https://www.youtube.com/playlist?list=PLhAxKX2X0s4UBDWK6BfCXDTTLpM1sNz3D π¬π§ Key Highlights (Balance Sheet & Income Statement Analysis) Balance Sheet Analysis (Mio TL): Cash & Cash Equivalents: 7,639 → 7,617 (-0.29%) Assets: 24,691 → 29,883 (+21.03%) Total Liabilities: 20,166 → 22,701 (+12.57%) Equity: 4,525 → 7,182 (+58.71%) Ratio Analysis (%): Net Profit Margin: 83.59 → 78.81 (-4.79 bp) Return on Equity: 32.25 → 34.76 (+2.51 bp) Loss / Premium Ratio: -82.88 → -74.80 Expense Ratio: 37.34 → 41.33 (+4.00 bp) Quarterly Income Statement Analysis (Mio TL): Technical Income: 3,821 → 4,381 (+14.67% YoY, +4.84% QoQ) Technical Expense: 3,129 → 3,373 (+7.82% YoY, +7.17% QoQ) Underwriting Profit (V.Γ.K): 585 → 858 (+46.67% YoY, -19.45% QoQ) Net Profit/Loss: 555 → 825 (+48.65% YoY, -3.83% QoQ) π΅πΊπΈ #AKGRT | Aksigorta 2025/9 Earnings Analysis | Financial and Operational Results https://www.kap.org.tr/en/Bildirim/1508461 https://www.kap.org.tr/en/Bildirim/1508463
We Reviewed Aksigorta’s Financial Report: Here Are the 4 Most Surprising Facts
Corporate financial reports can be dense and intimidating for most people. But deep within Aksigorta’s latest reports lie some truly surprising and impactful insights about the company’s performance and strategy. In this article, we distill those complex figures into four key takeaways—clear, concise, and easy to grasp.
1. The Profit Engine Is Running—But Not Where You’d Expect
Sometimes, while reviewing financial statements, you stumble upon a number that makes you stop and look twice. In Aksigorta’s report, that number wasn’t at the top of the income statement—it was hidden in the segment details. Indeed, the company’s net profit for the first nine months of 2023 skyrocketed by an astonishing 74.91%, jumping from ₺1.16 billion to ₺2.03 billion compared to the same period the previous year.
But the real story lies in where that profit didn’t come from.
According to Note 5.1 in the report, the most surprising finding is this: the “Motor Third Party Liability” segment—mandatory by law for all vehicle owners—recorded a massive ₺1.415 billion technical loss. In contrast, the most profitable segment, “Fire and Natural Disasters,” generated a ₺1.347 billion technical profit.
This shows Aksigorta’s strategic balancing act: it offsets losses from mandatory, money-losing products with lesser-known but highly profitable ones. The company’s true profit engine isn’t the millions of vehicles on the road—but the protection it provides against invisible risks.
2. Turkish Giant Meets Belgian Giant: The Power of Strategic Partnership
The company’s ownership structure reveals a powerful alliance between two major players: HacΔ± Γmer SabancΔ± Holding, one of Turkey’s leading conglomerates, and Ageas Insurance International N.V., a global insurance group. Each holds a 36% stake in Aksigorta.
Ageas is far from an ordinary partner. According to its annual report, it’s an international insurance powerhouse with over 180 years of history, operating mainly across Europe and Asia. To grasp its financial scale: in the first half of 2023 alone, Ageas reported revenues of around €10.5 billion.
This partnership combines a Turkish holding’s deep local market knowledge and network with the global expertise and financial strength of a major international insurer. That structure gives Aksigorta the flexibility to absorb large losses and take strategic risks—just as we saw in the first insight.
3. Is This ₺11 Billion Company Undervalued? What the Numbers Say
One of the key metrics in a company’s financial valuation is the Price-to-Earnings (P/E) ratio, which for Aksigorta stands at 4.04. Think of the P/E ratio like the payback period for a real estate investment—at 4.04, it means that, theoretically, if you bought the company today, your investment would pay itself back in just four years of profit. For a company that grew its profits by 75%, that’s quite short.
With a market capitalization of around ₺11 billion, a P/E ratio of 4.04 is generally considered low. These figures raise a question: is the market undervaluing Aksigorta’s strong performance? Perhaps investors haven’t fully grasped the complex profit structure we discussed in point one—or the financial strength and stability brought by its international partnership in point two.
4. The “Customer Constitution”: A Promise to Simplify Insurance
When we shift from financials to strategy, Aksigorta’s official vision stands out: “To make insurance simple, straightforward, and accessible.” This vision directly contrasts with the common perception of insurance as complicated and bureaucratic.
A tangible example of this promise is the company’s “Customer Experience Constitution.” Some of its articles clearly reveal Aksigorta’s philosophy:
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Article 1: Aksigorta provides customers with positive, warm, and personalized experiences they’ll want to share with their friends.
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Article 4: Aksigorta communicates with customers in a simple and clear language.
This customer-focused philosophy, combined with the slogan “Aksigorta Is Different,” shows a deliberate effort to stand out in the market. In a sector where mandatory products are often unprofitable, this may be the key to building long-term brand loyalty.
Conclusion
In summary, Aksigorta’s financial statements reveal a company with surprising profit sources, backed by a powerful international partnership, attractive valuation metrics, and a clear customer-centered mission. These findings go beyond the numbers, helping us understand the company’s strategic direction and market positioning.
Behind all the complex figures and grand strategies lies one lingering question:
Can insurance truly become something “different” and simple?