AGESA HAYAT VE EMEKLILIK ANONIM SIRKETI Presentation to
Investors
Q3 2022
Earning Release
1 November 2022
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.
Q3 Performance
- #1 position among private companies in Private Pension AuM; with 18.1% total market share as of September 2022
- #1 position among private companies in Total Life & PA GWP; with 11.6% total market share as of September 2022
- Almost twice of PY's profit delivery both in terms of Management Reporting and SFRS net profit in 2022 9M with 105% and 94% yoy growth respectively (based on flash results, will be updated)
Strengthened fundamentals | Future | |
• | Strong and exclusive bancassurance | • Providing new solutions for ageing |
partnership with Akbank | population | |
• | Accelerated growth with strengthened | • Health insurance synergies w/ Sabancı |
base of DSF | Ageas Sağlık A.Ş. | |
• More Diversified Product Portfolio with a | • Sustainability at the heart of business to | |
New Savings Product | build a better future | |
• Strongly building and investing on digital, | • Future of work & end to end IT and cultural | |
analytics and customer capabilities | transformation |
- 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
Şirkete Özel (Internal) Management Reporting: IFRS Financials excluding inflation accounting effect | 3 |
Historical Track Record of Value Creation
Solid Financial Foundations | 2017 | 2021 | CAGR | Q3 2022 | YoY | ||||
2017-21 | 2021-22 | ||||||||
Pension AUM (inc AE) | 15.3 bTL | 43.5 bTL | 30% | 60.6 bTL | 82% | Leading position in private companies' Pension and AE AUM | |||
Growth | |||||||||
Total GWP (Life+PA) | 471 mTL | 2.020 mTL | 44% | 2.479 mTL | 77% | Leading position in private companies' Total Life&PA GWP | |||
Success of strong growing RoP portfolio and credit life product | |||||||||
Total Technical Profit (1,3) | 385 mTL | 1.150 mTL | 31% | 1.364 mTL | 67% | Strong growth resulting from high profitability in life and pension scalability | |||
Profitable | Expense Ratio (1,2,3) | 45,0% | 38,5% | -1,6pts | 34,6% | -2,8pts | Expense controls implemented against the impacts of inflation and higher | ||
profit increase compared to expense increase | |||||||||
Net Technical Profit (1,3) | 128mTL | 529 mTL | 42% | 587 mTL | 46% | Increase in net technical profit resulting from high technical profitability and | |||
controlled expenses against high inflation | |||||||||
Profit for the Period | 153 mTL | 541 mTL | 37% | 807 mTL | 105% | Strong growth regarding financial and technical income increase | |||
(Management Reporting) (1,3) | |||||||||
Solid | ROE | 102 mTL | 452 mTL | 45% | 669 mTL | 94% | tech. profit due to undeferred commissions in SFRS | ||
Profit for the Period (SFRS) | |||||||||
(Management Reporting) (1,3) | 31,9% | 44,2% | 3,1 pts | 57,6% | 14 pts | Strong profit combined with lean capital | |||
SFRS Profit growth is strong, thanks to life tech. profit despite lower pension | |||||||||
of | 172% | Capital-light business, which benefits from AgeSA's sensitive approach to risk | |||||||
Story | Solvency I Ratio | 145% | 158% | ||||||
and new product introduction | |||||||||
Dividend Pay-outs | 48 mTL | 160 mTL | 35% | ||||||
of related years' profit | |||||||||
A | Shareholders' Equity (1,3) | 523 mTL | 1.369 mTL | 27% | 2.050 mTL | 62% | Steady increase in shareholders' equity reflects active management of | ||
capitalization to fund business growth | |||||||||
VNB | 428 mTL | 23% | VNB has increased due to new business sales of Pension and Credit Life | ||||||
products as well as positive economic assumption variances | |||||||||
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) | 4 | ||||||||
Şirkete Özel (Internal) | «Opex=G&A+Financial Expense» |
- Source: Company data, unaudited results
Financials
Şirkete Özel (Internal)
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Agesa Hayat ve Emeklilik AS published this content on 31 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2022 18:41:01 UTC.
