IST:RAYSG Balance Sheet

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

Millions TRY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Investments in Equity & Preferred Securities	8.99	4.36	1.81	1.24	0.89
Other Investments	-	-	4.32	-	-
Total Investments	8.99	4.36	6.13	1.24	0.89
Cash & Equivalents	20,313	12,293	3,265	1,906	599.1
Other Receivables	9,279	6,889	3,765	1,875	796.24
Separate Account Assets	3,190	2,073	1,457	495.36	412.49
Property, Plant & Equipment	1,350	981.19	766.23	436.57	139.14
Other Intangible Assets	44.06	53.44	49.34	27.41	22.45
Restricted Cash	3,379	1,166	584.5	219.5	143
Other Current Assets	3,261	2,140	967.88	481.34	167.62
Long-Term Deferred Tax Assets	138.84	19.21	2.34	-	-
Other Long-Term Assets	71.99	2.96	1.51	0.53	0.01
Total Assets	41,037	25,623	10,865	5,442	2,281
Accrued Expenses	1,436	1,164	439.36	328.4	86.17
Insurance & Annuity Liabilities	749.49	382.12	139.8	75.19	47.09
Unpaid Claims	9,772	4,130	1,565	563.69	432.34
Unearned Premiums	16,141	11,806	3,963	2,030	627.92
Reinsurance Payable	3,627	3,070	2,506	1,368	572.74
Current Portion of Leases	7.61	0.75	-	3.57	2.77
Current Income Taxes Payable	-	159.48	26.51	26.57	-
Long-Term Leases	16.36	1.48	1.41	4.08	3.81
Long-Term Deferred Tax Liabilities	-	-	-	29.01	10.44
Other Current Liabilities	804.47	512.11	193.45	106.4	49.97
Total Liabilities	32,596	21,254	8,849	4,552	1,841
Common Stock	163.07	163.07	163.07	163.07	163.07
Additional Paid-In Capital	2.07	2.07	2.07	2.07	2.07
Retained Earnings	7,225	3,487	1,275	373.5	193.78
Comprehensive Income & Other	1,051	716.69	575.18	352.24	80.83
Shareholders' Equity	8,441	4,369	2,016	890.88	439.74
Total Liabilities & Equity	41,037	25,623	10,865	5,442	2,281
Filing Date Shares Outstanding	163.07	163.07	163.07	163.07	163.07
Total Common Shares Outstanding	163.07	163.07	163.07	163.07	163.07
Total Debt	23.96	2.22	1.41	7.64	6.58
Net Cash (Debt)	20,289	12,291	3,263	1,898	592.52
Net Cash Growth	65.07%	276.62%	71.94%	220.33%	-26.25%
Net Cash Per Share	124.42	75.37	20.01	11.64	3.63
Book Value Per Share	51.76	26.79	12.36	5.46	2.70
Tangible Book Value	8,397	4,316	1,966	863.47	417.29
Tangible Book Value Per Share	51.49	26.47	12.06	5.30	2.56
Land	-	-	0	0	0
Buildings	-	-	-	408.6	128.44
Machinery	302.31	229.61	116.99	34.1	13.86

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