Aksigorta (AKGRT) Q3 2024 earnings summary

Executive summary

• Gross written premiums rose 40% year-over-year for the nine-month period, reaching TL 25.02 billion, with Q3 premiums up 11% year-over-year to TL 7.5 billion.

• Net income surged 62% year-over-year for 9M24 to TL 1.16 billion, and 320% year-over-year in Q3 to TL 555 million.

• Asset under management increased 44% year-over-year to TL 12.8 billion.

• Total assets increased to TL 24.7 billion as of 30 September 2024, compared to TL 21.1 billion at year-end 2023.

• Shareholders’ equity rose to TL 4.53 billion from TL 3.28 billion at the end of 2023.

Financial highlights

• Combined ratio for Q3 improved by 4pp to 117%, while for 9M24 it increased by 1pp to 121%.

• Net financial income grew 50% year-over-year for 9M24 and 117% in Q3.

• Underwriting result improved to TL -106 million for 9M24 from TL -374 million in 9M23.

• Net earned premiums reached TL 8.23 billion, compared to TL 6.63 billion in the prior year.

• Technical profit (non-life) was TL 1.39 billion, up from TL 1.11 billion year-over-year.

Outlook and guidance

• Focus on high-margin products, digital transformation, and profitable growth to drive sustainable results.

• No significant post-balance sheet events were reported as of the approval date.