AK Sigorta AS
IST:AKGRT.E
AK Sigorta AS
Aksigorta AS is a general insurance company, which engages in the provision of life and non-life insurance products and services to individual and corporate customers. The firm's products include fire and property insurance, which offers home and commercial risks insurance packages; accident insurance products, such as insurance packages for motors, commercial vehicles, theft, personal accident, glass breakdown and third party liability; marine cargo insurance for local and international cargo, securities and hull; engineering insurance, covering electronic equipment and machinery breakdown; agriculture insurance for hail risks and greenhouse damage; health insurance, and life insurance products. The company also offers its services online through its Aksigorta Service Centre. The firm is a subsidiary of Haci Omer Sabanci Holding A.S.
Aksigorta AS is a general insurance company, which engages in the provision of life and non-life insurance products and services to individual and corporate customers. The firm's products include fire and property insurance, which offers home and commercial risks insurance packages; accident insurance products, such as insurance packages for motors, commercial vehicles, theft, personal accident, glass breakdown and third party liability; marine cargo insurance for local and international cargo, securities and hull; engineering insurance, covering electronic equipment and machinery breakdown; agriculture insurance for hail risks and greenhouse damage; health insurance, and life insurance products. The company also offers its services online through its Aksigorta Service Centre. The firm is a subsidiary of Haci Omer Sabanci Holding A.S.
Payout Growth: Gross written premiums (GWP) surged nearly 90% year-over-year in Q4, reaching SEK 9.5 billion for the quarter, and SEK 27 billion for the year.
Profit Recovery: Net income climbed 71% in Q4 to SEK 468 million, with full year net income at EUR 1.2 billion, a significant turnaround from last year's loss.
Margins Mixed: The net combined ratio improved by 18 percentage points to 117% for the year, but Q4's combined ratio rose to 108% due to higher loss ratios.
Market Share Shift: Motor segment market share declined slightly by design, while non-motor and health segments gained share as part of a strategic shift.
2024 Outlook: Management expects over 80% GWP growth in 2024 and ROE near 40%, but combined ratio is likely to remain above 100%, targeting 115–120%.
Investment Returns: Asset yields improved, driven by corporate bond and tax-advantaged funds, with a 40% annual return target for 2024.
