Agesa Hayat Ve Emeklilik A.s. · BIST:AGESA
Agesa Hayat Ve Emeklilik A.s — FY2023 Earnings Presentation
26 slides from Agesa Hayat Ve Emeklilik A.s's earnings presentation, Feb 12, 2024
Slide 1: Presentation to Investors FY 2023 Earning Release
Presentation to Investors FY 2023 Earning Release 12 February 2024 Şirkete Özel
Slide 2: Key Financial Results
Key Financial Results Şirkete Özel
Slide 3: Summary and Outlook
Summary and Outlook AgeSA strengthened its leadership in both Pension AuM and Life & PA AgeSA net profits grew significantly due to pension and credit life premium production among private companies thanks to significant technical profits and financial income despite inflationary pressures growth ac
Slide 4: Evolution of Our Performance
Evolution of Our Performance Life Business Credit Linked GWP Stand-Alone Life & PA Total GWP (mTL) RoP & Savings TL APE (mTL) Total GWP (mTL) (mTL) 2.3X 2X 3.560 1.8X 7.484 1.9X 3.924 1.141 2.179 3.717 602 1.538 FY 22 FY 23 FY 22 FY 23 FY 22 FY 23 FY 22 FY 23 Market Share 11,5% Market Share 12,7% 2,
Slide 5: Profitability (mTL)
Profitability (mTL) Management SFRS Net Profit Reporting Net Profit * 1.7X 1.6X 1.944 1.425 1.127 875 FY 22 FY 23 FY 22 FY 23 Şirkete Özel * Management Reporting: IFRS Financials excluding inflation accounting effect 5
Slide 6: A Story of Solid Profitable Growth
A Story of Solid Profitable Growth CAGR YoY 2019 2022 2023 2019-23 2022-23 87% Leadership among private companies’ Pension and AE AUM Pension AUM (inc AE) 23.1 bTL 75.6 bTL 141.5 bTL 57% Leadership among private companies’ Total Life&PA GWP Total GWP (Life+PA) 988 mTL 3.717 mTL 7.484 mTL 66% 101% Su
Slide 7: Financials
Financials Şirkete Özel
Slide 8: Summary P&L from Segmental Reporting
Summary P&L from Segmental Reporting (1) 2019 2020 2021 2022 2023 CAGR YoY Q3 2023 Q4 2023 QoQ Credit-Linked Life 417 550 938 1.538 3.560 71% 131% 883 1.048 19% Life RoP & Savings 431 667 967 2.046 3.718 71% 82% 1.036 1.161 12% Other Life & Personal Accident 140 115 115 132 206 10% 56% 48 38 -22% So
Slide 9: Solid and Resilient Technical Profitability with Operating Leverage Potential
Solid and Resilient Technical Profitability with Operating Leverage Potential Technical Profit (mTL) (2) Expense Ratio (%)(1,2) Expense ratio=(Opex)/(Management Reporting Proft Before Tax-Opex) 51,4% 48,5% 46,0% 45,4% 47,0% CAGR: 60% 3.728 93% CAGR: 61% 2019 2020 2021 2022 2023 104% 2.351 1.936 Brea
Slide 10: Prudent Though Opportunistic Approach on Investments
… Prudent Though Opportunistic Approach on Investments… Investment and Other Income (TLm) (2) Shareholders’ Asset Portfolio – FY 2023 (mTL)(1) (2) Total: 4.495 mTL Source: Company information. Management Reporting: IFRS Financials excluding inflation accounting effect, unaudited results Şirkete Özel
Slide 11: Flexible Dividend Policy Focused on Growth
Flexible Dividend Policy Focused on Growth Dividend Policy Objective set amongst core shareholders to aim at distributing 50% of AgeSA’s Turkish GAAP-based distributable profit Solvency ratio of 150% level is set as comfort level in our risk framework for evaluating our distributable profit. 150 mTL
Slide 12: Overview - Business Lines
Overview - Business Lines Şirkete Özel
Slide 13: Differentiated Management of Trends & Dynamics per Segment
Differentiated Management of Trends & Dynamics per Segment Pension* Credit-Linked Life RoP & Savings Life** AUM – Inc. State contribution (mTL) Gross Written Premium (mTL) Gross Written Premium (mTL) FMC % (inc. State contribution) 1,3 1,3 1,1 1,2 1,2 CAGR: 71% CAGR: 71% 82% 3.718 131% 3.560 CAGR: 5
Slide 14: Pension: Sustainable Growth and Scale Ambitions
Pension (1) Sustainable Growth and Scale Ambitions Pensions AUM including State Contribution (mTL) Private Pension Fund Mix CAGR: +57% 141.528 87% 75.640 136.681 43.502 30.473 23.133 72.758 42.094 22.358 29.414 2019 2020 2021 2022 2023 137 AE AuM 774 1.059 1.408 2.882 4.846 bTL Number of Participant
Slide 15: Credit Linked and RoP&Savings Life
Credit Linked and RoP&Savings Life Sustainable and Resilient Growth Model Fuelled by Multidistribution Channel Structure Credit Linked GWP (mTL) RoP&Savings GWP (mTL) CAGR: +71% CAGR: +71% 131% 3.560 82% 3.718 2.046 1.538 938 967 550 667 417 431 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 Incr
Slide 16: Solvency II Value of New Business
Solvency II Value of New Business Şirkete Özel
Slide 17: Diversified business model supporting value growth
Diversified business model supporting value growth Solvency II w/RW Total Pension Credit-linked Life ROP&Savings Other Life&PA 2022 2023 2023 2023 2023 2023 169 % PVNBP (m TL) 21.758 58.585 50.203 3.715 4.452 214 84 % VNB (m TL) 960 1.770 705 645 406 14 4,4% New Business Margin (Net tax) 3,0% 2022 Q
Slide 18: Disclaimer
Disclaimer The information in this presentation has been prepared by AgeSA Hayat ve Emeklilik 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 a
Slide 19: Thank you
Thank you Şirkete Özel
Slide 20: Appendix
Appendix Şirkete Özel
Slide 21: Total Life Premium Production to Expand
Total Life Premium Production to Expand Life + Personal Accident 2023 / 2022 YoY Total Premium Growth Rate DSF+Agency * Non-Credit Linked 86% 2.343 mTL (31%) Bancassurance 73% 1.582 mTL (21%) Non-Credit Linked 131% 3.560 mTL (48%) Bancassurance Credit Linked 101% 7.484 mTL (Total Company) (Total Com
Slide 22: Solid Sales Culture through a Multidistribution Platform
Solid Sales Culture through a Multidistribution Platform to Expand Scale and Penetration in Pension and Life Exclusive 15-year Largest and most distribution Bancassurance Direct sales force (DSF) productive direct sales agreement # Branches Akbank: ~ 800 force in the sector # FAs: ~ 630 (covering 17
Slide 23: Summary of P&L from SFRS Reporting
Summary of P&L from SFRS Reporting 2019 2022 2023 CAGR YoY Q3 2023 Q4 2023 QoQ Pension Technical Profit 321 733 1.521 48% 108% 398 462 16% Life Technical Profit 378 1.364 2.520 61% 85% 685 857 25% Non-Life Technical Profit 69 77 125 16% 62% 32 38 20% Total Technical Profit 769 2.173 4.166 53% 92% 1.
Slide 24: Reconciliation between IFRS & Statutory Profit
Reconciliation between IFRS & Statutory Profit IFRS vs. Statutory Profit for the Period (mTL) Profit for the Period Reconciliation (mTL) 2019 2020 2021 2022 2023 CAGR YoY CAGR: 66% 1.944 73% IFRS Profit for the Period 258 350 541 1.127 1.944 66% 73% 1.425 Equalisation Reserve write-off -10 -11 -7 -9
Slide 25: Capital-Light Business Model & Strong Solvency Position
Capital-Light Business Model & Strong Solvency Position Comfortable solvency ratios driven by a measured approach to risk and new product introductions, which affords the business scope and flexibility pursuing growth options and / or returning cash to shareholders Regulatory Capital Requirement Sol
Slide 26: Other Life & Personal Accident
Other Life & Personal Accident A Complementary Profit Pool for the Group GWP (mTL) Technical Profit (mTL) CAGR: 9% CAGR: 10% 82 47% 56% 206 59 60 55 56 140 132 115 115 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 Market Share % (in terms of GWP) Market Share Of AgeSA % (in terms of GWP) 2019 20
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