Aksigorta (AKGRT) Q1 2025 earnings summary

Executive summary

• Net income rose 92% year-over-year to 352m TL, driven by strong technical and financial results.

• Net profit for Q1 2025 reached 352.1 million TL, up from 272.8 million TL in Q1 2024, reflecting strong operational performance and investment returns.

• Gross written premiums declined 8% year-over-year to 8,797m TL, reflecting strategic realignment toward high-margin products.

• Asset under management increased 38% year-over-year to 14,556m TL, supporting long-term value creation.

• Shareholders' equity rose to 5.42 billion TL from 5.09 billion TL at the end of 2024.

Financial highlights

• Net technical result surged 92% year-over-year to 543m TL, with non-motor segments up 135%.

• Technical profit (non-life) increased to 542.8 million TL from 282.7 million TL year-over-year.

• Financial income grew 12% year-over-year to 1,018m TL, despite a 0.4bn TL valuation loss in government bond funds.

• Profit before tax increased 68% year-over-year to 387m TL.

• Combined ratio improved by 5 percentage points year-over-year to 121%.

Outlook and guidance

• Focus on profitable growth and maintaining healthy capital adequacy through capital optimization.

• Expansion targeted in high-potential non-motor segments and asset management.

• Emphasis on technical profitability, cost discipline, and operational efficiency.