Agesa Hayat Ve Emeklilik A.s. · BIST:AGESA
Agesa Hayat Ve Emeklilik A.s — Q3 2022 Earnings Presentation
24 slides from Agesa Hayat Ve Emeklilik A.s's earnings presentation, Nov 1, 2022
Slide 1: Presentation to Investors Q3 2022 Earning Release
Presentation to Investors Q3 2022 Earning Release 1 November 2022
Slide 2: Key Financial Results
Key Financial Results Şirkete Özel (Internal)
Slide 3: Summary and Outlook
Summary and Outlook AgeSA maintains Pension AuM leadership and ranked as leader in Life AgeSA reached successful results in net profit, thanks to strong & PA business among private companies with support of sustainable technical income growth resulting from high profitability in life and growth in L
Slide 4: A Story of Solid Profitable Growth
Historical Track Record of Value Creation CAGR YoY Solid Financial Foundations 2017 2021 2017-21 Q3 2022 2021-22 82% Leading position in private companies’ Pension and AE AUM Pension AUM (inc AE) 15.3 bTL 43.5 bTL 30% 60.6 bTL A Story of Solid Profitable Growth Leading position in private companies’
Slide 5: Financials
Financials Şirkete Özel (Internal)
Slide 6: Update on Regulations
Update on Regulations Inflation Accounting • IAS29 Financial Reporting in Hyperinflationary Economies applies where an entity's functional currency is that of a hyperinflationary economy. The reason is to show how much purchasing power the company lost on monetary items and gained on non-monetary it
Slide 7: Summary of P&L from Segmental Reporting
Summary of P&L from Segmental Reporting (1) 2017 (2) 2021 CAGR Q3 2021 Q3 2022 YoY Q2 2022 Q3 2022 QoQ Pension Technical Profit 207 349 14% 237 382 61% 126 140 11% Life Protection Technical Profit 151 765 50% 557 956 71% 333 347 4% Life Savings Technical Profit 3 5 12% 3 5 73% 2 3 102% Personal Acci
Slide 8: Solid and Resilient Technical Profitability with Operating Leverage Potential
Solid and Resilient Technical Profitability with Operating Leverage Potential Technical Profit (mTL)(1,2) Expense Ratio (%)(1,2) Expense ratio=(Opex-AE Related Expenses-Sales Expenses)/(Opex-AE Related Expenses- Sales Expenses+Management Reporting Proft Before Tax) 45,0% 43,0% 41,3% 41,2% 38,5% 37,4
Slide 9: Overview - Business Lines
Overview - Business Lines Şirkete Özel (Internal)
Slide 10: Differentiated Management of Trends & Dynamics per Segment
Differentiated Management of Trends & Dynamics per Segment Pension* Life Protection** Personal Accident AUM – Inc. State contribution (mTL) Gross Written Premium (mTL) Gross Written Premium (mTL) FMC % (inc. State contribution) CAGR: -6% 1,5 1,4 1,3 1,3 1,2 1,3 1,3 77% CAGR: 49% 82% 82 CAGR: 30% 2.3
Slide 11: Pension
Pension (1) Sustainable Growth and Scale Ambitions Pensions AUM including State Contribution (mTL) Technical Profit (mTL) 82% 60.578 CAGR: +30% CAGR: +14% 61% 382 43.502 349 33.287 283 30.473 234 243 237 23.133 207 15.325 17.304 2017 2018 2019 2020 2021 Q3 2021 Q3 2022 2017 2018 2019 2020 2021 Q3 20
Slide 12: Life Protection
Life Protection Sustainable and Resilient Growth Model Fuelled by Multidistribution Channel Structure and Diversified Product Portfolio GWP (mTL) Technical Profit (mTL, %)* 77% CAGR: +49% 2.393 CAGR: +50% 71% 1.957 956 765 1.257 1.348 557 896 473 480 281 393 214 151 2017 2018 2019 2020 2021 Q3 2021
Slide 13: Market Consistent Embedded Value Disclosures
Market Consistent Embedded Value Disclosures Şirkete Özel (Internal)
Slide 14: Diversified business model supporting value growth
Diversified business model supporting value growth Pension Life Protection Personal Accident Total 2021 Q3 2022 Q3 2021 Q3 2022 Q3 2021 Q3 2022 Q3 2021 Q3 2022 Q3 158 % 68 % 28 % 126 % PVNBP (m TL) 3,203.7 8,274.9 1,712.6 2,871.0 54.9 70.3 4,971.3 11,216.2 61 % 22 % -47 % 23 % VNB (m TL) 23.6 38.1 3
Slide 15: Disclaimer
Disclaimer The information in this presentation has been prepared by AgeSA Hayat ve Emeklilik 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 a
Slide 16: Thank you
Thank you (AcE)
Slide 17: Appendix
Appendix
Slide 18: MCEV – HY 2022 (mTL)
MCEV – HY 2022 (mTL) Proven track record Value Driven Year-on-Year Growth 4.761 4,761 49% 17% CAGR 3,205 2.227,1 63% Life & PA 3.205 49% Life & PA 1.121,5 13,9 2.292 2.035 11,0 1.882 1.092,9 37% Pension 1.662 51% Pension 1.034,5 1.475 158,4 1.2041.248 955 145,2 682 740 1.203,2 570 893,0 441 460 474
Slide 19: Protection Premium Production to Expand
Protection Premium Production to Expand Life Protection + Personal Accident Q3 2022 / Q3 2021 YoY Total Premium Growth Rate DSF+Agency * Non-Credit Linked 102% 843 mTL (34%) Bancassurance 111% 654 mTL (27%) Non-Credit Linked 44% 964 mTL (39%) Bancassurance Credit Linked 76% 2.453 mTL (Total Company)
Slide 20: Solid Sales Culture through a Multidistribution Platform to Expand Scale and Penetration
Solid Sales Culture through a Multidistribution Platform to Expand Scale and Penetration in Pension and Life Exclusive 15-year Fastest growing distribution Bancassurance Agencies distribution agreement # Branches Akbank: ~ 800 # Agencies: ~ 300 channel Akbank sales coaches: ~ 330 Total PVNBP: 1.791m
Slide 21: Summary of P&L from SFRS Reporting
Summary of P&L from SFRS Reporting 2017 2018 2019 2020 2021 CAGR Q3 2021 Q3 2022 YoY Q2 2022 Q3 2022 QoQ Pension Technical Profit 250 303 321 383 450 16% 317 513 62% 161 181 12% Life Technical Profit 211 277 378 574 904 44% 665 907 36% 297 323 9% Non-Life Technical Profit 51 62 69 70 62 5% 45 47 4%
Slide 22: Reconciliation between Management & Statutory Profit
Reconciliation between Management & Statutory Profit Management Reporting vs. Statutory Profit for the Period (mTL)* Profit for the Period Reconciliation (mTL)* 105% 2017 2018 2019 2020 2021 CAGR Q3 2021 Q3 2022 YoY CAGR: 37% 807 Management Reporting 153 214 258 350 541 37% 394 807 105% Profit for t
Slide 23: Capital-Light Business Model & Strong Solvency Position
Capital-Light Business Model & Strong Solvency Position Comfortable solvency ratios driven by a measured approach to risk and new product introductions, which affords the business scope and flexibility pursuing growth options and / or returning cash to shareholders Regulatory Capital Requirement Sol
Slide 24: Personal Accident
Personal Accident A Complementary Profit Pool for the Group GWP (mTL) Technical Profit (mTL) CAGR: -6% CAGR: +6% 35 35 82 75 31 37% 28 69 66 3% 59 24 54 22 22 43 2017 2018 2019 2020 2021 Q3 2021 Q3 2022 2017 2018 2019 2020 2021 Q3 2021 Q3 2022 Market Share % (in terms of GWP) Claims & Commission Rat
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