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2018 Annual Report

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2018 Annual Report 2018 Annual Report Anadolu Hayat Emeklilik 2018 Annual Report 1 Content Presentation Information on General Assembly At a Glance: Our Vision, Our Mission, Our Corporate Strategy 8 Summary Report of the Board of Directors for the General 28 Years of Anadolu Hayat Emeklilik 10 Assembly of Shareholders 92 Message from the Chairman 14 Ordinary General Assembly Agenda 95 Message from the CEO 18 2017 Profit Distribution Table 96 An Overview of the World and Turkish Economies in 2018 Profit Distribution Proposal Table 97 2018 and 2019 Outlook 22 Anadolu Hayat Emeklilik by Numbers 26 Financial Position Strategic Goals of Anadolu Hayat Emeklilik 29 Information on Financial Structure 100 Assessment of Financial Standing, Profitability and Claims 2018 Activities Payment Ability 103 An Overview of Anadolu Hayat Emeklilik’s Position in the 5-Year Summary Financial Information Including the Industry and its Activities in 2018 32 Reporting Period 104 Sustainability 38 Research and Development 39 Risk Management Active Committees and an Assessment by the Board of Corporate Governance Directors 108 Organization Chart 42 Risk Management Policies and an Assessment by the Board Directors 44 Board of Directors 111 Declarations of Independence by Independent Members of the Board of Directors 48 Financial Reports and Other Matters Outside Positions Held by the Board Directors and 31 December 2018 Unconsolidated Financial Statements Executives 49 Together with Independent Auditors’ Report Thereon 116 Senior Management 50 Information on Consolidated Associate 209 İşbank 52 31 December 2018 Consolidated Financial Statements Changes in the Legislation during the Fiscal Year 53 Together with Independent Auditors’ Report Thereon 210 Other Material Disclosures Concerning the Reporting Period 54 Information for Investors 304 Transactions Executed with the Risk Group in Which the Company Is Included 55 Directory An Assessment of Independent Audit, Internal Control System and Internal Audit Activities by the Board of Directors 57 Independent Auditor’s Report on the Annual Report of the Board of Directors 59 Policies About Corporate Governance 61 Statement of Compliance with Corporate Governance Principles 66 Corporate Governance Compliance Report 67 Corporate Governance Information Form 76 Additional Information About Corporate Governance 84 Cover photo: Aygül Kurt / Shots from Life as Seen by Women ‘18 Being one of the strongest and the most reliable companies in the sector, Anadolu Hayat Emeklilik pushes its targets higher every day, and uses its know-how, experience and capital in the most effective manner to achieve sustainable profitable growth. Zehra Çöplü / Shots from Life as Seen by Women ‘18 Anadolu Hayat Emeklilik 2018 Annual Report 1 Financial Indicators Total Assets: TL 20.2 billion Equity: TL 941 million Gross Profit: TL 322 million Market Capitalization: TL 2.6 billion Sector’s Leader in Life Insurance and Private Pension Funds TL 18.3 billion (1) (2) Sector’s Leader in Life Insurance Funds Life Insurance Funds: Selma Arslan / Shots from Life as Seen by Women ‘18 TL 1,888 million (2) Life Insurance Policyholders: 1,951 thousand (2) (1) Pension Monitoring Center (PMC) 28 December 2018 (Including state contribution funds) (2) Insurance Information and Monitoring Center (31 December 2018) 2 Anadolu Hayat Emeklilik 2018 Annual Report Women’s Empowerment Principles (WEPs) Were Signed Anadolu Hayat Emeklilik joined the Women’s Empowerment Principles (WEPs) platform on 5 November 2018, and thus exhibited its commitment to use the principles as a guidance for actions that will be taken in the company and community to empower women. Anadolu Hayat Emeklilik 2018 Annual Report 3 Human Resources Headquarters & Districts: 561 Direct Sales Force: 503 Total: 1,064 Position in the Sector Private Pension (1) Contracts & Certificates: #1 - 16% Participants #2 - 16% Total Pension Assets Under Management (*): #2 - 19% Life Insurance (2) Mathematical Provisions: Ayten Mermi / Shots from Life as Seen by Women ‘18 #1 - 25% Premiums Written: (1) Pension Monitoring Center (PMC) 28 December 2018 (excluding Auto Enrolment) #2 - 9.4% (2) Insurance Information and Monitoring Center (31 December 2018) * Including state contribution funds. 4 Anadolu Hayat Emeklilik 2018 Annual Report Organization İstanbul Headquarters Customer Operations Center 11 District Sales Offices TRNC Branch Office Anadolu Hayat Emeklilik 2018 Annual Report 5 Presentation At a Glance: Our Vision, Our Mission, Our Corporate Strategy 28 Years of Anadolu Hayat Emeklilik Message from the Chairman Message from the CEO An Overview of the World and Turkish Economies in 2018 and 2019 Outlook Anadolu Hayat Emeklilik by Numbers Strategic Goals of Anadolu Hayat Emeklilik Hanım Polat / Shots from Life as Seen by Women ‘18 6 Anadolu Hayat Emeklilik 2018 Annual Report The Company Creating the Highest Amount of Funds Year after year, Anadolu Hayat Emeklilik further consolidates its identity as the company “creating the highest amount of funds” in the aggregate of life insurance and private pension and keeps leading the sector’s growth. Anadolu Hayat Emeklilik 2018 Annual Report 7 Anadolu Hayat Emeklilik at a Glance Our Vision To be the leading company in Turkey in all aspects of financial planning that are of concern to the future of Turkey and the Turkish people. Our Mission To develop and to nurture in people an awareness of the need to safeguard their own futures and the futures of their loved ones, to offer financial solutions that ease people’s doubts about the future and enhance the quality of their lives and to contribute to the development of the national economy by creating long-term financial resources. Our Corporate Strategy • Contribute to the stable growth of the industry by developing and maintaining a diverse range of products capable of satisfying customers’ needs and demands in terms of life insurance and private pensions. • Increase our market share by combining our success in offering innovative products and creating value through an extensive service network. • Provide our customers with financial Sevinç Kaplan / Shots from Life as Seen by Women ‘18 security and enable them to save up for their retirement by taking advantage of the company’s experience and effectiveness in the industry to achieve superior performance in the management of pension funds. • Maintain a sustainable level of profitability that is above the market average. 8 Anadolu Hayat Emeklilik 2018 Annual Report Anadolu Hayat Emeklilik started operations in 1990 as Republic of Northern Cyprus besides its head office Turkey’s first life insurance company. in İstanbul, Anadolu Hayat Emeklilik commands a widespread service organization with its strong Having acquired private pension company status upon bancassurance network, direct sales force and nearly establishment of the private pension system in Turkey 250 agencies. in 2003, the Company began offering services under the company name Anadolu Hayat Emeklilik A.Ş. Beyond being the company that steers the sector, Anadolu Hayat Emeklilik further builds on its identity Anadolu Hayat Emeklilik, which addresses a broad as the company creating the highest amount of funds audience of policyholders and participants with in the aggregate of life insurance and private pension, its value-added product and service mix, assures while continuing to lead the growth of the sector. high level of customer satisfaction on the back of its extensive service network and technological A subsidiary of Türkiye İş Bankası A.Ş. (İşbank), infrastructure. Anadolu Hayat Emeklilik is the first publicly traded pension company in Turkey. Providing service via District Sales Offices in İstanbul (3), Ankara (2), İzmir, Adana, Bursa, Antalya, The Company’s shares are quoted on the Borsa Trabzon and Kocaeli, a branch office in the Turkish İstanbul (BIST) Stars Market under the symbol ANHYT. Anadolu Hayat Emeklilik 2018 Annual Report 9 28 Years of Anadolu Hayat Emeklilik The Author of “Firsts” in Its Industry… 1990 2000 Founded as Turkey’s first life Became the first and only life insurance company insurance company whose shares are publicly traded 1990 2004 Anadolu Hayat Emeklilik A.Ş. was founded as Turkey’s Undersigning yet another first, the Company introduced first life insurance company taking over the life insurance the “Pension Plan for Housewives” that provides income activities carried out by Anadolu Anonim Türk Sigorta Şirketi. for housewives without social security and supplementary income in older ages. 1991 According to legislation, the Company’s health insurance District offices were opened in Ankara, Bursa, Adana and portfolio and activities were transferred to Anadolu Anonim İzmir. Türk Sigorta Şirketi. 1995 Online payment of private pension contributions and life First payouts on maturity were made in the “Insurance of the insurance premiums via the internet was enabled. Future”. 2005 1999 Bancassurance activities carried out with the parent Lefkoşa Branch was set up in the Turkish Republic of company İşbank were expanded by agency agreements with Northern Cyprus to conduct life insurance activities. Sirkeci Türk Ekonomi Bankası A.Ş. (TEB) and HSBC Bank A.Ş. (HSBC). and Kadıköy branches were opened. 2006 2000 With the support of the Ministry of National Education, the Anadolu Hayat Emeklilik A.Ş. became the first and only life Company initiated the social responsibility project “Girls: The insurance company whose shares are publicly traded. Insurance of Our Future” in cooperation with the Association
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