Agesa Hayat Ve Emeklilik A.s. · BIST:AGESA
Agesa Hayat Ve Emeklilik A.s — FY2021 Earnings Presentation
22 slides from Agesa Hayat Ve Emeklilik A.s's earnings presentation, Feb 9, 2022
Slide 1: Presentation to Investors FY 2021
Presentation to Investors FY 2021 Earning Release 9 February 2022
Slide 2: Key Financial Results
Key Financial Results Şirkete Özel (Internal)
Slide 3: Solid Financial Foundations
Solid Financial Foundations 2021 YoY/Δ Pension AUM (inc AE) 43,5 bTL 43% Leading position in private companies’ Pension and AE AUM Total GWP (Life+PA) 2.020 mTL 52% Success of long-term credit life product and strong RoP portfolio Total Technical Profit 1.150 mTL 44% Strong growth resulting from hig
Slide 4: Historical Track Record of Value Creation
Historical Track Record of Value Creation A Story of Solid Profitable Growth CAGR YoY Excl. Tax 2017 2018 2019 2020 2021 2017-21 2020-21 Rate Change Pension AUM (inc AE) 15.3 bTL 17.3 bTL 23.1 bTL 30.5 bTL 43.5 bTL 30% 43% Total GWP (Life+PA) 471 mTL 565 mTL 988 mTL 1.332 mTL 2.020 mTL 44% 52% Total
Slide 5: Financials
Financials Şirkete Özel (Internal)
Slide 6: Summary of P&L from Segmental Reporting
Summary of P&L from Segmental Reporting QoQ Excl. Gross 2017 2018 2019 2020 2021 CAGR YoY Q3 2021 Q4 2021 QoQ Surrender Reserve Pension Technical Profit 207 234 243 283 349 14% 23% 78 112 44% Life Protection Technical Profit 151 214 281 473 765 50% 62% 202 208 3% 29% Life Savings Technical Profit 3
Slide 7: Solid and Resilient Technical Profitability with Operating Leverage Potential
Solid and Resilient Technical Profitability with Operating Leverage Potential Technical Profit (mTL)* Expense Ratio (%)* Expense ratio=(Opex-AE Related Expenses-Sales Expenses)/(Opex-AE Related Expenses- Sales Expenses+IFRS Proft Before Tax) 45,0% 43,0% 41,3% 41,2% 38,5% CAGR: 31% 44% CAGR: 25% 1.15
Slide 8: Flexible Dividend Policy Focused on Growth
Flexible Dividend Policy Focused on Growth Dividend Policy Objective set amongst core shareholders to aim at distributing 50% of AgeSA’s Turkish GAAP-based distributable profit Current focus however is on increasing the scale of operations and therefore near-term priority is to reinvest in the busin
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: 49% CAGR: -6% 1,5 1,4 1,3 1,3 1,2 56% 82 CAGR: 30% 1.957 75 -17% 4
Slide 11: Pension: Sustainable Growth and Scale Ambitions
Pension (1) Sustainable Growth and Scale Ambitions Pensions AUM including State Contribution (mTL) Technical Profit (mTL) 43.502 CAGR: +14% CAGR: +30% 43% 23% 349 30.473 283 23.133 234 243 207 17.304 15.325 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 AE AuM 165 436 774 1.059 1.408 Number of Pa
Slide 12: Life Protection
Life Protection Sustainable and Resilient Growth Model Fuelled by Bancassurance GWP (mTL) Technical Profit (mTL, %)* CAGR: +49% CAGR: +50% 56% 1.957 62% 765 473 1.257 896 281 214 480 151 393 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 Market Share % (in terms of GWP) Claims and Commission Rati
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 3,134.5 3.135 2,291.8 51% Life & PA 1.140,4 2.292 34% Life & PA 542,4 11,0 2.035 20,6 1.882 956,3 49% Pension 1.662 1.475 863,5 66% Pension 1.248 133,8 1.204 176,2 955 682 740 689,0 893,0 570 441 460 474 FY 2020 FY 2021 Net Worth VIF Gr
Slide 15: Diversified business model supporting value growth
Diversified business model supporting value growth Pension Life Protection Personal Accident Total 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 36 % 50 % -21% 39 % PVNBP (m TL) 4,135 5,633 1,617 2,422 88 69 5,840 8,125 17 % 68 % -80% 56 % VNB (m TL) 39 45 262 441 14 3 314 489 18,2
Slide 16: Disclaimer
Disclaimer The information in this presentation has been prepared by AgeSA Hayat ve Emeklilik A.Ş. (the “Company” or “AgeSA”) solely for use at a presentation concerning the Company, its proposed listing on the Borsa İstanbul and the proposed offering (the “Offering”) of ordinary shares of the Compa
Slide 17: Thank you
Thank you (AcE)
Slide 18: Appendix
Appendix
Slide 19: Summary of P&L from SFRS Reporting
Summary of P&L from SFRS Reporting 2017 2018 2019 2020 2021 CAGR YoY Q3 2021 Q4 2021 QoQ Pension Technical Profit 250 303 321 383 450 16% 18% 103 134 29% Exc. Gross Surrender Reserve Life Technical Profit 211 277 378 574 904 44% 58% 265 239 -10% +10% Non-Life Technical Profit 51 62 69 70 62 5% -12%
Slide 20: Reconciliation between IFRS & Statutory Profit
Reconciliation between IFRS & Statutory Profit IFRS vs. Statutory Profit for the Period (mTL)* Profit for the Period Reconciliation (mTL)* 2017 2018 2019 2020 2021 CAGR YoY CAGR: 37% 541 55% IFRS Profit for the 153 214 258 350 541 37% 55% Period 452 Equalisation Reserve -5 -6 -10 -11 -7 12% -35% wri
Slide 21: 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
Slide 22: Personal Accident
Personal Accident A Complementary Profit Pool for the Group GWP (mTL) Technical Profit (mTL) CAGR: -6% CAGR: +6% 35 35 -14% 82 31 -17% 75 69 28 66 24 54 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 Market Share % (in terms of GWP) Claims & Commission Ratio (%) Market Share Of AgeSA % (in terms
AgeSA Hayat ve Emeklilik A.Ş. — FY2021 Earnings Presentation on 6ix