Agesa Hayat Ve Emeklilik A.s. · BIST:AGESA
Agesa Hayat Ve Emeklilik A.s — H1 2024 Earnings Presentation
21 slides from Agesa Hayat Ve Emeklilik A.s's earnings presentation, Aug 5, 2024
Slide 1: Presentation to Investors H1 2024 Earning Release
Presentation to Investors H1 2024 Earning Release 5 August 2024 Şirkete Özel
Slide 2: Summary and Outlook
Summary and Outlook AgeSA strengthened its leadership in both Pension AuM and Life & PA AgeSA’s net profit grew significantly due to robust technical profits from all premium production thanks to significant growth across all channels and business lines and financial income despite inflationary pres
Slide 3: Evolution of Our Performance
Evolution of Our Performance Life Business Credit Linked GWP Stand-Alone Life & PA Total GWP (mTL) RoP & Savings TL APE (mTL) Total GWP (mTL) (mTL) 2.1X 2X 2X 6.482 2.4X 1.161 3.361 3.121 1.571 3.200 1.628 492 H1 23 H1 24 H1 23 H1 24 H1 23 H1 24 H1 23 H1 24 Market Share 15,2% Market Share 14,5% 3,8p
Slide 4: Profitability (mTL)
Profitability (mTL) Both Management reporting and SFRS financial figures are shown before MediSA consolidation Management SFRS Net Profit Reporting Net Profit* 1.9X 1.7X 1.768 1.305 930 780 H1 23 H1 24 H1 23 H1 24 MediSA (Sabancı Health Insurance Company) consolidation P/L impact is -30 mTL Şirkete
Slide 5: A Story of Solid Profitable Growth
A Story of Solid Profitable Growth CAGR YoY 2019 2023 2019-23 H1 2024 2023-24 89% Leadership in total market in terms of Pension and AE AUM Pension AUM (inc AE) 23.1 bTL 141.5 bTL 57% 195.7 bTL Leadership in total market in terms of Total Life&PA GWP Total GWP (Life+PA) 988 mTL 7.484 mTL 66% 6.482 m
Slide 6: Financials
Financials Şirkete Özel
Slide 7: Summary P&L from Segmental Reporting
Summary P&L from Segmental Reporting (1) 2019 2020 2021 2022 2023 CAGR H1 2023 H1 2024 YoY Q1 2024 Q2 2024 QoQ Credit-Linked Life 417 550 938 1.538 3.560 71% 1.628 3.361 106% 1.682 1.679 0% Both Management Life RoP & Savings 431 667 967 2.046 3.718 71% 1.451 2.906 100% 1.392 1.301 -7% reporting and
Slide 8: Solid and Resilient Technical Profitability with Operating Leverage Potential
Solid and Resilient Technical Profitability with Operating Leverage Potential Technical Profit (mTL) (2) Expense Ratio (%)(1,2) Expense ratio=(Opex)/(Management Reporting Proft Before Tax-Opex) 51,4% 48,5% 46,0% 47,0% 45,4% 43,3% CAGR: 60% 3.728 3.254 CAGR: 61% 132% 2019 2020 2021 2022 2023 H1 2024
Slide 9: Investments: Prudent Though Opportunistic Approach on Investments
… Prudent Though Opportunistic Approach on Investments… Investment and Other Income (TLm) (2) Shareholders’ Asset Portfolio – H1 2024 (mTL)(1) (2) 33% CAGR: 77% Total: 6.020 mTL Source: Company information. Management Reporting: IFRS Financials excluding inflation accounting effect, unaudited result
Slide 10: Overview - Business Lines
Overview - Business Lines Şirkete Özel
Slide 11: Differentiated Management of Trends & Dynamics per Segment
Differentiated Management of Trends & Dynamics per Segment Pension* Credit-Linked Life RoP & Savings Life** AUM – Inc. State contribution (mTL) Gross Written Premium (mTL) Gross Written Premium (mTL) FMC % (inc. State contribution) 1,3 1,3 1,1 1,2 1,2 1,2 1,3 CAGR: 71% 106% CAGR: 71% 3.560 3.718 89%
Slide 12: Pension
Pension (1) Sustainable Growth and Scale Ambitions Pensions AUM including State Contribution (mTL) Private Pension Fund Mix 89% 195.749 CAGR: +57% 141.528 103.518 75.640 188.974 136.681 43.502 30.473 99.997 23.133 72.758 42.094 22.358 29.414 189 2019 2020 2021 2022 2023 H1 2023 H1 2024 bTL AE AuM 77
Slide 13: Credit Linked and RoP&Savings Life
Credit Linked and RoP&Savings Life Sustainable and Resilient Growth Model Fuelled by Multidistribution Channel Structure Credit Linked GWP (mTL) RoP&Savings GWP (mTL) CAGR: +71% 106% CAGR: +71% 3.560 3.718 3.361 100% 2.906 2.046 1.538 1.628 1.451 938 967 550 667 417 431 2019 2020 2021 2022 2023 H1 2
Slide 14: Solvency II Value of New Business
Solvency II Value of New Business Şirkete Özel
Slide 15: Diversified business model supporting value growth
Diversified business model supporting value growth Solvency II w/RW Pension Credit-linked Life ROP&Savings Other Life&PA Total 2023 H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 H1 50 % 114 % 217 % 69 % 66 % PVNBP (m TL) 21.536 32.314 1.687 3.615 1.730 5.488 126 214 25.079
Slide 16: 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 17: Thank you
Thank you Şirkete Özel
Slide 18: Appendix
Appendix Şirkete Özel
Slide 19: Summary of P&L from SFRS Reporting
Summary of P&L from SFRS Reporting 2019 2023 CAGR H1 2023 H1 2024 YoY Q1 2024 Q2 2024 QoQ Pension Technical Profit 321 1.521 48% 662 1.497 126% 852 645 -24% Life Technical Profit 378 2.520 61% 978 2.190 124% 952 1.237 30% Non-Life Technical Profit 69 125 16% 55 80 45% 34 46 37% Total Technical Profi
Slide 20: Reconciliation between IFRS & Statutory Profit
Reconciliation between IFRS & Statutory Profit IFRS vs. Statutory Profit for the Period (mTL) Profit for the Period Reconciliation (mTL) 2019 2020 2021 2022 2023 CAGR H1 2023 H1 2024 YoY CAGR: 66% 1.944 90% 1.768 IFRS Profit for the Period 258 350 541 1.127 1.944 66% 930 1.768 90% Equalisation Reser
Slide 21: 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
AgeSA Hayat ve Emeklilik A.Ş. — H1 2024 Earnings Presentation on 6ix