IST:RAYSG Balance Sheet

Financials in millions TRY. Fiscal year is January - December.

Millions TRY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Investments in Equity & Preferred Securities	8.65	4.36	1.81	1.24	0.89	0.7
Other Investments	-	2.27	4.32	-	-	-
Total Investments	8.65	6.63	6.13	1.24	0.89	0.7
Cash & Equivalents	20,579	12,293	3,265	1,906	599.1	808.85
Other Receivables	8,664	6,889	3,765	1,875	796.24	587.14
Separate Account Assets	3,020	2,073	1,457	495.36	412.49	42.74
Property, Plant & Equipment	985.38	978.92	766.23	436.57	139.14	92.36
Other Intangible Assets	45.4	53.44	49.34	27.41	22.45	17.84
Restricted Cash	2,072	1,166	584.5	219.5	143	103
Other Current Assets	2,982	2,140	967.88	481.34	167.62	136.35
Long-Term Deferred Tax Assets	354.82	19.21	2.34	-	-	-
Other Long-Term Assets	70.66	2.96	1.51	0.53	0.01	1.14
Total Assets	38,782	25,623	10,865	5,442	2,281	1,790
Accrued Expenses	1,334	1,164	439.36	328.4	86.17	59.99
Insurance & Annuity Liabilities	618.33	382.12	139.8	75.19	47.09	32.05
Unpaid Claims	8,594	4,130	1,565	563.69	432.34	334.4
Unearned Premiums	15,344	11,806	3,963	2,030	627.92	474.06
Reinsurance Payable	4,726	3,070	2,506	1,368	572.74	507.77
Current Portion of Leases	6.64	-	-	3.57	2.77	2.03
Current Income Taxes Payable	225.97	159.48	26.51	26.57	-	-
Long-Term Leases	14.62	1.48	1.41	4.08	3.81	3.37
Long-Term Deferred Tax Liabilities	-	-	-	29.01	10.44	4.48
Other Current Liabilities	349.35	512.86	193.45	106.4	49.97	28.04
Total Liabilities	31,250	21,254	8,849	4,552	1,841	1,452
Common Stock	163.07	163.07	163.07	163.07	163.07	163.07
Additional Paid-In Capital	2.07	2.07	2.07	2.07	2.07	2.07
Retained Earnings	6,655	3,487	1,275	373.5	193.78	123.09
Comprehensive Income & Other	711.97	716.69	575.18	352.24	80.83	49.68
Shareholders' Equity	7,532	4,369	2,016	890.88	439.74	337.9
Total Liabilities & Equity	38,782	25,623	10,865	5,442	2,281	1,790
Filing Date Shares Outstanding	163.07	163.07	163.07	163.07	163.07	163.07
Total Common Shares Outstanding	163.07	163.07	163.07	163.07	163.07	163.07
Total Debt	21.26	1.48	1.41	7.64	6.58	5.41
Net Cash (Debt)	20,557	12,292	3,263	1,898	592.52	803.44
Net Cash Growth	135.55%	276.64%	71.94%	220.33%	-26.25%	22.42%
Net Cash Per Share	126.06	75.38	20.01	11.64	3.63	4.93
Book Value Per Share	46.19	26.79	12.36	5.46	2.70	2.07
Tangible Book Value	7,487	4,316	1,966	863.47	417.29	320.06
Tangible Book Value Per Share	45.91	26.47	12.06	5.30	2.56	1.96
Land	-	0	0	0	0	0
Buildings	-	-	-	408.6	128.44	81.36
Machinery	281.82	229.47	116.99	34.1	13.86	12.91

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.