Slayt Başlığı Yok

INVESTOR PRESENTATION
2016Q1
Contents
Non-life Sector Profile
3
Outline of the Company
11
Financial Highlights
26
Appendix
33
2
Non-life Sector Profile
Outline of the company
Financial highlights
3
Premium Production (mn TL)
Number of Companies (16Q1)
Number of Foreign Shared Companies
19,4%
Non Life
Life
Reinsurance
Total
38
Non Life
25
26
Life
1
Reinsurance
64
Total
25.990
24.230
44
27.264
7,3%
18
31.026
22.710
20.834
Non Life
Life
* 39 of 44 company has more than
50% foreign shares.
Total
Premium Production of the Sector (mn TRY) (16Q1)
Premium
Share
Non Life
9.633
89,8%
Life
1.099
10,2%
Total
10.732
100%
3.395
3.280
12.13
12.14
9,0%
3.761
12.15
20,1%
4

SOURCE: Association of Insurance Companies, Undersecretariat of treasury annual report
Remarks About the Sector
Inflation Rates (%)
2012
2013
2014
2015
6,2
7,4
8,2
8,8
CHANGE IN GDP AND GWP
21,7
20
18,1
GDP Change (%)
GDP (Per Person) ($)
2,1
4,0
2,6
4,0
10.459
10.822
10.395
9.261
9
GDP (Per Person) (TRY)
18.846
20.607
22.732
25.130
4

Premium Increase (%)
non-life
18,1
21,7
9,0
20,0
Premium Increase (%)
(Anadolu)
16
23
9,3
20,2
SOURCE: Association of Insurance Companies, turkstat
2,6
2,1
2012
4
2013
GDP Change (%)
2014
2015
Premium Increase (%) non-life
5
Mandatory Policies in Turkey
Non-insured ratio
12,00

20,1 million of vehicles and 10,7
million automobiles in Turkey.

41,5% of houses had a mandatory
earthquake policy in 2015

21,1% of all vehicles do not have
mandatory MTPL policy
70,0%
10,69
62,4%
10,00
60,0%
50,0%
8,00
40,4%
40,0%
6,00
30,0%
24,6%
4,00
3,29
19,4%
2,00
1,70
13,3%
9,2%
0,45
0,22
mini-bus
bus
2,94
20,9%
20,0%
10,0%
0,81
0,00
0,0%
automobile
pick-up van
truck
tractor
Number of Mandatory Earthquake Policies (mn)
6,81
motorbike
Total assets of insurance sector (bn TRY)
95,6
7,23
81
6,03
64,3
52,6
4,79
36,8
3,73
2011
2012
2013
2014
2015
2010

SOURCE: turkstat, State Planning Organization, Association of Insurance Companies, bkm, tramer, TCIP
42,5
2011
2012
2013
2014
2015
6
Foreign Capital with M&A’s
Company
Başak Sigorta
Başak Emeklilik
Emek Hayat
İhlas Sigorta
Şeker Sigorta
İsviçre Sigorta
İsviçre Hayat
Global Hayat
Ray Sigorta
Garanti Sigorta
Garanti Emeklilik
Genel Sigorta
Genel Yaşam
Axa Oyak Sigorta
Axa Oyak Hayat
Koç Allianz
Koç Allianz Hayat
Güven Sigota
Güven Hayat
Fiba Sigorta
Ak Sigorta
Deniz Emeklilik
Finans Emeklilik
Yapı Kredi
Yapı Kredi Emeklilik
Market Share
5,10%
13,30%
1,40%
1,60%
6,90%
1,80%
0,20%
3,20%
4,50%
7,10%
3,50%
1,70%
12,20%
4,70%
9,10%
5,20%
2,40%
1,20%
2,60%
7,40%
4,50%
5,20%
7,20%
-
Foreign Capital
Groupama
Global Equities Management
HDI International
Liberty Mutual Group
Ergo Group
Ergo Group
Denizbank-Dexia
TBIH
Eureko
Eureko
Mapfre
Mapfre
Axa
Allianz SE
Allianz SE
Groupama
NKSJ
Ageas
MetLife
Cigna Nederland
Allianz
Stake
56,70%
41,00%
100,00%
100,00%
63,90%
75,00%
67,50%
99,60%
58,20%
80,00%
15,00%
Transaction Price
Year
268 Million USD
2006
2 Million TRY
17 Million Euro
2,7 Million Euro
81 Million USD
365 Million Euro
100 Million Euro
2006
2006
2006
2006
2006
2007
2007
2007
2007
80,00%
285 Million Euro
2007
525 Million USD
2008
248 Million Euro
125 Million Euro
2008
2008
180 Million Euro
2008
307 Million USD
220 Million USD
162 Million Euro
85 Million Euro
2010
2011
2011
2012
2014
7
2014
35,50%
50,00%
43,40%
49,00%
99,00%
99,00%
93,40%
31,00%
99,90%
51,00%
93,90%
80,00%
603,5 Million Euro
Non Life Premium Figures (2014)
Premium / GDP (%)
Premium Per Person ($)
2,7
4,3
2,6
4,1
1,8
1,4
1,3
294
2.360
1.185
3.542
254
156,5
133
World
USA
UK
Switzerland
Poland
Central and Eastern Europe
Turkey
350
20%
16%
308
305
15%
300
8%
250
14%
6%
200
165
138
100
10%
219
215
5%
163
150
108
8%
106
93
114
123
143
0%
133
-5%
-7%
-14%
50
Premium(TRY)
Change ($)
-10%
-15%
0
-20%
2008

Premium($)
2009
2010
SOURCE: Treasury, Association of Insurance Companies, Swiss Re Sigma 3,2014
2011
2012
2013
2014
8
Top Ten Companies in the Sector (16Q1)
Non - Life Companies
Premium Prod.
(mn TRY)
Market
Share
Allianz; 13,8%
Allianz
1.331,0
13,8%
Anadolu
1.088,1
11,3%
Axa
1.083,0
11,2%
Mapfre
787,2
8,2%
Ziraat
570,5
5,9%
Groupama
518,7
5,4%
Aksigorta
499,2
5,2%
Sompo
479,7
5,0%
Acıbadem
382,6
4,0%
Halk
367,8
3,8%
Top 10 Companies
7.107,7
73,8%
Other
2.525,4
26,2%
Total
9.633,2
100,0%

SOURCE: Association of Insurance Companies,
Other; 26,2%
Anadolu; 11,3%
Halk; 3,8%
Acıbadem; 4,0%
Axa; 11,2%
Sompo; 5,0%
Aksigorta; 5,2%
Mapfre; 8,2%
Groupama; 5,4%
Ziraat; 5,9%
9
Non Life Companies Premium Production (mn TRY)
Type of Coverage
16Q1
15Q1
YoY (%)
Share (16Q1) (%)
MTPL
2.992,0
1.387,0
115,7
31,1
MOD
1.456,2
1.280,6
13,7
15,1
Fire and natural disaster
1.271,7
1.154,9
10,1
13,2
Health
1.429,0
1.174,1
21,7
14,8
General losses
1.515,6
1.122,5
35,0
15,7
Accident
333,6
277,4
20,3
3,5
General liability
227,3
202,4
12,3
2,4
Other
407,7
368,9
10,5
4,2
9.633,2
6.967,8
38,3
100,0
Total

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 (90’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%
Milli
Reasürans
57%


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

Marine

Financial loss

Fire and natural disaster

Legal protection
%77 of Milli Reasürans is owned by T. İş Bankası A.Ş.
As of 16Q1;
• Paid-in capital
• MCap
• Free Float Ratio
500 million TRY
860 million TRY
~48%
13
Distribution Channels (16Q1)
Headquarter
9 regional branches around
Turkey
Overseas
2587 Professional
Agencies
1373 Işbank Branches
• Moved to new building in Kavacık in 2013 December
• İstanbul (2), Ankara, Antalya, İzmir, Adana, Bursa, Samsun, Trabzon
• North Cyprus
• ~25% working exclusively with Anadolu
• Working exclusively with Anadolu
• 289 MSU (direct sales staff) working
14
Bancassurance Business (mn TRY)
Sector Bancassurance Premiums
BREAKDOWN 16Q1
Broker; 12,5%
Agencies;
66,7%
Company
Ziraat
Eureko
Anadolu
Halk
Aksigorta
15Q1
338
108
91
67
67
16Q1 YoY (%)
505 49,2%
187 73,3%
119 30,2%
94 41,1%
79 19,0%
İşbank;
11,0%
Direct; 2,0%
Indirect; 7,8%
Işbank Premium Production
Total Premium Production
30%
20%
9%
21%
32%
2012
204m
2013
269m
2014
325m
2015
423m
23%
2012
2.234m
2013
2.749m
2014
3.004m
2015
3.610m
15
Bancassurance Business (16Q1)
Health
10%
Fire&Nat D.
28%
Personal Accident
Personal
Acc.
9%
15Q1
16Q1
Bancassurance GPW
10
11
Total GPW (mn TRY)
25
29
Premium per policy (TRY)
74
Bancassur. GPW / Total GPW
41,4%
112 51%
36,8%
Other
22%
MTPL
11%
MOD
20%
16
Premium Distribution By Regions (16Q1)
Marmara; 56,2%
Black Sea; 6,6%
East Anatolia; 3,1%
Middle Anatolia;13,3%
Aegean; 8,7%
South East Anatolia; 3,4%
Mediterranean; 8,7%
17
Premium Production by Branches
(mn TRY)
Anadolu Sigorta
Non-Life Sector
16Q1
15Q1
(YoY)
16Q1
15Q1
(YoY)
GPW
GPW
Growth
GPW
GPW
Growth
MTPL
331
189
74,9%
2.992
1.387
115,7%
MOD
223
187
19,3%
1.456
1.281
13,7%
Fire and Nat. D.
166
140
14,2%
1.272
1.155
10,1%
Health
138
120
15,2%
1.429
1.174
21,7%
General losses
105
80
31,7%
1.516
1.122
35,0%
P. Accident
29
25
14,2%
334
277
20,3%
Other
95
77
23,3%
634
571
11,0%
1.088
818
33,0%
9.633
6.967
38,3%
Branch
Total
Market Rank (1st)
Market Rank (2nd)
Market Rank (Other)
• Mod (15,3%)
• Water vehicles (40,4%)
• General liability (15,1%)
• Fire and natural disaster
(13,1%)
• Air vehicles (49,1%)
• Air vehicles liability(37,3%)
• P. Accident (8,7%)
• Health (9,7%)
• General losses (7,0%)
• Legal protection (10,4%)
• Financial loss (8,8%)
• Credit (1,0%)
• Marine (10,7%)
• Mtpl (11,1%)
Total Market Share for Anadolu in 16Q1 is; 11,3% in 2nd rank
19
56,08%
50,61%
47,39%
46,70%
54,88%
49,49%
55,10%
49,86%
53,40%
46,74%
52,30%
47,82%
ANSGR
(MOD+MTPL)/(GPW)
NON LIFE
(MOD+MTPL)/(GPW)
2010
2011
YEAR
2010
2011
2012
2013
2014
2015
2012
2013
MOD+MTPL
ANSGR (mn TRY)
719
1.080
1.226
1.515
1.604
1.889
2014
2015
MOD+MTPL
SECTOR (mn TRY)
5.662
6.762
8.471
10.409
10.613
13.038
20
• IBNR reserves may be added gradually up to 5 years,
• Injured parties must now apply their insurer before going to court,
• Standardized methods will be used in calculation of compensation
Pricing
Reserves
MTPL
IBNR
21
MTPL Pricing
MTPL Pricing Change
15Q1
Automobiles
Premium (TRY)
Policy #
16Q1
Commercial Vehicles
Trucks
Other
Total
68,5m
18,7m
63m
4,7m
155m
197.792
9.686
73.735
21.230
302.442
Automobiles
Commercial Vehicles
Trucks
Other
Total
Premium (TRY)
142,2m
18,4m
110,7m
16,4m
287,8m
Policy #
263.922
8.595
77.142
39.314
388.974
108%
-1%
76%
247%
86%
33%
-11%
5%
85%
29%
Change in Premium
Change in Policy #
Average Earned Premium Per Policy
350
300
302
258
250
200
212
230
150
30.6.2015
30.9.2015
31.12.2015
31.3.2016
IBNR Reserve Development
719 m
23,3m
259*
127,1m
436,7
460
2015
2016Q1
309,6
2014
*Min. 259 mn TRY of IBNR will be added on to reserves gradually until the end of 2019
23
Combined Ratio
111%
107%
103%
9%
17%
101%
10%
15%
9%
9%
15%
14%
85%
76%
~ 106-108%
83%
80%
Expense Ratio
Net Comm. Ratio
Claims Ratio
2012
Claims Ratio
Net Commission Ratio
Expense Ratio
Combined Ratio
2013
16Q1
87,5%
13,9%
7,7%
109,1%
2014
2015
2016
15Q1
15Q2
15Q3
15Q4
15FY
16Q1
106,2%
109,7%
108,1%
103,7%
106,9%
109,1%
24
Profitability (ROE – ROA)
ROE
19,35
5,97
7,39
6,82
4,42
5,31
0,58
2008
2009
2010
2011
ROA
2012
2013
2014
2015
-8,46
7,67
2,76
1,92
2,07
1,90
2013
2014
1,31
0,18
2008
2009
2010
2011
2012
-2,56
2015
25
Non-life Sector Profile
Outline of the company
Financial highlights
26
Growth Performance
Cash and Marketable Sec. (mn TRY)
2.986
139%
Tech. Reserves (mn TRY)
2.250
1.785
1.248
1.324
141%
33%
2.934
2.282
1.851
2011
2012
2013
2014
2015
1.215
1.398
29%
Total Assets (mn TRY)
4.888
121%
3.253
2.209
2011
2012
2013
2014
2015
3.773
2.498
30%
Gross Premium Written (mn TRY)
2011
2012
2013
2014
2015
Shareholders' Equity (mn TRY)
2.750
70%
1.202
913
705
3.610
87%
1.926
3.005
2.235
1.020
20%
756
18%
2011
2011
2012
2013
2014
2015
2012
2013
2014
2015
27
Balance Sheet (Assets)
Assets (mn TRY)
16Q1
2015
YoY%
2.974,3
2.775,0
7,2
Receivables
967,7
928,3
4,2
Equity Participations
454,3
495,3
-8,3
Fixed Assets
144,5
142,9
1,2
Other Assets
410,7
335,4
22,5
4.951,5
4.676,9
5,9
Cash + Marketable Sec.
TOTAL
28
Balance Sheet (Liabilities)
Liabilities (mn TRY)
16Q1
2015
YoY%
Payables
348,1
339,2
2,6
Technical Provisions
3.226,5
2.933,6
10,0
Shareholders' Equity
1.175,3
1.201,9
-2,2
201,6
202,2
-0,3
4.951,5
4.676,9
5,9
Other Liabilities
TOTAL
29
Income Statement (mn TRY)
Total Technical Income
Total Technical Expenses
Technical Profit / Loss
Financial Income
Financial Expenses
Other Income / Expenses
Financial Profit / Loss
Gross Profit / Loss
Tax Provisions
Net Profit / Loss
16Q1
15Q1
YoY(%)
780,1
676,7
15,3
-772,5
-636,7
21,3
7,7
40,1
-80,9
100,9
102,2
-1,2
-105,5
-106,9
-1,4
2,0
-9,9
-120,0
-2,6
-14,7
-82,6
5,1
25,4
-79,9
-2,9
-1,8
63,5
2,1
23,6
-90,9
30
Major Affiliates (16Q1)
Is Reit
Anadolu Life
Equity (mn TRY)
410
746
739
2.789
Market Share
18,6%
4,4%
Market Cap (mn TRY)
2.271
1.358
Share Owned
20%
4,8%
Share Value (mn TRY)
454
65
Shareholders’ Equity (mn TRY)
16Q1
16Q1
MCap
860 million
P / BV
0,73
After deducting
affiliates
MCap
341 million
P / BV
0,29
31
Stock Performance
100.000,00
2,00
90.000,00
1,80
80.000,00
1,60
70.000,00
1,40
60.000,00
1,20
50.000,00
1,00
40.000,00
0,80
30.000,00
0,60
20.000,00
0,40
10.000,00
0,20
0,00
01.14 02.14 03.14 04.14 05.14 06.14 07.14 08.14 09.14 10.14 11.14 12.14 01.15 02.15 03.15 04.15 05.15 06.15 07.15 08.15 09.15 10.15 11.15 12.15 01.16 02.16 03.16
.XU100
ANSGR
Change
01.2014
ANSGR
IMKB-100
12.2015
03.2016
01.14-03.16
0,00
ANSGR
12.2014
12.2015
1,42
1,59
EPS
(net profit / capital)
0,14
0,13
1,33
1,59
1,72
32,4%
P/E
(Mcap / net profit)
12,46
12,46
67.802
71.727
83.268
24,3%
P / BV
(Mcap / Book value)
0,70
0,66
32
Investment Portfolio (16Q1)
Funds
6%
Other
2%
Stocks
4%
Bonds
12%
 Bank deposit’s average maturity date is 60
days while bonds’ are 874 days.
 20% of funds are related to stocks.
TOTAL: TRY 2,57 Bn
Deposits
76%
33
Disclaimer
This presentation contains forward-looking statements and information on the business
development of Anadolu Sigorta. These statements may be spoken or written and can be
recognized by terms such as “expects”, “anticipates”, “intends”, “plans”, “seeks” or words with
similar meaning. These statements are based on assumptions relating to the development of
the economies of individual countries, and in particular of the insurance industry, which we
have made on the basis of the information available to us and which we consider to be realistic
at the time of going to press. The estimates given involve a degree of risk, and the actual
developments may differ from those forecasts.
Anadolu Sigorta does not accept any liability whatsoever for any direct or consequential loss
arising from any use of this document or its content due to misleading information in this
document.
34
Thank you…
For further information please
e-mail to: [email protected]
or call Anadolu Sigorta Investor Relations on
(+90 850 744 02 54),
(+90 850 744 01 64)
35