31.12.2024 Consolidated Financial Statements (SFRS Statutory)

Audited

Audited

Current Period

Previous Period

I- CURRENT ASSETS

Notes

31 December 2024

31 December 2023

A- Cash and Cash Equivalents

2.12, 14

5.947.325.318

2.195.408.741

1- Cash

-

-

2- Cheques Received

-

-

3- Banks

2.12, 14

3.549.720.795

740.256.025

4- Cheques Given and Payment Orders (-)

2.12, 14

(2.075.657)

(1.759.443)

5- Bank Guaranteed Credit Card Receivables with Maturities Less Than Three Months

-

-

6- Other Cash and Cash Equivalents

2.12, 14

2.399.680.180

1.456.912.159

B- Financial Assets and Investments with Risks on Policyholders

4,11.4

29.293.542.799

19.466.177.385

1- Financial Assets Available for Sale

4, 11.4

2.814.406.369

1.956.502.057

2- Financial Assets Held to Maturity

4, 11.4

928.889.038

1.129.087.860

3- Financial Assets Held for Trading

4, 11.4

2.599.756.994

1.017.341.747

4- Loans

-

-

5- Provision for Loans (-)

-

-

6- Investments with Risks on Policyholders

4, 11.4

22.950.490.398

15.363.245.721

7- Equity Shares

-

-

8- Impairment on Financial Assets (-)

-

-

C- Receivables From Main Operations

12.1

1.131.480.200

218.467.052

1- Receivables From Insurance Operations

12.1

146.935.344

102.121.330

2- Provision for Receivables From Insurance Operations (-)

-

-

3- Receivables From Reinsurance Operations

12.1, 45

867.079.359

-

4- Provision for Receivables From Reinsurance Operations (-)

-

-

5- Cash Deposited With Insurance & Reinsurance Companies

-

-

6- Loans to Policyholders

-

-

7- Provision for Loans to Policyholders (-)

-

-

8- Receivables from Pension Operation

12.1

117.465.497

116.345.722

9- Doubtful Receivables From Main Operations

-

-

10- Provisions for Doubtful Receivables From Main Operations (-)

-

-

D- Due from Related Parties

12.1

16.739.637

4.606.494

1- Due from Shareholders

-

-

2- Due from Affiliates

-

-

3- Due from Subsidiaries

-

-

4- Due from Entities Under Common Control

-

-

5- Due from Personnel

49.570

149.556

6- Due from Other Related Parties

45

16.690.067

4.456.938

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

11.394.144

2.905.950

1- Leasing Receivables

-

-

2- Unearned Leasing Interest Income (-)

-

-

3- Deposits and Guarantees Given

32.725

32.725

4- Other Receivables

11.205.208

2.717.014

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

1.770.897.866

504.186.325

1- Deferred Commission Expenses

2.20

1.410.692.270

418.789.340

2- Accrued Interest and Rent Income

-

-

3- Income Accruals

45

85.109.544

2.150.000

4- Other Prepaid Expenses

47.1

275.096.052

83.246.985

G- Other Current Assets

47.1

2.533.598

3.574.734

1- Stock to be used in following months

-

-

2- Prepaid Taxes and Funds

-

-

3- Deferred Tax Assets

-

-

4- Business Advances

47.1

1.593.519

894.281

5- Advances Given to Personnel

47.1

940.079

2.680.453

6- Stock Count Differences

-

-

7- Other Current Assets

-

-

8- Provision for Other Current Assets (-)

-

-

I- Total Current Asset

38.173.913.562

22.395.326.681

Audited

Audited

Current Period

Previous Period

II- NON CURRENT ASSETS

Notes

31 December 2024

31 December 2023

A- Receivables From Main Operations

12.1

228.692.108.969

141.916.400.655

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

679.158.089

569.555.420

7- Provision for Loans to Policyholders (-)

-

-

8- Receivables From Pension Operations

4,12.1,17.5,17.6,19

228.012.950.880

141.346.845.235

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

164.351

136.478

1- Leasing Receivables

-

-

2- Unearned Leasing Interest Income (-)

-

-

3- Deposits and Guarantees Given

12.1

164.351

136.478

4- Other Receivables

-

-

5- Discount on Other Receivables (-)

-

-

6- Other Doubtful Receivables

-

-

7- Provisions for Other Doubtful Receivables (-)

-

-

D- Financial Assets

45.2

3.947.252

3.738.919

1- Long-term Investments

-

-

2- Affiliates

-

-

3- Capital Commitments to Affiliates (-)

-

-

4- Subsidiaries

-

-

5- Capital Commitments to Subsidiaries (-)

-

-

6- Entities Under Common Control

-

-

7- Capital Commitments to Entities Under Common Control (-)

-

-

8- Financial Assets and Investments with Risks on Policyholders

-

-

9- Other Financial Assets

45.2

3.947.252

3.738.919

10- Impairment on Financial Assets (-)

-

-

E- Tangible Assets

6.3

305.019.048

133.495.380

1- Investment Properties

-

-

2- Impairment on Investment Properties (-)

-

-

3- Owner Occupied Property

-

-

4- Machinery and Equipments

6.3

85.328.209

64.843.832

5- Furnitures and Fixtures

6.3

51.317.660

37.690.783

6- Vehicles

6.3

15.547.112

12.879.112

7- Other Tangible Assets (Including Leasehold Improvements)

6.3

47.097.219

35.904.357

8- Leased Tangible Fixed Assets

6.3

255.791.383

78.363.027

9- Accumulated Depreciation (-)

6.3

(150.062.535)

(96.185.731)

10- Advances Paid for Tangible Fixed Assets (Including Construction In Progresses)

-

-

F- Intangible Assets

8

1.232.487.076

624.626.783

1- Rights

-

-

2- Goodwill

-

-

3- Establishment Costs

-

-

4- Research and Development Expenses

-

-

5- Other Intangible Assets

8

1.146.817.891

707.259.719

6- Accumulated Amortizations (-)

8

(453.544.335)

(286.987.367)

7- Advances Regarding Intangible Assets

8

539.213.520

204.354.431

G- Prepaid Expenses and Income Accruals

1.415.402

4.130.284

1- Deferred Expenses

-

-

2- Income Accruals

-

-

3- Other Prepaid Expenses and Income Accruals

47.1

1.415.402

4.130.284

H- Other Non-current Assets

21,35

376.788.176

203.280.074

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

376.788.176

203.280.074

6- Other Non-current Assets

-

-

7- Other Non-current Assets Amortization (-)

-

-

8- Provision for Other Non-current Assets (-)

-

-

II- Total Non-current Assets

230.611.930.274

142.885.808.573

Total Assets (I+II)

268.785.843.836

165.281.135.254

Audited

Audited

Current Period

Previous Period

31 December

31 December

III- SHORT TERM LIABILITIES

Note

2024

2023

A- Borrowings

20

64.342.901

9.923.552

1- Borrowings from Financial Institutions

-

-

2- Finance Lease Payables

4,20

132.382.885

22.516.093

3- Deferred Finance Lease Costs (-)

20

(68.039.984)

(12.592.541)

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

2.889.268.835

1.701.535.074

1- Payables From Insurance Operations

4,19

438.913.739

244.780.048

2- Payables From Reinsurance Operations

-

-

3- Cash Deposited by Insurance & Reinsurance Companies

-

-

4- Payables From Pension Operations

4,19

2.450.355.096

1.456.755.026

5- Payables From Other Operations

-

-

6- Discount on Other Payables From Main Operations, Notes Payable (-)

-

-

C- Due to Related Parties

4,19

287.082.003

186.205.040

1- Due to Shareholders

19

3.516.257

2.419.707

2- Due to Affiliates

-

-

3- Due to Subsidiaries

-

-

4- Due to Entities Under Common Control

-

-

5- Due to Personnel

19

5.309.118

2.760.156

6- Due to Other Related Parties

19,45

278.256.628

181.025.177

D- Other Payables

4,19,47.1

305.018.198

166.705.606

1- Guarantees and Deposits Received

23.327

19.464

2- Medical Treatment Payables to Social Security Institution

-

-

3- Other Payables

304.994.871

166.686.142

4- Discount on Other Payables (-)

-

-

E- Insurance Technical Reserves

17.15

5.181.488.634

1.278.263.655

1- Unearned Premiums Reserve - Net

17.15

4.372.854.690

1.004.626.712

2- Unexpired Risk Reserves - Net

-

-

3- Life Mathematical Reserves - Net

17.15

347.782.440

116.790.231

4- Outstanding Claims Reserve - Net

2.20,17.15

460.851.504

156.846.712

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

634.514.517

351.808.990

1- Taxes and Dues Payable

263.588.106

150.179.267

2- Social Security Premiums Payable

55.146.554

65.341.470

3- Overdue, Deferred or By Installment Taxes and Other Liabilities

-

-

4- Other Taxes and Liabilities

-

-

5- Corporate Tax Provision on Period Profit

35

1.241.292.847

594.687.157

6- Advance Taxes and Other Liabilities on Period Profit (-)

35

(925.512.990)

(458.398.904)

7- Provisions for Other Taxes and Liabilities

-

-

G- Provisions for Other Risks

23.2

463.118.380

275.447.332

1- Provision for Employee Termination Benefits

-

-

2- Pension Fund Deficit Provision

-

-

3- Provisions for Costs

23.2

463.118.380

275.447.332

H- Deferred Income and Expense Accruals

19

353.417.590

160.013.355

1- Deferred Income

2.20,19

8.297.894

3.285.928

2- Expense Accruals

19

345.119.696

156.727.427

3- Other Deferred Income and Expense Accruals

-

-

I- Other Short Term Liabilities

23.2

32.193.227

20.228.538

1- Deferred Tax Liability

-

-

2- Inventory Count Differences

-

-

3- Other Short Term Liabilities

23.2

32.193.227

20.228.538

III - Total Short Term Liabilities

10.210.444.285

4.150.131.142

Audited

Audited

Current Period

Previous Period

IV- LONG TERM LIABILITIES

Notes

31 December 2024

31 December 2023

A- Borrowings

20

160.286.059

50.825.186

1- Borrowings From Financial Institutions

-

-

2- Finance Lease Payables

4,20

233.005.777

86.943.615

3- Deferred Finance Lease Costs (-)

20

(72.719.718)

(36.118.429)

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

228.012.950.880

141.346.845.235

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

228.012.950.880

141.346.845.235

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

24.806.962.720

16.529.566.333

1- Unearned Premiums Reserve - Net

-

-

2- Unexpired Risk Reserves - Net

-

-

3- Life Mathematical Reserves - Net

17.15

24.683.303.577

16.456.804.753

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

123.659.143

72.761.580

F- Other Liabilities and Provisions

31.853.116

21.001.293

1- Other Liabilities

-

-

2- Overdue, Deferred or By Installment Other Liabilities

-

-

3- Other Liabilities and Expense Accruals

31.853.116

21.001.293

G- Provisions for Other Risks

22

114.437.980

82.991.535

1- Provision for Employee Termination Benefits

22

114.437.980

82.991.535

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

253.126.490.755

158.031.229.582

Audited

Audited

Current Period

Previous Period

V- SHAREHOLDERS' EQUITY

Notes

31 December 2024

31 December 2023

A- Paid in Capital

2.13,15.3

180.000.000

280.000.000

1- (Nominal) Capital

2.13,15.3

180.000.000

280.000.000

2- Unpaid Capital (-)

-

-

3- Positive Capital Restatement Differences

-

-

4- Negative Capital Restatement Differences (-)

-

-

5-Capital to be registered

-

-

B- Capital Reserves

15.2

(99.384.843)

(43.946.321)

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

(99.384.843)

(43.946.321)

C- Profit Reserves

2.537.709.538

1.479.878.992

1- Legal Reserves

15.2

138.739.901

109.639.901

2- Statutory Reserves

15.2

11.494

11.494

3- Extraordinary Reserves

15.2

2.487.569.191

1.392.065.691

4- Special Funds (Reserves)

-

-

5- Valuation of Financial Assets

15.2

75.248.129

55.579.038

6- Other Profit Reserves

15.2

(163.859.177)

(77.417.132)

D- Retained Earning

-

-

1- Retained Earnings

-

-

E- Previous Years' Losses (-)

(40.761.641)

(6.196.687)

1- Previous Years' Losses

(40.761.641)

(6.196.687)

F- Net Profit of the Period

2.871.345.742

1.390.038.546

1- Net Profit of the Period

2.871.345.742

1.390.038.546

2- Net Loss of the Period

-

-

3- Net Profit of the Period not Subject to Distribution

-

-

G-Minory Interests

-

-

Total Shareholders' Equity

5.448.908.796

3.099.774.530

Total Liabilities and Shareholders' Equity (III+IV+V)

268.785.843.836

165.281.135.254

Audited

Audited

Current Period

Previous Period

1 January-

1 January-

I- TECHNICAL DIVISION

Notes

31 December 2024

31 December 2023

E- Life Technical Expense

(14.361.543.810)

(10.812.510.209)

1- Total Claims (Net of Reinsurer Share)

5

(1.584.759.663)

(804.312.408)

1.1- Claims Paid (Net of Reinsurer Share)

17.15

(1.488.739.790)

(772.718.667)

1.1.1- Gross Claims Paid (-)

17.15

(1.582.267.168)

(873.114.124)

1.1.2- Reinsurance Share of Claims Paid (+)

10, 17.15

93.527.378

100.395.457

1.2- Changes in Outstanding Claims Reserve (Net of Reinsurer Share and Reserves Carried

Forward) (+/-)

17.15,47.4

(96.019.873)

(31.593.741)

1.2.1- Outstanding Claims Reserve (-)

17.15

(170.215.169)

(57.089.569)

1.2.2- Reinsurance Share of Outstanding Claims Reserve (+)

10,17.15

74.195.296

25.495.828

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)

(8.479.723.697)

(8.223.879.819)

(+/-)

5, 47.4

3.1- Life Mathematical Reserves

17.15

(8.475.185.141)

(8.205.469.204)

3.1.1- Actuarial Mathematics provision(+/-)

(8.475.185.141)

(8.206.319.574)

3.1.2- Dividend Equivalent (Provision for Policyholders Investment Risk.)

-

850.370

3.2- Reinsurance Share of Life Mathematical Reserves

10, 17.15

(4.538.556)

(18.410.615)

3.2.1- Provision of Reinsurance Actuarial Mathematics (+)

10, 17.15

(4.538.556)

(18.410.615)

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

(48.462.629)

(7.814.139)

5- Operating Expenses (-)

31

(3.550.377.706)

(1.591.820.492)

6- Investment Expenses (-)

5,36

(698.220.115)

(186.877.557)

7- Unrealized Losses from Investments (-)

-

-

8- Investment Income Transferred to Non-Technical Divisions (-)

5,26

-

2.194.206

F- Life Technical Profit / (Loss) (D-E)

1.853.599.977

927.985.948

G- Private Pension Technical Income

25

3.792.339.837

1.890.273.740

1- Fund Management Fee

25

2.623.349.106

1.434.808.882

2- Management Fee

25

939.982.978

392.389.015

3- Entrance Fee Income

25

229.007.432

63.072.837

4- Management Fee In Case Of Temporary Suspension

25

321

3.006

5- Income from Individual Service Charges

-

-

6- Increase in Market Value of Capital Commitment Advances

-

-

7- Other Technical Income

-

-

H- Private Pension Technical Expenses

(5.093.012.951)

(2.986.404.509)

1- Fund Management Expenses (-)

(371.550.428)

(217.814.133)

2- Decrease in Market Value of Capital Commitment Advances (-)

-

-

3- Operating Expenses (-)

31

(4.437.516.706)

(2.617.139.078)

4- Other Technical Expenses (-)

(262.995.000)

(126.773.385)

5- Penalty Payments

(20.950.817)

(24.677.913)

I- Private Pension Technical Profit / (Loss) (G-H)

(1.300.673.114)

(1.096.130.769)