Turkiye Sigorta A.s. · BIST:TURSG
Turkiye Sigorta A.s — FY2023 Earnings Presentation
22 slides from Turkiye Sigorta A.s's earnings presentation, Feb 19, 2024
Slide 1: Earnings Presentation 2023
Earnings Presentation 2023 Feb 19, 2024 1
Slide 2: 2023 - Summary of Financial Results
2023 - Summary of Financial Results Gross Written Premiums Key Catalysts Fueling Unprecedented Profitability Growth Cumulative, Million ₺ Remarkable technical profitability through +136% proactive strategy and successful claims management, alongside robust premium growth #1 in GWP 59,518 COR 132% Pr
Slide 3: Improved Profitability and Technical Metrics with a Robust Capital
Improved Profitability and Technical Metrics with a Robust Capital 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 l
Slide 4: A Year of Phenomenal Growth and a Well-Balanced Premium Portfolio
A Year of Phenomenal Growth and a Well-Balanced Premium Portfolio GWP Production GWP Mix by Major Branches Quarterly, Million ₺ Cumulative +130% Other Health 4% 7% General Losses 24% MOD 20,821 14% Agriculture 82% Non-Bank Other 18% 14,295 Production Bank-Heavy 12,227 84% Production 12,175 74% 9,067
Slide 5: GWP Production by Major Branches
GWP Production by Major Branches Türkiye Sigorta GWP Production by Major Branches Cumulative, Million ₺ Türkiye Sigorta 59,518 Annual Change 2022 2023 2,518 Other Main Branches Türkiye Market Sector Market Sector Sector 4,248 Health Sigorta Share Ranking Share Ranking 8,363 MOD General Losses 98% 10
Slide 6: Refined Portfolio Composition Unveiled
Refined Portfolio Composition Unveiled Distribution of Major Branches Distribution of Major Branches Cumulative Quarterly GWP GWP million ₺ 25,173 59,518 million ₺ 9,067 12,175 12,227 14,295 20,821 7.5% 4.2% Other 4.9% 4.3% 5.1% 3.2% Other 10.6% 2.9% 7.1% Health 6.1% 5.3% 5.3% 11.5% Health 8.1% 12.0
Slide 7: GWP Production by Distribution Channel
GWP Production by Distribution Channel Türkiye Sigorta GWP Production by Distribution Channel Cumulative, Million ₺ w/ 3 59,518 Exclusive Bancassurance State-owned Agreement 10 + 10 year Banks Dist. Channels Türkiye Sector 5,225 Broker YoY Change Sigorta Bank Channel Share in Bank Channel Total Prem
Slide 8: Elevating Performance Across Major Branches Drive Record Technical Profit
Elevating Performance Across Major Branches Drive Record Technical Profit Technical Profit Walk by Major Branches Improvement in Distressed Branches of the Previous Year Cumulative, Million ₺ Loss Ratios Unexpired Risk Reserves Cumulative, Net Cumulative, Million ₺ 2022 2023 143% Health General 943
Slide 9: COR Details
COR Details Combined Ratio Combined Ratio by Major Branches Cumulative, Net 2023, Net Loss Ratio Expense Ratio Commission Ratio Accident 1% 7% 41% 49% Loss Ratio 132% Expense Ratio 12% General Losses -24% 57% 17% 50% Commission Ratio 15% 108% 97% 98% 60% 94% 14% F&ND 23% 19% 18% 11% 12% 11% 12% 13%
Slide 10: Investment Income & Total AUM
Investment Income & Total AUM Assets Under Management* AUM Breakdown Total Investment Income Million ₺ Million ₺ Investment Inc. Transferred to Eurobond 3% Technical Division +130% 8% Eurobond Net Investment Income FX-Protected Dep. 4% Bank Deposits -FX 7% +25% 15% FX-Protected Dep. +207% Mutual Fun
Slide 11: P&L Analysis
P&L Analysis Summary P&L (million ₺) 2022 2023 YoY Technical Income 9,663 29,850 209% Less URR than previous year with the remarkable premium production and Earned Premiums (Net of Reinsurer Share) 6,893 20,258 194% decrease in loss ratio Investment Income From Non-Technical Division 2,631 9,198 250
Slide 12: Balance Sheet Growth
Balance Sheet Growth Total Assets Total Reserves Shareholder’s Equity Million ₺ Million ₺ Million ₺ +174% +137% +140% +24% +30% +26% 15,426 77,328 35,234 62,517 12,240 27,121 14,886 6,421 28,199 2022 9M23 2023 2022 9M23 2023 2022 9M23 2023 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 • Operational since 1957 Network • Market Leader with 13.9% share in total premium production • Rebranded as Türkiye Sigorta post- merger of 3 state-owned non-life 1,577 3,640 4,784 123 insurers QoQ Change
Slide 14: Non-Life Main Branch GWP Production (2023)
Non-Life Main Branch GWP Production (2023) Gross Written Premium Market Share Main Branches Branch Share Market Share Sector Ranking (Million ₺) Change (YoY) General Losses 14,495 24.4% 32.3% -1.1 pps 1 Fire and Natural Disasters 12,588 21.2% 19.2% +4.2 pps 1 MTPL 13,399 22.5% 11.4% -20 bps 2 MOD 8,
Slide 15: GWP Production by Major Branches
GWP Production by Major Branches Quarterly GWP Production Cumulative GWP Production million ₺ million ₺ Premium Production 4Q22 1Q23 2Q23 3Q23 4Q23 QoQ YoY 2022 3M23 1H23 9M23 2023 YoY General Losses 2,498 3,795 2,632 2,395 5,673 137% 127% 7,335 3,795 6,426 8,822 14,495 98% F&ND 1,358 2,477 2,674 3,
Slide 16: Technical Profit by Major Branches
Technical Profit by Major Branches Quarterly Technical Profit* Cumulative Technical Profit* million ₺ million ₺ Technical Profit 4Q22 1Q23 2Q23 3Q23 4Q23 QoQ YoY 2022 3M23 1H23 9M23 2023 YoY General Losses 187 213 387 189 154 -18% -18% 593 213 601 789 943 59% F&ND 322 172 725 1,175 803 -32% 149% 735
Slide 17: COR by Major Branches
COR by Major Branches Loss Ratio Expense Ratio Commission Ratio Combined Ratio Cumulative Cumulative Cumulative Cumulative Combined Ratio 2022 9M23 2023 2022 9M23 2023 2022 9M23 2023 2022 9M23 2023 General Losses 52.9% 56.2% 57.2% 14.3% 12.2% 17.2% -16.7% -20.2% -24.0% 50.5% 48.2% 50.4% F&ND 32.1% 2
Slide 18: Summary Balance Sheet
Summary Balance Sheet Balance Sheet, million ₺ 2022 2023 Share (%) YoY Change Cash and Cash Equivalents 9,034 31,547 41% 249% Receivables from Main Operations 4,536 11,330 15% 150% Financial Assets 11,646 27,256 35% 134% Tangible and Intangible Assets 755 1,536 2% 103% Other Assets 2,229 5,659 7% 15
Slide 19: Summary Income Statement
Summary Income Statement Income Statement, million ₺ 2022 2023 YoY Change Gross Written Premiums 25,173 59,518 136% Technical Balance (Technical Profit) 502 7,905 1473% Earned Premiums (Net of Reinsurer Share) 6,893 20,258 194% Incurred Losses (Net of Reinsurer Share) -7,263 -16,700 130% Other Techn
Slide 20: Expectations for 2024
Expectations for 2024 Türkiye Sigorta, aims to grow in profitable branches, in line with its diversified portfolio distribution in order to continue its sustainable growth strategy in 2024. The Company will be determined to continue positive progress on financial results with the same momentum in 20
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
Visit Our Website https://www.turkiyesigorta.com.tr/en/investor-relations Contact Investor Relations investor.relations@turkiyesigorta.com.tr 22