Turkiye Sigorta A.s. · BIST:TURSG
Turkiye Sigorta A.s — FY2024 Earnings Presentation
29 slides from Turkiye Sigorta A.s's earnings presentation, Jan 28, 2025
Slide 1: Earnings Presentation 2024 Annual Results
Earnings Presentation 2024 Annual Results January 28, 2025 Investor Relations, Türkiye Sigorta Website
Slide 2: Disclaimer
Disclaimer This presentation is prepared by Türkiye Sigorta AŞ, 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 inform
Slide 3: Table of Contents
Table of Contents 01 Türkiye Sigorta at a Glance 02 Premium Production 03 Financial Results 04 Key Takeaways 05 Strategic Positioning 06 Q&A 07 Appendix 2024 Earnings Presentation |3
Slide 4: 1. Türkiye Sigorta at a Glance
1. Türkiye Sigorta at a Glance
Slide 5: Key Facts and Figures
Key Facts and Figures Türkiye Sigorta at a Glance 01 Record results in Gross Written Premiums (GWP), Net Income (NI) and Assets under Management (AuM) Profitable Production Sustainable Profitability Robust Investment Results GWP GWP Growth Net Income NI Growth AuM AuM Growth ₺101B 70% ₺13B 107% ₺54B
Slide 6: 4Q24 in a Nutshell
4Q24 in a Nutshell Türkiye Sigorta at a Glance 01 GWP Production (₺ million) Technical Profit (₺ million) 40% 38% AuM (₺ million) Net Income (₺ million) 8% 49,669 53,708 32% AuM 17,487 12,309 Investment Income 9M24 12M24 *F&ND: Fire and Natural Disasters 2024 Earnings Presentation |6
Slide 7: 2024YE in a Nutshell
2024YE in a Nutshell Türkiye Sigorta at a Glance 01 1) GWP Production (₺ million) 2) Technical Profit (₺ million) 70% 118% 3) AuM (₺ million) 4) Net Income (₺ million) 72% 53,708 107% 31,278 AuM 17,487 Investment 9,705 Income 12M23 12M24 2024 Earnings Presentation |7
Slide 8: 2. Premium Production
€OTURKiYE SiIGORTA Gucu, adinda. 2. Premium Production
Slide 9: GWP: Segment Breakdown (1/3)
1) GWP: Segment Breakdown (1/3) Premium Production 02 Türkiye Sigorta reported record production in Health, General Losses and F&ND segments in 2024 Main segments ₺ million 70% overall growth is supported mainly by Health and Non-motor segments We closely monitored Non-motor Motor Health pricing
Slide 10: GWP: Market Share (2/3)
1) GWP: Market Share (2/3) Premium Production 02 We increased our market share in Health and Non-Motor segments, sustained our leadership in the market Market Share Sector Ranking Main Segments 12M23 12M24 12M23 12M24 We focused on; (%) (%) (%) (%) TOTAL 14 14 - better experience for our customers
Slide 11: GWP: Distribution Channel Breakdown (3/3)
1) GWP: Distribution Channel Breakdown (3/3) Premium Production 02 We leveraged the power of our unique distribution model that differentiates us from the industry in 2024 We balanced this power with digital efficiency tools and our nationwide professional distribution network 12M23 10.5% 34.3% 46.4
Slide 12: 3. Financial Results
€OTURKiYE SiIGORTA Gucu, adinda. 3. Financial Results
Slide 13: Technical Profit: Segment Breakdown (1/2)
2) Technical Profit: Segment Breakdown (1/2) Financial Results 03 We continued to generate technical profit from insurance operations, thereby supporting net profitability Main segments ₺ million Technical profit, growing faster than the GWP growth rate in Non-motor and Health segments, indicated
Slide 14: Technical Profit: Underwriting Breakdown (2/2)
2) Technical Profit: Underwriting Breakdown (2/2) Financial Results 03 Operational Efficiency: Underwriting policies are balancing caution and profitability NON-MOTOR HEALTH MOTOR General Losses F&ND Accident MTPL MOD 12M23 12M24 163 156 82 77 78 92 57 55 50 63 Loss 23 12 1 2 Ratio (%) 41 51 14 12 1
Slide 15: AuM
3) AuM Financial Results 03 We optimized returns while managing risks through real-time portfolio adjustments aligned with market dynamics AuM and Total Investment Income AuM Breakdown We shifted (₺ million) 4% 2% towards TL- AuM 53,708 5% FX - Bank Deposits 8% based Investment Income 49,669 18% E
Slide 16: Net Income (1/2)
4) Net Income (1/2) Financial Results 03 We reported record net income with both insurance and portfolio management operations in 2024 Net Profit ₺ million Our sustainable profitability is achieved through; - effective claims/expenses management performance and - agile portfolio management 2024 Earn
Slide 17: Net Income (2/2)
4) Net Income (2/2) Financial Results 03 Operating expenses arise from the sum of insurance and asset management activities It is clearly seen that both our technical and investment performance plays a crutial role in sustainable profitability 2024 Earnings Presentation |17
Slide 18: 4. Key Takeaways
€OTURKiYE SiIGORTA Gucu, adinda. 4. Key Takeaways
Slide 19: Key Takeaways
Key Takeaways 04 Key Takeaways 1. Record premium and profitability: GWP : 101 billion TL, Net Income : 13 billion TL 2. #1 position in non-life insurance sector: Market Share : 14% 3. Strong cost management: Combined Ratio <100% 4. Strong balance sheet: Asset Size: 97 billion TL, Equity: 29 billion
Slide 20: 5. Strategic Positioning
€OTURKiYE SiIGORTA Gucu, adinda. 5. Strategic Positioning
Slide 21: Strategic Positioning
Strategic Positioning 05 Strategic Positioning 1. Maintaining #1st Place in the Sector with Healthy and Balanced Growth 2. Improving Customer Experience 3. Facilitating and Increasing Access to Insurance Products 4. Strong Balance Sheet Supported by Strong Reinsurance Capacity and Equity 5. Sustaina
Slide 22: 6. Q&A
€OTURKiYE SiIGORTA Guct, adinda. 6. O&A
Slide 23: 7. Appendix
€OTURKiYE SiIGORTA Gucu, adinda. 7. Appendix
Slide 24: Income Statement
Appendix 07 Income Statement 2021 2022 2023 2024 YoY Gross Written Premiums 11.750 25.173 59.518 101.366 70% - Premiums Transferred to the Reinsurer -6.580 -11.797 -24.573 -52.177 112% - Other -177 -594 -1.145 -1.019 -11% - Unearned Premiums Provision -869 -4.738 -12.944 -6.319 -51% - Unexpired Risk
Slide 25: Balance Sheet & Key Ratios
Appendix 07 Balance Sheet & Key Ratios Summary Balance Sheet (₺ million) 2021 2022 2023 2024 YoY Cash and Cash Equivalents 6.104 9.034 31.547 25.228 -20% Banks 5.315 6.904 27.744 20.602 -26% Financial Assets 2.174 8.606 21.924 34.327 57% Receivables from Main Operations 3.377 4.536 11.330 19.005 68%
Slide 26: Quarterly and Cumulative GWP Production
Appendix 07 Appendix Quarterly GWP Production (million ₺) Cumulative GWP Production (million ₺) Premium Production 4Q23 1Q24 2Q24 3Q24 4Q24 QoQ YoY 12M23 3M24 1H24 9M24 12M24 QoQ YoY General Losses 5,673 8,276 7,046 3,660 8,833 141% 56% 14,495 8,276 15,322 18,982 27,815 47% 92% F&ND 3,601 7,301 6,35
Slide 27: Quarterly and Cumulative Technical Profit
Appendix 07 Appendix Quarterly Technical Profit (million ₺) Cumulative Technical Profit (million ₺) Technical Profit 4Q23 1Q24 2Q24 3Q24 4Q24 QoQ YoY 12M23 3M24 1H24 9M24 12M24 QoQ YoY General Losses 154 725 925 387 611 58% 297% 943 725 1,649 2,036 2,647 30% 181% F&ND 803 1,441 2,160 2,385 2,335 -2%
Slide 28: Loss, Expense, Commission and Combined Ratios
Appendix 07 Appendix Loss Ratio Expense Ratio Commission Ratio Combined Ratio (Cumulative) (Cumulative) (Cumulative) (Cumulative) Segments 12M23 9M24 12M24 12M23 9M24 12M24 12M23 9M24 12M24 12M23 9M24 12M24 General Losses 57.2% 51.2% 55.4% 17.2% 13.1% 15.6% -24.0% -24.7% -27.8% 50.4% 39.7% 43.1% Non
Slide 29: Investor Kit
Investor Kit IR Office: Levent Mah. Çayır Çimen Sok. No:7 34330 Levent-Beşiktaş/ISTANBUL Name Responsibility E-mail Phone Şahika Balbay Demiroğlu IR Director sahika.demiroglu@turkiyesigorta.com.tr +90 (212) 310 88 64 Sözer Şimşek IR Manager sozer.simsek@turkiyesigorta.com.tr +90 (212) 310 38 37 Dila