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4 at a glance

SEDDK: Transition to inflation accounting will be implemented on January 1, 2025

The Insurance and Private Pension Regulation and of Financial Statements
Supervision Agency (SEDDK) has announced through a of Companies Subject
Directive on Inflation Accounting in the Insurance Sector to Independent Audit to
that the implementation date for insurance, reinsurance, and Inflation dated November
pension companies is set for January 1, 2025. 23, 2023, published by
the Public Oversight,
The Insurance and Private Pension Regulation and Accounting and Auditing
Supervision Agency (SEDDK) has issued a Directive on Standards Authority (KGK).
Inflation Accounting in the Insurance Sector. It is mentioned that these
authorized institutions and
In the said directive, it is stated that the authority or organizations are granted flexibility in the application of
organization responsible for regulation and supervision in inflation accounting in their respective fields.
their respective fields, as authorized by the Public Oversight,
Accounting and Auditing Standards Authority (KGK), may Accordingly, the transition date for insurance, reinsurance,
set different transition dates from those envisaged for the and pension companies to adopt inflation accounting has been
application of the provisions contained in TMS29 or financial set as January 1, 2025.
reporting standards for Large and Medium-sized Enterprises,
as outlined in the Announcement Regarding the Adjustment The directive will enter into force on the date of its publication.

Aksigorta has released its TCFD Report

Burak Yüzgül, Deputy General Manager of Aksigorta,
stated that they implement strategies to enhance resilience
against climate change and said, “We are aware of the
risks associated with climate change. We are committed to
fulfilling our promises to provide a more sustainable future
for our customers, employees, and society. We set targets
to reduce greenhouse gas emissions in our own operations.
In this regard, we focus on products and services that will
contribute to promoting low-carbon and stakeholder-focused
economic growth.”
53% emission saving target
Aksigorta has published its TCFD (Task Force on Climate-
related Financial Disclosures) report, which outlines its
activities and strategy aligned with the Paris Climate Yüzgül also commented on the progress made towards
Agreement, identifying its priority areas in combating climate sustainable development goals: “In 2022, our sustainable
change. Aksigorta has set a ‘Net Zero Emissions’ target by products and services related to Sustainable Development
2050 and remains committed to working diligently for a Goals accounted for 19% of gross premiums written at
sustainable future. Aksigorta. In line with the 1.5-degree target of the Paris
Climate Agreement, we will reduce our Scope 1 and 2
emissions by 53% at Aksigorta between 2019 and 2030.
Aksigorta, offering a new generation of insurance with a focus
on sustainability, is among the institutions supporting the fight We have begun efforts to align our Scope 3 emissions from
against climate change. By publishing its TCFD (Task Force our investment portfolio with science-based targets. We are
on Climate-related Financial Disclosures) report, Aksigorta working on an implementation plan aligned with this target
transparently demonstrates its processes of understanding, and have started efforts to commit to the Science-Based
analyzing, and adapting to climate risks. Targets Initiative (SBTi) at the earliest opportunity. During
the reporting period, by collecting evaluations of claim
files through digital channels, we achieved a paper saving
Acting with the aim of contributing to the development of the
sector and the national economy, Aksigorta also continues equivalent to 1.1 million A4 sheets, resulting in a reduction
its efforts in line with sustainable growth objectives. As a of 5.5 tons of emissions. In addition to the paper savings,
signatory to the United Nations Global Compact (UNGC), we have also contributed 20,000 trees to nature as part of
Aksigorta is strengthening its sustainability performance. Sabancı Group’s goal of preserving natural habitats and
forests.”