Agesa Hayat Ve Emeklilik A.s. · BIST:AGESA
Agesa Hayat Ve Emeklilik A.s — FY2022 Earnings Presentation
24 slides from Agesa Hayat Ve Emeklilik A.s's earnings presentation, Feb 16, 2023
Slide 1: Presentation to Investors FY 2022 Earning Release
Presentation to Investors FY 2022 Earning Release 16 February 2023
Slide 2: Kahramanmaraş Earthquake
Kahramanmaraş Earthquake We are deeply saddened by the earthquakes that took place in Kahramanmaş and the surrounding 10 provinces on February the 6th, 2023. We offer our deepest condolences to the families of those affected and a speedy recovery to all those injured. At this time, we would like to
Slide 3: Key Financial Results
Key Financial Results Şirkete Özel (Internal)
Slide 4: 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 5: A Story of Solid Profitable Growth
Historical Track Record of Value Creation CAGR YoY Solid Financial Foundations 2018 2021 2022 2018-22 2021-22 74% Leadership position among private companies’ Pension and AE AUM Pension AUM (inc AE) 17.3 bTL 43.5 bTL 75.6 bTL 45% Leadership among private companies’ Total Life&PA GWP Total GWP (Life+
Slide 6: Financials
Financials Şirkete Özel (Internal)
Slide 7: Summary of P&L from Segmental Reporting
Summary of P&L from Segmental Reporting (1) CAGR YoY 2018 2021 2022 Q3 2022 Q4 2022 QoQ 2018-22 2021-22 Pension Technical Profit 234 349 547 24% 57% 140 165 18% Life Protection Technical Profit 214 765 1.334 58% 74% 347 379 9% Life Savings Technical Profit 7 5 14 17% 186% 3 9 168% Personal Accident
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) 43,0% 41,2% 41,3% 38,5% 37,1% CAGR
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: 1% 1,4 1,3 1,3 1,1 1,2 CAGR: 65% 81% 3.535 82 42% CAGR: 45% 75
Slide 11: Pension
Pension (1) Sustainable Growth and Scale Ambitions Pensions AUM including State Contribution (mTL) Technical Profit (mTL) CAGR: +45% 75.640 CAGR: +24% 74% 57% 547 43.502 349 283 30.473 72.758 234 243 23.133 17.304 42.094 29.414 22.358 16.868 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 AE AuM 4
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, %)* CAGR: +65% CAGR: +58% 81% 3.535 74% 1.334 1.957 765 1.257 473 896 281 480 214 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022
Slide 13: Market Consistent Embedded Value Disclosures
Market Consistent Embedded Value Disclosures Şirkete Özel (Internal)
Slide 14: MCEV (mTL)
MCEV (mTL) Proven track record Value Driven Year-on-Year Growth 6,269 6.269 96% 19% CAGR 2.671 59% Life & PA 3,205 13 3.205 49% Life & PA 1.121 1.640 41% Pension 2.292 11 1.882 2.035 218 1.662 51% Pension 1.034 1.475 1.204 1.248 145 955 1.726 682 740 893 441 460 474 570 FY 2021 FY 2022 2007 2008 200
Slide 15: Diversified business model supporting value growth
Diversified business model supporting value growth Pension Life Protection Personal Accident Total 2021 Q4 2022 Q4 2021 Q4 2022 Q4 2021 Q4 2022 Q4 2021 Q4 2022 Q4 209 % 75 % 44 % 168 % PVNBP (m TL) 5,633 17,407 2,422 4,237 69 99 8,125 21,743 282 % 22 % -71% 46 % VNB (m TL) 45 173 441 538 3 1 489 711
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 (acEOO)
Slide 18: Appendix
Appendix
Slide 19: Total Protection Premium Production to Expand
Total Protection Premium Production to Expand Life Protection + Personal Accident FY 2022 / FY 2021 YoY Total Premium Growth Rate DSF+Agency * Non-Credit Linked 96% 1.183 mTL (33%) Bancassurance 92% 888 mTL (25%) Non-Credit Linked 63% 1.541 mTL (43%) Bancassurance Credit Linked 80% 3.612 mTL (Total
Slide 20: Solid Sales Culture through a Multidistribution Platform
Solid Sales Culture through a Multidistribution Platform to Expand Scale and Penetration in Pension and Life Exclusive 15-year Largest and most distribution Bancassurance productive direct sales Direct sales force (DSF) force in the sector agreement # Branches Akbank: ~ 800 # FAs: ~ 600 (covering 17
Slide 21: Summary of P&L from SFRS Reporting
Summary of P&L from SFRS Reporting 2018 2021 2022 CAGR YoY Q3 2022 Q4 2022 QoQ Pension Technical Profit 303 450 733 25% 63% 181 219 21% Life Technical Profit 277 904 1.394 49% 51% 323 456 41% Non-Life Technical Profit 62 62 77 5% 24% 18 30 67% Total Technical Profit 642 1.417 2.173 36% 53% 522 706 3
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)* 2018 2019 2020 2021 2022 CAGR YoY CAGR: 52% 108% 1.127 Management Reporting 214 258 350 541 1.127 52% 108% Profit for the Period 875 Equali
Slide 23: Solvency Position
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 Solvency Ratio 193% 190% 196% 145% 165% D
Slide 24: Personal Accident
Personal Accident A Complementary Profit Pool for the Group GWP (mTL) Technical Profit (mTL) CAGR: +1% CAGR: +10% 34% 41 82 42% 35 75 77 35 66 31 28 54 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 Market Share % (in terms of GWP) Claims & Commission Ratio (%) Market Share Of AgeSA % (in terms o
AgeSA Hayat ve Emeklilik A.Ş. — FY2022 Earnings Presentation on 6ix