Aksigorta : 2023 Third Quarter Earnings Call Presentation

Aksigorta

2023 Q3 Earnings

Call Presentation

1 November 2023

Contact No 00902162809761

Email Address [e-mail]

1. Aksigorta Financials (in TFRS)
2. What are the Risks & Opportunities?
3. Income Mix
4. Appendix

23'Q3 Scorecard

23'Q3 - Financial Indicators (m TL) (YoY %)

6.727	120%	132	159%	2.689	106%
Gross Written	Net Income	Total Equity

Premiums

23'Q3 - Operational Ratios (YoY pp)

93%	-17pp	121%	-11pp	6,5%	-0.6pp
Net Loss		Net Combined		YTD Market Share
Ratio		Ratio
	23'Q3 - Financial Income (m TL)
8.880	36%	28%	-12pp	565	7%
AuM		Avr. Annualized	Financial Income*
		Yield*

(*): Includes interest income + FX gain/(loss)

2

23'Q3 YTD Scorecard

23'Q3 YTD - Financial Indicators (m TL) (YoY %)

17.843	108%	717	282%	2.689	106%
Gross Written	Net Income	Total Equity

Premiums

23'Q3 YTD - Operational Ratios (YoY pp)

94%	-32pp	120%	-29pp	6,5%	-0.6pp
Net Loss		Net Combined		YTD Market Share
Ratio		Ratio
	23'Q3 YTD - Financial Income (m TL)
8.880	36%	36%	+3pp	2.174	88%
AuM		Avr. Annualized	Financial Income*
		Yield*

(*): Includes interest income + FX gain/(loss)

3

Market GWP Development

Market GWP Distribution (%) (m TL)

22Q4

+166%

72.008

13%

Share

35%

Portfolio

27.111

46%

26%

13%

20%

26%

21%

4Q2021

4Q2022

YoY

MTPL

MOD

Non-motor

Health

+224%

+252%

+101%

+170%

Agency

Bank

Corporate

Market

+192%

+132%

+126%

+166%

Portfolio Share

Agency

Bank

Corporate

Market

63%

14%

23%

100%

23Q1

+147%

81.610

16%

40%

33.067

14%

22%

46%

20%

22%

20%

1Q2022

1Q2023

YoY

MTPL

MOD

Non-motor

Health

+174%

+177%

+115%

+171%

Agency

Bank

Corporate

Market

+166%

+145%

+108%

+147%

Portfolio Share

Agency

Bank

Corporate

Market

60%

14%

26%

100%

23Q2

+133%

						86.599
						12%
						36%
	37.223
			12%		24%
			38%
			25%		28%
			25%
			2Q2022		2Q2023
						YoY
MTPL		MOD		Non-motor		Health
+154%		+122%		+122%		+142%
Agency		Bank		Corporate		Market
+129%		+147%		+139%		+133%
				Portfolio Share
Agency		Bank		Corporate		Market
61%		14%			25%		100%

23Q3

+112%

						95.367
						12%
						38%
	45.019
			11%		24%
			32%
			29%
			28%		26%
			3Q2022		3Q2023
						YoY
	MTPL		MOD		Non-motor		Health
+99%		+77%			+148%		+132%
Agency		Bank		Corporate		Market
+96%		+156%		+129%		+112%
				Portfolio Share
Agency		Bank		Corporate		Market
61%		14%			25%		100%

Note: Retro premiums from pools are excluded.		Health		Non-motor		MOD		MTPL	4

Aksigorta GWP Development

Aksigorta GWP Distribution (%) (m TL)

22Q4		23Q1		23Q2		23Q3

+97%

+110%

+97% +123%

						4.791
						9%
Share	2.439		51%
Portfolio					29%
45%
		8%
		20%
		27%			11%
		4Q2021		4Q2022
						YoY
		MTPL		MOD		Non-motor	Health
		-17%		+205%		+108%	+126%
		Agency		Bank		Corporate	Company
		+72%		+149%		+132%	+97%
				Portfolio Share
		Agency		Bank		Corporate	Company
		51%		13%			36%	100%

					4.988
					14%
					43%
	2.374
	9%
	46%			26%
	22%
	23%			18%
	1Q2022		1Q2023
					YoY
	MTPL		MOD		Non-motor	Health
	+65%		+147%		+93%	+223%
	Agency		Bank		Corporate	Company
	+103%		+150%		+108%	+110%
			Portfolio Share
	Agency		Bank		Corporate	Company
	58%		9%			33%	100%

						5.730
						10%
						45%
		2.915
	8%
	40%			27%
	27%
	25%			18%
		2Q2022		2Q2023
						YoY
		MTPL		MOD		Non-motor	Health
	+41%		+93%		+125%	+146%
		Agency		Bank		Corporate	Company
	+75%		+45%		+157%	+97%
				Portfolio Share
		Agency		Bank		Corporate	Company
	55%		7%			38%	100%

6.534

7%

						52%
		2.928
	7%
	36%			26%
	37%
	20%			15%
		3Q2022		3Q2023
						YoY
		MTPL		MOD		Non-motor	Health
	+73%		+55%		+224%	+110%
		Agency		Bank		Corporate	Company
	+68%		+87%		+231%	+123%
				Portfolio Share
		Agency		Bank		Corporate	Company
	53%		7%			40%	100%

Note: Retro premiums from pools are excluded.		Health		Non-motor		MOD		MTPL	5

UW Result and Combined Ratio Development

UW improved YoY thanks to better loss ratio in MOD and non-motor

UW Result and Combined Ratio (TL m; %)

UW Result

-374

-1.287

2022 Q3 YTD

2023 Q3 YTD

UWM

2022 Q3 YTD	2023 Q3 YTD
-19,3%	-2,7%

UWM: UWR / Gross earned premiums

Net Combined Ratio

149%

11%

13% 120%

14%

13%

126%

94%

2022 Q3 YTD	2023 Q3 YTD
		Loss Ratio		Commission Ratio		Expense Ratio

6

Financial Income Development

As of September 2023, AuM has reached TL 8.9b with 36% YoY growth

		SEP 22					DEC 22			MAR 23				JUN 23			SEP 23
		1%	19%		1%						46%			0%	44%		31%
							4%	1%	4%		0%
12%			9%			4%
										63%	13%					18%
				16%														22%

		21%
		11%
	47%					36%	34%
					43%
AuM m TL	6,509m TL				7,659m TL	8,660m TL	9,411m TL	8,880m TL
Average annualized yield*	40%			25%	24%	60%	28%
Quarterly financial income*	529m TL				436m TL	462m TL	1.148m TL	565m TL

(*): Including FX gain / loss

Note: Financial income figures are after BITT (net off tax).

Note: In Q323 YTD tax advantage TL fund interest income was 577 million TL; generating 173 million TL tax shield.

Equity

Government Board

Eurobond

Corporate Band

Time Deposit

7

Income Statement

Income Statement (m TL)			2022 Q3		2023 Q3		∆ %		2022 Q3 YTD		2023 Q3 YTD		∆ %
Gross Written Premiums	3.059	6.727	120%	8.568	17.843	108%
Gross Earned Premiums	2.589	5.324	106%	6.656	13.617	105%
Net Earned Premiums	1.316	2.110	60%	3.310	5.802	75%
Underwriting Result	-298	-132	56%	-1.287	-374	71%
Expenses	-127	-304	-138%	-332	-787	-137%
Net Financial Income	470	491	4%	1.067	1.894	78%
Net Profit	51	132	159%	-395	717	282%
Combined Ratio	132%	121%		-11pp	149%	120%		-29pp
Loss Ratio	111%	93%		-17pp	126%	94%		-32pp
Commission Ratio	12%	13%		1pp	13%	13%		0pp
Expense Ratio	10%	14%		5pp	10%	14%		4pp
UW Margin	-11,5%	-2,5%		9pp	-19,3%	-2,7%		17pp

UWM: UWR / Gross earned premiums

8

Balance Sheet

Balance Sheet (m TL)	Dec.22	Sep.23	∆ %
Receivables	2.926	6.692	129%
AUM	7.659	8.880	16%
Total Assets	12.831	17.005	33%
Reserves	6.996	8.844	26%
Payables	2.434	3.873	59%
Total Equity	1.949	2.689	38%
Total Liabilities	12.831	17.005	33%

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