Kurumsal Profil

Esteemed Shareholders,

Although risk, danger and worst-case scenarios are at the heart of the insurance profession – and even though the majority of insurers spend most of their day dealing with these elements –nothing can actually prepare us for dealing with a disaster in emotional terms.

On February 6, 2023, we experienced a devastating earthquake, one of the worst disasters in the history of our Republic, affecting 11 provinces. We experienced the indescribable pain of losing thousands of our citizens and having tens of thousands injured and left homeless. We once again wish mercy to those who lost their lives and extend our condolences to their families and loved ones.

As a country, from those first hours, we dedicated ourselves to healing the wounds of the region. Immediately following the disaster, all Sabancı Group companies actively participated in search and rescue efforts. We also provided all types of support to other rescue teams in their respective areas of operation.

From day one, Sabancı Volunteers assumed duties and responsibilities in the supply and distribution of food, as well as damage assessments. Our teams are still conducting various support and donation activities, considering the needs of our citizens and administrations in the region. Within the scope of the “Sabancı Republic Mobilization,” we carried out psychosocial support activities in the region for children and young people affected by the earthquake as part of the “To the Future with Hope (Geleceğe Umutla)” project, which we jointly conducted as Aksigorta and Agesa. Our support to the region will continue in the next and following years.

It is frequently said that the insurance industry is a foul-weather friend, existing for rainy days. The Turkish insurance industry once again demonstrated the truth of this adage in the aftermath of the earthquake. According to sector research, the total number of policies for motor insurance, fire, the Turkish Catastrophe Insurance Pool (TCIP), and life-personal accident insurance in the 11 provinces affected by the earthquake was just 5.8 million.

From day one, Sabancı Volunteers assumed duties and responsibilities in the supply and distribution of food, as well as damage assessments. Our teams are still conducting various support and donation activities, considering the needs of our citizens and administrations in the region. Within the scope of the “Sabancı Republic Mobilization,” we carried out psychosocial support activities in the region for children and young people affected by the earthquake as part of the “To the Future with Hope (Geleceğe Umutla)” project, which we jointly conducted as Aksigorta and Agesa. Our support to the region will continue in the next and following years.

It is frequently said that the insurance industry is a foul-weather friend, existing for rainy days. The Turkish insurance industry once again demonstrated the truth of this adage in the aftermath of the earthquake. According to sector research, the total number of policies for motor insurance, fire, the Turkish Catastrophe Insurance Pool (TCIP), and life-personal accident insurance in the 11 provinces affected by the earthquake was just 5.8 million.

Although the economic value of the total loss was calculated as TL 2 trillion, the portion that our citizens received back from insurance was only TL 97.3 billion. Our industry possessed the strength and guarantee structure to cover both this earthquake and future disasters. If insurance and risk awareness were more widespread throughout our society, all of this could have been covered by insurance.

As citizens of a country located on active fault lines, we believe that we must remember that earthquakes are a reality and that we cannot avoid taking precautions. Accordingly, we launched a social responsibility project focused on earthquake risk transfer. Through “Hayata Devam Türkiye (Keep Living Türkiye),” we carried out social activities to raise awareness regarding earthquake risks; in addition, part of the proceeds from each home insurance policy purchased from Aksigorta are transferred to the fund we created for 11 cities affected by the February 6 earthquake, with the support of the Needs Map NGO.

As expected, 2023 was a difficult year worldwide, from both an economic and a humanitarian perspective. Price increases across every sector, due to the inflationary pressure felt in the economies of almost every country, brought economic difficulties to daily life. Our nation surely felt these hardships more intensely, due to the impending election, the devastating earthquake and fluctuating exchange rates.

However, despite these negativities, the Turkish economy entered a recovery phase, especially in the second half of the year, following the elimination of the uncertainties brought by the election and the correct decisions taken by the new economic administration. With the decisive fight against inflation and the Central Bank’s prudent interest rate decisions, the economy’s recovery gained momentum. The OECD set growth expectations for 2023 at 4.3%, while the IMF revised its 2023 forecast for Türkiye’s economy upwards, from the 19th to the 17th largest economy.

This economic recovery also had a positive impact on our industry. As of end-2023, the total premium production of insurance companies that are members of the Insurance Association of Türkiye (TSB) had a 110.6% year-on-year increase.

At Aksigorta, 2023 was a year in which we achieved our targets through numerous new products, innovation and, our greatest strength, the value and talent of our employees. While our market share was 6.7%, our premium production increased by 101% compared to the previous year, reaching TL 27.3 billion.

We developed e-kasko, Türkiye’s first and most comprehensive electric vehicle insurance package.

As we know, in order to achieve goals, an individual or an organization requires the ability to “adapt,” which is the basis of life, in addition to possessing talents and strengths in the said field. The most important way to adapt – especially considering the uncertainties and rapid transformations of the present juncture – is to “read” and make effective sense of your environment. As the Aksigorta Family, with this capacity and foresight, we developed e-kasko, Türkiye’s first and most comprehensive electric vehicle insurance package. This product, which we believe will support the transformation of electric mobility in our country by encouraging the use of electric vehicles, not only embraces changing customer trends and future technologies but also aligns with our sustainability vision.

In 2023, we continued to digitalize our processes in line with our approach of providing easy, simple and accessible insurance services to our customers. While incorporating artificial intelligence applications into business processes, we accelerated training projects to increase our personal and professional digital skills.

Artificial intelligence will undoubtedly change insurance, as it will every other industry. Ignoring or resisting this transformation indicates a failure to read the present and the future. As Aksigorta, however, we believe in the potential of the augmented intelligence that emerges from the interaction of human intelligence and artificial intelligence. Within this scope, we attach as much importance to personal talent development as we do to digitalization. In 2023, we aimed to provide added value to the development of the industry with the Beyond Insurance Academy, which we organized for its third term in cooperation with Bilgi University.

Dear Friends,

We are facing challenges around the world. Economic difficulties are increasing, as is political and geopolitical uncertainty. Even as innovative digital and technological changes across almost every area, especially in artificial intelligence, create excitement about the future, this rapid advancement also makes it difficult to put forth accurate predictions. As we noted earlier, in these times of historic change, organizations that have the capacity to adapt can survive.

At Aksigorta, we consistently demonstrate this capacity, and we believe and trust in our capabilities. As always, we have received the greatest support from our valued stakeholders. We extend our sincerest thanks to all our shareholders, especially Sabancı Holding and Ageas, our main shareholders.

Respectfully yours,

Haluk DİNÇER

Chairman of the Board of Directors

Uğur GÜLEN

Board Member and General Manager

1960s

First policy

The first policy was issued by Aksigorta in 1961

First insurance agency

Lami Teymen opened the first Aksigorta agency in Adana in 1960s.

1980s

Beginning of bancassurance

Aksigorta issued the first insurance policy through an online connection in 1983

1990s

Public offering of Aksigorta

Aksigorta shares were offered to the public in 1994, and the shareholder base of the Company was broadened.

Opening of the Fire and Earthquake Training Center

In 1996, Aksigorta opened the Fire and Earthquake Training Center, which was built entirely with technological infrastructure developed in Türkiye.

First website

In 1996, Aksigorta’s first website was launched.

First online policy

The first online policy in Türkiye was issued by Aksigorta and online connections were set up with approximately 150 agencies.

Aksigorta established the quality assurance system modeled on ISO 9001:1994 standards and was also awarded BS EN 9001:1994 Quality Standard Certification.

2000s

The certificate of authorization in the health branch

Aiming to increase diversity in its service portfolio, Aksigorta obtained a certificate of authorization for the health branch and began to issue health insurance policies in 2002, extending its line of business.

Opening of the Aksigorta Service Center

Aksigorta opened the Aksigorta Service Center providing services on a 24/7 basis in 2002.

Transition to regional management

Renewing itself constantly in line with market conditions and demand, Aksigorta shifted its management strategy from central management to regional management in 2006 through revising its business and decision-making processes.

Merger between Ak Emeklilik and Aviva Hayat ve Emeklilik

Ak Emeklilik A.Ş., a subsidiary of Aksigorta, merged with Aviva Hayat ve Emeklilik A.Ş. in 2007 The Company carried out its operations under the name AvivaSA Emeklilik ve Hayat A.Ş. following the merger.

Harmonization with new legislation

Aksigorta became the leading company on KalDer’s (Turkish Quality Association) Turkish Customer Satisfaction List. During the same year, Tüketici Dergisi (Consumer Magazine) named Aksigorta the “Most Reliable Insurance Company for Quality” for the fourth consecutive year.

“Most Reliable Insurance Company”

Aksigorta was chosen by consumers as the “Most Reliable Insurance Company” in a research study conducted by AC Nielsen in 2009.

In a bid to achieve capital optimization and unlock the hidden value of its core insurance business, Aksigorta entered a spinoff process and transferred its participation portfolio to Sabancı Holding in 2010

2010

Keep Living Türkiye

Hosted by the Chairman of the Board of Directors, Güler Sabancı, and managers at Sabancı Holding, Aksigorta celebrated its 50th anniversary with an event attended by members of leading circles in business and society. At this event, artists who contributed to Aksigorta’s “Risk and Trust”-themed art project were presented their awards and the “Keep Living, Türkiye” project, initiated in cooperation with AKUT to raise awareness about natural disasters such as earthquakes, floods, or fires across Türkiye among 5 million people in 5 years, was also introduced.

Joining forces with Ageas

Ageas, a Belgium based international insurance company, became a strategic shareholder of Aksigorta in July 2011 as Sabancı Holding, which held a 62% stake in Aksigorta at the time, sold 31% of the shares to Ageas for USD 220 million to forge a strategic alliance for Aksigorta.

Aksigorta’s new office

As of October 20, 2014, Aksigorta continues its operations at a new office, Buyaka Ofis Kuleleri, located in Ümraniye Tepeüstü.

2017

New regional structure

Geographical coverage and the organizational structures of the new regions were determined based on criteria such as profitability, production, location, and potential. Accordingly, the Company closed 16 agencies and 3 regional bank offices and instead established 10 regional retail sales offices.

2018

Ongoing investments in technology

In line with its digitalization strategy, Aksigorta launched ADA (Aksigorta Digital Assistant) – a first-of-its-kind artificial intelligence application in the sector.

Aksigorta “Goes Beyond”

Aksigorta shifted its focus from the product to the customer. Aksigorta adopted the slogan “Beyond” to communicate its primary aim of closely supporting its customers and responding to their changing needs while expanding the boundaries of the insurance industry.

2019

WhatsApp Business

Aksigorta broke new ground in the sector with its WhatsApp Official Business Account in 2019

2020

60^th Founding Anniversary

Aksigorta celebrated its 60 anniversary in the digital environment due to the Covid-19 pandemic.

Green Office Program

The Green Office Program, launched by Aksigorta to ensure a greener world, was completed during the year. Thanks to its exceptional results in reducing natural resource use by conservation and best practices, Aksigorta was granted Green Office certification by WWF Türkiye.

Aksigorta Digital Security Platform

Aksigorta established the Digital Security Platform to prepare the society against the risks of the digital world of the future. Free online digital security trainings, informative videos and news can be found in this platform with the collaboration of Boğaziçi University.

2021

United Nations Women’s Empowerment Principles

Aksigorta signed the United Nations Women’s Empowerment Principles (WEPs) convention as part of its ongoing efforts toward achieving gender equality.

Beyond Insurance Academy

Aksigorta, in cooperation with Bilgi University, conducted a 6-month intensive learning program on insurance related issues. The program covered a wide range of topics, including risk engineering, tax law, digital marketing, sales techniques in the new world, and customer relations for distance selling, in addition to various products, such as health, fire, transportation, receivables and cyber insurance. At the Academy, 20 different trainings were administered to nearly 9,000 participants during the year.

Support for biodiversity from Aksigorta

Aksigorta donated 1,500 saplings to TEMA due to forest fires in the summer of 2021 In order to regain the forest quality of our damaged forests and to protect our natural habitats, forests and biodiversity, which are a part of common life, Sabancı Group commits to;

• Rehabilitation and reforestation of 500 hectares of land,
• Bringing a total of 1 million saplings to our country over the next 5 years, together with the areas deemed appropriate and prepared by the Forestry Directorates,
• Adding 3 water supply vehicles to the fleet so that it can be fought more easily when forest fires, which we wish not to repeat, are encountered.

Aksigorta will also contribute to these commitments for five years.

2022

BIST Sustainability Index

Raising its sustainability score, Aksigorta was recently included in the BIST Sustainability Index, which evaluates companies according to international sustainability criteria on environmental, social, corporate governance, human and employee rights, and transparency.

Certificate of Equality for Women at Work

Aksigorta, of which 51% of its employees are women, was awarded the Equality for Women at Work Certificate following an independent audit conducted in cooperation with the Sustainability Academy and the British audit company Intertek.

Aksigorta shared its first Sustainability Report

Focusing on people and the future of the planet with its next-generation insurance approach, Aksigorta shared its efforts in this direction via the Company’s first Sustainability Report. The Report, prepared in accordance with the Global Reporting Initiative (GRI) standards core option, covers the related activities between January 1- December 31, 2021 The Report includes the management approach and goals regarding the social, economic, and environmental impacts arising from the Company’s activities, as well as the performance results achieved and Aksigorta’s contributions to the Sustainable Development Goals accepted by the United Nations.

2023

Aksigorta receives an Excellent Customer Experience Award at the A.C.E. Awards

Aksigorta received the Excellent Customer Satisfaction award at the eighth edition of the A.C.E. Awards. The competition was organized by Sikayetvar.com, Türkiye’s first and only platform measuring customer satisfaction.

First Specialized MOD Insurance for electric vehicles

Aksigorta launched e-kasko, the first and most comprehensive MOD insurance policy designed exclusively for electric vehicles. The policy offers numerous special guarantees for electric vehicle owners.

“Keep Living Türkiye” Project

Through its earthquake risk transfer responsibility project, “Hayata Devam Türkiye (Keep Living Türkiye),” Aksigorta not only raises insurance awareness but also explains how we can learn from experts about the risks we face; that the community can be supported in taking precautions against earthquakes; and why potential risks should be transferred to an insurance institution. Aksigorta also established an aid fund for the victims of the February 6 earthquake in cooperation with Needs Map.

Second Sustainability Report Published

Aksigorta’s second Sustainability Report was published. In addition to covering management approaches and goals for social, economic and environmental impacts arising from the Company’s activities between January 1 and December 31, 2022, the Report summarizes Aksigorta’s contribution to the Sustainable Development Goals adopted by the United Nations.

Opening of Aksigorta Memorial Forests in Manisa and İzmit

In May, Aksigorta donated 10,000 saplings to the Aegean Forest Foundation on behalf of each employee to establish the Aksigorta Memorial Forest in the İzmit Taşköprü afforestation area. Most recently, 10,000 saplings were donated to Manisa for the Aksigorta Memorial Forest on Yunt Mountain in Manisa. Aksigorta employees and the İzmir and Manisa agencies attended the opening of Aksigorta’s Memorial Forest in Manisa, as did Burak Yüzgül, Aksigorta’s Assistant General Manager for Human Resources and Sustainability, and Perihan Öztürk, Board Member of the Aegean Forest Foundation.