Aksigorta As · BIST:AKGRT
Aksigorta As — Q4 2022 Earnings Presentation
21 slides from Aksigorta As's earnings presentation, Feb 14, 2023
Slide 1: Aksigorta Q4 Earnings Call Presentation
Aksigorta Q4 Earnings Call Presentation 14 February 2023 IR Officer Zeynep Eroktem Contact No 00902162809761 Email Address zeynep.eroktem@aksigorta.com.tr
Slide 2: Agenda
1. Aksigorta Financials (in TFRS) 2. What are the Risks & Opportunities? 3. Income Mix 4. Appendix
Slide 3: 22'Q4 Scorecard
22’Q4 Scorecard 22’Q4 – Financial Indicators (m TL) (YoY %) 4.996 274 1.949 99% 531% 86% Gross Written Net Income Total Equity* Premiums 22’Q4 – Operational Ratios (YoY pp) 83% -52pp 105% -50pp 6,7% -2.3pp Net Loss Net Combined Market Share Ratio Ratio 22’Q4 – Financial Income (m TL) 7.659 90% 25% 7
Slide 4: 2022 Scorecard
2022 Scorecard 2022 – Financial Indicators (m TL) (YoY %) 13.563 -121 1.949 94% -164% 86% Gross Written Net Income Total Equity* Premiums 2022 – Operational Ratios (YoY pp) 112% 16pp 135% 17pp 6,9% -1.5pp Net Loss Net Combined Market Share Ratio Ratio 2022 – Financial Income (m TL) 7.659 90% 30% 5pp
Slide 5: Market GWP Development
Market GWP Development Market GWP Distribution (%) (m TL) 22Q1 22Q2 22Q3 22Q4 +77% +129% +163% +166% 33.067 37.223 45.019 72.008 14% 12% 12% 13% 38% 38% 35% Portfolio Share 18.693 46% 15% 16.257 17.097 25% 27.111 13% 25% 26% 13% 13% 46% 20% 44% 44% 46% 18% 19% 19% 25% 20% 26% 25% 20% 24% 24% 21% 21%
Slide 6: Aksigorta GWP Development
Aksigorta GWP Development Aksigorta GWP Distribution (%) (m TL) 22Q1 22Q2 22Q3 22Q4 +58% +114% +108% +97% 2.374 9% 2.915 2.928 8% 4.791 8% 9% 1.500 46% 40% Portfolio Share 9% 40% 51% 1.407 2.439 38% 8% 8% 1.360 22% 8% 27% 25% 27% 45% 45% 45% 29% 20% 20% 20% 29% 23% 25% 25% 27% 27% 27% 11% 1Q2021 1Q2
Slide 7: UW Result and Combined Ratio Development
UW Result and Combined Ratio Development Increase in motor & non-motor claim cost led to YoY decline in UWR UW Result and Combined Ratio (TL m; %) UW Result Combined Ratio 135% 118% 10% 13% 9% -319 13% 112% 96% -1.216 2021 2022 2021 2022 Loss Ratio Commission Ratio Expense Ratio UWM 2021 2022 -5,3%
Slide 8: Financial Income Development
Financial Income Development As of December 2022, AuM has reached TL 7.6b with 90% YoY growth DEC 21 MAR 22 JUN 22 SEP 22 DEC 22 27% 21% 12% 19% 1% 5% 4% 1% 1% 12% 9% 17% 17% 20% 63% 16% 29% 21% 11% 25% 30% 24% 33% 35% 47% AuM m TL 4,043m TL 4,290m TL 4,521m TL 6,509m TL 7,659m TL Average annualized
Slide 9: Income Statement
Income Statement Income Statement (m TL) 2021 2022 ∆% Gross Written Premiums 6.988 13.563 94% Gross Earned Premiums 5.976 9.795 64% Net Earned Premiums 3.253 4.871 50% Underwriting Result -319 -1.216 -282% Expenses -271 -484 -79% Financial Income 861 1.406 63% Profit Before Tax 295 -305 -203% Net Pr
Slide 10: Balance Sheet
Balance Sheet Balance Sheet (m TL) 2021 2022 ∆% Receivables 1.578 2.926 85% AUM 4.043 7.659 90% Total Assets 7.388 12.831 74% Reserves 4.193 6.996 67% Payables 1.658 2.434 47% Total Equity 1.049 1.949 86% Total Liabilities 7.388 12.831 74% RoE 17% 67% +50pp Note: ROE for 2022 is calculated as (4Q22
Slide 11: Equity Movement
Equity Movement Equity Movement (m TL) Dec.22 31.12.2021 1.049 Net Profit for the Period -121 Revaluation of Available-for-Sale Investment Fund 32 Actuarial Loss Arising from Employee Benefit -11 Capital Injection 1.000 Dividend 0 31.12.2022 1.949 10
Slide 12: Capital Adequacy
Capital Adequacy Capital adequacy Dec.19 Dec.20 Dec.21 Dec.22 Main drivers: Required capital 771 953 1.426 2.041 Asset risk 282 388 484 550 by asset size Reinsurance risk 78 81 178 391 by re-insurance portfolio Reserve risk 89 115 165 233 by growth UW risk 312 350 527 776 by growth FX risk 10 18 72
Slide 13: 2. What are the Risks & Opportunities?
1. Aksigorta Financials (in TFRS) 2. What are the Risks & Opportunities? 3. Income Mix 4. Appendix
Slide 14: Risks & Opportunities
Risks & Opportunities Risks Opportunities • Natural disasters due to climate change (e.g.: hail, flood, fire, EQ etc.) • Accelerating digital transformation with the pandemic • Negative real interest rates limit financial income • Increasing efficiency, quality and innovation with remote working • D
Slide 15: 3. Income Mix
1. Aksigorta Financials (in TFRS) 2. What are the Risks & Opportunities? 3. Income Mix 4. Appendix
Slide 16: Competitive advantages
Competitive advantages Because of macro economic instability both financial income and UW income is under stress «double-dip scenario» UWR Financial Income Zero Real Interest Rate Missing Financial Income 1.867* 1.406 861 -319 -1.216 2021 2022 SFRS Net Profit 189 -121 (*): If real interest rate was
Slide 17: 4. Appendix
1. Aksigorta Financials (in TFRS) 2. What are the Risks & Opportunities? 3. Income Mix 4. Appendix
Slide 18: Technical Result Bridge between TFRS & Management Reporting
Technical Result Bridge between TFRS & Management Reporting Technical Re-classifications UW result in result in management TFRS 1 2 3 4 5 6 7 reporting Net earned premiums 4.972 -27 -72 -2 - - - - 4.871 Claims, net (*) -5.299 - - 127 -186 -110 - - -5.469 Other technical income and -255 +27 +72 -127
Slide 19: Glossary
Glossary AUM Asset Under Management Ceded Premiums Premiums transferred to reinsurers Combined Ratio Total of Loss ratio, commission ratio and expense ratio FI Financial Income FTE Full-Time Employee GWP Gross Written Premiums HC Headcount LoB Line of Business MOD Motor Own Damage MTPL Motor Third P
Slide 20: Thank you!
Thank you! IR Officer Zeynep Eroktem Contact No 00902162809761 Email Address zeynep.eroktem@aksigorta.com.tr
Slide 21: 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