{"id":2307,"date":"2026-05-02T12:37:16","date_gmt":"2026-05-02T09:37:16","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2307"},"modified":"2026-05-02T12:37:42","modified_gmt":"2026-05-02T09:37:42","slug":"agesa-2026-03-faaliyet-raporu-analizi-agesa-hayat-ve-emeklilik","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2307","title":{"rendered":"\ud83d\udd35 AGESA 2026-03 Faaliyet Raporu Analizi | Agesa Hayat ve Emeklilik"},"content":{"rendered":"

AGESA HAYAT VE EMEKL\u0130L\u0130K A.\u015e. 2026 B\u0130R\u0130NC\u0130 \u00c7EYREK ARA D\u00d6NEM B\u0130LG\u0130LEND\u0130RME NOTU<\/h1>\n

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

Bu belge, Agesa Hayat ve Emeklilik A.\u015e.’nin (Grup) 1 Ocak 2026 \u2013 31 Mart 2026 d\u00f6nemini kapsayan ara d\u00f6nem konsolide faaliyet raporunun kapsaml\u0131 bir sentezidir. 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011fi, Orta Do\u011fu\u2019daki jeopolitik gerginliklerin k\u00fcresel enerji fiyatlar\u0131n\u0131 ve enflasyon beklentilerini bask\u0131lad\u0131\u011f\u0131 bir d\u00f6nem olmu\u015ftur. Bu zorlu makroekonomik ko\u015fullara ra\u011fmen AgeSA, finansal b\u00fcy\u00fcmesini s\u00fcrd\u00fcrm\u00fc\u015f ve pazar liderli\u011fini peki\u015ftirmi\u015ftir.<\/p>\n

Grup, 2026 y\u0131l\u0131n\u0131n ilk \u00fc\u00e7 ay\u0131nda net d\u00f6nem k\u00e2r\u0131n\u0131 bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %48,6 art\u0131rarak 1.758,5 milyon TL<\/b> seviyesine \u00e7\u0131karm\u0131\u015ft\u0131r. Bireysel Emeklilik Sistemi (BES) ve hayat sigortas\u0131 bran\u015flar\u0131nda \u00f6zel \u015firketler aras\u0131ndaki lider konumunu koruyan Grup, toplam varl\u0131klar\u0131n\u0131 512,7 milyar TL<\/b>‘ye y\u00fckseltmi\u015ftir. 23 Mart 2026 tarihinde ger\u00e7ekle\u015ftirilen Ola\u011fan Genel Kurul’da, 2025 y\u0131l\u0131 k\u00e2r\u0131ndan 1,25 milyar TL<\/b> br\u00fct k\u00e2r pay\u0131 da\u011f\u0131t\u0131lmas\u0131 kararla\u015ft\u0131r\u0131lm\u0131\u015f ve yeni bir pay geri al\u0131m program\u0131 ba\u015flat\u0131lm\u0131\u015ft\u0131r.<\/p>\n

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1. Ekonomik G\u00f6r\u00fcn\u00fcm ve Piyasa Analizi<\/h2>\n

K\u00fcresel Geli\u015fmeler ve Riskler<\/h3>\n

2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011fi, ABD-\u0130ran-\u0130srail eksenli \u00e7at\u0131\u015fmalar\u0131n g\u00f6lgesinde ge\u00e7mi\u015ftir. Bu durum k\u00fcresel ekonomide \u015fu sonu\u00e7lar\u0131 do\u011furmu\u015ftur:<\/p>\n

    \n
  • Enerji Fiyatlar\u0131:<\/b> \u00c7at\u0131\u015fma \u00f6ncesi 60-70 USD seviyesinde olan Brent petrol fiyat\u0131, Mart ay\u0131 sonunda 100 USD<\/b> s\u0131n\u0131r\u0131n\u0131 a\u015fm\u0131\u015ft\u0131r.<\/li>\n
  • Enflasyon Bask\u0131s\u0131:<\/b> IMF verilerine g\u00f6re petrol fiyatlar\u0131ndaki her %10’luk art\u0131\u015f, k\u00fcresel enflasyonda 0,40 puanl\u0131k bir bask\u0131 olu\u015fturmaktad\u0131r.<\/li>\n
  • Stagflasyon Endi\u015fesi:<\/b> Artan enerji maliyetleri k\u00fcresel b\u00fcy\u00fcme g\u00f6r\u00fcn\u00fcm\u00fcn\u00fc bozarak stagflasyon riskini art\u0131rmaktad\u0131r.<\/li>\n<\/ul>\n

    T\u00fcrkiye Ekonomisi ve Yat\u0131r\u0131m Ara\u00e7lar\u0131<\/h3>\n

    Yurt i\u00e7inde enflasyon beklentileri petrol fiyatlar\u0131ndaki art\u0131\u015fla birlikte yukar\u0131 y\u00f6nl\u00fc revize edilmi\u015ftir.<\/p>\n

      \n
    • Enflasyon:<\/b> Mart 2026 itibar\u0131yla y\u0131ll\u0131k T\u00dcFE %30,87<\/b> olarak ger\u00e7ekle\u015fmi\u015ftir. Y\u0131l sonu enflasyon beklentisi %24’ten %27 seviyelerine y\u00fckselmi\u015ftir.<\/li>\n
    • Yat\u0131r\u0131m Getirileri (2026 \u0130lk 3 Ay):<\/b>\n
        \n
      • BIST 100 Endeksi: %13,58<\/li>\n
      • T\u00dcFE: %10,04<\/li>\n
      • USD\/TL: %3,62<\/li>\n
      • TKYD 365 G\u00fcnl\u00fck Bono Endeksi: %3,51<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

        ——————————————————————————–<\/p>\n

        2. Finansal Performans Analizi<\/h2>\n

        Grup, 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde operasyonel ve finansal a\u00e7\u0131dan g\u00fc\u00e7l\u00fc bir b\u00fcy\u00fcme sergilemi\u015ftir.<\/p>\n

        Temel Finansal G\u00f6stergeler (Milyon TL)<\/h3>\n\n\n\n\n\n\n\n\n
        G\u00f6sterge<\/td>\n31 Mart 2026<\/td>\n31 Mart 2025<\/td>\nDe\u011fi\u015fim (%)<\/td>\n<\/tr>\n
        Net D\u00f6nem K\u00e2r\u0131<\/b><\/td>\n1.758,5<\/td>\n1.183,0<\/td>\n%48,6<\/td>\n<\/tr>\n
        Toplam Prim ve Katk\u0131 Pay\u0131 \u00dcretimi<\/b><\/td>\n28.231,1<\/td>\n17.228,0<\/td>\n%63,9<\/td>\n<\/tr>\n
        Vergi \u00d6ncesi K\u00e2r<\/b><\/td>\n2.513,0<\/td>\n1.766,7<\/td>\n%42,2<\/td>\n<\/tr>\n
        Toplam Varl\u0131klar<\/b><\/td>\n512.714,3<\/td>\n308.595,4<\/td>\n%66,1<\/td>\n<\/tr>\n
        \u00d6zkaynaklar<\/b><\/td>\n10.363,4<\/td>\n5.513,2<\/td>\n%88,0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

        Teknik B\u00f6l\u00fcm Dengesi<\/h3>\n
          \n
        • Hayat Sigortas\u0131:<\/b> 1.043,5 milyon TL ile teknik dengede en g\u00fc\u00e7l\u00fc katk\u0131y\u0131 sa\u011flam\u0131\u015ft\u0131r.<\/li>\n
        • Hayat D\u0131\u015f\u0131 (Ferdi Kaza):<\/b> 15,2 milyon TL teknik denge ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n
        • Bireysel Emeklilik:<\/b> Teknik b\u00f6l\u00fcmde -8,4 milyon TL’lik s\u0131n\u0131rl\u0131 bir denge olu\u015fmu\u015ftur (\u00f6nceki y\u0131l -117,8 milyon TL).<\/li>\n<\/ul>\n

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          3. Sekt\u00f6rel Konum ve Faaliyet Alanlar\u0131<\/h2>\n

          AgeSA, T\u00fcrkiye hayat sigortas\u0131 ve emeklilik pazar\u0131nda \u00e7oklu da\u011f\u0131t\u0131m kanallar\u0131 ve Akbank ile olan m\u00fcnhas\u0131r bankas\u00fcrans i\u015f birli\u011fi sayesinde stratejik bir avantaja sahiptir.<\/p>\n

          Bireysel Emeklilik ve Otomatik Kat\u0131l\u0131m<\/h3>\n
            \n
          • Pazar Pay\u0131:<\/b> %18,8 ile \u00f6zel \u015firketler aras\u0131nda lider<\/b>.<\/li>\n
          • Fon B\u00fcy\u00fckl\u00fc\u011f\u00fc:<\/b> Devlet katk\u0131s\u0131 dahil 442 milyar TL<\/b>.<\/li>\n
          • Kat\u0131l\u0131mc\u0131 Say\u0131s\u0131:<\/b> Yakla\u015f\u0131k 2,3 milyon<\/b> ki\u015fi.<\/li>\n<\/ul>\n

            Hayat Sigortas\u0131 (Hayat Koruma ve Birikimli Hayat)<\/h3>\n
              \n
            • Pazar Pay\u0131:<\/b> Br\u00fct yaz\u0131lan primlere g\u00f6re %12,5 ile \u00f6zel \u015firketler aras\u0131nda birinci<\/b>.<\/li>\n
            • Prim \u00dcretimi:<\/b> 2026 ilk \u00e7eyre\u011finde 7.051 milyon TL<\/b>.<\/li>\n<\/ul>\n

              Ferdi Kaza Sigortas\u0131<\/h3>\n
                \n
              • Pazar Pay\u0131:<\/b> %11,3 ile hayat sigortas\u0131 ve emeklilik \u015firketleri aras\u0131nda \u00fc\u00e7\u00fcnc\u00fc<\/b>.<\/li>\n
              • Prim \u00dcretimi:<\/b> 2026 ilk \u00e7eyre\u011finde 121,8 milyon TL<\/b> (Sa\u011fl\u0131k dahil \u00fcretim 3.095,4 milyon TL).<\/li>\n<\/ul>\n

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                4. Kurumsal Y\u00f6netim ve Sermaye Yap\u0131s\u0131<\/h2>\n

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

                Grup’un 180.000.000 TL olan \u00f6denmi\u015f sermayesi iki ana ortak ve halka a\u00e7\u0131k k\u0131s\u0131mdan olu\u015fmaktad\u0131r:<\/p>\n

                  \n
                • Hac\u0131 \u00d6mer Sabanc\u0131 Holding A.\u015e.:<\/b> %40<\/li>\n
                • Ageas Insurance International NV:<\/b> %40<\/li>\n
                • Di\u011fer (Halka A\u00e7\u0131k):<\/b> %20<\/li>\n<\/ul>\n

                  2025 Y\u0131l\u0131 Ola\u011fan Genel Kurul Kararlar\u0131 (23 Mart 2026)<\/h3>\n
                    \n
                  • K\u00e2r Pay\u0131 Da\u011f\u0131t\u0131m\u0131:<\/b> 2025 y\u0131l\u0131 net k\u00e2r\u0131ndan 1.250.000.000 TL br\u00fct k\u00e2r pay\u0131 da\u011f\u0131t\u0131lmas\u0131na ve \u00f6demelerin 25 Mart 2026’da ba\u015flamas\u0131na karar verilmi\u015ftir.<\/li>\n
                  • Y\u00f6netim Kurulu:<\/b> Sabri Hakan Binba\u015fgil Ba\u015fkanl\u0131\u011f\u0131nda 1 y\u0131l s\u00fcreyle g\u00f6rev yapacak y\u00f6netim kurulu \u00fcyeleri se\u00e7ilmi\u015ftir. Ba\u011f\u0131ms\u0131z \u00fcye olarak Fatma Dilek Yard\u0131m ve H\u00fcseyin G\u00fcrer g\u00f6rev almaktad\u0131r.<\/li>\n
                  • Pay Geri Al\u0131m\u0131:<\/b> 10 Nisan 2026’ya kadar ge\u00e7erli yeni bir program ba\u015flat\u0131lm\u0131\u015ft\u0131r. Azami pay miktar\u0131 16,3 milyon TL (nominal), ayr\u0131lan fon ise 640 milyon TL’dir. 31 Mart 2026 itibar\u0131yla 1,75 milyon adet hisse 117,6 milyon TL maliyetle geri al\u0131nm\u0131\u015f durumdad\u0131r.<\/li>\n
                  • Ba\u011f\u0131\u015f S\u0131n\u0131r\u0131:<\/b> 2026 y\u0131l\u0131 i\u00e7in ba\u011f\u0131\u015f s\u0131n\u0131r\u0131 20.000.000 TL olarak belirlenmi\u015ftir.<\/li>\n<\/ul>\n

                    ——————————————————————————–<\/p>\n

                    5. Denetim ve Uygunluk G\u00f6r\u00fc\u015f\u00fc<\/h2>\n

                    DRT Ba\u011f\u0131ms\u0131z Denetim ve Serbest Muhasebeci Mali M\u00fc\u015favirlik A.\u015e. (Deloitte) taraf\u0131ndan ger\u00e7ekle\u015ftirilen s\u0131n\u0131rl\u0131 denetim sonucunda:<\/p>\n

                      \n
                    • Ara d\u00f6nem konsolide faaliyet raporunda yer alan finansal bilgilerin, s\u0131n\u0131rl\u0131 denetimden ge\u00e7mi\u015f finansal tablolar ve a\u00e7\u0131klay\u0131c\u0131 notlar ile t\u00fcm \u00f6nemli y\u00f6nleriyle tutarl\u0131 oldu\u011fu<\/b> teyit edilmi\u015ftir.<\/li>\n
                    • Denetim, S\u0131n\u0131rl\u0131 Ba\u011f\u0131ms\u0131z Denetim Standard\u0131 (SBDS) 2410’a uygun olarak y\u00fcr\u00fct\u00fclm\u00fc\u015ft\u00fcr.<\/li>\n<\/ul>\n

                      ——————————————————————————–<\/p>\n

                      \u00d6nemli Al\u0131nt\u0131lar<\/h2>\n

                      “H\u00fcrm\u00fcz Bo\u011faz\u0131\u2019n\u0131n kapanmas\u0131… \u00f6ncelikle petrol ve do\u011falgaz fiyatlar\u0131 \u00fczerinden t\u00fcm d\u00fcnya ekonomilerini enflasyon ve b\u00fcy\u00fcme a\u00e7\u0131s\u0131ndan tehdit ediyor.”<\/p>\n

                      “AgeSA, bireysel emeklilik pazar\u0131nda %18,8\u2019lik pazar pay\u0131 ile pazarda \u00f6zel \u015firketler aras\u0131nda lider konumda yer almaktad\u0131r.”<\/p>\n

                      “31 Mart 2026 tarihi itibar\u0131yla, toplam hayat sigortas\u0131 pazar\u0131nda toplam br\u00fct yaz\u0131lan primlere g\u00f6re %12,5 pazar pay\u0131 ile pazarda \u00f6zel \u015firketler aras\u0131nda birinci s\u0131rada yer alm\u0131\u015ft\u0131r.”<\/p>\n