ASSETS | |||
I- CURRENT ASSETS | Notes | Audited Current Period | Audited Previous Period |
31 December 2025 | 31 December 2024 | ||
A- Cash and Cash Equivalents | 2.12, 14 | 9.218.323.260 | 5.947.325.318 |
1- Cash | - | - | |
2- Cheques Received | - | - | |
3- Banks | 2.12, 14 | 5.353.722.698 | 3.549.720.795 |
4- Cheques Given and Payment Orders (-) | 2.12, 14 | - | (2.075.657) |
5- Bank Guaranteed Credit Card Receivables with Maturities Less Than Three Months | 2.12, 14 | 3.864.600.562 | 2.399.680.180 |
6- Other Cash and Cash Equivalents | - | - | |
B- Financial Assets and Investments with Risks on Policyholders | 4,11.4 | 47.636.937.773 | 29.293.542.799 |
1- Financial Assets Available for Sale | 4, 11.4 | 3.879.371.873 | 2.814.406.369 |
2- Financial Assets Held to Maturity | 4, 11.4 | 1.816.492.078 | 928.889.038 |
3- Financial Assets Held for Trading | 4, 11.4 | 5.787.760.784 | 2.599.756.994 |
4- Loans | - | - | |
5- Provision for Loans (-) | - | - | |
6- Investments with Risks on Policyholders | 4, 11.4 | 36.153.313.038 | 22.950.490.398 |
7- Equity Shares | - | - | |
8- Impairment on Financial Assets (-) | - | - | |
C- Receivables From Main Operations | 12.1 | 1.977.341.896 | 1.131.480.200 |
1- Receivables From Insurance Operations | 12.1 | 209.251.931 | 146.935.344 |
2- Provision for Receivables From Insurance Operations (-) | - | - | |
3- Receivables From Reinsurance Operations | 12.1, 45 | 1.573.837.254 | 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 | 194.252.711 | 117.465.497 |
9- Doubtful Receivables From Main Operations | - | - | |
10- Provisions for Doubtful Receivables From Main Operations (-) | - | - | |
D- Due from Related Parties | 12.1 | 105.335.724 | 16.739.637 |
1- Due from Shareholders | - | - | |
2- Due from Affiliates | - | - | |
3- Due from Subsidiaries | - | - | |
4- Due from Entities Under Common Control | - | - | |
5- Due from Personnel | 79.214 | 49.570 | |
6- Due from Other Related Parties | 45 | 105.256.510 | 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 | 36.220.205 | 11.394.144 |
1- Leasing Receivables | - | - | |
2- Unearned Leasing Interest Income (-) | - | - | |
3- Deposits and Guarantees Given | 455.564 | 32.725 | |
4- Other Receivables | 35.614.676 | 11.205.208 | |
5- Discount on Other Receivables (-) | - | - | |
6- Other Doubtful Receivables | 149.965 | 156.211 | |
7- Provisions for Other Doubtful Receivables (-) | - | - | |
F- Prepaid Expenses and Income Accruals | 2.319.262.539 | 1.770.897.866 | |
1- Deferred Commission Expenses | 2.20 | 2.149.154.765 | 1.410.692.270 |
2- Accrued Interest and Rent Income | - | - | |
3- Income Accruals | 45 | - | 85.109.544 |
4- Other Prepaid Expenses | 47.1 | 170.107.774 | 275.096.052 |
G- Other Current Assets | 47.1 | 56.664.835 | 2.533.598 |
1- Stock to be used in following months | - | - | |
2- Prepaid Taxes and Funds | 35 | 54.546.464 | - |
3- Deferred Tax Assets | - | - | |
4- Business Advances | 47.1 | 915.850 | 1.593.519 |
5- Advances Given to Personnel | 47.1 | 1.202.521 | 940.079 |
6- Stock Count Differences | - | - | |
7- Other Current Assets | - | - | |
8- Provision for Other Current Assets (-) | - | - | |
I- Total Current Asset | 61.350.086.232 | 38.173.913.562 | |
ASSETS | |||
II- NON CURRENT ASSETS | Notes | Audited Current Period | Audited Previous Period |
31 December 2025 | 31 December 2024 | ||
A- Receivables From Main Operations | 12.1 | 402.132.019.806 | 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 | 790.128.263 | 679.158.089 |
7- Provision for Loans to Policyholders (-) | - | - | |
8- Receivables From Pension Operations | 17.5, 17.6,19 | 401.341.891.543 | 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 | 861.412 | 164.351 |
1- Leasing Receivables | - | - | |
2- Unearned Leasing Interest Income (-) | - | - | |
3- Deposits and Guarantees Given | 12.1 | 861.412 | 164.351 |
4- Other Receivables | - | - | |
5- Discount on Other Receivables (-) | - | - | |
6- Other Doubtful Receivables | - | - | |
7- Provisions for Other Doubtful Receivables (-) | - | - | |
D- Financial Assets | 45.2 | 4.169.473 | 3.947.252 |
1- Long-term Investments | - | - | |
2- Affiliates | - | - | |
3- Capital Commitments to Affiliates (-) | - | - | |
4- Subsidiaries | - | - | |
5- Capital Commitments to Subsidiaries (-) | - | - | |
6- Entities Under Common Control | - | - | |
7- Capital Commitments to Entities Under Common Control (-) | - | - | |
8- Financial Assets and Investments with Risks on Policyholders | - | - | |
9- Other Financial Assets | 45.2 | 4.169.473 | 3.947.252 |
10- Impairment on Financial Assets (-) | - | - | |
E- Tangible Assets | 6.3 | 912.130.310 | 305.019.048 |
1- Investment Properties | - | - | |
2- Impairment on Investment Properties (-) | - | - | |
3- Owner Occupied Property | - | - | |
4- Machinery and Equipments | 6.3 | 225.737.625 | 85.328.209 |
5- Furnitures and Fixtures | 6.3 | 185.366.455 | 51.317.660 |
6- Vehicles | 6.3 | 11.464.513 | 15.547.112 |
7- Other Tangible Assets (Including Leasehold Improvements) | 6.3 | 395.071.655 | 47.097.219 |
8- Leased Tangible Fixed Assets | 6.3 | 406.904.775 | 255.791.383 |
9- Accumulated Depreciation (-) | 6.3 | (312.414.713) | (150.062.535) |
10- Advances Paid for Tangible Fixed Assets (Including Construction In Progresses) | - | - | |
F- Intangible Assets | 8 | 2.107.392.532 | 1.232.487.076 |
1- Rights | - | - | |
2- Goodwill | - | - | |
3- Establishment Costs | - | - | |
4- Research and Development Expenses | - | - | |
5- Other Intangible Assets | 8 | 2.467.006.411 | 1.146.817.891 |
6- Accumulated Amortizations (-) | 8 | (743.268.389) | (453.544.335) |
7- Advances Regarding Intangible Assets | 8 | 383.654.510 | 539.213.520 |
G- Prepaid Expenses and Income Accruals | 2.786.271 | 1.415.402 | |
1- Deferred Expenses | - | - | |
2- Income Accruals | - | - | |
3- Other Prepaid Expenses and Income Accruals | 47.1 | 2.786.271 | 1.415.402 |
H- Other Non-current Assets | 21, 35 | 343.694.890 | 376.788.176 |
1- Cash Foreign Currency Accounts | - | - | |
2- Foreign Currency Accounts | - | - | |
3- Stock to be used in following months | - | - | |
4- Prepaid Taxes and Funds | - | - | |
5- Deferred Tax Assets | 21, 35 | 343.694.890 | 376.788.176 |
6- Other Non-current Assets | - | - | |
7- Other Non-current Assets Amortization (-) | - | - | |
8- Provision for Other Non-current Assets (-) | - | - | |
II- Total Non-current Assets | 405.503.054.694 | 230.611.930.274 | |
Total Assets (I+II) | 466.853.140.926 | 268.785.843.836 | |
LIABILITIES | |||
III- SHORT TERM LIABILITIES | Note | Audited Current Period | Audited Previous Period |
31 December 2025 | 31 December 2024 | ||
A- Borrowings | 20 | 116.828.878 | 64.342.901 |
1- Borrowings from Financial Institutions | - | - | |
2- Finance Lease Payables | 4, 20 | 211.500.678 | 132.382.885 |
3- Deferred Finance Lease Costs (-) | 20 | (94.671.800) | (68.039.984) |
4- Current Portion of Long Term Borrowings | - | - | |
5- Principal, Installments and Interests on Issued Bills (Bonds) | - | - | |
6- Other Financial Instruments Issued | - | - | |
7- In Excess of Par of Financial Instruments (-) | - | - | |
8- Other Financial Borrowings (Liabilities) | - | - | |
B- Payables From Main Operations | 4, 19 | 5.060.285.518 | 2.889.268.835 |
1- Payables From Insurance Operations | 4, 19 | 964.172.921 | 438.913.739 |
2- Payables From Reinsurance Operations | - | - | |
3- Cash Deposited by Insurance & Reinsurance Companies | - | - | |
4- Payables From Pension Operations | 4,19 | 4.096.112.597 | 2.450.355.096 |
5- Payables From Other Operations | - | - | |
6- Discount on Other Payables From Main Operations, Notes Payable (-) | - | - | |
C- Due to Related Parties | 4, 19 | 170.006.141 | 287.082.003 |
1- Due to Shareholders | 12.2, 19 | 1.793.615 | 3.516.257 |
2- Due to Affiliates | - | - | |
3- Due to Subsidiaries | - | - | |
4- Due to Entities Under Common Control | - | - | |
5- Due to Personnel | 19 | 7.575.219 | 5.309.118 |
6- Due to Other Related Parties | 19, 45 | 160.637.307 | 278.256.628 |
D- Other Payables | 4, 19, 47.1 | 1.008.427.747 | 305.018.198 |
1- Guarantees and Deposits Received | 28.329 | 23.327 | |
2- Medical Treatment Payables to Social Security Institution | - | - | |
3- Other Payables | 1.008.399.418 | 304.994.871 | |
4- Discount on Other Payables (-) | - | - | |
E- Insurance Technical Reserves | 17.15 | 8.201.319.467 | 5.181.488.634 |
1- Unearned Premiums Reserve - Net | 17.15 | 6.114.714.818 | 4.372.854.690 |
2- Unexpired Risk Reserves - Net | - | - | |
3- Life Mathematical Reserves - Net | 17.15 | 1.271.911.198 | 347.782.440 |
4- Outstanding Claims Reserve - Net | 2.20, 17.15 | 814.693.451 | 460.851.504 |
5- Provision for Bonus and Discounts - Net | - | - | |
6- Provision for Investment Risk Life Insurance Policyholders' Policies - Net | - | - | |
7- Other Technical Reserves - Net | - | - | |
F- Taxes and Other Liabilities and Provisions | 960.465.954 | 634.514.517 | |
1- Taxes and Dues Payable | 467.933.029 | 263.588.106 | |
2- Social Security Premiums Payable | 82.840.160 | 55.146.554 | |
3- Overdue, Deferred or By Installment Taxes and Other Liabilities | - | - | |
4- Other Taxes and Liabilities | - | - | |
5- Corporate Tax Provision on Period Profit | 35 | 2.340.230.265 | 1.241.292.847 |
6- Advance Taxes and Other Liabilities on Period Profit (-) | 35 | (1.930.537.500) | (925.512.990) |
7- Provisions for Other Taxes and Liabilities | - | - | |
G- Provisions for Other Risks | 23.2 | 754.311.569 | 463.118.380 |
1- Provision for Employee Termination Benefits | - | - | |
2- Pension Fund Deficit Provision | - | - | |
3- Provisions for Costs | 23.2 | 754.311.569 | 463.118.380 |
H- Deferred Income and Expense Accruals | 19 | 374.304.472 | 353.417.590 |
1- Deferred Income | 2.20, 19 | 15.446.561 | 8.297.894 |
2- Expense Accruals | 19 | 358.857.911 | 345.119.696 |
3- Other Deferred Income and Expense Accruals | - | - | |
I- Other Short Term Liabilities | 23.2 | 76.422.309 | 32.193.227 |
1- Deferred Tax Liability | - | - | |
2- Inventory Count Differences | - | - | |
3- Other Short Term Liabilities | 23.2 | 76.422.309 | 32.193.227 |
III - Total Short Term Liabilities | 16.722.372.055 | 10.210.444.285 | |
LIABILITIES | |||
IV- LONG TERM LIABILITIES | Notes | Audited Current Period | Audited Previous Period |
31 December 2025 | 31 December 2024 | ||
A- Borrowings | 20 | 207.135.780 | 160.286.059 |
1- Borrowings From Financial Institutions | - | - | |
2- Finance Lease Payables | 4, 20 | 467.382.271 | 233.005.777 |
3- Deferred Finance Lease Costs (-) | 20 | (260.246.491) | (72.719.718) |
4- Bonds Issued | - | - | |
5- Other Financial Instruments Issued | - | - | |
6- In Excess of Par of Financial Instruments (-) | - | - | |
7- Other Borrowings (Financial Liabilities) | - | - | |
B- Payables From Main Operations | 4, 12.1, 17.5,17.6, 19 | 401.341.891.543 | 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 | 401.341.891.543 | 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 | 38.184.104.164 | 24.806.962.720 |
1- Unearned Premiums Reserve - Net | - | - | |
2- Unexpired Risk Reserves - Net | - | - | |
3- Life Mathematical Reserves - Net | 17.15 | 37.973.565.061 | 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 | 210.539.103 | 123.659.143 |
F- Other Liabilities and Provisions | 56.618.257 | 31.853.116 | |
1- Other Liabilities | - | - | |
2- Overdue, Deferred or By Installment Other Liabilities | - | - | |
3- Other Liabilities and Expense Accruals | 56.618.257 | 31.853.116 | |
G- Provisions for Other Risks | 22 | 242.940.098 | 114.437.980 |
1- Provision for Employee Termination Benefits | 22 | 242.940.098 | 114.437.980 |
2- Provisions for Employee Pension Fund Deficits | - | - | |
H- Deferred Income and Expense Accruals | - | - | |
1- Deferred Income | - | - | |
2- Expense Accruals | - | - | |
3- Other Deferred Income and Expense Accruals | - | - | |
I- Other Long Term Liabilities | 21,35 | 7.629.404 | - |
1- Deferred Tax Liability | 7.629.404 | - | |
2- Other Long Term Liabilities | - | - | |
IV- Total Long Term Liabilities | 440.040.319.246 | 253.126.490.755 | |
SHAREHOLDERS' EQUITY | |||
V- SHAREHOLDERS' EQUITY | Notes | Audited Current Period | Audited Previous Period |
31 December 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 | (113.005.243) | (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 | (113.005.243) | (99.384.843) |
C- Profit Reserves | 4.468.375.634 | 2.537.709.538 | |
1- Legal Reserves | 15.2 | 237.839.901 | 138.739.901 |
2- Statutory Reserves | 15.2 | 11.494 | 11.494 |
3- Extraordinary Reserves | 15.2 | 4.219.053.292 | 2.487.569.191 |
4- Special Funds (Reserves) | - | - | |
5- Valuation of Financial Assets | 15.2 | 246.906.378 | 75.248.129 |
6- Other Profit Reserves | 15.2 | (235.435.431) | (163.859.177) |
D- Retained Earning | - | - | |
1- Retained Earnings | - | - | |
E- Previous Years' Losses (-) | - | (40.761.641) | |
1- Previous Years' Losses | - | (40.761.641) | |
F- Net Profit of the Period | 5.555.079.234 | 2.871.345.742 | |
1- Net Profit of the Period | 5.555.079.234 | 2.871.345.742 | |
2- Net Loss of the Period | - | - | |
3- Net Profit of the Period not Subject to Distribution | - | - | |
G-Minory Interests | - | - | |
Total Shareholders' Equity | 10.090.449.625 | 5.448.908.796 | |
Total Liabilities and Shareholders' Equity (III+IV+V) | 466.853.140.926 | 268.785.843.836 | |
I- TECHNICAL DIVISION | Notes | Audited Current Period | Audited Previous Period |
1 January- 31 December 2025 | 1 January- 31 December 2024 | ||
A- Non-Life Technical Income | 6.089.060.817 | 1.339.618.634 | |
1- Earned Premiums (Net of Reinsurer Share) | 4.981.926.490 | 1.054.015.194 | |
1.1- Premiums (Net of Reinsurer Share) | 5,24 | 5.837.011.726 | 2.819.181.026 |
1.1.1- Gross Premiums (+) | 5,24 | 5.840.165.810 | 2.820.527.914 |
1.1.2- Ceded Premiums to Reinsurers (-) | 5,10,24 | (3.154.084) | (1.346.888) |
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 | (855.085.236) | (1.765.165.832) |
1.2.1- Unearned Premiums Reserve (-) | 17.15 | (855.085.236) | (1.765.155.387) |
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 | 1.095.570.616 | 272.401.924 | |
3- Other Technical Income (Net of Reinsurer Share) | 11.563.711 | 13.201.516 | |
3.1- Gross Other Technical Income (+) | 11.563.711 | 13.201.516 | |
3.2- Reinsurance Share of Other Technical Income (-) | - | - | |
4. Accrued Subrogation and Sovtage Income (+) | - | - | |
B- Non-Life Technical Expenses (-) | (5.334.609.045) | (1.310.121.043) | |
1- Total Claims (Net of Reinsurer Share) | 5 | (3.642.006.367) | (709.105.249) |
1.1- Claims Paid (Net of Reinsurer Share) | 17.15 | (3.500.255.692) | (501.120.331) |
1.1.1- Gross Claims Paid (-) | 17.15 | (3.500.379.230) | (501.680.717) |
1.1.2- Reinsurance Share of Claims Paid (+) | 10,17.15 | 123.538 | 560.386 |
1.2- Changes in Outstanding Claims Reserve (Net of Reinsurer Share and Reserves Carried Forward) (+/- ) | 17.15,47.4 | (141.750.675) | (207.984.918) |
1.2.1- Outstanding Claims Reserve (-) | 17.15 | (141.614.526) | (207.733.143) |
1.2.2- Reinsurance Share of Outstanding Claims Reserve (+) | 10,17.15 | (136.149) | (251.775) |
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 | (2.976.136) | (2.434.934) |
4- Operating Expenses (-) | 31 | (1.689.623.133) | (598.576.917) |
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 (-) | (3.409) | (3.943) | |
6.1- Other Gross Technical Expenses (-) | (3.409) | (3.943) | |
6.2- Reinsurer Share of Other Gross Technical Expenses (+) | - | - | |
C- Non Life Technical Profit / (Loss) (A-B) | 754.451.772 | 29.497.591 | |
D- Life Technical Income | 28.395.664.839 | 16.215.143.787 | |
1- Earned Premiums (Net of Reinsurer Share) | 22.554.618.415 | 11.947.535.454 | |
1.1- Premiums (Net of Reinsurer Share) | 5,24 | 23.441.393.307 | 13.550.431.214 |
1.1.1- Gross Premiums (+) | 5,24 | 24.073.963.541 | 14.085.844.810 |
1.1.2- Ceded Premiums to Reinsurers (-) | 5,10,24 | (632.570.234) | (535.413.596) |
1.2- Change in Unearned Premiums Reserve (Net of Reinsurers Shares and Reserves Carried Forward) (+/-) | 5,17.15,47.4 | (886.774.892) | (1.602.895.760) |
1.2.1- Unearned Premiums Reserve (-) | 17.15 | (892.672.096) | (1.612.332.699) |
1.2.2- Reinsurance Share of Unearned Premiums Reserve (+) | 10,17.15 | 5.897.204 | 9.436.939 |
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 | 5.661.053.932 | 4.121.338.283 |
3- Accrued (Unrealized) Income from Investments | - | - | |
4- Other Technical Income (Net of Reinsurer Share) | 5 | 179.992.492 | 146.270.050 |
4.1- Other Gross Technical Income (+/-) | 5 | 179.992.492 | 146.270.050 |
4.2- Ceded Other Technical Income (+/-) | - | - | |
5. Accrued Subrogation Income (+) | - | - |
6
I- TECHNICAL DIVISION | Notes | Audited Current Period | Audited Previous Period |
1 January- 31 December 2025 | 1 January- 31 December 2024 | ||
E- Life Technical Expense | (24.190.604.441) | (14.361.543.810) | |
1- Total Claims (Net of Reinsurer Share) | 5 | (3.368.527.906) | (1.584.759.663) |
1.1- Claims Paid (Net of Reinsurer Share) | 17.15 | (3.156.436.633) | (1.488.739.790) |
1.1.1- Gross Claims Paid (-) | 17.15 | (3.382.539.563) | (1.582.267.168) |
1.1.2- Reinsurance Share of Claims Paid (+) | 10,17.15 | 226.102.930 | 93.527.378 |
1.2- Changes in Outstanding Claims Reserve (Net of Reinsurer Share and Reserves Carried Forward) (+/-) | 17.15,47.4 | (212.091.273) | (96.019.873) |
1.2.1- Outstanding Claims Reserve (-) | 17.15 | (334.339.286) | (170.215.169) |
1.2.2- Reinsurance Share of Outstanding Claims Reserve (+) | 10,17.15 | 122.248.013 | 74.195.296 |
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 | (13.988.369.569) | (8.479.723.697) |
3.1- Life Mathematical Reserves | 17.15 | (13.994.604.203) | (8.475.185.141) |
3.1.1- Actuarial Mathematics provision(+/-) | (13.994.604.203) | (8.475.185.141) | |
3.1.2- Dividend Equivalent (Provision for Policyholders Investment Risk.) | - | - | |
3.2- Reinsurance Share of Life Mathematical Reserves | 10,17.15 | 6.234.634 | (4.538.556) |
3.2.1- Provision of Reinsurance Actuarial Mathematics (+) | 10,17.15 | 6.234.634 | (4.538.556) |
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 | (83.903.823) | (48.462.629) |
5- Operating Expenses (-) | 31 | (6.747.843.724) | (3.550.377.706) |
6- Investment Expenses (-) | 5,36 | (1.959.419) | (698.220.115) |
7- Unrealized Losses from Investments (-) | - | - | |
8- Investment Income Transferred to Non-Technical Divisions (-) | - | - | |
F- Life Technical Profit / (Loss) (D-E) | 4.205.060.398 | 1.853.599.977 | |
G- Private Pension Technical Income | 25 | 5.739.368.886 | 3.792.339.837 |
1- Fund Management Fee | 25 | 3.815.090.391 | 2.623.349.106 |
2- Management Fee | 25 | 1.530.003.540 | 939.982.978 |
3- Entrance Fee Income | 25 | 391.496.171 | 229.007.432 |
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 | 25 | 2.778.784 | - |
7- Other Technical Income | - | - | |
H- Private Pension Technical Expenses | (7.618.592.368) | (5.093.012.951) | |
1- Fund Management Expenses (-) | (502.744.064) | (371.550.428) | |
2- Decrease in Market Value of Capital Commitment Advances (-) | (291.276) | - | |
3- Operating Expenses (-) | 31 | (6.645.471.082) | (4.437.516.706) |
4- Other Technical Expenses (-) | (403.031.626) | (262.995.000) | |
5- Penalty Payments | (67.054.320) | (20.950.817) | |
I- Private Pension Technical Profit / (Loss) (G-H) | (1.879.223.482) | (1.300.673.114) |
7
II- NON TECHNICAL DIVISION | Notes | Audited Current Period | Audited Previous Period |
1 January- 31 December 2025 | 1 January- 31 December 2024 | ||
C- Non Life Technical Profit / (Loss) (A-B) | 754.451.772 | 29.497.591 | |
F- Life Technical Profit / (Loss) (D-E) | 4.205.060.398 | 1.853.599.977 | |
I- Private Pension Technical Profit / (Loss) (G-H) | (1.879.223.482) | (1.300.673.114) | |
J- Total Technical Profit / (Loss) (C+F+I) | 3.080.288.688 | 582.424.454 | |
K- Investment Income | 6.761.299.701 | 4.034.362.454 | |
1- Income From Financial Investment | 26 | 4.973.147.443 | 2.714.255.391 |
2- Income from Sales of Financial Investments | 26 | 150.284.499 | 47.015.659 |
3- Revaluation of Financial Investments | 27 | 1.083.732.873 | 862.637.300 |
4- Foreign Exchange Gains | 36 | 542.253.885 | 408.300.513 |
5- Dividend Income from Affiliates | - | - | |
6- Income form Subsidiaries and Entities Under Common Control | 26 | 10.329.001 | 2.149.991 |
7- Income Received from Land and Building | - | - | |
8- Income from Derivatives | 13,26,36 | 1.552.000 | 3.600 |
9- Other Investments | - | - | |
10- Investment Income transferred from Life Technical Division | - | - | |
L- Investment Expenses (-) | (1.787.056.163) | (684.208.812) | |
1- Investment Management Expenses (Including Interest) (-) | (131.692.867) | (97.722.000) | |
2- Valuation Allowance of Investments (-) | - | - | |
3- Losses On Sales of Investments (-) | (6.473.784) | (3.822.778) | |
4- Investment Income Transferred to Non-Life Technical Division (-) | (1.095.570.616) | (272.401.924) | |
5- Losses from Derivatives (-) | 13,26,36 | (24.513.100) | (10.119.130) |
6- Foreign Exchange Losses (-) | 36 | (53.681.251) | (37.492.958) |
7- Depreciation Charges (-) | 6.1 | (474.526.699) | (262.565.130) |
8- Other Investment Expenses (-) | (597.846) | (84.892) | |
M- Income and Expenses From Other and Extraordinary Operations (+/-) | (268.779.864) | 113.235.962 | |
1- Provisions (+/-) | (96.837.475) | (14.583.788) | |
2- Discounts (+/-) | - | - | |
3- Specialty Insurances (+/-) | - | - | |
4- Inflation Adjustment (+/-) | - | - | |
5- Deferred Tax Asset (+/-) | 35,47.4 | 41.801.288 | 165.316.570 |
6- Deferred Tax Liability Accounts (+/-) | 35,47.4 | (43.247.799) | - |
7- Other Income and Revenues | 47.1 | 303.350.211 | 161.430.605 |
8- Other Expenses and Losses (-) | 47.1 | (477.442.798) | (229.077.807) |
9- Prior Period Income | 47.3 | 29.214.861 | 38.207.669 |
10- Prior Period Losses (-) | 47.3 | (25.618.152) | (8.057.287) |
N- Net Profit / (Loss) | 5.555.079.234 | 2.870.030.632 | |
1- Profit / (Loss) Before Tax | 7.785.752.362 | 4.045.814.058 | |
2- Corporate Tax Charge and Other Fiscal Liabilities (-) | 35,47.4 | (2.230.673.128) | (1.175.783.426) |
3- Net Profit / (Loss) | 5.555.079.234 | 2.870.030.632 | |
Owners of Parent | - | 2.871.345.742 | |
Minority Interests | - | (1.315.110) | |
4- Inflation Adjustment Account (+/-) | - | - |
Notes | Audited Current Period | Audited Previous Period | |
1 January- 31 December 2025 | 1 January- 31 December 2024 | ||
A. Cash Flows from the Operating Activities | - | - | |
1. Cash inflows from the insurance operations | 24.324.438.998 | 14.264.177.543 | |
2. Cash inflows from the reinsurance operations | 6.613.667.189 | 4.390.117.460 | |
3. Cash inflows from the pension operations | 99.659.693.313 | 63.414.908.438 | |
4. Cash outflows due to the insurance operations (-) | (10.028.818.975) | (5.196.116.137) | |
5. Cash outflows due to the reinsurance operations (-) | (7.000.090.363) | (3.913.008.835) | |
6. Cash outflows due to the pension operations (-) | (91.656.831.282) | (58.496.495.836) | |
7. Cash generated from the operating activities (A1+A2+A3-A4-A5-A6) | 21.912.058.880 | 14.463.582.633 | |
8. Interest payments (-) | - | (16.225.871) | |
9. Income tax payments (-) | (2.199.182.702) | (1.009.672.841) | |
10. Other cash inflows | 931.906.071 | 238.255.676 | |
11. Other cash outflows (-) | (10.194.683.290) | (6.120.050.109) | |
12. Net cash generated from / (used in) operating activities | 10.450.098.959 | 7.555.889.488 | |
B. Cash flows from the investing activities | - | - | |
1. Sale of tangible assets | 23.891.685 | 4.016.028 | |
2. Purchase of tangible assets (-) | 6.3.1 | (1.819.871.104) | (860.329.412) |
3. Acquisition of financial assets (-) | 11.4 | (22.553.893.410) | (14.291.881.856) |
4. Sale of financial assets | 11.595.343.656 | 8.857.232.272 | |
5. Interest received | 5.330.539.580 | 2.848.410.799 | |
6. Dividends received | 26 | 10.329.001 | 2.149.991 |
7. Other cash inflows | - | - | |
8. Other cash outflows (-) | - | (157.250.000) | |
9. Net cash generated from / (used in) the investing activities | (7.413.660.592) | (3.597.652.178) | |
C. Cash flows from the financing activities | - | - | |
1. Issue of equity shares | - | - | |
2. Cash inflows from borrowings | - | - | |
3. Payments of financial leases (-) | 20 | (174.352.469) | (116.238.295) |
4. Dividends paid (-) | (942.203.657) | (281.809.142) | |
5. Other cash inflows | - | - | |
6. Other cash outflows (-) | (13.620.400) | (55.438.522) | |
7. Cash generated from / (used in) the financing activities | (1.130.176.526) | (453.485.959) | |
D. Effects of Exchange Rate Differences on Cash and Cash Equivalents | 698.987 | (3.579.608) | |
E. Net increase / (decrease) in cash and cash equivalents (A12+B9+C7+D) | 1.906.960.828 | 3.501.171.743 | |
F. Cash and cash equivalents at the beginning of the period | 2.12 | 5.559.613.905 | 2.058.442.162 |
G. Cash and cash equivalents at the end of period (E+F) | 2.12 | 7.466.574.733 | 5.559.613.905 |
CONSOLIDATED SHAREHOLDERS' EQUITY AS OF 31 DECEMBER 2025
(Amounts expressed in Turkish Lira (TL) unless otherwise stated).
Audited Current Period | |||||||||||||
1 January-31 December 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 | - | (13.620.400) | - | - | - | - | - | - | - | - | (13.620.400) | - | (13.620.400) |
C- Income / (expenses) recognized directly in equity | - | - | - | - | - | - | - | (71.576.254) | - | - | (71.576.254) | - | (71.576.254) |
D- Valuation gains on assets | - | - | 171.658.249 | - | - | - | - | - | - | - | 171.658.249 | - | 171.658.249 |
E- Exchange difference arising on translation of foreign operations | - | - | - | - | - | - | - | - | - | - | - | - | - |
F- Other income / (expenses) | - | - | - | - | - | - | - | - | - | - | - | - | - |
G- Inflation adjustments | - | - | - | - | - | - | - | - | - | - | - | - | - |
H- Net profit for the period | - | - | - | - | - | - | - | - | 5.555.079.234 | - | 5.555.079.234 | - | 5.555.079.234 |
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 (31/12/2025) (III+A+B+C+D+E+F+G+H+I+J) | 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 |
Audited Current Period | |||||||||||||
1 January-31 December 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) (-) | Equity Attributable to Owners of Parent | Non-controlling Interests | Total | |
I- Equity at End of Prior Period | 180.000.000 | (44.783.416) | 55.579.038 | - | - | 109.639.901 | 11.494 | 1.315.471.300 | 1.424.603.500 | - | 3.040.521.817 | - | 3.040.521.817 |
II- Changes In Accounting Policy(*) | 100.000.000 | - | - | - | - | - | - | 14.354 | (34.564.954) | (6.196.687) | 59.252.713 | - | 59.252.713 |
III- Balance at (01/01/2024) | 280.000.000 | (44.783.416) | 55.579.038 | - | - | 109.639.901 | 11.494 | 1.315.485.654 | 1.390.038.546 | (6.196.687) | 3.099.774.530 | - | 3.099.774.530 |
A- Capital increase (A1 + A2) | - | - | - | - | - | - | - | - | - | - | - | - | - |
1- Cash | - | - | - | - | - | - | - | - | - | - | - | - | - |
2- Internal Resources | - | - | - | - | - | - | - | - | - | - | - | - | - |
B- Purchase of own shares | - | (55.438.522) | - | - | - | - | - | - | - | - | (55.438.522) | - | (55.438.522) |
C- Income / (expenses) recognized directly in equity | - | - | - | - | - | - | - | (27.876.935) | - | - | (27.876.935) | - | (27.876.935) |
D- Valuation gains on assets | - | - | 19.669.091 | - | - | - | - | - | - | - | 19.669.091 | - | 19.669.091 |
E- Exchange difference arising on translation of foreign operations | - | - | - | - | - | - | - | - | - | - | - | - | - |
F- Other income / (expenses) | (100.000.000) | - | - | - | - | - | - | (58.565.110) | - | - | (158.565.110) | 1.315.110 | (157.250.000) |
G- Inflation adjustments | - | - | - | - | - | - | - | - | - | - | - | - | - |
H- Net profit for the period | - | - | - | - | - | - | - | - | 2.871.345.742 | - | 2.871.345.742 | (1.315.110) | 2.870.030.632 |
I- Payment of dividends | - | - | - | - | - | - | - | - | (300.000.000) | - | (300.000.000) | - | (300.000.000) |
J- Transfers | - | - | - | - | - | 29.100.000 | - | 1.095.503.500 | (1.090.038.546) | (34.564.954) | - | - | - |
IV- Balance at (31/12/2024) (III+A+B+C+D+E+F+G+H+I+J) | 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 |