Agesa Hayat Ve Emeklilik A.s. · BIST:AGESA
Agesa Hayat Ve Emeklilik A.s — Q3 2023 Earnings Presentation
26 slides from Agesa Hayat Ve Emeklilik A.s's earnings presentation, Nov 8, 2023
Slide 1: Presentation to Investors Q3 2023 Earning Release
Presentation to Investors Q3 2023 Earning Release 8 November 2023 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 (mTL) Stand-Alone Life & PA Total GWP (mTL) RoP & Savings TL APE Total GWP (mTL) (mTL) 2.6X 2.1X 2.512 1.8X 5.184 2.1X 787 2.672 1.518 2.479 369 962 Q3 22 Q3 23 Q3 22 Q3 23 Q3 22 Q3 23 Q3 22 Q3 23 Market Share 11,3% Market Share 12,5% 3.3p
Slide 5: Profitability (mTL)
Profitability (mTL) Management SFRS Net Profit Reporting Net Profit * 1.7X 1.6X 1.055 1.377 669 807 Q3 22 Q3 23 Q3 22 Q3 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 2018 2022 2018-22 Q3 2023 2022-23 102% Leadership among private companies’ Pension and AE AUM Pension AUM (inc AE) 17.3 bTL 75.6 bTL 45% 122.4 bTL Leadership among private companies’ Total Life&PA GWP Total GWP (Life+PA) 565 mTL 3.717 mTL 60% 5.184 mTL 109
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 CAGR Q3 2022 Q3 2023 YoY Q2 2023 Q3 2023 QoQ Credit-Linked Life 417 550 938 1.538 55% 962 2.512 161% 844 883 5% Life RoP & Savings 431 667 967 2.046 68% 1.416 2.504 77% 782 1.036 33% Other Life & Personal Accident 140 115 115 132 -2% 102 1
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) 51,5% 51,4% 48,5% 46,0% 45,4% 44,6% CAGR: 41% 79% 2.444 CAGR: 41% 2018 2019 2020 2021 2022 Q3 2023 1.936 9
Slide 10: Investments: Prudent Though Opportunistic Approach on Investments
… Prudent Though Opportunistic Approach on Investments… Investment and Other Income (TLm) (2) Shareholders’ Asset Portfolio – Q3 2023 (mTL)(1) (2) Total: 3.864 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) 161% 1,4 1,3 1,3 1,1 1,2 1,3 1,2 CAGR: 55% CAGR: 68% 77% 2.504 102%
Slide 14: Pension
Pension (1) Sustainable Growth and Scale Ambitions Pensions AUM including State Contribution (mTL) Private Pension Fund Mix 102% 122.420 CAGR: +45% 75.640 60.578 117.979 43.502 30.473 72.758 23.133 58.367 17.304 42.094 29.414 16.868 22.358 118 2018 2019 2020 2021 2022 Q3 2022 Q3 2023 bTL AE AuM 436
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: +55% 161% CAGR: +68% 2.512 77% 2.504 2.046 1.538 1.538 1.416 938 967 667 550 417 431 2019 2020 2021 2022 Q3 2022 Q3 2023 2019 2
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 Q3 2023 Q3 2023 Q3 2023 Q3 2023 Q3 2023 Q3 197 % PVNBP (m TL) 12,172 36,169 30,474 2,617 2,903 175 163 % VNB (m TL) 574 1,510 672 576 237 25 22,0% 14,2% 8,2% 4,7% New B
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 H1 2023 / H1 2022 YoY Total Premium Growth Rate DSF+Agency * Non-Credit Linked 84% 1.583 mTL (31%) Bancassurance 66% 1.089 mTL (21%) Non-Credit Linked 161% 2.512 mTL (48%) Bancassurance Credit Linked 109% 5.184 mTL (Total Company) (Tot
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 2018 2022 CAGR Q3 2022 Q3 2023 YoY Q2 2023 Q3 2023 QoQ Pension Technical Profit 303 733 25% 513 1.059 106% 312 398 28% Life Technical Profit 277 1.394 49% 907 1.663 83% 450 685 52% Non-Life Technical Profit 62 77 5% 47 87 85% 30 32 5% Total Technical Profit 642 2.1
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) 2018 2019 2020 2021 2022 CAGR Q3 2022 Q3 2023 YoY CAGR: 52% 71% 1.377 IFRS Profit for the Period 214 258 350 541 1.127 52% 807 1.377 71% 1.127 1.055 Equalisation R
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: -2% CAGR: -2% 98% 61 65% 168 59 60 56 55 140 133 115 115 102 31 2019 2020 2021 2022 Q3 2022 Q3 2023 2019 2020 2021 2022 Q3 2022 Q3 2023 Market Share % (in terms of GWP) Market Share Of Age
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