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Slayt Başlığı INVESTOR PRESENTATION 2014Q4 Contents Non-life Sector Profile 3 Outline of the Company 11 Financial Highlights 23 Appendix 31 2 Non-life Sector Profile Outline of the company Financial highlights 3 Number of Companies (12.14) Number of Foreign Shared Companies Premium Production (mn TL) 7,3% Non Life 37 Non Life 25 Life 27 Life 18 22,2% 25.990 24.230 Reinsurance 1 Reinsurance - 22.710 20.834 Total 65 Total 43 19.827 17.116 * 35 of 43 company has more than Non Life 50% foreign shares. Life Total Premium Production of the Sector (mn TRY) (12.14) Premium Share 3.395 3.280 Non Life 22.710 %87 2.711 Life 3.280 %13 Total 25.990 %100 12.12 12.13 12.14 9,0% 21,7% 4 SOURCE: Association of Insurance Companies, Undersecretariat of treasury annual report Remarks About the Sector Change in GDP and GWP 25,0 2011 2012 2013 21,3 21,7 Inflation Rates (%) 10,5 6,2 7,4 20,0 18,1 GDP Change (%) 8,8 2,1 4,0 15,0 GDP (Per Person) ($) 10.444 10.459 10.782 10,0 8,8 GDP (Per Person) (TRY) 17.510 18.927 23.012 Premium Increase (%) 5,0 4,0 21,3 18,1 21,7 (non life) 2,1 Premium Increase (%) 35,6 16,0 23,0 0,0 (Anadolu) 2011 2012 2013 GDP Change Non Life Premium Production Change 5 SOURCE: Association of Insurance Companies, turkstat Mandatory Policies in Turkey 12,00 Non-insured ratio 70,0% 9,85 61,8% 60,0% 10,00 18,8 million of vehicles and 9,8 50,0% million automobiles in Turkey. 8,00 43,5% 40,0% 6,00 39,1% of houses had a mandatory 30,0% earthquake policy in 2014 4,00 3,05 19,1% 20,1% 2,83 20,0% 17,7% 21% of all vehicles do not have 2,00 1,62 11,8% 10,0% 8,2% 0,78 mandatory MTPL policy 0,43 0,21 0,00 0,0% automobile mini-bus bus pick-up van truck tractor motorbike Number of Mandatory Earthquake Policies (million) 6,81 6,03 4,79 3,73 3,31 2010 2011 2012 2013 2014 6 SOURCE: turkstat, State Planning Organization, Association of Insurance Companies, bkm, tramer, TCIP Foreign Capital with M&A’s Company Market Share Foreign Capital Stake Transaction Price Year Başak Sigorta 5,10% 56,70% Groupama 268 Million USD 2006 Başak Emeklilik 13,30% 41,00% Emek Hayat - Global Equities Management 100,00% 2 Million TRY 2006 İhlas Sigorta 1,40% HDI International 100,00% 17 Million Euro 2006 Şeker Sigorta 1,60% Liberty Mutual Group 63,90% - 2006 İsviçre Sigorta 6,90% Ergo Group 75,00% - 2006 İsviçre Hayat 1,80% Ergo Group 67,50% - 2006 Global Hayat 0,20% Denizbank-Dexia 99,60% 2,7 Million Euro 2007 Ray Sigorta 3,20% TBIH 58,20% 81 Million USD 2007 Garanti Sigorta 4,50% Eureko 80,00% 365 Million Euro 2007 Garanti Emeklilik 7,10% Eureko 15,00% 100 Million Euro 2007 Genel Sigorta 3,50% Mapfre 80,00% 285 Million Euro 2007 Genel Yaşam 1,70% Mapfre Axa Oyak Sigorta 12,20% 35,50% Axa 525 Million USD 2008 Axa Oyak Hayat 4,70% 50,00% Koç Allianz 9,10% Allianz SE 43,40% 248 Million Euro 2008 Koç Allianz Hayat 5,20% Allianz SE 49,00% 125 Million Euro 2008 Güven Sigota 2,40% 99,00% Groupama 180 Million Euro 2008 Güven Hayat 1,20% 99,00% Fiba Sigorta 2,60% NKSJ 93,40% 307 Million USD 2010 Ak Sigorta 7,40% Ageas 31,00% 220 Million USD 2011 Deniz Emeklilik 4,50% MetLife 99,90% 162 Million Euro 2011 Finans Emeklilik 5,20% Cigna Nederland 51,00% 85 Million Euro 2012 Yapı Kredi 7,20% 93,90% 2014 Allianz 603,5 Million Euro 7 Yapı Kredi Emeklilik - 80,00% 2014 Non Life Premium Figures (2013) Premium / GDP (%) Premium Per Person ($) World 2,8 285 USA 4,3 2.296 UK 2,8 1.087 Switzerland 4,4 3.490 Central and Eastern Europe 1,4 170 Turkey 1,3 143 350 16% 20% 14% 305 300 15% 8% 8% 10% 250 6% 215 219 5% 200 Premium($) 165 163 0% 143 150 138 Premium(TRY) 118 123 108 106 114 -5% 102 93 Change ($) 100 -10% 50 -14% -15% 0 -20% 2007 2008 2009 2010 2011 2012 2013 8 SOURCE: Treasury, Association of Insurance Companies, Swiss Re Sigma 3,2014 Top Ten Companies in the Sector (12.2014) Premium Non - Life Companies Market Share Allianz ; 14,2% Production (mn TRY) Other; 25,3% Allianz 3.216,2 14,2% Axa 3.078,1 13,6% Axa ; 13,6% Anadolu 3.004,8 13,2% Aksigorta 1.713,6 7,5% Mapfre 1.490,9 6,6% Sompo Japan ; 3,0% Güneş 1.212,6 5,3% Groupama 1.057,7 4,7% Ziraat ; 3,1% Eureko 801,2 3,5% Ziraat 703,2 3,1% Eureko ; 3,5% Anadolu ; 13,2% Sompo 686,8 3,0% Top 10 Companies 16.965,2 74,7% Groupama ; 4,7% Other 5.744,4 25,3% Ak; 7,5% Mapfre Genel ; Güneş ; 5,3% TOTAL 22.709,5 100,0% 6,6% 9 SOURCE: Association of Insurance Companies, Non Life Companies Premium Production (mn TRY) Type of Coverage 12.2014 12.2013 Change (%) Share (12.2014) (%) MOD 5.528,3 5.382,9 2,7 24,3 MTPL 5.085,1 5.025,8 1,2 22,4 Fire and natural disaster 3.844,6 3.324,5 15,6 16,9 Health 2.930,3 2.473,1 18,5 12,9 General losses 2.429,3 2.186,1 11,1 10,7 Accident 1.035,7 887,3 16,7 4,6 General liability 634,4 508,1 24,9 2,8 Other 1.221,9 1.046,4 16,8 5,4 Total 22.709,5 20.834,3 9,0 100,0 SOURCE: Association of Insurance Companies, 10 Non-life Sector Profile Outline of the company Financial highlights 11 Few Remarks About the Company VISION To make Anadolu Sigorta the insurance brand preferred by everyone who needs insurance. To achieve a strength that makes it a reference point in the worldwide insurance industry as well. MISSION To be a pioneer, to create a broad public awareness of insurance To implement a customer-focused approach, to increase the financial strength To enhance the value of the Company FACTS Founded by Türkiye İşbankası A.Ş. in 1925 (89’th anniversary) First National Insurance Company Main activity: Non-life insurance (until 1991, both life and non-life) 12 Shareholder Structure Area of activity Other 43% Accident General losses Sickness\Health Land vehicles liability (MTPL) Land vehicles (MOD) Air vehicles liability Industrial vehicles Water vehicles liability Air vehicles General liability Water vehicles Credit Milli Reasürans Marine Financial loss 57% Fire and natural disaster Legal protection %77 of Milli Reasürans is owned by T. İş Bankası A.Ş. As of 12.14; • Paid-in capital 500 million TRY • MCap 710 million TRY • Free Floating Ratio ~48% 13 Distribution Channels (12.2014) Headquarter • Moved to new building in Kavacık in 2013 December 9 regional branches around • İstanbul (2), Ankara, Antalya, İzmir, Adana, Bursa, Samsun, Trabzon Turkey Overseas • North Cyprus 2576 Professional • ~25% working exclusively with Anadolu Agencies • Working exclusively with Anadolu 1349 Işbank Branches • 244 MSU (direct sales staff) working 14 Bancassurance (12.2014) Broker; 10,0% İşbank; 10,8% Branch Premium Bank/gpw Comb. Ratio Fire and natural disaster 104m 21% 80% Indirect; 5,5% MOD 86m 10% 96% Direct; 1,8% Accident 22m 28% 49% Agencies; 71,9% Işbank Premium Production Total Premium Production 20% 9% 23% 32% 2014 2014 3.004m 2013 324m 2013 2.749m 2012 269m 2012 204m 2.234m 15 Premium Distribution By Regions (12.2014) Marmara; 57,5% Black Sea; 5,5% East Anatolia; 2,4% Middle Anatolia;15,5% Aegean; 8,6% South East Anatolia; 3,2% Mediterranean; 7,3% 16 Premium Production (2014) (mn TRY) Other 21% Mod 27% Sickness \ Health 9% Branch 12.14 12.13 Change (%) Mod 824.143 811.525 1,6 Fire and natural Mtpl 780.421 703.489 10,9 disaster Mtpl 17% 26% Fire and natural disaster 503.259 463.414 8,6 Health 279.983 229.008 22,3 Other 617.024 542.268 13,8 Total 3.004.830 2.749.704 9,3 17 Market Rank (1st) Market Rank (2nd) Market Rank (Other) • Mod (16,2%) • Mtpl (14,1%) • Health (9,6%) • Water vehicles (47,7%) • Air vehicles (21,4%) • General losses (9,9%) • Marine (13,5%) • Air vehicles liability(32,6%) • Legal protection (9,0%) • General liability (16,6%) • Accident (7,9%) • Financial loss (4,8%) • Fire and natural disaster • Credit (0,8%) (13,1%) Total Market Share for Anadolu in 2014 is; 13,2% in 3rd rank 18 Premium Per Policy (2013-2014) MOD # of Policy decrease GWP increase Premium Per Policy 0,5% 2,5% 1% (2013 =>610.000; 2014=>607.000) (2013 =>804m; 2014=>824m) (2013=>1.318;2014=>1.357) Premium per policy increased %32 in 2013 in MOD MTPL # of Policy decrease GWP increase Premium Per Policy increase 10% 9% 21% (2013 =>1.555.000; 2014=>1.405.000) (2013 =>603m; 2014=>658m) (2013=>388;2014=>468) 19 Combined Ratio - branches Fire & Nat. D. MOD 108% 117% 109% 88% 81% 80% 92% 96% 2011 2012 2013 2014 2011 2012 2013 2014 MOD is short term business while MTPL is MTPL long tailed.
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