Presentation to
Investors
Q1 2023
Earning Release
4 May 2023
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Key Financial Results
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Summary and Outlook
AgeSA strengthened its leadership in both Pension AuM and Life & PA premium production among private companies with support of sustainable growth in Life business driven by the success of long term credit life product (Kredim Güvende) and strong RoP portfolio.
AgeSA net profits are depressed due to lower financial income regarding Equity market loss despite the significant increase in technical income resulting from high profitability in life and pension scalability.
Q1 Performance
- #1 position among private companies in Private Pension AuM; with 18.6% total market share as of March 2023
- #1 position among private companies in Total Life & PA GWP; with 12.3% total market share as of March 2023
- Slightly lower than PY's profit delivery both in terms of Management Reporting and SFRS net profits in Q1 2023 with 7% and 12% yoy decrease respectively, due to lower financial income despite the increase in technical profit
- 150 mTL dividend has been paid in March
- Share buyback program is launched in April. The term of the buyback program is 3 years. The maximum amount of funds to be used within the program is 750m TL. In April, 278k shares were bought with an average price of 29,02 TL
Strengthened fundamentals
- Strong and exclusive bancassurance partnership with Akbank
- Accelerated growth with strengthened base of DSF
- More Diversified Product Portfolio with a New Savings Product
- Strongly building and investing on digital, analytics and customer capabilities
- Earned and potential synergies w/ Aksigorta both for topline and operational excellence areas
- Governmental growing appetite for pension and life business supported by incentives
- Strong Shareholder Structure
Future
- Providing new solutions for ageing population
-
Health insurance synergies w/ Sabancı
Ageas Sağlık A.Ş. - Sustainability at the heart of business to build a better future
- Future of work & end to end IT and cultural transformation
Gizli | Management Reporting: IFRS Financials excluding inflation accounting effect | 3 |
Historical Track Record of Value Creation
A Story of Solid Profitable Growth
Pension AUM (inc AE)
Total GWP (Life+PA)
Total Technical Profit (1,3)
Net Technical Profit (1,3)
Expense Ratio (1,2,3)
Profit for the Period (Management Reporting) (1,3)
Profit for the Period (SFRS)
RoE
(Management Reporting) (1,3)
Solvency I Ratio
Dividend Payments
Shareholders' Equity (1,3)
VNB w/RW
2018
17.3 bTL 565 mTL
- mTL
- mTL 51,5%
- mTL
- mTL 36,1%
193%
- mTL
- mTL
2022
75.6 bTL 3.717 mTL
1.936 mTL
784 mTL 45,4%
1.127 mTL
875 mTL 58,9%
165%
2.454 mTL
961 mTL
CAGR 2018-22
45%
60%
41%
42%
-1,5pts
52%
46%
5,7 pts
39%
Q1 2023
81.0 bTL 1.528 mTL
- mTL
- mTL 56,2%
- mTL
- mTL 53,4%
156%
150 mTL
2.546 mTL
429 mTL
YoY
2022-23
66%
126%
64%
29%
17,1 pts
-7%
-12%
2,5 pts
59%
106%
Leadership among private companies' Pension and AE AUM
Leadership among private companies' Total Life&PA GWP
Success of strong growing RoP&New savings portfolio and credit life product
Strong growth resulting from high profitability in life and pension scalability
Increase in net technical profit resulting from high technical profitability and controlled expenses against high inflation
Expense ratio increased mainly due to inflation adjustments to salaries that took place
Pressured performance regarding financial income decrease despite technical income increase
Slightly decrase in SFRS Profit , due to lower life and pension tech. profit regarding undeferred commissions in SFRS and higher expenses
Strong profit combined with lean capital
Well managed capital position and dividend payment under volatile macroeconomic environment with growing appetite
Steady increase in shareholders' equity reflects active management of capitalization to fund business growth
VNB has increased due to increased Pension and Credit Life sales. The newly launched Savings product also contributed to the VNB growth
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Note: (1) Management Reporting: IFRS Financials excluding inflation accounting effect
- Expense ratio=(Opex)/(Management Reporting Proft Before Tax-Opex)
«Opex=G&A+Financial Expense»
- Source: Company data, unaudited results
4
Financials
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Disclaimer
Agesa Hayat ve Emeklilik AS published this content on 04 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 May 2023 10:02:07 UTC.