Agesa Hayat Ve Emeklilik A.s. · BIST:AGESA
Agesa Hayat Ve Emeklilik A.s — Q1 2024 Earnings Presentation
21 slides from Agesa Hayat Ve Emeklilik A.s's earnings presentation, May 8, 2024
Slide 1: Presentation to Investors Q1 2024
Presentation to Investors Q1 2024 Earning Release 8 May 2024 Şirkete Özel
Slide 2: Summary and Outlook
Summary and Outlook AgeSA strengthened its leadership in both Pension AuM and Life & PA AgeSA’s net profit grew significantly due to robust technical profits premium production thanks to significant growth across all channels and from all business lines and financial income despite inflationary prod
Slide 3: 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) 2.1X 2.1X 1.682 2.1X 3.218 2.6X 1.536 668 785 743 1.528 256 Q1 23 Q1 24 Q1 23 Q1 24 Q1 23 Q1 24 Q1 23 Q1 24 Market Share 15,2% Market Share 14,5% 3,9pp
Slide 4: Profitability (mTL)
Profitability (mTL) Management SFRS Net Profit Reporting Net Profit* 3.6X 3.2X 885 691 243 215 Q1 23 Q1 24 Q1 23 Q1 24 Şirkete Özel * Management Reporting: IFRS Financials excluding inflation accounting effect 4
Slide 5: A Story of Solid Profitable Growth
A Story of Solid Profitable Growth CAGR YoY 2019 2023 2019-23 Q1 2024 2023-24 112% Leadership in total market in terms of Pension and AE AUM Pension AUM (inc AE) 23.1 bTL 141.5 bTL 57% 171.7 bTL Leadership in total market in terms of Total Life&PA GWP Total GWP (Life+PA) 988 mTL 7.484 mTL 66% 3.218
Slide 6: Financials
Financials Şirkete Özel
Slide 7: Summary P&L from Segmental Reporting
Summary P&L from Segmental Reporting (1) 2019 2020 2021 2022 2023 CAGR Q1 2023 Q1 2024 YoY Credit-Linked Life 417 550 938 1.538 3.560 71% 785 1.682 114% Life RoP & Savings 431 667 967 2.046 3.718 71% 670 1.392 108% Other Life & Personal Accident 140 115 115 132 206 10% 73 143 96% Solid IFRS Reportin
Slide 8: 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% 47,0% 45,4% 42,2% CAGR: 60% 3.728 CAGR: 61% 128% 2019 2020 2021 2022 2023 Q1 2024 2.351
Slide 9: Investments: Prudent Though Opportunistic Approach
… Prudent Though Opportunistic Approach on Investments… Investment and Other Income (TLm) (2) Shareholders’ Asset Portfolio – Q1 2024 (mTL)(1) (2) Total: 5.873 mTL Source: Company information. Management Reporting: IFRS Financials excluding inflation accounting effect, unaudited results Şirkete Özel
Slide 10: Overview - Business Lines
Overview - Business Lines Şirkete Özel
Slide 11: 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 1,2 1,3 CAGR: 71% CAGR: 71% 3.560 3.718 112% CAG
Slide 12: Pension
Pension (1) Sustainable Growth and Scale Ambitions Pensions AUM including State Contribution (mTL) Private Pension Fund Mix 112% 171.685 CAGR: +57% 141.528 75.640 80.968 166.047 136.681 43.502 30.473 78.005 23.133 72.758 42.094 22.358 29.414 166 2019 2020 2021 2022 2023 Q1 2023 Q1 2024 bTL AE AuM 77
Slide 13: 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% 3.560 3.718 114% 108% 2.046 1.538 1.682 1.392 938 967 785 550 667 670 417 431 2019 2020 2021 2022 2023 Q1 2023
Slide 14: Solvency II Value of New Business
Solvency II Value of New Business Şirkete Özel
Slide 15: Diversified business model supporting value growth
Diversified business model supporting value growth Solvency II w/RW Pension Credit-linked Life ROP&Savings Other Life&PA Total 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 76 % 123 % 219 % 88 % 90 % PVNBP (m TL) 10.534 18.564 808 1.802 919 2.935 74 139 12.335 23.44
Slide 16: 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 17: Thank you
Thank you Şirkete Özel
Slide 18: Appendix
Appendix Şirkete Özel
Slide 19: Summary of P&L from SFRS Reporting
Summary of P&L from SFRS Reporting 2019 2023 CAGR Q1 2023 Q1 2024 YoY Pension Technical Profit 321 1.521 48% 350 852 144% Life Technical Profit 378 2.520 61% 527 952 81% Non-Life Technical Profit 69 125 16% 25 34 37% Total Technical Profit 769 4.166 53% 902 1.838 104% Total Expenses (Including Commi
Slide 20: 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 Q1 2023 Q1 2024 YoY CAGR: 66% 1.944 IFRS Profit for the Period 258 350 541 1.127 1.944 66% 243 885 264% Equalisation Reserve write- 1
Slide 21: 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
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