Presentation to

Investors

FY 2022

Earning Release

16 February 2023

Kahramanmaraş Earthquake

We are deeply saddened by the earthquakes that took place in Kahramanmaş and the surrounding 10 provinces on February the 6th, 2023. We offer our deepest condolences to the families of those affected and a speedy recovery to all those injured.

At this time, we would like to reassure our shareholders that we do not foresee any material effect to our 2023 profitability or balance sheet due to the events of last week as AgeSA holds reinsurance to cover such catastrophic risk events.

Following measures have been taken

Regulatory

Turkish government declared state of emergency for the area impacted by the earthquake ("EQ area") for a period of 3 months. National mourning has also been declared on 06.02.2023 for 7 days.

Istanbul stock exchange (BIST) has been closed effective as of 08.02.2023 (disclosed on 10.02.2023), for 5 business days until 14.02.2023.

On 08.02.2023, Capital Markets Board ("CMB") decided to postpone all transaction value dates to

15.02.2023 or later for all pension funds.

Turkish Banking Association ("TBA") decided the banks postpone following loan payments for 6 months: (i) due payments and (ii) payments to be due in 6 months. If banks decided to apply interest for the period postponed, they have to get the consent of the clients for postponement, and if not postponement will be made automatically.

Insurance Regulator requested data from all insurance companies in fire, engineering, MTPL, personal accident,

health, life and other insurance segments in EQ area to calculate the financial consequences of the earthquake

on the sector.

Turkish Insurance Association ("TSB") shared a guidance for actions to support the customers and the agencies.

Products and Coverage

Our life and personal accident products provide earthquake coverage. AgeSA currently holds 35m USD of CAT XL cover from Swiss (first 15m USD) and RGA (following 20m USD) and the retention limit is 750k USD.

Customers and Operational

All necessary actions are taken In line with TSB guidance

Aid & donations

All aid and donations are organized by Sabancı Holding.

2

Key Financial Results

Şirkete Özel (Internal)

Summary and Outlook

AgeSA maintains Pension AuM leadership and ranked as leader in Life

  • PA business among private companies with support of sustainable growth in Life business driven by the success of long term credit life product (Kredim Güvende) and strong RoP portfolio.

AgeSA reached successful results in net profit, thanks to strong technical income growth resulting from high profitability in life and pension scalability and financial income increase despite economic

volatilities.

FY Performance

  • #1 position among private companies in Private Pension AuM; with 18.2% total market share as of December 2022
  • #1 position among private companies in Total Life & PA GWP; with 11.6% total market share as of December 2022
  • Almost twice of PY's profit delivery both in terms of Management Reporting and SFRS net profit in 2022 with 108% and 94% yoy growth respectively (based on flash results, will be updated)

Strengthened fundamentals

  • Strong and exclusive bancassurance partnership with Akbank
  • Accelerated growth with strengthened base of DSF
  • More Diversified Product Portfolio with a New Savings Product
  • Strongly building and investing on digital, analytics and customer capabilities
  • Earned and potential synergies w/ Aksigorta both for topline and operational excellence areas
  • Governmental growing appetite for pension and life business supported by incentives
  • Strong Shareholder Structure

Future

  • Providing new solutions for ageing population
  • Health insurance synergies w/ Sabancı
    Ageas Sağlık A.Ş.
  • Sustainability at the heart of business to build a better future
  • Future of work & end to end IT and cultural transformation

Şirkete Özel (Internal) Management Reporting: IFRS Financials excluding inflation accounting effect

4

Historical Track Record of Value Creation

A Story of Solid Profitable Growth

Solid Financial Foundations

Pension AUM (inc AE)

Total GWP (Life+PA)

Total Technical Profit (1,3)

Expense Ratio (1,2,3)

Net Technical Profit (1,3)

Profit for the Period

(Management Reporting) (1,3)

ROE

(Management Reporting) (1,3) Profit for the Period (SFRS)

Solvency I Ratio

Dividend Pay-outs

of related years' profit

Shareholders' Equity (1,3)

MCEV (3)

VNB

2018

2021

17.3 bTL

43.5 bTL

565 mTL

2.020 mTL

484 mTL

1.150 mTL

41,3%

38,5%

191 mTL

529 mTL

213 mTL

541 mTL

36,1%

44,2%

191 mTL

452 mTL

193%

145%

48 mTL

660 mTL

1.369 mTL

2022

75.6 bTL 3.717 mTL

1.936 mTL

37,1%

784 mTL

1.127 mTL

58,9%

875 mTL

165%

2.454 mTL

6.269 mTL

711 mTL

CAGR YoY

2018-222021-22

45% 74%

60% 84%

41% 68%

-1,1pts

-1,4pts

42% 48%

52% 108%

5,7 pts

14,7 pts

46% 94%

39% 79%

96%

46%

Leadership position among private companies' Pension and AE AUM

Leadership among private companies' Total Life&PA GWP Success of strong growing RoP portfolio and credit life product

Strong growth resulting from high profitability in life and pension scalability

Expense controls implemented against the impacts of inflation and higher profit increase compared to expense increase

Increase in net technical profit resulting from high technical profitability and controlled expenses against high inflation

Strong growth regarding financial and technical income increase

Strong profit combined with lean capital

SFRS Profit growth is strong, thanks to life tech. profit despite lower pension tech. profit due to undeferred commissions in SFRS

Well managed capital position under volatile macro-economic environment with growing appetite

Steady increase in shareholders' equity reflects active management of capitalization to fund business growth

FY'22 MCEV has increased since year-end due to new business sales and earnings on the inforce portfolio

VNB has increased due to increased Pension and Credit Life sales. The newly launched Savings product also contributed to the VNB growth

Note: (1) Management Reporting: IFRS Financials excluding inflation accounting effect

(2) Expense ratio=(Opex-RebrandingExpenses-SalesExpenses)/(Opex-RebrandingExpenses-Sales Expenses+Management Reporting Proft Before Tax)

5

Şirkete Özel (Internal)

«Opex=G&A+Financial Expense»

(3) Source: Company data, unaudited results

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Disclaimer

Agesa Hayat ve Emeklilik AS published this content on 16 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 February 2023 06:48:05 UTC.