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 | 4.712.872.493 | 4.908.818.545 |
1- Cash | - | - | |
2- Cheques Received | - | - | |
3- Banks | 2.12, 14 | 1.606.443.615 | 2.511.214.022 |
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 | 32.487.951.288 | 28.845.045.335 |
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 | 1.659.967.505 | 2.151.259.530 |
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 | 561.695.148 | 258.606.354 |
1- Receivables From Insurance Operations | 12.1 | 241.517.135 | 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 | 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 | 28.663.865 | 19.618.727 |
1- Due from Shareholders | - | - | |
2- Due from Affiliates | - | - | |
3- Due from Subsidiaries | 12.2 | 2.893.975 | 2.879.090 |
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 | 12.528.456 | 11.378.576 |
1- Leasing Receivables | - | - | |
2- Unearned Leasing Interest Income (-) | - | - | |
3- Deposits and Guarantees Given | 32.725 | 32.725 | |
4- Other Receivables | 12.339.520 | 11.189.640 | |
5- Discount on Other Receivables (-) | - | - | |
6- Other Doubtful Receivables | 156.211 | 156.211 | |
7- Provisions for Other Doubtful Receivables (-) | - | - | |
F- Prepaid Expenses and Income Accruals | 1.535.506.049 | 1.385.437.319 | |
1- Deferred Commission Expenses | 2.20 | 1.099.439.748 | 1.033.974.031 |
2- Accrued Interest and Rent Income | - | - | |
3- Income Accruals | 45 | 17.289.497 | 85.109.544 |
4- Other Prepaid Expenses | 47.1 | 418.776.804 | 266.353.744 |
G- Other Current Assets | 47.1 | 19.398.145 | 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 | 18.088.446 | 1.577.949 |
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 | 39.358.615.444 | 35.431.422.884 | |
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 | 1.442.197.252 | 792.197.252 | |
1- Long-term Investments | - | - | |
2- Affiliates | - | - | |
3- Capital Commitments to Affiliates (-) | - | - | |
4- Subsidiaries | 9, 45 | 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 | 3.947.252 | 3.947.252 |
10- Impairment on Financial Assets (-) | - | - | |
E- Tangible Assets | 6.3 | 376.322.967 | 284.787.967 |
1- Investment Properties | - | - | |
2- Impairment on Investment Properties (-) | - | - | |
3- Owner Occupied Property | - | - | |
4- Machinery and Equipments | 6.3 | 84.761.835 | 84.420.287 |
5- Furnitures and Fixtures | 6.3 | 44.582.457 | 42.929.981 |
6- Vehicles | 6.3 | 8.538.700 | 8.538.700 |
7- Other Tangible Assets (Including Leasehold Improvements) | 6.3 | 74.360.925 | 45.196.828 |
8- Leased Tangible Fixed Assets | 6.3 | 334.548.181 | 244.041.676 |
9- Accumulated Depreciation (-) | 6.3 | (170.469.131) | (140.339.505) |
10- Advances Paid for Tangible Fixed Assets (Including Construction In Progresses) | - | - | |
F- Intangible Assets | 8 | 1.138.089.474 | 974.806.816 |
1- Rights | - | - | |
2- Goodwill | - | - | |
3- Establishment Costs | - | - | |
4- Research and Development Expenses | - | - | |
5- Other Intangible Assets | 8 | 986.516.407 | 914.916.582 |
6- Accumulated Amortizations (-) | 8 | (474.777.785) | (432.965.340) |
7- Advances Regarding Intangible Assets | 8 | 626.350.852 | 492.855.574 |
G- Prepaid Expenses and Income Accruals | 231.379 | 1.368.491 | |
1- Deferred Expenses | - | - | |
2- Income Accruals | - | - | |
3- Other Prepaid Expenses and Income Accruals | 47.1 | 231.379 | 1.368.491 |
H- Other Non-current Assets | 21, 35 | 388.636.082 | 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 | 388.636.082 | 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 | 265.360.634.712 | 231.082.375.369 | |
Total Assets (I+II) | 304.719.250.156 | 266.513.798.253 |
LIABILITIES | |||
III- SHORT TERM LIABILITIES | Note | Reviewed Current Period | Audited Previous Period |
31 March 2025 | 31 December 2024 | ||
A- Borrowings | 20 | 58.651.409 | 59.168.889 |
1- Borrowings from Financial Institutions | - | - | |
2- Finance Lease Payables | 4,20 | 155.800.389 | 122.990.097 |
3- Deferred Finance Lease Costs (-) | 20 | (97.148.980) | (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 | 3.528.014.987 | 2.889.268.832 |
1- Payables From Insurance Operations | 4, 19 | 587.567.512 | 438.913.735 |
2- Payables From Reinsurance Operations | - | - | |
3- Cash Deposited by Insurance & Reinsurance Companies | - | - | |
4- Payables From Pension Operations | 4,19 | 2.940.447.475 | 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 | 74.915.018 | 280.354.939 |
1- Due to Shareholders | 12.2,19 | 22.662.186 | 3.516.257 |
2- Due to Affiliates | - | - | |
3- Due to Subsidiaries | 12.2,19 | 1.534.974 | 1.534.974 |
4- Due to Entities Under Common Control | - | - | |
5- Due to Personnel | 19 | 13.329.912 | 5.045.202 |
6- Due to Other Related Parties | 19, 45 | 37.387.946 | 270.258.506 |
D- Other Payables | 4,19,47.1 | 178.785.725 | 130.896.242 |
1- Guarantees and Deposits Received | 24.970 | 23.327 | |
2- Medical Treatment Payables to Social Security Institution | - | - | |
3- Other Payables | 178.760.755 | 130.872.915 | |
4- Discount on Other Payables (-) | - | - | |
E- Insurance Technical Reserves | 17.15 | 3.650.081.188 | 3.258.822.490 |
1- Unearned Premiums Reserve - Net | 17.15 | 2.803.012.503 | 2.656.200.446 |
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 | 300.794.767 | 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 | 1.286.106.433 | 638.369.529 | |
1- Taxes and Dues Payable | 391.734.901 | 255.763.285 | |
2- Social Security Premiums Payable | 151.572.238 | 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 | 764.695.615 | 1.199.785.267 |
6- Advance Taxes and Other Liabilities on Period Profit (-) | 35 | (21.896.321) | (869.330.223) |
7- Provisions for Other Taxes and Liabilities | - | - | |
G- Provisions for Other Risks | 23.2 | 311.441.533 | 441.033.554 |
1- Provision for Employee Termination Benefits | - | - | |
2- Pension Fund Deficit Provision | - | - | |
3- Provisions for Costs | 23.2 | 311.441.533 | 441.033.554 |
H- Deferred Income and Expense Accruals | 19 | 454.548.620 | 345.639.429 |
1- Deferred Income | 2.20, 19 | 9.592.401 | 8.297.894 |
2- Expense Accruals | 19 | 444.956.219 | 337.341.535 |
3- Other Deferred Income and Expense Accruals | - | - | |
I- Other Short Term Liabilities | 23.2 | 58.813.756 | 29.821.401 |
1- Deferred Tax Liability | - | - | |
2- Inventory Count Differences | - | - | |
3- Other Short Term Liabilities | 23.2 | 58.813.756 | 29.821.401 |
III - Total Short Term Liabilities | 9.601.358.669 | 8.073.375.305 | |
LIABILITIES | |||
IV- LONG TERM LIABILITIES | Notes | Reviewed Current Period | Audited Previous Period |
31 March 2025 | 31 December 2024 | ||
A- Borrowings | 20 | 235.599.043 | 152.318.111 |
1- Borrowings From Financial Institutions | - | - | |
2- Finance Lease Payables | 4,20 | 504.021.605 | 218.843.812 |
3- Deferred Finance Lease Costs (-) | 20 | (268.422.562) | (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 | 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 | 39.396.116 | 30.785.140 | |
1- Other Liabilities | - | - | |
2- Overdue, Deferred or By Installment Other Liabilities | - | - | |
3- Other Liabilities and Expense Accruals | 39.396.116 | 30.785.140 | |
G- Provisions for Other Risks | 22 | 103.897.697 | 97.494.552 |
1- Provision for Employee Termination Benefits | 22 | 103.897.697 | 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 | 289.773.667.577 | 253.100.511.403 | |
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 | 4.151.992.899 | 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 | (28.020.740) | 75.248.129 |
6- Other Profit Reserves | 15.2 | (96.379.466) | (92.344.846) |
D- Retained Earning | - | - | |
1- Retained Earnings | - | - | |
E- Previous Years' Losses (-) | - | - | |
1- Previous Years' Losses | - | - | |
F- Net Profit of the Period | 1.124.513.554 | 2.754.603.624 | |
1- Net Profit of the Period | 1.124.513.554 | 2.754.603.624 | |
2- Net Loss of the Period | - | - | |
3- Net Profit of the Period not Subject to Distribution | - | - | |
Total Shareholders' Equity | 5.344.223.910 | 5.339.911.545 | |
Total Liabilities and Shareholders' Equity (III+IV+V) | 304.719.250.156 | 266.513.798.253 | |
Notes | Reviewed Current Period | Reviewed Previous Period | |
1 January- 31 March 2025 | 1 January- 31 March 2024 | ||
A- Non-Life Technical Income | 58.184.170 | 36.020.179 | |
1- Earned Premiums (Net of Reinsurer Share) | 58.184.170 | 36.020.179 | |
1.1- Premiums (Net of Reinsurer Share) | 5,24 | 91.552.734 | 76.990.200 |
1.1.1- Gross Premiums (+) | 5,24 | 91.874.023 | 77.228.527 |
1.1.2- Ceded Premiums to Reinsurers (-) | 5,10,24 | (321.289) | (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 | (33.368.564) | (40.970.021) |
1.2.1- Unearned Premiums Reserve (-) | 17.15 | (33.368.564) | (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 | - | - | |
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 (-) | (58.618.783) | (38.670.699) | |
1- Total Claims (Net of Reinsurer Share) | 5 | (424.968) | (3.282.886) |
1.1- Claims Paid (Net of Reinsurer Share) | 17.15 | (1.858.067) | (1.435.079) |
1.1.1- Gross Claims Paid (-) | 17.15 | (1.858.067) | (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 | 1.433.099 | (1.847.807) |
1.2.1- Outstanding Claims Reserve (-) | 17.15 | 1.427.858 | (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 | (57.254.286) | (34.570.156) |
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) | (434.613) | (2.650.520) | |
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 (+) | - | - |
I- TECHNICAL DIVISION | Notes | Reviewed Current Period | Reviewed Previous Period |
1 January- 31 March 2025 | 1 January- 31 March 2024 | ||
E- Life Technical Expense | (5.637.687.905) | (3.889.045.002) | |
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 | (1.506.476.944) | (859.320.952) |
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) | 623.170.793 | 93.165.612 | |
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 | (1.543.739.147) | (1.122.271.897) | |
1- Fund Management Expenses (-) | (112.644.361) | (82.426.240) | |
2- Decrease in Market Value of Capital Commitment Advances (-) | - | - | |
3- Operating Expenses (-) | 31 | (1.341.038.899) | (983.837.195) |
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) | (114.939.558) | (131.829.827) |
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) | (434.613) | (2.650.520) | |
F- Life Technical Profit / (Loss) (D-E) | 623.170.793 | 93.165.612 | |
I- Private Pension Technical Profit / (Loss) (G-H) | (114.939.558) | (131.829.827) | |
J- Total Technical Profit / (Loss) (C+F+I) | 507.796.622 | (41.314.735) | |
K- Investment Income | 1.198.616.837 | 907.462.373 | |
1- Income From Financial Investment | 26 | 1.370.659.147 | 646.584.747 |
2- Income from Sales of Financial Investments | 26 | 870.036 | 1.894.107 |
3- Revaluation of Financial Investments | 27 | (311.595.022) | 60.253.891 |
4- Foreign Exchange Gains | 36 | 128.353.675 | 198.729.628 |
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 (-) | (105.980.616) | (64.055.177) | |
1- Investment Management Expenses (Including Interest) (-) | (27.168.420) | (10.502.868) | |
2- Valuation Allowance of Investments (-) | - | - | |
3- Losses On Sales of Investments (-) | - | (41.566) | |
4- Investment Income Transferred to Non-Life Technical Division (-) | - | - | |
5- Losses from Derivatives (-) | 13,26,36 | (6.429.500) | (3.105.400) |
6- Foreign Exchange Losses (-) | 36 | (7.191) | (4.442.161) |
7- Depreciation Charges (-) | 6.1 | (71.952.117) | (45.954.968) |
8- Other Investment Expenses (-) | 8 | (423.388) | (8.214) |
M- Income and Expenses From Other and Extraordinary Operations (+/-) | 101.137.022 | 77.687.271 | |
1- Provisions (+/-) | (38.396.149) | (6.998.554) | |
2- Discounts (+/-) | - | - | |
3- Specialty Insurances (+/-) | - | - | |
4- Inflation Adjustment (+/-) | - | - | |
5- Deferred Tax Asset (+/-) | 35,47.4 | 148.702.718 | 82.824.516 |
6- Deferred Tax Liability Accounts (+/-) | - | - | |
7- Other Income and Revenues | 47.1 | 71.772.116 | 44.333.563 |
8- Other Expenses and Losses (-) | 47.1 | (95.687.405) | (46.113.248) |
9- Prior Period Income | 47.3 | 21.256.084 | 7.697.382 |
10- Prior Period Losses (-) | 47.3 | (6.510.342) | (4.056.388) |
N- Net Profit / (Loss) | 1.124.513.554 | 595.102.290 | |
1- Profit / (Loss) Before Tax | 1.701.569.865 | 879.779.732 | |
2- Corporate Tax Charge and Other Fiscal Liabilities (-) | 35,47.4 | (577.056.311) | (284.677.442) |
3- Net Profit / (Loss) | 1.124.513.554 | 595.102.290 | |
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 | 4.709.285.709 | 3.162.238.164 | |
2. Cash inflows from the reinsurance operations | - | - | |
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) | (1.155.959.655) | |
5. Cash outflows due to the reinsurance operations (-) | - | - | |
6. Cash outflows due to the pension operations (-) | (21.142.477.705) | (15.363.544.067) | |
7. Cash generated from the operating activities (A1+A2+A3-A4-A5-A6) | 4.640.179.105 | 2.852.658.537 | |
8. Interest payments (-) | - | - | |
9. Income tax payments (-) | (21.896.320) | (607.582) | |
10. Other cash inflows | 29.538.893 | 63.173.560 | |
11. Other cash outflows (-) | (2.025.207.377) | (1.136.112.261) | |
12. Net cash generated from / (used in) operating activities | 2.622.614.301 | 1.779.112.254 | |
B. Cash flows from the investing activities | - | - | |
1. Sale of tangible assets | 11.831 | 507.300 | |
2. Purchase of tangible assets (-) | 6.3.1 | (236.696.977) | (126.999.512) |
3. Acquisition of financial assets (-) | 11.4 | (5.519.246.084) | (4.238.524.698) |
4. Sale of financial assets | 3.233.722.890 | 2.583.847.019 | |
5. Interest received | 1.453.672.585 | 702.154.051 | |
6. Dividends received | 10.329.000 | - | |
7. Other cash inflows | - | - | |
8. Other cash outflows (-) | 9 | (650.000.000) | - |
9. Net cash generated from / (used in) the investing activities | (1.708.206.755) | (1.079.015.840) | |
C. Cash flows from the financing activities | - | - | |
1. Issue of equity shares | - | - | |
2. Cash inflows from borrowings | - | - | |
3. Payments of financial leases (-) | 20 | (34.140.140) | (11.602.663) |
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 | (967.775.924) | (24.005.049) | |
D. Effects of Exchange Rate Differences on Cash and Cash Equivalents | 4.881.655 | 684.762 | |
E. Net increase / (decrease) in cash and cash equivalents (A12+B9+C7+D) | (48.486.723) | 676.776.127 | |
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 | 4.693.150.107 | 2.626.537.448 |
NON-CONSOLIDATED SHAREHOLDERS' EQUITY AS OF 31 MARCH 2025
(Amounts expressed in Turkish Lira (TL) unless otherwise stated).
Reviewed Current Period | |||||||||||
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) (-) | 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 | - | (12.897.700) | - | - | - | - | - | - | - | - | (12.897.700) |
C- Income / (expenses) recognized directly in equity | - | - | - | - | - | - | - | (4.034.620) | - | - | (4.034.620) |
D- Valuation gains on assets | - | - | (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 | - | - | - | - | - | - | - | - | 1.124.513.554 | - | 1.124.513.554 |
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 (31/03/2025) (III+A+B+C+D+E+F+G+H+I+J) | 180.000.000 | (113.119.638) | (28.020.740) | - | - | 237.439.901 | 11.494 | 3.943.399.339 | 1.124.513.554 | - | 5.344.223.910 |
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- 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 | - | (12.402.386) | - | - | - | - | - | - | - | - | (12.402.386) |
C- Income / (expenses) recognized directly in equity | - | - | - | - | - | - | - | (5.089.549) | - | - | (5.089.549) |
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 | - | - | - | - | - | - | - | - | 595.102.290 | - | 595.102.290 |
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 (31/03/2024) (III+A+B+C+D+E+F+G+H+I+J) | 180.000.000 | (57.185.802) | 37.702.958 | - | - | 138.339.901 | 11.494 | 2.316.816.930 | 595.102.290 | - | 3.210.787.771 |