Anadolu Anonim Turk Sigorta Sirketi A.s. · BIST:ANSGR
Anadolu Anonim Turk Sigorta Sirketi A.s — FY2024 Earnings Presentation
25 slides from Anadolu Anonim Turk Sigorta Sirketi A.s's earnings presentation, Feb 10, 2025
Slide 1: 2024 Financial Results Earnings Webcast
2024 Financial Results Earnings Webcast February 10, 2025 Copyright © 2025, Anadolu Sigorta. All rights reserved. Fund Management and Investor Relations Department 1
Slide 2: Content
CONTENT Company & Market Overview _____ 3 Technical Results ______________ 12 Financial Highlights ____________ 17 Copyright © 2025, Anadolu Sigorta. All rights reserved. Fund Management and Investor Relations Department 2
Slide 3: Company & Market Overview
Company & Market Overview Copyright © 2025, Anadolu Sigorta. All rights reserved. Fund Management and Investor Relations Department 3
Slide 4: 2024 Sector Highlights – Going into 2025
2024 Sector Highlights – Going into 2025 Macro: • 2024: A year of tight monetary policy, downtrending inflation (opportunities for real returns) • 2025: Tight monetary stance to prevail; albeit increasingly accommodative Insurance Market: • 2024: Strong real growth; 2024 premium production at TL738b
Slide 5: Non-Life Insurance Market
Non-Life Insurance Market Premium Premium Change (TL mn) Production Production (%) Non-life Insurance Market Shares 2023 2024 Competitor 1 Competitor 1 59.518 101.366 70,3 14% Competitor 2 46.638 82.334 76,5 Other 32% Anadolu 44.228 69.589 57,3 Competitor 2 11% Competitor 3 36.112 61.084 69,2 Compet
Slide 6: Highlights – Anadolu
Highlights – Anadolu Profitability: • Technical profitability increased materially - Claims ratio decreased from 91% to 72,4% • Bancassurance channel’s share in total underwriting increased to above sector average • Improving technical profitability and strong investment income yielded a strong solo
Slide 7: Highlights – Branch Breakdown & Growth Rate
Highlights – Branch Breakdown & Growth Rate OTHER 19% Health Motor Other MOTOR 148% 64% 102% ANSGR 41% 117% 39% 59% TL 69,6 bn HEALTH 18% 2023 2024 2023 2024 2023 2024 FIRE 22% OTHER 20% Health Motor Other 135% MOTOR 117% 45% 98% SECTOR 93% 73% TL 738,6 bn 64% HEALTH 18% FIRE 17% 2023 2024 2023 2024
Slide 8: Premium Production
Premium Production Anadolu Sigorta GWP (TL mn) Non-Life Sector GWP (TL mn) 2023 2024 ΔYoY (%) 2023 2024 ΔYoY (%) MTPL 8.831 13.644 54,5 118.045 219.323 85,8 MOD 11.763 14.994 27,5 84.212 112.591 33,7 Fire and Nat. D. 9.173 14.910 62,5 65.477 122.237 86,7 Health 5.844 12.690 117,1 70.762 136.585 93,0
Slide 9: Market Share & Rank
Market Share & Rank Rank Market Share Market Share BRANCHES 2024 2023 2024 MOD 1 14% 13% Watercraft 1 31% 28% Fire 2 14% 12% Aircraft 2 50% 30% Transportation 2 13% 15% Aircraft Liability 2 34% 25% Accident 2 7% 7% Health 3 8% 9% General Liability 3 10% 11% General Losses 4 7% 6% Financial Losses 4
Slide 10: Net Profit Drivers
Net Profit Drivers Improving Technical Profitability and 5.028 Investment Income Both Drive Stronger Profitability 596 10.878 -3.164 2.508 TL mn 5.909 Net Profit 2023 Underwriting Investment Tax Other Net Profit 2024 Copyright © 2025, Anadolu Sigorta. All rights reserved. Fund Management and Investo
Slide 11: Distribution Channels – Focus on Profitable Bancassurance
Distribution Channels – Focus on Profitable Bancassurance Premium Production – ANSGR Premium Production – Sector 80.000 800.000 Milyonlar -5 70.000 700.000 -6 10% 8% 60.000 600.000 17% +3 14% +2 50.000 500.000 13% 15% 13% +2 400.000 16% 40.000 -1 11% 15% 30.000 13% 300.000 14% 63% 200.000 60% 20.000
Slide 12: Technical Results
Technical Results Copyright © 2025, Anadolu Sigorta. All rights reserved. Fund Management and Investor Relations Department 12
Slide 13: GWP and Technical Earnings: MOD, MTPL
GWP and Technical Earnings GWP (TL mn) Claims Net (TL mn) Combined Ratio +14,6% +8,1% -3,0 4.743 89,8% MOD 1.766 86,8% 4.140 1.634 23Q4 24Q4 23Q4 24Q4 23Q4 24Q4 GWP (TL mn) Claims Net (TL mn) Combined Ratio +59,4% -5,0% -158,1 2.441 4.890 MTPL 2.320 297,2% 3.067 139,1% 23Q4 24Q4 23Q4 24Q4 23Q4 24Q4
Slide 14: GWP and Technical Earnings: Accident, Health
GWP and Technical Earnings GWP (TL mn) Claims Net (TL mn) Combined Ratio +55,9% +70,2% +5,9 Accident 296 461 32,3 66,5% 72,4% 19,0 23Q4 24Q4 23Q4 24Q4 23Q4 24Q4 GWP (TL mn) Claims Net (TL mn) Combined Ratio +91,2% +128,6% +20 4.501 Health 2.570 144,4% 2.354 1.124 124,4% 23Q4 24Q4 23Q4 24Q4 23Q4 24Q4
Slide 15: GWP and Technical Earnings: Fire & Nat. D., General Losses
GWP and Technical Earnings GWP (TL mn) Claims Net (TL mn) Combined Ratio +45,2% 54,4% +24,6 749 4.868 117,3% Fire & Nat. D. 3.353 485 92,7% 23Q4 24Q4 23Q4 24Q4 23Q4 24Q4 GWP (TL mn) Claims Net (TL mn) Combined Ratio +40,6% -25,1% -47 1.386 107,1% General Losses 986 211 158 60,1% 23Q4 24Q4 23Q4 24Q4
Slide 16: Profitability – Combined Ratio Fell to 5 Year-Low
Profitability – Combined Ratio Fell to 5 Year-Low Combined Ratio (%) 2023 2024 Claims Ratio (%) 2023 2024 MOD 84,1 85 MOD 59,7 56,5 MTPL 191,2 131,1 MTPL 159,8 98,7 Fire 119,5 99,6 Fire 83,8 48 Health 112,8 127 Health 84,5 96,1 Accident 71,9 70,6 Accident 17,2 10,2 General Losses 103 78,4 General Lo
Slide 17: Financial Highlights
Financial Highlights Copyright © 2025, Anadolu Sigorta. All rights reserved. Fund Management and Investor Relations Department 17
Slide 18: Growth Performance
Growth Performance Total Assets (TL mn) Tech. Reserves (TL mn) 96.198 51.342 35.982 58.368 20.438 42,7% 64,8% 30.706 16.776 7.774 10.779 12.076 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Assets Under Management (TL mn) Shareholders’ Equity (TL mn) 30.656 55.524 TL5,9bn revaluation gain on Str
Slide 19: Income Statement (TL mn) – FY
Income Statement (TL mn) 2023 2024 P&L 2023 2024 ΔYoY (%) ΔYoY (%) (Cons.) (Cons.) Tech. Income (1) 23.720 41.879 77 23.720 41.879 77 Tech. Expenses -28.161 -43.813 56 -28.161 -43.813 56 Net Financial Inc. + Other Exp. (2) 12.015 16.070 34 12.486 16.731 34 Gross Profit 7.574 14.136 87 8.045 14.798 8
Slide 20: Income Statement (TL mn) – Q4
Income Statement (TL mn) 23Q4 24Q4 P&L 23Q4 24Q4 ΔYoY (%) ΔYoY (%) (Cons.) (Cons.) Tech. Income (1) 6.770 11.605 71 6.770 11.605 71 Tech. Expenses -8.963 -12.889 44 -8.963 -12.889 44 Net Financial Inc. + Other Exp. (2) 2.791 5.161 85 2.951 5.422 84 Gross Profit 598 3.877 548 758 4.138 446 Tax & Defe
Slide 21: Net Income Breakdown (TL mn)
Net Income Breakdown (TL mn) Technical Earnings -1.934 84% Investment Income 16.926 10.878 Amortization & Depreciation -175 Provisions and Other Income -408 5.909 Rediscount -369 Tax -3.164 Net income 10.878 12M23 12M24 Copyright © 2025, Anadolu Sigorta. All rights reserved. Fund Management and Inve
Slide 22: Strong RoE Generation
Strong RoE Generation 100% Given Anadolu’s strong RoE performance, 90% Anadolu Sigorta trades at undemanding P/B 80% valuations both in relative 75,2% and absolutle terms, 70% 64,2% 58,4% 60% 48,5% 50% 40% 36,2% 30% 24,2% 23,9% 24,5% 18,6% 20% 17,4% 10% 0% 2020 2021 2022 2023 2024 ROAE ROAE-Consolid
Slide 23: Investment Portfolio
Investment Portfolio Other 1% Bonds 19% Deposits 34% In 2024: AuM at TL 55,5bn as of year-end. Investment Income TL 16.926 bn Portfolio Return 46,7% Funds Stock 36% 10% ‣TL 49,8 bn at 30.09.2024 ‣TL 32,0 bn at 31.12.2023 Copyright © 2025, Anadolu Sigorta. All rights reserved. Fund Management and Inv
Slide 24: Disclaimer Statement
Disclaimer Statement This presentation contains forward-looking statements and information on the business development of Anadolu Sigorta. These statements may be spoken or written and can be recognized by terms such as “expects”, “anticipates”, “intends”, “plans”, “seeks” or words with similar mean
Slide 25: Thanks
THANKS Copyright © 2025, Anadolu Sigorta. All rights reserved. Fund Management and Investor Relations Department 25
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