Turkiye Sigorta A.s. · BIST:TURSG
Turkiye Sigorta A.s — H1 2026 Earnings Presentation
31 slides from Turkiye Sigorta A.s's earnings presentation, Jul 20, 2026
Slide 1: Earnings Presentation 2Q26 & 1H26
Earnings Presentation 2Q26 & 1H26 Release date: July 20, 2026 Prepared by: Türkiye Sigorta Investor Relations
Slide 2: Disclaimer
Disclaimer This presentation is prepared by Türkiye Sigorta A.Ş., based on general ideas and it is subject to change without notice. It is based on information obtained from sources that the Company believes to be reliable, but the Company does not guarantee the authenticity and completeness of info
Slide 3: Agenda
1. 1H26 Key Takeaways 2. 1H26 Performance Overview 3. Premium Production 4. Financial Results 5. Appendix
Slide 4: 1H26 Key Takeaways: Record 1H26 – An Underwriting-Led Beat
1H26 Key Takeaways: Record 1H26 – An Underwriting-Led Beat 1 Resilient & Scalable Growth: Real growth and profitability in both TL and USD terms 2Q26 net income TL 7 bn (+46% yoy) beat consensus by 15% Combined ratio 88% beat consensus by 400 bps (consensus average: 92%) 1 Record Profitability Ahead
Slide 5: Value Creation Beyond Currency: Real Returns in USD
Value Creation Beyond Currency: Real Returns in USD 1 Metric 1H25 1H26 YoY TL Equivalent (1H26) Gross Written Premiums USD 1.9 bn USD 2.1 bn 9% TL 94.2 bn (+30%) Net Income USD 250 mn USD 302 mn 21% TL 13.5 bn (+44%) Total Equity USD 0.9 bn USD 1.3 bn 43% TL 61.1 bn (+67%) Total Assets USD 3.5 bn US
Slide 6: 1H26 Performance Overview
1. 1H26 Key Takeaways 2. 1H26 Performance Overview 3. Premium Production 4. Financial Results 5. Appendix
Slide 7: Financial and Operating Highlights – 1H26 (USD-Based)
Financial and Operating Highlights – 1H26 (USD-Based) 2 OPERATIONAL PERFORMANCE FINANCIAL STRENGTH & GROWTH STRONG MOMENTUM IN CAPITAL Premium Production up 9% Net Income up 21% Equity up 43% yoy yoy yoy USD 2.1 bn USD 302 mn USD 1.3 bn Core Technical Income* up 161% AuM Size** up 8% CAR above legal
Slide 8: Financial and Operating Highlights – 1H26 (TL-Based)
Financial and Operating Highlights – 1H26 (TL-Based) 2 OPERATIONAL PERFORMANCE FINANCIAL STRENGTH & GROWTH STRONG MOMENTUM IN CAPITAL Premium Production up 30% Net Income up 44% Equity up 67% yoy yoy yoy TL 94.2 bn TL 13.5 bn TL 61.1 bn Core Technical Income* up 211% AuM Size** up 26% CAR above lega
Slide 9: Performance Snapshot in a Nutshell
Performance Snapshot in a Nutshell 2 GWP Production (TL mn) Net Income (TL mn) Combined Ratio Sustainable Growth Robust Sustained <100% 100% +30% +29% +44% +46% 97% • Below sector 88% average 94,213 40,407 13,451 7,021 72,679 31,277 • Below 100% for 9,334 4,811 10 consecutive quarters • Below consen
Slide 10: Excellence Continues: Underwriting and Combined Ratio Discipline
Excellence Continues: Underwriting and Combined Ratio Discipline 2 • The 97% combined ratio in 1H25 reflected the impact of a once-in-a-decade frost event. In 1H26, the absence of a similar event, normalization in General Losses and continued discipline in Motor segments delivered a 9-point yoy impr
Slide 11: Premium Production
1. 1H26 Key Takeaways 2. 1H26 Performance Overview 3. Premium Production 4. Financial Results 5. Appendix
Slide 12: 15% Market Share, TL 18 bn Lead Over The #2 Player (1H26)
15% Market Share, TL 18 bn Lead Over The #2 Player (1H26) 3 Insurance Companies: 68 Sector Premium Production Türkiye Sigorta #1 in sector • 45 Non-life • TL 629 bn • Top 5: 49% of sector • 19 Life/Pension • USD 14 bn • Top 10: 67% of sector • 4 Reinsurance Market Share & Portfolio Breakdown as of 1
Slide 13: Market Leadership with Margin-Accretive Growth
Market Leadership with Margin-Accretive Growth 3 Türkiye Sigorta Türkiye Sigorta Sector 1H25 1H26 1H26 1H26 GWP Share in GWP Share in yoy Sector Market GWP Share in yoy Main Segments (TL bn) total (TL bn) total change Ranking Share (TL bn) total change TOTAL 72.7 100% 94.2 100% 30% 15% 629.0 100% 26
Slide 14: Financial Results
1. 1H26 Key Takeaways 2. 1H26 Performance Overview 3. Premium Production 4. Financial Results 5. Appendix
Slide 15: Record Earnings with Solid Capital Adequacy
Record Earnings with Solid Capital Adequacy 4 Pre-tax profit +47% qoq, effective tax normalization from 8% (1Q) to 31% (2Q); blended 27% Capital Adequacy Ratio (CAR) Net Income Min. CAR for Dividend Distribution: 135% TL bn 7.0 Min. CAR for Legal Requirements: 115% 6.4 213% 194% 5.0 5.1 4.8 4.5 1H26
Slide 16: Earnings Mix: Underwriting-Led Earnings Anchored by a Defensive Investment Book
Earnings Mix: Underwriting-Led Earnings Anchored by a Defensive Investment Book 4 27,660 1H25 (TL mn) 12,858 9,334 • Gross premium production increased -16,010 -3,291 -926 by 30% yoy, exceeding insurance -4,475 inflation of 16% -6,483 • Net income increased by 44% yoy, supported by strong technical
Slide 17: Total Technical Income: +33% yoy
Total Technical Income: +33% yoy 4 Main segments TL mn 996 183 1,114 48 4,127 -2 16,451 -2,397 • General Losses: Drove the swing (frost- 12,382 base) • Motor: Margins tightening, MTPL is improving but still generating technical loss • Health: - Price inflation was well below cost inflation, - The nu
Slide 18: Underwriting: 88% vs. Sector 113%
Underwriting: 88% vs. Sector 113%* 4 NON-MOTOR HEALTH MOTOR 1H25 1H26 General Los. F&ND Accident MTPL MOD 114 136 Loss Ratio 90 94 104 74 66 58 66 (%) 37 11 17 0.1 0.5 ** Commission Ratio (%) 20 21 40 43 12 11 8 7 9 9 15 12 -15 -2 Expense Ratio (%) 12 12 13 11 14 13 16 21 11 12 7 7 9 8 152 120 Combi
Slide 19: AuM and Investment Overview
AuM and Investment Overview 4 • Defensively positioned for disinflation • CBRT policy rate declined from 46% to 37%, while CPI moderated from 35% to 32% between 1H25 and 1H26 • Asset allocation shifted towards TL government securities, increasing from 34% in 1H25 to 42% in 1H26 Net Investment Income
Slide 20: Appendix
1. 1H26 Key Takeaways 2. 1H26 Performance Overview 3. Premium Production 4. Financial Results 5. Appendix
Slide 21: Appendix: USD Income Statement
Appendix: USD 5 Income Statement (USD mn) 2023 2024 2025 1H25 1H26 YoY Non-life Technical Income 1,257 1,813 2,055 1,056 1,155 9% Earned Premiums 853 1,290 1,517 740 883 19% Written Premiums (Net of Reinsurer Share) 1,424 1,469 1,861 899 964 7% Written Premiums (Gross) 2,507 3,091 3,727 1,944 2,119
Slide 22: Appendix: USD Summary Balance Sheet
Appendix: USD 5 Summary Balance Sheet (USD mn) 2023 2024 2025 1H25 1H26 YoY Cash and Cash Equivalents 1,073 716 260 432 277 -36% Banks 944 585 126 312 127 -59% Financial Assets* 746 975 2,018 1,702 2,109 24% Receivables from Main Operations 385 540 734 816 1,116 37% Tangible and Intangible Assets 52
Slide 23: Appendix: USD Quarterly GWP Production
Appendix: USD 5 Quarterly GWP Production (USD mn) Cumulative GWP Production (USD mn) Premium Production 2Q25 3Q25 4Q25 1Q26 2Q26 qoq 6M25 9M25 2025 3M26 6M26 yoy General Losses 242 173 336 485 253 -48% 586 751 1,093 485 734 25% F&ND 207 191 191 284 230 -19% 489 676 864 284 513 5% Non-motor Accident
Slide 24: Appendix: USD Total Technical Income
Appendix: USD 5 Quarterly Total Technical Income (USD mn) Cumulative Total Technical Income (USD mn) Total Technical Income 2Q25 3Q25 4Q25 1Q26 2Q26 qoq 6M25 9M25 2025 3M26 6M26 yoy General Losses 3 3 4 53 59 11% 22 24 28 53 112 401% F&ND 77 70 56 48 82 71% 126 196 251 48 131 4% Non-motor Accident 3
Slide 25: Appendix: TL Income Statement
Appendix: TL 5 Income Statement (TL mn) 2023 2024 2025 1H25 1H26 YoY Non-life Technical Income 29,850 59,460 81,116 39,473 51,342 30% Earned Premiums 20,258 42,317 59,892 27,660 39,249 42% Written Premiums (Net of Reinsurer Share) 33,801 48,170 73,470 33,594 42,885 28% Written Premiums (Gross) 59,51
Slide 26: Appendix: TL Summary Balance Sheet
Appendix: TL 5 Summary Balance Sheet (TL mn) 2023 2024 2025 1H25 1H26 YoY Cash and Cash Equivalents 31,547 25,228 11,163 17,159 12,918 -25% Banks 27,744 20,602 5,420 12,418 5,930 -52% Financial Assets 21,924 34,327 86,507 67,639 98,173 45% Receivables from Main Operations 11,330 19,005 31,482 32,433
Slide 27: Appendix: TL Quarterly GWP Production
Appendix: TL 5 Quarterly GWP Production (TL mn) Cumulative GWP Production (TL mn) Premium Production 2Q25 3Q25 4Q25 1Q26 2Q26 qoq 6M25 9M25 2025 3M26 6M26 yoy General Losses 9,348 7,036 14,189 21,132 11,501 -46% 21,921 28,957 43,146 21,132 32,633 49% F&ND 8,017 7,781 8,057 12,369 10,448 -16% 18,276
Slide 28: Appendix: TL Total Technical Income
Appendix: TL 5 Quarterly Total Technical Income (TL mn) Cumulative Total Technical Income (TL mn) Total Technical Income 2Q25 3Q25 4Q25 1Q26 2Q26 qoq 6M25 9M25 2025 3M26 6M26 yoy General Losses 122 107 169 2,304 2,657 15% 833 939 1,108 2,304 4,960 495% F&ND 2,991 2,832 2,357 2,092 3,726 78% 4,705 7,
Slide 29: Appendix: Segment Ratios
Appendix 5 Loss Ratio Expense Ratio Commission Ratio Combined Ratio (Cumulative) (Cumulative) (Cumulative) (Cumulative) Segments 6M25 2025 6M26 6M25 2025 6M26 6M25 2025 6M26 6M25 2025 6M26 General Losses 114% 95% 37% 13% 17% 11% -15% -18% -2% 112% 95% 46% Non-motor F&ND 11% 11% 17% 14% 16% 13% 20% 2
Slide 30: Investor Kit and IR Contacts
For the most recent earnings reports and notes INVESTOR KIT For further information: investor.relations@turkiyesigorta.com.tr Name Responsibility E-mail Phone Şahika Balbay Demiroğlu Director sahika.demiroglu@turkiyesigorta.com.tr +90 (212) 800 86 89 Recep Şahin Manager recep.sahin@turkiyesigorta.co
Slide 31: Sizin (Turkish brand values page)
Sizin Kiymetinizi billiyoruz Kaynaklarimizi . ' sizi oldugunuz gibi kabullenmek Tipki bir Biz Sigortaciligin Milli Takimiyrz. yenilikei oe siscams eam Faeetaiiag icin shes cami sett dinlenmeye gelistiriyor ve bu gelisimi , : a takim ruhu surdirilebilir hissettirmektir. Turkiye idersigort iret olarak