Anadolu Anonim Türk Sigorta Sirketi (ANSGR) Q2 2024 earnings summary

Executive summary

• Premium production increased 73% year-over-year to TRY 31.5 billion, though below the sector's 81.3% growth.

• Net profit reached TRY 5.68 billion for the first half of 2024, up 87% year-over-year, driven by improved underwriting and investment income.

• Total assets rose to TRY 81.5 billion, up 40% year-over-year, with assets under management increasing to TRY 41.5 billion.

• Shareholders' equity increased to TRY 27.1 billion, reflecting strong profitability and retained earnings.

Financial highlights

• Technical income grew 86% year-over-year, while technical expenses rose 56%.

• Investment income reached TRY 7.73 billion, with a portfolio return of 23.3%.

• Combined ratio improved to 101.2% in H1 from 120.7% in 23H1, and claim ratio fell to 73.1%.

• Gross profit nearly doubled, up 95% year-over-year to TRY 6.9 billion.

• Operating cash flow for H1 2024 was TRY 4.34 billion, up from 2.19 billion in H1 2023.

Outlook and guidance

• Focus remains on improving profitability in health and MOD branches while controlling claims.

• No mid-year minimum wage hike and TL depreciation below CPI are expected to support financial stability.

• Strong capital base and liquidity position support continued growth and resilience.