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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