Financial Position, Profitability and Solvency
With a solid financial structure that included TL 1,049 million in shareholders’ equity at end-2021, Aksigorta is one of the leading companies in the Turkish insurance sector.
Continuing to grow upon sustainable profitability, Aksigorta completed the year with TL 189 million of profit.
Premium Production (TL Million)
Shareholders’ Equity (TL Million)
Net Profit (TL Million)
Total Assets (TL Million)
Technical Profit (Technical Part Balance) (TL Million)
Retention Ratio (Non-Life) (%)
Written Premiums/Shareholders’ Equity (%)
Technical Profit (Technical Part Balance/Written Premiums) (%)
Net Profit/Written Premiums (%)
In 2021, the Company reached to TL 6,988 million premium production. A breakdown of premiums by business line during the most recent two years is shown below.
Breakdown of Premiums by Business Line
| Written Premiums | Share in Total (%) | ||||
| (TL Thousand) | 2020 | 2021 | Change 20/21 (%) | 2020 | 2021 |
| Fire | 981,754 | 1,356,924 | 38 | 19 | 19 |
| Marine | 116,503 | 133,194 | 14 | 2 | 2 |
| Motor Own Damage | 1,040,656 | 1,276,361 | 23 | 20 | 18 |
| Motor Third Party Liability | 1,744,004 | 2,238,232 | 28 | 33 | 32 |
| Other | 597,232 | 935,550 | 57 | 11 | 14 |
| General Losses | 319,959 | 515,522 | 61 | 6 | 7 |
| Health | 472,034 | 531,838 | 13 | 9 | 8 |
| Total | 5,272,142 | 6,987,621 | 33 | 100 | 100 |
As of end-2021, 54% of generated premiums amounting to TL 3,748 million in value were retained by the Company.
The charts below show the amounts and relative percentages of produced premiums that were retained by the Company during the most recent two years, broken down by business line.
| Retained Premiums | Retention Ratio (%) | |||
| (TL Thousand) | 2020 | 2021 | 2020 | 2021 |
| Fire | 189,542 | 235,152 | 19 | 17 |
| Marine | 31,325 | 34,173 | 27 | 26 |
| Motor Own Damage | 1,035,002 | 1,266,211 | 99 | 99 |
| Motor Third Party Liability | 1,395,992 | 1,811,612 | 80 | 81 |
| Other | 113,333 | 151,008 | 19 | 16 |
| General Losses | 104,698 | 133,663 | 33 | 26 |
| Health | 98,751 | 115,999 | 21 | 22 |
| Total | 2,968,644 | 3,747,818 | 56 | 54 |
Retention Ratio (%)
Fire
Marine
Motor Own Damage
Motor Third Party Liability
Other
General Losses
Health
As of end-2021, Aksigorta retained TL 3,293,734 in premiums which it had earned in the non-life branch. Meanwhile, the Company’s share of incurred non-life claims amounted to TL 3,050,315. As of the same date, the ratio of incurred non-life claims to earned premiums (net) was 93%. The charts below show the amounts and relative percentages of the Company’s incurred claims and earned premiums during the most recent two years, broken down by business line:
| Incurred Claims (Net) | Earned Premiums (Net) | Claims Incurred/Earned Premiums (Net) (%) | ||||
| (TL Thousand) | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 |
| Fire | 96,238 | 152,056 | 173,652 | 208,644 | 55 | 73 |
| Marine | 7,879 | 9,712 | 26,817 | 32,598 | 29 | 30 |
| Motor Own Damage | 608,313 | 1,086,649 | 926,394 | 1,159,588 | 66 | 94 |
| Motor Third Party Liability | 944,225 | 1,739,718 | 1,303,330 | 1,503,422 | 72 | 116 |
| Other | 71,915 | 6,935 | 151,978 | 213,150 | 47 | 3 |
| Engineering | 28,195 | 47,254 | 47,997 | 64,484 | 59 | 73 |
| Health | 8,746 | 7,991 | 106,746 | 111,848 | 8 | 7 |
| Non-Life Total | 1,765,511 | 3,050,315 | 2,736,914 | 3,293,734 | 65 | 93 |
Claims Incurred/Earned Premiums (Net) (%)
Fire
Marine
Motor Own Damage
Motor Third Party (Liability)
Other
Engineering
Health
Technical Profit Balance
At end-2021, Aksigorta showed a total technical profit amounting to TL 336,004 thousand. The charts below show the amounts and relative percentages of the Company’s technical profit during the most recent two years, broken down by business line.
General Technical Profit Balance
| (TL Thousand) | 2020 | 2021 |
| Fire | 39,323 | 58,715 |
| Marine | 17,421 | 29,331 |
| Motor Own Damage | 150,988 | -80,097 |
| Motor Third Party Liability | 359,983 | -57,542 |
| Other | 53,246 | 229,033 |
| Engineering | 18,154 | 29,248 |
| Health | 71,270 | 127,316 |
| Total | 710,385 | 336,004 |
General Technical Profit Balance/Written Premiums (%) (Non-life)
| 2020 | 2021 | |
| Fire | 4 | 4 |
| Marine | 15 | 22 |
| Motor Own Damage | 15 | -6 |
| Motor Third Party Liability | 21 | -3 |
| Other | 9 | 24 |
| General Losses | 6 | 6 |
| Health | 15 | 24 |
| Total | 13 | 5 |
General Technical Profit Balance/Written Premiums (Non-life) (%)
Fire
Marine
Motor Own Damage
Motor Third Party Liability
Other
General Losses
Health
In 2021, Aksigorta earned TL 875,669 thousand in net investment income in addition to the earnings generated by its insurance business activities. The Company’s investment income during the most recent two years is shown below.
| Net Investment Income (TL Thousand) | 2020 | 2021 | Change (%) |
| Foreign Exchange Gains | 30,496 | 249,466 | 718 |
| Income from Financial Investment | 282,397 | 500,201 | 77 |
| Real Estate Income | - | - | - |
| Income from Derivatives | 77,270 | 126,002 | 63 |
| Other Income | - | - | - |
| Net Investment Income | 390,163 | 875,669 | 124 |
Based on all of these technical and financial results, Aksigorta booked profit before tax of TL 189 million. The Company’s shareholders’ equity amounted to TL 1,049 million at end-2021. The breakdown of shareholders’ equity items during the most recent two years is shown below:
| Shareholders’ Equity (TL Million) | 2020 | 2021 | Change (%) |
| Paid-in Capital | 306 | 306 | - |
| Profit and Capital Reserves | 299 | 390 | 31 |
| Previous Years Income Loss | 152 | 164 | 8 |
| Net Profit of the Period | 444 | 189 | -57 |
| Total Shareholders’ Equity | 1,201 | 1,049 | -13 |
At end-2021, Aksigorta’s principal investments amounted to TL 2,964 million in value.
Developments in the Company’s investments during the most recent two years are shown below:
| Investments (TL Thousand) | 2020 | 2021 | Change (%) |
| Financial Assets and Investments with Risks on Policyholders | 1,744,265 | 2,962,029 | 70 |
| Affiliates | - | - | - |
| Real Estate | 1,599 | 1,599 | - |
| Total Investments | 1,745,844 | 2,963,628 | 70 |
Aksigorta does not have affiliates in 2021.