Aksigorta As · BIST:AKGRT
Aksigorta As — Investor Presentation (April 2025)
35 slides from Aksigorta As's investor presentation, April 2025
Slide 1: Investor Presentation
Investor Presentation April 2025
Slide 2: Content
Hizmete Özel | Kişisel Veri İçermez Content Aksigorta overview Industry drivers Financial Performance Sustainability Appendix 2
Slide 3: Building a resilient and scalable growth model with technical profitability at its core
Building a resilient and scalable growth model with technical profitability at its core Aksigorta’s strategic priorities for sustainable profitability $704.78 ► Drive profitable growth and maintain healthy CAR through capital optimization $191.01 ► Accelerate expansion in high-potential non-motor se
Slide 4: Strategy house
Strategy house Purpose We protect the valuable one together, with new generation solutions for a sustainable life. Strategic Create Customer & Develop New Growth Achieve Excellence Adapt to Future of Contribute to Choices Grow the Core Stakeholder Engines with Technology People and Work Sustainabili
Slide 5: Experience and technology driving sustainable growth
Hizmete Özel | Kişisel Veri İçermez Experience and technology driving sustainable growth Visionary Leadership • CEO Fırat Kuruca brings 19 years of proven industry leadership & • Seasoned executive team with long tenure Dynamic Teamwork • Agile and cross-functional teams Extensive Network • 3,666 ag
Slide 6: Extensive distribution network
Extensive distribution network 694 6,200 800k 3,644 branches ATMs POS machines agencies 18.7b TL GWP 14 .5m 12.5m active customers digital customers 146 brokers Leader 12.7k 6.7b TL in digital banking employees GWP as of 31 December 2024 as of 31 December 2024 6
Slide 7: Strong digital capabilities with ADA
Strong digital capabilities with ADA We target 8.8 million transactions in 2025 by using new technologies. # of Transaction Executed by ADA (million) RPA AI / Generative AI Target 2.2M 209 200 24% YoY 1Q25 Transactions Automated FTE virtual 0,7 processes workforce • Our objectives go beyond mere 8,2
Slide 8: Diversified product portfolio
Diversified product portfolio Motor Non-Motor Health Fire: Specialized property insurance that Motor Third Party Liability (MTPL): Aksağlık Insurance: addresses damages and losses resulting Mandatory insurance that covers damages Offers privileges with 4,000+ contracted from fire incidents. by the i
Slide 9: Strong JV partnership with 60+ years of expertise in Turkish insurance
Hizmete Özel | Kişisel Veri İçermez Strong JV partnership with 60+ years of expertise in Turkish insurance Trust, global insight, and decades of insurance expertise AGESA SABANCI HOLDING AGEAS 2nd largest A unique & well diversified multi-business enterprise Insurance group in Türkiye in Europe and
Slide 10: Board of directors
Board of directors 33% Independent members Hakan Binbaşgil Chairman 33% Female members Ben Karel E. Coumans Emmanuel Van Grimbergen Fatma Dilek Yardım Vice Chairman Member Independent Member Haluk Dinçer Burcu Civelek Yüce Uğur Gülen Member Member Independent Member Mustafa Fırat Kuruca Hüseyin Güre
Slide 11: Executive team
Executive team Mustafa Fırat Kuruca Zeren Zeynep Eröktem Bal Deniz Ceylan General Manager & Board Member AGM AGM Finance Corporate UW & Reinsurance Seydi Kaan Konak Osman Akkoca Mustafa Erdoğan AGM AGM Technology and Operational Excellence AGM Agencies Corporate Sales Tolga Okan Tezbaşaran Selim Avş
Slide 12: Industry drivers
Aksigorta overview Industry drivers Financial Performance Sustainability Appendix 12
Slide 13: Industry dynamics
Industry FINANCIALdynamics SERVICES SBU STRATEGY & ROADMAP Delivering Societal Changing Macro Evolving Customer Needs Prevailing Technology Value Dynamics • Hyper-personalization • Generative AI • Global protection gaps • High interest and inflation • Embedded insurance • Digitalization • Climate ch
Slide 14: Insurance: A core business for agencies and an integral offering in banks
Hizmete Özel | Kişisel Veri İçermez Insurance: A core business for agencies and an integral offering in banks Market GWP* (m TL) Distribution Channels 13% 84% CAGR 52% YoY 32% 58% 703.060 407.011 256.071 187.317 168.732 61.096 79.159 2020 2021 2022 2023 2024 Mar.24 Mar.25 Agency Corporate Bank Motor
Slide 15: Low penetration levels signal growth potential
Hizmete Özel | Kişisel Veri İçermez Low penetration levels signal growth potential Vehicles Vehicles Houses Individuals 31.8M 31.8M 20.0M 85.4M 78% 25% 56% 9% MTPL MOD TCIP Health Insurance Number of vehicles GDP per capita GDP per capita GDP per capita Number of vehicles per person Average vehicle
Slide 16: Financial Performance
Aksigorta overview Industry drivers Financial Performance Sustainability Appendix 16
Slide 17: 1Q25 results aligned with strategic targets
1Q25 results aligned with strategic targets 1Q25 scorecard 8,797m TL 543m TL 1,018m TL 352m TL Gross Written Net Technical Result Financial Income* Net Income Premiums -8% YoY +92% YoY 12% YoY 29% YoY 5,422m TL 14,556m TL 121% 138% Asset Under Total Equity Combined Ratio Capital Adequacy Management
Slide 18: Enhanced capital adequacy and profitability through LoB realignment
Enhanced capital adequacy and profitability through LoB realignment Prioritizing high-margin products for sustainable growth GWP Channel Mix Quarterly GWP, m TL 41% -8% (-10pp YoY) Agency 47% 1Q25 Bank 9,551 9,852 (+9pp YoY) Corporate 8,797 1,624 2,486 7,971 1,067 13% 7,498 (+2ppYoY) 754 2,005 1,758
Slide 19: 135% YoY growth in non-motor drove a healthy 92% rise in technical profit
135% YoY growth in non-motor drove a healthy 92% rise in technical profit Technical Profit (m TL) 135% 92% 888 -42% 543 -27% 378 282 17% 271 158 160 117 Total MTPL MOD Non-Motor Health -527 Includes 100m TL negative impact -621 from the drop in the technical reserve discount rate by 250 bps. 1Q24 1Q
Slide 20: Net combined ratio improvement driven by better loss ratio
Net combined ratio improvement driven by better loss ratio Combined ratio improved across all LoBs Aksigorta Total MTPL MOD Non-Motor 126% 121% Loss Ratio 178 159 68 51 68 45 Commission Ratio 18 18 94% 83% 6 4 6 11 Expense Ratio 17 17 37 20 10 35 10% 11% 28% Combined Ratio 21% 204 96 110 90 181 86 1
Slide 21: 38% YoY growth in Assets under Management
38% YoY growth in Assets under Management Portfolio breakdown, % Government bond fund 4 2 Time deposits 17 18 Sustainability fund Government bond 39 1 38 2 O/N TL 1 3 Corporate bond Dec '24 6 Mar '25 4 Eurobond 4 4 O/N FX 29 30 AuM 13,492m TL 14,556m TL Avg. annualized yield*: 42% 32% Quarterly fina
Slide 22: Financial gains outshining underwriting challenges
Financial gains outshining underwriting challenges Underwriting profit and financial income trend 4,064 2,657 4,370 190 2,917 1,168 931 542 750 709 150 1,406 253 553 1,018 861 908 456 378 -319 -260 -306 -158 -1,216 2019 2020 2021 2022 2023 2024 1Q24 1Q25 Financial Income Underwriting Profit Underwri
Slide 23: Strong earnings momentum
Strong earnings momentum Net profit bridge 1Q24 to 1Q25, m TL 484 -281 92 -77 219 787 50 -204 352 +20* 130 392** 199 18 +100* 273 -226 30 435 1Q24 Net Profit MTPL UWR MOD UWR Non-Motor UWR Health UWR Expenses Net Financial Tax & Donation 1Q25 Net Profit Income * Drop in technical reserve discount ra
Slide 24: Improved capital adequacy
Improved capital adequacy Capital adequacy Dec.22 Dec.23 Jun.24 Dec.24 Mar.25 Main Drivers Required capital 1,971 3,125 3,680 3,344 4,073 Asset risk 551 779 753 356 1,195 Asset size Reinsurance risk 320 828 1,036 1,015 971 Reinsurance portfolio Reserve risk 233 301 387 447 482 Growth UW risk 776 1,0
Slide 25: Ongoing growth in total equity despite dilution by 1Q interest rate volatility
Ongoing growth in total equity despite dilution by 1Q interest rate volatility 1Q25 summary balance sheet Balance Sheet (m TL) 2024 1Q25 ∆ 11% AUM 13,492 14,556 8% 7% Receivables 6,033 9,851 63% Total Assets 25,556 28,276 11% Reserves 12,594 13,052 4% Payables 5,283 6,694 27% 28.276 25.556 Total Equ
Slide 26: 92% growth in operational profitability and 68% growth in pre-tax profit
92% growth in operational profitability and 68% growth in pre-tax profit 1Q25 summary income statement Income Statement (m TL) 1Q24 1Q25 ∆ Gross Written Premiums 9,551 8,797 -8% Net Earned Premiums 2,496 2,601 4% Net Underwriting Result -158 150 n.m. 29% Allocated Financial Income (+) 908 1,018 12%
Slide 27: Historical Financials, m TL
Historical Financials, m TL Gross Written Premiums Underwriting Profit 34.872 553 27.299 253 150 13.563 2019 2020 2021 2022 2023 2024 1Q24 1Q25 9.551 8.797 -319 -260 6.988 -306 -158 4.474 5.272 2019 2020 2021 2022 2023 2024 1Q24 1Q25 -1.216 Asset Under Management Total Equity 14.556 5.422 13.492 5.0
Slide 28: Sustainability
Aksigorta overview Industry drivers Financial Performance Sustainability Appendix 28
Slide 29: Charting a sustainable future
Charting a sustainable future Embracing innovative solutions and forging partnerships for a greener, more sustainable future for generations to come • Pledged 65% reduction in Scope 1 & 2 emissions (2019-2030) KEY MILESTONES • Pledged 40% by 2030 and 100% by 2040 investment portfolio coverage from c
Slide 30: Appendix
Aksigorta overview Industry drivers Financial Performance Sustainability Appendix 30
Slide 31: Turkish non-life insurance market is underpenetrated, offering strong growth potential
Turkish non-life insurance market is underpenetrated, offering strong growth potential Non-life GWP production/GDP in GWP per capita Europe (%, 2023) (USD, 2023) Netherlands 7,2 Netherlands 4.492 Switzerland 4,0 Switzerland 3.998 Germany 3,4 Luxembourg 2.647 France 3,2 Denmark 1.921 Austria 3,2 Irel
Slide 32: 1Q25 headwinds
1Q25 headwinds Inflation & Policy Rate 2 YR Benchmark Bond Yield (%) (%) 50,0 47,5 46,0 45,0 45,0 42,5 47,09 41,9 44,38 42,12 37,4 37,1 39,05 38,1 35,0 34,0 Nov.24 Dec.24 Jan.25 Feb.25 Mar.25 Apr.25 Nov.24 Dec.24 Jan.25 Feb.25 Mar.25 Inflation (YoY) Policy Rate 32
Slide 33: Glossary
Glossary Hizmete Özel | Kişisel Veri İçermez AUM Asset under management refers to the total market value of all financial assets managed and invested by a financial institution. CAGR Compounded annual growth rate Ceded Premiums Premiums transferred to reinsurers to mitigate risk exposure. Combined R
Slide 34: Disclaimer
Disclaimer The information in this presentation has been prepared by Aksigorta 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 as, an offer to
Slide 35: Thank you!
Thank you! Investor Relations +90 216 280 9761 investor.relations@aksigorta.com.tr