2024 Annual Report

Growing by doing good

2024 FAALİYET RAPORU

ANNUAL REPORT 2024

CONTENTS

AgeSA at a Glance

10 Sabancı Group and Ageas

12 About AgeSA

14 Capital Structure and Shareholders of AgeSA

16 Our Ultimate Purpose and Values

18 Financial and Operational Indicators

20 2024 in Brief

From Management

24 Message from the Chairman

26 Board of Directors

30 Message from the CEO

Corporate Governance

132 Activities of the Board of Directors and Its Committees

138 Statements of Independence

1. Statement of Compliance with Corporate Governance Principles

2. Corporate Governance Principles Compliance Information Form and Compliance Report

3. Disclosure Policy

146 Beneficiaries Policy

Financial Information and Risk Management

Growing with good deeds

171 Unconsolidated Financial Statements and Independent Auditor's Report

277 Information on Consolidated Subsidiaries

279 Consolidated Financial Statements and Independent Auditor's Report

We secure people, their loved ones, and their future by providing the good in the essence of our business. We continue to do better

and stand by our customers so that they can say "so glad."

We add value to our customers' lives through flexible and innovative products that cover various risks.

We pioneer our industry by offering high-performing investment funds, fund advisory services suitable for everyone, and a diversified lineup of funds. We take sustainable growth steps by way of our performance in this direction and our successful results.

Annual growth in net profit

Growing

We strive to present a secure future for our customers on the way to a peaceful and happy life. Our participant base grows rapidly thanks to our private pension plans and services while our fund performance solidifies the confidence in us. Through steady growth, we reached a Private Pension System (PPS) fund size of TL 228.3 billion, including Auto-Enrollment, reinforcing our leading position among private-sector companies in this area.

61%

Annual growth in PPS fund size

Growing

We closely monitor and understand the rapidly changing needs of the contemporary world. We offer flexible and advantageous products which are designed to meet the specific needs of

our customers in line with this change. We reached TL 14.3 billion premium generation in the life and personal accident insurance segment and maintained our leading position among private companies by this measure. We will continue to create value for our customers' lives and provide them with reliable insurance solutions.

91%

Annual growth

in the life and personal accident insurances

Growing

We merge our human capital with technology in pursuit of good and in accordance with our human-focused business culture. We attain agile business processes with Bankabot and step into the future with operational efficiency. We center our digital transformation investments

on artificial intelligence while improving customer satisfaction through our virtual assistant. As one of the most preferred companies to work for in our industry, we continue to create value through employee satisfaction enhancing practices.

2,099

Number of

employees

Growing for health and well-being

We always prioritize the health and

well-being of our customers. To this end, in accordance with the vision of addressing individuals' insurance needs with a holistic approach, we made a strategic investment in the health ecosystem by acquiring all outstanding shares of Medisa Sigorta A.Ş., which is a company that strives to be with individuals in every step of their health journeys by rendering health insurance, digital heath applications, and healthy lifestyle program services.

SABANCI GROUP AND AGEAS

Sabancı Holding's higher purpose is to unite Türkiye and the world with leading enterprises for a sustainable life.

60,000+

Sabancı Group companies employees

17

Countries in which Sabancı Group invests

Hacı Ömer Sabancı Holding A.Ş. (Sabancı Holding), Türkiye's

leading conglomerate, is a holding company engaged in a wide variety of business activities through its subsidiaries and affiliates, mainly

in the banking, financial services, energy and climate technologies, industrials, building materials and digital sectors.

Sabancı Holding coordinates and supports the finance, strategy, business development, legal, human capital and sustainability functions of Group companies.

The Holding aims to ensure that Group companies operate in a manner that is profitable and sustainable with favorable

competitive conditions. In addition, Sabancı Holding sets and monitors investor relations and corporate governance practices that apply across Sabancı Group.

Sabancı Holding is managed by an Executive Committee, a team of

senior executives including the Chief Executive Officer (CEO), Group Chief Financial Officer (CFO), Strategic Business Unit Presidents and function-based Group Presidents.

The Executive Committee is mainly responsible for major capital allocation decisions and reports to the Board of Directors, which is the ultimate decision-making body of the Holding.

Sabancı Holding's higher purpose is to unite Türkiye and the World for a sustainable life with leading enterprises. With this core reason for being, Sabancı Holding works

to create value for its stakeholders. Sabancı Group companies supply their products and services around the globe with various investments in 17 countries and more than

60 thousand employees worldwide. Sabancı Holding's international business partners include the world's leading companies such

as Ageas, Bridgestone, Carrefour, E.ON, Heidelberg Materials and Skoda. Sustainability is a central aspect of Sabancı Holding's higher purpose. To this end, the Holding has adopted a target of Net Zero emissions and zero waste by 2050.

Sabancı Holding is registered with the Capital Markets Board, the securities regulator of Türkiye. Since 1997, Sabancı Holding has been listed on Borsa Istanbul. The Sabancı Family jointly controls Sabancı Holding as a majority shareholder, while 53.2% of the

Holding's shares is publicly traded.

AgeSA Annual Report 2024

11

ABOUT AGESA

AgeSA offers innovative products in the "private pension," "life insurance," and "personal accident insurance" segments to nearly 4 million customers.

2,099

Employees

Our Company, which was established in 2007 as AvivaSA Emeklilik ve Hayat, changed its name to "AgeSA Hayat ve Emeklilik" on July 1, 2021, following Sabancı Holding's decision to continue its path together with the Belgian insurance company Ageas,

which has a history of almost two centuries, in line with the principle of equal partnership as of May 5, 2021. 20% of our Company's shares are traded on the Istanbul Stock Exchange with the ticker "AGESA."

As AgeSA, for the savings and investment needs of the individuals, we offer large fund diversity and fund consultancy services within the private and group pension plans. With our life insurance products, we provide coverage

for unexpected risks in life to individuals and their families. In all services and experiences we offer, we focus on our customers and digitalization. Considering digitalization, technology, and

innovation to be important tools for

responsibility project implemented

as Private Health Insurance (PHI)

PPS Fund Size (TL Billion)

Customer Experience and Strategies

sustainable development, we are improving our work processes with

in 2019. In addition and in line with its "good corporate citizen"

and Complementary Health Insurance (CHI), as well as digital

Focused on Digitalization Adopting an ultimate purpose of "We exist to offer goodness at the core of our business aiming for

a society full of trust, with happy individuals," AgeSA offers innovative products in the "private pension," "life

insurance," and "personal accident

features like artificial intelligence and data analytics. Accepting digitalization and innovation as one of our strategic focuses, we aim to create sustainable business models by adding value to economy and society.

role, AgeSA aims to increase the value we offer society and our stakeholders by carrying out charity and donation activities for social needs.

Investing in the Health Ecosystem

In 2024, in keeping with our vision

and telehealth services.

2024 at a Glance

With 2,099 employees as of the end of 2024, AgeSA has a market share of 18.6% with a fund size

of TL 228.3 billion in the private

pension market, including

75.6

141.5

228.3

AgeSA has a market share of 18.6% with

a fund size of TL

228.3 billion in the private pension market, including Auto-Enrollment, according to December 31, 2024 dated data of the Pension Monitoring Center (PMC).

insurance" segments to its nearly 4 million customers. In collaboration with Akbank and in addition to

the largest direct sales teams, we provide services through our

strong bancassurance network, our agencies, our Tele Sales Channel, and our unique multi-channel distribution structure, consisting

of corporate projects' team. In all channels we come into contact with our customers, we are a company acting by focusing on excellence

in customer experience, with many international and national awards in that area, and we are a company creating a difference.

A Good Corporate Citizen Adding Value to Social Life

Being aware of social responsibility and sustainability principles and being at a pioneering position

in the sector in terms of creating a positive environmental and social impact, we contribute

to sustainable development and improving society through

numerous projects. In this direction, AgeSA aims to guide the society's preparation for aging and to turn the negative perception of aging into a positive one with the All

Ages (Her Yaşta) corporate social

of meeting individuals' insurance needs with a holistic approach, we invested in the health ecosystem by acquiring all of Medisa Sigorta A.Ş.'s capital shares. In line with

its strong strategic goals, Medisa aims to offer innovative and holistic solutions to individuals by integrating health insurance with digital health applications and healthy living programs.

In this scope, under the roof of Medisa, it is aimed to provide individuals with a comprehensive and continuous health experience through insurance services such

Auto-Enrollment, according to December 31, 2024 dated data of the Pension Monitoring Center (PMC). Based on the size of assets we manage, our Company is

the leading company among private sector companies in the private pension sector. We also hold an 14.0% share in direct premium generation for pension and/or life insurance companies with total life and accident premium generation of TL 14.3 billion, according to data of the Insurance Association of Türkiye (TSB) and HAYMER.

*Including Auto-Enrollment.

CAPITAL STRUCTURE AND SHAREHOLDERS OF AGESA

AgeSA is a company making all its stakeholders proud of being part of it, with its strong financial structure.

Continuing to operate under the partnership of Ageas, the biggest insurance company in Europe, and Sabancı Holding, Türkiye's leading business group, AgeSA is a company making all its stakeholders proud of being part of it, with its strong financial structure.

Current Shareholding Structure of Our Company

20%

Free Float

40%

H.Ö. Sabancı Holding A.Ş.

40%

Ageas Insurance

International NV

Current Shareholding Structure of Our Company

(%)

AgeSA Annual Report 2024

15

AgeSA at a Glance

OUR ULTIMATE PURPOSE AND VALUES

Our Ultimate Purpose

We exist to offer goodness at the core of our business aiming for a society full of trust, with happy individuals.

Our Values

Our guide while accomplishing our ultimate purpose are our values that make us who we are:

We act for goodness!

We see the goodness in our work and in ourselves as a force mobilizing us. We can create the impact we dream of only if we act for goodness.

We are excited to explore!

We love being the first, we love to explore novelties and untested paths. Our excitement and our curiosity make us dynamic.

To improve, we think in simple terms!

Improving ourselves and our business has not to be complex. To improve, we produce simple and easy solutions.

We act bravely to make a difference!

We aim to make a difference in every business we make, in every step we take. We are not afraid of making a mistake, we take on responsibility.

We work together to exceed limits!

To create a big impact, we believe in the impokance of collaboration. There is a different value to be added by each member of our family. We can exceed limits, only if we work hand in hand.

FINANCIAL AND OPERATIONAL INDICATORS

In 2024, we increased our total premium and contribution generation by 124% to TL 49.9 billion.

Net Profit* (TL Million)

875

1,390

PPS Fund Size* (TL Billion)

75.6

141.5

Financial Indicators (TL million)

2020

2021

2022

2023

2024

2020-2024

4-y

early CAGR

* Parent Company Share

2,871

*Including Auto-Enrollment.

228.3

Equities (TL Million)

1,726

3,100

Premium Generation in Life and Accident Branches (TL Billion)

3.7

7.5

Profit Before Tax

(Parent Company Share)

Key Ratios (%)

Net Profit After Tax (Parent Company Share)

385 624 1,091 2,013 4,106 81%

295 452 875 1,390 2,871 77%

5,449

14.3

Technical Profit/Premium and Contribution Generation

8.1 6.1 1.2 -0.9 1.2

Total Premium and Contribution Generation (TL Billion)

Total Assets (TL Billion)

Equity

165.3

2024

IN BRIEF

We increased our contribution to the environment by providing seed balls to nature for every new PPS customer under 18 years of age.

We took a concrete step in the fight against climate change in line with Sabancı Holding's Net Zero Carbon Footprint Project by making our emission reduction commitment to

the Science Based Targets initiative (SBTi).

We Are Aware of Our Responsibilities in Fighting the Climate Crisis

As AgeSA, we take strong steps in environmental, social and governance areas by integrating

our sustainability strategies into our business model. In 2024, we took a concrete step in the fight against climate change based on scientific facts in line with Sabancı Holding's Net Zero Carbon Footprint Project by making our emission reduction commitment to the Science Based Targets initiative (SBTi). We shared our Scope 1, 2 and 3 emission targets with SBTi in accordance with the scientific approaches required to achieve the goal of limiting the global temperature increase to 1.5°C. In order to reach our Net Zero emission target in 2050, we aim to reduce the sum

of our Scope 1 and 2 emissions by 75% by 2030 compared to 2019. For our Scope 3 emissions, we aim to ensure that 47% of our investment porffolio consists of companies with SBTi targets by 2030 and all of it by the end of 2040.

We continue to create value with the products and services we develop for sustainable development goals in the insurance industry. In this scope, we provide financial and environmental benefits through our environmentally friendly investments, sustainability-oriented products and digital

solutions we offer our customers. In 2024, we expanded our range of products linked to the Sustainable Development Goals (SDGs). In addition, we continued the efforts to raise awareness in our social

impact area in line with our projects aiming to create social benefit and our principles of equality, diversity and inclusion.

In 2024, we carried out extensive activities in line with our sustainability goals. We took an important step with our ecording collaboration and increased our contribution to the environment by providing seed balls to nature for every new PPS customer under

18 years of age. Later, we broadened the scope of the seed ball practice and began to take this meaningful step also for our clients who prefer the AgeSA Sustainability Fund on their birthdays. With this project, AgeSA both supports the fight against the climate crisis and makes a meaningful difference that strengthens the bond between its customers and nature.

Important Stevie Awards for AgeSA We aim to offer the best customer experience in all our service channels and continue to make

a difference in the industry with customer-focused solutions. Thanks to our digitalization investments and customer-focused approach, we continuously increase our service quality and customer satisfaction. In 2024, we won

two prestigious Stevie Awards, recognizing the high standards of our customer service achieved by analyzing needs instantly, effectively and accurately on an

global scale. We received the Silver Award in the "Customer Experience" category and the Bronze Award

for the second time in a row in the "Best Insurance Company of the Year" category with the projects we realized in collaboration with ATOS Türkiye.

We also won two Bronze Stevie Awards in the categories of "Best User Experience" with the BankaBot project and "Sustainability Service of the Year in Europe" with the Barrier-Free Digital Experience project on AgeSA Mobil. We won two Bronze Stevie Awards, one in the "Best User Experience" category with the BankaBot project and one in "Sustainability Service of the Year in Europe" with the Barrier-Free Digital Experience project we launched on AgeSA Mobil.

Our Vision of Providing Barrier-Free Insurance Experience was Rewarded As AgeSA, we are committed to developing solutions that improve inclusivity and making our service channels more accessible by approaching each customer's needs with sensitivity. In this context, we were honored with the EyeBrand

In 2024, we received the Silver Award

in the "Customer Experience" category at the Stevie Awards with the projects we realized in collaboration with ATOS Türkiye.

2024

IN BRIEF

We received the Most Commendable award in the "Best Customer Experience" category at the Türkiye Call Center 2024 (IMI) Awards.

In collaboration with Sabancı Foundation, we Donated Arsuz Sabancı Secondary School AgeSA Building to Hatay

We opened the AgeSA Building in 2024 by supporting Arsuz Sabancı Secondary School, the 5th school donated to Hatay by the Sabancı Foundation, which focused on school construction in Hatay aΛer the earthquake.

Equipped with 4 classrooms as well as Information Technologies and

has compiled from various sources, conducts the initial interviews and directs the candidates it evaluates as positive directly to our calendars. This system facilitates matching the right job with the right candidate, saves time and increases our process efficiency.

In addition, during the year, we moved our recruitment processes to a modern, user-friendly and end-

to-end trackable plafform through the application tracking system

As pak of our collaboration with the OneNewOne (ONO) platform, initial interviews with candidates are now conducted through akificial intelligence.

We continue to

contribute to the well-being of the elderly with the projects we suppoked in the regions affected

by the February 6 eakhquakes.

Award at the EyeBrand Ceremony

organized by BlindLook for the audio simulation technology we developed to deliver a barrier-free insurance experience for our visually impaired customers.

Thanks to this technology we offer on AgeSA Mobile and our website, our visually impaired customers can perform all their insurance transactions independently. We also broke new ground in the industry with our video call service for our hearing impaired customers.

We Make a Difference in the Industry with Our Customer Satisfaction Approach

In 2024, we won the Bronze Owl award in the 'Satisfied Owl' category at the 12th Owl Awards for our project "When Fund Management is in Expert Hands, a Happy and Peaceful Retirement is Inevitable." With this award, we were once again acknowledged for our strategic contributions to

customer satisfaction in the field of fund consultancy. We also received the Most Commendable award

in the "Best Customer Experience" category at the Türkiye Call Center 2024 (IMI) Awards.

We Stand by the Earthquake Region

with the All Ages Fund

Through the All Ages Fund, we have supported 12 projects from 7 non-governmental organizations with TL 1.5 million in grants, reaching approximately 3 thousand individuals since 2021. In the 3rd period of the fund, we continue

to contribute to the well-being of the elderly with the projects we supported in the regions affected by the February 6 earthquakes. In the projects we implemented in collaboration with Meryem Women's Cooperative, Dem Association, Turkish Alzheimer Association and YÖRET Foundation, we continue to meet the needs of the elderly and carry out supportive activities for them and their caregivers.

We Announced the Results of the "How Is Türkiye Aging?" Survey

As part of the 5th anniversary of "All Ages," Türkiye's first and only CSR project on aging, we announced the results of the "How Is Türkiye Aging?" survey we conducted in collaboration with Core Research Institute. In this nationally representative survey, we analyzed how the middle-aged group between the ages of 35-55 view aging, their preparations for old age and how their future experiences

of old age will differ from those of today's elderly.

Robotics Workshops, the building was made ready for education and training activities. The workshops, which aim to improve students' creative and analytical thinking skills, will combine modern educational approaches with technology to produce innovative projects.

Our Strong Support to Insurtech Startups Continues

As AgeSA, we continue to stand by technology-based innovations with the support we provide to the insurtech ecosystem as part of our innovation-oriented efforts. We took part in the Big Bang Startup Challenge organized by ITU Çekirdek Incubation Center, of which we are a Gold Stakeholder, this year as well. At the event, we

provided TL 600,000 prize support to the Corpowid company.

New Era in Recruitment Processes with Artificial Intelligence and Digitalization at AgeSA

By integrating artificial intelligence technology into our recruitment processes, we made our processes faster, more efficient and effective. As part of our collaboration with the OneNewOne (ONO) plafform, initial interviews with candidates are

now conducted through artificial intelligence. Artificial intelligence evaluates the pool of candidates it

"Purple." This plafform, integrated by the Human Resources, Business Technologies and Sustainability teams, manages every stage

from the creation of the job advertisement to the completion of the offering process. It also saves time and improves the candidate experience by digitalizing the paperwork of candidates. As part of our digitalization journey, Purple increases efficiency and makes our recruitment processes more transparent and effective.

The Power of Our Employer Brand Continues to Grow

This year, AgeSA became once again the industry leader in the Most Popular Companies list, Türkiye's first employer perception survey. AgeSA has been on the list, which is determined by the votes of university students and young professionals, for 3 years in a row.

The survey conducted with 91,342 university students and 39,553 young professionals measures many subjects ranging from corporate culture to communication methods.

MESSAGE FROM THE CHAIRMAN

At AgeSA, we continue to grow sustainably with nearly 4 million customers, more than 2 thousand employees, strong business

partnerships, and an extensive agency network.

intelligence, and automation technologies. We strive to render a customer-focused and data-

based insurance experience in every segment, from operations and sales to finance and marketing.

In line with an approach focused on environmental and social impact, we integrate sustainability into all of our operations, and we see it as an integral part of our main business strategy. AgeSA is strengthening its sustainability commitments with each passing year with the goal

of becoming a Net Zero emissions

TL 1.2

trillion

PPS fund size of the industry in 2024*

62%

PPS fund size growth in 2024 including the

state contribution*

Esteemed Stakeholders,

The year 2024 was highlighted by a busy economic and geopolitical agenda. We witnessed a period in which elections were held in more than 70 countries worldwide, tensions rose on a global scale, and political transformations

and economic restructuring processes transpired.

In Türkiye, the macroeconomic agenda in 2024 was shaped on the axis of combating inflation and conventional economic policies which were implemented to establish macro-financial stability. We entered 2025

as rebalancing efforts began to yield results in the last quarter. We expect this positive outlook to continue and Türkiye to proceed strongly on the path to reaching its economic goals.

During this period, the Turkish insurance industry supported the Turkish economy's growth momentum with strong growth in life and non-life branches and demonstrated our industry's strategic importance yet

again. The Private Pension System, which also became a profitable investment vehicle with the recent regulations in the pension industry and rising fund returns, reached TL 1.2 trillion fund size, including the state contribution, and 19.4 million participants as of December 31, 2024.

In 2024, the number of PPS participants increased 8% while fund size, inclusive of state contribution, grew 62%. The

awareness of the Private Pension System increased in society as PPS became

an attractive savings instrument for potential new participants.

We expect the Private Pension System to grow with the same momentum in 2025. The BES fund size is projected to grow by more than 50% according to the Central Government Budget Law Proposal for 2025. We project that our industry will grow further in the upcoming period with new incentives and regulations such

as the Supplemental Pension System which is expected to be launched to supplement the existing pension system.

At AgeSA, we continue to grow sustainably with nearly 4 million customers, more than 2 thousand employees, strong business partnerships, and an extensive agency network. We maintained our leadership both in voluntary PPS fund size and in the life insurance premium generation this year. In addition to our strong market position as demonstrated by financial indicators, we also continue to play a pioneering role in developing innovative services and practices that will add value to the industry and to customers.

Developments in the digital sphere transformed the insurance industry in a fundamental way in recent years. It provides major benefits to

companies in the flexibility and efficacy of programming languages, cloud technologies and artificial intelligence, targeting potential customers and reaching them with the right value propositions, increasing customer value, and promotion. We also invest in state-of-the-art technologies and artificial intelligence solutions during this period in accordance with our digitalization roadmap. Within this scope, we benefit from the agility of cloud organization, data-oriented predictions of artificial

company by 2050. It is critically important that the premiums collected in the insurance industry be deployed into investments in accordance with the principle of sustainability. To this end, we focus on products and services that will

support low-carbon and stakeholder-oriented economic growth. As of end-4, the number of our SDG ed oducts reached share

f revenues fr oducts

in our total re We

made an emissions pledge t the Science Based Targets initiative (SBTi) as another science-based, concrete step in the fight against climate change. We will continue to carry out new programs and projects in 2025 for the development and prosperity of the community which we are part of and its attainment of a better life.

The dedicated efforts, contributions and support of AgeSA employees and our valued stakeholders

are the impetus behind these accomplishments. Their determination and cooperation in our digitalization journey, attainment of our sustainability goals, and in solidifying our market leadership constitute the pillars of our success.

I would like to thank each and every one of our employees and

stakeholders for moving forward with us on this journey. As we enter 2025, we will continue to work together to further these accomplishments.

Respecffully,

Haluk Dinçer

Chairman

* Including Auto-Enrollment

BOARD OF DIRECTORS

Haluk Dinçer

Chairman

Ben Coumans

Vice Chairman

Emmanuel Gerard C. Van Grimbergen

Member of the Board of Directors

Karolien Gielen

Member of the Board of Directors

Fırat Kuruca

Member of the Board of Directors, CEO

AΛer starting his career at General Motors Technical Center in 1985, Haluk Dinçer joined Sabancı Group in August 1995, serving initially as Executive Board Member, and then in December 1995, as Executive Vice Chairman of Temsa. In October 2001, he assumed responsibilities within the Holding company, first as Food Group Vice President, and six months later, as Holding Executive Board Member and Food Group President. He took over as Food and Retail Group President in September 2004, and aΛer organizational restructuring in March 2011, as Retail and Insurance Group President.

In June 2016, Dinçer was named Insurance Group President and later in April 2020, Financial Services Group President. With this role, he currently serves as Chairman of the

Board of Aksigorta, AgeSA, Exsa, Tursa and Ankara Enternasyonel Otelcilik, as well as Board Member of Brisa. Haluk Dinçer served as President of TÜSİAD in 2014-15, and is still a Member of the TÜSİAD Presidents' Council. He also served as President of Turkish-American Business Council (TAIK) within

the Foreign Economic Relations Board (DEIK) in 2008-14. He has been a Board Member of the Global Relations Forum (GRF) since February 2018 and a member of the Geneva Association since June 2019. Dinçer has a BSE degree in Mechanical Engineering and an MBA, both from the University of Michigan.

Starting his career at Fortis Bank in 2000, Ben Coumans worked in several positions in merger and acquisition, strategy and business development departments.

Between 2008 and 2014, Coumans served as Managing Director

at Leonardo & Co Investment Banking company. In 2014, he joined Ageas as the director responsible from strategy and business development. Between 2021-2024, he worked as Strategy and M&A Managing Director of Ageas Group. As of June 1, 2024, Coumans has been the Managing Director responsible from Ageas Group Europe Region. He has a bachelor's degree in Law from Namur University. Coumans also has an MBA degree from Vlerick Leuven Gent Management School and master's degree in Law from Catholic University Leuven (KUL).

He also took part in "Managing Partnerships and Strategic Alliances" training program at INSEAD Business School.

Before joining Ageas in 2011, Emmanuel Gerard C. Van Grimbergen was senior manager in various positions at Risk, Actuary and Product Development departments in ING for 18 years.

AΛer joining Ageas Group in 2011, he worked as Assistant General Manager in charge of Risk between 2019-2024 and also was a Member of the Ageas Board of Directors. As of June 1, 2024, he has been the Ageas Reinsurance and Investment Managing Director. He is also a member of the East West Ageas Life (Philippines), Aksigorta, MediSA, Royal Park Investments, AG Real Estate, Maybank

Ageas Holdings Berhad, Taiping Reinsurance Company Limited, Ageas Re Services Switzerland AG, Ageas Insurance International NV companies' Board of Directors.

Van Grimbergen holds a master's degree in mathematics and actuary sciences and is a member of the Actuaries Institute in Belgium.

Karolien Gielen started her professional career at Boston Consulting Group in 2007. Between 2007 and 2024, she served in miscellaneous positions especially focusing on insurance and financial ecosystem. She led

the works of Boston Consulting Group focusing on insurance between 2022-2024 and within this scope, she worked as Practice Area Lead for Insurance (London, Amsterdam, Brussels) responsible for London, Amsterdam and Belgium regions. Between 2011-2012, she took a break from her roles under Boston Consulting Group and worked as a consultant at Belgium Cabinet on financial

crisis management, government aids and retirement. As of June 1, 2024, she has been working as the Business Development Managing Director of Ageas Group. She has MSc Commercial Engineering and Master in Education (Teaching) degrees from Belgium Katholieke Universiteit Leuven.

Fırat Kuruca graduated from the Department of Business Administration of the Faculty of

Administrative Sciences at Boğaziçi University. Having started his professional career at Unilever-Türkiye in 1989, Mr. Kuruca has served in various positions. Mr.

Kuruca respectively worked at Unilever-Türkiye (Management Accountant), Unilever Europe-Belgium (Commercial Officer), Unilever-Türkiye (Purchasing Manager), Unilever-Germany (Audit Director), and Unilever Europe- Belgium (CEE Finance Director). Leaving Unilever in 2004,

he returned to Türkiye and became Finance and Administrative Affairs Director at Koç Holding Setur Divan İşletmeleri. In 2005, he joined AgeSA as Assistant General Manager in charge of Finance. Kuruca has been serving as CEO of AgeSA as of January 1, 2017. In addition to his role in AgeSA, he has also assumed the CEO role at Aksigorta as of June 1, 2024.

BOARD OF DIRECTORS

Uğur Gülen

Member of the Board of Directors

Burcu Civelek Yüce

Member of the Board of Directors

Sitare Sezgin

Member of the Board of Directors

Fatma Dilek Yardım

Independent Board Member

Hüseyin Gürer

Member of the Board of Directors

Uğur Gülen obtained undergraduate and Master's degrees from Middle East Technical University, Department of Industrial Engineering. Uğur Gülen began

his professional career in 1991 and served in various positions at Interbank, DenizBank, Ak Internet and MNG Bank. During 2004-2009, he worked at Ak Emeklilik, AvivaSA Emeklilik and Hayat A.Ş. as Assistant General Manager. Between

2009-2024, he served as General Manager of Aksigorta. Uğur Gülen has been serving as the Chairman of the Board of Directors of the Insurance Association of Türkiye (TSB) as of September 2023.

Burcu Civelek Yüce is the Assistant General Manager of Akbank Consumer Banking and Digital Solutions. Before this position, Burcu Civelek Yüce served as Head of Strategy Department, Assistant General Manager of Human Resources and Strategy, and Assistant General Manager of Digital Banking and Payment Systems respectively at Akbank.

Prior to joining Akbank, she was an international management consultant and worked in technology companies. Burcu Civelek Yüce has a B.Sc. degree in

Industrial Engineering and an MBA degree from Boğaziçi University, graduating both first in rank. She participated in courses at Harvard Business School and Koç University.

One of the mentees of Women on Board Association Türkiye, Burcu Civelek Yüce is the AkÖde's Chair of the Board of Directors and Board Member of Aksigorta,

AgeSA, MediSA, Ak Porfföy, Akbank Ventures BV, DX Technology Services and Investment BV, Teknosa and Endeavor Türkiye.

Sitare Sezgin started her career under the roof of Bain & Company and Boston Consulting Group. In 2004, she joined Sabancı Group to work as Strategy and Business Development Manager at Retail Group. AΛer that, in 2009, she was appointed to Akbank as Senior Vice President of New Product and Channel Development.

Between 2011 and 2018, Sitare Sezgin managed Back Up and Bofis Turizm companies affiliated to Boyner Group. In 2018, she returned to Sabancı Group as the founder CEO and Member of the Board of Directors of AkÖde, a subsidiary

of Akbank. Since September 2021, Sitare Sezgin has been serving as CEO of Teknosa. She also continues her roles as Board Member of Health and Education

Foundation (SEV), Zincir Mağazalar Derneği (Chain Stores Association), YenidenBiz and Euronics. Sitare Sezgin also takes part in different associations such as Women on Board Association, W-Tech and Yanındayız, which conduct studies on gender equality in Turkish business world.

Fatma Dilek Yardım was born in 1963 in Istanbul. AΛer finishing Sankt Georg Austria High School, she graduated from Boğaziçi University, Department of Business Administration. She also finished Manchester Business School & University of Bangor joint MBA Program.

Fatma Dilek Yardım started her professional career at Interbank in 1988. She worked as Director at Bankers Trust A.Ş. between 1990-1999, as General Manager and Assistant General Manager at Deutsche Bank A.Ş. between 1999-2007, as General Manager and Head of Customer Services

at Credit Agricole Yatırım Bankası Türk A.Ş. between 2007-2012, as General Manager and Head of Corporate Customers at Standart

Chartered Yatırım Bankası Türk A.Ş. between 2012-2016. Between 2017-2018, Yardım provided consultancy to Experian company established in England on Turkish growth strategy. Since 2019, she has been serving as Istanbul Branch Manager of Commerz Real real estate investment trust established in Germany.

Yardım served as Independent Board Member of Çimsa Çimento Sanayi ve Ticaret A.Ş., Pınar Entegre Et ve Un San. A.Ş., Altın Yunus Çeşme Resort & Thermal Hotel, and Enerjisa Enerji A.Ş. before. She is still a Board Member at Aksigorta, AgeSA and Brisa Bridgestone Sabancı companies. During her professional life, Yardım has worked at non-governmental organizations such as YASED, TUSIAD, DEIK. She has knowledge of English and German.

Hüseyin Gürer started his career in 1986 at Deloitte Türkiye and worked as auditor at the Deloitte London office between 1989-1990. Assuming various roles including Chairman of the Audit Department, Gürer has been elected CEO of Deloitte Türkiye in 2007. He managed Deloitte Türkiye as CEO until 2016.

Gürer played a role in the efforts to implement International Financial Reporting Standards in Türkiye, working with groups led by the Ministry of Finance and various professional organizations. Gürer also served as Member of the Audit Committee at International Investors Association (YASED).

During the May 2018-April 2021 period, he served as Chairman of the Audit and Risk Committee as a Member of Eczacıbaşı Group Board of Directors. He is an Independent Board Member and serves as the Chairman of the

Audit Committee of AgeSA. Hüseyin Gürer has a Bachelor's degree from Ege University and a Master's degree from Ankara Middle East Technical University, Department of Business Administration.

MESSAGE FROM THE CEO

We maintained our leadership in the life insurance market among private sector companies with 14% market share while continuing our steady growth of the last five years.

TL 14.3

billion

AgeSA's premium production in 2024

TL 228.3

billion

AgeSA's PPS fund size in 2024*

* Including Auto-Enrollment

Esteemed Stakeholders,

Anti-inflationary and stability policies were front and center for the Turkish economy in 2024. The determined steps toward economic rebalancing began to show positive effects. In light of these gains, we expect 2025 to be a more steady and balanced transition year.

Türkiye continues to be a promising market owing to its dynamic structure and great potential. The Turkish insurance industry also continues its strong growth as a major part of this potential.

The Private Pension System registered strong growth in 2024, reaching 9,526,000 participants and fund size of TL 1 trillion and 150 billion. This growth came about due in large part to the high return performance of PPS funds above the inflation rate and the strong incentive from the 30% state contribution. In addition, innovations such as the participation of individuals under the age of 18 in the PPS, partial withdrawal rights, and the ability to use PPS balances as collateral for taking out loans increased the number of participants and broadened the participation base of PPS to wide masses. The diversification of pension funds and the strengthening of their

performance are also among the important factors supporting the system's growth.

At AgeSA, we pioneered the increase in national savings and insurance awareness and the progress of our industry while increasing our production and solidifying our market leadership o o our multi-faceted and div sifying distribution

model in 2024. As 2024, our PPS fund

Auto-Enrollment, rose 61% to

billion and we sat atop the industry in terms of fund size. In addition, we grew 91% on the previous year and reached TL 14.3 billion premium generation. We maintained our leadership in the life insurance market among private sector companies with 14% market share while continuing our steady growth of the last five years.

Developing products and services which address the demands of the digital world is an integral part of our corporate culture. We increase efficiency by integrating artificial intelligence, big data analytics, automation, and mobile technologies in our marketing, sales, operations, and support processes and we render a better experience for our customers

and employees. We improve and strengthen the sales and aΛer-sales service experience of our customers through digital initiatives. We added a new feature to AgeSA Mobile this year and enabled our customers

to open a private pension contract on the app. Consequently, we further expanded our multi-faceted distribution channel organization which already included our direct sales staff, our bancassurance partnership with Akbank, and our agencies.

Fırat Kuruca

CEO

MESSAGE FROM THE CEO

We joined the Science Based Targets initiative (SBTi) and announced our science-based emission reduction pledge in the fight against climate change.

We decided to suppok the

"Alz-Tag Project" which will be carried out as

a paknership between the Turkish Alzheimer's Association and Istanbul University Medical School's Behavioral Neurology Depakment in 2025 within the scope of the All Ages Fund.

We continue to enrich the service experience which we render through Akbank Mobile with the projects we carry out in conjunction with Akbank. Last year, we had positioned our private pension product on this plafform and expanded our product porffolio available for purchase on digital channels. We diversified aΛer-sales transactions with the new features which were added this year. We will continue to improve our processes in a way that will simplify the lives of our customers and invest in digital channels. Offering value added services, in addition to delivering the right products to customers tailored to their needs, is also of utmost importance to ensure the sustainability of the growth of PPS and the continuity of participants

in the system. To this end, it is critically important to increase the financial literacy of our customers, inform them about the system, and support them with fund advisory services. We provide in-person advisory through the industry's most extensive direct sales channel while supporting our customers in the fund management area with personalized digital fund advisory services under the FonPro umbrella and our Special Customers Teams. We strive to be with our customers at the important moments of our customers' lives with these services which are aimed at protecting the value of their savings.

At AgeSA, we work for the good of our stakeholders, customers, employees, business partners, and the community which we are part of. Under this approach,

sustainability is a fundamental focal point for us with its environmental, social, and economic dimensions.

We shape our business processes in line with sustainability principles and we invest in environmentally friendly projects. In addition, we carry out community investments and civil society support initiatives as part of our focus on social impact. We took another important

step this year as part of the "All Ages (Her Yaşta) Project" which we had launched five years ago with the goal of guiding the aging process of our rapidly aging society and turning the negative perception of old age into a positive. This year

we conducted the "How is Türkiye Aging" Survey and shared the results with the public in an attempt to bring the subject back up with new research and to identify the perception and preparation of

the middle age this time. In our communication initiatives for the related stakeholders, we drew attention to the importance of preparing for old age in a multi-faceted manner, financially and mentally, starting at middle age. The "All Ages Fund," which we had launched in 2021 to support old age and aging themed civil

society projects, provided donation support to 12 projects to date. We decided to support the "Alz-Tag Project" which will be carried out

as a partnership between the Turkish Alzheimer's Association and Istanbul University Medical School's Behavioral Neurology Department in 2025 within the scope of the All Ages Fund.

We collaborate with our stakeholders in every area to realize our sustainability goals as we march forward with resolute steps toward becoming a Net Zero emissions company by 2050. In

an effort to make sustainability a part of the products and services offered to customers, we planted 53 thousand seed balls on behalf of our customers who start a PPS contract for their children under the age of 18, who are celebrating their birthdays, and who prefer the AgeSA Sustainability Fund. We joined the Science Based Targets initiative (SBTi) and announced our science-based emission reduction pledge in the fight against climate

change. We took another important step toward pursuing environmental and social contribution across

our value chain. We conducted Environmental, Social, and Governance (ESG) risk analyses for all companies in our investment porffolio and formulated a three-stage road map. We will assess these ESG risks more effectively with this three-stage road map and support the companies in

our porffolio on their sustainability journeys.

Our talented and well-rounded colleagues, and our dynamic work culture, are our most important asset in adding value to the

lives of our customers and other stakeholders. We continue to carry out innovative projects to create a work environment that will make our colleagues say, "So glad to be part of AgeSA," and enable them to utilize their potentials to their fullest extent.

The high level of our employee satisfaction rate demonstrates the success of our approach. In 2024 we maintained our industry leadership on the Most Popular Companies

list, which is Türkiye's first employer perception survey.

We will solidify our leadership in the industry in 2025 with our products and services, robust technology infrastructure, customer-oriented solutions, and talented human resources. Synergistically with Akbank and Medisa, we will always prioritize the satisfaction of our customers, employees and other stakeholders to provide the good in the essence of our business, which is our raison d'être. We will continue to launch innovative products and services, expand

our multi-faceted distribution channel with new employment and partnerships, improve our customer and employee experience, and undertake digitalization and sustainability initiatives at the same pace with the goal of being the sole solution address for the insurance and pension needs of individuals.

I sincerely thank our valued colleagues and business partners as the impetus behind our accomplishments, as well as our customers and all stakeholders who place their confidence in us. Our joint efforts and solidarity will continue to take us to bigger goals.

Respecffully,

Fırat Kuruca

CEO

In 2024 we maintained our industry leadership on the Most Popular Companies list, which is Türkiye's first employer perception survey.

SENIOR MANAGEMENT

Fırat Kuruca

Member of the Board of Directors, CEO

Fırat Kuruca graduated from the Department of Business Administration of the Faculty of Administrative Sciences at

Boğaziçi University. Having started his professional career at

Unilever-Türkiye in 1989, Mr. Kuruca has served in various positions.

Mr. Kuruca respectively worked at Unilever-Türkiye (Management Accountant), Unilever Europe-Belgium (Commercial Officer), Unilever-Türkiye (Purchasing Manager), Unilever-Germany (Audit Director), and Unilever Europe- Belgium (CEE Finance Director). Leaving Unilever in 2004, he returned to Türkiye

and became Finance and Administrative Affairs Director at Koç Holding Setur Divan İşletmeleri. In 2005, he joined AgeSA as Assistant General Manager in charge of Finance. Mr. Mustafa Fırat Kuruca serves as CEO of AgeSA as of January 1, 2017. In addition to his role in AgeSA, he has also assumed the CEO role at Aksigorta as of June 1, 2024.

Zeliha Ersen Altınok Assistant General Manager -Finance/CFO

Altınok graduated from Istanbul University Business Administration Faculty and started her career

at Grant Tornton as auditor. Following her work as financial controller at Raymond James, she completed the MBA program at Strayer University. AΛer serving at important positions at Koç Allianz and Ak Emeklilik, Altınok was appointed to the Reporting and Budget department of AvivaSA, following the merging

of Ak Emeklilik and Aviva in 2007. In 2013, she was appointed as Group Manager, Finance and Accounting. As of March 2021, Altınok is working as Assistant General Manager of Finance at AgeSA.

Özgür Erdoğan

Assistant General Manager -Direct Sales, Agencies and Corporate Projects

Having graduated from the Middle East Technical University Economy Department, Özgür Erdoğan completed his master's degree at the EMBA program of the same university. Starting his career in

the banking sector as executive candidate, Erdoğan joined AgeSA in 2015 as Unit Chief, following

his roles in the sales channels of Metlife Sigorta. AΛer various

managerial responsibilities in sales channels, he has become Assistant General Manager of Direct Sales, Agencies and Corporate Projects.

Selim Avşar

Assistant General Manager -Bancassurance

Selim Avşar graduated from Istanbul University, Faculty of Economics, Department of Econometrics and received his master's degree from the same department. He started his career as Financial Advisor at Commercial Union in 1996 and served in various positions in sales management within the same company. In 2003, Avşar was appointed as Assistant General Manager in charge of Sales at AgeSA Emeklilik ve Hayat A.Ş. In 2007, he was appointed

as Assistant General Manager in charge of Direct Sales and

Agencies. Selim Avşar has served as Assistant General Manager in charge of Bancassurance since October 1, 2017. In 2024, in addition to his current duties, Selim Avşar assumed the responsibility for Bancassurance at Aksigorta and continues to serve as Assistant General Manager responsible

for Bancassurance at AgeSA and Aksigorta.

Berkant Dişcigil

Assistant General Manager -Operations

Berkant Dişcigil graduated from Ankara High School of Science, and then Istanbul Technical University, Department of Management Engineering. He began his

career of 24 years as a Research Specialist at Strateji-Mori. AΛer serving in various positions in the Operations, Training, Actuary and Technical Departments, Mr. Dişcigil started work as Manager of Technical Operations for

AK Emeklilik. He continued in Technical Operations at AgeSA and eventually became Manager of the Company's Customer Continuity Department. In 2010,

he was appointed as Assistant General Manager of Operations. Mr. Dişcigil is currently responsible for aΛer sales services, legislative and regulatory compliance, risk acceptance, indemnity, and

tele sales functions at AvivaSA. AΛer serving as Head of the Life Insurance Inspection and Research Committee of the Insurance Association of Türkiye, Mr. Dişcigil began serving as Chairman of Life Insurance Strategy Committee in 2019.

Roşan Dilek

Assistant General Manager -Marketing and Strategy

Graduating from Mimar Sinan University Urban and Regional Planning Department, Roşan Dilek started her career in the media sector. AΛer working at various newspapers, she completed her master's degree at the Istanbul Technical University and the

Louis Pasteur University. Then, she completed her master's degree at the Management Researches program at Oxford University. Starting her career at Türkiye Ekonomi Bankası, Roşan Dilek joined AgeSA as Strategy and Change Management Consultant in 2012. In 2017, she worked as Business and Product Management Group Chief; and

since July 1, 2021, she is the Assistant General Manager for Marketing and Strategy.

SENIOR MANAGEMENT

A. Fahri Arkan

Assistant General Manager -Business Technologies

Fahri Arkan received his undergraduate degree from Yıldız Technical University, Department of Computer Science and Engineering and completed his MBA at

Gebze Institute of Technology. Subsequently, he operated his own technology and consultancy firm for four years. Between 2000 and 2016, Mr. Arkan held managerial positions in various departments of Turkcell Group companies.

He also served as Assistant General Manager of Information Technologies at Turkcell Global Bilgi from 2010 to 2016. He has served

as Assistant General Manager in charge of Business Technologies at AgeSA since June 1, 2016.

Burak Yüzgül

Assistant General Manager -

Human Resources and Sustainability

He began his professional career at Eczacıbaşı Baxter in 2002, assuming responsibilities in the areas of recruitment, performance management, administration, compensation

and vested benefits. AΛer joining the AgeSA family in 2007, he took on positions at different levels in the Company's Human Resources Department. He was eventually appointed as Assistant General Manager in charge of Human Resources and AgeSA Executive Board member on April 1, 2015. In 2022, in addition to his current duties, Burak Yüzgül assumed the responsibility of Human Resources and Sustainability at Aksigorta and continues his duty as AgeSA and Aksigorta Human Resources and Sustainability Assistant General

Manager. Mr. Yüzgül has 22 years of work experience.

A. Sibel Öztep Oymacı

Director-Risk, Internal Control and Compliance

Sibel Öztep Oymacı graduated from Middle East Technical University, School of Administrative Sciences, Department of Business Administration. Sibel Öztep began her professional business life as Budget Reporting Specialist at NCR Bilişim Sistemleri A.Ş. In 1996, she was appointed Accounting Manager at the same company. In 2000, she joined Sabancı Group to serve as Financial Affairs Manager at Ak Ödeme Sistemleri A.Ş. In 2002, Ms. Öztep was appointed Financial Manager at AK Emeklilik A.Ş., also

a Sabancı Group company, and thereby started working in the insurance industry. On October 31, 2007, she became Manager of

Finance and Accounting at AgeSA. Appointed as Risk and Internal Control Group Manager and Executive Board Member in 2013, and as Risk, Internal Control and Compliance Director as of April 1, 2018, Sibel Öztep has been serving as AgeSA and Aksigorta Risk, Internal Control and Compliance Director since 2022.

ORGANIZATION STRUCTURE

Hasan Vatansever

Head of Internal Audit

Selay Olcay Group Manager CEO Office

Nihan Namoğlu Cengiz

Manager

Information Security and Compliance

Board of Directors

Fırat Kuruca

CEO

Hale Şimşek Kara

Manager

Enrollment Insurance Compliance Officer

Celal Abbas Aykutlu

Group Manager

MASAK Compliance Officer

Enrollment Insurance Advisory Committee

Suat Özkök

Sibel Öztep

Director

Risk Management, Internal Control and Compliance

Tuğçe Köne

Nazif Dayı

Group Manager

IT Audit and Data Analytics

Merter Yılmaz

Group Manager

Process Audit and Exams

Tuğrul Gemici Group Manager Chief Investment

Officer

Group Manager

Legislation Compliance

Manager Internal Control

Selim Avşar

Executive Vice President

Bancassurance

Osman Atıcı Group Manager Aegean

Mehmet Ali Mesruoğlu

Group Manager

South and East Anatolia

Gamze Acarözmen

Group Manager

Central Anatolia and Eastern Black Sea

Ahmet Delioğlu Group Manager Istanbul

Saadet Nur Uruçoğlu

Group Manager Bancassurance

Duygu Yener

Group Manager

BS Sales Coordination and Porffolio Development

Özgür Erdoğan

Executive Vice President

Direct Sales, Agencies & Corporate Projects

Fırat Dinçer Group Manager Region 1

Kürşad Uygunlar Group Manager Region 2

Aslı Canöz Group Manager Region 3

Levent Buğur

Group Manager

DS Agencies Development and Agency Management

Group Manager Corporate Projects

Zeliha Altınok

Executive Vice President

Finance

Cenan Karali

Group Manager

Strategic Planning, Financial Risk and Reporting

Yeliz Güven Saraçoğlu

Group Manager

Accounting and Legal Reporting

Gürel Çağlar Türkmen

Group Manager Cash Management

and Investor Relations

Mehmet Orcan Yolaşan

Group Manager

Logistics and Business Continuity

Gregory Philip Jones

Lead Actuary

Actuarial & Business Risk

Betül Yönel Topaloğlu

Manager Purchasing

Berkant Dişçigil

Executive Vice President

Operation

İdil Namyeter Group Manager Customer Services

Management

Celal Aykutlu

Group Manager

Legislation Adaptation and Supervision

Kurtuluş Çaltekin Division Manager Legal Counsel

Arzu Tana Manager Indemnity

Zeynep Kobat

Manager Special Customers

and Telesales

A. Fahri Arkan

Executive Vice President

Business Technologies

Kağan Aydınyüz Group Manager Insurance Software

Technologies

Kağan Aydınyüz (by proxy)

Group Manager

Basic Insurance Technologies

Devrim Zımba

Group Manager

Business Intelligence and Governance

Figen Özmen

Group Manager

Channel and Plafform Technologies

Zeynep Aslı Dinç

Group Manager

Strategic Porffolio and Process Management

Devrim Zımba (by proxy)

Group Manager

Infrastructure and Security

Roşan Dilek

Executive Vice President

Marketing and Strategy

Cemre Mehmet Özdemir

Group Manager

Digital Development and Data Analytics

Fırat Babatonguz Group Manager Customer Management

and Corporate Communications

Damla Şahin

Group Manager

Product Management and Pricing

Burak Yüzgül

Executive Vice President

Human Resources and Sustainability

Zafer Tartar

Group Manager

Human Resources, Development & Talent and Income Management

Neslihan Maral Group Manager Human Resources

and Communication

Seda Zerener

Group Manager

Human Resources, Agile Management and HR Technologies

Okan Can Taşkın

Group Manager

Human Resources Training and Sustainability

Neslihan Yaşınkılıç

Manager

Human Resources, Governance and Compliance

Tuğba Şiraz Öztekin

Manager HR Planning

Ebru Canlı Özkan

Performance Development Consultant

MACROECONOMIC OUTLOOK AND SECTOR OVERVIEW FOR 2024

Steps to boost investor trust have led to an improvement in Türkiye's credit ratings.

2.1%

Turkish economy growth rate in the third quarter of 2024

3.2%

Growth forecast for world economy in 2025

Global Economic Outlook

In 2024, the global economy has been shaped by the measures taken to combat inflation, geopolitical tensions and the dynamics in financial markets. Emphasizing that global economic growth has a stable but weak outlook, the International Monetary Fund (IMF), in its report published

in October, maintained the global economic growth expectation at 3.2% for 2024, while lowering it from 3.3% to 3.2% for next year.

The US economy performed strongly despite recession concerns, while headline inflation continued to decline. These developments paved the way for the US Federal Reserve (Fed) to start its interest rate cutting cycle at the end of the year. On

the European side, weakening economic activity and Germany's shrinking economy led the European Central Bank (ECB) to accelerate its rate cuts.

China's economy, on the other hand, fell short of its expected growth target despite the stimulus. This increased uncertainties in both commodity markets and developing countries. On the other hand, rising geopolitical risks in the Middle

East, the impacts of the Russia-Ukraine war and economic tensions between the USA and China directly affected energy prices and the global trade balance.

Throughout 2024, central banks' policy decisions were decisive for global growth and financial market volatility. While the Fed's interest rate cuts and the ECB's expansionary policies boosted signs of economic recovery, China's low growth performance and geopolitical risks continued to increase uncertainties. These conditions led to deepening

regional disparities in global trade and investment flows. Especially in emerging market economies,

rising capital costs and weakening demand weighed on growth dynamics.

Turkish Economic Outlook

The year 2024 saw significant steps taken for the Turkish economy's rebalancing. The economic administration aimed to ensure economic stability by taking firm steps to combat inflation and the current account deficit. Positive developments such as the increase in Central Bank reserves and

the decline in Currency Hedged Deposit (KKM) accounts stabilized foreign exchange markets. In addition, steps to boost investor trust were positively evaluated by international credit rating agencies, leading to an improvement in sovereign credit ratings.

In 2024, the Turkish economy entered a gradual cooling period due to tight monetary policies. In the first three quarters, the economy grew by 5.3%, 2.4% and 2.1%, respectively, supported mainly by external demand. Tight monetary policies linked to the disinflationary process led to a significant weakening

in domestic demand and a contraction in imports. Inflation declined gradually throughout the year to 44.38%. The Central Bank's decisive stance towards price stability continued until the end

of the year, and the downward trend in inflation led to interest rate cuts in December in line with expectations.

And in the current account balance, strong tourism revenues and the decline in foreign trade deficit

led to significant gains. In 2024, tourism revenues reached USD

61.1 billion, while the foreign trade deficit narrowed by 22.7% to USD

82.2 billion. Reserve assets rose strongly on the back of increased international inflows and strong export performance.

Despite improvements in macroeconomic indicators, Türkiye's economic performance in 2024

was overshadowed by global geopolitical risks and fluctuations in energy prices. In the upcoming period, reforms are expected to gain momentum to ensure that economic growth reaches a sustainable structure and the fight against inflation is successfully completed. In line with long-term growth targets, improving the investment climate and deepening structural transformation processes are of critical importance.

The Private Pension System and Life Insurance Outlook

The Private Pension System (PPS), which has played an important role in increasing domestic savings since its establishment in 2003, and the Auto-Enrollment System (AES), which was launched in 2018, continue to grow steadily. The

total fund size, including the state contribution, exceeded TL 1 trillion for the first time during the year, reaching TL 1.2 trillion (PPS: TL 1.1 trillion-AES: TL 0.1 trillion) according

Inflation declined gradually throughout 2024 to

44.38%.

MACROECONOMIC OUTLOOK AND SECTOR OVERVIEW FOR 2024

Türkiye's life insurance industry continued to expand its customer base and strengthen its financial performance by increasing its product diversity.

9.5 million

Number of PPS customers excluding AES

TL 102,494

million

Premium generation for 2024 in life and personal accident insurance

to Pension Monitoring Center data for December 31, 2024. The total number of participants in the PPS and Auto-Enrollment System exceeded 19.3 million (9.5 million in

PPS - 9.8 million in AES) by the end of the year.

Efforts to strengthen incentive mechanisms in order to expand participation in all income groups, even those outside the workforce, and to lengthen the period of stay in the system are critical for the system, as they lead to increased long-term savings. The Medium Term Program (MTP), announced in 2024 and covering the years 2025-2027, identified increasing savings awareness and improving financial literacy among its priority targets. Accordingly, one of the prominent regulations in the program was the Supplementary Pension System (SPS). The SPS, which envisages

the transformation of the Auto-Enrollment System (AES) into a second-tier pension system with employer contributions, aims to increase the economic security of individuals in their retirement periods and make the system more sustainable. Scheduled to be launched in the last quarter of 2025, this system aims to provide employees with a dual-source income security by receiving a salary from the Supplemental Pension System in addition to the existing Social Security System.

In the face of an aging population and increasing pension needs, SPS aims to increase savings rates and increase the volume of

individual savings through employer contributions. The system enables individuals to maintain their financial independence and sustain their quality of life in retirement while contributing to Türkiye's longterm financial security strategies.

The SPS aims to increase trust in the pension system and strengthen financial stability while offering

a sustainable solution for both employees and employers.

Türkiye's life insurance industry continued to expand its customer base and strengthen its financial performance by increasing its product diversity. In life insurance, there was a significant increase in the sector's generation, especially as interest in savings-oriented products began to rise. According to the Insurance Association of Türkiye, life and personal accident insurance premium generation increased by 74% year-on-year to TL 102,494 million in 2024.

PRODUCT MANAGEMENT AND PRICING

We initiated the development of new products to meet our customers' comprehensive protection needs in the short and medium term.

USD 68.5

million

APE generation of the Insurance for Endowment product since August 2023

USD 73

million

APE generation of the Savings Life Insurance product since August 2022

As AgeSA, we focus on understanding our customers and offering the most suitable solutions for their needs. To this end, we blend our innovative vision with value-creating services and continuously advance customer experience

with practices that set trends in the industry. We enrich our product porffolio by focusing on customer expectations and aim to provide a perfect experience at every step.

We Design New Products for Our Customers to Meet Their Needs We initiated the development

of new products to meet our

customers' comprehensive protection needs in the short and medium term, and have completed the product design phase. We aim to launch our modular product, which can be adapted to different customer needs through different sales channels with varying payment options and coverage diversity, in the market in the coming periods.

In Insurance for Endowment, which meets our customers' medium or long-term protection needs and whose sales started as of August 2023, we have introduced product features and product flexibilities (premium discount/increase, suspension, reinstatement and withdrawal) that our customers will be entitled to aΛer completing their first year. The APE generation of

the product has reached USD 68.5 million since its launch in August 2023.

We continue to digitalize our Savings Life Insurance product, whose sales started in 2022 and which offers

our customers the opportunity to save while protecting them. We digitalized the dividend letters sent to our customers on the anniversary of their policies and prevented paper waste. In addition, we created user-friendly screen designs to improve the mobile experience

of product customers. The product's APE generation reached USD 73 million since its launch in August 2022.

We have regularly followed up with our existing customers who suspended premium payments in the Bright Side of Life Insurance product, which was closed for new sales since 2022, offered them

advantageous offers and flexibilities and took actions to increase porffolio activity. In the upcoming operating period, we have started preparations for a communication plan for customers whose policies come to an end and qualify for Life Coverage.

As a result of the loan competition analysis we conducted in the previous year to closely monitor loan-linked products in the market and observe market dynamics, we increased the premium in February for the Credit Protection product, which we offer together with consumer, commercial installment and vehicle loans. In

July, we revised the maximum entry age and coverage amount limit per customer in order to increase

the penetration of Dangerous Diseases Coverage. We started to offer the Credit Protection product, which is currently integrated with commercial installment loans sold through branches, together with commercial installment loans sold via mobile with the transition made in November. In order to determine the actions we will take in the upcoming operating period, we repeated the credit competition analysis we conducted in previous years this year. The share of

total unemployment coverage premium in total loan life premium generation reached 29%, while our total loan life insurance generation increased by 109% compared to last year. In addition, the share of total premiums for the dangerous diseases coverage in total loan life premium generation reached 5%.

We organized periodic campaigns in PPS and Life products to observe the positive contribution of new sales and increase customer communication. In March, we offered additional benefits to our female customers who started a PPS contract. In April and September, we included our participants under the age of 18 who started a PPS contract in the ecoDrone seed campaign. In October, we enabled our customers who initiated the Insurance for Endowment, Savings Life Insurance and PPS contracts with initial capital to benefit from 2 free sessions of online psychologist, sports trainer and dietician services offered by HiDoctor application.

We launched our PPS plans simplification project to ensure efficiency in our PPS product porffolio and save time in product revisions and new fund addition processes.

With this project, we managed to reduce approximately 86 product codes to 25 in the first stage. We aim to further reduce this number in the coming period.

The merger process of the Gold Fund-AEL, one of our pension mutual

funds included in our private pension plans, with the Participation Gold Fund-GEV was completed.

In December, within the scope of digitalization and paperless

production, the Future Cumulative product sold through our Direct Sales and Agency Channel was defined

in the AgeSA Mobile application for participants under and over the age of 18. With this development, AgeSA self-service was also included in AgeSA's multichannel distribution structure.

The Fast Retirement Plan, which was sold through the Akbank Customer Contact Center channel, was positioned on a new sales

plafform and started to be offered to participants under the age of 18.

We conducted customer and market researches in order to meet the needs of our customers on the basis of the product groups of PPS, life insurance, personal accident insurance and cumulative life, to ensure the benefit-price balance and to further improve the product porffolio from a customer perspective day by day.

The Fast Retirement Plan, which was sold through the Akbank Customer Contact Center channel, was positioned on a new sales platform and staked to

be offered to pakicipants under the age of 18.

PRODUCT MANAGEMENT AND PRICING

In 2024, our activities were successfully reflected in the results and we maintained our leadership in the private sector PPS fund size.

Furthermore, we realized our standard product revisions:

• As we did each year, in addition to the contribution increase indexed to CPI in our private pension plans, we revised our standard and initial capital products found in the Bank, Direct Sales and Agency Channels, and completed our activities so that our customers can reach their target savings more easily.

• We completed the development of our private pension plans so that the management expense deduction, which is collected in advance in the first year, can be paid in monthly installments, as it is done in the 2nd and 5th years of the contract.

• We made a price change in our VIP Life and Personal Accident Insurance products, which provide protection against 12 different critical illnesses and are offered through our Banking Channel.

In 2024, our activities were successfully reflected in the results and we maintained our leadership in the private sector PPS fund size. While the life and personal accident insurance generation in the sector increased by 72% compared to the same period of the previous year, AgeSA grew by 98%. We closed the activity year as the leader in the protection and personal accident insurance market.

Our Goals for 2025

In 2025, we will focus on the projects we started to work on during the previous activity period and on our new product studies. We will continue to work on getting our new protection product, whose design is complete, ready for sale. We aim to launch the product in 2025. In the first quarter

of 2025, we will launch the system and communication plans we have developed for our customers who qualify for Life Coverage in the Bright Side of Life Insurance.

We plan to complete the improvements that increase the coverage of the Credit Protection product in the first quarter of 2025. We aim to make a difference in the loan-linked life market in 2025 with the alignment of the unemployment coverage limit to current market conditions, the availability of alternating unemployment coverage for short terms and customer-focused solutions.

We will update our products and services by closely monitoring the changing needs of our customers and market dynamics. In this context, we will continue our customer and market research in 2025 as well. In order to adapt to the changing economic conjuncture, we will diversify our investment options by creating new funds in areas such as precious metals, real estate, food, energy and technology.

In addition to our efforts to simplify our PPS plans, we will also work to simplify the existing funds in our porffolio. We will follow changes in legislation and make necessary arrangements in line with the roadmap we determined. We will continue to offer special campaigns and advantageous services to our target audience at different periods throughout the year.

Furthermore, we will continue to work on innovative products and

regularly take actions to maintain the profitability of the product porffolio.

We closed the activity year as the leader in the protection and personal accident insurance market.

BANCASSURANCE

In 2024, our innovative solutions in digital channels further accelerated our growth.

TL 32.5

billion

Total PPS contribution generation of AgeSA's Bank channel in 2024

2024 was a period of accelerated change and development for our Bancassurance Channel. In line with the integration efforts within Sabancı Holding Financial Services

Group, Selim Avşar, Assistant General Manager of Bancassurance at AgeSA, was appointed as Assistant General Manager responsible for Bancassurance at Aksigorta as

well. With this strategic decision, we aim to create significant synergy in our bancassurance activities and maximize the potential and efficiency of our Bancassurance Channel by prioritizing customer satisfaction and service quality.

In the new period, we prioritize adding sustainable value to our employees and both companies while offering 360-degree innovative solutions to all insurance needs of our customers in our Bancassurance Channel.

In 2024, We Continued to Bring Our Customers Together with Our Innovative Solutions on Digital Channels

In line with our leadership target in the private pension system (PPS), we continued to effectively use alternative distribution channels in addition to Akbank branches. We significantly increased the share of our digital channel sales by moving our PPS sales to the Akbank Mobile plafform last year.

With our digitalized PPS sales process, we made a significant contribution to the growth of the customer porffolio in 2024 by integrating it into new customer acquisition processes in Akbank's digital channels.

With the New Projects We Launched on Akbank Mobile, We Also Renewed Our After-Sales Services on Digital Channels

We continued to improve our aΛer-sales processes in digital channels in line with customer expectations through the projects we carried out together with Akbank. In this

context, we introduced the "Change of Payment Tool" function, which allows our customers to quickly and easily change their PPS payment preferences, to the Akbank Mobile plafform in June, and the "Lump Sum Payment" function, which allows them to grow their savings faster, in December. Thanks to the efforts we realized by creating a strong synergy with Akbank, we aimed to contribute to customer continuity by providing our customers with an end-to-end experience.

Working in Strong Collaboration with Akbank, We Aim to Achieve Our Strategic Goals and Create Value with Our Joint Projects

In order to increase Loan Life premium production and strengthen our position in the market, we expanded our value proposition by making innovations in our "Credit Protection" product, which we offer to our customers as loan-linked through Akbank channels. Last year, we implemented new projects to expand the channel network of our Credit Protection product for installment commercial loans, which we offered only through our branch channel. In this scope, we started to offer this product also for commercial loans to be extended via Akbank Mobile as of December.

In addition, we improved the coverages we offer in personal consumer loans by focusing on customer needs. In this scope, we improved the "Dangerous Diseases Coverage" we launched last year and increased the age and coverage upper limits. With the project we launched in July, we expanded our target audience and increased

the value we provide by offering higher coverage options in line with the needs and expectations of our customers.

Also in the coming period, we will continue to develop new projects in line with Akbank's lending policy in order to increase our loan life generation.

We Improved User Experience with Our Infrastructure Renewal Projects We renewed our PPS sales process in the Akbank Customer Contact channel with the infrastructure and front-end screen change project we launched in November. With the newly designed screens, we made

our sales processes extremely simple, streamlined and user-friendly. We also started to offer our special PPS product for customers under the age of 18 through the Akbank Customer Contact channel.

Our infrastructure renewal and front-end screen change projects will continue in the Akbank Branch channel in 2025. In the coming year, we aim to offer brand new

experiences to our users by improving the sales processes of our PPS products sold through the branch channel. We also plan to make our

Insurance for Endowment product even more efficient with a new sales process that will be integrated with the Bank. We will continue to grow and progress in line with our common goals by prioritizing our strong collaboration and synergy with Akbank in PPS and Life insurances.

The Innovative Works We Launched in 2024 Made a Positive Contribution to Our Business Results As Well

We continued to increase our market share in the industry with our innovative projects in the loan life branch. With our digital transformation efforts, our total premium generation in the stand alone life insurance and personal accident branches continued to

grow in 2024 as well. In 2024, when the growth trend in the private pension industry continued, our Bank Channel outperformed the industry. In 2024, for our Bank Channel:

• Its share in AgeSA PPS new job value was 73%.

• Our Company's share in total life insurance generation reached 72%.

• The PPS annual premium equivalent generation increased 1.9-fold year-on-year and reached TL 7.3 billion.

• The fund size increased above the pension industry by 64% year-on-year and played an important role in AgeSA's fund size.

• Akbank Mobile self-service PPS generations, which started in December 2023, had a positive impact on the Bank Channel new job number.

• Total life insurance premium generation doubled year-on-year to TL 10.2 billion.

• Total PPS contribution generation was TL 32.5 billion.

In 2024, our Bank Channel doubled in size year-on-year, generating TL 10.2 billion in total life insurance premium.

DIRECT SALES, AGENCIES AND CORPORATE PROJECTS

We achieved 83% year-on-year growth in life insurance premium generation with TL 2 billion.

TL 8.7

billion

DIRECT SALES CHANNEL

We Increase Our Power in the Field by Growing Our Direct Sales

PPS increased from TL 142 thousand to TL 214 thousand, we continue to contribute to our existing customers to reach their retirement dreams by

2024 PPS contribution generation

890

Savings Assurance Advisors

Channel

AgeSA Direct Sales Channel, one of our most important distribution channels, which has the most established staff in the private pension and life insurance sector, grew not only in number of Savings Assurance Advisors but also in terms of regions and teams in 2024.

With the decision taken in April 2021 to efficiently expand the most

experienced Direct Sales staff of the industry, we increased the number of our Savings Assurance Advisors from 394 at the beginning of the year to 890, exceeding our 2024

year-end target of 850.

Also in 2024, we continued our generation without slowing down. As AgeSA, we continued to focus on PPS in 2023 as well. Thanks to its experience and efficient growth goal, our Direct Sales Channel increased PPS contribution

generation to TL 8.7 billion, achieving a growth of 99% compared to the previous year. When we look at our new job production data, we closed the year with a production of TL 2.5 billion, a growth of 102% above last year. We reached a production of TL 3.1 billion in lump sum payment and TL 46.6 billion in fund size. While our average fund size per person in

increasing their retirement savings.

With the new Cumulative Life Insurance product we launched in August 2022 and the renewed Insurance for Endowment product we launched in August 2023, we achieved a growth of 83% in total

life insurance premium generation with TL 2 million compared to the previous year and a growth of 133% in new job generation with TL 892.4 million.

Our Direct Sales Channel, which derives its strength from working as a young and dynamic team that creates its own reference, continues to offer all insurance needs of our customers from a single point and contributes significantly to the strengthening of our Company's customer focus.

Our Direct Sales Channel strengthened its foundation by significantly increasing individual productivity and employee loyalty in recent years. We aim to grow this strong structure by increasing the number of employees and

the production share within the Company, and we continue to maximize our efficiency with our digital sales processes.

The Direct Sales Channel will continue to grow in the number of Regional and Savings Assurance Advisors in 2025 as well, focusing on increasing channel profitability and efficiency.

AGENCIES CHANNEL

Türkiye's Most Productive and Active Agency Network

In our Agency Channel, which operates in 32 provinces with a total of 300 agencies, we continued to implement the value-based, productive agency strategy in 2024 as well, which we focused on in

2023, by strengthening collaboration and communication with existing agencies.

Also in 2024, we continued our generation without slowing down. As AgeSA, we continued to focus on PPS in 2024 as well. Thanks to the experience of our Agency Channel, we increased PPS contribution

generation to TL 5.3 billion, achieving a growth of 99% compared to the previous year. Looking at the new job PPS generation data, we closed this year by generating TL 2.3 billion with a 102% growth higher than the previous year.

We reached a production of

TL 1.1 billion in lump sum payment and TL 24.0 billion in fund size. The PPS average fund size per person increased from TL 208 thousand to TL 280 thousand.

In 2024, we

generated TL 2.3 billion wokh of new jobs and achieved 102% growth over last year.

DIRECT SALES, AGENCIES AND CORPORATE PROJECTS

In line with the importance we attach to digitalization, we launched the "digitalization of the sales process" application as of July.

We Started Significant Scale Works in Group Pension and Group Life Market While corporate agreements were made with more than 2,000 different sized new organizations within the scope of both auto-enrollment and group pension plans, 39% growth was achieved in the unit market share of group pension plans compared to the previous year.

According to 31.12.2024 reports:

113%

Growth in life insurance in 2024

TL 1.8 billion

2024 life premium generation

In 2024, in parallel to our priority of having the most productive and active agency network in the field of life insurance, we generated TL 600 million of APE life insurance and achieved a growth of 113% compared to the previous year with our Cumulative Life Insurance product and renewed Insurance for Endowment product which

we launched in August 2023. We reached TL 1.8 billion in total life premium generation.

Our Agency Channel increased its productivity rates from 51.7% to 94% in the last three years with its experienced management team and productive agency focus.

Our Agencies Channel, which has steadily increased its production volume through its value-oriented service approach, will continue to take decisive steps and increase its productivity with our improved digital sales processes to establish the most productive and active agency network of Türkiye in 2025 in line with our Company's strategic road map.

CORPORATE PROJECTS

2024 was a year in which we, as the Corporate Projects Channel,

made a significant breakthrough in group private pension and group insurances and focused on growth.

In group private pension, we succeeded in increasing the number of contracts with a growth rate above the market average.

We achieved this success both by adding new employer groups to our porffolio and by building strong

relationships with our existing groups, increasing product penetration. In line with the importance we attach to digitalization, we launched

the "digitalization of the sales process" application as of July. This application was made available to both our field teams and the

HR representatives of our group companies, making our processes even more efficient.

In group life insurances, while focusing on large-scale companies with a strategic approach, we offered specially designed package products for medium-sized companies, ensuring that their employees are financially secured against risks.

In 2024, we did not only focus on growth figures. We aimed to maximize the satisfaction of our

corporate customers by improving and diversifying the services we offer them. To this end, by prioritizing projects such as developing digital solutions, restructuring the services offered to corporate customers

and special segmentation, we have moved forward in line with our vision of being the most preferred pension company in the industry.

While the PPS fund size of our Corporate Projects channel rose to TL 23.0 billion, representing 12% of AgeSA's total fund size, we generated TL 799 million in PPS APE in 2024.

The share of corporate contracts in AgeSA's private pension contracts is 10.8% with 155,345 units.

We realized a premium generation of TL 77.2 million by going quite above our targets in group life and group personal accident porffolio as well.

With its solution and customer-focused approach, our Corporate Projects Channel will keep growing steadily in 2025 as well, focusing on increasing channel profitability and efficiency.

We realized a premium

generation of TL 77.2 million by

going quite above our targets in group life and group personal accident pokfolio.

MEDİSA

Medisa offers customers and distribution channels a fast, easy and integrated experience through insurance apps built using cloud-based and next-generation technology.

100,000+

Number of Medisa customers in 2024

Founded in 2022 in line with the strategic health investments of Sabancı Group and Ageas,

Medisa offers innovative services in the fields of health insurance, telehealth, healthy living and disease management. Having completed its branding process as of 2024, Medisa offers customers and distribution channels a fast, easy and integrated experience through insurance apps built using cloud-based and next-generation technology.

Developed on the Bulutistan infrastructure in collaboration with SabancıDX, Medisa started to serve under the Aksigorta-Medisa strategic partnership as of July

1, 2024. Aksigorta's Private Health Insurance (PHI) and Complementary Health Insurance (CHI) policyholders benefit from Medisa's insurance business and digital health solutions and enjoy a comprehensive health experience. Reaching more than 100,000 customers by 2024, Medisa has become one of the top 10 players in the industry.

Acting with the vision of becoming one of the leading players in the health ecosystem, Medisa aims

to be with individuals at every stage of their health journey. Accordingly, launched in 2025, the Medisa Mobile Application, offers a holistic ecosystem by digitalizing healthcare services and integrates innovative solutions.

With the Medisa Mobile Application, customers can:

• Gain instant access to policy and coverage information, track their health expenditures digitally and quickly access contracted health institutions.

• Find quick solutions to their health problems by making video calls with specialized doctors.

• Learn about possible diagnoses and receive accurate guidance by entering their symptoms.

• Manage personal health information by recording health data such as blood sugar, blood pressure, pedometer and water consumption.

• Create reminders to regulate medication use and access package insert information and drug interactions.

• Make informed health decisions by accessing clinically verified health content.

In line with the digital transformation vision, Medisa's corporate website was launched in 2024, further strengthening the company's digital presence.

Medisa, which has also taken important steps in the field of institutionalization, completed the process of defining employee identity, identifying corporate values and behavior models within the scope of the Employer Branding Study and created a strong internal communication strategy. This project was shared with all employees with a launch communication in September.

Aiming to build a sustainable future with the principles of digitalization, customer focus and operational efficiency, Medisa won the Best Private Cloud award with its "Project Pioneer" project at the Future of

AI & Cloud Awards organized by CXO Media, ranking among the innovative projects shaping the future of artificial intelligence and cloud technologies, and confirmed its innovative approach.

In line with its vision to strengthen its financial structure, in December 2024, AgeSA acquired Aksigorta shares in Medisa, making Medisa a 100% subsidiary of AgeSA.

Entering 2025 with a stronger structure, Medisa further consolidates its position in the industry with its innovative solutions and customer-focused strategies.

With the transformation it created in the health ecosystem, it aims

to expand its customer base and increase insurance and health awareness by growing its private health system integrated with digital technologies. Medisa will continue to support individuals in every step of their health journey with the vision of creating a healthy society.

CUSTOMER FOCUS

We approach our experience strategy under three main headings: customer, employee and company experience.

Journey to Excellence in Fund Management with the Principles of Trust, Support and Gain

Our research and studies on the fund trend and its position in the private pension system show that our customers start a fund journey with the priority of "trust," which includes only transparent information, expect continuous

"support" throughout this long-term journey and basically aim to obtain a "gain" for the money invested.

We position our fund management strategies according to three basic principles: trust, support and gain.

In line with this understanding, we are continuously developing our "FonPro Digital Fund Consultancy" service to better respond to the needs of our customers with our vision of achieving excellence in the fund experience.

The World of Gladly: AgeSA Privileges that Enrich Life Designed specifically for AgeSA customers, "The World of Gladly" aims to maximize customer satisfaction and loyalty. We offer exclusive services to our customers with privileges such as airport transfers, video doctor services,

free car maintenance, international education consultancy, culture

and art events and healthy living solutions. Visited by approximately 40 thousand customers throughout the year, the World of Gladly continues to improve and develop according to the expectations of our customers.

Dissemination of AgeSA Customer-Focused Culture

We approach our experience strategy under three main headings, namely customer, employee and company experience, and we strengthen this structure with

data and technology support. As AgeSA, we organized many online and face-to-face events during the year as part of "Customer Meetings," whose 10th anniversary we celebrated, in

order to ensure that our customer-focused mindset is adopted by

all our employees and integrated into our business processes. We successfully organized events such as Customer Panels, Fund Meetings, CX Talks Customer Experience Conversations, Employee Panels, Customer Experience Champions and Voice of the Customer with

the participation of approximately 750 colleagues and more than 5 thousand customers in addition to our senior executives.

Participants from various countries met in Hong Kong at the Ageas CX Forum Organization!

During the three-day organization, we had the opportunity to come together with participants from various countries to explore and strengthen the customer experience and productivity culture. Through engaging discussions, interactive workshops and shared experiences, we uncovered valuable insights and strategies that cross boundaries and drive excellence.

Designed specifically for AgeSA customers, "The World of Gladly" aims to maximize customer satisfaction and loyalty.