Aksigorta (AKGRT) Q2 2024 earnings summary

Executive summary

• Gross written premiums reached TL 17.52 billion in H1 2024, up 58% year-over-year, with Q2 premiums at TL 8.0 billion, up 34% year-over-year.

• Net income for H1 2024 was TL 608.4 million, a 4% increase year-over-year; Q2 net income was TL 336 million, down 26% year-over-year.

• Asset under management (AUM) grew 24% year-over-year to TL 11.6 billion as of June 2024.

• Total assets increased to TL 24.1 billion as of June 30, 2024, compared to TL 21.1 billion at year-end 2023.

• Equity rose to TL 3.9 billion, up 19% year-over-year and from TL 3.28 billion at year-end.

Financial highlights

• H1 2024 net financial income rose 27% year-over-year to TL 1.8 billion; Q2 financial income declined 21% year-over-year to TL 906 million.

• Net earned premiums reached TL 6.18 billion, compared to TL 4.28 billion in the prior year period.

• Investment income for H1 2024 was TL 2.98 billion, up from TL 950 million in H1 2023.

• Technical profit (non-life) was TL 700.3 million, down from TL 950.7 million in H1 2023.

• Net claims incurred (non-life) rose to TL 5.68 billion from TL 3.38 billion year-over-year.

Outlook and guidance

• Focus remains on high-margin products, risk management, and capital adequacy to drive sustainable growth.

• Management highlights opportunities in digital transformation, new product introductions, and technology-driven efficiency.

• No significant post-balance sheet events were reported that would impact future outlook.