{"id":1160,"date":"2026-02-15T23:22:07","date_gmt":"2026-02-15T20:22:07","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1160"},"modified":"2026-02-15T23:31:13","modified_gmt":"2026-02-15T20:31:13","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-agesa-agesa-hayat-ve-emeklilik-2025-12-bilanco-analizi-agesanin-saglik-hamlesi-ve-2025-bilancosu","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1160","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #AGESA | Agesa Hayat Ve Emeklilik 2025\/12 Bilan\u00e7o Analizi &#8211; Agesa&#8217;n\u0131n Sa\u011fl\u0131k Hamlesi ve 2025 Bilan\u00e7osu"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/AGESA--Agesa-Hayat-Ve-Emeklilik-202512-Bilano-Analizi---Agesann-Salk-Hamlesi-ve-2025-Bilanosu-e3f4p1u\/a-acfno7p\" width=\"400px\" height=\"102px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>2025 Finansal Raporlar\u0131ndan \u00d6ne \u00c7\u0131kan Kilit Bilgiler<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\">\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>G\u00fc\u00e7l\u00fc Karl\u0131l\u0131k Art\u0131\u015f\u0131:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> Grup, 2025 y\u0131l\u0131 sonunda <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>5.555.079.234 TL konsolide net d\u00f6nem kar\u0131<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> elde etmi\u015ftir. Bu rakam, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 2.871.345.742 TL&#8217;lik kar ile kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda yakla\u015f\u0131k %93&#8217;l\u00fck bir art\u0131\u015fa i\u015faret etmektedir.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Varl\u0131k Y\u00f6netiminde B\u00fcy\u00fck B\u00fcy\u00fcme:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> Grup&#8217;un toplam varl\u0131klar\u0131, 31 Aral\u0131k 2025 itibar\u0131yla <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>466.853.140.926 TL<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\">&#8216;ye ula\u015fm\u0131\u015ft\u0131r (2024 sonu: 268.785.843.836 TL).\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Prim \u00dcretimi ve Teknik Kar:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> 2025 y\u0131l\u0131nda toplam <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>br\u00fct yaz\u0131lan primler 29.914.129.351 TL<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> olarak ger\u00e7ekle\u015fmi\u015ftir.\u00a0\u00a0\u00a0\u00a0\u25e6 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Hayat Koruma<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> bran\u015f\u0131 5,75 milyar TL,\u00a0\u00a0\u00a0\u00a0\u25e6 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Hayat D\u0131\u015f\u0131<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> bran\u015f\u0131 1,48 milyar TL teknik kar sa\u011flam\u0131\u015ft\u0131r.\u00a0\u00a0\u00a0\u00a0\u25e6 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Emeklilik<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> teknik geliri ise 2,78 milyar TL olarak kaydedilmi\u015ftir.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Bireysel Emeklilik Sistemi (BES) Liderli\u011fi:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> Emeklilik yat\u0131r\u0131m fonlar\u0131n\u0131n toplam portf\u00f6y tutar\u0131 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>401.341.891.543 TL<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\">&#8216;ye y\u00fckselmi\u015ftir. Toplam BES kat\u0131l\u0131mc\u0131 s\u00f6zle\u015fme adedi ise <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>2.782.093<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> olmu\u015ftur.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Sa\u011fl\u0131k Sigortac\u0131l\u0131\u011f\u0131na Giri\u015f:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> Ana Ortakl\u0131k, Nisan 2025&#8217;te hastal\u0131k\/sa\u011fl\u0131k bran\u015f\u0131 i\u00e7in faaliyet ruhsat\u0131 alm\u0131\u015f ve <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Ekim 2025 itibar\u0131yla sa\u011fl\u0131k sigortas\u0131 \u00fcr\u00fcnlerinin sat\u0131\u015f\u0131na ba\u015flam\u0131\u015ft\u0131r<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\">. Ayr\u0131ca Medisa Sigorta A.\u015e.&#8217;nin paylar\u0131n\u0131n %100&#8217;\u00fc Grup b\u00fcnyesine kat\u0131lm\u0131\u015ft\u0131r.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>\u00d6zsermaye ve Temett\u00fc:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> Grup&#8217;un toplam \u00f6zsermayesi <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>10.090.449.625 TL<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> seviyesindedir. \u015eirket, 2025 y\u0131l\u0131 i\u00e7erisinde ortaklar\u0131na 1.000.000.000 TL tutar\u0131nda nakit kar pay\u0131 da\u011f\u0131tm\u0131\u015ft\u0131r.\u2022 <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>Hisse Geri Al\u0131m\u0131:<\/strong><\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> \u015eirket, pay piyasas\u0131ndaki fiyat olu\u015fumunu desteklemek amac\u0131yla y\u00fcr\u00fctt\u00fc\u011f\u00fc geri al\u0131m program\u0131 kapsam\u0131nda 31 Aral\u0131k 2025 tarihine kadar toplam <\/span><\/span><span data-slate-node=\"text\"><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"><strong>113.842.338 TL maliyetle 1.735.946 adet hisse<\/strong><\/span><\/span><span class=\"sc-ePGuoS eXOkVR\" data-slate-leaf=\"true\"> geri al\u0131m\u0131 yapm\u0131\u015ft\u0131r.<\/span><\/p>\n<p>&nbsp;<\/p>\n<figure style=\"width: 2752px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/pbs.twimg.com\/media\/HBOb41AXwAAS47J?format=jpg&amp;name=4096x4096\" alt=\"#AGESA | Agesa Hayat Ve Emeklilik 2025\/12 Bilan\u00e7o Analizi \" width=\"2752\" height=\"1536\" \/><figcaption class=\"wp-caption-text\">#AGESA | Agesa Hayat Ve Emeklilik 2025\/12 Bilan\u00e7o Analizi<\/figcaption><\/figure>\n<hr \/>\n<p>&nbsp;<\/p>\n<h1>AgeSA\u2019n\u0131n 2025 Finansal Karnesi: Dev B\u00fcy\u00fcmenin Arkas\u0131ndaki 5 Kritik Strateji<\/h1>\n<h2>1. Giri\u015f: Rakamlar\u0131n Diliyle Gelece\u011fi Okumak<\/h2>\n<p>T\u00fcrkiye\u2019deki bireysel emeklilik (BES) ve hayat sigortas\u0131 sekt\u00f6r\u00fc, makroekonomik de\u011fi\u015fkenlerin \u00f6tesinde, bireysel tasarruf bilincinin y\u00fckseldi\u011fi tarihi bir dinamizmden ge\u00e7iyor. Bu ekosistemin \u00f6nc\u00fc akt\u00f6rlerinden biri olan AgeSA\u2019n\u0131n 2025 y\u0131l\u0131 konsolide finansal raporlar\u0131, geleneksel bir &#8220;kar-zarar&#8221; tablosunun \u00e7ok \u00f6tesinde, bir sekt\u00f6r devinin stratejik kabuk de\u011fi\u015fimini temsil ediyor. Yat\u0131r\u0131mlar\u0131m\u0131z\u0131n g\u00fcvende olup olmad\u0131\u011f\u0131n\u0131 anlamak ve bir finansal yap\u0131n\u0131n nas\u0131l s\u00fcrd\u00fcr\u00fclebilir bir b\u00fcy\u00fcme makinesine d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc g\u00f6rmek i\u00e7in rakamlar\u0131n sat\u0131r aralar\u0131na bakmak gerekiyor. 2025 verileri \u015fu kritik soruyu sormam\u0131za neden oluyor: Finansal mimarisini yeniden kurgulayan bir dev, pazar\u0131n gelece\u011fini nas\u0131l domine eder?<\/p>\n<h2>2. Kar Patlamas\u0131: Net Karda %94\u2019l\u00fck Ola\u011fan\u00fcst\u00fc Art\u0131\u015f<\/h2>\n<p>AgeSA, 2025 hesap d\u00f6neminde operasyonel verimlilik ve akt\u00fceryal disiplini birle\u015ftirerek finansal performans\u0131nda zirveye ula\u015ft\u0131. \u015eirketin <b>2024 y\u0131l\u0131 sonunda 2.871.345.742 TL<\/b> olan konsolide net d\u00f6nem kar\u0131, %94\u2019l\u00fck bir art\u0131\u015fla <b>2025 y\u0131l\u0131nda 5.555.079.234 TL<\/b> seviyesine y\u00fckselerek neredeyse ikiye katland\u0131.<\/p>\n<p>Bu kar patlamas\u0131n\u0131n temel motoru, yaln\u0131zca prim \u00fcretimindeki art\u0131\u015f de\u011fil, &#8220;Teknik B\u00f6l\u00fcm Dengesi&#8221;ndeki sistemsel iyile\u015fmedir. \u00d6zellikle <b>Hayat Teknik B\u00f6l\u00fcm Dengesi<\/b>\u2019nin 1,85 milyar TL\u2019den 4,2 milyar TL seviyesine \u00e7\u0131kmas\u0131 ve <b>Genel Teknik B\u00f6l\u00fcm Dengesi<\/b>&#8216;nin 3 milyar TL band\u0131n\u0131 a\u015fmas\u0131 (3.080.288.688 TL), \u015firketin \u00f6l\u00e7ek ekonomisinden maksimum verimi ald\u0131\u011f\u0131n\u0131 kan\u0131tlamaktad\u0131r. Kazan\u0131lm\u0131\u015f primlerdeki %86\u2019l\u0131k b\u00fcy\u00fcme, net kar art\u0131\u015f\u0131yla korele bir \u015fekilde s\u00fcrd\u00fcr\u00fclebilir bir karl\u0131l\u0131k modeli sunmaktad\u0131r. Ba\u011f\u0131ms\u0131z denetimden ge\u00e7en bu ba\u015far\u0131, Deloitte taraf\u0131ndan haz\u0131rlanan raporda \u015fu \u015fekilde tescil edilmi\u015ftir:<\/p>\n<p>&#8220;Grup\u2019un 31 Aral\u0131k 2025 tarihi itibar\u0131yla konsolide finansal durumunu&#8230; Sigortac\u0131l\u0131k Muhasebe ve Finansal Raporlama Mevzuat\u0131\u2019na uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunmaktad\u0131r.&#8221;<\/p>\n<h2>3. Stratejik Hamle: Sa\u011fl\u0131k Sigortac\u0131l\u0131\u011f\u0131na G\u00fc\u00e7l\u00fc Giri\u015f<\/h2>\n<p>AgeSA, 2025 y\u0131l\u0131nda \u00fcr\u00fcn gam\u0131n\u0131 \u00e7e\u015fitlendirme yolunda en radikal ad\u0131m\u0131n\u0131 &#8220;Elementer Sa\u011fl\u0131k&#8221; bran\u015f\u0131na girerek att\u0131. Bu hamle, hayat ve emeklilik odakl\u0131 gelir modelini, y\u00fcksek frekansl\u0131 bir bran\u015f olan sa\u011fl\u0131k ile destekleyerek m\u00fc\u015fteri ya\u015fam d\u00f6ng\u00fcs\u00fcn\u00fc (customer lifecycle) tamamlamay\u0131 hedeflemektedir.<\/p>\n<ul>\n<li><b>Medisa Entegrasyonu:<\/b> 20 Aral\u0131k 2024\u2019te tamamlanan %20\u2019lik son pay devriyle birlikte Medisa Sigorta A.\u015e.\u2019nin %100 kontrol\u00fc sa\u011flanm\u0131\u015f; 2025 y\u0131l\u0131 bu yap\u0131n\u0131n tam konsolidasyonu ve operasyonel lansman y\u0131l\u0131 olmu\u015ftur.<\/li>\n<li><b>Sermaye ve Ruhsat:<\/b> \u015eubat 2025\u2019te Medisa\u2019n\u0131n sermayesi 1,15 milyar TL\u2019ye \u00e7\u0131kar\u0131lm\u0131\u015f, AgeSA ise Nisan 2025\u2019te hastal\u0131k\/sa\u011fl\u0131k bran\u015f\u0131nda kendi faaliyet ruhsat\u0131n\u0131 alm\u0131\u015ft\u0131r.<\/li>\n<li><b>Operasyonel \u00c7eviklik:<\/b> Ekim 2025 itibar\u0131yla sa\u011fl\u0131k \u00fcr\u00fcnlerinin sat\u0131\u015f\u0131na ba\u015flanmas\u0131, \u00e7apraz sat\u0131\u015f (cross-selling) stratejisinin merkezine sa\u011fl\u0131k sigortac\u0131l\u0131\u011f\u0131n\u0131n yerle\u015fti\u011fini g\u00f6stermektedir.<\/li>\n<\/ul>\n<h2>4. Varl\u0131k Y\u00f6netiminde Yeni Rekor: 466 Milyar TL<\/h2>\n<p>Varl\u0131k y\u00f6netimi taraf\u0131ndaki b\u00fcy\u00fcme, AgeSA\u2019n\u0131n pazar pay\u0131 ve kat\u0131l\u0131mc\u0131 g\u00fcveni konusundaki konumunu per\u00e7inledi. Toplam varl\u0131klar\u0131n 268,7 milyar TL\u2019den 466,8 milyar TL seviyesine \u00e7\u0131kmas\u0131, y\u00f6netilen fon hacmindeki devasa geni\u015flemenin bir sonucudur. Finansal tabloda dikkat \u00e7eken <b>&#8220;Riski Hayat Poli\u00e7esi Sahiplerine Ait Finansal Yat\u0131r\u0131mlar&#8221;<\/b> kalemi, 2025 sonu itibar\u0131yla <b>36,1 milyar TL<\/b> toplam bakiyeye ula\u015farak bir \u00f6nceki y\u0131la g\u00f6re yakla\u015f\u0131k 13,2 milyar TL art\u0131\u015f g\u00f6stermi\u015ftir.<\/p>\n<p>A\u015fa\u011f\u0131daki tablo, \u015firketin \u00f6zsermaye g\u00fcc\u00fcn\u00fc 10 milyar TL e\u015fi\u011fine ta\u015f\u0131yarak finansal dayan\u0131kl\u0131l\u0131\u011f\u0131n\u0131 nas\u0131l art\u0131rd\u0131\u011f\u0131n\u0131 \u00f6zetlemektedir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>2024 (Milyar TL)<\/td>\n<td>2025 (Milyar TL)<\/td>\n<\/tr>\n<tr>\n<td>Toplam Varl\u0131klar<\/td>\n<td>268,7<\/td>\n<td>466,8<\/td>\n<\/tr>\n<tr>\n<td>\u00d6zsermaye<\/td>\n<td>5,4<\/td>\n<td>10,0<\/td>\n<\/tr>\n<tr>\n<td><b>Net Kar<\/b><\/td>\n<td><b>2,87<\/b><\/td>\n<td><b>5,55<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i>*Veriler milyon TL baz\u0131nda yuvarlanarak sunulmu\u015ftur.<\/i><\/p>\n<h2>5. Fon \u00c7e\u015fitlili\u011finde \u0130novasyon: Yeni D\u00fcnya D\u00fczenine Yat\u0131r\u0131m<\/h2>\n<p>AgeSA, 2025 y\u0131l\u0131nda y\u00f6netti\u011fi 38 adet emeklilik yat\u0131r\u0131m fonuyla kat\u0131l\u0131mc\u0131lar\u0131na k\u00fcresel trendlerle uyumlu portf\u00f6yler sundu. \u015eirket, 1 Mart 2022&#8217;de kurdu\u011fu <b>S\u00fcrd\u00fcr\u00fclebilirlik Hisse Senedi Emeklilik Yat\u0131r\u0131m Fonu<\/b> ile ba\u015flatt\u0131\u011f\u0131 vizyonu, 1 Nisan 2025 itibar\u0131yla devreye ald\u0131\u011f\u0131 yeni fonlarla zirveye ta\u015f\u0131d\u0131.<\/p>\n<p>2025 y\u0131l\u0131nda kurulan ve yat\u0131r\u0131mc\u0131 i\u015ftah\u0131n\u0131 art\u0131ran stratejik fonlar:<\/p>\n<ul>\n<li><b>Tar\u0131m ve G\u0131da Sekt\u00f6r\u00fc De\u011fi\u015fken Emeklilik Yat\u0131r\u0131m Fonu<\/b><\/li>\n<li><b>Enerji Sekt\u00f6r\u00fc De\u011fi\u015fken Emeklilik Yat\u0131r\u0131m Fonu<\/b><\/li>\n<li><b>Teknoloji \u015eirketleri Hisse Senedi Emeklilik Yat\u0131r\u0131m Fonu<\/b><\/li>\n<li><b>Ta\u015f\u0131nmaz ve \u0130n\u015faat Sekt\u00f6r\u00fc De\u011fi\u015fken Emeklilik Yat\u0131r\u0131m Fonu<\/b><\/li>\n<li><b>Sabanc\u0131 Toplulu\u011fu \u015eirketleri Endeksi Emeklilik Yat\u0131r\u0131m Fonu<\/b><\/li>\n<\/ul>\n<p>Bu fon karmas\u0131, AgeSA\u2019n\u0131n sadece bir finansal arac\u0131 de\u011fil, ayn\u0131 zamanda teknolojik d\u00f6n\u00fc\u015f\u00fcm ve s\u00fcrd\u00fcr\u00fclebilirlik odakl\u0131 bir varl\u0131k y\u00f6neticisi (asset manager) kimli\u011fini benimsedi\u011fini g\u00f6stermektedir.<\/p>\n<h2>6. Gelece\u011fe Haz\u0131rl\u0131k: 3 Milyar TL\u2019lik Sermaye Tavan\u0131 Hedefi<\/h2>\n<p>Bilan\u00e7o sonras\u0131 olaylar (post-balance sheet events) incelendi\u011finde, y\u00f6netimin 2026-2030 d\u00f6nemine dair b\u00fcy\u00fcme i\u015ftah\u0131 net bir \u015fekilde g\u00f6r\u00fclmektedir. Ocak 2026\u2019da al\u0131nan karar ile mevcut 500 milyon TL\u2019lik kay\u0131tl\u0131 sermaye tavan\u0131n\u0131n <b>3 milyar TL<\/b>\u2019ye \u00e7\u0131kar\u0131lmas\u0131 hedeflenmi\u015ftir.<\/p>\n<p>Bu stratejik hamle, \u00f6n\u00fcm\u00fczdeki 5 y\u0131ll\u0131k s\u00fcre\u00e7te ger\u00e7ekle\u015ftirilmesi planlanan organik ve inorganik b\u00fcy\u00fcme hedefleri i\u00e7in gereken sermaye esnekli\u011fini sa\u011flamaktad\u0131r. \u015eirket, &#8220;Akt\u00fceryal Matematik Kar\u015f\u0131l\u0131klar&#8221; ve &#8220;\u00d6zsermaye Karl\u0131l\u0131\u011f\u0131&#8221; dengesini koruyarak, daha b\u00fcy\u00fck montanl\u0131 yat\u0131r\u0131mlar ve pazar geni\u015flemesi i\u00e7in zemin haz\u0131rlamaktad\u0131r.<\/p>\n<h2>7. Sonu\u00e7: Yeni D\u00f6nemin E\u015fi\u011finde Bir Dev<\/h2>\n<p>AgeSA i\u00e7in 2025 y\u0131l\u0131, sadece finansal hedeflerin tutturuldu\u011fu bir d\u00f6nem de\u011fil, sa\u011fl\u0131k sigortac\u0131l\u0131\u011f\u0131n\u0131n ekosisteme dahil edildi\u011fi ve \u00f6zsermayenin 10 milyar TL gibi psikolojik ve finansal bir e\u015fi\u011fi a\u015ft\u0131\u011f\u0131 bir &#8220;s\u0131\u00e7rama y\u0131l\u0131&#8221; olmu\u015ftur. Teknik kar\u015f\u0131l\u0131klardaki disiplin ve fon y\u00f6netimindeki inovasyon, \u015firketi T\u00fcrkiye\u2019nin finansal g\u00fcvence mimarisinin merkezine yerle\u015ftirmi\u015ftir.<\/p>\n<p>Bireysel emeklilik, hayat sigortas\u0131 ve sa\u011fl\u0131k sigortac\u0131l\u0131\u011f\u0131n\u0131n i\u00e7 i\u00e7e ge\u00e7ti\u011fi bu yeni ekosistemde, AgeSA\u2019n\u0131n sundu\u011fu bu b\u00fct\u00fcnsel yakla\u015f\u0131m kar\u015f\u0131s\u0131nda finansal \u00f6zg\u00fcrl\u00fc\u011f\u00fcm\u00fcz\u00fc ve sa\u011fl\u0131\u011f\u0131m\u0131z\u0131 korumak i\u00e7in portf\u00f6ylerimizi ne kadar \u00e7evik y\u00f6netebiliyoruz? Yeni d\u00f6nemin stratejilerini bug\u00fcn belirleme vaktidir.<\/p>\n<p>&#8212;<\/p>\n<h1>Bilgilendirme Belgesi: AgeSA Hayat ve Emeklilik A.\u015e. 2025 Y\u0131l\u0131 Konsolide Finansal Rapor Analizi<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, AgeSA Hayat ve Emeklilik A.\u015e. (&#8220;\u015eirket&#8221;) ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (&#8220;Grup&#8221;) 31 Aral\u0131k 2025 tarihinde sona eren hesap d\u00f6nemine ait konsolide finansal raporlar\u0131n\u0131n derinlemesine bir analizini sunmaktad\u0131r. Ba\u011f\u0131ms\u0131z denetimden ge\u00e7mi\u015f veriler \u0131\u015f\u0131\u011f\u0131nda, Grup\u2019un finansal sa\u011fl\u0131\u011f\u0131, operasyonel performans\u0131 ve stratejik geni\u015flemesi incelenmi\u015ftir.<\/p>\n<p>Temel bulgular \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc:<\/b> DRT Ba\u011f\u0131ms\u0131z Denetim (Deloitte) taraf\u0131ndan haz\u0131rlanan raporda, finansal tablolar\u0131n Grup\u2019un finansal durumunu t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sundu\u011fu teyit edilmi\u015ftir (Olumlu G\u00f6r\u00fc\u015f).<\/li>\n<li><b>Karl\u0131l\u0131k:<\/b> Grup, 2025 y\u0131l\u0131nda 5.555.079.234 TL net d\u00f6nem k\u00e2r\u0131 elde ederek, \u00f6nceki y\u0131l\u0131n 2.871.345.742 TL\u2019lik k\u00e2r\u0131na oranla yakla\u015f\u0131k %93,5 oran\u0131nda bir art\u0131\u015f kaydetmi\u015ftir.<\/li>\n<li><b>Varl\u0131k B\u00fcy\u00fckl\u00fc\u011f\u00fc:<\/b> Toplam varl\u0131klar 466.853.140.926 TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Bu b\u00fcy\u00fckl\u00fc\u011f\u00fcn en b\u00fcy\u00fck k\u0131sm\u0131n\u0131 Emeklilik Faaliyetlerinden Alacaklar olu\u015fturmaktad\u0131r.<\/li>\n<li><b>Stratejik At\u0131l\u0131m:<\/b> Grup, 2025 y\u0131l\u0131nda hastal\u0131k\/sa\u011fl\u0131k bran\u015f\u0131nda faaliyet ruhsat\u0131 alarak Ekim ay\u0131 itibar\u0131yla \u00fcr\u00fcn sat\u0131\u015f\u0131na ba\u015flam\u0131\u015f ve Medisa Sigorta A.\u015e.&#8217;nin paylar\u0131n\u0131n %100&#8217;\u00fcne sahip olmu\u015ftur.<\/li>\n<\/ul>\n<h2>1. Ba\u011f\u0131ms\u0131z Denetim ve G\u00f6r\u00fc\u015f Temeli<\/h2>\n<p>Grup\u2019un konsolide finansal tablolar\u0131, T\u00fcrkiye Denetim Standartlar\u0131\u2019na uygun olarak denetlenmi\u015ftir. Denetim s\u00fcreci, finansal tablolar\u0131n hata veya hile kaynakl\u0131 \u00f6nemli yanl\u0131\u015fl\u0131k i\u00e7erip i\u00e7ermedi\u011fine dair makul g\u00fcvence sa\u011flamay\u0131 hedeflemi\u015ftir.<\/p>\n<ul>\n<li><b>Ba\u011f\u0131ms\u0131zl\u0131k Beyan\u0131:<\/b> Denet\u00e7i, Kamu G\u00f6zetimi, Muhasebe ve Denetim Standartlar\u0131 Kurumu (KGK) taraf\u0131ndan yay\u0131mlanan Etik Kurallar uyar\u0131nca Grup\u2019tan ba\u011f\u0131ms\u0131z oldu\u011funu beyan etmi\u015ftir.<\/li>\n<li><b>Sorumluluklar:<\/b> Y\u00f6netim, tablolar\u0131n Sigortac\u0131l\u0131k Muhasebe ve Finansal Raporlama Mevzuat\u0131\u2019na uygun haz\u0131rlanmas\u0131ndan ve i\u015fletmenin s\u00fcreklili\u011finin devam\u0131ndan sorumludur.<\/li>\n<\/ul>\n<h2>2. Kilit Denetim Konusu: Matematik Kar\u015f\u0131l\u0131klar<\/h2>\n<p>Denetim s\u00fcrecinde en \u00e7ok \u00f6nem arz eden konu, sigorta s\u00f6zle\u015fmelerinden kaynaklanan <b>Matematik Kar\u015f\u0131l\u0131klar<\/b> olarak belirlenmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Parametre<\/td>\n<td>Detay<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Tutar<\/b><\/td>\n<td>39.245.476.269 TL (31 Aral\u0131k 2025 itibar\u0131yla)<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6nem Nedeni<\/b><\/td>\n<td>Tutarsal b\u00fcy\u00fckl\u00fck ve do\u011fas\u0131 gere\u011fi \u00f6nemli tahmin\/y\u00f6netim yarg\u0131lar\u0131 i\u00e7ermesi.<\/td>\n<\/tr>\n<tr>\n<td><b>Denetim Prosed\u00fcr\u00fc<\/b><\/td>\n<td>Se\u00e7ilen \u00f6rneklemler \u00fczerinden akt\u00fceryal varsay\u0131mlar (teknik faiz, mortalite oran\u0131 vb.) kullan\u0131larak ba\u011f\u0131ms\u0131z yeniden hesaplamalar yap\u0131lm\u0131\u015ft\u0131r.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>3. Finansal Durum Analizi (Bilan\u00e7o)<\/h2>\n<p>Grup\u2019un bilan\u00e7o yap\u0131s\u0131, y\u00fcksek likidite ve sigortac\u0131l\u0131k\/emeklilik faaliyetlerinden kaynaklanan g\u00fc\u00e7l\u00fc alacak kalemleri ile karakterize edilmi\u015ftir.<\/p>\n<h3>3.1. Varl\u0131k Yap\u0131s\u0131<\/h3>\n<ul>\n<li><b>Nakit ve Nakit Benzerleri:<\/b> 9.218.323.260 TL (\u00d6nceki d\u00f6nem: 5,9 Milyar TL).<\/li>\n<li><b>Finansal Yat\u0131r\u0131mlar:<\/b> Toplam 47.636.937.773 TL olup, bunun 36,1 Milyar TL&#8217;si riski hayat poli\u00e7esi sahiplerine ait yat\u0131r\u0131mlard\u0131r.<\/li>\n<li><b>Emeklilik Faaliyetlerinden Alacaklar:<\/b> 401.341.891.543 TL ile bilan\u00e7onun en bask\u0131n kalemidir.<\/li>\n<\/ul>\n<h3>3.2. Y\u00fck\u00fcml\u00fcl\u00fckler ve \u00d6zsermaye<\/h3>\n<ul>\n<li><b>Teknik Kar\u015f\u0131l\u0131klar:<\/b> K\u0131sa vadeli (8,2 Milyar TL) ve uzun vadeli (38,1 Milyar TL) olmak \u00fczere toplamda \u00f6nemli bir y\u00fck\u00fcml\u00fcl\u00fck grubunu olu\u015fturmaktad\u0131r.<\/li>\n<li><b>\u00d6zsermaye:<\/b> 10.090.449.625 TL seviyesine y\u00fckselmi\u015ftir. \u00d6denmi\u015f sermaye 180.000.000 TL d\u00fczeyinde sabit kal\u0131rken, Ola\u011fan\u00fcst\u00fc Yedekler 4,2 Milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>4. Teknik B\u00f6l\u00fcm ve Operasyonel Performans<\/h2>\n<p>Grup\u2019un gelir tablosu, \u00fc\u00e7 ana bran\u015fta (Hayat D\u0131\u015f\u0131, Hayat ve Emeklilik) dengelenmi\u015f bir b\u00fcy\u00fcme sergilemektedir.<\/p>\n<ul>\n<li><b>Hayat Teknik B\u00f6l\u00fcm Dengesi:<\/b> 4.205.060.399 TL (En y\u00fcksek teknik k\u00e2r katk\u0131s\u0131).<\/li>\n<li><b>Hayat D\u0131\u015f\u0131 Teknik B\u00f6l\u00fcm Dengesi:<\/b> 754.451.772 TL.<\/li>\n<li><b>Emeklilik Teknik B\u00f6l\u00fcm Dengesi:<\/b> (1.879.223.482) TL (Negatif denge, esas olarak 6,6 Milyar TL&#8217;lik faaliyet giderlerinden kaynaklanmaktad\u0131r).<\/li>\n<li><b>Genel Teknik B\u00f6l\u00fcm Dengesi:<\/b> 3.080.288.688 TL.<\/li>\n<\/ul>\n<p><b>\u00d6nemli Gelir Kalemleri:<\/b><\/p>\n<ul>\n<li>Fon \u0130\u015fletim Gelirleri: 3.815.090.391 TL.<\/li>\n<li>Y\u00f6netim Gideri Kesintisi: 1.530.003.540 TL.<\/li>\n<li>Yat\u0131r\u0131m Gelirleri: 6.761.299.701 TL.<\/li>\n<\/ul>\n<h2>5. Stratejik Geli\u015fmeler ve Ba\u011fl\u0131 Ortakl\u0131klar<\/h2>\n<p>2025 y\u0131l\u0131, Grup i\u00e7in geni\u015fleme ve yap\u0131sal de\u011fi\u015fikliklerin y\u0131l\u0131 olmu\u015ftur:<\/p>\n<ul>\n<li><b>Sa\u011fl\u0131k Sigortac\u0131l\u0131\u011f\u0131na Giri\u015f:<\/b> \u015eirket, 30 Nisan 2025 tarihinde hastal\u0131k\/sa\u011fl\u0131k bran\u015f\u0131 ruhsat\u0131 alm\u0131\u015f ve Ekim 2025 itibar\u0131yla \u00fcr\u00fcn sat\u0131\u015f\u0131na ba\u015flam\u0131\u015ft\u0131r.<\/li>\n<li><b>Medisa Sigorta A.\u015e. Sat\u0131n Al\u0131m\u0131:<\/b> Aksigorta A.\u015e.&#8217;ye ait %20&#8217;lik pay\u0131n 157.250.000 TL bedelle sat\u0131n al\u0131nmas\u0131yla Medisa&#8217;n\u0131n sahiplik oran\u0131 %100&#8217;e \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r. Ayr\u0131ca Medisa&#8217;n\u0131n sermayesi 1.150.000.000 TL&#8217;ye y\u00fckseltilmi\u015ftir.<\/li>\n<li><b>Kay\u0131tl\u0131 Sermaye Tavan\u0131 Art\u0131r\u0131m\u0131:<\/b> 15 Ocak 2026 tarihli Y\u00f6netim Kurulu karar\u0131 ile 500 Milyon TL olan kay\u0131tl\u0131 sermaye tavan\u0131n\u0131n 3 Milyar TL&#8217;ye \u00e7\u0131kar\u0131lmas\u0131 i\u00e7in s\u00fcre\u00e7 ba\u015flat\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>6. Muhasebe Politikalar\u0131 ve Mevzuat Uygulamalar\u0131<\/h2>\n<ul>\n<li><b>Enflasyon Muhasebesi:<\/b> SEDDK&#8217;n\u0131n 2025\/33 say\u0131l\u0131 genelgesi uyar\u0131nca, 31 Aral\u0131k 2025 tarihli finansal tablolarda TMS 29 (Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama) kapsam\u0131nda enflasyon d\u00fczeltmesi <b>yap\u0131lmam\u0131\u015ft\u0131r<\/b>.<\/li>\n<li><b>TFRS 17 Ge\u00e7i\u015fi:<\/b> &#8220;Sigorta S\u00f6zle\u015fmeleri&#8221; standard\u0131n\u0131n uygulama tarihi SEDDK taraf\u0131ndan <b>1 Ocak 2027<\/b> olarak belirlenmi\u015ftir. Grup, bu ge\u00e7i\u015fin finansal tablolar \u00fczerindeki niceliksel etkilerini analiz etmeye devam etmektedir.<\/li>\n<li><b>\u00c7al\u0131\u015fan Say\u0131s\u0131:<\/b> Grup\u2019un ortalama \u00e7al\u0131\u015fan say\u0131s\u0131 2024 y\u0131l\u0131ndaki 2.042 seviyesinden 2025 y\u0131l\u0131nda <b>2.233<\/b>&#8216;e y\u00fckselmi\u015ftir. \u00dcst d\u00fczey y\u00f6neticilere sa\u011flanan menfaatlerin toplam\u0131 ise 177.211.414 TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<\/ul>\n<h2>7. Sonu\u00e7<\/h2>\n<p>AgeSA, 2025 hesap d\u00f6nemini g\u00fc\u00e7l\u00fc bir karl\u0131l\u0131k art\u0131\u015f\u0131 ve stratejik portf\u00f6y geni\u015flemesi ile kapatm\u0131\u015ft\u0131r. Sa\u011fl\u0131k sigortac\u0131l\u0131\u011f\u0131na giri\u015f ve Medisa&#8217;n\u0131n tam konsolidasyonu, \u015eirket\u2019in pazar \u00e7e\u015fitlili\u011fini art\u0131rma stratejisinin merkezinde yer almaktad\u0131r. 466 Milyar TL\u2019yi a\u015fan varl\u0131k y\u00f6netimi ve 5,5 Milyar TL \u00fczerindeki net k\u00e2r, Grubun sekt\u00f6rdeki lider konumunu ve finansal dayan\u0131kl\u0131l\u0131\u011f\u0131n\u0131 teyit etmektedir.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ba\u015fl\u0131k: AgeSA 2025 Y\u0131l\u0131nda Rekor B\u00fcy\u00fcme ve Stratejik At\u0131l\u0131mlarla Fark Yaratt\u0131!<br \/>\nAgeSA Hayat ve Emeklilik, 2025 y\u0131l\u0131 konsolide finansal sonu\u00e7lar\u0131yla istikrarl\u0131 b\u00fcy\u00fcmesini s\u00fcrd\u00fcrd\u00fc\u011f\u00fcn\u00fc kan\u0131tlad\u0131. \u015eirket, net d\u00f6nem kar\u0131n\u0131 bir \u00f6nceki y\u0131la g\u00f6re yakla\u015f\u0131k iki kat\u0131na \u00e7\u0131kararak 5,5 milyar TL seviyesine ula\u015ft\u0131rd\u0131. Toplam varl\u0131klar\u0131n\u0131 467 milyar TL&#8217;ye ta\u015f\u0131yan AgeSA, \u00f6zellikle Bireysel Emeklilik Sistemi&#8217;nde (BES) y\u00f6netti\u011fi 401 milyar TL&#8217;yi a\u015fan fon b\u00fcy\u00fckl\u00fc\u011f\u00fcyle sekt\u00f6rdeki g\u00fcc\u00fcn\u00fc peki\u015ftirdi.<br \/>\n2025 y\u0131l\u0131 sadece finansal ba\u015far\u0131larla de\u011fil, ayn\u0131 zamanda stratejik hamlelerle de \u00f6ne \u00e7\u0131kt\u0131. Ekim ay\u0131 itibar\u0131yla sa\u011fl\u0131k sigortas\u0131 pazar\u0131na h\u0131zl\u0131 bir giri\u015f yapan \u015eirket, \u00fcr\u00fcn yelpazesini geni\u015fleterek m\u00fc\u015fteri odakl\u0131 hizmet a\u011f\u0131n\u0131 b\u00fcy\u00fctt\u00fc. G\u00fc\u00e7l\u00fc sermaye yap\u0131s\u0131, ba\u015far\u0131l\u0131 temett\u00fc politikas\u0131 ve devam eden hisse geri al\u0131m program\u0131yla AgeSA, payda\u015flar\u0131na de\u011fer katmaya devam ediyor.<br \/>\nSekt\u00f6rdeki yenilikler ve detayl\u0131 finansal analizler i\u00e7in raporun tamam\u0131n\u0131 inceleyebilirsiniz.<\/p>\n","protected":false},"author":1,"featured_media":971,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[252],"class_list":["post-1160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-agesa"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1160","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1160"}],"version-history":[{"count":4,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1160\/revisions"}],"predecessor-version":[{"id":1164,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1160\/revisions\/1164"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/971"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}