Bloomberg News

Aksigorta Jumps on Outlook as Net Tops Estimates: Istanbul Mover

February 18, 2013

Aksigorta AS gained the most in more than three months as the Turkish insurer co-owned by Belgium’s Ageas said it would seek to boost earnings by as much as 30 percent this year after 2012 profit topped estimates.

The shares climbed 3.7 percent to close at 2.24 liras in Istanbul, the biggest advance since Nov. 1. About 818,000 shares were traded, or 157 percent of the stock’s three-month daily average, according to data compiled by Bloomberg. The Istanbul Stock Exchange National 100 index fell 0.2 percent.

The Istanbul-based insurer reported a 52 percent jump in 2012 net income to 48.7 million liras ($27.5 million), exceeding the 36.8 million-lira average estimate compiled by Bloomberg from six analysts. Aksigorta aims to boost profit by 20 percent to 30 percent this year as premiums grow as much as 16 percent, according to a bourse filing.

“This guidance is above what the market expected,” Tamer Sengun, an analyst at HSBC Holdings Plc in Istanbul, said by phone today. “It’s reflecting well on the share price.”

Belgian insurer Ageas acquired 31 percent of Aksigorta for $220 million in February 2011 and has since increased its stake to 36 percent. Two analysts recommend investors buy the shares, four say to hold them and two advise selling, according to data compiled by Bloomberg.

To contact the reporter on this story: Taylan Bilgic in Istanbul at tbilgic2@bloomberg.net

To contact the editor responsible for this story: Alaa Shahine at asalha@bloomberg.net


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