Turkiye Sigorta A.s. · BIST:TURSG
Turkiye Sigorta A.s — Q1 2022 Earnings Presentation
22 slides from Turkiye Sigorta A.s's earnings presentation, Apr 28, 2022
Slide 1: Earnings Presentation Q1 2022
Earnings Presentation Q1 2022 Apr 28, 2022 1
Slide 2: Starting 2022 with a Strong Production & Profitability
Starting 2022 with a Strong Production & Profitability Gross Written Premiums million ₺ 1Q22 Results 2022 Expectations +74% +41% 5.7 bn ₺ premium production, Up 74% Sustainable growth & Market share YoY & 41% QoQ gains 5,669 Sector leadership with 15.2% market Ensuring portfolio and distribution 4,0
Slide 3: Solid Set of Financial KPIs
Solid Set of Financial KPIs Cumulative RoAE & RoAA Cumulative Loss Ratio & Combined Ratio Net CAR TS RoAE TS RoAA TS Loss Ratio TS COR 182% Sector RoAE Sector RoAA Sector Loss Ratio Sector COR vs. regulatory self-assessment level of 135% 36.0% 35.1% 119.3% 110.9% Gross Dividend 29.8% 109.2% 108.9% 2
Slide 4: Sustainable GWP Growth & Well-Balanced Production
Sustainable GWP Growth & Well-Balanced Production GWP Production GWP Mix by Major Branches Quarterly, Million ₺ Health/ Other Sickness 6.2% +74% 3.7% +41% MOD 7.1% 5,669 Non-Bank General Losses Production Bank 44.9% 3,812 88% Agriculture 75% Driven 3,259 MTPL Production Other 25% 19.1% 67% 2,155 2,3
Slide 5: GWP Production by Major Branches Growth Performance & Outlook
GWP Production by Major Branches Türkiye Sigorta GWP Production by Major Branches Quarterly, Million ₺ Sector Growth Performance & Outlook Türkiye Sigorta YoY Change YoY Change Sickness/Health Q1 2022 74.0% 74.2% 5,669 Strong demand for complemantary (TSS) policies but below 93.9% sector growth in Q
Slide 6: GWP Production by Distribution Channel
GWP Production by Distribution Channel Türkiye Sigorta GWP Production by Distribution Channel Quarterly, Million ₺ Türkiye Sigorta Sector Bank Channel YoY Change YoY Change 10+10 year exclusive bancassurance agreement with 5,669 74.0% 74.2% three state-owned banks & Dominant position in premium prod
Slide 7: Non-Life Main Branch GWP Production (1Q22)
Non-Life Main Branch GWP Production (1Q22) Gross Written Premium Ranking Status (vs. Main Branches Branch Share Market Share Sector Ranking (Million ₺) Dec-21) General Losses 2,547 44.9% 40.8% 1 MTPL 1,081 19.1% 13.0% 1 Fire and Natural Disasters 865 15.3% 16.1% 1 MOD 400 7.1% 6.7% 6 Accident 219 3.
Slide 8: Robust Technical Profit
Robust Technical Profit Technical Profit* Technical Profit Walk by Major Branches Quarterly, Million ₺ Quarterly, Million ₺ 1Q21 1Q22 -4% General 52 143 Losses +1% Fire 80 Nat. Dis. 88 467 74 Accident 128 342 330 327 -11 MTPL -24 81 MOD -5 162 Sickness 52 Health -39 14 Other 39 1Q21 2Q21 3Q21 4Q21 1
Slide 9: COR Details
COR Details Combined Ratio Combined Ratio by Major Branches Cumulative, Net 1Q22, Net Commission Ratio Commission Ratio Expense Ratio Expense Ratio Loss Ratio Loss Ratio Accident 4% 8% 38% 49% 105% 99% General 94% 60% 18% 65% 87% 10% Losses 86% 10% 9% 14% 9% 9% 12% 13% 12% 12% F&ND 52% 24% 1% 77% 82
Slide 10: Investment Income & Total AUM
Investment Income & Total AUM Assets Under Management AUM Breakdown Total Investment Income Million ₺ Quarterly, Million ₺ Net Investment Income Investment Inc. Transferred to Technical Division +16% Bank Deposits - FX +42% Government Bonds - TL 4% -13% +3% 14% 7,731 524 Private Sector 455 Bonds 7,4
Slide 11: P&L Analysis
P&L Analysis Summary P&L (million ₺) 1Q21 1Q22 YoY Technical Profit 1,145 1,663 45% Conservation ratio down by 250bps YoY to 37% on increasing MTPL production Earned Premiums (Net of Reinsurer Share) 914 1,261 38% 778 mn ₺ unearned premium provisions on high premium production 62 mn ₺ unexpired risk
Slide 12: Balance Sheet Growth
Balance Sheet Growth Total Assets Total Reserves Shareholder’s Equity Million ₺ Million ₺ Million ₺ +33% +34% +4% +14% +13% -5%* 16,326 7,776 14,351 6,870 4,220 3,856 4,014 12,249 5,822 1Q21 2021 1Q22 1Q21 2021 1Q22 1Q21 2021 1Q22 *530 million ₺ dividend payment, which will be due in Apr-22, is tran
Slide 13: 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 15.2% share in total premium production • Rebranded as Türkiye Sigorta 1.338 4.041 4.580 121 post-merger of 3 state-owned QoQ non-life insurers Change
Slide 14: Strategy Business Numbers: SuperApp Beyond Insurance
SuperApp Beyond Insurance (On Air!) Strategy Business Numbers Differentiating From Others Partnership 0 to 30 Days Focusing on CUSTOMER • 3 LoB (4th is on progress) • +500k user ACQUSITION and • 20+ partner • 37k non-cust. user CUSTOMER RETENTION with • 15+ category • 25k non-ins. service keyword be
Slide 15: Appendix
Appendix 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| 15
Slide 16: GWP Production by Major Branches
GWP Production by Major Branches Quarterly GWP Production Cumulative GWP Production Million ₺ Million ₺ Premium Production 1Q21 2Q21 3Q21 4Q21 1Q22 QoQ YoY 1Q21 2Q21 3Q21 2021 1Q22 YoY General Losses 1,481 741 577 1,115 2,547 128% 72% 1,481 2,222 2,800 3,914 2,547 72% F&ND 503 486 506 726 865 19% 72
Slide 17: Technical Profit by Major Branches
Technical Profit by Major Branches Quarterly Technical Profit* Cumulative Technical Profit* Million ₺ Million ₺ Technical Profit 1Q21 2Q21 3Q21 4Q21 1Q22 QoQ YoY 1Q21 2Q21 3Q21 2021 1Q22 YoY General Losses 52 152 8 55 143 160% 175% 52 204 212 267 143 175% F&ND 80 120 83 124 88 -29% 10% 80 200 283 40
Slide 18: COR by Major Branches
COR by Major Branches Loss Ratio Expense Ratio Commission Ratio Combined Ratio Cumulative Cumulative Cumulative Cumulative Combined Ratio 1Q21 2021 1Q22 1Q21 2021 1Q22 1Q21 2021 1Q22 1Q21 2021 1Q22 General Losses 92.8% 62.3% 59.6% 15.8% 17.3% 18.2% -9.6% -10.1% -12.7% 99.0% 69.6% 65.1% F&ND 35.8% 38
Slide 19: Summary Balance Sheet
Summary Balance Sheet YoY Million ₺ 1Q21 1Q22 Share Change Cash and Cash Equivalents 6,370 6,808 42% 7% Receivables from Main Operations 2,040 4,342 27% 113% Financial Assets 2,573 3,458 21% 34% Tangible and Intangible Assets 287 436 3% 52% Other Assets 978 1,281 8% 31% TOTAL ASSETS 12,249 16,326 10
Slide 20: Summary Income Statement
Summary Income Statement YoY Million ₺ 1Q21 1Q22 Change Gross Written Premiums 3,259 5,669 74% Technical Balance (Technical Profit) 342 330 -4% Earned Premiums (Net of Reinsurer Share) 914 1,261 38% Incurred Losses (Net of Reinsurer Share) -604 -1,031 71% Other Technical Income&Expenses (Net of Rein
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
Visit Our Website https://www.turkiyesigorta.com.tr/en/investor-relations Contact Investor Relations investor.relations@turkiyesigorta.com.tr 22