Turkiye Sigorta A.s. · BIST:TURSG
Turkiye Sigorta A.s — Q1 2024 Earnings Presentation
20 slides from Turkiye Sigorta A.s's earnings presentation, Apr 25, 2024
Slide 1: Earnings Presentation Q1 2024
Earnings Presentation Q1 2024 April 25, 2024 1
Slide 2: 3M24 - Summary of Financial Results
3M24 - Summary of Financial Results Gross Written Premiums Net Combined Ratio Cumulative, million ₺ Kümülatif +131% #1 in GWP 28,163 Production 108% Market Share1 97% 90% 12,175 15.8% 3M23 2023 3M24 3M23 3M24 Technical & Net Profit Total Investment Income Cumulative, million ₺ million ₺ Technical Pr
Slide 3: Ongoing Robust Profitability Ratios
Ongoing Robust Profitability Ratios Cumulative RoAE & RoAA Cumulative Loss Ratio & Combined Ratio Solvency & Dividend Details Net CAR TS RoAE TS RoAA TS Loss Ratio TS COR (2023) Sector RoAE Sector RoAA Sector Loss Ratio Sector COR 165 % vs. regulatory self-assessment level 82% of 115% 74% 73% & prof
Slide 4: Start of New Year with the Rapid Growth and a Well-Balanced Premium Portfolio
Start of New Year with the Rapid Growth and a Well-Balanced Premium Portfolio GWP Production GWP Mix by Major Branches Quarterly, million ₺ Cumulative +130% +131% Other 11.2% +35% General Losses 28,163 Health 29.4% 9.4% Agriculture 80% 20,821 Non-Bank Other 20% Production Bank-Heavy MOD 75% Producti
Slide 5: GWP Production by Major Branches
GWP Production by Major Branches Türkiye Sigorta GWP Production by Major Branches Cumulative, million ₺ Türkiye Sigorta YoY Market Share Sector Ranking 28,163 Main Branches Türkiye Sector 3M23 3M24 3M23 3M24 Change 3,143 Other Sigorta Health General Losses 118% 87% 31% 36% 1 1 2,650 2,618 MOD 47% F&
Slide 6: Transformation of Portfolio Composition Into More Lucrative Branches
Transformation of Portfolio Composition Into More Lucrative Branches Distribution of Major Branches Distribution of Major Branches Cumulative Quarterly GWP GWP million ₺ 12,175 28,163 million ₺ 12,175 12,227 14,295 20,821 28,163 4.9% Other 4.9% 4.3% 5.1% 3.2% 11.2% Health 2.9% 11.2% Other 6.1% 6.1%
Slide 7: GWP Production by Distribution Channel
GWP Production by Distribution Channel Türkiye Sigorta GWP Production by Distribution Channel Cumulative, million ₺ w/ 3 Exclusive Bancassurance State-owned Share in Total Agreement 10 + 10 year Banks 3M23 3M24 28,163 Production 2,639 Broker Feb.24 Bank Channel Bank Channel Direct 13% 20% Share in T
Slide 8: Elevating Performance Across Major Branches Drives Technical Profit Record
Elevating Performance Across Major Branches Drives Technical Profit Record Positive Progress of Technical Profitability Technical Profit Walk by Major Branches Cumulative, million ₺ On the Biggest 4 Major Branches of the Sector Loss Ratio Cumulative, Net 3M23 3M24 Health 90% General 725 106% 213 Los
Slide 9: COR Details
COR Details Combined Ratio Combined Ratio by Major Branches Cumulative, Net 3M24, Net Loss Ratio Loss Ratio Expense Ratio Commision Ratio Accident 1% 7% 40% 48% Expense Ratio 108% 58% General Losses -23% 66% 15% Commision Ratio 97% 98% 14% 94% 90% 11% 12% 11% 12% 12% F&ND 11% 14% 18% 43% 13% 10% 11%
Slide 10: AUM and Total Investment Income
AUM and Total Investment Income Assets Under Management* AUM Breakdown Total Investment Income million ₺ million ₺ Investment Inc. Transferred to Technical Division +157% Bank Deposits - FX 12% 5% Bank Deposits - FX Net Investment Income 8% Eurobond +22% Eurobond 7% +359% FX-Protected Dep. 5% 14% FX
Slide 11: P&L Analysis
P&L Analysis Summary P&L (million ₺) 3M23 3M24 YoY Technical Income 4,219 13,699 225% Earned Premiums (Net of Reinsurer Share) 3,374 9,969 195% Positive change on URR with the decrease on MTPL’s loss ratio Investment Income From Non-Technical Division 805 3,513 336% Positive impact of growing invest
Slide 12: Balance Sheet Growth
Balance Sheet Growth Total Assets Total Reserves Shareholder’s Equity million ₺ million ₺ million ₺ +137% +115% +182% +13% +11% +23% 87,713 77,328 39,000 19,045 35,234 15,426 36,945 18,163 6,744 3M23 2023 3M24 3M23 2023 3M24 3M23 2023 3M24 Türkiye Sigorta| 12
Slide 13: Well-Established Franchise with a Strong Footprint
Well-Established Franchise with a Strong Footprint Headcount Agency Network Bank Branch Broker Network • Operational since 1957 • Market Leader with 15.8% share in total premium production • Rebranded as Türkiye Sigorta post- 1,605 3,666 4,809 131 merger of 3 state-owned non-life insurers QoQ Change
Slide 14: GWP Production by Major Branches
GWP Production by Major Branches Quarterly GWP Production Cumulative GWP Production million ₺ million ₺ Premium Production 1Q23 2Q23 3Q23 4Q23 1Q24 QoQ YoY 3M23 1H23 9M23 2023 3M24 YoY General Losses 3,795 2,632 2,395 5,673 8,276 46% 118% 3,795 6,426 8,822 14,495 8,276 118% F&ND 2,477 2,674 3,836 3,
Slide 15: Technical Profit by Major Branches
Technical Profit by Major Branches Quarterly Technical Profit* Cumulative Technical Profit* million ₺ million ₺ Technical Profit 1Q23 2Q23 3Q23 4Q23 1Q24 QoQ YoY 3M23 1H23 9M23 2023 3M24 YoY General Losses 213 387 189 154 725 370% 240% 213 601 789 943 725 240% F&ND 172 725 1,175 803 1,441 79% 737% 1
Slide 16: COR by Major Branches
COR by Major Branches Net Loss Ratio Net Expense Ratio Net Commission Ratio Net Combined Ratio Cumulative Cumulative Cumulative Cumulative Branches 3M23 2023 3M24 3M23 2023 3M24 3M23 2023 3M24 3M23 2023 3M24 General Losses 52.4% 57.2% 65.6% 20.9% 17.2% 15.2% -15.1% -24.0% -23.0% 58.2% 50.4% 57.8% F&
Slide 17: Summary Balance Sheet
Summary Balance Sheet Balance Sheet, million ₺ 3M23 3M24 Share (%) YoY Change Cash and Cash Equivalents 13,202 28,922 33% 119% Receivables from Main Operations 6,359 17,927 20% 182% Financial Assets 13,611 32,242 37% 137% Tangible and Intangible Assets 768 1,550 2% 102% Other Assets 3,006 7,072 8% 1
Slide 18: Summary Income Statement
Summary Income Statement Income Statement, million ₺ 3M23 3M24 YoY Change Gross Written Premiums 12,175 28,163 131% Technical Balance (Technical Profit) 928 4,621 398% Earned Premiums (Net of Reinsurer Share) 3,374 9,969 195% Incurred Losses (Net of Reinsurer Share) -2,456 -6,947 183% Other Technica
Slide 19: Disclaimer Notice
Disclaimer Notice 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
Slide 20: Visit Our Website / Contact Investor Relations
Visit Our Website https://www.turkiyesigorta.com.tr/en/investor-relations Contact Investor Relations investor.relations@turkiyesigorta.com.tr 20