{"id":2305,"date":"2026-05-02T12:36:41","date_gmt":"2026-05-02T09:36:41","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2305"},"modified":"2026-05-02T12:37:00","modified_gmt":"2026-05-02T09:37:00","slug":"agesa-2026-03-bilano-analizi-agesa-hayat-ve-emeklilik","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2305","title":{"rendered":"\ud83d\udd34 AGESA 2026-03 Bilan\u00e7o Analizi | Agesa Hayat ve Emeklilik"},"content":{"rendered":"

AgeSA Hayat ve Emeklilik A.\u015e. 2026 Birinci \u00c7eyrek Finansal ve Operasyonel Brifing Notu<\/h1>\n

Y\u00f6netici \u00d6zeti<\/h2>\n

Bu belge, AgeSA Hayat ve Emeklilik A.\u015e. (“\u015eirket”) ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (“Grup”) 1 Ocak – 31 Mar 2026 ara hesap d\u00f6nemine ait konsolide finansal tablolar\u0131n\u0131 ve ba\u011f\u0131ms\u0131z s\u0131n\u0131rl\u0131 denetim raporu sonu\u00e7lar\u0131n\u0131 \u00f6zetlemektedir.<\/p>\n

31 Mart 2026 itibar\u0131yla Grup, 512,7 milyar TL<\/b> toplam varl\u0131k b\u00fcy\u00fckl\u00fc\u011f\u00fcne ula\u015fm\u0131\u015ft\u0131r. D\u00f6nem sonu itibar\u0131yla net kar 1.758.463.920 TL<\/b> olarak ger\u00e7ekle\u015fmi\u015f, bu rakam bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine (1,18 milyar TL) k\u0131yasla belirgin bir art\u0131\u015f g\u00f6stermi\u015ftir. \u015eirket\u2019in \u00f6zsermayesi 10,36 milyar TL seviyesindedir. Operasyonel bazda hayat bran\u015f\u0131 en y\u00fcksek teknik dengeyi sa\u011flarken, emeklilik bran\u015f\u0131nda hafif bir teknik zarar kaydedilmi\u015ftir. Deloitte (DRT Ba\u011f\u0131ms\u0131z Denetim) taraf\u0131ndan y\u00fcr\u00fct\u00fclen s\u0131n\u0131rl\u0131 denetim sonucunda, finansal tablolar\u0131n ger\u00e7e\u011fe uygun sunumuna engel te\u015fkil edecek herhangi bir olumsuz hususa rastlanmad\u0131\u011f\u0131 bildirilmi\u015ftir.<\/p>\n

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1. Finansal Durum Analizi (Bilan\u00e7o)<\/h2>\n

31 Mart 2026 ve 31 Aral\u0131k 2025 tarihli kar\u015f\u0131la\u015ft\u0131rmal\u0131 veriler, Grup\u2019un varl\u0131k ve y\u00fck\u00fcml\u00fcl\u00fck yap\u0131s\u0131ndaki b\u00fcy\u00fcme e\u011filimini ortaya koymaktad\u0131r.<\/p>\n

Varl\u0131k Yap\u0131s\u0131<\/h3>\n\n\n\n\n\n\n
Varl\u0131k Kalemi<\/td>\n31 Mart 2026 (TL)<\/td>\n31 Aral\u0131k 2025 (TL)<\/td>\n<\/tr>\n
Cari Varl\u0131klar<\/b><\/td>\n67.001.777.302<\/td>\n61.350.086.232<\/td>\n<\/tr>\n
Cari Olmayan Varl\u0131klar<\/b><\/td>\n445.712.513.826<\/td>\n405.503.054.694<\/td>\n<\/tr>\n
Toplam Varl\u0131klar<\/b><\/td>\n512.714.291.128<\/b><\/td>\n466.853.140.926<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
    \n
  • Nakit ve Nakit Benzerleri:<\/b> 11,23 milyar TL seviyesindedir.<\/li>\n
  • Emeklilik Faaliyetlerinden Alacaklar:<\/b> Cari olmayan varl\u0131klar\u0131n en b\u00fcy\u00fck k\u0131sm\u0131n\u0131 (441,15 milyar TL) olu\u015fturmaktad\u0131r. Bu kalem, kat\u0131l\u0131mc\u0131lar ad\u0131na saklay\u0131c\u0131 \u015firket nezdinde tutulan fonlar\u0131 temsil etmektedir.<\/li>\n
  • Finansal Varl\u0131klar:<\/b> Riski sigortal\u0131lara ait yat\u0131r\u0131mlar dahil olmak \u00fczere toplamda yakla\u015f\u0131k 49,2 milyar TL’dir.<\/li>\n<\/ul>\n

    Y\u00fck\u00fcml\u00fcl\u00fckler ve \u00d6zsermaye<\/h3>\n
      \n
    • K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 19,78 milyar TL.<\/li>\n
    • Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 482,57 milyar TL. Bu tutar\u0131n 441,15 milyar TL’si emeklilik faaliyetlerinden bor\u00e7lar (kat\u0131l\u0131mc\u0131lara bor\u00e7lar) kaleminden olu\u015fmaktad\u0131r.<\/li>\n
    • \u00d6zsermaye:<\/b> 10.363.411.307 TL. \u015eirket\u2019in \u00f6denmi\u015f sermayesi 180 milyon TL olarak sabit kalm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n

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      2. Operasyonel Performans (Gelir Tablosu)<\/h2>\n

      Grup\u2019un teknik b\u00f6l\u00fcmlerinden elde edilen sonu\u00e7lar, hayat sigortac\u0131l\u0131\u011f\u0131 ve emeklilik faaliyetlerinin performans\u0131n\u0131 yans\u0131tmaktad\u0131r.<\/p>\n

      Teknik B\u00f6l\u00fcm Dengesi<\/h3>\n\n\n\n\n\n\n\n
      Bran\u015f<\/td>\n1 Ocak – 31 Mart 2026 (TL)<\/td>\n1 Ocak – 31 Mart 2025 (TL)<\/td>\n<\/tr>\n
      Hayat D\u0131\u015f\u0131 Teknik Denge<\/b><\/td>\n15.183.049<\/td>\n81.416.908<\/td>\n<\/tr>\n
      Hayat Teknik Denge<\/b><\/td>\n1.043.451.907<\/td>\n621.315.664<\/td>\n<\/tr>\n
      Emeklilik Teknik Denge<\/b><\/td>\n(8.441.464)<\/td>\n(117.826.711)<\/td>\n<\/tr>\n
      Genel Teknik B\u00f6l\u00fcm Dengesi<\/b><\/td>\n1.050.193.492<\/b><\/td>\n584.905.861<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
        \n
      • Hayat Bran\u015f\u0131:<\/b> Teknik gelirler 7,6 milyar TL’ye ula\u015fm\u0131\u015f, bran\u015f\u0131n net dengesi ge\u00e7en y\u0131la g\u00f6re yakla\u015f\u0131k %68 oran\u0131nda artm\u0131\u015ft\u0131r.<\/li>\n
      • Emeklilik Bran\u015f\u0131:<\/b> Fon i\u015fletim gelirleri 1,34 milyar TL, y\u00f6netim gideri kesintileri ise 861 milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir. Teknik dengedeki negatif durum, faaliyet giderlerinin etkisinden kaynaklanmaktad\u0131r.<\/li>\n
      • Yat\u0131r\u0131m Gelirleri:<\/b> Teknik olmayan b\u00f6l\u00fcm alt\u0131nda 2,09 milyar TL yat\u0131r\u0131m geliri kaydedilmi\u015ftir.<\/li>\n<\/ul>\n

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        3. Kurumsal Yap\u0131 ve Stratejik Geli\u015fmeler<\/h2>\n

        Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n

        \u015eirket, m\u00fc\u015fterek y\u00f6netime tabi bir yap\u0131dad\u0131r:<\/p>\n

          \n
        • Hac\u0131 \u00d6mer Sabanc\u0131 Holding A.\u015e.:<\/b> %40,00<\/li>\n
        • Ageas Insurance International NV:<\/b> %40,00<\/li>\n
        • Halka A\u00e7\u0131k:<\/b> %19,91<\/li>\n
        • Di\u011fer:<\/b> %0,09<\/li>\n<\/ul>\n

          Ba\u011fl\u0131 Ortakl\u0131klar ve Konsolidasyon<\/h3>\n

          Konsolide finansal tablolar, ana ortakl\u0131\u011f\u0131n yan\u0131 s\u0131ra a\u015fa\u011f\u0131daki i\u015ftirakleri kapsamaktad\u0131r:<\/p>\n

            \n
          1. AgeSA Sigorta Arac\u0131l\u0131\u011f\u0131 A.\u015e. (%100):<\/b> Sigorta ve bireysel emeklilik arac\u0131l\u0131\u011f\u0131 faaliyeti y\u00fcr\u00fctmektedir.<\/li>\n
          2. Medisa Sigorta A.\u015e. (%100):<\/b> Sa\u011fl\u0131k\/hastal\u0131k elementer bran\u015f\u0131nda faaliyet g\u00f6stermektedir. 2024 sonunda pay devri tamamlanarak %100 sahipli\u011fe ge\u00e7ilmi\u015f, 2025 ba\u015f\u0131nda sermayesi 1,15 milyar TL’ye \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ol>\n

            Pay Geri Al\u0131m Program\u0131<\/h3>\n

            19 Mart 2025 tarihinde ba\u015flat\u0131lan pay geri al\u0131m program\u0131, 10 Nisan 2026 tarihinde sona ermi\u015ftir. Program kapsam\u0131nda toplamda sermayenin %0,97’sine tekab\u00fcl eden 1.753.530 adet pay geri al\u0131nm\u0131\u015f olup, toplam maliyet 117,6 milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/p>\n

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            4. Muhasebe Politikalar\u0131 ve Denetim G\u00f6r\u00fc\u015f\u00fc<\/h2>\n

            Denetim Sonucu<\/h3>\n

            DRT Ba\u011f\u0131ms\u0131z Denetim ve Serbest Muhasebeci Mali M\u00fc\u015favirlik A.\u015e. (Deloitte) taraf\u0131ndan yap\u0131lan incelemede \u015fu bulgular payla\u015f\u0131lm\u0131\u015ft\u0131r:<\/p>\n

              \n
            • Kapsam:<\/b> \u0130nceleme, s\u0131n\u0131rl\u0131 ba\u011f\u0131ms\u0131z denetim standartlar\u0131na (SBDS 2410) uygun olarak yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n
            • Sonu\u00e7:<\/b> Finansal bilgilerin, Sigortac\u0131l\u0131k Muhasebe ve Finansal Raporlama Mevzuat\u0131\u2019na t\u00fcm \u00f6nemli y\u00f6nleriyle uygun olmad\u0131\u011f\u0131na dair herhangi bir hususa rastlanmam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n

              \u00d6nemli Notlar<\/h3>\n
                \n
              • Enflasyon Muhasebesi:<\/b> SEDDK’n\u0131n ilgili genelgeleri uyar\u0131nca, 31 Mart 2026 tarihli finansal tablolarda TMS 29 kapsam\u0131nda enflasyon d\u00fczeltmesi uygulanmam\u0131\u015ft\u0131r.<\/li>\n
              • TFRS 17 Ge\u00e7i\u015fi:<\/b> “Sigorta S\u00f6zle\u015fmeleri” standard\u0131n\u0131n (TFRS 17) yasal finansal tablolarda uygulanma tarihi 1 Ocak 2027 olarak belirlenmi\u015ftir.<\/li>\n
              • Personel:<\/b> 31 Mart 2026 itibar\u0131yla Grup b\u00fcnyesinde ortalama 2.250 personel \u00e7al\u0131\u015fmaktad\u0131r (2025 sonu: 2.233).<\/li>\n<\/ul>\n

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                5. Teknik Kar\u015f\u0131l\u0131klar ve Risk Y\u00f6netimi<\/h2>\n

                Grup, mevzuat gere\u011fi a\u015fa\u011f\u0131daki teknik kar\u015f\u0131l\u0131klar\u0131 ay\u0131rm\u0131\u015ft\u0131r:<\/p>\n

                  \n
                • Kazan\u0131lmam\u0131\u015f Primler Kar\u015f\u0131l\u0131\u011f\u0131 (Net):<\/b> 8,30 milyar TL.<\/li>\n
                • Hayat Matematik Kar\u015f\u0131l\u0131\u011f\u0131 (Net):<\/b> 1,51 milyar TL (K\u0131sa vadeli) ve 40,64 milyar TL (Uzun vadeli).<\/li>\n
                • Muallak Tazminat Kar\u015f\u0131l\u0131\u011f\u0131 (Net):<\/b> 856,5 milyon TL.<\/li>\n
                • IBNR (Ger\u00e7ekle\u015fmi\u015f Ancak Rapor Edilmemi\u015f Hasar):<\/b> Toplam net tutar 151,1 milyon TL’dir. Bu tutar\u0131n 68 milyon TL’si Hayat, 83,1 milyon TL’si Hayat D\u0131\u015f\u0131 bran\u015flar\u0131na aittir.<\/li>\n<\/ul>\n

                  Akt\u00fceryal G\u00f6r\u00fc\u015f:<\/b> Hayat bran\u015f\u0131 i\u00e7in yap\u0131lan muallak yeterlilik testi sonucunda 16,2 milyon TL ek kar\u015f\u0131l\u0131k ayr\u0131lm\u0131\u015ft\u0131r. Matematik kar\u015f\u0131l\u0131k hesaplamalar\u0131 \u015firket akt\u00fceri taraf\u0131ndan onaylanm\u0131\u015ft\u0131r.<\/p>\n