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Agesa Hayat ve Emeklilik : Results H1 2022 presentation
August 09, 2022 at 05:26 am EDT
Presentation to
Investors
H1 2022
Earning Release
Solid Financial Foundations
Pension AUM (inc AE)
Total GWP (Life+PA)
Total Technical Profit (1,3)
Expense Ratio (1,2,3)
Net Technical Profit (1,3)
Profit for the Period
(Management Reporting) (1,3)
ROE
(Management Reporting) (1,3)
Profit for the Period (SFRS)
Solvency I Ratio
Shareholders' Equity (1,3)
MCEV (3)
VNB
H1 2022
YoY/Δ
52,5 bTL
62%
1.579 mTL
83%
864 mTL
63%
33.7%
-4 pts
378 mTL
42%
521 mTL
102%
55.7%
7 pts
458 mTL
100%
154%
-23 pts
1.742 mTL
52%
4.761 mTL
49%
315 mTL
53%
Leading position in private companies' Pension and AE AUM
Leading position in private companies' Total Life&PA GWP
Success of strong growing RoP portfolio and credit life product
Strong growth resulting from high profitability in life and pension scalability
Expense controls implemented against the impacts of inflation / pandemic and higher profit increase compared to expense increase
Increase in net technical profit resulting from high technical profitability and controlled expenses against high inflation
Strong growth regarding financial and technical income increase
Strong profit combined with lean capital
SFRS Profit growth is strong, thanks to life tech. profit despite lower pension tech. profit due to undeferred commissions in SFRS
Capital-light business, which benefits from AgeSA's sensitive approach to risk and new product introduction
Steady increase in shareholders' equity reflects active management of capitalization to fund business growth
HY'22 MCEV has increased since year-end due to new business sales and earnings on the
inforce portfolio
VNB has increased due to new business sales of ROP, Pension and Credit Life products as
well as positive economic assumption variances
Note: (1) Management Reporting: IFRS Financials excluding inflation accounting effect
(2) Expense ratio=(Opex-RebrandingExpenses-SalesExpenses)/(Opex-RebrandingExpenses-Sales Expenses+Management Reporting Proft Before Tax)
3
Şirkete Özel (Internal)
«Opex=G&A+Financial Expense»
(3) Source: Company data, unaudited results
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)
Expense Ratio (1,2,3)
Net Technical Profit (1,3)
Profit for the Period
(Management Reporting) (1,3)
ROE
(Management Reporting) (1,3)
Profit for the Period (SFRS)
Solvency I Ratio
Dividend Pay-outs
of related years' profit
Shareholders' Equity (1,3)
2017
2018
2019
2020
2021
15.3 bTL
17.3 bTL
23.1 bTL
30.5 bTL
43.5 bTL
471 mTL
565 mTL
988 mTL
1.332 mTL
2.020 mTL
385 mTL
484 mTL
564 mTL
796 mTL
1.150 mTL
45,0%
41,3%
43,0%
41,2%
38,5%
128mTL
191 mTL
212 mTL
372 mTL
529 mTL
153 mTL
213 mTL
258 mTL
350 mTL
541 mTL
31,9%
36,1%
34,1%
36,3%
44,2%
102 mTL
191 mTL
215 mTL
295 mTL
452 mTL
172%
193%
190%
196%
145%
48 mTL
100 mTL
100 mTL
160 mTL
160 mTL
523 mTL
660 mTL
852 mTL
1.076 mTL
1.369 mTL
CAGR 2017-21
30%
44%
31%
-1,6pts
42%
37%
3,1 pts
45%
35%
27%
H1 2021
H1 2022
32.3 bTL
52.5 bTL
861 mTL
1.579 mTL
531 mTL
864 mTL
37,8%
33,7%
267 mTL
378 mTL
258 mTL
521 mTL
48,7%
55,7%
229 mTL
458 mTL
176%
154%
1.143 mTL 1.742 mTL
YoY
2021-22
62%
83%
63%
-4,1pts
42%
102%
7 pts
100%
52%
Note: (1) Management Reporting: IFRS Financials excluding inflation accounting effect
(2) Expense ratio=(Opex-RebrandingExpenses-SalesExpenses)/(Opex-RebrandingExpenses-Sales Expenses+Management Reporting Proft Before Tax)
Şirkete Özel (Internal)
«Opex=G&A+Financial Expense»
(3) Source: Company data, unaudited results
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Agesa Hayat ve Emeklilik AS published this content on 09 August 2022 and is solely responsible for the information contained therein. Distributed by Public , unedited and unaltered, on 09 August 2022 09:25:04 UTC .
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Avivasa Emeklilik Ve Hayat A.S. Reports Earnings Results for the Third Quarter Ended September 30, 2019
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15-06-01
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AvivaSA Emeklilik ve Hayat A.S.(IBSE:AVISA) added to Istanbul Stock Exchange National 100 Index
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AvivaSA Emeklilik ve Hayat A.S. has filed an IPO.
14-09-04
CI
Duration Auto. 2 months 3 months 6 months 9 months 1 year 2 years 5 years 10 years Max.
Period Day Week
More charts
Agesa Hayat ve Emeklilik AS, formerly known as Avivasa Emeklilik ve Hayat AS, is a Turkey-based company, which is engaged in providing private pension and life insurance services. The Company offers various kinds of pension plans, life, and personal accident insurance, such as future cumulative plans, pension income plans, auto-enrollment plans, saving life insurance, credit protection insurance, advantageous plus personal accident insurance, and express accident insurance. Agesa Hayat ve Emeklilik also offers pension and insurance products for corporates, including group individual accident insurance and group pension plans. The Company is a joint venture of Haci Omer Sabanci Holding As and Ageas Insurance International NV.
More about the company
Last Close Price
99.05
TRY
Average target price
89.82
TRY
Spread / Average Target
-9.32%
Consensus
1st Jan change
Capi.
+61.10% 554M +9.43% 105B +16.21% 103B -9.40% 88.53B +22.04% 78.83B +23.42% 35.3B +13.73% 29.72B +15.36% 29.65B +1.27% 16.99B -10.55% 14.6B
Life Insurance
+951% of historical performance
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