Turkiye Sigorta A.s. · BIST:TURSG
Turkiye Sigorta A.s — 9M 2022 Earnings Presentation
22 slides from Turkiye Sigorta A.s's earnings presentation, Oct 31, 2022
Slide 1: Earnings Presentation 9M 2022
Its strength is implicit in its name... Earnings Presentation 9M 2022 Oct 31, 2022 1
Slide 2: 9M22 - Summary of Financial Results
9M22 - Summary of Financial Results Gross Written Premiums Premium Production Cumulative, Million ₺ • 16.1 bn ₺ premium production, up by 109% YoY +109% • Sector leadership with 12.8% market share • Normalization trend begins in MTPL, its market share retreated from 16% in 16,106 #1 in GWP H1 to 13%
Slide 3: Financial KPIs Comfortably Outperform Sectoral Averages
Financial KPIs Comfortably Outperform Sectoral Averages Cumulative RoAE & RoAA Cumulative Loss Ratio & Combined Ratio Solvency & Dividend Details Net TS RoAE TS RoAA TS Loss Ratio TS COR CAR (H1-22) Sector RoAE Sector RoAA Sector Loss Ratio Sector COR 121 % 143% vs. regulatory self-assessment 29% le
Slide 4: Controlled Growth in GWP Production with a Well-Diversified Branch Mix
Controlled Growth in GWP Production with a Well-Diversified Branch Mix GWP Production GWP Mix by Major Branches Quarterly, Million ₺ Cumulative +111% Health/ Other -13% Sickness 5.7% 3.7% MOD 5,669 5,576 10.4% General Losses 4,861 30.0% 4,032 Non-Bank Agriculture 78% Production Bank-Heavy 83% Produc
Slide 5: GWP Production by Major Branches
GWP Production by Major Branches Türkiye Sigorta GWP Production by Major Branches Cumulative, Million ₺ 16,106 Other 914 588 Sickness/Health Annual Change Türkiye Sigorta 1,681 Main Branches Türkiye Market Sector Growth Performance & Outlook MOD Sector Sigorta Share Ranking 38% General Losses 73% 86
Slide 6: GWP Production by Distribution Channel
GWP Production by Distribution Channel Türkiye Sigorta GWP Production by Distribution Channel Cumulative, Million ₺ 16,106 Dist. Channels Türkiye Sector Bank Channel 946 Broker YoY Change Sigorta • 10+10 year exclusive bancassurance agreement with three state-owned banks Direct 131% 93% and dominant
Slide 7: Prominent Technical Profitability Plucked Down by Cost-Sensitive MTPL and Health Branches
Prominent Technical Profitability Plucked Down by Cost-Sensitive MTPL and Health Branches Technical Profit* Technical Profit Walk by Major Branches Cumulative, Million ₺ Cumulative, Million ₺ 9M21 9M22 970 General 212 406 347 Losses 283 Fire & ND 413 9M21 9M22 Accident 258 516 MTPL -1,059 -128 • Str
Slide 8: COR Details
COR Details Combined Ratio Combined Ratio by Major Branches Cumulative, Net 9M22, Net Loss Ratio Expense Ratio Commission Ratio Accident 1% 8% 38% 47% Loss Ratio Expense Ratio 125% 126% General Losses -13% 52% 15% 53% 11% 11% Commission Ratio 99% 15% 14% 94% F&ND 40% 24% 4% 68% 10% 9% 12% 13% MOD 87
Slide 9: Investment Income & Total AUM
Investment Income & Total AUM Assets Under Management AUM Breakdown Total Investment Income Million ₺ Million ₺ Investment Inc. Transferred Mutual Funds to Technical Division +63% 9% & Other Net Investment Income Private Sec. Bonds 21% 5% Money Market +52% Placements +100% Gov’t Securities 1% Bank D
Slide 10: P&L Analysis
P&L Analysis Summary P&L (million ₺) 9M21 9M22 YoY Technical Income 3,825 6,284 64% Earned Premiums (Net of Reinsurer Share) 3,019 4,702 56% 2.9 bn ₺ unearned premium provisions on high premium production 723 mn ₺ total unexpired risk provision on particularly high MTPL claims Investment Income From
Slide 11: Balance Sheet Growth
Balance Sheet Growth Total Assets Total Reserves Shareholder’s Equity Million ₺ Million ₺ Million ₺ +53% +91% +13% +36% +71% +3% 11,748 19,529 14,351 4,220 4,362 12,750 3,852 6,870 6,167 9M21 2021 9M22 9M21 2021 9M22 9M21 2021 9M22 Türkiye Sigorta| 11
Slide 12: Well-Established Franchise with a Strong Footprint
Well-Established Franchise with a Strong Footprint • Operational since 1957 Headcount Agency Network Bank Branch Broker Network • Market Leader with 12.8% share in total premium production 1,547 3,994 4,631 124 • Rebranded as Türkiye Sigorta post- merger of 3 state-owned non-life QoQ Change +88 -114
Slide 13: SuperApp Beyond Insurance: Strategy Business Numbers
SuperApp Beyond Insurance (On Air!) Strategy Business Numbers Differentiating From Others Partnership 0 to today Focusing on CUSTOMER • 4 LoB • 1.5M+ user ACQUSITION and CUSTOMER • 45+ partner • 300k non-cust. user RETENTION with keywords below: • 35+ category • 80k non-ins. service request • 90+ se
Slide 14: Appendix
Appendix Page 15 Non-Life Main Branch GWP Production Page 16 GWP Production by Major Branches Page 17 Technical Profit by Major Branches Page 18 COR by Major Branches Page 19 Summary Balance Sheet Page 20 Summary Income Statement Türkiye Sigorta| 14
Slide 15: Non-Life Main Branch GWP Production (9M22)
Non-Life Main Branch GWP Production (9M22) Gross Written Premium Market Share Main Branches Branch Share Market Share Sector Ranking (Million ₺) Change (YoY) General Losses 4,837 30.0% 34.6% -269 bps 1 Fire and Natural Disasters 2,745 17.0% 15.9% -50 bps 2 MTPL 4,465 27.7% 12.8% 357 bps 1 MOD 1,681
Slide 16: GWP Production by Major Branches
GWP Production by Major Branches Quarterly GWP Production Cumulative GWP Production Million ₺ Million ₺ Premium Production 3Q21 4Q21 1Q22 2Q22 3Q22 QoQ YoY 9M21 2021 3M22 1H22 9M22 YoY General Losses 577 1,115 2,547 1,309 982 -25% 70% 2,800 3,914 2,547 3,855 4,837 73% F&ND 506 726 865 902 978 8% 93%
Slide 17: Technical Profit by Major Branches
Technical Profit by Major Branches Quarterly Technical Profit* Cumulative Technical Profit* Million ₺ Million ₺ Technical Profit 3Q21 4Q21 1Q22 2Q22 3Q22 QoQ YoY 9M21 2021 3M22 1H22 9M22 YoY General Losses 8 55 143 127 136 7% N.M. 212 267 143 270 406 91% F&ND 83 124 88 89 236 167% 183% 283 407 88 17
Slide 18: COR by Major Branches
COR by Major Branches Loss Ratio Expense Ratio Commission Ratio Combined Ratio Cumulative Cumulative Cumulative Cumulative Combined Ratio 9M21 2021 9M22 9M21 2021 9M22 9M21 2021 9M22 9M21 2021 9M22 General Losses 63.1% 62.3% 51.8% 13.7% 17.3% 14.9% -7.6% -10.1% -13.2% 69.2% 69.6% 53.5% F&ND 39.5% 38
Slide 19: Summary Balance Sheet
Summary Balance Sheet Balance Sheet, Million ₺ 9M21 9M22 Share (%) YoY Change Cash and Cash Equivalents 6,088 6,150 31% 1% Receivables from Main Operations 2,727 3,731 19% 37% Financial Assets 2,773 7,541 39% 172% Tangible and Intangible Assets 295 458 2% 55% Other Assets 866 1,648 8% 90% TOTAL ASSE
Slide 20: Summary Income Statement
Summary Income Statement Income Statement, Million ₺ 9M21 9M22 YoY Change Gross Written Premiums 7,718 16,106 109% Technical Balance (Technical Profit) 970 347 -64% Earned Premiums (Net of Reinsurer Share) 3,019 4,702 56% Incurred Losses (Net of Reinsurer Share) -2,210 -4,723 114% Other Technical In
Slide 21: 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 22: Visit Our Website / Contact Investor Relations
Its strength is implicit in its name... Visit Our Website https://www.turkiyesigorta.com.tr/en/investor-relations Contact Investor Relations investor.relations@turkiyesigorta.com.tr 22