Turkiye Sigorta A.s. · BIST:TURSG
Turkiye Sigorta A.s — 9M 2023 Earnings Presentation
22 slides from Turkiye Sigorta A.s's earnings presentation, Oct 25, 2023
Slide 1: Earnings Presentation 9M 2023
Earnings Presentation 9M 2023 October 25, 2023 1
Slide 2: 9M23 - Summary of Financial Results
9M23 - Summary of Financial Results Gross Written Premiums Key Catalysts Fueling Unprecedented Profitability Growth Cumulative, Million ₺ Remarkable technical profitability through +140% proactive strategy and successful claims management, alongside robust premium growth #1 in GWP 38,697 COR 132% Pr
Slide 3: Upholding Strong Financial Performance
Upholding Strong Financial Performance Cumulative RoAE & RoAA Cumulative Loss Ratio & Combined Ratio Solvency & Dividend Details Net CAR TS RoAE TS RoAA TS Loss Ratio TS COR (1H23) Sector RoAE Sector RoAA Sector Loss Ratio Sector COR 172 % vs. regulatory self-assessment level of 115% 74% 73% 135% 13
Slide 4: Robust Premium Growth Combined with a Well-diversified Portfolio
Robust Premium Growth Combined with a Well-diversified Portfolio GWP Production GWP Mix by Major Branches Quarterly, Million ₺ Cumulative +194% Other Health 5% 5% General Losses MOD 23% 14,295 13% 12,227 Agriculture 83% 12,175 Non-Bank Other 17% 9,067 Production Bank-Heavy 83% Production 76% 4,861 M
Slide 5: GWP Production by Major Branches
GWP Production by Major Branches Türkiye Sigorta GWP Production by Major Branches Cumulative, Million ₺ Türkiye Sigorta 38,697 Annual Change 9M – 2022 9M – 2023 Other Main Branches 1,859 Türkiye Market Sector Market Sector 1,849 Health Sector Sigorta Share Ranking Share Ranking 4,959 MOD General Los
Slide 6: Shift in Portfolio Composition Towards More Profitable Branches
Shift in Portfolio Composition Towards More Profitable Branches Distribution of Major Branches Distribution of Major Branches Cumulative Quarterly GWP GWP million ₺ 16,106 38,697 million ₺ 9,067 12,175 12,227 14,295 5.7% 4.8% Other 4.9% 4.3% 5.1% Other 10.6% 2.9% 3.7% 4.8% Health 6.1% 5.3% Health 8.
Slide 7: GWP Production by Distribution Channel
GWP Production by Distribution Channel Türkiye Sigorta GWP Production by Distribution Channel Cumulative, Million ₺ w/ 3 38,697 Exclusive Bancassurance State-owned 2,841 Broker Agreement 10 + 10 year Banks Dist. Channels Türkiye Sector YoY Change Sigorta Bank Channel Share in Bank Channel Total Prem
Slide 8: Reaching New Heights: Branch-Wise Catalysts for Record Technical Profitability
Reaching New Heights: Branch-Wise Catalysts for Record Technical Profitability Technical Profit Walk by Major Branches Improvement in Distressed Branches of the Previous Year Cumulative, Million ₺ Loss Ratios Unexpired Risk Reserves Cumulative, Net Cumulative, Million ₺ 9M22 9M23 143% 160 Health 123
Slide 9: COR Details
COR Details Combined Ratio Combined Ratio by Major Branches Cumulative, Net 9M23, Net Loss Ratio Expense Ratio Commission Ratio Accident 1% 6% 39% 46% Loss Ratio 132% Expense Ratio 126% General Losses -20% 56% 12% 48% 12% 11% Commission Ratio 15% 14% 97% 94% 98% F&ND 24% 16% 13% 52% 11% 12% 11% 13%
Slide 10: Investment Income & Total AUM
Investment Income & Total AUM Assets Under Management AUM Breakdown Total Investment Income Million ₺ Million ₺ Investment Inc. Transferred to Eurobond 3% Technical Division +269% 4% 5% Eurobond Net Investment Income FX-Protected Dep. 3% Bank Deposits -FX 11% FX-Protected Dep. +171% +265% Mutual Fun
Slide 11: P&L Analysis
P&L Analysis Summary P&L (million ₺) 9M22 9M23 YoY Technical Income 6,284 19,969 218% Earned Premiums (Net of Reinsurer Share) 4,702 13,826 194% Strong Premium growth & declining URRs on improving loss ratio Investment Income From Non-Technical Division 1,484 5,907 298% Growing investment portfolio
Slide 12: Balance Sheet Growth
Balance Sheet Growth Total Assets Total Reserves Shareholder’s Equity Million ₺ Million ₺ Million ₺ +220% +131% +181% +122% +82% +91% 62,517 27,121 12,240 14,886 28,199 11,748 6,421 19,529 4,362 9M22 2022 9M23 9M22 2022 9M23 9M22 2022 9M23 Türkiye Sigorta| 12
Slide 13: Well-Established Franchise with a Strong Footprint
Well-Established Franchise with a Strong Footprint Headcount Agency Network Bank Branch Broker • Operational since 1957 Network • Market Leader with 13.4% share in total premium production • Rebranded as Türkiye Sigorta post- merger of 3 state-owned non-life 1,577 3,651 4,744 122 insurers QoQ Change
Slide 14: Appendix
Appendix Page 15 Non-Life Main Branch GWP Production Page 16 GWP Production by Major Branches Page 17 Technical Profit by Major Branches Page 18 COR by Major Branches Page 19 Summary Balance Sheet Page 20 Summary Income Statement Türkiye Sigorta| 14
Slide 15: Non-Life Main Branch GWP Production (9M23)
Non-Life Main Branch GWP Production (9M23) Gross Written Premium Market Share Main Branches Branch Share Market Share Sector Ranking (Million ₺) Change (YoY) General Losses 8,822 22.8% 30.5% -4.1 pps 1 Fire and Natural Disasters 8,987 23.2% 21.3% +5.4 pps 1 MTPL 9,383 24.2% 11.5% -1.2 pps 2 MOD 4,95
Slide 16: GWP Production by Major Branches
GWP Production by Major Branches Quarterly GWP Production Cumulative GWP Production Million ₺ Million ₺ Premium Production 3Q22 4Q22 1Q23 2Q23 3Q23 QoQ YoY 9M22 2022 3M23 1H23 9M23 YoY General Losses 982 2,498 3,795 2,632 2,395 -9% 144% 4,837 7,335 3,795 6,426 8,822 82% F&ND 978 1,358 2,477 2,674 3,
Slide 17: Technical Profit by Major Branches
Technical Profit by Major Branches Quarterly Technical Profit* Cumulative Technical Profit* Million ₺ Million ₺ Technical Profit 3Q22 4Q22 1Q23 2Q23 3Q23 QoQ YoY 9M22 2022 3M23 1H23 9M23 YoY General Losses 136 187 213 387 189 -51% 39% 406 593 213 601 789 95% F&ND 236 322 172 725 1,175 62% 397% 413 7
Slide 18: COR by Major Branches
COR by Major Branches Loss Ratio Expense Ratio Commission Ratio Combined Ratio Cumulative Cumulative Cumulative Cumulative Combined Ratio 9M22 2022 9M23 9M22 2022 9M23 9M22 2022 9M23 9M22 2022 9M23 General Losses 51.8% 52.9% 56.2% 14.9% 14.3% 12.2% -13.2% -16.7% -20.2% 53.5% 50.5% 48.2% F&ND 39.8% 3
Slide 19: Summary Balance Sheet
Summary Balance Sheet Balance Sheet, Million ₺ 9M22 9M23 Share (%) YoY Change Cash and Cash Equivalents 6,150 25,072 40% 308% Receivables from Main Operations 3,731 9,119 15% 144% Financial Assets 7,541 22,898 37% 204% Tangible and Intangible Assets 458 806 1% 76% Other Assets 1,648 4,622 7% 180% TO
Slide 20: Summary Income Statement
Summary Income Statement Income Statement, Million ₺ 9M22 9M23 YoY Change Gross Written Premiums 16,106 38,697 140% Technical Balance (Technical Profit) 347 6,360 1735% Earned Premiums (Net of Reinsurer Share) 4,702 13,826 194% Incurred Losses (Net of Reinsurer Share) -4,723 -10,504 122% Other Techn
Slide 21: Disclaimer Notice
Disclaimer Notice This presentation is prepared by Türkiye Sigorta AŞ, based on general ideas and it is subject to change without notice. It is based on information obtained from sources that the company believes to be reliable, but the company does not guarantee the authenticity and completeness of
Slide 22: Visit Our Website / Contact Investor Relations
Visit Our Website https://www.turkiyesigorta.com.tr/en/investor-relations Contact Investor Relations investor.relations@turkiyesigorta.com.tr 22