ASSETS | |||
I- CURRENT ASSETS | Notes | Reviewed Current Period | Audited Previous Period |
31 March 2026 | 31 December 2025 | ||
A- Cash and Cash Equivalents | 2.12, 14 | 11.233.193.527 | 9.218.323.260 |
1- Cash | - | - | |
2- Cheques Received | - | - | |
3- Banks | 2.12, 14 | 7.084.597.372 | 5.353.722.698 |
4- Cheques Given and Payment Orders (-) | - | - | |
5- Bank Guaranteed Credit Card Receivables with Maturities Less Than Three Months | 2.12, 14 | 4.148.596.155 | 3.864.600.562 |
6- Other Cash and Cash Equivalents | - | - | |
B- Financial Assets and Investments with Risks on Policyholders | 4,11.4 | 49.195.459.573 | 47.636.937.773 |
1- Financial Assets Available for Sale | 4, 11.4 | 4.242.237.482 | 3.879.371.873 |
2- Financial Assets Held to Maturity | 4, 11.4 | 1.781.235.582 | 1.816.492.078 |
3- Financial Assets Held for Trading | 4, 11.4 | 4.150.509.029 | 5.787.760.784 |
4- Loans | - | - | |
5- Provision for Loans (-) | - | - | |
6- Investments with Risks on Policyholders | 4, 11.4 | 39.021.477.480 | 36.153.313.038 |
7- Equity Shares | - | - | |
8- Impairment on Financial Assets (-) | - | - | |
C- Receivables From Main Operations | 12.1 | 3.096.508.475 | 1.977.341.896 |
1- Receivables From Insurance Operations | 12.1 | 359.264.202 | 209.251.931 |
2- Provision for Receivables From Insurance Operations (-) | - | - | |
3- Receivables From Reinsurance Operations | 12.1, 45 | 2.220.942.254 | 1.573.837.254 |
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 | 516.302.019 | 194.252.711 |
9- Doubtful Receivables From Main Operations | - | - | |
10- Provisions for Doubtful Receivables From Main Operations (-) | - | - | |
D- Due from Related Parties | 12.1 | 48.157.075 | 105.335.724 |
1- Due from Shareholders | - | - | |
2- Due from Affiliates | - | - | |
3- Due from Subsidiaries | - | - | |
4- Due from Entities Under Common Control | - | - | |
5- Due from Personnel | 90.273 | 79.214 | |
6- Due from Other Related Parties | 45 | 48.066.802 | 105.256.510 |
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 | 15.687.383 | 36.220.205 |
1- Leasing Receivables | - | - | |
2- Unearned Leasing Interest Income (-) | - | - | |
3- Deposits and Guarantees Given | 455.565 | 455.564 | |
4- Other Receivables | 15.081.853 | 35.614.676 | |
5- Discount on Other Receivables (-) | - | - | |
6- Other Doubtful Receivables | 149.965 | 149.965 | |
7- Provisions for Other Doubtful Receivables (-) | - | - | |
F- Prepaid Expenses and Income Accruals | 3.163.124.255 | 2.319.262.539 | |
1- Deferred Commission Expenses | 2.20 | 2.475.541.847 | 2.149.154.765 |
2- Accrued Interest and Rent Income | - | - | |
3- Income Accruals | 45 | 62.166.901 | - |
4- Other Prepaid Expenses | 47.1 | 625.415.507 | 170.107.774 |
G- Other Current Assets | 47.1 | 249.647.014 | 56.664.835 |
1- Stock to be used in following months | - | - | |
2- Prepaid Taxes and Funds | 35 | 226.520.377 | 54.546.464 |
3- Deferred Tax Assets | - | - | |
4- Business Advances | 47.1 | 22.213.579 | 915.850 |
5- Advances Given to Personnel | 47.1 | 913.058 | 1.202.521 |
6- Stock Count Differences | - | - | |
7- Other Current Assets | - | - | |
8- Provision for Other Current Assets (-) | - | - | |
I- Total Current Asset | 67.001.777.302 | 61.350.086.232 | |
ASSETS | |||
II- NON CURRENT ASSETS | Notes | Reviewed Current Period | Audited Previous Period |
31 March 2026 | 31 December 2025 | ||
A- Receivables From Main Operations | 12.1 | 441.953.931.826 | 402.132.019.806 |
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 | 799.023.521 | 790.128.263 |
7- Provision for Loans to Policyholders (-) | - | - | |
8- Receivables From Pension Operations | 17.5, 17.6,19 | 441.154.908.305 | 401.341.891.543 |
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 | 861.722 | 861.412 |
1- Leasing Receivables | - | - | |
2- Unearned Leasing Interest Income (-) | - | - | |
3- Deposits and Guarantees Given | 12.1 | 861.722 | 861.412 |
4- Other Receivables | - | - | |
5- Discount on Other Receivables (-) | - | - | |
6- Other Doubtful Receivables | - | - | |
7- Provisions for Other Doubtful Receivables (-) | - | - | |
D- Financial Assets | 45.2 | 4.169.473 | 4.169.473 |
1- Long-term Investments | - | - | |
2- Affiliates | - | - | |
3- Capital Commitments to Affiliates (-) | - | - | |
4- Subsidiaries | - | - | |
5- Capital Commitments to Subsidiaries (-) | - | - | |
6- Entities Under Common Control | - | - | |
7- Capital Commitments to Entities Under Common Control (-) | - | - | |
8- Financial Assets and Investments with Risks on Policyholders | - | - | |
9- Other Financial Assets | 45.2 | 4.169.473 | 4.169.473 |
10- Impairment on Financial Assets (-) | - | - | |
E- Tangible Assets | 6.3 | 934.111.510 | 912.130.310 |
1- Investment Properties | - | - | |
2- Impairment on Investment Properties (-) | - | - | |
3- Owner Occupied Property | - | - | |
4- Machinery and Equipments | 6.3 | 228.359.917 | 225.737.625 |
5- Furnitures and Fixtures | 6.3 | 192.121.900 | 185.366.455 |
6- Vehicles | 6.3 | 11.464.513 | 11.464.513 |
7- Other Tangible Assets (Including Leasehold Improvements) | 6.3 | 427.823.352 | 395.071.655 |
8- Leased Tangible Fixed Assets | 6.3 | 448.678.670 | 406.904.775 |
9- Accumulated Depreciation (-) | 6.3 | (374.336.842) | (312.414.713) |
10- Advances Paid for Tangible Fixed Assets (Including Construction In Progresses) | - | - | |
F- Intangible Assets | 8 | 2.326.179.306 | 2.107.392.532 |
1- Rights | - | - | |
2- Goodwill | - | - | |
3- Establishment Costs | - | - | |
4- Research and Development Expenses | - | - | |
5- Other Intangible Assets | 8 | 2.746.873.134 | 2.467.006.411 |
6- Accumulated Amortizations (-) | 8 | (865.196.024) | (743.268.389) |
7- Advances Regarding Intangible Assets | 8 | 444.502.196 | 383.654.510 |
G- Prepaid Expenses and Income Accruals | 3.202.965 | 2.786.271 | |
1- Deferred Expenses | - | - | |
2- Income Accruals | - | - | |
3- Other Prepaid Expenses and Income Accruals | 47.1 | 3.202.965 | 2.786.271 |
H- Other Non-current Assets | 21 | 490.057.024 | 343.694.890 |
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 | 490.057.024 | 343.694.890 |
6- Other Non-current Assets | - | - | |
7- Other Non-current Assets Amortization (-) | - | - | |
8- Provision for Other Non-current Assets (-) | - | - | |
II- Total Non-current Assets | 445.712.513.826 | 405.503.054.694 | |
Total Assets (I+II) | 512.714.291.128 | 466.853.140.926 | |
LIABILITIES | |||
III- SHORT TERM LIABILITIES | Note | Reviewed Current Period | Audited Previous Period |
31 March 2026 | 31 December 2025 | ||
A- Borrowings | 20 | 113.541.143 | 116.828.878 |
1- Borrowings from Financial Institutions | - | - | |
2- Finance Lease Payables | 4, 20 | 212.746.737 | 211.500.678 |
3- Deferred Finance Lease Costs (-) | 20 | (99.205.594) | (94.671.800) |
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 | 4.614.452.116 | 5.060.285.518 |
1- Payables From Insurance Operations | 4, 19 | 980.635.875 | 964.172.921 |
2- Payables From Reinsurance Operations | - | - | |
3- Cash Deposited by Insurance & Reinsurance Companies | - | - | |
4- Payables From Pension Operations | 4,19 | 3.633.816.241 | 4.096.112.597 |
5- Payables From Other Operations | - | - | |
6- Discount on Other Payables From Main Operations, Notes Payable (-) | - | - | |
C- Due to Related Parties | 4, 19 | 107.802.803 | 170.006.141 |
1- Due to Shareholders | 12.2, 19 | 28.178.259 | 1.793.615 |
2- Due to Affiliates | - | - | |
3- Due to Subsidiaries | - | - | |
4- Due to Entities Under Common Control | - | - | |
5- Due to Personnel | 19 | 7.893.671 | 7.575.219 |
6- Due to Other Related Parties | 19, 45 | 71.730.873 | 160.637.307 |
D- Other Payables | 4, 19, 47.1 | 1.176.878.122 | 1.008.427.747 |
1- Guarantees and Deposits Received | 29.354 | 28.329 | |
2- Medical Treatment Payables to Social Security Institution | - | - | |
3- Other Payables | 1.176.848.768 | 1.008.399.418 | |
4- Discount on Other Payables (-) | - | - | |
E- Insurance Technical Reserves | 17.15 | 10.660.982.685 | 8.201.319.467 |
1- Unearned Premiums Reserve - Net | 17.15 | 8.298.676.143 | 6.114.714.818 |
2- Unexpired Risk Reserves - Net | - | - | |
3- Life Mathematical Reserves - Net | 17.15 | 1.505.776.186 | 1.271.911.198 |
4- Outstanding Claims Reserve - Net | 2.20, 17.15 | 856.530.356 | 814.693.451 |
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 | 1.860.810.902 | 960.465.954 | |
1- Taxes and Dues Payable | 682.985.584 | 467.933.029 | |
2- Social Security Premiums Payable | 271.076.974 | 82.840.160 | |
3- Overdue, Deferred or By Installment Taxes and Other Liabilities | - | - | |
4- Other Taxes and Liabilities | - | - | |
5- Corporate Tax Provision on Period Profit | 35 | 1.024.672.784 | 2.340.230.265 |
6- Advance Taxes and Other Liabilities on Period Profit (-) | 35 | (117.924.440) | (1.930.537.500) |
7- Provisions for Other Taxes and Liabilities | - | - | |
G- Provisions for Other Risks | 23.2 | 447.755.281 | 754.311.569 |
1- Provision for Employee Termination Benefits | - | - | |
2- Pension Fund Deficit Provision | - | - | |
3- Provisions for Costs | 23.2 | 447.755.281 | 754.311.569 |
H- Deferred Income and Expense Accruals | 19 | 681.423.358 | 374.304.472 |
1- Deferred Income | 2.20, 19 | 20.349.304 | 15.446.561 |
2- Expense Accruals | 19 | 661.074.054 | 358.857.911 |
3- Other Deferred Income and Expense Accruals | - | - | |
I- Other Short Term Liabilities | 23.2 | 115.357.182 | 76.422.309 |
1- Deferred Tax Liability | - | - | |
2- Inventory Count Differences | - | - | |
3- Other Short Term Liabilities | 23.2 | 115.357.182 | 76.422.309 |
III - Total Short Term Liabilities | 19.779.003.592 | 16.722.372.055 | |
LIABILITIES | |||
IV- LONG TERM LIABILITIES | Notes | Reviewed Current Period | Audited Previous Period |
31 March 2026 | 31 December 2025 | ||
A- Borrowings | 20 | 229.405.139 | 207.135.780 |
1- Borrowings From Financial Institutions | - | - | |
2- Finance Lease Payables | 4, 20 | 546.134.537 | 467.382.271 |
3- Deferred Finance Lease Costs (-) | 20 | (316.729.398) | (260.246.491) |
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 | 441.154.908.305 | 401.341.891.543 |
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 | 441.154.908.305 | 401.341.891.543 |
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 | 40.880.020.932 | 38.184.104.164 |
1- Unearned Premiums Reserve - Net | - | - | |
2- Unexpired Risk Reserves - Net | - | - | |
3- Life Mathematical Reserves - Net | 17.15 | 40.641.912.319 | 37.973.565.061 |
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 | 238.108.613 | 210.539.103 |
F- Other Liabilities and Provisions | 58.839.398 | 56.618.257 | |
1- Other Liabilities | - | - | |
2- Overdue, Deferred or By Installment Other Liabilities | - | - | |
3- Other Liabilities and Expense Accruals | 58.839.398 | 56.618.257 | |
G- Provisions for Other Risks | 22 | 248.702.455 | 242.940.098 |
1- Provision for Employee Termination Benefits | 22 | 248.702.455 | 242.940.098 |
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 | 21,35 | - | 7.629.404 |
1- Deferred Tax Liability | - | 7.629.404 | |
2- Other Long Term Liabilities | - | - | |
IV- Total Long Term Liabilities | 482.571.876.229 | 440.040.319.246 | |
LIABILITIES | |||
V- SHAREHOLDERS' EQUITY | Notes | Reviewed Current Period | Audited Previous Period |
31 March 2026 | 31 December 2025 | ||
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 | (116.757.152) | (113.005.243) |
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 | (116.757.152) | (113.005.243) |
C- Profit Reserves | 8.541.704.539 | 4.468.375.634 | |
1- Legal Reserves | 15.2 | 361.939.901 | 237.839.901 |
2- Statutory Reserves | 15.2 | 11.494 | 11.494 |
3- Extraordinary Reserves | 15.2 | 8.400.032.526 | 4.219.053.292 |
4- Special Funds (Reserves) | - | - | |
5- Valuation of Financial Assets | 15.2 | (8.686.629) | 246.906.378 |
6- Other Profit Reserves | 15.2 | (211.592.753) | (235.435.431) |
D- Retained Earning | - | - | |
1- Retained Earnings | - | - | |
E- Previous Years' Losses (-) | - | - | |
1- Previous Years' Losses | - | - | |
F- Net Profit of the Period | 1.758.463.920 | 5.555.079.234 | |
1- Net Profit of the Period | 1.758.463.920 | 5.555.079.234 | |
2- Net Loss of the Period | - | - | |
3- Net Profit of the Period not Subject to Distribution | - | - | |
G-Minory Interests | - | - | |
Total Shareholders' Equity | 10.363.411.307 | 10.090.449.625 | |
Total Liabilities and Shareholders' Equity (III+IV+V) | 512.714.291.128 | 466.853.140.926 | |
I- TECHNICAL DIVISION | Notes | Reviewed Current Period | Reviewed Previous Period |
1 January- 31 March 2026 | 1 January- 31 March 2025 | ||
A- Non-Life Technical Income | 1.854.667.940 | 1.302.502.240 | |
1- Earned Premiums (Net of Reinsurer Share) | 1.564.125.570 | 1.083.189.508 | |
1.1- Premiums (Net of Reinsurer Share) | 5,24 | 3.094.316.185 | 2.198.309.598 |
1.1.1- Gross Premiums (+) | 5,24 | 3.095.365.787 | 2.198.825.209 |
1.1.2- Ceded Premiums to Reinsurers (-) | 5,10,24 | (1.049.602) | (515.611) |
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 | (1.530.190.615) | (1.115.120.090) |
1.2.1- Unearned Premiums Reserve (-) | 17.15 | (1.530.190.615) | (1.115.120.090) |
1.2.2- Reinsurance Share of Unearned Premiums Reserve (+) | - | - | |
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 | 267.765.059 | 216.447.792 | |
3- Other Technical Income (Net of Reinsurer Share) | 22.777.311 | 2.864.940 | |
3.1- Gross Other Technical Income (+) | 22.777.311 | 2.864.940 | |
3.2- Reinsurance Share of Other Technical Income (-) | - | - | |
4. Accrued Subrogation and Sovtage Income (+) | - | - | |
B- Non-Life Technical Expenses (-) | (1.839.484.891) | (1.221.085.332) | |
1- Total Claims (Net of Reinsurer Share) | 5 | (1.292.433.351) | (846.962.609) |
1.1- Claims Paid (Net of Reinsurer Share) | 17.15 | (1.272.999.823) | (732.013.677) |
1.1.1- Gross Claims Paid (-) | 17.15 | (1.273.607.839) | (732.013.677) |
1.1.2- Reinsurance Share of Claims Paid (+) | 10, 17.15 | 608.016 | - |
1.2- Changes in Outstanding Claims Reserve (Net of Reinsurer Share and Reserves Carried Forward) (+/- ) | 17.15,47.4 | (19.433.528) | (114.948.932) |
1.2.1- Outstanding Claims Reserve (-) | 17.15 | (18.847.684) | (114.954.173) |
1.2.2- Reinsurance Share of Outstanding Claims Reserve (+) | 10,17.15 | (585.844) | 5.241 |
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 | (566.541) | (939.529) |
4- Operating Expenses (-) | 31 | (546.484.999) | (373.183.194) |
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) | 15.183.049 | 81.416.908 | |
D- Life Technical Income | 7.618.424.221 | 6.260.858.698 | |
1- Earned Premiums (Net of Reinsurer Share) | 6.197.321.760 | 4.509.750.015 | |
1.1- Premiums (Net of Reinsurer Share) | 5,24 | 6.851.092.470 | 4.623.193.508 |
1.1.1- Gross Premiums (+) | 5,24 | 7.051.153.447 | 4.723.877.821 |
1.1.2- Ceded Premiums to Reinsurers (-) | 5,10,24 | (200.060.977) | (100.684.313) |
1.2- Change in Unearned Premiums Reserve (Net of Reinsurers Shares and Reserves Carried Forward) (+/-) | 5,17.15,47.4 | (653.770.710) | (113.443.493) |
1.2.1- Unearned Premiums Reserve (-) | 17.15 | (653.959.437) | (114.818.486) |
1.2.2- Reinsurance Share of Unearned Premiums Reserve (+) | 10, 17.15 | 188.727 | 1.374.993 |
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 | 1.382.029.472 | 1.694.213.175 |
3- Accrued (Unrealized) Income from Investments | - | - | |
4- Other Technical Income (Net of Reinsurer Share) | 5 | 39.072.989 | 56.895.508 |
4.1- Other Gross Technical Income (+/-) | 5 | 39.072.989 | 56.895.508 |
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 2026 | 1 January- 31 March 2025 | ||
E- Life Technical Expense | (6.574.972.314) | (5.639.543.034) | |
1- Total Claims (Net of Reinsurer Share) | 5 | (1.238.474.402) | (613.415.452) |
1.1- Claims Paid (Net of Reinsurer Share) | 17.15 | (1.216.071.026) | (566.027.190) |
1.1.1- Gross Claims Paid (-) | 17.15 | (1.315.231.164) | (600.536.481) |
1.1.2- Reinsurance Share of Claims Paid (+) | 10, 17.15 | 99.160.138 | 34.509.291 |
1.2- Changes in Outstanding Claims Reserve (Net of Reinsurer Share and Reserves Carried Forward) (+/-) | 17.15,47.4 | (22.403.376) | (47.388.262) |
1.2.1- Outstanding Claims Reserve (-) | 17.15 | (43.107.689) | (86.011.685) |
1.2.2- Reinsurance Share of Outstanding Claims Reserve (+) | 10,17.15 | 20.704.313 | 38.623.423 |
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 | (3.190.389.988) | (3.501.637.185) |
3.1- Life Mathematical Reserves | 17.15 | (3.190.194.274) | (3.502.803.113) |
3.1.1- Actuarial Mathematics provision(+/-) | (3.190.194.274) | (3.502.803.113) | |
3.1.2- Dividend Equivalent (Provision for Policyholders Investment Risk.) | - | - | |
3.2- Reinsurance Share of Life Mathematical Reserves | 10, 17.15 | (195.714) | 1.165.928 |
3.2.1- Provision of Reinsurance Actuarial Mathematics (+) | 10, 17.15 | (195.714) | 1.165.928 |
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 | (27.002.969) | (16.158.324) |
5- Operating Expenses (-) | 31 | (2.116.400.239) | (1.508.332.073) |
6- Investment Expenses (-) | 5,36 | (2.704.716) | - |
7- Unrealized Losses from Investments (-) | - | - | |
8- Investment Income Transferred to Non-Technical Divisions (-) | - | - | |
F- Life Technical Profit / (Loss) (D-E) | 1.043.451.907 | 621.315.664 | |
G- Private Pension Technical Income | 25 | 2.345.538.672 | 1.428.799.589 |
1- Fund Management Fee | 25 | 1.340.268.854 | 801.437.265 |
2- Management Fee | 25 | 861.491.320 | 540.137.929 |
3- Entrance Fee Income | 25 | 143.778.498 | 87.224.395 |
4- Management Fee In Case Of Temporary Suspension | - | - | |
5- Income from Individual Service Charges | - | - | |
6- Increase in Market Value of Capital Commitment Advances | - | - | |
7- Other Technical Income | - | - | |
H- Private Pension Technical Expenses | (2.353.980.136) | (1.546.626.300) | |
1- Fund Management Expenses (-) | (217.702.985) | (112.644.361) | |
2- Decrease in Market Value of Capital Commitment Advances (-) | - | - | |
3- Operating Expenses (-) | 31 | (2.001.233.557) | (1.343.926.052) |
4- Other Technical Expenses (-) | (126.959.380) | (86.935.795) | |
5- Penalty Payments | (8.084.214) | (3.120.092) | |
I- Private Pension Technical Profit / (Loss) (G-H) | (8.441.464) | (117.826.711) |
7
II- NON TECHNICAL DIVISION | Notes | Reviewed Current Period | Reviewed Previous Period |
1 January- 31 March 2026 | 1 January- 31 March 2025 | ||
C- Non Life Technical Profit / (Loss) (A-B) | 15.183.049 | 81.416.908 | |
F- Life Technical Profit / (Loss) (D-E) | 1.043.451.907 | 621.315.664 | |
I- Private Pension Technical Profit / (Loss) (G-H) | (8.441.464) | (117.826.711) | |
J- Total Technical Profit / (Loss) (C+F+I) | 1.050.193.492 | 584.905.861 | |
K- Investment Income | 2.089.864.424 | 1.444.521.857 | |
1- Income From Financial Investment | 26 | 1.954.721.773 | 1.497.634.276 |
2- Income from Sales of Financial Investments | 26 | 28.561.518 | 38.980.590 |
3- Revaluation of Financial Investments | 27 | (94.178.264) | (230.839.962) |
4- Foreign Exchange Gains | 36 | 186.918.081 | 128.417.952 |
5- Dividend Income from Affiliates | 26 | 13.841.316 | 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 (-) | (567.826.833) | (339.579.038) | |
1- Investment Management Expenses (Including Interest) (-) | (44.269.382) | (29.366.187) | |
2- Valuation Allowance of Investments (-) | - | - | |
3- Losses On Sales of Investments (-) | (174.485) | - | |
4- Investment Income Transferred to Non-Life Technical Division (-) | (267.765.059) | (216.447.792) | |
5- Losses from Derivatives (-) | 13,26,36 | (5.547.400) | (6.429.500) |
6- Foreign Exchange Losses (-) | 36 | (61.342.375) | (400.440) |
7- Depreciation Charges (-) | 6.1 | (188.632.323) | (86.511.731) |
8- Other Investment Expenses (-) | (95.809) | (423.388) | |
M- Income and Expenses From Other and Extraordinary Operations (+/-) | (59.251.476) | (33.846.477) | |
1- Provisions (+/-) | (80.956.561) | (45.551.517) | |
2- Discounts (+/-) | - | - | |
3- Specialty Insurances (+/-) | - | - | |
4- Inflation Adjustment (+/-) | - | - | |
5- Deferred Tax Asset (+/-) | 35,47.4 | 58.490.639 | 25.841.806 |
6- Deferred Tax Liability Accounts (+/-) | - | - | |
7- Other Income and Revenues | 47.1 | 113.780.114 | 67.707.598 |
8- Other Expenses and Losses (-) | 47.1 | (150.746.697) | (96.586.138) |
9- Prior Period Income | 47.3 | 3.696.415 | 21.256.084 |
10- Prior Period Losses (-) | 47.3 | (3.515.386) | (6.514.310) |
N- Net Profit / (Loss) | 1.758.463.920 | 1.183.021.906 | |
1- Profit / (Loss) Before Tax | 2.512.979.607 | 1.656.002.203 | |
2- Corporate Tax Charge and Other Fiscal Liabilities (-) | 35,47.4 | (754.515.687) | (472.980.297) |
3- Net Profit / (Loss) | 1.758.463.920 | 1.183.021.906 | |
Owners of Parent | - | - | |
Minority Interests | - | - | |
4- Inflation Adjustment Account (+/-) | - | - |
Notes | Reviewed Current Period | Reviewed Previous Period | |
1 January- 31 Mart 2026 | 1 January- 31 Mart 2025 | ||
A. Cash Flows from the Operating Activities | - | - | |
1. Cash inflows from the insurance operations | 7.077.932.133 | 4.714.067.836 | |
2. Cash inflows from the reinsurance operations | 4.483.639.942 | 3.466.065.849 | |
3. Cash inflows from the pension operations | 34.461.430.650 | 23.018.041.724 | |
4. Cash outflows due to the insurance operations (-) | (3.561.523.331) | (1.944.670.623) | |
5. Cash outflows due to the reinsurance operations (-) | (4.049.777.652) | (3.038.845.961) | |
6. Cash outflows due to the pension operations (-) | (32.456.316.426) | (21.142.477.705) | |
7. Cash generated from the operating activities (A1+A2+A3-A4-A5-A6) | 5.955.385.316 | 5.072.181.120 | |
8. Interest payments (-) | - | (197.257) | |
9. Income tax payments (-) | (425.253.904) | (35.735.481) | |
10. Other cash inflows | 1.459.332.876 | 525.301.225 | |
11. Other cash outflows (-) | (3.335.177.924) | (2.192.974.686) | |
12. Net cash generated from / (used in) operating activities | 3.654.286.364 | 3.368.574.921 | |
B. Cash flows from the investing activities | - | - | |
1. Sale of tangible assets | 1.725.959 | 11.831 | |
2. Purchase of tangible assets (-) | 6.3.1 | (385.559.553) | (284.391.015) |
3. Acquisition of financial assets (-) | 11.4 | (7.704.518.882) | (6.207.426.422) |
4. Sale of financial assets | 6.615.611.016 | 4.106.862.312 | |
5. Interest received | 2.104.282.613 | 1.633.022.255 | |
6. Dividends received | 26 | 13.841.316 | 10.329.001 |
7. Other cash inflows | - | - | |
8. Other cash outflows (-) | - | - | |
9. Net cash generated from / (used in) the investing activities | 645.382.469 | (741.592.038) | |
C. Cash flows from the financing activities | - | - | |
1. Issue of equity shares | - | - | |
2. Cash inflows from borrowings | - | - | |
3. Payments of financial leases (-) | 20 | (57.708.934) | (36.527.545) |
4. Dividends paid (-) | (1.143.943.610) | (920.738.084) | |
5. Other cash inflows | - | - | |
6. Other cash outflows (-) | (3.751.909) | (12.897.700) | |
7. Cash generated from / (used in) the financing activities | (1.205.404.453) | (970.163.329) | |
D. Effects of Exchange Rate Differences on Cash and Cash Equivalents | 1.488.095 | 4.553.058 | |
E. Net increase / (decrease) in cash and cash equivalents (A12+B9+C7+D) | 3.095.752.475 | 1.661.372.612 | |
F. Cash and cash equivalents at the beginning of the period | 2.12 | 7.466.574.733 | 5.559.613.905 |
G. Cash and cash equivalents at the end of period (E+F) | 2.12 | 10.562.327.208 | 7.220.986.517 |
CONSOLIDATED SHAREHOLDERS' EQUITY AS OF 31 MARCH 2026
(Amounts expressed in Turkish Lira (TL) unless otherwise stated).
Reviewed Current Period | |||||||||||||
1 January-31 March 2026 | |||||||||||||
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 | (113.842.338) | 246.906.378 | - | - | 237.839.901 | 11.494 | 3.984.454.956 | 5.555.079.234 | - | 10.090.449.625 | - | 10.090.449.625 |
II- Changes In Accounting Policy(*) | - | - | - | - | - | - | - | - | - | - | - | - | |
III- Balance at (01/01/2026) | 180.000.000 | (113.842.338) | 246.906.378 | - | - | 237.839.901 | 11.494 | 3.984.454.956 | 5.555.079.234 | - | 10.090.449.625 | - | 10.090.449.625 |
A- Capital increase (A1 + A2) | - | - | - | - | - | - | - | - | - | - | - | - | - |
1- Cash | - | - | - | - | - | - | - | - | - | - | - | - | - |
2- Internal Resources | - | - | - | - | - | - | - | - | - | - | - | - | - |
B- Purchase of own shares | - | (3.751.909) | - | - | - | - | - | - | - | - | (3.751.909) | - | (3.751.909) |
C- Income / (expenses) recognized directly in equity | - | - | - | - | - | - | - | 23.842.678 | - | - | 23.842.678 | - | 23.842.678 |
D- Valuation gains on assets | - | - | (255.593.007) | - | - | - | - | - | - | - | (255.593.007) | - | (255.593.007) |
E- Exchange difference arising on translation of foreign operations | - | - | - | - | - | - | - | - | - | - | - | - | - |
F- Other income / (expenses) | - | - | - | - | - | - | - | - | - | - | - | - | - |
G- Inflation adjustments | - | - | - | - | - | - | - | - | - | - | - | - | - |
H- Net profit for the period | - | - | - | - | - | - | - | - | 1.758.463.920 | - | 1.758.463.920 | - | 1.758.463.920 |
I- Payment of dividends | - | - | - | - | - | - | - | - | (1.250.000.000) | - | (1.250.000.000) | - | (1.250.000.000) |
J- Transfers | - | - | - | - | - | 124.100.000 | - | 4.180.979.234 | (4.305.079.234) | - | - | - | - |
IV- Balance at (31/03/2026) (III+A+B+C+D+E+F+G+H+I+J) | 180.000.000 | (117.594.247) | (8.686.629) | - | - | 361.939.901 | 11.494 | 8.189.276.868 | 1.758.463.920 | - | 10.363.411.307 | - | 10.363.411.307 |
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 |