INVESTOR PRESENTATION 2014Q3

Transcription

1 INVESTOR PRESENTATION 2014Q3

2 Contents Non-life Sector Profile 3 Outline of the Company 11 Financial Highlights 23 Appendix 31 2

3 Non-life Sector Profile Outline of the company Financial highlights 3

4 Premium Production (mn TL) Number of Companies (09.14) Number of Foreign Shared Companies Non Life 37 Life 26 Reinsurance 1 Total 64 Non Life 25 Life 18 Reinsurance - Total 43 Non Life Life Total 15,5% ,2% * 35 of 43 company has more than 50% foreign shares Premium Production of the Sector (mn TRY) (09.14) Premium Share Non Life %88 Life % Total % ,1% 21,7% SOURCE: Association of Insurance Companies, Undersecretariat of treasury annual report 4

5 Remarks About the Sector Change in GDP and GWP Inflation Rates (%) 10,5 6,2 7,4 GDP Change (%) 8,8 2,1 4,0 21,3 18,1 21,7 GDP (Per Person) ($) ,8 GDP (Per Person) (TRY) ,0 Premium Increase (%) (non life) Premium Increase (%) (Anadolu) 21,3 18,1 21,7 35,6 16,0 23,0 2, GDP Change Non Life Premium Production Change SOURCE: Association of Insurance Companies, turkstat 5

6 Mandatory Policies in Turkey 12,00 Non-insured ratio 70,0% 10,00 8,00 9,59 55,1% 63,4% 60,0% 50,0% 18,4 million of vehicles and 9,6 million automobiles in Turkey. 6,00 4,00 2,00 0,00 21,5% 2,99 21,3% 2,78 16,9% 13,2% 1,59 8,9% 0,42 0,21 0,77 automobile mini-bus bus pick-up van truck tractor motorbike 40,0% 30,0% 20,0% 10,0% 0,0% 36,7% of houses had a mandatory earthquake policy in % of all vehicles do not have mandatory MTPL policy Number of Mandatory Earthquake Policies (million) 6,03 4,79 3,43 3,31 3, SOURCE: turkstat, State Planning Organization, Association of Insurance Companies, bkm, tramer, TCIP 6

7 Foreign Capital with M&A s Company Market Share Foreign Capital Stake Transaction Price Year Başak Sigorta 5,1% 56,7% Groupama Başak Emeklilik 13,3% 41,0% 268 Million USD 2006 Emek Hayat - Global Equities Management 100,0% 2 Million TRY 2006 İhlas Sigorta 1,4% HDI International 100,0% 17 Million Euro 2006 Şeker Sigorta 1,6% Liberty Mutual Group 63,9% İsviçre Sigorta 6,9% Ergo Group 75,0% İsviçre Hayat 1,8% Ergo Group 67,5% Global Hayat 0,2% Denizbank-Dexia 99,6% 2,7 Million Euro 2007 Ray Sigorta 3,2% TBIH 58,2% 81 Million USD 2007 Garanti Sigorta 4,5% Eureko 80,0% 365 Million Euro 2007 Garanti Emeklilik 7,1% Eureko 15,0% 100 Million Euro 2007 Genel Sigorta 3,5% Mapfre Genel Yaşam 1,7% Mapfre 80,0% 285 Million Euro 2007 Axa Oyak Sigorta 12,2% 35,5% Axa Axa Oyak Hayat 4,7% 50,0% 525 Million USD 2008 Koç Allianz 9,1% Allianz SE 43,4% 248 Million Euro 2008 Koç Allianz Hayat 5,2% Allianz SE 49,0% 125 Million Euro 2008 Güven Sigota 2,4% 99,0% Groupama Güven Hayat 1,2% 99,0% 180 Million Euro 2008 Fiba Sigorta 2,6% NKSJ 93,4% 307 Million USD 2010 Ak Sigorta 7,4% Ageas 31,0% 220 Million USD 2011 Deniz Emeklilik 4,5% MetLife 99,9% 162 Million Euro 2011 Finans Emeklilik 5,2% Cigna Nederland 51,0% 85 Million Euro

8 Non Life Premium Figures (2013) Premium / GDP (%) Premium Per Person ($) World 2,8 285 USA 4, UK 2, Switzerland 4, Central and Eastern Europe 1,4 170 Turkey 1, % % % 8% % % 15% 10% 5% 0% -5% -10% Premium($) Premium(TRY) Change ($) 50-14% -15% SOURCE: Treasury, Association of Insurance Companies, Swiss Re Sigma 3, % 8

9 Top Ten Companies in the Sector ( ) Non - Life Companies Premium Production (mn TRY) Market Share Anadolu 2.217,7 13,3% Axa 2.123,7 12,8% Allianz 1.495,1 9,0% Ak 1.353,8 8,1% Mapfre Genel 1.107,7 6,7% Gunes 882,9 5,3% Yapı Kredi 810,6 4,9% Groupama 808,5 4,9% Eureko 581,5 3,5% Ziraat 540,7 3,3% Top 10 Companies ,3 71,7% Other 4.699,5 28,3% TOTAL ,7 100,0% Other; 28,3% Ziraat ; 3,3% Eureko; 3,5% Groupama; 4,9% Yapı Kredi; 4,9% Gunes; 5,3% Anadolu; 13,3% Mapfre Genel ; 6,7% Axa ; 12,8% Allianz; 9,0% Ak ; 8,1% Company Market Share during M&A Foreign Capital Stake Transaction Price Yapı Kredi 7,2% Allianz 93,9% 684 mn Euro* * %19,9 share of YK Pension sold back to YK Bank for a fee of 80,5 mn Euro SOURCE: Association of Insurance Companies, 9

10 Non Life Companies Premium Production (mn TRY) Type of Coverage Change (%) Share ( ) (%) MOD 4.051, ,7 2,7 24,4 MTPL 3.640, ,4-1,6 21,9 Fire and natural disaster 2.765, ,0 18,6 16,6 Health 2.141, ,0 17,3 12,9 General losses 1.914, ,9 12,7 11,5 Accident 751,1 633,3 18,6 4,5 General liability 481,0 390,2 23,3 2,9 Other 875,8 730,8 19,9 5,3 Total , ,2 9,0 100,0 SOURCE: Association of Insurance Companies, 10

11 Non-life Sector Profile Bancassurance Outline of the company Profitability Sound pricing Financial highlights Lower combined ratios 11

12 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

13 Shareholder Structure Area of activity Other 43% Milli Reasürans 57% Accident General losses Land vehicles liability Sickness\Health (MTPL) Land vehicles (MOD) Air vehicles liability Water vehicles Industrial vehicles liability Air vehicles General liability Water vehicles Credit Marine Financial loss Fire and natural Legal protection disaster %77 of Milli Reasürans is owned by T. İş Bankası A.Ş. As of 09.14; Paid-in capital 500 million TRY MCap 695 million TRY Free Floating Ratio ~48% 13

14 Distribution Channels ( ) Headquarter Moved to new building in Kavacık in 2013 December 9 regional branches around Turkey İstanbul (2), Ankara, Antalya, İzmir, Adana, Bursa, Samsun, Trabzon Overseas North Cyprus 2544 Professional Agencies 1336 Işbank Branches ~25% working exclusively with Anadolu Working exclusively with Anadolu 194 MSU (direct sales staff) working 14

15 Distribution Channels Bancassurance Broker; 9,8% İşbank; 10,1% Indirect; 6,2% Direct; 1,4% According to September-2014 results bancassurance premium increased %32 when one-off engineering policy deducted from september-2013 Agencies; 72,5% Işbank Premium Production 32% Total Premium Production 23% 22% m m m 16% m m m 15

16 Premium Distribution By Regions ( ) Marmara; 58,7% Black Sea; 5,5% Middle Anatolia;14,9% East Anatolia; 2,5% Aegean; 8,0% South East Anatolia; 3,3% Mediterranean; 7,1% 16

17 Premium Production ( ) (mn TRY) Other 20% Mod 28% Sickness \ Health 9% Mtpl 28% Fire and natural disaster 15% Branch Change (%) Mod ,6 Mtpl ,2 Fire and natural disaster ,1 Health ,3 Other ,4 Total ,5 17

18 Market Rank (1st) Mod (16,9%) Water vehicles (41,9%) Marine (12,1%) General liability (17,2%) Air vehicles (39,8%) Air vehicles liability (46,7%) Market Rank (2nd) Mtpl (15,1%) Fire and natural disaster (12,3%) Air vehicles (38,8%) General losses (11,4%) Market Rank (Other) Health (9,2%) General losses (9,4%) Legal protection (10,0%) Financial loss (6,5%) Accident (7,9%) Credit (1%) Total Market Share for Anadolu in 3Q14 is; 13,3% in 1st rank 18

19 Premium Per Policy (3Q13-3Q14) Sound Pricing MOD # of Policy increase 2% (3Q14 => ; 3Q14=> ) GWP increase 3% (3Q13 =>600m; 3Q14=>616m) Premium Per Policy 1% (3Q13=>1.334;3Q14=>1.345) Premium per policy increased %32 in 2013 in MOD MTPL # of Policy decrease 5% (3Q13 => ; 3Q14=> ) GWP increase 22% (3Q13 =>424m; 3Q14=>517m) Premium Per Policy increase 29% (3Q14=>370;3Q14=>477) 19

20 Combined Ratio - branches 109% 117% MOD 81% Fire & Nat. D. 108% 88% 92% E E 127% 125% MTPL MOD is short term business while MTPL is long tailed. 117% IBNR in MTPL has increased from 183m TRY to 221m TRY in 3Q E 20

21 Combined Ratio 107% 13% 18% 111% 9% 17% 85% 101% 10% 15% ~ 102% 76% 76% Expense Ratio Net Comm. Ratio Claims Ratio E Claims Ratio 78,6% Net Commission Ratio 15,4% Expense Ratio 8,7% Combined Ratio 102,7% 21

22 Profitability (ROE ROA) ROE 19,35 8,42 5,97 4,42 7,39 5,51 0, Q14 ROA -8,46 7,67 3,87 2,76 1,92 0,18 2,07 1, Q14-2,56 22

23 Non-life Sector Profile Outline of the company Financial highlights 23

24 Growth Performance Cash and Marketable Sec. (mn TRY) 94% % Tech. Reserves (mn TRY) 130% % Total Assets (mn TRY) 87% % Shareholders' Equity (mn TRY) 13% % Gross Premium Written (mn TRY) 121% %

25 Balance Sheet (Assets) Assets (mn TRY) Change (%) Cash + Marketable Sec , ,7 24,0 Receivables 715,4 773,9-7,6 Equity Participations 348,8 368,2-5,3 Fixed Assets 94,6 97,6-3,1 Other Assets 247,9 228,3 8,6 TOTAL 3.619, ,8 11,3 25

26 Balance Sheet (Liabilities) Liabilities (mn TRY) Change(%) Payables 328,4 383,6-14,4 Technical Provisions 2.233, ,4 20,6 Shareholders' Equity 947,2 913,0 3,7 Other Liabilities 110,4 104,8 5,4 TOTAL 3.619, ,8 11,3 26

27 Income Statement (mn TRY) Change (%) Total Technical Income 1.796, ,8 24,5 Total Technical Expenses , ,9 24,1 Technical Profit / Loss 94,1 71,0 32,6 Financial Income 190,5 139,0 37,1 Financial Expenses -203,3-135,5 50,0 Other Income / Expenses -10,1-20,7-51,0 Financial Profit / Loss -22,9-17,2 32,7 Gross Profit / Loss 71,2 53,7 32,5 Tax Provisions -19,0 0,0 - Net Profit / Loss 52,2 53,7-2,8 27

28 Major Affiliates ( ) Anadolu Hayat Is Reit Equity (mn TRY) Shareholders Equity (mn TRY) Market Share Market Cap (mn TRY) Share Owned Share Value (mn TRY) ,0% % ,5% 864 4,8% 41 3Q14 3Q14 MCap 695 million P / BV 0,73 After deducting affiliates MCap 305 million P / BV 0,46 28

29 Stock Performance Market Performance , , , , , , , , , ,00 0, ,60 1,40 1,20 1,00 0,80 0,60 0,40 0,20 0,00 bist100 ansgr Change ANSGR 1,15 1,33 1,39 21% IMKB % ANSGR 1,15 1,33 EPS (net profit / capital) -0,13 0,13 P / E (Mcap / net profit) -8,99 9,86 P / BV (Mcap / Book value) 0,76 0,73 29

30 Investment Portfolio ( ) Funds; 8,6% Other; 2,4% Stocks ; 4,8% Bonds; 24,1% Almost all of our bank deposits mature in 1 to 3 months time and bonds generally in 3 years. 60% of funds are related to stocks. 31% of bonds are corporate bonds. Deposits; 60,1% 30

31 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. 31

32 Thank you For further information please to: or call Anadolu Sigorta Investor Relations on ( ), ( ) 32