Corporate Profile
Corporate Profile
Aksigorta A.Ş. Agenda for Annual General Meeting 2022
- Opening, and appointment of the Chairmanship Committee of the Meeting
- Reading and discussion of the Board of Directors’ Activity Report for 2022
- Reading of the Auditor Reports’ summary for 2022
- Reading, discussion and approval of the financial statements issued for 2022
- Release of the Board of Directors from its responsibilities arising out of business activities of 2022
- Determination of method of distribution and use of the profit of 2022 and the rates of dividends and profit shares to be distributed
- Determination of fees and such other rights as remuneration, bonus and premium of the Directors
- Election of auditor
- Information shared with General Assembly regarding setting aside a special fund from revaluation and reserves made in 2022
- Presentation of information to General Assembly on donations and grants made during 2022
- Determination of limits of donations to be made by the Company within 2023
- Authorization of Determination of limits of donations to be made by the Company within 2022
- Wishes and requests
Corporate Profile
Aksigorta in Figures
Total Assets
12.8 TL Billion
Aksigorta, which focuses on innovation with customer-oriented approaches, had TL 12.8 billion total assets as of end-2022
Shareholders’ Equity
1.9 TL Billion
As of the end of 2022, Aksigorta’s shareholders’ equity has reached TL 1.9 billion.
Paid-in Capital
1.6 TL Million
As of the end of 2022, Aksigorta’s paid-in capital has increased TL 1.6 million.
Premium Production
13.6 TL Billion
Aksigorta’s premium production increased by 94% compared to the previous year and amounted to TL 13,563 million.
Retention Ratio
%51
Aksigorta had 51% retention ratio as of end-2022
Market Share
6.9%
Aksigorta recorded market share of 6.9% at end-2022.
Corporate Profil
About Aksigorta
As the“risk companion” of its customers, Aksigorta continues to support its customers in all their needs with the products and services it has developed.
Aksigorta is taking its customer- oriented and innovative vision to the future with solid steps with its experience and knowledge since the day it was founded. Aksigorta serves individual and corporate customers with 10 regional offices, 680 employees, over 3,500 independent agencies, 710 Akbank branches, nearly 120 brokers, and nearly 6 thousand contracted institutions.
With agile transformation, Aksigorta is building the insurance concept of the future.
Keeping customer satisfaction above all else, Aksigorta adheres to all national and international insurance laws, rules, regulations, and standards in line with its vision, mission, and values in its operations.
After embracing the concept of “Next-Generation Insurance”, the Company focuses its efforts on simple, understandable, and accessible products and services. Aiming to push the boundaries of insurance and bring a completely different perspective to insurance by standing in the customers’ shoes, Aksigorta offers an insurance experience in which it supports its customers not only at the time of damage, but also as a lifetime risk companion.
The major shareholders of Aksigorta, whose shares are publicly traded on the BIST National Market under the AKGRT ticker, are H.Ö. Sabancı Holding (36% stake) and Ageas Insurance International N.V. (36% stake). Maintaining to achieve strong financial results in 2022, Aksigorta’s total assets reach TL 12,831 million as of year-end and shareholders’ equity has reached TL 1,612 million. Aksigorta recorded a total premium production of TL 13,563 million, 94% more compared to the same period last year. Aksigorta recorded market share of 6.9% at end-2022.
Aksigorta increases its brand recognition every day following the partnership of Sabancı Holding and Belgian Ageas.
3,500+
Agencies
Corporate Profile
Aksigorta Partnership Structure
After getting into a partnership with Sabancı Holding and Belgian Ageas, Aksigorta further increases its brand recognition and value.
Registered Capital
Aksigorta A.Ş. changed to the registered (authorized) capital system pursuant to the provisions of Turkey’s Capital Market Law (Statute 2499) as of 9 March 1995 and holds license number 301 from the Capital Markets Board. The Company’s authorized capital ceiling is TL 3,000 million, and its paid-in capital is TL 1,612 million as stated in the permit letter of The Ministry of Commerce General Directorate of Domestic Trade dated 29 July 2022 and numbered E-50035491-431.02-00076805481 and as stated in the permit letter of Capital Markets Board dated 1 July 2022 and numbered E-29833736-110.03-03-23502.
Capital Structure
No material changes have taken place in the capital structure of Aksigorta A.Ş., as shown in the table below. Both of the Company’s major shareholders purchased the same volume of Aksigorta shares traded on the Borsa Istanbul; as a result, their stake in the Company increased from 33.11% to 36% in 2012. There are no privileged shares holding special rights.
Management Methodology
Aksigorta continues its activities as a joint venture company with a 36%-36% partnership between Sabancı Holding and Ageas Insurance International NV.
| December 31, 2022 | December 31, 2021 | |||
|---|---|---|---|---|
| Shareholders | Share (%) | Amount (TL) | Share (%) | Amount (TL) |
| Hacı Ömer Sabancı Holding A.Ş. | 36 | 580,320,000 | 36 | 110,160,000 |
| Ageas Insurance International N.V. | 36 | 580,320,000 | 36 | 110,160,000 |
| Halka Açık Hisseler | 28 | 451,360,000 | 28 | 85,680,000 |
| Toplam | 100 | 1,612,000,000 | 100 | 306,000,000 |
Shareholders that Control more than a 10% Stake in the Company’s Issued Capital
The names and shareholding interests of shareholders who hold more than a 10% stake in the Company’s issued capital are shown in the following chart:
Corporate Profile
Our Purpose, Our Strategic Choices, Our Values
Our Purpose
For a sustainable life, we protect what is valuable together with next-generation solutions.
Our Strategic Choices
Our Values
Corporate Profile
Management’s Assessment
We constantly develop our insurance processes for our customers through next-generation technologies and data.
Esteemed Shareholders,
During the last three years, we open all our corporate communications, especially our annual reports, by calling attention to the pandemic. The impact of COVID-19 on our lives has been momentous; even as the pandemic’s health-related and biological effects fade, its economic and social effects linger.
94%
Premium Production Increase
The year 2022 started with inflation driven by the financial aid and assistance, especially in developed countries, provided as part of the fight against the pandemic, as well by cost increases and disruptions in logistics and the supply chain, also caused by the pandemic. With the addition of global political and diplomatic crises, economic sanctions, and energy issues, particularly Russia’s intervention in Ukraine, we have left behind yet another year in which difficulties and uncertainty remained on the agenda.
In the economic evaluations and analyses published throughout the year, it was emphasized that the global economy was going through a challenging time. As well, these assessments noted that the Russia-Ukraine War and numerous issues brought on by the pandemic continue to pressure the global economy.
While many countries in the world are struggling with this adverse situation, especially in terms of the stagnation and slowdown in economic growth, in its foresight, the IMF counted Turkey among the growing economies. Despite high exchange rates and high inflation, the Turkish economy grew by 7.6% in the second quarter, ranking it second, with the highest growth among OECD countries after Slovenia. The IMF also predicted that Turkey will close 2022 with a 5% growth.
In 2022, the insurance market produced TL235 billion in premiums, with a 123% growth in premium production compared to the previous year. As a result, our sector was once again a pioneer in sectors that grew in real terms alongside the industrial sector.
As Aksigorta, we left behind a year in which we increased our market share to 6.9% and strengthened our position in the sector. Our premium production increased by 94% compared to the previous year and reached TL 13.6 billion. Our capital stood at TL 1,612 million as of the end of 2022.
Our total Premium Production stood at TL 13,563 million as of the end of 2022.
Although we grew in real terms, our industry – like many others – experienced a year marked by challenges and negative developments. Due to the high exchange rate, low interest rates, and rapidly increasing inflation after November 2021, we experienced a significant deviation in our estimated cost forecasts for the policies we issued before 2021; this impacted our financial results. However, these changes had no effect on our operational processes or our motivation to provide the best service and solution to our customers throughout the year. In this environment, we worked hard to maintain our progress in line with the “new normal” that was frequently referenced during the pandemic.
Our innovative approach is based on our digitalized business processes and our new digital skill sets.
6.9%
Aksigorta Market Share
We established the remote working model, which we initiated with the pandemic, as a permanent mode in areas where it can be used. Thus, efficiency and agility, as well as flexibility, have now become part of our corporate culture. Throughout the year, we updated our offices and working processes to reflect a broader vision. Hence, we believe we have created an environment that meets both the expectations of the new generation and the new working culture. Consequently we can now launch our products and services, which meet new expectations in a changing and transforming world, more quickly.
As Aksigorta, we left behind a year in which we increased our market share to 6.9% and strengthened our position in the sector
As Aksigorta, we have determined our purpose as “Protecting what is valuable”. However, we have two major priorities in achieving this purpose: developing next-generation solutions and contributing to a sustainable life.
This new and innovative approach is based on our digitalized business processes and our new digital skill sets. In this regard, our Aksigorta Mobile application, which we launched at the end of last year, is also an indicator of our digitalization vision. This application, which allows our customers to easily and instantly meet all of their insurance demands and needs, can also be used by our citizens who do not have an Aksigorta policy, thus distinguishing itself as a digital platform in the field of insurance and risk management in Turkey. In this context, we believe that the Aksigorta mobile application introduced a novel digital initiative to the Turkish insurance industry, while improving the speed, flexibility and efficiency of our internal processes
We believe that, for many people around the world, the COVID-19 pandemic is the most recent development to raise awareness of the concepts of risk and precaution. In the face of the pandemic, we realized even further the value – but also the vulnerability – of our health. Similarly, the recent natural disasters, extreme weather conditions, and forest fires in many parts of the world have highlighted the importance of climate change and the health of our planet. As in other areas, we have come to discuss the next- generation insurance approach in our industry and how it supports the objectives of social, economic and environmental sustainability. As Aksigorta, we were pleased to see that our sustainability efforts exceeded industry expectations.
As in previous years, development along with all our stakeholders, learning together and collaboration were at the forefront of our values in 2022 – values that we embraced with great enthusiasm and motivation. Throughout the year, we attempted to engage with our stakeholders, from colleagues to business partners, distributors to customers and shareholders, on every possible platform. Through learning sessions, events and meetings, we aimed to gain new competencies and perspectives in parallel with the changing world.
Looking back from the last days of 2022, it appears that global uncertainties will persist in the coming year. Similar to other sectors, we expect positive developments while striving to anticipate potential negative developments. However, as Aksigorta, we look to the future with hope, as always, relying on our knowledge, experience, innovation skills and, perhaps most important, our sense of “unity,” which are our greatest assets.
Aksigorta has achieved its years-long success through the efforts, dedication and skills of you, our stakeholders. We sincerely believe that we will continue to flourish and gain greater success in the future. We extend our sincerest thanks to all our shareholders, especially our main shareholders Sabancı Holding and Ageas.
Kind regards,
Haluk Dinçer
Chairman of the Board of Directors
Uğur Gülen
Board Member and General Manager
Corporate Profile
Financial Highlights
Aksigorta ended 2022 with successful financial results and increased its premium production by 94%
| Financial Indicators (TL Million) | 2021 | 2022 |
|---|---|---|
| Premium Production | 6,988 | 13,563 |
| Incurred Claims | 3,050 | 5,261 |
| Technical Profit (Technical Part Balance) | 336 | -72 |
| Profit Before Tax | 295 | 121 |
| Net Profit | 189 | -121 |
| Capital | 306 | 1,612 |
| Shareholders’ Equity | 1,049 | 1,949 |
| Total Assets | 7,388 | 12,831 |
| Capital Solvency Ratios | 2021 | 2022 |
| Written Premiums/Shareholders’ Equity | 666% | 696% |
| Shareholders’ Equity/Total Assets | 14% | 15% |
| Operational Ratios (Non-Life) | 2021 | 2022 |
| Retention Ratio | 54% | 51% |
| Loss Ratio (Net) | 93% | 107% |
| Combined Ratio (Net) | 117% | 133% |
| Kârlılık Oranları | 2021 | 2022 |
| Technical Profit (Technical Part Balance)/Written Premiums | 5% | -1% |
| Profit Before Tax/Written Premiums | 4% | -1% |
| Net Profit/Written Premiums | 3% | -1% |
| Number of Employees | 672 | 680 |
Premium Production (TL Million)
2021
6,988
13,563
2022
Premium Production Increase (%)
2021
33
94
2022
Shareholders’ Equity (TL Million)
2021
1,049
1,949
2022
Total Assets (TL Million)
2021
7,388
12,831
2022
Retention Ratio (%)
2021
54
51
2022
Number of Employees
2021
672
680
2022
Corporate Profile
Our Customer-Oriented Vision
Aksigorta strives to accompany all its customers, to simplify their lives, and to instill a sense of trust in all business processes.
Principles of Experience
Aksigorta strives to provide customers a reliable and easy experience whenever they contact the Company. Three basic principles of experience were established to accomplish this: Trust, Simplicity, Companionship. Aksigorta strives to accompany all its customers on their journey with the Company, to simplify their lives, and also aims to instill a sense of trust in them by being transparent in all business processes. It designs all of its processes, channels of customer contact, and customer journeys in accordance with principles of experience.
Customer First Team
The Customer First Team serves to provide Aksigorta customers with a reliable and easy complaint resolution experience. Acting with the experience principles of Aksigorta, the Customer First Team accompanies customers in all insurance processes, giving them confidence and providing a smooth experience that simplifies their lives.
In addition to personally guiding customers through the complaint and demand processes, the Customer First Team thoroughly analyzes their processes and extracts insights and issues. The Customer First Team prepares and publishes customer stories and designs new journeys suitable with customer expectations and experience principles by meeting with business units and third party service providers on development areas based on these stories. It analyzes customer NPS data and takes actions to increase satisfaction.
The Customer First Team plays a primary role in instilling a customer-oriented perspective into the Company as a culture. It takes on the responsibilities of being the greatest companion of the customers as well as the protector of this culture, which is customer-oriented and where we share a common language.
Corporate Profile
Aksigorta Beyond
Work structure based on the
new expectations and needs of the future
What can people expect from an insurance company that goes beyond?
So, can an insurance company meet the requests of people who want completely different things from them?
To see their true needs, to provide a different set of products and services?
In short, can it meet the needs of people with completely different views of insurance?
To look at life from a different perspective, not as an insurer but through their own eyes
People have a different set of priorities from their insurance, not just on the bad days. But what can you expect if an insurance company is there for the good days too?
There is an insurance company that lives to answer these questions.
Corporate Profile
An Adventure that Dates Back to 1960
Aksigorta is included in the BIST Sustainability Index in 2022.
1960s
First policy
First insurance agency
1980s
Beginning of bancassurance
1990s
Public offering of Aksigorta
Opening of the Fire and Earthquake Training Center
First website
First online policy
2000s
The certificate of authorization in the health branch
Opening of the Aksigorta Service Center
Transition to regional management
Merger between Ak Emekli̇li̇k and Aviva Hayat ve Emekli̇li̇k
Harmonization with new legislation
“Most Reliable Insurance Company
2010
Keep Living Turkey
Joining forces with Ageas
Aksigorta’s new office
2017
New regional structure
2018
Ongoing Investments in Technology
Aksigorta “Goes Beyond”
2019
WhatsApp Business
2020
60th Founding Anniversary
Green Office Program
Aksigorta Digital Security Platform
2021
United Nations Women’s Empowerment Principles
“Beyond” Insurance Academy
Support for biodiversity from Aksigorta
2022
BIST Sustainability Index
Certificate of Equality for Women at Work
Aksigorta Shared Its First Sustainability Report
Corporate Profile
Awards & Achievements
February
“Continuous Excellence” Award
Providing service with a next- generation insurance approach, Aksigorta was selected as a Best Employer for four consecutive years, and became one of seven companies to receive the Continuous Excellence award, as part of two decades of research conducted by Kincentric, one of the world’s leading organizations in human resources and management consultancy. The prestigious Continuous Excellence award recognizes workplace excellence based on the criteria of ‘Agility, Engaging Leadership, and Talent Focus’, as well as ‘Employee Engagement’.
March
A.C.E. Awards “Excellent Customer Experience” Award
Aksigorta was recognized for delivering a customer-oriented insurance experience through the power of its digital transformation with an Excellent Customer Satisfaction award at the seventh edition of the A.C.E. Awards. The competition was organized by Sikayetvar.com, Turkey’s first and only platform measuring customer satisfaction. Aksigorta was presented with the Diamond award in the ‘Excellent Customer Satisfaction - Elementary Insurance Category A’ at the A.C.E. Awards, where 96 national and international brands that best manage customer experience in 57 different sectors were recognized for their excellence.
Best Business Awards
Aksigorta won the ‘Best Health and Safety’ category award at the Best Business Awards with its company-wide employee well-being application, Wellpower.
Stevie Award for the Beyond Insurance Academy
As a leader in the insurance industry, Aksigorta won the Training Program of the Year award in the ‘Sales and Customer Service’ category of the Stevie Awards. The award was presented for Aksigorta’s training project, the Beyond Insurance Academy, implemented by the Company in 2019 to support the development and advancement of the sector. This year’s competition evaluated over 2,300 candidates from 51 countries, representing almost every industry of any size. Winners were determined by average scores collected from more than 150 professionals from eight expert evaluation committees worldwide. Aksigorta’s award-winning project, developed in collaboration with Bilgi University, included a six-month intensive learning program on insurance-related issues designed to contribute to the development of all stakeholders in the insurance sector. The program covered a wide range of topics including risk engineering, tax law, digital marketing, sales techniques in today’s world, and customer relations for distance selling, as well as various products such as health, fire, transportation, receivables and cyber insurance. At the Academy, twenty different trainings were administered to nearly 9 thousand participants during the year.
April
IDC Turkey Finance Technology Awards
Aksigorta develops its products and services with a customer- oriented approach, and the projects it has completed with this understanding have continued to win awards this year. Competing at the IDC Turkey Finance Technology Awards, where the best institutions of Turkey compete and are awarded for their innovative and digital applications that make a difference in the field of information technologies, and in which 34 projects from 18 institutions were evaluated by the votes of the jury consisting of senior executives of the finance sector and academics, Aksigorta won four separate awards in four categories. Aksigorta ranked first in the FSI- Cooperation category with its telecommunication insurance project, a first in Turkey. Another project in which Aksigorta was awarded the first prize was the Robotic Transformation Program. Aksigorta won the second place with its Hyper-Integrated Infrastructure project in the Data Infrastructure category, and also ranked second with its Claims Inspection Assistant project in the Corporate Transformation category.
June
MIXX Awards Europe
The video project by Aksigorta, which uses “deepfake” technology to show how “possible” digital risks can be, won third place in the “Virtual and Augmented Reality” category of the MIXX Awards Europe, which honors the best digital advertising campaigns in Europe. In the project, a different sound technology was used in the video prepared with Musicotek publishing, and the Ukrainian Silicon Valley company Respeecher, which specializes in sound, successfully copied and reproduced the human voice using the AI-supported sound cloning technology it introduced. As for the image, it was created in collaboration with the Israeli company CannyAI.
Turkey Customer Experience Awards
Competing with its customer- oriented projects at the Turkey Customer Experience Awards, organized by the UK-based Awards International, which has been organizing international customer experience competitions since 2008, and where best customer experience projects are awarded, Aksigorta received Gold awards in two different categories. With its Aksigorta Mobile application in the “Best Use of Technology- Financial and IT Services” category.
Smart Insurance Awards
Aksigorta won the Silver award in the InsurTech category at the Smart Insurance Awards with its Easy Office-Expert Tracking Module.
July
Golden Compass Award
Aiming to raise social risk awareness, especially for individuals, families, and institutions, against the risks that may arise during the adaptation process to the digitalizing world, Aksigorta Digital Security Platform has reached over 1.5 million visitors since its establishment in 2020. The platform offers video content prepared with the assistance of Boğaziçi University Lifelong Learning Center (BÜYEM) and free learning opportunities for families and SMEs, as well as up-to-date news on the subject and podcasts hosting leading names in the industry, which serve as a reference source of information for users. With its Digital Security Platform, Aksigorta received an award in the “Corporate Publications” category at the 20th Golden Compass Awards organized annually by the Association of Turkish Public Relations (TÜHİD)
TEGEP Award for “Aksigortalı Onboarding” Projec
Aksigorta received an award from the Turkish Learning and Development Platform Association (TEGEP) for its recruitment and orientation program “Aksigortalı Onboarding” project, which it implemented as an innovative practice in human resources. The recruitment and orientation program Aksigortalı Onboarding was designed as a holistic solution to aims to address all the needs of new employees. The new recruitment turnover rate, which was 15% at the start of the pandemic, was lowered to zero in the past seven months as a result of the Aksigorta Onboarding project, which has three main axes: the mobile application, the buddy program, and orientation.
Brandverse Awards
Aksigorta won the Gold award in the “Innovative Technology Use” category with its Digital Security Platform project at the Brandverse Awards, which is supported by the Digital Marketing Communication Platform (DPIP).
August
Stevie Award for Aksigorta Digital Security Platform
With its Digital Security Platform, Aksigorta won an award at the 19th Stevie Awards this year. In the program, which received 3,700 applications in all categories and evaluated by more than 300 professionals around the world, Aksigorta Digital Security Platform won the Silver Stevie award in the “Communication/PR Campaign of the Year-Corporate Responsibility” category
Brandon Hall Excellence Awards
In the Brandon Hall Group Excellence Awards program, one of the world’s most prestigious corporate organizations, where the best employer practices are evaluated, Aksigorta was deemed worthy of three awards. In the program attended by the world’s leading employers, the human resources practices of participating companies are evaluated according to criteria such as “responsiveness to needs, functionality, innovation, and measurable benefit” by a jury of international independent industry experts. In the Excellence Awards held for the 22nd time this year, Aksigorta won the gold award in the “Best Approach in Leadership Development” category with its Power Up project, the gold award in the “Best New Recruitment Program” category with its Aksigortalı Onboarding project, and the silver award in the “Best Approach in Corporate Culture Transformation” category with its Agiland project, in the areas of “Leadership Development, Talent Acquisition, and Talent Management,” respectively.
October
Crystal Apple Awards
The video project by Aksigorta, which shows how “possible” digital risks can be using “deepfake” technology, competed in one of Turkey’s most prestigious advertising awards, the Crystal Apple. Aksigorta received awards in 4 different categories: Silver Apple in the “Digital Media Use” category and Crystal Apple in the “Technology Use”, “Social/Creative Interaction Contents”, and “VR/AR Technology Projects” categories.
November
Felis Awards
Aksigorta’s video project prepared by using “deepfake” technology received awards in 3 different categories at the Felis Awards, where creativity in advertising, marketing, and communication is evaluated: Achievement Award in the “Technology-Oriented Brand Experience” and Felis Award in the “Digital & Mobile” and “Media” categories.
MMA Smarties Awards
In addition to the Felis Awards, Aksigorta won 3 awards with its video project implemented with the “deepfake” technology at the MMA (Mobile Marketing Association) Smarties Awards organized by the MMA. Aksigorta won an award in the EMEA Region, and 1 gold and 1 bronze awards in Turkey.
December
Best Employer of Turkey Awards
Aksigorta received the Best Employer of Turkey “Kincentric Best Employer” award within the scope of Kincentric’s studies conducted with employees for more than 50 years, which measures workplace excellence.