Aksigorta As · BIST:AKGRT
Aksigorta As — Investor Presentation (August 2025)
34 slides from Aksigorta As's investor presentation, August 2025
Slide 1: Investor Presentation
Investor Presentation August 2025
Slide 2: Content
Hizmete Özel | Kişisel Veri İçermez Content Aksigorta overview Industry drivers Financial Performance Sustainability Appendix 2
Slide 3: Strategy house
Strategy house Become a top-tier non-life insurance player in Turkey Purpose Become a customer- Strategic Establish technical Transform agency Become a top-tier player Selectively build mid- centric company Choices excellence for channel into a robust in private corporate success on through life-cyc
Slide 4: 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 • 3,462 ag
Slide 5: Extensive distribution network
Extensive distribution network 688 6,250 810k 3,462 branches ATMs POS machines agencies 7.1b TL GWP 14 .7m 12.7m active customers digital customers 153 brokers Leader 12.9k 2.1b TL in digital banking employees GWP as of 30 June 2025 as of 30 June 2025 5 5
Slide 6: Strong digital capabilities with Aksigorta Digital Assistant ADA
Strong digital capabilities with Aksigorta Digital Assistant «ADA» We target 8.2 million transactions in 2025 by using new technologies. # of Transaction Executed by ADA (million) RPA AI / Generative AI Target 4.2M 212 215 24% YoY 1H25 Transactions Automated FTE virtual 0,7 processes workforce • Our
Slide 7: 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 8: 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 AKSİGORTA SABANCI HOLDING AGEAS 2nd largest A unique & well diversified multi-business enterprise Insurance group in Türkiye in Europe
Slide 9: Board of directors
Board of directors 33% Independent members Hakan Binbaşgil Chairman Ben Karel E. Coumans Emmanuel Van Grimbergen Fatma Dilek Yardım Vice Chairman Member Independent Member Haluk Dinçer Uğur Gülen Hüseyin Gürer Member Independent Member Independent Member Karolien Gielen Mustafa Fırat Kuruca Member M
Slide 10: Executive team
Executive team Deniz Ceylan Mustafa Fırat Kuruca Zeren Zeynep Eröktem Bal AGM AGM Corporate UW & Reinsurance General Manager & Board Member Finance Seydi Kaan Konak Osman Akkoca Mustafa Erdoğan AGM AGM AGM Technology and Operational Excellence Corporate Sales Agencies Metin Demirel Selim Avşar Elif
Slide 11: Aksigorta overview Industry drivers Financial Performance
Aksigorta overview Industry drivers Financial Performance Sustainability Appendix 11
Slide 12: Industry dynamics
FINANCIAL Industry SERVICES SBU STRATEGY & ROADMAP dynamics 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 c
Slide 13: 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) Key growth assumptions Distribution Channels Market Share: The agency channel dominates the market, accounting for 60% of the total, followed by corporate and bank channel
Slide 14: Low penetration levels signal growth potential
Hizmete Özel | Kişisel Veri İçermez Low penetration levels signal growth potential Vehicles Vehicles Houses Individuals 32.4M 32.4M 20.0M 85.4M 79% 25% 57% 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 15: Aksigorta overview Industry drivers Financial Performance
Aksigorta overview Industry drivers Financial Performance Sustainability Appendix 15
Slide 16: 2Q25 results in strong alignment with strategic priorities
2Q25 results in strong alignment with strategic priorities 2Q25 scorecard 6,578m TL 1,031m TL 1,486m TL 858m TL Gross Written Net Technical Result Financial Income* Net Income Premiums -17% YoY +147% YoY +64% YoY 156% YoY 6,315m TL 15,596m TL 86% 170% Asset Under Total Equity Loss Ratio Capital Adeq
Slide 17: 1H25 results demonstrate diligent execution of company strategy
1H25 results demonstrate diligent execution of company strategy 1H25 scorecard 15,375m TL 1,574m TL 2,504m TL 1,210m TL Gross Written Net Technical Result Financial Income* Net Income Premiums -12% YoY +125% YoY +38% YoY 99% YoY 6,315m TL 15,596m TL 85% 170% Asset Under Total Equity Loss Ratio Capit
Slide 18: Prioritizing high-margin products for sustainable growth
Prioritizing high-margin products for sustainable growth GWP Channel Mix Quarterly GWP, m TL -17% 46% Agency 40% (-6pp YoY) (+3pp YoY) 1H25 Bank 9,852 Corporate 8,797 7,971 2,486 7,498 1,067 14% (+3ppYoY) 754 6,578 1,758 1.151 2,561 883 1,907 674 GWP Product Mix 1,021 4,769 4,820 4,008 MTPL 3,367 21
Slide 19: Robust 163% YoY growth in non-motor fueled a healthy 125% rise in technical profit
Robust 163% YoY growth in non-motor fueled a healthy 125% rise in technical profit Technical Profit*(m TL) 163% 125% 2.109 1.574 -51% -2% 700 801 536 263 311 305 Total MTPL MOD Non-Motor Health -948 -1.103 16% 1H24 1H25 (*) Includes uw result, allocated financial income and general expenses 19
Slide 20: Loss ratio is improved in all lines, diluted by increase in the expense ratio
Loss ratio is improved in all lines, diluted by increase in the expense ratio 1H Aksigorta Total MTPL MOD Non-Motor 122% Loss Ratio 170 69 62 121% 55 47 155 Commission Ratio 6 18 7 5 17 4 92% 85% Expense Ratio 18 19 34 16 10 33 8% 11% 28% Combined Ratio 194 97 19% 90 100 177 88 1H24 1H25 Note: Ratio
Slide 21: Assets under Management grew 34% YoY
Assets under Management grew 34% YoY Portfolio breakdown, % Government bond fund Time deposits 3 2 Sustainability fund 15 18 Government bond 36 O/N TL 1 40 11 Corporate bond 5 Eurobond 11 Jun’24 Jun’25 4 O/N FX 4 3 25 29 AuM 11,629m TL 15,596m TL Avg. annualized yield*: 44% 38% 1H financial income*:
Slide 22: Strong underwriting performance contributed to net income
Strong underwriting performance contributed to net income Net underwriting result and financial income trend 4.064 2.657 2.826 1.618 709 931 542 190 2019 2020 2021 2022 2023 2024 1H24 1H25 Financial Income + Net Underwriting Result Net Underwriting Result (UWR) = Net Earned Premiums + Net Claims + N
Slide 23: Strong earnings momentum in UWR & Financial Income
Strong earnings momentum in UWR & Financial Income Net profit bridge 1H24 to 1H25, m TL 476 690 352 130 518 1.210 608 Net Profit 1H24 UWR Financial Income Expenses Tax Net Profit 1H25 23
Slide 24: Improved capital adequacy with 2.7bn TL excess capital as of June '25
Improved capital adequacy with 2.7bn TL excess capital as of June ‘25 Capital adequacy Dec.23 Jun.24 Dec.24 Mar.25 Jun.25 Main Drivers Required capital 3,125 3,680 3,344 3,854 3,844 Asset risk 779 753 356 1,195 1,208 Asset size Reinsurance risk 828 1,036 1,015 971 914 Ceded premiums Reserve risk 301
Slide 25: Sustained capital strength despite challenging market conditions
Sustained capital strength despite challenging market conditions 1H25 summary balance sheet Balance Sheet (m TL) 2024 1H25 ∆ 9% AUM 13,492 15,596 16% 24% Receivables 6,033 8,596 43% Total Assets 25,556 27,902 9% Reserves 12,594 13,660 9% Payables 5,283 5,582 6% 27.902 25.556 Total Equity 5,092 6,315
Slide 26: Robust 2Q earnings momentum: 147% rise in operational & 156% growth in net profit
Robust 2Q earnings momentum: 147% rise in operational & 156% growth in net profit 2Q25 summary income statement Income Statement (m TL) 2Q24 2Q25 ∆ Gross Written Premiums 7,971 6,578 -17% Gross Earned Premiums 8,250 8,404 2% Net Earned Premiums 2,682 2,794 4% 156% Net Underwriting Result -38 172 n.m
Slide 27: Sustained earnings momentum in 1H: 99% growth in net profit
Sustained earnings momentum in 1H: 99% growth in net profit 1H25 summary income statement Income Statement (m TL) 1H24 1H25 ∆ Gross Written Premiums 17,522 15,375 -12% Gross Earned Premiums 15,594 16,828 8% 99% Net Earned Premiums 5,178 5,395 4% Net Underwriting Result -196 322 n.m. 125% Allocated F
Slide 28: Strategic Priorities
Strategic Priorities ► Sustainable and profitable growth is our primary focus: ➢ disciplined underwriting ➢ technical profitability ➢ maintaining 150% capital adequacy ratio (despite topline growth) $704.78 ➢ gaining market share in profitable businesses $191.01 ► Key considerations: $189.31 ➢ navig
Slide 29: Aksigorta overview Industry drivers Financial Performance
Aksigorta overview Industry drivers Financial Performance Sustainability Appendix 29
Slide 30: Charting a sustainable future
Charting a sustainable future Building a greener future through innovation • Pledged 65% reduction in Scope 1 & 2 emissions (2019-2030) KEY MILESTONES • Pledged 40% by 2030 and 100% by 2040 investment portfolio coverage from companies setting SBTi aligned target • Committed to SBTi and are in target
Slide 31: Appendix
Aksigorta overview Industry drivers Financial Performance Sustainability Appendix 31
Slide 32: Glossary
Glossary AI Artificial intelligence AUM Asset under management refers to the total market value of all financial assets managed and invested by a financial institution. BITT Banking and insurance transaction tax Ceded Premiums transferred to reinsurers to mitigate risk exposure. Premiums Combined Su
Slide 33: Thank you!
Thank you! Investor Relations +90 216 280 9761 investor.relations@aksigorta.com.tr
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