Aksigorta (AKGRT) Q4 2024 earnings summary

Executive summary

• Gross written premiums reached TL 34.9 billion in 2024, up 28% year-over-year, with net income rising 57% to TL 1.86 billion.

• Asset under management grew 48% year-over-year to TL 13.5 billion, and total equity increased 55% to TL 5.1 billion.

• Financial income surged 49% year-over-year to TL 4.37 billion, while average annualized yield improved by 3 percentage points.

Financial highlights

• Q4 2024 gross written premiums were TL 9.85 billion, up 4% year-over-year; net income for the quarter was TL 693 million, up 48%.

• Combined ratio for Q4 2024 increased to 127% from 108% in Q4 2023, with the loss ratio rising to 108%.

• Net financial income in Q4 2024 nearly doubled year-over-year to TL 1.47 billion.

• Full-year 2024 net earned premiums rose 33% to TL 10.6 billion.

Outlook and guidance

• Focus on high-margin products and sustainable growth, with continued prioritization of digital transformation and innovation.

• Opportunities identified in higher TL and FX rates, new product introductions, and industry-wide technology adoption.