Turkiye Sigorta A.s. · BIST:TURSG
Turkiye Sigorta A.s — Investor Presentation (July 2026)
51 slides from Turkiye Sigorta A.s's investor presentation, Jul 20, 2026
Slide 1: Investor Presentation
Investor Presentation Date: July 20, 2026 Prepared by : Türkiye Sigorta Investor Relations
Slide 2: Disclaimer
Disclaimer This presentation is prepared by Türkiye Sigorta A.Ş., 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 info
Slide 3: Agenda
1. Türkiye Sigorta at a Glance: The Sector Leader with 15% Market Share 2. Turkish Insurance Market 3. Türkiye Sigorta’s Investment Case 4. ESG and Digital Leadership 5. Key Takeaways 6. Appendix
Slide 4: Türkiye's Leading & Largest Insurance Company: An Overview
Türkiye’s Leading & Largest Insurance Company: An Overview 1 MARKET LEADERSHIP & EXPERTISE • Largest and leading insurance company in Türkiye with growing market share, robust capital foundation and strong insurance sector expertise and heritage since 1957 STRATEGIC MERGER & FOUNDATION • Named a
Slide 5: Shareholding Structure
Shareholding Structure 1 MARKET CAPITALIZATION** Other 23.9% TL 131 bn 45% Foreign (USD 2.8 bn) % %* Domestic 55% P/E 76.1% TWF Finansal 6.15x Yatırımlar AŞ Shareholders Share in Capital (TL mn) Ratio in Capital (%) P/BV 2.31x TWF Finansal Yatırımlar AŞ 15,220 76.1 Other 4,780 23.9 TOTAL 20,000 100
Slide 6: Board of Directors and Governance
Board of Directors and Governance 1 Board of Directors Key Governance Highlights Member Duty Experience Since Board Composition Board Committees Chairman Aziz Murat Uluğ 30+ years 31/03/2021 (Non-Executive) Taha Çakmak Vice Chairman (Executive) 20+ years 03/08/2023 7 Audit Committee 3 members Member
Slide 7: Senior Management
Senior Management 1 Mahmut Melike Nur Çağrı Dr. Doğan Başar Subutay Çelik Çınar Akpınar EVP - HR, Strategy Head of Internal EVP - Actuary EVP - Technic Systems 20+ years experience in 25+ years experience 15+ years experience 15+ years experience finance in banking in insurance in insurance
Slide 8: Türkiye Sigorta at a Glance: 1H26 in USD terms
Türkiye Sigorta at a Glance: 1H26 in USD terms 1 Real Growth Sustainable Profitability Robust Investment Results Premium Premium Growth Net Income NI Growth AuM* AuM Growth USD2.1bn 9% USD302mn 21% USD1.9bn 8% Market Cap**** Combined Ratio ROAA** AuM Yield ROAE*** USD2.8bn 88% 16% 35% 48% Mobile App
Slide 9: Türkiye Sigorta at a Glance: 1H26 in TL terms
Türkiye Sigorta at a Glance: 1H26 in TL terms 1 Real Growth Sustainable Profitability Robust Investment Results Premium Premium Growth Net Income NI Growth AuM* AuM Growth TL94.2bn 30% TL13.5bn 44% TL88.4bn 26% Market Cap**** Combined Ratio ROAA** AuM Yield ROAE*** TL131bn 88% 15% 35% 48% Mobile App
Slide 10: Türkiye Sigorta at a Glance
1. Türkiye Sigorta at a Glance: The Sector Leader with 15% Market Share 2. Turkish Insurance Market 3. Türkiye Sigorta’s Investment Case 4. ESG and Digital Leadership 5. Key Takeaways 6. Appendix
Slide 11: Underpenetrated Market with High Growth Potential
Underpenetrated Market with High Growth Potential 2 Turkish insurance sector is underpenetrated and holds significant growth potential compared to international insurance firms In 1Q26, the sector’s growth outpaced GDP growth Low penetration but robust financial stance in insurance sector Growth pot
Slide 12: Türkiye's Insurance Market Expected to Continue Outpacing Global Peers
Türkiye’s Insurance Market Expected to Continue Outpacing Global Peers 2 Premium (bn €) – 2015 Premium (bn €) – 2025 Premium (bn €) – 2036e Market Growth 2015 – 2036e 610 2,439 5,340 42.1 91 746 1,628 17.9 66 408 588 11.5 66 339 442 10.8 62 266 391 9.8 62 249 379 8.9 49 176 372 8.9 40 176 359 8.8 34
Slide 13: Turkish Insurance Market
1. Türkiye Sigorta at a Glance: The Sector Leader with 15% Market Share 2. Turkish Insurance Market 3. Türkiye Sigorta’s Investment Case 4. ESG and Digital Leadership 5. Key Takeaways 6. Appendix
Slide 14: Why Türkiye Sigorta Outperforms
Why Türkiye Sigorta Outperforms 3 1H26 1Q26 Ranking Firm Market Share Net Income Combined Ratio GWP (TL mn) Firm ROAE (%) ROAA (%) (%) (TL mn) (%) 1 94,213 15 6,430 48 15 90 2 Allianz 76,033 12 Allianz 4,817 37 11 107 3 Axa 54,418 9 Anadolu 3,842 37 11 115 4 Anadolu 54,190 9 Axa 2,338 36 8 103 5 Som
Slide 15: Growing Turkish Non-Life Insurance Market
Growing Turkish Non-Life Insurance Market 3 Sustainable Underwriting Performance Attractive Returns Loss Ratio Commission Ratio Expense Ratio Combined Ratio Net Income (TL bn) 1Q26 2025 2024 ROAE 100% 1Q26 1Q26 67 6.4 2025 71 90% 19.4 48% 2024 77 12.7 1Q26 84 4.8 Allianz 2025 79 107% 17.2 37% 2024 8
Slide 16: 15% Market Share, TL 18 bn Lead Over The #2 Player (1H26)
15% Market Share, TL 18 bn Lead Over The #2 Player (1H26) 3 Insurance Companies: 68 Sector Premium Production Türkiye Sigorta #1 in sector • 45 Non-life • TL 629 bn • Top 5: 49% of sector • 19 life/pension • USD 14 bn • Top 10: 67% of sector • 4 reinsurance Market Share & Portfolio Breakdown as of 1
Slide 17: Unique Scale Advantage
Unique Scale Advantage 3 2025 1H26 1Q26 GWP Share in Sector Market GWP Share in Sector Market Combined Ratio Main Segments yoy yoy (TL bn) total Ranking Share (TL bn) total Ranking Share Sector TS TOTAL 147.1 100% 45% 14% 94.2 100% 30% 15% 113% 90% General Losses 43.1 29% 55% #1 38% 32.6 35% 49% #1
Slide 18: Robust Market Presence
Robust Market Presence 3 Market Share Ranking Segments 2022 2023 2024 2025 1H26 2022 2023 2024 2025 1H26 TOTAL 12% 14% 14% 14% 15% #1 #1 #1 #1 #1 General Losses 33% 32% 37% 38% 39% #1 #1 #1 #1 #1 Fire & Natural Disaster (F&ND) 15% 19% 21% 21% 23% #2 #1 #1 #1 #1 Accident 32% 36% 29% 26% 27% #1 #1 #1
Slide 19: Strong and Consistent Performance in Premium Production and Market Share
Strong and Consistent Performance in Premium Production and Market Share 3 Türkiye Sigorta has reflected sustained business momentum across all quarters since 2021 Market Share (%) 15.8 15.5 15.8 15.2 15.2 14.8 13.8 13.8 13.9 14.0 13.5 13.5 13.9 14.0 13.2 13.0 13.4 12.0 12.2 12.1 11.6 10.0 53.8 Prem
Slide 20: Unique Portfolio Breakdown
Unique Portfolio Breakdown 3 Sector 4% 7% 7% 7% 7% 7% 7% Other 8% 8% Other 9% 8% 7% 7% 4% 4% 2% 2% 2% 2% Accident 6% 5% 4% Accident 2% 3% F&ND 13% 16% 16% 15% 15% 17% F&ND 16% 21% 23% 24% 25% 25% General Losses 11% 10% 11% 11% 13% 10% 24% Health 15% 16% General Losses 29% 18% 20% 29% 22% 27% 23% 30%
Slide 21: Unique Distribution Model
Unique Distribution Model 3 Sector Direct 10% Direct 8% 7% 8% 8% 9% 11% 11% 16% 16% 18% 18% Agency 34% 34% 27% 26% 24% 23% 60% 60% 60% 58% Agency 62% 56% 45% 44% 44% 47% Bank 48% 46% 14% 13% 13% 13% 14% Bank 12% Broker & 19% 19% 19% 20% 19% 18% Broker & 12% 14% 14% 12% other 7% 9% other 2022 2023 20
Slide 22: Overall Leadership: Strong Growth in the Health Segment
Overall Leadership: Strong Growth in the Health Segment 3 Total Premium Production (TL bn) Health Premium Production (TL bn) 2022 2023 2024 2025 +45% +51% +40% 147 +41% +48% 75 115 +43% 101 98 +46% 50 82 90 +115% +58% +67% 70 61 60 51 27 30 47 44 21 20 20 36 35 18 25 22 24 17 11 13 9 13 11 10 17 5 1
Slide 23: Robust Annual Track Record
Robust Annual Track Record 3 Our combined ratio advantage is structural, not temporary Our portfolio composition insulates us from macro or tariff pressures GWP Production (TL bn) Total Technical Income (TL bn) TS Sector 1,200 200 160 155 50 1,044 140 1,000 40 150 120 800 739 147 100 84 30 600 100 8
Slide 24: Our 1st Engine: Underwriting Performance
Our 1st Engine: Underwriting Performance 3 Combined Ratio Below 100% for 10 Consecutive Quarters Structural Drivers: 2022 → 2023 (-24pp): 114% 113% 112% 111% 111% 112% 110% 111% 112% - Reinsurance capacity expansion post-earthquake 100% - Claims process digitalization (fraud detection) 98% 99% 99%
Slide 25: Sustainable Profitability Performance
Sustainable Profitability Performance 3 Technically Profitable in Main Segments Attractive Returns on Equity Technical Income by Main Segments (TL mn) TS ROAE (%) Inflation (%) Sector ROAE (%) 22,696 Non-motor 64 65 17,260 58 Health 16,451 57 Motor 48 48 56 45 7,905 44 43 20 31 32 503 18 2022 2023 2
Slide 26: Deep Dive: Combined Ratio Improvement
Deep Dive: Combined Ratio Improvement 3 NON-MOTOR HEALTH MOTOR 1H25 1H26 General Los. F&ND Accident MTPL MOD 114 136 Loss Ratio 90 94 104 74 66 58 66 (%) 37 17 11 0.1 0.5 * Commission Ratio (%) 20 21 40 43 12 11 8 7 9 9 15 12 -15 -2 Expense Ratio (%) 12 12 13 11 14 13 16 21 11 12 7 7 9 8 152 120 Com
Slide 27: Deep Dive: MTPL & Health Combined Ratio
Deep Dive: MTPL & Health Combined Ratio 3 MTPL Combined & Loss Ratio Health Combined & Loss Ratio 250 242% 120 200 193% 200 190 190 110 180 180 170 170 100 200 160 160 218% 181% 174% 90 150 150 163% 140 143% 140 153% 152% 80 130 130 143% 109% 107% 113% 113%120 150 156% 70 120 109% 120% 110 103% 110
Slide 28: Deep Dive: Overall Combined Ratio (Excl. MTPL) & General Losses
Deep Dive: Overall Combined Ratio (Excl. MTPL) & General Losses 3 General Losses: Strongest Muscle of Türkiye Sigorta Total Combined Ratio (Excl. MTPL) Best in Class Once in a decade 150 agricultural frost 150 250 180 140 140 160 130 130 200 114% Due to agricultural 120 120 140 frost event in Q1 & Q
Slide 29: Our 2nd Engine: AuM Performance
Our 2nd Engine: AuM Performance 3 • Defensively positioned for disinflation • CBRT policy rate declined from 46% to 37%, while CPI moderated from 35% to 32% between 1H25 and 1H26 • Asset allocation shifted towards TL government securities, increasing from 34% in 1H25 to 42% in 1H26 Net Investment In
Slide 30: Stock Performance
Stock Performance 3 Share Price and Volume Trend Outperforms both BIST100 and sector indices 5,000 2026 Average Volume: TL 585 mn 10 80% TURSG BIST50 BIST100 XSGRT 50% 36% 35% 32% 4,500 9 70% July 17, 2026 Closing Price: TL 6.56 4,000 8 60% 3,500 7 50% 3,000 6 40% 2,500 5 30% 2,000 4 20% 1,500 3 10%
Slide 31: Türkiye Sigorta's Investment Case
1. Türkiye Sigorta at a Glance: The Sector Leader with 15% Market Share 2. Turkish Insurance Market 3. Türkiye Sigorta’s Investment Case 4. ESG and Digital Leadership 5. Key Takeaways 6. Appendix
Slide 32: ESG Initiatives Driving Operational Efficiency & Financial Returns
ESG Initiatives Driving Operational Efficiency & Financial Returns 4 SUMMARY of ACTIONS INDICES & ESG RATINGS INITIATIVE IMPACT METRIC AI-powered claims (Bilge) Faster processing > Expense ratio reduction Scoring Range Scoring Range Scoring Range Scoring Range 0-100 0-100 0-5 0-40+ Lower Digital dis
Slide 33: ESG Performance Indicators
ESG Performance Indicators 4 ENVIRONMENTAL INDICATORS SOCIAL INDICATORS GOVERNANCE INDICATORS (tCO2e) INDICATOR 2024 2025 Evaluation INDICATOR 2024 2025 Evaluation INDICATOR 2024 2025 Evaluation Women Women in Total Emissions 54 54 6,227 449,020 * Employee Rate (%) Board of 14 14 (Scope 1+2+3) Direc
Slide 34: AI Transformation of Key Processes in Türkiye Sigorta
AI Transformation of Key Processes in Türkiye Sigorta 4 II. 2026 AI Globee Awards Silver Globee – AI Financial Bronze Globee – Most Innovative AI- Bronze Globee – Most Innovative Use Management Achievement Powered Customer Experience Solution of AI in Business Operations IDC CIO Awards AI Assistant
Slide 35: ESG and Digital Leadership
1. Türkiye Sigorta at a Glance: The Sector Leader with 15% Market Share 2. Turkish Insurance Market 3. Türkiye Sigorta’s Investment Case 4. ESG and Digital Leadership 5. Key Takeaways 6. Appendix
Slide 36: Türkiye Sigorta: Delivering Differentiated Value Through All Cycles
Türkiye Sigorta: Delivering Differentiated Value Through All Cycles 5 Consistently Delivered on All Commitments • All above expectations: Net Income, ROE, Growth, Capital Adequacy Ratio, Combined Ratio • Combined ratio: below 100% since 2024 (vs. sector 113% as of 1Q26) • Superior results: Technical
Slide 37: Appendix
1. Türkiye Sigorta at a Glance: The Sector Leader with 15% Market Share 2. Turkish Insurance Market 3. Türkiye Sigorta’s Investment Case 4. ESG and Digital Leadership 5. Key Takeaways 6. Appendix
Slide 38: Türkiye Sigorta at a Glance: 2025 in USD terms
Türkiye Sigorta at a Glance: 2025 in USD terms 6 Real Growth Sustainable Profitability Robust Investment Results Premium Premium Growth Net Income NI Growth AuM* AuM Growth USD3.7bn 21% USD0.5bn 27% USD1.9bn 24% Market Cap**** Combined Ratio ROAA** AuM Yield ROAE*** USD2.8bn 97% 15% 40% 49% Mobile A
Slide 39: 14% Market Share, TL32 bn Lead Over The #2 Player (2025)
14% Market Share, TL32 bn Lead Over The #2 Player (2025) 6 Insurance Companies: 68 Sector Premium Production Türkiye Sigorta #1 in sector • 45 Non-life • TL1,044 bn • Top 5: 48% of sector • 19 life/pension • USD26 bn • Top 10: 67% of sector • 4 reinsurance Market Share & Portfolio Breakdown as of 20
Slide 40: Appendix: USD
Appendix: USD 6 Income Statement (USD mn) 2023 2024 2025 1H25 1H26 YoY Non-life Technical Income 1,257 1,813 2,055 1,056 1,155 9% Earned Premiums 853 1,290 1,517 740 883 19% Written Premiums (Net of Reinsurer Share) 1,424 1,469 1,861 899 964 7% Written Premiums (Gross) 2,507 3,091 3,727 1,944 2,119
Slide 41: Appendix: USD
Appendix: USD 6 Summary Balance Sheet (USD mn) 2023 2024 2025 1H25 1H26 YoY Cash and Cash Equivalents 1,073 716 260 432 277 -36% Banks 944 585 126 312 127 -59% Financial Assets 746 975 2,018 1,702 2,109 24% Receivables from Main Operations 385 540 734 816 1,116 37% Tangible and Intangible Assets 52
Slide 42: Appendix: USD
Appendix: USD 6 Quarterly GWP Production (USD mn) Cumulative GWP Production (USD mn) Premium Production 2Q25 3Q25 4Q25 1Q26 2Q26 qoq 6M25 9M25 2025 3M26 6M26 yoy General Losses 242 173 336 485 253 -48% 586 751 1,093 485 734 25% F&ND 207 191 191 284 230 -19% 489 676 864 284 513 5% Non-motor Accident
Slide 43: Appendix: USD
Appendix: USD 6 Quarterly Total Technical Income (USD mn) Cumulative Total Technical Income (USD mn) Total Technical Income 2Q25 3Q25 4Q25 1Q26 2Q26 qoq 6M25 9M25 2025 3M26 6M26 yoy General Losses 3 3 4 53 59 11% 22 24 28 53 112 401% F&ND 77 70 56 48 82 71% 126 196 251 48 131 4% Non-motor Accident 3
Slide 44: Appendix: TL
Appendix: TL 6 Income Statement (TL mn) 2023 2024 2025 1H25 1H26 YoY Non-life Technical Income 29,850 59,460 81,116 39,473 51,342 30% Earned Premiums 20,258 42,317 59,892 27,660 39,249 42% Written Premiums (Net of Reinsurer Share) 33,801 48,170 73,470 33,594 42,885 28% Written Premiums (Gross) 59,51
Slide 45: Appendix: TL
Appendix: TL 6 Summary Balance Sheet (TL mn) 2023 2024 2025 1H25 1H26 YoY Cash and Cash Equivalents 31,547 25,228 11,163 17,159 12,918 -25% Banks 27,744 20,602 5,420 12,418 5,930 -52% Financial Assets 21,924 34,327 86,507 67,639 98,173 45% Receivables from Main Operations 11,330 19,005 31,482 32,433
Slide 46: Appendix: TL
Appendix: TL 6 Quarterly GWP Production (TL mn) Cumulative GWP Production (TL mn) Premium Production 2Q25 3Q25 4Q25 1Q26 2Q26 qoq 6M25 9M25 2025 3M26 6M26 yoy General Losses 9,348 7,036 14,189 21,132 11,501 -46% 21,921 28,957 43,146 21,132 32,633 49% F&ND 8,017 7,781 8,057 12,369 10,448 -16% 18,276
Slide 47: Appendix: TL
Appendix: TL 6 Quarterly Total Technical Income (TL mn) Cumulative Total Technical Income (TL mn) Total Technical Income 2Q25 3Q25 4Q25 1Q26 2Q26 qoq 6M25 9M25 2025 3M26 6M26 yoy General Losses 122 107 169 2,304 2,657 15% 833 939 1,108 2,304 4,960 495% F&ND 2,991 2,832 2,357 2,092 3,726 78% 4,705 7,
Slide 48: Appendix
Appendix 6 Net Loss Ratio Net Expense Ratio Net Commission Ratio Net Combined Ratio (Cumulative) (Cumulative) (Cumulative) (Cumulative) Segments 6M25 2025 6M26 6M25 2025 6M26 6M25 2025 6M26 6M25 2025 6M26 General Losses 114% 95% 37% 13% 17% 11% -15% -18% -2% 112% 95% 46% Non-motor F&ND 11% 11% 17% 1
Slide 49: Glossary and Abbreviation
Glossary and Abbreviation AuM: Assets under management refers to the total market value of all financial assets that a financial institution manages and invests AuM Yield: Annualised net investment income (including investment income transferred to technical division)/average AuM (calculated with cu
Slide 50: Investor Kit
For the most recent earnings reports and notes INVESTOR KIT For further information: investor.relations@turkiyesigorta.com.tr Name Responsibility E-mail Phone Şahika Balbay Demiroğlu Director sahika.demiroglu@turkiyesigorta.com.tr +90 (212) 800 86 89 Recep Şahin Manager recep.sahin@turkiyesigorta.co
Slide 51: Sizin
Sizin Kiymetinizi billiyoruz ; S sizioldugunuz gibi *” J (eyes Turki lider sigorta sikat olarak D kabullenmek Tipki bir Biz Sigortaciligin Mill Takimiyrz. yenilikei i g uven i, SS edie il Retamacicin ties tome caret a neye alle gelistiriyor ve bu gelisimi © deger oldugunu si Pernt her clance leger o
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