INVESTOR PRESENTATION 2016Q2

Transcription

1 INVESTOR PRESENTATION 2016Q2

2 Contents Non-life Sector Profile 3 Outline of the Company 11 Financial Highlights 26 Appendix 33 2

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

4 Premium Production (mn TL) Number of Companies (16Q2) Number of Foreign Shared Companies 19,4% Non Life 38 Life 25 Reinsurance 1 Non Life 26 Life 18 Reinsurance ,3% Total 64 Total Non Life * 39 of 44 company has more than 50% foreign shares. Life Total Premium Production of the Sector (mn TRY) (16Q2) Premium Share Non Life ,8% Life ,2% Total % SOURCE: Association of Insurance Companies, Undersecretariat of treasury annual report ,0% 20,1% 4

5 Remarks About the Sector CHANGE IN GDP AND GWP Inflation Rates (%) 6,2 7,4 8,2 8,8 21,7 20 GDP Change (%) 2,1 4,0 2,6 4,0 18,1 GDP (Per Person) ($) GDP (Per Person) (TRY) Premium Increase (%) non-life 18,1 21,7 9,0 20,0 2,1 4 2,6 4 Premium Increase (%) (Anadolu) ,3 20, GDP Change (%) Premium Increase (%) non-life SOURCE: Association of Insurance Companies, turkstat 5

6 Mandatory Policies in Turkey 12,00 10,00 8,00 6,00 4,00 2,00 0,00 Non-insured ratio 70,0% 10,89 63,6% 60,0% 50,0% 43,6% 40,0% 30,0% 25,9% 3,34 20,4% 21,6% 2,97 20,0% 9,7% 13,8% 1,72 0,82 0,46 0,22 10,0% 0,0% automobile mini-bus bus pick-up van truck tractor motorbike Number of Mandatory Earthquake Policies (mn) 6,81 7,23 6,03 4,79 3,73 20,4 million of vehicles and 10,9 million automobiles in Turkey. 36,8 41,5% of houses had a mandatory earthquake policy in ,9% of all vehicles do not have mandatory MTPL policy Total assets of insurance sector (bn TRY) 42,5 52,6 64, , SOURCE: turkstat, State Planning Organization, Association of Insurance Companies, bkm, tramer, TCIP

7 Foreign Capital with M&A s Company Market Share Foreign Capital Stake Transaction Price Year Başak Sigorta 5,10% 56,70% Groupama Başak Emeklilik 13,30% 41,00% 268 Million USD 2006 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% İsviçre Sigorta 6,90% Ergo Group 75,00% İsviçre Hayat 1,80% Ergo Group 67,50% 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 Genel Yaşam 1,70% Mapfre 80,00% 285 Million Euro 2007 Axa Oyak Sigorta 12,20% 35,50% Axa Axa Oyak Hayat 4,70% 50,00% 525 Million USD 2008 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 Güven Hayat 1,20% 99,00% 180 Million Euro 2008 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

8 Non Life Premium Figures (2015) Premium / GDP (%) Premium Per Person ($) World 2,8 276 USA 4, UK 2, Switzerland 4, Poland 1,7 218 Turkey 1, % 8% 16% % 15% 10% % % % 124-7% 5% 0% -5% -10% -15% Premium($) Premium(TRY) Change ($) SOURCE: Treasury, Association of Insurance Companies, Swiss Re Sigma 3, % 8

9 Top Ten Companies in the Sector (16Q2) Non - Life Companies Premium Prod. (mn TRY) Market Share Other; 26,0% Allianz; 15,3% Allianz 2.822,3 15,3% Anadolu 2.439,6 13,2% Axa 2.000,2 10,9% Mapfre 1.431,8 7,8% Sompo 1.075,5 5,8% Aksigorta 970,3 5,3% Ziraat 835,8 4,5% Groupama 791,7 4,3% Eureko; 3,3% Güneş; 3,6% Groupama; 4,3% Ziraat; 4,5% Anadolu; 13,2% Axa; 10,9% Güneş 658,2 3,6% Eureko 609,9 3,3% Top 10 Companies ,4 74,0% Other 4.779,0 26,0% Total ,4 100% Aksigorta; 5,3% Mapfre; 7,8% Sompo; 5,8% SOURCE: Association of Insurance Companies, 9

10 Non Life Companies Premium Production (mn TRY) Type of Coverage 16Q2 15Q2 YoY (%) Share (16Q2) (%) MTPL 6.540, ,6 114,8 35,5 MOD 3.044, ,5 14,3 16,5 Fire and natural disaster 2.381, ,7 7,7 12,9 Health 2.322, ,7 22,3 12,6 General losses 2.284, ,9 21,6 12,4 Accident 693,3 556,8 24,5 3,8 General liability 414,0 384,4 7,7 2,2 Other 733,7 723,7 1,4 4,0 Total , ,3 37,8 100,0 SOURCE: Association of Insurance Companies, 10

11 Non-life Sector Profile Outline of the company Financial highlights 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 (90 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% Accident General losses Sickness\Health Land vehicles liability (MTPL) Land vehicles (MOD) Air vehicles liability Industrial vehicles Water vehicles liability Milli Reasürans 57% 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 16Q2; Paid-in capital 500 million TRY MCap 860 million TRY Free Float Ratio ~48% 13

14 Distribution Channels (16Q2) 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 2579 Professional Agencies ~25% working exclusively with Anadolu 1369 Işbank Branches Working exclusively with Anadolu 282 MSU (direct sales staff) working 14

15 Bancassurance Business (mn TRY) Breakdown 16Q2 Broker; 9,9% İşbank; 10,1% Indirect; 5,0% Direct; 1,3% Sector Bancassurance Premiums Company 15Q2 16Q2 YoY (%) Ziraat ,5% Eureko ,8% Anadolu ,4% Allianz ,6% Zurich ,6% Agencies; 73,8% Işbank Premium Production Total Premium Production 32% m 21% m 30% m m 23% m 9% m 20% m m 15

16 Bancassurance Business (16Q2) Accident 9,3% Other 13,8% Fire & Natural disaster 28,5% Personal Accident 15Q2 16Q2 General losses 12,2% Bancassurance GPW Total GPW (mn TRY) Premium per policy (TRY) % MTPL 12,6% MOD 23,6% Bancassur. GPW / Total GPW 38,5% 34,3% 16

17 Premium Distribution By Regions (16Q2) Marmara; 55,9% Black Sea; 6,8% Middle Anatolia;14,4% East Anatolia; 2,9% Aegean; 8,7% South East Anatolia; 3,2% Mediterranean; 8,1% 17

18 Premium Production by Branches (mn TRY) Anadolu Sigorta Non-Life Sector 16Q2 15Q2 (YoY) 16Q2 15Q2 (YoY) Branch GPW GPW Growth GPW GPW Growth MTPL , , ,6 114,8 MOD , , ,5 14,3 Fire and Nat. D , , ,7 7,7 Health , , ,7 22,3 General losses , , ,9 21,6 P. Accident ,4 693,3 556,8 24,5 Other , , ,1 9,1 Total , , ,3 37,8

19 Market Rank (1st) Mod (15,9%) Water vehicles (37,9%) General liability (16,6%) Fire and natural disaster (15,1%) Air vehicles (47,6%) P. Accident (9,6%) Air vehicles liability(39,7%) Market Rank (2nd) Marine (11,1%) Market Rank (Other) Health (9,5%) General losses (8,1%) Legal protection (10,3%) Financial loss (8,8%) Credit (1,2%) Mtpl (14,5%) Total Market Share for Anadolu in 16Q2 is; 13,3% in 2nd rank 19

20 50,61% 56,08% 54,88% 55,10% 53,40% 52,30% 47,39% 46,70% 49,49% 49,86% 46,74% 47,82% ANSGR (MOD+MTPL)/(GPW) NON LIFE (MOD+MTPL)/(GPW) YEAR MOD+MTPL ANSGR (mn TRY) MOD+MTPL SECTOR (mn TRY)

21 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 MTPL Reserves IBNR 21

22 MTPL Pricing MTPL Pricing Change 15Q2 Automobiles Commercial Vehicles Trucks Other Total Premium (TRY) 175,5m 48,5m 164,2m 14m 402,2m Policy # Q2 Automobiles Commercial Vehicles Trucks Other Total Premium (TRY) 452,1m 52,2m 301m 60,4m 865,7m Policy # Change in Premium 158% 8% 83% 331% 115% Change in Policy # 23% -29% -6% 101% 21%

23 IBNR Reserve Development(mn.TRY) both underwriting & discount effect * Gradual Effect of IBNR 16Q1 16Q2 309, MTPL 7,5% 50% Gen. Lia. 7,5% 100% Q1 16Q2 *Regarding to 16Q2 results; 120 mn TRY of IBNR to be added gradually until the end of

24 Strengthening IBNR Reserves in MTPL(mn.TRY) Q1 16Q2 24

25 Combined Ratio 111% 9% 17% 85% 101% 10% 15% 76% 103% 9% 14% 80% 107% 9% 15% 83% ~ % Expense Ratio Net Comm. Ratio Claims Ratio Q2 Claims Ratio 82,7% Net Commission Ratio 14,7% Expense Ratio 8,1% Combined Ratio 105,5% 15Q2 15Q3 15Q4 15FY 16Q1 16Q2 109,7% 108,1% 103,7% 106,9% 109,1% 105,5% 25

26 Profitability (ROE ROA) ROE 19,35 5,97 4,42 7,39 6,82 5,31 0, ROA -8,46 7,67 2,76 1,92 0,18 2,07 1,90 1, ,56 26

27 Non-life Sector Profile Outline of the company Financial highlights 27

28 Growth Performance Cash and Marketable Sec. (mn TRY) 139% % Tech. Reserves (mn TRY) 141% % Total Assets (mn TRY) % % Gross Premium Written (mn TRY) Shareholders' Equity (mn TRY) 70% % % %

29 Balance Sheet (Assets) Assets (mntry) 16Q YoY% Cash + Marketable Sec , ,7 20,3 Receivables 1.027,9 928,3 10,7 Equity Participations 434,3 495,3-12,3 Fixed Assets 150,4 142,9 5,3 Other Assets 423,5 335,4 26,3 TOTAL 5.627, ,5 15,1 29

30 Balance Sheet (Liabilities) Liabilities (mn TRY) 16Q YoY% Payables 650,5 610,4 6,6 Technical Provisions 3.642, ,6 24,2 Shareholders' Equity 1.192, ,9-0,8 Other Liabilities 142,5 141,6 0,6 TOTAL 5.627, ,5 15,1 30

31 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 16Q2 15Q2 YoY(%) 1.656, ,3 21, , ,0 18,0 91,9 41,3 122,4 206,3 182,9 12,8-229,3-188,5 21,6-8,5 0, ,2-31,5-5,1 514,3 60,4 36,2 67,0-13,9 0,0-46,6 36,2 28,7 31

32 Major Affiliates (16Q2) Anadolu Life Is Reit Equity (mn TRY) Shareholders Equity (mn TRY) Market Share Market Cap (mn TRY) Share Owned Share Value (mn TRY) ,6% % ,4% ,8% 69 16Q2 16Q2 MCap 860 million P / BV 0,72 After deducting affiliates MCap 357 million P / BV 0,43 32

33 Stock Performance , , , , , , , , , ,00 0,00 2,00 1,80 1,60 1,40 1,20 1,00 0,80 0,60 0,40 0,20 0,00.XU100 ANSGR Change ANSGR 1,33 1,59 1,72 29,3% IMKB ,3% ANSGR 1,42 1,59 EPS (net profit / capital) 0,14 0,13 P / E (Mcap / net profit) 12,46 12,46 P / BV (Mcap / Book value) 0,70 0,66 33

34 Investment Portfolio (16Q2) Stocks 4,3% Other 0,9% Funds 10,5% Bank deposit s average maturity date is 1-3 months while bonds are 3 years. Bond 13,0% TOTAL: TRY 2,86 Bn* 15% of funds are related to stocks. Deposits 71,4% *155 mio TRY financial loan is deducted 34

35 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. 35

36 Thank you For further information please to: or call Anadolu Sigorta Investor Relations on ( ), ( ) 36