Agesa Hayat Ve Emeklilik A.s. · BIST:AGESA
Agesa Hayat Ve Emeklilik A.s — Q1 2022 Earnings Presentation
22 slides from Agesa Hayat Ve Emeklilik A.s's earnings presentation, May 9, 2022
Slide 1: Presentation to Investors Q1 2022 Earning Release
Presentation to Investors Q1 2022 Earning Release 9 May 2022
Slide 2: Key Financial Results
Key Financial Results Şirkete Özel (Internal)
Slide 3: Solid Financial Foundations
Solid Financial Foundations Q1 2022 YoY/Δ Pension AUM (inc AE) 48,7 bTL 62% Leading position in private companies’ Pension and AE AUM Total GWP (Life+PA) 676 mTL 66% Success of strong growing RoP portfolio and credit life product Total Technical Profit 397 mTL 49% Strong growth resulting from high p
Slide 4: Historical Track Record of Value Creation
Historical Track Record of Value Creation A Story of Solid Profitable Growth CAGR YoY Excl. Tax 2017 2018 2019 2020 2021 2017-21 Q1 2021 Q1 2022 2021-22 Rate Change Pension AUM (inc AE) 15.3 bTL 17.3 bTL 23.1 bTL 30.5 bTL 43.5 bTL 30% 30.1 bTL 48.7 bTL 62% Total GWP (Life+PA) 471 mTL 565 mTL 988 mTL
Slide 5: Financials
Financials Şirkete Özel (Internal)
Slide 6: Summary of P&L from Segmental Reporting
Summary of P&L from Segmental Reporting 2017 2018 2019 2020 2021 CAGR Q1 2021 Q1 2022 YoY Pension Technical Profit 207 234 243 283 349 14% 81 115 43% Life Protection Technical Profit 151 214 281 473 765 50% 178 276 55% Life Savings Technical Profit 3 7 5 4 5 12% 1 -1 n/a Personal Accident Technical
Slide 7: Solid and Resilient Technical Profitability with Operating Leverage Potential
Solid and Resilient Technical Profitability with Operating Leverage Potential Technical Profit (mTL)* Expense Ratio (%)* Expense ratio=(Opex-AE Related Expenses-Sales Expenses)/(Opex-AE Related Expenses- Sales Expenses+IFRS Proft Before Tax) 45,0% 43,0% 41,3% 41,2% 38,5% 36,5% CAGR: 31% 33,2% 1.150
Slide 8: 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 In order support our fast growing company strategy and possible opportunities in the market , and to be prudent for the unc
Slide 9: Overview - Business Lines
Overview - Business Lines Şirkete Özel (Internal)
Slide 10: Differentiated Management of Trends & Dynamics per Segment
Differentiated Management of Trends & Dynamics per Segment Pension* Life Protection** Personal Accident AUM – Inc. State contribution (mTL) Gross Written Premium (mTL) Gross Written Premium (mTL) FMC % (inc. State contribution) CAGR: -6% 1,5 1,4 1,3 1,3 1,2 1,3 1,3 CAGR: 49% 62% 82 CAGR: 30% 1.957 7
Slide 11: Pension
Pension (1) Sustainable Growth and Scale Ambitions Pensions AUM including State Contribution (mTL) Technical Profit (mTL) 62% 48.740 CAGR: +30% CAGR: +14% 43.502 349 30.473 283 30.068 234 243 43% 23.133 207 17.304 15.325 115 81 2017 2018 2019 2020 2021 Q1 2021 Q1 2022 2017 2018 2019 2020 2021 Q1 202
Slide 12: Life Protection
Life Protection Sustainable and Resilient Growth Model Fuelled by Multidistribution Channel Structure and Diversified Product Portfolio GWP (mTL) Technical Profit (mTL, %)* CAGR: +49% 1.957 CAGR: +50% 765 473 55% 1.257 68% 896 281 276 651 214 480 178 393 387 151 2017 2018 2019 2020 2021 Q1 2021 Q1 2
Slide 13: Market Consistent Embedded Value Disclosures
Market Consistent Embedded Value Disclosures Şirkete Özel (Internal)
Slide 14: MCEV (mTL)
MCEV (mTL) Proven track record Value Driven Year-on-Year Growth 3,205.1 3.205 40% 15.2% CAGR 1.121,5 49% Life & PA 2,291.8 2.292 34% Life & PA 542,4 11,0 2.035 1.882 20,6 1.662 1.034,5 51% Pension 1.475 863,5 66% Pension 1.204 1.248 145,2 955 176,2 682 740 689,0 893,0 570 441 460 474 FY 2020 FY 2021
Slide 15: Diversified business model supporting value growth
Diversified business model supporting value growth Pension Life Protection Personal Accident Total 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 138 % 61 % 14 % 111 % PVNBP (m TL) 1.027 2.449 528 849 22 25 1.577 3.322 345 % 22 % -45 % 43 % VNB (m TL) 7 32 91 111 3 2 101 144 17,2% 1
Slide 16: Disclaimer
Disclaimer The information in this presentation has been prepared by AgeSA Hayat ve Emeklilik A.Ş. (the “Company” or “AgeSA”) solely for use at a presentation concerning the Company, its proposed listing on the Borsa İstanbul and the proposed offering (the “Offering”) of ordinary shares of the Compa
Slide 17: Thank you
Thank you (AcE)
Slide 18: Appendix
Appendix
Slide 19: Summary of P&L from SFRS Reporting
Summary of P&L from SFRS Reporting 2017 2018 2019 2020 2021 CAGR Q1 2021 Q1 2022 YoY Pension Technical Profit 250 303 321 383 450 16% 114 171 50% Life Technical Profit 211 277 378 574 904 44% 191 287 51% Non-Life Technical Profit 51 62 69 70 62 5% 15 14 -9% Total Technical Profit 512 642 769 1.027 1
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)* 2017 2018 2019 2020 2021 CAGR Q1 2021 Q1 2022 YoY CAGR: 37% 541 IFRS Profit for the Period 153 214 258 350 541 37% 138 261 90% 452 90% Equalisation Reserve write
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
Slide 22: Personal Accident
Personal Accident A Complementary Profit Pool for the Group GWP (mTL) Technical Profit (mTL) CAGR: -6% CAGR: +6% 35 35 82 31 75 69 28 66 24 54 25% -7% 17 21 7 7 2017 2018 2019 2020 2021 Q1 2021 Q1 2022 2017 2018 2019 2020 2021 Q1 2021 Q1 2022 Market Share % (in terms of GWP) Claims & Commission Rati
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