{"id":2225,"date":"2026-04-29T00:43:40","date_gmt":"2026-04-28T21:43:40","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2225"},"modified":"2026-04-29T00:44:12","modified_gmt":"2026-04-28T21:44:12","slug":"raysg-2026-03-bilano-analizi-ray-sigorta","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2225","title":{"rendered":"\ud83d\udd34 RAYSG 2026-03 Bilan\u00e7o Analizi | Ray Sigorta"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34 RAYSG 2026-03 Bilan\u00e7o Analizi | Ray Sigorta\" width=\"858\" height=\"644\" src=\"https:\/\/www.youtube.com\/embed\/WoHKycNM9JU?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1>RAY S\u0130GORTA A.\u015e. 31 MART 2026 ARA HESAP D\u00d6NEM\u0130 B\u0130LG\u0130LEND\u0130RME DOK\u00dcMANI<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Ray Sigorta Anonim \u015eirketi\u2019nin (&#8220;\u015eirket&#8221;) 31 Mart 2026 tarihinde sona eren \u00fc\u00e7 ayl\u0131k ara hesap d\u00f6nemine ait finansal tablolar\u0131n\u0131, operasyonel faaliyetlerini ve risk y\u00f6netimi stratejilerini sentezlemektedir. \u015eirket, 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde <b>912.071.352 TL net d\u00f6nem k\u00e2r\u0131<\/b> elde ederek g\u00fc\u00e7l\u00fc bir finansal performans sergilemi\u015ftir. Toplam varl\u0131klar, 31 Aral\u0131k 2025\u2019teki 41 milyar TL seviyesinden <b>42.295.377.571 TL<\/b>&#8216;ye y\u00fckselmi\u015ftir. Hayat d\u0131\u015f\u0131 sigortac\u0131l\u0131k bran\u015flar\u0131n\u0131n hemen hemen tamam\u0131nda faaliyet g\u00f6steren \u015eirket, teknik b\u00f6l\u00fcmde <b>1.048.781.521 TL<\/b> bakiye vererek operasyonel verimlili\u011fini korumu\u015ftur. Nihai ana orta\u011f\u0131 Vienna Insurance Group AG (VIG) olan \u015eirket, geni\u015f da\u011f\u0131t\u0131m a\u011f\u0131 ve ihtiyatl\u0131 reas\u00fcrans politikalar\u0131yla T\u00fcrkiye sigorta sekt\u00f6r\u00fcndeki konumunu s\u00fcrd\u00fcrmektedir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>1. Kurumsal Yap\u0131 ve Sahiplik<\/h2>\n<p>Ray Sigorta A.\u015e., T\u00fcrkiye&#8217;de tescil edilmi\u015f bir anonim \u015firket olup, hisselerinin %5,04&#8217;\u00fc Borsa \u0130stanbul&#8217;da (B\u0130ST) i\u015flem g\u00f6rmektedir.<\/p>\n<h3>1.1 Ortakl\u0131k Yap\u0131s\u0131 (31 Mart 2026 itibar\u0131yla)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Sermayedar<\/td>\n<td>Pay Oran\u0131 (%)<\/td>\n<td>Pay Tutar\u0131 (TL)<\/td>\n<\/tr>\n<tr>\n<td>ATBIH GmbH<\/td>\n<td>81,59<\/td>\n<td>133.048.627<\/td>\n<\/tr>\n<tr>\n<td>Vienna Insurance Group<\/td>\n<td>12,67<\/td>\n<td>20.663.528<\/td>\n<\/tr>\n<tr>\n<td>LVP Holding Gmbh<\/td>\n<td>0,70<\/td>\n<td>1.145.734<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer (Halka A\u00e7\u0131k)<\/td>\n<td>5,04<\/td>\n<td>8.211.967<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<td><b>163.069.856<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>1.2 Y\u00f6netim ve Personel<\/h3>\n<ul>\n<li><b>\u00dcst Y\u00f6netim:<\/b> Y\u00f6netim Kurulu Ba\u015fkan\u0131 Gerhard Lahner, Genel M\u00fcd\u00fcr ve Y\u00f6netim Kurulu Ba\u015fkan Vekili ise Koray Erdo\u011fan&#8217;d\u0131r.<\/li>\n<li><b>\u0130nsan Kaynaklar\u0131:<\/b> 31 Mart 2026 itibar\u0131yla \u015eirket b\u00fcnyesinde ortalama 507 personel istihdam edilmektedir (130 y\u00f6netici, 377 di\u011fer personel).<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>2. Finansal Durum Analizi<\/h2>\n<p>\u015eirket&#8217;in finansal yap\u0131s\u0131, y\u00fcksek likidite ve g\u00fc\u00e7l\u00fc \u00f6zsermaye b\u00fcy\u00fcmesi ile karakterize edilmektedir.<\/p>\n<h3>2.1 Bilan\u00e7o \u00d6zet Verileri (TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>31 Mart 2026<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<\/tr>\n<tr>\n<td>Cari Varl\u0131klar<\/td>\n<td>40.633.231.042<\/td>\n<td>39.422.590.131<\/td>\n<\/tr>\n<tr>\n<td>Cari Olmayan Varl\u0131klar<\/td>\n<td>1.662.146.529<\/td>\n<td>1.614.011.254<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>42.295.377.571<\/b><\/td>\n<td><b>41.036.601.385<\/b><\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>31.265.320.155<\/td>\n<td>31.062.686.288<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>1.683.895.094<\/td>\n<td>1.533.211.627<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam \u00d6zsermaye<\/b><\/td>\n<td><b>9.346.162.322<\/b><\/td>\n<td><b>8.440.703.470<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.2 Gelir Tablosu ve K\u00e2rl\u0131l\u0131k (1 Ocak &#8211; 31 Mart)<\/h3>\n<ul>\n<li><b>Br\u00fct Yaz\u0131lan Primler:<\/b> 11.217.023.051 TL (\u00d6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemi: 10.137.343.547 TL).<\/li>\n<li><b>Teknik B\u00f6l\u00fcm Dengesi (Hayat D\u0131\u015f\u0131):<\/b> 1.048.781.521 TL kar.<\/li>\n<li><b>Yat\u0131r\u0131m Gelirleri:<\/b> 2.238.951.607 TL. \u00d6zellikle finansal yat\u0131r\u0131mlardan elde edilen 1,87 milyar TL&#8217;lik gelir dikkat \u00e7ekmektedir.<\/li>\n<li><b>D\u00f6nem Net K\u00e2r\u0131:<\/b> 912.071.352 TL (2025 ilk \u00e7eyrek: 812.645.950 TL).<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>3. Operasyonel Faaliyetler ve Da\u011f\u0131t\u0131m Kanal\u0131<\/h2>\n<p>\u015eirket, T\u00fcrkiye genelinde 10 b\u00f6lge m\u00fcd\u00fcrl\u00fc\u011f\u00fc ve geni\u015f bir sat\u0131\u015f a\u011f\u0131 ile faaliyet g\u00f6stermektedir.<\/p>\n<ul>\n<li><b>Sat\u0131\u015f Kanallar\u0131:<\/b> 31 Mart 2026 itibar\u0131yla toplam 3.218 sat\u0131\u015f kanal\u0131 mevcuttur.\n<ul>\n<li>2.935 acente ve 134 acente \u015fubesi.<\/li>\n<li>138 broker ve 9 broker \u015fubesi.<\/li>\n<li>1 banka ve 1 leasing kurulu\u015fu.<\/li>\n<\/ul>\n<\/li>\n<li><b>Faaliyet Bran\u015flar\u0131:<\/b> Kaza, hastal\u0131k-sa\u011fl\u0131k, kara\/hava\/su ara\u00e7lar\u0131, nakliyat, yang\u0131n ve do\u011fal afetler, genel sorumluluk, kredi ve hukuksal koruma dahil olmak \u00fczere hayat d\u0131\u015f\u0131 t\u00fcm bran\u015flar.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>4. Teknik Kar\u015f\u0131l\u0131klar ve Akt\u00fceryal Y\u00f6ntemler<\/h2>\n<p>\u015eirket, sigortac\u0131l\u0131k mevzuat\u0131na uygun olarak teknik kar\u015f\u0131l\u0131klar\u0131n\u0131 hesaplamaktad\u0131r.<\/p>\n<ul>\n<li><b>Ger\u00e7ekle\u015fmi\u015f Ancak Rapor Edilmemi\u015f Tazminat Bedeli (IBNR):<\/b>\n<ul>\n<li>31 Mart 2026 itibar\u0131yla toplam br\u00fct IBNR tutar\u0131 <b>18.198.021.618 TL<\/b>&#8216;dir.<\/li>\n<li>Hesaplamalarda Standart Zincir, Bornhuetter Ferguson (BF) ve Frekans\/\u015eiddet gibi akt\u00fceryal y\u00f6ntemler kullan\u0131lmaktad\u0131r.<\/li>\n<li>Zorunlu Trafik bran\u015f\u0131nda maddi ve bedeni ayr\u0131m\u0131 yap\u0131larak hesaplama yap\u0131lmakta; bedeni hasarlar i\u00e7in Frekans \u015eiddet metodu uygulanmaktad\u0131r.<\/li>\n<\/ul>\n<\/li>\n<li><b>\u0130skonto Etkisi:<\/b> Muallak tazminat kar\u015f\u0131l\u0131klar\u0131n\u0131n iskonto edilmesi sonucu net 7,49 milyar TL&#8217;lik bir iskonto etkisi finansal tablolara yans\u0131t\u0131lm\u0131\u015ft\u0131r. Kullan\u0131lan iskonto oran\u0131 %29&#8217;dur.<\/li>\n<li><b>Dengeleme Kar\u015f\u0131l\u0131\u011f\u0131:<\/b> Deprem ve kredi riskleri i\u00e7in 848.043.535 TL tutar\u0131nda dengeleme kar\u015f\u0131l\u0131\u011f\u0131 ayr\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>5. Risk Y\u00f6netimi ve Reas\u00fcrans Stratejisi<\/h2>\n<h3>5.1 Sigorta Riski ve Katastrofik Korumalar<\/h3>\n<p>\u015eirket, risk tolerans\u0131n\u0131 a\u015fan k\u0131s\u0131mlar\u0131 reas\u00fcrans yoluyla devretmektedir. \u00d6zellikle deprem ve katastrofik riskler i\u00e7in 1000 y\u0131lda bir meydana gelebilecek olas\u0131 bir \u0130stanbul depremi senaryosu dikkate al\u0131narak koruma limitleri belirlenmektedir.<\/p>\n<h3>5.2 \u00d6nemli Reas\u00fcr\u00f6rler ve Kredi Notlar\u0131<\/h3>\n<p>\u015eirket, y\u00fcksek kredi notuna sahip uluslararas\u0131 reas\u00fcr\u00f6rlerle \u00e7al\u0131\u015fmaktad\u0131r:<\/p>\n<ul>\n<li><b>Milli Reas\u00fcrans:<\/b> B (S&amp;P) \/ C++ (AM Best)<\/li>\n<li><b>Vienna Insurance Group AG \/ VIG RE:<\/b> A+ (S&amp;P)<\/li>\n<li><b>Hannover R\u00fcck SE:<\/b> AA- (S&amp;P)<\/li>\n<li><b>Odyssey Re \/ Arch Re:<\/b> AA- (S&amp;P)<\/li>\n<\/ul>\n<h3>5.3 Bran\u015f Bazl\u0131 Hasar Y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc Yo\u011funla\u015fmas\u0131 (Net)<\/h3>\n<ul>\n<li><b>Kara Ara\u00e7lar\u0131 Sorumluluk:<\/b> 9.379.545.120 TL.<\/li>\n<li><b>Kara Ara\u00e7lar\u0131:<\/b> 631.108.785 TL.<\/li>\n<li><b>Genel Sorumluluk:<\/b> 253.699.937 TL.<\/li>\n<li><b>Yang\u0131n ve Do\u011fal Afetler:<\/b> 189.993.822 TL.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>6. Muhasebe Politikalar\u0131 ve Gelecek Projeksiyonlar\u0131<\/h2>\n<ul>\n<li><b>Enflasyon Muhasebesi:<\/b> SEDDK&#8217;n\u0131n 2024\/32 say\u0131l\u0131 genelgesi uyar\u0131nca, 2025 ve 2026 (31 Mart) finansal tablolar\u0131nda TMS 29 kapsam\u0131nda enflasyon d\u00fczeltmesi uygulanmam\u0131\u015ft\u0131r.<\/li>\n<li><b>TFRS 17 Ge\u00e7i\u015fi:<\/b> Yeni sigorta s\u00f6zle\u015fmeleri standard\u0131 olan TFRS 17&#8217;nin y\u00fcr\u00fcrl\u00fck tarihi 1 Ocak 2027&#8217;ye ertelenmi\u015ftir. \u015eirket ge\u00e7i\u015f s\u00fcrecini s\u00fcrd\u00fcrmekte olup, bu de\u011fi\u015fikli\u011fin \u00f6zkaynaklar ve gelir tablosu \u00fczerinde \u00f6nemli etkileri olmas\u0131 beklenmektedir.<\/li>\n<li><b>Vergi Oran\u0131:<\/b> 2026 y\u0131l\u0131 kurumlar vergisi oran\u0131 %30 olarak uygulanmaktad\u0131r. Ayr\u0131ca, indirim ve istisnalar d\u00fc\u015f\u00fclmeden \u00f6nceki kurum kazanc\u0131n\u0131n %10&#8217;undan az olamayacak \u015fekilde asgari kurumlar vergisi d\u00fczenlemesi dikkate al\u0131nmaktad\u0131r.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>\u00d6nemli Notlar ve \u0130zahlar<\/h2>\n<p>&#8220;\u015eirket faaliyetlerini, 5684 say\u0131l\u0131 Sigortac\u0131l\u0131k Kanunu ve SEDDK taraf\u0131ndan yay\u0131mlanan y\u00f6netmelikler \u00e7er\u00e7evesinde y\u00fcr\u00fctmektedir.&#8221;<\/p>\n<p>&#8220;31 Mart 2026 tarihi itibariyle finansal tablolarda yer alan net kullan\u0131m hakk\u0131 varl\u0131\u011f\u0131 19.971.700 TL, net kira y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc 22.996.115 TL\u2019dir.&#8221;<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"2225\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Ray Sigorta&#8217;n\u0131n 2026 Y\u0131l\u0131 \u0130lk \u00c7eyrek Karnesi Yay\u0131nda: K\u00e2rl\u0131l\u0131k ve B\u00fcy\u00fcme H\u0131z Kesmiyor!<br \/>\nRay Sigorta, 31 Mart 2026 tarihinde sona eren hesap d\u00f6neminde 912 milyon TL net k\u00e2r a\u00e7\u0131klayarak finansal g\u00fcc\u00fcn\u00fc bir kez daha kan\u0131tlad\u0131. Toplam varl\u0131klar\u0131n\u0131 42,3 milyar TL\u2019ye \u00e7\u0131karan \u015firket, \u00f6zellikle teknik b\u00f6l\u00fcm dengesi ve yat\u0131r\u0131m gelirlerindeki art\u0131\u015fla dikkat \u00e7ekiyor. Sermaye yeterlilik fazlas\u0131n\u0131 3,2 milyar TL\u2019nin \u00fczerine ta\u015f\u0131yan Ray Sigorta\u2019n\u0131n, pazar pay\u0131n\u0131 g\u00fc\u00e7lendiren prim \u00fcretimi verileri ve detayl\u0131 bran\u015f analizlerini i\u00e7eren kapsaml\u0131 incelememiz blog sayfam\u0131zda.<\/p>\n","protected":false},"author":6,"featured_media":1725,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[321],"class_list":["post-2225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-raysg"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2225","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\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=2225"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2225\/revisions"}],"predecessor-version":[{"id":2226,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2225\/revisions\/2226"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/1725"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=2225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=2225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=2225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}