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 | 8.235.603.201 | 6.676.805.376 |
1- Cash | - | - | |
2- Cheques Received | - | - | |
3- Banks | 2.12, 14 | 4.087.007.046 | 2.812.204.814 |
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 | 48.462.272.070 | 47.155.662.848 |
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 | 3.417.321.526 | 5.306.485.859 |
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 | 866.658.886 | 401.069.190 |
1- Receivables From Insurance Operations | 12.1 | 350.356.867 | 206.816.479 |
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 | 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 | 51.533.362 | 110.937.642 |
1- Due from Shareholders | - | - | |
2- Due from Affiliates | - | - | |
3- Due from Subsidiaries | 12.2 | 3.376.287 | 5.602.908 |
4- Due from Entities Under Common Control | - | - | |
5- Due from Personnel | 90.273 | 78.224 | |
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 | 15.248.975 | 35.781.798 |
1- Leasing Receivables | - | - | |
2- Unearned Leasing Interest Income (-) | - | - | |
3- Deposits and Guarantees Given | 32.725 | 32.725 | |
4- Other Receivables | 15.066.285 | 35.599.108 | |
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 | 2.417.329.445 | 1.722.697.217 | |
1- Deferred Commission Expenses | 2.20 | 1.769.616.903 | 1.562.251.760 |
2- Accrued Interest and Rent Income | - | - | |
3- Income Accruals | 45 | 42.948.671 | - |
4- Other Prepaid Expenses | 47.1 | 604.763.871 | 160.445.457 |
G- Other Current Assets | 47.1 | 159.453.366 | 2.118.371 |
1- Stock to be used in following months | - | - | |
2- Prepaid Taxes and Funds | 136.410.649 | - | |
3- Deferred Tax Assets | - | - | |
4- Business Advances | 47.1 | 22.129.659 | 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 | 60.208.099.305 | 56.105.072.442 | |
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 | 1.442.419.473 | 1.442.419.473 | |
1- Long-term Investments | - | - | |
2- Affiliates | - | - | |
3- Capital Commitments to Affiliates (-) | - | - | |
4- Subsidiaries | 45 | 1.438.250.000 | 1.438.250.000 |
5- Capital Commitments to Subsidiaries (-) | - | - | |
6- Entities Under Common Control | - | - | |
7- Capital Commitments to Entities Under Common Control (-) | - | - | |
8- Financial Assets and Investments with Risks on Policyholders | - | - | |
9- Other Financial Assets | 45.2 | 4.169.473 | 4.169.473 |
10- Impairment on Financial Assets (-) | - | - | |
E- Tangible Assets | 6.3 | 858.750.766 | 850.784.428 |
1- Investment Properties | - | - | |
2- Impairment on Investment Properties (-) | - | - | |
3- Owner Occupied Property | - | - | |
4- Machinery and Equipments | 6.3 | 227.451.995 | 224.829.703 |
5- Furnitures and Fixtures | 6.3 | 171.951.656 | 170.501.760 |
6- Vehicles | 6.3 | 4.456.101 | 4.456.101 |
7- Other Tangible Assets (Including Leasehold Improvements) | 6.3 | 383.679.509 | 354.773.557 |
8- Leased Tangible Fixed Assets | 6.3 | 428.111.023 | 393.727.557 |
9- Accumulated Depreciation (-) | 6.3 | (356.899.518) | (297.504.250) |
10- Advances Paid for Tangible Fixed Assets (Including Construction In Progresses) | - | - | |
F- Intangible Assets | 8 | 1.780.516.629 | 1.598.345.738 |
1- Rights | - | - | |
2- Goodwill | - | - | |
3- Establishment Costs | - | - | |
4- Research and Development Expenses | - | - | |
5- Other Intangible Assets | 8 | 2.099.036.459 | 1.871.502.220 |
6- Accumulated Amortizations (-) | 8 | (738.948.212) | (647.347.494) |
7- Advances Regarding Intangible Assets | 8 | 420.428.382 | 374.191.012 |
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 | 480.438.607 | 339.851.317 |
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 | 480.438.607 | 339.851.317 |
6- Other Non-current Assets | - | - | |
7- Other Non-current Assets Amortization (-) | - | - | |
8- Provision for Other Non-current Assets (-) | - | - | |
II- Total Non-current Assets | 446.520.121.988 | 406.367.068.445 | |
Total Assets (I+II) | 506.728.221.293 | 462.472.140.887 |
LIABILITIES | |||
III- SHORT TERM LIABILITIES | Note | Reviewed Current Period | Audited Previous Period |
31 March 2026 | 31 December 2025 | ||
A- Borrowings | 20 | 112.191.972 | 112.595.417 |
1- Borrowings from Financial Institutions | - | - | |
2- Finance Lease Payables | 4,20 | 203.445.585 | 201.798.247 |
3- Deferred Finance Lease Costs (-) | 20 | (91.253.613) | (89.202.830) |
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 | 4.636.790.603 | 5.063.791.072 |
1- Payables From Insurance Operations | 4, 19 | 1.002.974.360 | 967.678.474 |
2- Payables From Reinsurance Operations | - | - | |
3- Cash Deposited by Insurance & Reinsurance Companies | - | - | |
4- Payables From Pension Operations | 4,19 | 3.633.816.243 | 4.096.112.598 |
5- Payables From Other Operations | - | - | |
6- Discount on Other Payables From Main Operations, Notes Payable (-) | - | - | |
C- Due to Related Parties | 4, 19 | 107.797.828 | 169.811.615 |
1- Due to Shareholders | 12.2,19 | 28.178.259 | 1.793.615 |
2- Due to Affiliates | - | - | |
3- Due to Subsidiaries | 12.2,19 | 92.723 | - |
4- Due to Entities Under Common Control | - | - | |
5- Due to Personnel | 19 | 7.800.115 | 7.384.835 |
6- Due to Other Related Parties | 19, 45 | 71.726.731 | 160.633.165 |
D- Other Payables | 4,19,47.1 | 222.211.372 | 187.129.886 |
1- Guarantees and Deposits Received | 29.354 | 28.329 | |
2- Medical Treatment Payables to Social Security Institution | - | - | |
3- Other Payables | 222.182.018 | 187.101.557 | |
4- Discount on Other Payables (-) | - | - | |
E- Insurance Technical Reserves | 17.15 | 6.268.418.898 | 5.311.162.148 |
1- Unearned Premiums Reserve - Net | 17.15 | 4.275.986.002 | 3.574.573.337 |
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 | 486.656.710 | 464.677.613 |
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 | 1.809.386.080 | 929.288.988 | |
1- Taxes and Dues Payable | 655.522.492 | 449.315.828 | |
2- Social Security Premiums Payable | 252.497.528 | 77.916.428 | |
3- Overdue, Deferred or By Installment Taxes and Other Liabilities | - | - | |
4- Other Taxes and Liabilities | - | - | |
5- Corporate Tax Provision on Period Profit | 35 | 913.383.149 | 2.203.296.514 |
6- Advance Taxes and Other Liabilities on Period Profit (-) | 35 | (12.017.089) | (1.801.239.782) |
7- Provisions for Other Taxes and Liabilities | - | - | |
G- Provisions for Other Risks | 23.2 | 435.475.935 | 697.311.569 |
1- Provision for Employee Termination Benefits | - | - | |
2- Pension Fund Deficit Provision | - | - | |
3- Provisions for Costs | 23.2 | 435.475.935 | 697.311.569 |
H- Deferred Income and Expense Accruals | 19 | 622.928.859 | 349.491.069 |
1- Deferred Income | 2.20, 19 | 20.349.304 | 15.446.561 |
2- Expense Accruals | 19 | 602.579.555 | 334.044.508 |
3- Other Deferred Income and Expense Accruals | - | - | |
I- Other Short Term Liabilities | 23.2 | 104.943.865 | 70.226.073 |
1- Deferred Tax Liability | - | - | |
2- Inventory Count Differences | - | - | |
3- Other Short Term Liabilities | 23.2 | 104.943.865 | 70.226.073 |
III - Total Short Term Liabilities | 14.320.145.412 | 12.890.807.837 | |
LIABILITIES | |||
IV- LONG TERM LIABILITIES | Notes | Reviewed Current Period | Audited Previous Period |
31 March 2026 | 31 December 2025 | ||
A- Borrowings | 20 | 209.000.008 | 196.716.724 |
1- Borrowings From Financial Institutions | - | - | |
2- Finance Lease Payables | 4,20 | 487.490.278 | 428.614.667 |
3- Deferred Finance Lease Costs (-) | 20 | (278.490.270) | (231.897.943) |
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 | 55.944.457 | 54.047.586 | |
1- Other Liabilities | - | - | |
2- Overdue, Deferred or By Installment Other Liabilities | - | - | |
3- Other Liabilities and Expense Accruals | 55.944.457 | 54.047.586 | |
G- Provisions for Other Risks | 22 | 234.725.722 | 228.965.078 |
1- Provision for Employee Termination Benefits | 22 | 234.725.722 | 228.965.078 |
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 | 482.534.599.424 | 440.005.725.095 | |
SHAREHOLDERS' EQUITY | |||
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 | 8.024.965.362 | 4.358.734.507 | |
1- Legal Reserves | 15.2 | 361.539.901 | 237.439.901 |
2- Statutory Reserves | 15.2 | 11.494 | 11.494 |
3- Extraordinary Reserves | 15.2 | 7.814.720.401 | 4.038.941.710 |
4- Special Funds (Reserves) | - | - | |
5- Valuation of Financial Assets | 15.2 | (8.686.629) | 246.906.378 |
6- Other Profit Reserves | 15.2 | (142.619.805) | (164.564.976) |
D- Retained Earning | - | - | |
1- Retained Earnings | - | - | |
E- Previous Years' Losses (-) | - | - | |
1- Previous Years' Losses | - | - | |
F- Net Profit of the Period | 1.785.268.247 | 5.149.878.691 | |
1- Net Profit of the Period | 1.785.268.247 | 5.149.878.691 | |
2- Net Loss of the Period | - | - | |
3- Net Profit of the Period not Subject to Distribution | - | - | |
Total Shareholders' Equity | 9.873.476.457 | 9.575.607.955 | |
Total Liabilities and Shareholders' Equity (III+IV+V) | 506.728.221.293 | 462.472.140.887 | |
Notes | Reviewed Current Period | Reviewed Previous Period | |
1 January- 31 March 2026 | 1 January- 31 March 2025 | ||
A- Non-Life Technical Income | 73.762.143 | 58.184.170 | |
1- Earned Premiums (Net of Reinsurer Share) | 73.762.143 | 58.184.170 | |
1.1- Premiums (Net of Reinsurer Share) | 5,24 | 121.404.098 | 91.552.734 |
1.1.1- Gross Premiums (+) | 5,24 | 152.481.052 | 91.874.023 |
1.1.2- Ceded Premiums to Reinsurers (-) | 5,10,24 | (31.076.954) | (321.289) |
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 | (47.641.955) | (33.368.564) |
1.2.1- Unearned Premiums Reserve (-) | 17.15 | (73.955.399) | (33.368.564) |
1.2.2- Reinsurance Share of Unearned Premiums Reserve (+) | 10, 17.15 | 26.313.444 | - |
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 (-) | (58.978.547) | (58.618.783) | |
1- Total Claims (Net of Reinsurer Share) | 5 | (950.031) | (424.968) |
1.1- Claims Paid (Net of Reinsurer Share) | 17.15 | (1.374.311) | (1.858.067) |
1.1.1- Gross Claims Paid (-) | 17.15 | (4.478.480) | (1.858.067) |
1.1.2- Reinsurance Share of Claims Paid (+) | 10, 17.15 | 3.104.169 | - |
1.2- Changes in Outstanding Claims Reserve (Net of Reinsurer Share and Reserves Carried Forward) (+/-) | 17.15,47.4 | 424.280 | 1.433.099 |
1.2.1- Outstanding Claims Reserve (-) | 17.15 | (11.354) | 1.427.858 |
1.2.2- Reinsurance Share of Outstanding Claims Reserve (+) | 10, 17.15 | 435.634 | 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 | (57.461.975) | (57.254.286) |
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) | 14.783.596 | (434.613) | |
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 (+) | - | - |
I- TECHNICAL DIVISION | Notes | Reviewed Current Period | Reviewed Previous Period |
1 January- 31 March 2026 | 1 January- 31 March 2025 | ||
E- Life Technical Expense | (6.573.049.894) | (5.637.687.905) | |
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 | (2.114.477.819) | (1.506.476.944) |
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) | 1.045.374.327 | 623.170.793 | |
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 | (2.350.894.147) | (1.543.739.147) | |
1- Fund Management Expenses (-) | (217.702.985) | (112.644.361) | |
2- Decrease in Market Value of Capital Commitment Advances (-) | - | - | |
3- Operating Expenses (-) | 31 | (1.998.147.568) | (1.341.038.899) |
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) | (5.355.475) | (114.939.558) |
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) | 14.783.596 | (434.613) | |
F- Life Technical Profit / (Loss) (D-E) | 1.045.374.327 | 623.170.793 | |
I- Private Pension Technical Profit / (Loss) (G-H) | (5.355.475) | (114.939.558) | |
J- Total Technical Profit / (Loss) (C+F+I) | 1.054.802.448 | 507.796.622 | |
K- Investment Income | 1.796.261.022 | 1.198.616.837 | |
1- Income From Financial Investment | 26 | 1.719.167.700 | 1.370.659.147 |
2- Income from Sales of Financial Investments | 26 | 454.446 | 870.036 |
3- Revaluation of Financial Investments | 27 | (124.029.447) | (311.595.022) |
4- Foreign Exchange Gains | 36 | 186.827.007 | 128.353.675 |
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 (-) | (263.922.976) | (105.980.616) | |
1- Investment Management Expenses (Including Interest) (-) | (42.211.834) | (27.168.420) | |
2- Valuation Allowance of Investments (-) | - | - | |
3- Losses On Sales of Investments (-) | (174.485) | - | |
4- Investment Income Transferred to Non-Life Technical Division (-) | - | - | |
5- Losses from Derivatives (-) | 13,26,36 | (5.547.400) | (6.429.500) |
6- Foreign Exchange Losses (-) | 36 | (60.838.963) | (7.191) |
7- Depreciation Charges (-) | 6.1 | (155.054.485) | (71.952.117) |
8- Other Investment Expenses (-) | (95.809) | (423.388) | |
M- Income and Expenses From Other and Extraordinary Operations (+/-) | (52.738.843) | (9.557.705) | |
1- Provisions (+/-) | (73.725.550) | (38.396.149) | |
2- Discounts (+/-) | - | - | |
3- Specialty Insurances (+/-) | - | - | |
4- Inflation Adjustment (+/-) | - | - | |
5- Deferred Tax Asset (+/-) | 35,47.4 | 44.502.062 | 38.007.991 |
6- Deferred Tax Liability Accounts (+/-) | - | - | |
7- Other Income and Revenues | 47.1 | 125.145.145 | 71.772.116 |
8- Other Expenses and Losses (-) | 47.1 | (148.841.306) | (95.687.405) |
9- Prior Period Income | 47.3 | 3.696.187 | 21.256.084 |
10- Prior Period Losses (-) | 47.3 | (3.515.381) | (6.510.342) |
N- Net Profit / (Loss) | 1.785.268.247 | 1.124.513.554 | |
1- Profit / (Loss) Before Tax | 2.534.401.651 | 1.590.875.138 | |
2- Corporate Tax Charge and Other Fiscal Liabilities (-) | 35,47.4 | (749.133.404) | (466.361.584) |
3- Net Profit / (Loss) | 1.785.268.247 | 1.124.513.554 | |
4- Inflation Adjustment Account (+/-) | - | - |
Notes | Reviewed Current Period | Reviewed Previous Period | |
1 January- 31 March 2026 | 1 January- 31 March 2025 | ||
A. Cash Flows from the Operating Activities | - | - | |
1. Cash inflows from the insurance operations | 7.074.353.231 | 4.709.285.709 | |
2. Cash inflows from the reinsurance operations | - | - | |
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 (-) | - | - | |
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) | 5.517.944.124 | 4.640.179.105 | |
8. Interest payments (-) | - | - | |
9. Income tax payments (-) | (382.052.905) | (21.896.320) | |
10. Other cash inflows | 1.315.077.394 | 29.538.893 | |
11. Other cash outflows (-) | (3.268.519.285) | (2.025.207.377) | |
12. Net cash generated from / (used in) operating activities | 3.182.449.328 | 2.622.614.301 | |
B. Cash flows from the investing activities | - | - | |
1. Sale of tangible assets | 35.755 | 11.831 | |
2. Purchase of tangible assets (-) | 6.3.1 | (307.775.255) | (236.696.977) |
3. Acquisition of financial assets (-) | 11.4 | (5.877.268.952) | (5.519.246.084) |
4. Sale of financial assets | 5.009.904.379 | 3.233.722.890 | |
5. Interest received | 1.859.625.491 | 1.453.672.585 | |
6. Dividends received | 26 | 13.841.316 | 10.329.001 |
7. Other cash inflows | - | - | |
8. Other cash outflows (-) | 9 | - | (650.000.000) |
9. Net cash generated from / (used in) the investing activities | 698.362.734 | (1.708.206.754) | |
C. Cash flows from the financing activities | - | - | |
1. Issue of equity shares | - | - | |
2. Cash inflows from borrowings | - | - | |
3. Payments of financial leases (-) | 20 | (55.362.741) | (34.140.140) |
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 | (1.203.058.260) | (967.775.924) | |
D. Effects of Exchange Rate Differences on Cash and Cash Equivalents | 1.900.391 | 4.881.654 | |
E. Net increase / (decrease) in cash and cash equivalents (A12+B9+C7+D) | 2.679.654.193 | (48.486.723) | |
F. Cash and cash equivalents at the beginning of the period | 2.12 | 5.356.455.305 | 4.741.636.830 |
G. Cash and cash equivalents at the end of period (E+F) | 2.12 | 8.036.109.498 | 4.693.150.107 |
NON-CONSOLIDATED SHAREHOLDERS' EQUITY AS OF 31 MARCH 2026
(Amounts expressed in Turkish Lira (TL) unless otherwise stated).
Reviewed Current Period | |||||||||||
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) (-) | Total | |
I- Balance at (31/12/2025) | 180.000.000 | (113.842.338) | 246.906.378 | - | - | 237.439.901 | 11.494 | 3.875.213.829 | 5.149.878.691 | - | 9.575.607.955 |
A- Capital increase (A1 + A2) | - | - | - | - | - | - | - | - | - | - | - |
1- Cash | - | - | - | - | - | - | - | - | - | - | - |
2- Internal Resources | - | - | - | - | - | - | - | - | - | - | - |
B- Purchase of own shares | - | (3.751.909) | - | - | - | - | - | - | - | - | (3.751.909) |
C- Income / (expenses) recognized directly in equity | - | - | - | - | - | - | - | 21.945.171 | - | - | 21.945.171 |
D- Valuation gains on assets | - | - | (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 | - | - | - | - | - | - | - | - | 1.785.268.247 | - | 1.785.268.247 |
I- Payment of dividends | - | - | - | - | - | - | - | - | (1.250.000.000) | - | (1.250.000.000) |
J- Transfers | - | - | - | - | - | 124.100.000 | - | 3.775.778.691 | (3.899.878.691) | - | - |
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) | - | - | 361.539.901 | 11.494 | 7.672.937.691 | 1.785.268.247 | - | 9.873.476.457 |
Reviewed Previous 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) (-) | 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 |