From Pension Operations | 4,19 | 2.940.447.474 | 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 | 76.659.930 | 287.082.003 |
1- Due to Shareholders | 19 | 22.662.186 | 3.516.257 |
2- Due to Affiliates | - | - | |
3- Due to Subsidiaries | - | - | |
4- Due to Entities Under Common Control | - | - | |
5- Due to Personnel | 19 | 13.424.616 | 5.309.118 |
6- Due to Other Related Parties | 19, 45 | 40.573.128 | 278.256.628 |
D- Other Payables | 4, 19, 47.1 | 645.949.083 | 305.018.198 |
1- Guarantees and Deposits Received | 24.970 | 23.327 | |
2- Medical Treatment Payables to Social Security Institution | - | - | |
3- Other Payables | 645.924.113 | 304.994.871 | |
4- Discount on Other Payables (-) | - | - | |
E- Insurance Technical Reserves | 17.15 | 6.770.880.889 | 5.181.488.634 |
1- Unearned Premiums Reserve - Net | 17.15 | 5.601.418.273 | 4.372.854.690 |
2- Unexpired Risk Reserves - Net | - | - | |
3- Life Mathematical Reserves - Net | 17.15 | 546.273.918 | 347.782.440 |
4- Outstanding Claims Reserve - Net | 2.20, 17.15 | 623.188.698 | 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 | 1.281.110.156 | 634.514.517 | |
1- Taxes and Dues Payable | 403.619.350 | 263.588.106 | |
2- Social Security Premiums Payable | 156.587.147 | 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 | 812.821.909 | 1.241.292.847 |
6- Advance Taxes and Other Liabilities on Period Profit (-) | 35 | (91.918.250) | (925.512.990) |
7- Provisions for Other Taxes and Liabilities | - | - | |
G- Provisions for Other Risks | 23.2 | 317.679.919 | 463.118.380 |
1- Provision for Employee Termination Benefits | - | - | |
2- Pension Fund Deficit Provision | - | - | |
3- Provisions for Costs | 23.2 | 317.679.919 | 463.118.380 |
H- Deferred Income and Expense Accruals | 19 | 524.843.904 | 353.417.590 |
1- Deferred Income | 2.20, 19 | 9.592.401 | 8.297.894 |
2- Expense Accruals | 19 | 515.251.503 | 345.119.696 |
3- Other Deferred Income and Expense Accruals | - | - | |
I- Other Short Term Liabilities | 23.2 | 64.021.366 | 32.193.227 |
1- Deferred Tax Liability | - | - | |
2- Inventory Count Differences | - | - | |
3- Other Short Term Liabilities | 23.2 | 64.021.366 | 32.193.227 |
III - Total Short Term Liabilities | 13.270.928.368 | 10.210.444.285 | |
LIABILITIES | |||
IV- LONG TERM LIABILITIES | Notes | Reviewed Current Period | Audited Previous Period |
31 March 2025 | 31 December 2024 | ||
A- Borrowings | 20 | 254.775.192 | 160.286.059 |
1- Borrowings From Financial Institutions | - | - | |
2- Finance Lease Payables | 4,20 | 560.234.975 | 233.005.777 |
3- Deferred Finance Lease Costs (-) | 20 | (305.459.783) | (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 | 261.315.995.303 | 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 | 261.315.995.303 | 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 | 28.078.779.418 | 24.806.962.720 |
1- Unearned Premiums Reserve - Net | - | - | |
2- Unexpired Risk Reserves - Net | - | - | |
3- Life Mathematical Reserves - Net | 17.15 | 27.938.022.422 | 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 | 140.756.996 | 123.659.143 |
F- Other Liabilities and Provisions | 41.032.392 | 31.853.116 | |
1- Other Liabilities | - | - | |
2- Overdue, Deferred or By Installment Other Liabilities | - | - | |
3- Other Liabilities and Expense Accruals | 41.032.392 | 31.853.116 | |
G- Provisions for Other Risks | 22 | 120.676.842 | 114.437.980 |
1- Provision for Employee Termination Benefits | 22 | 120.676.842 | 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 | 289.811.259.147 | 253.126.490.755 | |
SHAREHOLDERS' EQUITY | |||
V- SHAREHOLDERS' EQUITY | Notes | Reviewed Current Period | Audited Previous Period |
31 March 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 | (112.282.543) | (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 | (112.282.543) | (99.384.843) |
C- Profit Reserves | 4.262.497.549 | 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 | (28.020.740) | 75.248.129 |
6- Other Profit Reserves | 15.2 | (166.386.398) | (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 | 1.183.021.906 | 2.871.345.742 | |
1- Net Profit of the Period | 1.183.021.906 | 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 | 5.513.236.912 | 5.448.908.796 | |
Total Liabilities and Shareholders' Equity (III+IV+V) | 308.595.424.427 | 268.785.843.836 | |
I- TECHNICAL DIVISION | Notes | Reviewed Current Period | Reviewed Previous Period |
1 January- 31 March 2025 | 1 January- 31 March 2024 | ||
A- Non-Life Technical Income | 1.302.502.240 | 37.879.543 | |
1- Earned Premiums (Net of Reinsurer Share) | 1.083.189.508 | 36.020.179 | |
1.1- Premiums (Net of Reinsurer Share) | 5,24 | 2.198.309.598 | 76.990.200 |
1.1.1- Gross Premiums (+) | 5,24 | 2.198.825.209 | 77.228.527 |
1.1.2- Ceded Premiums to Reinsurers (-) | 5,10,24 | (515.611) | (238.327) |
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 | (1.115.120.090) | (40.970.021) |
1.2.1- Unearned Premiums Reserve (-) | 17.15 | (1.115.120.090) | (40.959.576) |
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 | 216.447.792 | - | |
3- Other Technical Income (Net of Reinsurer Share) | 2.864.940 | 1.859.364 | |
3.1- Gross Other Technical Income (+) | 2.864.940 | 1.859.364 | |
3.2- Reinsurance Share of Other Technical Income (-) | - | - | |
4. Accrued Subrogation and Sovtage Income (+) | - | - | |
B- Non-Life Technical Expenses (-) | (1.221.085.332) | (86.893.803) | |
1- Total Claims (Net of Reinsurer Share) | 5 | (846.962.609) | (3.282.886) |
1.1- Claims Paid (Net of Reinsurer Share) | 17.15 | (732.013.677) | (1.435.079) |
1.1.1- Gross Claims Paid (-) | 17.15 | (732.013.677) | (1.567.465) |
1.1.2- Reinsurance Share of Claims Paid (+) | 10,17.15 | - | 132.386 |
1.2- Changes in Outstanding Claims Reserve (Net of Reinsurer Share and Reserves Carried Forward) (+/- ) | 17.15,47.4 | (114.948.932) | (1.847.807) |
1.2.1- Outstanding Claims Reserve (-) | 17.15 | (114.954.173) | (1.871.076) |
1.2.2- Reinsurance Share of Outstanding Claims Reserve (+) | 10,17.15 | 5.241 | 23.269 |
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 | (939.529) | (817.657) |
4- Operating Expenses (-) | 31 | (373.183.194) | (82.793.260) |
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 (-) | - | - | |
6.1- Other Gross Technical Expenses (-) | - | - | |
6.2- Reinsurer Share of Other Gross Technical Expenses (+) | - | - | |
C- Non Life Technical Profit / (Loss) (A-B) | 81.416.908 | (49.014.260) | |
D- Life Technical Income | 6.260.858.698 | 3.982.210.614 | |
1- Earned Premiums (Net of Reinsurer Share) | 4.509.750.015 | 2.406.838.828 | |
1.1- Premiums (Net of Reinsurer Share) | 5,24 | 4.623.193.508 | 3.034.104.371 |
1.1.1- Gross Premiums (+) | 5,24 | 4.723.877.821 | 3.140.547.013 |
1.1.2- Ceded Premiums to Reinsurers (-) | 5,10,24 | (100.684.313) | (106.442.642) |
1.2- Change in Unearned Premiums Reserve (Net of Reinsurers Shares and Reserves Carried Forward) (+/-) | 5,17.15,47.4 | (113.443.493) | (627.265.543) |
1.2.1- Unearned Premiums Reserve (-) | 17.15 | (114.818.486) | (629.990.737) |
1.2.2- Reinsurance Share of Unearned Premiums Reserve (+) | 10,17.15 | 1.374.993 | 2.725.194 |
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 | 1.694.213.175 | 1.515.587.634 |
3- Accrued (Unrealized) Income from Investments | - | - | |
4- Other Technical Income (Net of Reinsurer Share) | 5 | 56.895.508 | 59.784.152 |
4.1- Other Gross Technical Income (+/-) | 5 | 56.895.508 | 59.784.152 |
4.2- Ceded Other Technical Income (+/-) | - | - | |
5. Accrued Subrogation Income (+) | - | - |
6
I- TECHNICAL DIVISION | Notes | Reviewed Current Period | Reviewed Previous Period |
1 January- 31 March 2025 | 1 January- 31 March 2024 | ||
E- Life Technical Expense | (5.639.543.034) | (3.804.925.788) | |
1- Total Claims (Net of Reinsurer Share) | 5 | (613.415.452) | (299.443.112) |
1.1- Claims Paid (Net of Reinsurer Share) | 17.15 | (566.027.190) | (275.178.335) |
1.1.1- Gross Claims Paid (-) | 17.15 | (600.536.481) | (295.549.444) |
1.1.2- Reinsurance Share of Claims Paid (+) | 10,17.15 | 34.509.291 | 20.371.109 |
1.2- Changes in Outstanding Claims Reserve (Net of Reinsurer Share and Reserves Carried Forward) (+/-) | 17.15,47.4 | (47.388.262) | (24.264.777) |
1.2.1- Outstanding Claims Reserve (-) | 17.15 | (86.011.685) | (28.254.417) |
1.2.2- Reinsurance Share of Outstanding Claims Reserve (+) | 10,17.15 | 38.623.423 | 3.989.640 |
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 | (3.501.637.185) | (2.720.103.396) |
3.1- Life Mathematical Reserves | 17.15 | (3.502.803.113) | (2.714.895.596) |
3.1.1- Actuarial Mathematics provision(+/-) | (3.502.803.113) | (2.714.895.596) | |
3.1.2- Dividend Equivalent (Provision for Policyholders Investment Risk.) | - | - | |
3.2- Reinsurance Share of Life Mathematical Reserves | 10,17.15 | 1.165.928 | (5.207.800) |
3.2.1- Provision of Reinsurance Actuarial Mathematics (+) | 10,17.15 | 1.165.928 | (5.207.800) |
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 | (16.158.324) | (10.176.670) |
5- Operating Expenses (-) | 31 | (1.508.332.073) | (775.201.738) |
6- Investment Expenses (-) | 5,36 | - | (872) |
7- Unrealized Losses from Investments (-) | - | - | |
8- Investment Income Transferred to Non-Technical Divisions (-) | - | - | |
F- Life Technical Profit / (Loss) (D-E) | 621.315.664 | 177.284.826 | |
G- Private Pension Technical Income | 25 | 1.428.799.589 | 990.442.070 |
1- Fund Management Fee | 25 | 801.437.265 | 533.917.124 |
2- Management Fee | 25 | 540.137.929 | 414.054.587 |
3- Entrance Fee Income | 25 | 87.224.395 | 42.470.038 |
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 | - | - | |
7- Other Technical Income | - | - | |
H- Private Pension Technical Expenses | (1.546.626.300) | (1.068.642.867) | |
1- Fund Management Expenses (-) | (112.644.361) | (82.426.240) | |
2- Decrease in Market Value of Capital Commitment Advances (-) | - | - | |
3- Operating Expenses (-) | 31 | (1.343.926.052) | (930.208.165) |
4- Other Technical Expenses (-) | (86.935.795) | (49.413.999) | |
5- Penalty Payments | (3.120.092) | (6.594.463) | |
I- Private Pension Technical Profit / (Loss) (G-H) | (117.826.711) | (78.200.797) |
7
II- NON TECHNICAL DIVISION | Notes | Reviewed Current Period | Reviewed Previous Period |
1 January- 31 March 2025 | 1 January- 31 March 2024 | ||
C- Non Life Technical Profit / (Loss) (A-B) | 81.416.908 | (49.014.260) | |
F- Life Technical Profit / (Loss) (D-E) | 621.315.664 | 177.284.826 | |
I- Private Pension Technical Profit / (Loss) (G-H) | (117.826.711) | (78.200.797) | |
J- Total Technical Profit / (Loss) (C+F+I) | 584.905.861 | 50.069.769 | |
K- Investment Income | 1.444.521.857 | 925.046.042 | |
1- Income From Financial Investment | 26 | 1.497.634.276 | 662.810.110 |
2- Income from Sales of Financial Investments | 26 | 38.980.590 | 2.606.100 |
3- Revaluation of Financial Investments | 27 | (230.839.962) | 60.745.298 |
4- Foreign Exchange Gains | 36 | 128.417.952 | 198.884.534 |
5- Dividend Income from Affiliates | 26 | 10.329.001 | - |
6- Income form Subsidiaries and Entities Under Common Control | - | - | |
7- Income Received from Land and Building | - | - | |
8- Income from Derivatives | - | - | |
9- Other Investments | - | - | |
10- Investment Income transferred from Life Technical Division | - | - | |
L- Investment Expenses (-) | (339.579.038) | (95.009.822) | |
1- Investment Management Expenses (Including Interest) (-) | (29.366.187) | (32.804.386) | |
2- Valuation Allowance of Investments (-) | - | - | |
3- Losses On Sales of Investments (-) | - | (41.566) | |
4- Investment Income Transferred to Non-Life Technical Division (-) | (216.447.792) | - | |
5- Losses from Derivatives (-) | 13,26,36 | (6.429.500) | (3.105.400) |
6- Foreign Exchange Losses (-) | 36 | (400.440) | (5.314.340) |
7- Depreciation Charges (-) | 6.1 | (86.511.731) | (53.735.916) |
8- Other Investment Expenses (-) | 8 | (423.388) | (8.214) |
M- Income and Expenses From Other and Extraordinary Operations (+/-) | 76.848.252 | 88.518.283 | |
1- Provisions (+/-) | (45.551.517) | (7.554.187) | |
2- Discounts (+/-) | - | - | |
3- Specialty Insurances (+/-) | - | - | |
4- Inflation Adjustment (+/-) | - | - | |
5- Deferred Tax Asset (+/-) | 35,47.4 | 136.536.535 | 98.112.719 |
6- Deferred Tax Liability Accounts (+/-) | - | - | |
7- Other Income and Revenues | 47.1 | 67.707.598 | 40.949.415 |
8- Other Expenses and Losses (-) | 47.1 | (96.586.138) | (46.884.004) |
9- Prior Period Income | 47.3 | 21.256.084 | 8.044.242 |
10- Prior Period Losses (-) | 47.3 | (6.514.310) | (4.149.902) |
N- Net Profit / (Loss) | 1.183.021.906 | 653.097.673 | |
1- Profit / (Loss) Before Tax | 1.766.696.932 | 968.624.272 | |
2- Corporate Tax Charge and Other Fiscal Liabilities (-) | 35,47.4 | (583.675.026) | (315.526.599) |
3- Net Profit / (Loss) | 1.183.021.906 | 653.097.673 | |
Owners of Parent | - | - | |
Minority Interests | - | - | |
4- Inflation Adjustment Account (+/-) | - | - |
Notes | Reviewed Current Period | Reviewed Previous Period | |
1 January- 31 March 2025 | 1 January- 31 March 2024 | ||
A. Cash Flows from the Operating Activities | - | - | |
1. Cash inflows from the insurance operations | 4.714.067.836 | 3.180.773.742 | |
2. Cash inflows from the reinsurance operations | 3.466.065.849 | - | |
3. Cash inflows from the pension operations | 23.018.041.724 | 16.209.924.095 | |
4. Cash outflows due to the insurance operations (-) | (1.944.670.623) | (1.049.612.875) | |
5. Cash outflows due to the reinsurance operations (-) | (3.038.845.961) | (175.271.278) | |
6. Cash outflows due to the pension operations (-) | (21.142.477.705) | (15.229.577.890) | |
7. Cash generated from the operating activities (A1+A2+A3-A4-A5-A6) | 5.072.181.120 | 2.936.235.794 | |
8. Interest payments (-) | (197.257) | (15.406.006) | |
9. Income tax payments (-) | (35.735.481) | (1.803.527) | |
10. Other cash inflows | 525.301.225 | 269.475.040 | |
11. Other cash outflows (-) | (2.192.974.686) | (1.394.973.424) | |
12. Net cash generated from / (used in) operating activities | 3.368.574.921 | 1.793.527.877 | |
B. Cash flows from the investing activities | - | - | |
1. Sale of tangible assets | 11.831 | 775.872 | |
2. Purchase of tangible assets (-) | 6.3.1 | (284.391.015) | (168.473.539) |
3. Acquisition of financial assets (-) | 11.4 | (6.207.426.422) | (4.523.524.690) |
4. Sale of financial assets | 4.106.862.312 | 2.810.255.951 | |
5. Interest received | 1.633.022.255 | 719.317.298 | |
6. Dividends received | 10.329.000 | - | |
7. Other cash inflows | - | - | |
8. Other cash outflows (-) | - | - | |
9. Net cash generated from / (used in) the investing activities | (741.592.039) | (1.161.649.108) | |
C. Cash flows from the financing activities | - | - | |
1. Issue of equity shares | - | 40.000.000 | |
2. Cash inflows from borrowings | - | - | |
3. Payments of financial leases (-) | 20 | (36.527.545) | (21.258.928) |
4. Dividends paid (-) | (920.738.084) | - | |
5. Other cash inflows | - | - | |
6. Other cash outflows (-) | (12.897.700) | (12.402.386) | |
7. Cash generated from / (used in) the financing activities | (970.163.329) | 6.338.686 | |
D. Effects of Exchange Rate Differences on Cash and Cash Equivalents | 4.553.059 | 27.130 | |
E. Net increase / (decrease) in cash and cash equivalents (A12+B9+C7+D) | 1.661.372.612 | 638.244.585 | |
F. Cash and cash equivalents at the beginning of the period | 2.12 | 5.559.613.905 | 2.063.256.678 |
G. Cash and cash equivalents at the end of period (E+F) | 2.12 | 7.220.986.517 | 2.701.501.263 |
CONSOLIDATED SHAREHOLDERS' EQUITY AS OF 31 MARCH 2025
(Amounts expressed in Turkish Lira (TL) unless otherwise stated).
Reviewed Current Period | |||||||||||||
1 January-31 March 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 | - | (12.897.700) | - | - | - | - | - | - | - | - | (12.897.700) | - | (12.897.700) |
C- Income / (expenses) recognized directly in equity | - | - | - | - | - | - | - | (2.527.221) | - | - | (2.527.221) | - | (2.527.221) |
D- Valuation gains on assets | - | - | (103.268.869) | - | - | - | - | - | - | - | (103.268.869) | - | (103.268.869) |
E- Exchange difference arising on translation of foreign operations | - | - | - | - | - | - | - | - | - | - | - | - | - |
F- Other income / (expenses) | - | - | - | - | - | - | - | - | - | - | - | - | - |
G- Inflation adjustments | - | - | - | - | - | - | - | - | - | - | - | - | - |
H- Net profit for the period | - | - | - | - | - | - | - | - | 1.183.021.906 | - | 1.183.021.906 | - | 1.183.021.906 |
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 (31/03/2025) (III+A+B+C+D+E+F+G+H+I+J) | 180.000.000 | (113.119.638) | (28.020.740) | - | - | 237.839.901 | 11.494 | 4.053.503.989 | 1.183.021.906 | - | 5.513.236.912 | - | 5.513.236.912 |
Reviewed Previous Period | |||||||||||
1 January-31 March 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- 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 |
II- Changes In Accounting Policy(*) | 100.000.000 | - | - | - | - | - | - | 14.354 | (34.564.954) | (6.196.687) | 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 |
A- Capital increase (A1 + A2) | - | - | - | - | - | - | - | - | - | - | - |
1- Cash | - | - | - | - | - | - | - | - | - | - | - |
2- Internal Resources | - | - | - | - | - | - | - | - | - | - | - |
B- Purchase of own shares | - | (12.402.386) | - | - | - | - | - | - | - | - | (12.402.386) |
C- Income / (expenses) recognized directly in equity | - | - | - | - | - | - | - | (7.894.025) | - | - | (7.894.025) |
D- Valuation gains on assets | - | - | (17.876.080) | - | - | - | - | - | - | - | (17.876.080) |
E- Exchange difference arising on translation of foreign operations | - | - | - | - | - | - | - | - | - | - | |
F- Other income / (expenses) | - | - | - | - | - | - | - | - | - | - | |
G- Inflation adjustments | - | - | - | - | - | - | - | - | - | - | - |
H- Net profit for the period | - | - | - | - | - | - | - | - | 653.097.673 | - | 653.097.673 |
I- Payment of dividends | - | - | - | - | - | - | - | - | (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 (31/03/2024) (III+A+B+C+D+E+F+G+H+I+J) | 280.000.000 | (57.185.802) | 37.702.958 | - | - | 138.739.901 | 11.494 | 2.403.095.129 | 653.097.673 | (40.761.641) | 3.414.699.712 |