ANADOLU HAYAT EMEKLİLİK A.Ş. COMPANY PRESENTATION. April 2013
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1 ANADOLU HAYAT EMEKLİLİK A.Ş. COMPANY PRESENTATION April 2013
2 Contents Corporate Profile Lines of Business - Life & Pensions Financials Stock Data 2
3 Turkish Economy 2012 Population (End of 2011 ) Urban Population (%) 77,3 Civil Employment (Age15+) Unemployment Rate (%) 9,2 Gross Domestic Product-Current Prices (TL billion) Gross Domestic Product (USD billion) 786 GDP Growth Rate (%) 2,24 GDP per Capita - Current Prices (USD) Budget Deficit to GDP (%) 2,03 Current Deficit to GDP (%) 6,03 Consumer Price Index (%) 6,16 Producer Price Index (%) 2,45 Insurance Premium Income (TL billion) 19,83 Insurance Premium Income/GDP (%) 1,40 Source: Treasury and AIT 3
4 Anadolu Hayat Emeklilik Corporate Profile Established in 1990 as a subsidiary of Türkiye İş Bankası First life insurance company in Turkey The only Life & Pension company publicly traded since 2000 Has been operating in pension business since Market leader in life insurance and private pension business 4
5 Anadolu Hayat Emeklilik Ownership Structure 5
6 INSURANCE SECTOR IN TURKEY Total Number of Companies Insurance Companies 59 - Non-Life 35 - Life 7 - Life & Pension 17 Reinsurance Companies 1 Source: AIT 6
7 INSURANCE SECTOR IN TURKEY Premium Productions 2012* Total Premium Per Capita (USD) 146 Non-Life Premium Per Capita (USD) 126 Life Premium Per Capita (USD) 20 Total Premium Production (Billion USD) 11,1 Total Premium Production / GDP 1,4% * Temporary Source: Treasury & AIT 7
8 PRIVATE PENSION SYSTEM IN TURKEY Contributions as of * Total Pension Fund System Contributions Per Capita (USD) Total Pension Fund System Contributions (Billion USD) Total Pension Fund System Contributions / GDP * Temporary 119 9,0 1% Source: Treasury & Pension Monitoring Center 8
9 Anadolu Hayat Emeklilik Growth Strategy Distribution Channel Strategy Focus on Bancassurance Expanding Direct Sales Team Improve agency profile Improve Customer Service Quality Improve HR quality Focus on Corporate Pension Business 9
10 Corporate Profile Lines of Business - Life & Pensions Financials Stock Data 10
11 Anadolu Hayat Emeklilik Lines of Business Private Pension Life Insurance Individual Corporate Endowment / Permanent Life Term Life Annuities Unemployment Critical illness 11
12 PRIVATE PENSION SYSTEM IN TURKEY Basic Features Started on Licensed pension companies Third pillar system Defined contribution Voluntary participation Incentives for both participant & employer Fully funded system Minimum 10 years of contribution payment Minimum retirement age is 56 Funds are managed by asset management companies Separate pension accounts for each participant Participants have the right to; Switch funds or pension plans Transfer accounts between pension companies Merge their separate pension accounts at retirement Cease contribution payments Leave anytime 12
13 PRIVATE PENSION SYSTEM IN TURKEY Tax Incentives Former Regulation Contribution Stage Contributions are tax deductible up to %10 of income with a cap of annual minimum wage. Employer contributions are also tax deductible subject to the same limits. Investment Stage Investment income of pension funds are tax exempt. No stamp tax in setting up pension funds. No tax on transactions in pension system. Benefit payments %25 of retirement payments are exempt from income tax. Residual is subject to a witholding tax of 5%. Early surrenders are subject to 15% or 10% (in case of completion of 10 yrs within the system) withholding tax with no exemption. 13
14 PRIVATE PENSION SYSTEM IN TURKEY New Regulation What Is New? 1. Totally different tax advantage structure for the participants (enforcement date: ): An additional pension account will be opened in the name of each participant, called Government Contribution Sub-account. Government will install an amount equal to 25% of each contribution made by the participant, with a cap of 25% of annual minimum wage. Vesting Period: Participants will earn %15 of this additional account if they complete 3 years within the system, 35% of the additional account if they complete 6 years within the system, 60% of the additional account if they complete 10 years within the system, and 100% of the additional account if they complete 10 years within the system and complete 56 years of age. To avoid abuse of right, government will not make contribution payments until , for the participants who withholds any of his/her accounts after Withholding tax will be applied only on the investment income (enforcement date: ). 2. Real estate and precious metal based pension funds will be established after the announcement of processing complementary regulations. 3. After completing the initial two years in the system, participants will be able to change their pension companies once a year To increase participant satisfaction, government decreased Fund Management and Management fees (enforcement date: ).
15 15 Private Pension System In Turkey
16 Anadolu Hayat Emeklilik Distribution Network Bancassurance Direct Sales 1264 Branches 336 Branches 136 Branches 87 Branches 2 Branches 334 Licensed Salesperson Total of 5 Banks & 1825 Branches Agents & Brokers 257 Exclusive Agencies 59 Brokers Other Internet Call Centre 16
17 Anadolu Hayat Emeklilik Pension Production By Channel /3 2013/03 Direct to Customer 10% 9% 7% Broker 2% 1% 1% Agency 13% 12% 13% BANCASSURANCE 75% 78% 79% Is Bank 3% 2% 2% Is Bank + Direct Sales 42% 50% 50% Is Bank + Agency 13% 12% 12% HSBC 15% 12% 13% Albaraka 1% 1% 1% Anadolubank 1% 1% 1% Total 100% 100% 100% 17
18 Key Drivers For Growth In Pension Business Economic Improvements in Turkey Structural reforms Extended maturities Purchasing power Lack of confidence in the social security system Advantages of Pension System Incentives Transparent system Participating to the investment process Mobility of the pension accounts 18
19 Key Drivers For Our Market Leadership Distribution network Diversified products Fund performance Charging structure Service quality 19
20 20 Private Pension System In Turkey Overview as of
21 Pension System Outlook % Change % Change % Change % Change Fund Size (Million TL) AHE % % % % Sector % % % % Market Share 21,4% 21,8% 21,1% 21,0% 20,4% Number of Participants (Thousand ) AHE % % 576 9% 628 7% 673 Sector % % % % Market Share 22,0% 22,1% 21,8% 20,1% 19,0% 21
22 22 Private Pension System In Turkey Overview as of
23 Private Pension System In Turkey Lapse Ratio: Sector Average vs. Anadolu Hayat Emeklilik Source: Pension Monitoring Center , Weekly Data 23
24 AHE Pension Products Fund Menu As of Conservative Balanced Aggressive Cash Fund Conservative Fund Bond Fund International Mixed Fund Eurobond $/ Fund Alternative Balanced F. Balanced Fund Equity Fund Agressive Fund BRIC Fund 51 % 30 % 19 % 24
25 Pension Funds & Mutual Funds T-Bills & Money Market Foreign T.Deposits Fund Average Net Asset Value G. Bonds Reverse Inst. Currency & Type Maturity (mio TL) Equity (%) (%) Repo (%) (%) Sec.(%) Other (%) PRIVATE PENSION FUNDS ,96 58,04 8,15 0,72 0,56 16, ,33 59,44 6,51 0,65 0,50 17,57 MUTUAL FUNDS BANKS & Others ,88 19,98 37,98 7,65 0,46 29, ,23 18,37 33,37 9,53 0,58 31,93 Source: Capital Markets Board of Turkey 25
26 Pension Funds Net Asset Values as of
27 Pension Funds Weighted Average Returns as of
28 Anadolu Hayat Emeklilik Pension Funds Weighted Average Return Performance Weighted Average Returns (%) % 28
29 Pension Products Charging Structure What Is New? Entrance Fee Management Fee Fund Management Fee 29 At the phase of entrance to the System for each pension account Can be deferred till the leaving date or can be collected by installments Max. Limit: ½ of gross monthly minimum wage By ; Can be charged only once for the first account of the participant. Can be deferred for a maximum of 10 years, depending on the vesting period Max.%10 of the entrance fee can be collected in advance Max. Limit: Gross monthly minimum wage To cover administrative expenses On contributions Legal upper limit: 8 % By ; To cover administrative expenses On contributions Legal upper limit: 2 % Extra management fee can be charged in case of ceasing contribution payments To cover fund management expenses On NAV of each fund Legal upper limit: 1/10,000 (daily) 3,65% (annual) By ; To cover fund management expenses Defined as Total Fund Charges including Fund Management Fee On NAV of each fund Depending on the risk categories of funds, legal upper limits for total fund charges are: 1,09% (annual) for liquid/cash funds 1,91% (annual) for conservative funds 2,28% (annual) for actively managed and equity funds
30 Life Insurance In Turkey Market Shares (Top 7 in Premium Production) * Temporary 30
31 Life Insurance In Turkey Market Shares (Mathematical Reserves) * % (Mio TL) % (Mio TL) AHE 36% % XXX 11% % 669 XXX 10% 549 9% 507 XXX 8% 463 8% 441 XXX 7% 416 7% 379 XXX 5% 285 6% 313 Others 22% % 1215 TOTAL 100% % * Temporary 31
32 32 Anadolu Hayat Emeklilik Profit Sharing Rates TL Based Life Products
33 Number of Policies Anadolu Hayat Emeklilik - Life Portfolio Total Number of Policies Life Portfolio - Number of Policies Endowment Annuity Term Life Total
34 Number of Policies Anadolu Hayat Emeklilik - Life Portfolio Total Number of Policies 2012/3 vs. 2013/3 Life Portfolio /03 vs 2013/ Endowment Annuity Term Life Total 2012/ /
35 Premium Production Anadolu Hayat Emeklilik - Life Portfolio Total Premium Production (TL) Life Portfolio - Total Premium Production (TL) Endowment Annuity Term Life Total
36 Premium Production Anadolu Hayat Emeklilik - Life Portfolio Total Premium Production (TL) 2012/3 vs 2013/3 Life Portfolio - Total Premium Production 2012/3 vs 2013/ Endowment Annuity Term Life Total 2012/ /
37 Premium Production - TL Anadolu Hayat Emeklilik - Life Portfolio Premium Production New Business (TL) Life Portfolio - New Business Endowment Annuity Term Life Total
38 Premium Production - TL Anadolu Hayat Emeklilik - Life Portfolio Premium Production New Business (TL) 2012/3 2013/3 Life Portfolio - New Business /3 vs 2013/ Endowment Annuity Term Life Total 2012/ /
39 Anadolu Hayat Emeklilik Life Production By Channel 2013/ /3 Agency & Broker 29% 18% 18% Direct to Customer 27% 16% 27% BANCASSURANCE 44% 66% 55% Is Bank 36% 60% 51% Is Bank & Direct Sales & Agency 7% 5% 3% HSBC 1% 1% 1% Total 100% 100% 100% 39
40 Life Products Charging Structure Agency Commission Management Fee Fund Charge Paid out to our distribution channels Charged on premiums No limits since To cover administrative expenses Charged on premiums No limits To cover fund management expenses Charged on current year s returns Max. 15% of the returns 40
41 Corporate Profile Lines of Business - Life & Pensions Financials Stock Data 41
42 Anadolu Hayat Emeklilik Financial Highlights & Key Metrics TL Million /3 Written Premium General Technical Profit Life Technical Profit Private Pension Technical Profit Period Net Profit Private Pension AUM Math. & Profit Sharing Provisions Shareholders' Equity Paid-in Capital Total Assets Key Valuation Metrics /3 ROAE 16% 15% 17% 5% Earnings Per Share 0,24 0,22 0,27 0,08 P/E 18,8 12,8 15,9 - P/BV 3,0 1,9 2,4 3,6 42 ANHYT /4 Average Monthly Traded Volume (Million TL) 36,37 36,78 38,09 81,57
43 Anadolu Hayat Emeklilik Dividend Payout * 2011* 2012* Gross Profit (TL) ** Net Profit (TL) Net Distributable Profit (TL) Dividend to Shareholders (TL) Cash Bonus Share - - Cash / Net Profit (%) 69,37 54,99 63,57 48,22 Cash / Net Distributable Profit (%) 72,69 57,82 67,02 50,71 Bonus Share / Net Profit (%) Bonus Share / Net Distributable Profit (%) Dividend to Shareholders / Net Profit (%) 69,37 54,99 63,57 48,22 Dividend to Shareholders / Net Distributable Profit (%) 72,69 57,82 67,02 50,71 43 * Consolidated **Provision for dividend expense amounting to TRY 2,000,000 is added to the profit for the year end.
44 Anadolu Hayat Emeklilik Capital Adequacy (TL) (TL) (TL) Capital required for Non-Life Branch Capital required for Life Branch Capital Required for Pension Branch TOTAL CAPITAL REQUIRED TOTAL CAPITAL EXCESS CAPITAL
45 Anadolu Hayat Emeklilik Income Statement TECHNICAL PART (mio TL) NON-LIFE TECHNICAL INCOME 0,32 0,68 NON-LIFE TECHNICAL EXPENSES -0,33-0,66 I - NON-LIFE TECHNICAL PROFIT / LOSS -0,01 0,02 LIFE TECHNICAL INCOME 563,17 502,67 LIFE TECHNICAL EXPENSES -528,72-469,26 II- LIFE TECHNICAL PROFIT / LOSS 34,45 33,41 PENSION FUND TECHNICAL INCOME 113,85 139,03 PENSION FUND TECHNICAL EXPENSES -113,85-119,53 III- PENSION FUND TECHNICAL PROFIT / LOSS - 19,50 IV- GENERAL TECHNICAL PROFIT / LOSS 34,44 52,93 INVESTMENT INCOME 57,22 63,51 INVESTMENT EXPENSES -7,60-7,18 PROFIT FROM OTHER & EXTRAORDINARY ACTIVITIES -5,98-3,58 45 V- COMPANY ASSETS PROFIT / LOSS 43,64 52,75 VI- PERIOD PROFIT / LOSS (IV+V) 78,08 105,68 VII- PROVISION FOR TAX & OTHER LEGAL LIABILITIES -13,41-26,10 IX- PERIOD NET PROFIT / LOSS (VII - VIII) 64,67 79,58
46 Anadolu Hayat Emeklilik Income Statement TECHNICAL PART (mio TL) 2012 / / 03 NON-LIFE TECHNICAL INCOME 0,20 0,24 NON-LIFE TECHNICAL EXPENSES -0,02-0,09 I - NON-LIFE TECHNICAL PROFIT / LOSS 0,18 0,15 LIFE TECHNICAL INCOME 104,87 140,51 LIFE TECHNICAL EXPENSES ,33 II- LIFE TECHNICAL PROFIT / LOSS 4,87 13,18 PENSION FUND TECHNICAL INCOME 31,85 29,89 PENSION FUND TECHNICAL EXPENSES -26,74-30,95 III- PENSION FUND TECHNICAL PROFIT / LOSS 5,11-1,06 IV- GENERAL TECHNICAL PROFIT / LOSS 10,16 12,27 INVESTMENT INCOME 21,67 22,60 INVESTMENT EXPENSES -2,57-2,05 PROFIT FROM OTHER & EXTRAORDINARY ACTIVITIES -2,07-4,72 46 V- COMPANY ASSETS PROFIT / LOSS 17,03 15,83 VI- PERIOD PROFIT / LOSS (IV+V) 27,19 28,10 VII- PROVISION FOR TAX & OTHER LEGAL LIABILITIES -5,71-4,33 IX- PERIOD NET PROFIT / LOSS (VII - VIII) 21,48 23,77
47 Anadolu Hayat Emeklilik Balance Sheet ASSETS (mio TL) I- LIQUID ASSETS II- MARKETABLE SECURITIES IIII- RECEIVABLES IV- INVESTMENTS 9 9 V- FIXED ASSETS VI- OTHER ASSETS (NET) TOTAL ASSETS LIABILITIES AND SHAREHOLDERS EQUITY I- PAYABLES II- TECHNICAL PROVISIONS IIII- OTHER PROVISIONS 9 20 IV- TAX PROVISIONS V- SHAREHOLDERS' EQUITY TOTAL LIAB. AND SHAREHOLDERS EQUITY
48 Anadolu Hayat Emeklilik Balance Sheet ASSETS (mio TL) 2012 / / 03 I- LIQUID ASSETS II- MARKETABLE SECURITIES IIII- RECEIVABLES IV- INVESTMENTS 9 9 V- FIXED ASSETS VI- OTHER ASSETS (NET) TOTAL ASSETS LIABILITIES AND SHAREHOLDERS EQUITY I- PAYABLES II- TECHNICAL PROVISIONS IIII- OTHER PROVISIONS IV- TAX PROVISIONS 15 9 V- SHAREHOLDERS' EQUITY TOTAL LIAB. AND SHAREHOLDERS EQUITY
49 Corporate Profile Lines of Business - Life & Pensions Financials Stock Data 49
50 Anadolu Hayat Emeklilik Stock Data Year MCAP(Million $) /
51 THANK YOU For further information: Website: DISCLAIMER: The information in this document has been obtained by Anadolu Hayat Emeklilik A.Ş. from sources believed to be reliable, however, Anadolu Hayat Emeklilik A.Ş. can not guarantee the accuracy, completeness or correctness of such information. This document has been issued for information purposes only. The financial reports and statements announced by Anadolu Hayat Emeklilik A.Ş. to the public and relevant corporations are accepted to be the sole material. Anadolu Hayat Emeklilik A.Ş. does not accept any liability whatsoever for any direct or consequential loss arising from any use of this document or its contents due to the misleading information in this document. All estimations contained in this document are opinions of Anadolu Hayat Emeklilik A.Ş. and can be subject to change without notice. This document can not be interpreted as an advice to the investors and Anadolu Hayat Emeklilik A.Ş. can not be held responsible for the results of investment decisions made on account of this document. This document has been issued specially to the person, whom the document is concerned and may not be reproduced, distributed or shared with third parties for any purpose.
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