Aksigorta As · BIST:AKGRT
Aksigorta As — Q2 2023 Earnings Presentation
20 slides from Aksigorta As's earnings presentation, Aug 8, 2023
Slide 1: Aksigorta Q2 Earnings Call Presentation
Aksigorta Q2 Earnings Call Presentation 8 August 2023 Contact No 00902162809761 Email Address [email protected]
Slide 2: Agenda
1. Aksigorta Financials (in TFRS) 2. What are the Risks & Opportunities? 3. Income Mix 4. Appendix
Slide 3: 23'Q2 Scorecard
23’Q2 Scorecard 23’Q2 – Financial Indicators (m TL) (YoY %) 5.945 454 2.556 96% 337% 387% Gross Written Net Income Total Equity Premiums 23’Q2 – Operational Ratios (YoY pp) 102% -31pp 126% -30pp 6,4% -1.2pp Net Loss Net Combined Market Share Ratio Ratio 23’Q2 – Financial Income (m TL) 9.411 108% 60%
Slide 4: 23'H1 Scorecard
23’H1 Scorecard 23’H1 – Financial Indicators (m TL) (YoY %) 11.117 585 2.556 102% 231% 387% Gross Written Net Income Total Equity Premiums 23’H1 – Operational Ratios (YoY pp) 94% -42pp 120% -40pp 6,4% -1.2pp Net Loss Net Combined Market Share Ratio Ratio 23’H1 – Financial Income (m TL) 9.411 108% 41
Slide 5: Market GWP Development
Market GWP Development Market GWP Distribution (%) (m TL) 22Q3 22Q4 23Q1 23Q2 +163% +166% +147% +133% 45.019 72.008 81.610 86.599 12% 13% 16% 12% 38% 35% 36% 40% Portfolio Share 27.111 33.067 37.223 17.097 25% 26% 14% 12% 24% 13% 13% 22% 38% 44% 46% 46% 19% 25% 26% 25% 28% 20% 20% 22% 24% 21% 20% 25
Slide 6: Aksigorta GWP Development
Aksigorta GWP Development Aksigorta GWP Distribution (%) (m TL) 22Q3 22Q4 23Q1 23Q2 +108% +97% +110% +97% 2.928 4.988 5.730 4.791 8% 10% 9% 14% 40% 43% 45% 51% 1.407 2.439 2.374 2.915 8% 8% 9% 8% 27% 45% 26% 40% 27% 45% 29% 46% 20% 27% 20% 22% 27% 25% 18% 25% 18% 27% 11% 23% 3Q2021 3Q2022 4Q2021 4Q2
Slide 7: UW Result and Combined Ratio Development
UW Result and Combined Ratio Development Increase in technical discount rate partially compensated for interim min. wage increase and cancellation of MTPL general conditions impact UW Result and Combined Ratio (TL m; %) UW Result Net Combined Ratio 160% 11% 13% 120% -242 13% 12% 136% 94% -988 2022 H
Slide 8: Financial Income Development
Financial Income Development As of June 2023, AuM has reached TL 9.4b with 108% YoY growth JUN 22 SEP 22 DEC 22 MAR 23 JUN 23 12% 19% 1% 1% 46% 46% 4% 12% 9% 4% 1% 4% 0% 20% 63% 13% 18% 16% 29% 21% 11% 36% 35% 47% 33% AuM m TL 4,521m TL 6,509m TL 7,659m TL 8,660m TL 9,411m TL Average annualized yiel
Slide 9: Income Statement
Income Statement Income Statement (m TL) 2022 Q2 2023 Q2 ∆% 2022 H1 2023 H1 ∆% Gross Written Premiums 3.027 5.945 96% 5.509 11.117 102% Gross Earned Premiums 2.220 4.594 107% 4.067 8.293 104% Net Earned Premiums 1.071 2.009 88% 1.994 3.691 85% Underwriting Result -498 -290 42% -988 -242 75% Expenses
Slide 10: Balance Sheet
Balance Sheet Balance Sheet (m TL) Dec.22 Jun.23 ∆% Receivables 2.926 2.920 0% AUM 7.659 9.411 23% Total Assets 12.831 15.223 19% Reserves 6.996 8.199 17% Payables 2.434 3.202 32% Total Equity 1.949 2.556 31% Total Liabilities 12.831 15.223 19% RoE n/a 40% n/a 10
Slide 11: 2. What are the Risks & Opportunities?
1. Aksigorta Financials (in TFRS) 2. What are the Risks & Opportunities? 3. Income Mix 4. Appendix
Slide 12: Risks & Opportunities
Risks & Opportunities Risks Opportunities • Negative real interest rates limit financial income (Unorthodox interest • Increase in TL interest rates policy) • Increase in FX rates • Uncertainty, high volatility on currency • Switch to free tariff in MTPL • Systematic risk of bankruptcy in industry •
Slide 13: 3. Income Mix
1. Aksigorta Financials (in TFRS) 2. What are the Risks & Opportunities? 3. Income Mix 4. Appendix
Slide 14: Financial income under macroeconomic stress
Competitive advantages Because of macroeconomic instability financial income is under stress, although uwr gets better UWR Financial Income Zero Real Interest Rate Missing Financial Income 719* 1.609 625 -242 -988 2022 H1 2023 H1 SFRS Net Profit -446 585 Note: Financial income includes interest inco
Slide 15: 4. Appendix
1. Aksigorta Financials (in TFRS) 2. What are the Risks & Opportunities? 3. Income Mix 4. Appendix
Slide 16: Capital Adequacy
Capital Adequacy Capital adequacy Dec.19 Dec.20 Dec.21 Dec.22 Main drivers: Required capital 771 953 1.426 1.971 Asset risk 282 388 484 551 by asset size Reinsurance risk 78 81 178 320 by re-insurance portfolio Reserve risk 89 115 165 233 by growth UW risk 312 350 527 776 by growth FX risk 10 18 72
Slide 17: Technical Result Bridge between TFRS & Management Reporting
Technical Result Bridge between TFRS & Management Reporting Technical Re-classifications UW result in result in management TFRS 1 2 3 4 5 6 7 reporting Net earned premiums 3.717 -19 -6 - - - - - 3.691 Claims, net (*) -3.063 - - 84 -390 -113 - - -3.480 Other technical income and -430 +19 +6 -84 375 +
Slide 18: Glossary
Glossary AUM Asset Under Management Ceded Premiums Premiums transferred to reinsurers Combined Ratio Total of Loss ratio, commission ratio and expense ratio FI Financial Income FTE Full-Time Employee GWP Gross Written Premiums HC Headcount LoB Line of Business MOD Motor Own Damage MTPL Motor Third P
Slide 19: Thank you!
Thank you! Contact No 00902162809761 Email Address [email protected]
Slide 20: Disclaimer
Disclaimer The information in this presentation has been prepared by Aksigorta A.Ş. (the “Company”) solely for use at a presentation concerning the Company, its proposed listing on the Borsa İstanbul. This presentation does not constitute or form part of, and should not be construed as, an offer to