Agesa Hayat Ve Emeklilik A.s. · BIST:AGESA
Agesa Hayat Ve Emeklilik A.s — FY2024 Earnings Presentation
23 slides from Agesa Hayat Ve Emeklilik A.s's earnings presentation, Feb 17, 2025
Slide 1: Presentation to Investors FY 2024 Earning Release
Presentation to Investors FY 2024 Earning Release February 17 2025 Şirkete Özel
Slide 2: A Story of Solid Profitable Growth
A Story of Solid Profitable Growth 2020 CAGR YoY 2023 2024 2020-24 2023-24 Leadership among private companies in terms of Pension and AE AUM Pension AUM (inc AE) 30.5 bTL 141.5 bTL 228.3 bTL 65% 61% Leadership among private companies in terms of Total Life&PA GWP Total GWP (Life+PA) 1.332 mTL 7.484
Slide 3: 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 among private companies thanks to significant growth business lines and financial income despite inflationary pres
Slide 4: Evolution of Our Performance
Evolution of Our Performance Life Business RoP & Savings TL APE Credit Linked GWP (mTL) Stand-Alone Life & PA Total GWP (mTL) (mTL) Total GWP (mTL) 1,9X 2,4X 2,1X 1,8X 14,317 2,685 7,424 6,893 3,560 3,924 7,484 1,141 23 FY 24 FY 23 FY 24 FY 23 FY 24 FY 23 FY 24 FY Market Share 14.8% Market Share 14.
Slide 5: Profitability (mTL)
Profitability (mTL) Both Management reporting and SFRS financial figures are shown before Medisa consolidation Management SFRS Net Profit Reporting Net Profit * 2X 2X 3,984 2,911 1,944 1,425 23 FY 24 FY 23 FY 24 FY Medisa (Sabancı Health Insurance Company) consolidation P/L impact is -43,6 mTL Şirke
Slide 6: Financials
Financials Şirkete Özel
Slide 7: Summary P&L from Segmental Reporting
Summary P&L from Segmental Reporting (1) 2020 2021 2022 2023 2024 CAGR YoY 3Q 24 4Q 24 QoQ Credit-Linked Life 550 938 1.538 3.560 7.424 92% 109% 1.999 2.063 3% Both Management reporting and Life RoP & Savings 667 967 2.046 3.718 6.528 77% 76% 1.705 1.917 12% SFRS financial figures are shown before M
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) Expense ratio=(Opex)/(Management Reporting Proft Before Tax-Opex) 48.5% 45.4% 47.0% 46.0% 42.7% CAGR: 75% 7,496 CAGR: 76% 101% 2020 2021 2022 2023 2024 4,082 Breakdown of Gen
Slide 9: Prudent Though Opportunistic Approach on Investments
… Prudent Though Opportunistic Approach on Investments… Investment and Other Income (TLm) (2) Shareholders’ Asset Portfolio –2024 (mTL)(1) (2) 68% CAGR: 114% Total: 8.258mTL Source: Company information. Management Reporting: IFRS Financials excluding inflation accounting effect, unaudited results Şi
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) 1,1 1,2 1,2 1,2 1,3 7,424 6,528 CAGR: 92% 228,335 109% CAGR: 77% 76% C
Slide 12: Pension
Pension (1) Sustainable Growth and Scale Ambitions Pensions AUM including State Contribution (mTL) Private Pension Fund Mix 228,335 CAGR: +65% 61% 141,528 220,328 75,640 43,502 136,681 30,473 72,758 29,414 42,094 220 2020 2021 2022 2023 2024 bTL AE AuM 1.059 1.408 2.882 4.846 8.007 Number of Partici
Slide 13: Credit Linked and RoP&Savings Life
Credit Linked and RoP&Savings Life Sustainable and Resilient Growth Model Fueled by Multidistribution Channel Structure Credit Linked GWP (mTL) RoP&Savings GWP (mTL) CAGR: +92% 7,424 6,528 CAGR: +77% 76% 109% 3,718 3,560 2,046 1,538 938 967 550 667 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 I
Slide 14: Market Consistent Embedded Value
Market Consistent Embedded Value Şirkete Özel
Slide 15: Market Consistent Embedded Value
Market Consistent Embedded Value 66% Life & PA 70% Life & PA 34% Pension 30% Pension MCEV has been growing at a rate of 64% p.a. over the past 2 years, reaching 23bn TL. Value of in-force (VIF) is the stock of discounted value of future profits (with no allowance for future new business), contributi
Slide 16: Solvency II Value of New Business
Solvency II Value of New Business Şirkete Özel
Slide 17: 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 2024 2023 2024 2023 2024 2023 2024 2023 2024 49 % 121 % 235 % 81 % 68 % PVNBP (m TL) 50.158 74.668 3.710 8.189 4.221 14.126 214 387 58.303 97.391 4% 225 % 598 % 313 % 2
Slide 18: 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 19: Thank you
Thank you Şirkete Özel
Slide 20: Appendix
Appendix Şirkete Özel
Slide 21: Summary of P&L from SFRS Reporting
Summary of P&L from SFRS Reporting 2020 2024 CAGR YoY 3Q 24 4Q 24 QoQ Pension Technical Profit 321 3.137 69% 106% 731 908 24% Life Technical Profit 378 5.404 75% 114% 1.515 1.699 12% Non-Life Technical Profit 69 184 28% 50% 49 55 19% Total Technical Profit 769 8.725 71% 110% 2.296 2.662 16% Total Ex
Slide 22: Reconciliation between Management & Statutory Profit
Reconciliation between Management & Statutory Profit IFRS vs. Statutory Profit for the Period (mTL) Profit for the Period Reconciliation (mTL) 2020 2021 2022 2023 2024 CAGR YoY 3,984 Management Reporting 350 541 1.127 1.944 3.984 84% 105% Profit for the Period CAGR: 113% 1115% Equalisation Reserve w
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
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