Aksigorta As · BIST:AKGRT
Aksigorta As — Q2 2024 Earnings Presentation
24 slides from Aksigorta As's earnings presentation, Aug 2, 2024
Slide 1: Aksigorta Earnings Presentation 2024 / Q2
AKSİGORTA EARNINGS PRESENTATION 2024 / Q2 August 2nd, 2024
Slide 2: Company Scorecard
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Slide 3: 2024 H1 Scorecard: Financial Indicators
2024 H1 SCORECARD FINANCIAL INDICATORS 122% Combined Ratio m TL 17.522 m TL 608 m TL 3.888 11% 19% Net Loss Ratio $704.78 Net Expense Ratio Gross Written Premiums Net Income Total Equity 92% Net Commission Ratio $191.01 58% YoY Growth 4% YoY Growth 52% YoY Growth Net Income 2pp YoY Increase Gross Wr
Slide 4: 2024 Q2 Scorecard: Financial Indicators
2024 Q2 SCORECARD FINANCIAL INDICATORS 118% Combined Ratio m TL 7.971 m TL 336 m TL 3.888 11% 17% Net Loss Ratio $704.78 Net Expense Ratio Gross Written Premiums Net Income Total Equity 91% Net Commission Ratio $191.01 34% YoY Growth -26% YoY 52% YoY Growth Net Income 6pp YoY Decrease Gross Written
Slide 5: Gross Written Premiums
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Slide 6: Gross Written Premiums – Historical Trend
Gross Written Premiums – Historical Trend Prioritizing High-Margin Products and Capital Adequacy for Enhanced Profitability Market GWP Aksigorta GWP Overall Market Share as of H124: m TL m TL Total: 5,3% MTPL: 3,6% MOD: 6,5% Non-Motor: 6,4% +82% Health: 3,7% 319.889 +58% +69% 70.886 16.974 +33% 2.56
Slide 7: Gross Written Premiums - Aksigorta
Gross Written Premiums - Aksigorta Prioritizing High-Margin Products and Creating a Strong Basis for Sustainable Growth Quarterly GWP Trend H1 GWP Channel Mix Currency +35% +25% m TL +27% 9.180 9.267 37% Channel 1.404 1.218 52% Mix 32,8 35,1 7.708 25,8 28,2 Agency 6.534 2.125 1.346 2.095 11% Bank H1
Slide 8: Technical Profitability and Financial Income
TECHNICAL PROFITABILITY AND FINANCIAL INCOME
Slide 9: Underwriting Profit and Combined Ratio H1'2024
Underwriting Profit and Combined Ratio H1’2024 Underwriting Result and Combined Ratio Development Underwriting Profit (m TL) Product MTPL MOD Non-Motor Health +63 -178 -31% +9% +4% +9% -241 +20% UWM +24pp YoY -14pp YoY 0pp YoY +1pp YoY 100 295 479 “ 120 315 150 Combined -26% 191% 93% 121% 37% 150 40
Slide 10: Underwriting Profit and Combined Ratio 2Q'2024
Underwriting Profit and Combined Ratio 2Q’2024 Underwriting Result and Combined Ratio Development Underwriting Profit (m TL) Product MTPL MOD Non-Motor Health +252 -29% +8% +5% +10% +20% UWM -289 -37 +43pp YoY -16pp YoY +1pp YoY +2pp YoY 100 “ 136 120 282 150 Combined 183% 109% 39% 198 -26% 94% 68 4
Slide 11: Financial Income and Asset Under Management Details
Financial Income and Asset Under Management Details YoY AUM Growth: As of June 2024, AuM has reached TL 11,6b with 24% YoY growth 24% Portfolio Mix 4% 4% 4% 4% 4% 18% 0% 18% 0% 0% 0% 0% 29% 18% 22% 31% 21% 30% 36% 44% 3Q23 4Q23 1Q24 2Q24 2Q23 34% 42% 48% 43% 45% AUM: AUM: AUM: AUM: AUM: 10.537m TL 1
Slide 12: 2024 / H1 Financials Summary – Balance Sheet
2024 / H1 Financials Summary – Balance Sheet +14% Balance Sheet (m TL) 2023 H124 ∆ +19% AUM 9.141 11.629 27% Receivables 7.020 5.770 -18% Total Assets 21.132 24.088 14% Reserves 9.984 12.142 22% 24.088 21.132 Payables 5.796 5.658 -2% Total Equity 3.276 3.888 19% Total Liabilities 21.132 24.088 14% 3
Slide 13: 2024 / H1 Financials Summary – Income Statement
2024 / H1 Financials Summary – Income Statement Income Statement (m TL) H123 H124 ∆ Gross Written Premiums 11.117 17.522 58% +4% Gross Earned Premiums 8.293 15.594 88% Net Earned Premiums 3.691 5.254 42% Underwriting Result -241 -178 26% +26% Expenses -484 -1.004 107% 585 608 Net Financial Income 1.
Slide 14: 2024 / Q2 Financials Summary – Income Statement
2024 / Q2 Financials Summary – Income Statement Enhanced UWR through Selective Growth, Inflation-Driven Expense Rise, and Stabilized FX Volatility Impacting Financial Income Income Statement (m TL) 2Q23 2Q24 ∆ Gross Written Premiums 5.945 7.971 34% Gross Earned Premiums 4.594 8.250 80% -26% Net Earn
Slide 15: Underwriting Profit and Financial Income Trend
Underwriting Profit and Financial Income Trend Beyond the Balance: Financial Gains Outshining Underwriting Challenges CAGR (‘19-’23) 2.657 +20% +38% 1.636 375 1.368 2.929 951 563 729 1.814 398 1.591 1.609 476 882 553 253 -319 -260 -241 -178 -1.216 2019 2020 2021 2022 2023 H123 H124 Underwriting Prof
Slide 16: Risks and Opportunities
RISKS AND OPPORTUNITIES . cok . eevee vl « x eR ES e3° é . ¥ * . ee baskalar.. . . 0 9 0 6-4 & 5 a oa on) aoe . . . AKSigorta
Slide 17: Risks & Opportunities
RISKS & OPPORTUNITIES Risks Opportunities • Negative real interest rates limit financial income • Increase in TL interest rates and FX rates • Uncertainty, high volatility on currency • Increase in Switch to free tariff in MTPL • Systematic risk of bankruptcy in industry • Revisited TCIP price cap •
Slide 18: Appendix
TT APPENDIX . cok . eevee vl « x eR ES e3° é . ¥ * . ee baskalar.. . . 0 9 0 6-4 & 5 a oa on) aoe . . . AKSigorta
Slide 19: Historical Financials
Historical Financials Gross Written Premiums Underwriting Profit +34% +87% 71 116 47 -37 -132 -141 -285 -289 9.456 9.551 7.971 6.727 5.945 4.995 5.171 3.060 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Asset Under Management +24% Total Equity +52% 3.610 3.888 11.62
Slide 20: Technical Result Bridge between TFRS & Management Reporting
Technical Result Bridge between TFRS & Management Reporting 700 5.297 5.259 1.814 0 0 0 0 960 89 530 155 -29 29 -9 9 -162 162 -553 -155 1.538 -1.814 -23 -578 0 -4.948 -4.402 -471 0 -578 -1.538 -178 Technical Guarantee Fund Assistance Subrogation Other Technical Bad Debt for Commissions vs. Allocated
Slide 21: 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 GEP Gross Earned Premiums GWP Gross Written Premiums HC Headcount LoB Line of Business MOD Motor Own
Slide 22: Thank You
THANK YOU Website: https://www.aksigorta.com.tr/en/investor-relations Email Address: [email protected]
Slide 23: 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
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