INVESTOR PRESENTATION 2015Q1

Transcription

1 INVESTOR PRESENTATION 2015Q1

2 Contents Non-life Sector Profile 3 Outline of the Company 11 Financial Highlights 25 Appendix 33 2

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

4 Number of Companies (03.15) Number of Foreign Shared Companies Premium Production (mn TL) 7,3% Non Life 37 Life 26 Non Life 25 Life 18 22,2% Reinsurance 1 Reinsurance Total 64 Total Non Life * 35 of 43 company has more than 50% foreign shares. Life Total Premium Production of the Sector (mn TRY) (03.15) Premium Share Non Life % Life % Total % SOURCE: Association of Insurance Companies, Undersecretariat of treasury annual report 21,7% 9,0% 4

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

6 Mandatory Policies in Turkey 12,00 70,0% 10,00 9,98 61,2% 60,0% 8,00 37,8% 6,00 17,8% 4,00 20,8% 3,10 19,6% 2,84 8,0% 2,00 1,63 11,6% 0,78 0,43 0,21 0,00 automobile mini-bus bus pick-up van truck tractor motorbike Number of Mandatory Earthquake Policies (million) 6,03 6,81 50,0% 40,0% 30,0% 20,0% 10,0% 0,0% 18,9 million of vehicles and 10 million automobiles in Turkey. 39,1% of houses had a mandatory earthquake policy in % of all vehicles do not have mandatory MTPL policy 4,79 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 5,10% 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 (2013) Premium / GDP (%) Premium Per Person ($) World 2,8 285 USA 4, UK 2, Switzerland 4, Poland 1,8 252 Central and Eastern Europe 1,4 170 Turkey 1, % % % 8% % % 15% 10% 5% 0% -5% -10% Premium($) 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 GWP (mn TRY) Market Share Other; 25,8% Allianz; 13,0% Allianz 904,7 13,0% Axa; 12,1% Axa 841,5 12,1% Anadolu 818,2 11,7% Mapfre 465,0 6,7% Eureko; 3,8% Aksigorta 455,7 6,5% Groupama 452,3 6,5% Acıbadem; 4,0% Ziraat 378,8 5,4% Güneş 316,4 4,5% Acıbadem 276,7 4,0% Eureko 263,2 3,8% Top 10 Companies 5.172,5 74,2% Other 1.795,3 25,8% Güneş; 4,5% Ziraat; 5,4% Groupama; 6,5% Aksigorta; 6,5% Mapfre; 6,7% Anadolu; 11,7% TOTAL 6.967,8 100,0% SOURCE: Association of Insurance Companies, 9

10 Non Life Companies Premium Production (mn TRY) Type of Coverage Change (%) Share ( ) (%) MOD 1.280, ,2 6,5 18,4 MTPL 1.387, ,2 4,0 19,9 Fire and natural disaster 1.154, ,2 8,1 16,6 Health 1.174, ,3 16,7 16,9 General losses 1.122,5 868,9 29,2 16,1 Accident 277,4 236,4 17,3 4,0 General liability 202,4 164,8 22,8 2,9 Other 368,9 323,2 14,1 5,3 Total 6.967, ,2 12,3 100,0 SOURCE: Association of Insurance Companies, 10

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 03.15; Paid-in capital 500 million TRY MCap 655 million TRY Free Float Ratio ~48% 13

14 Distribution Channels ( ) Headquarter İstanbul 9 regional branches around Turkey İstanbul (2), Ankara, Antalya, İzmir, Adana, Bursa, Samsun, Trabzon Overseas North Cyprus 2576 Professional Agencies ~25% working exclusively with Anadolu 1353 Işbank Branches Working exclusively with Anadolu 244 MSU (direct sales staff) working 14

15 Bancassurance ( ) Broker; 12,7% İşbank; 11,0% Branch Comb. Ratio (Branch) Premium Bank/gpw Indirect; 9,3% Fire and natural disaster 89% 28m 20% MOD 95% 22m 12% Direct; 1,9% Accident 49% 10m 41% Agencies; 65,1% 15

16 Bancassurance ( ) Işbank Premium Production MSU # 40,6% Q1 64m 2015Q1 90m Total Premium Production 3,9% 2014Q1 787m 2015Q1 818m

17 Premium Distribution By Regions ( ) Marmara; 60,9% Black Sea; 5,4% Middle Anatolia;12,9% East Anatolia; 2,5% Aegean; 8,1% South East Anatolia; 2,6% Mediterranean; 7,5% 17

18 Premium Production ( ) (mn TRY) Other 22% Mod 23% Health 15% Mtpl 23% Branch Change (%) Mtpl Mod ,4 Fire and natural disaster ,2 Health ,6 Fire and natural disaster 17% Other ,4 Total ,0 18

19 MOD+MTPL(ANSGR) MOD+MTPL(SECTOR) 48,19% 50,61% 56,08% 54,88% 55,10% 53,40% 46,36% 47,39% 46,70% 49,49% 49,96% 46,74% YEAR MOD+MTPL ANSGR (mn TRY) MOD+MTPL SECTOR (mn TRY)

20 Market Rank (1st) Accident(9,0%) Water vehicles (35,6%) Air vehicles liabillity(43,8%) General liability (14,9%) Fire and natural disaster (12,1%) Market Rank (2nd) MOD (14,6%) Air vehicles (28,7%) Marine (10,5%) Market Rank (Other) MTPL (13,6%) Health (10,2%) General losses (7,1%) Credit (0,5%) Financial loss (8,9%) Legal protection (6,9%) Total Market Share for Anadolu in 2015Q1 is; 11,7% in 3rd rank 20

21 Premium Per Policy (2014Q1-2015Q1) MOD # of Policy decrease 23,6% (2014Q1 => ; 2015Q1=> ) GWP decrease 13,4% (2014Q1 =>216m; 2015Q1=>187m) Premium Per Policy increase 13,3% (2014Q1=>1.309;2015Q1=>1.484) Premium per policy increased %32 in 2013 in MOD MTPL # of Policy decrease 10,9% (2014Q1 => ; 2015Q1=> ) GWP decrease 7,6% (2014Q1 =>172m; 2015Q1=>159m) Premium Per Policy increase 3,8% (2014Q1=>507;2015Q1=>526) 21

22 Combined Ratio - branches 109% 117% MOD 92% 96% 81% Fire & Nat. D. 108% 88% 80% MTPL 127% 125% 117% IBNR in MTPL has increased from 183m TRY to 238m TRY in %

23 Combined Ratio 107% 13% 111% 9% 17% 101% 10% 103% 9% ~ 105% 18% 76% 85% 15% 76% 14% 80% E Claims Ratio Net Comm. Ratio Expense Ratio Claims Ratio 82,7% Net Commission Ratio 14,4% Expense Ratio 9,1% Combined Ratio 106,2% 23

24 Profitability (ROE ROA) ROE 19,35 8,42 5,97 4,42 7,39 7, ,58 ROA -8,46 7,67 3,87 2,76 1,92 2,07 1,90 0, ,56 24

26 Growth Performance Cash and Marketable Sec. (mn TRY) 174% Tech. Reserves (mn TRY) % 145% % Total Assets (mn TRY) 93% % Gross Premium Written (mn TRY) Shareholders' Equity (mn TRY) 20% % % %

27 Balance Sheet (Assets) Assets (mn TRY) Change (%) Cash + Marketable Sec , ,1 2,9 Receivables 856,3 797,5 7,4 Equity Participations 383,8 391,4-1,9 Fixed Assets 92,5 94,6-2,2 Other Assets 289,0 239,9 20,5 TOTAL 3.936, ,4 4,3 27

28 Balance Sheet (Liabilities) Liabilities (mn TRY) Change(%) Payables 387,2 349,6 10,8 Technical Provisions 2.424, ,5 6,2 Shareholders' Equity 1.014, ,8-0,5 Other Liabilities 111,3 121,5-8,4 TOTAL 3.936, ,4 4,3 28

29 Income Statement (mn TRY) Change (%) Total Technical Income 676,7 570,5 18,6 Total Technical Expenses -636,7-533,4 19,4 Technical Profit / Loss 40,1 37,1 7,9 Financial Income 102,2 68,1 49,9 Financial Expenses -107,0-70,0 52,9 Other Income / Expenses -9,9-11,1-10,6 Financial Profit / Loss -14,7-12,9 14,1 Gross Profit / Loss 25,3 24,2 4,6 Tax Provisions -1,8-3,9-53,8 Net Profit / Loss 23,5 20,3 15,8 29

30 Major Affiliates ( ) Anadolu Life Is Reit Equity (mn TRY) Shareholders Equity (mn TRY) Market Share Market Cap (mn TRY) Share Owned Share Value (mn TRY) ,5% % ,4% ,8% MCap 655 million P / BV 0,65 After deducting affiliates MCap 218 million P / BV 0,32 30

31 Stock Performance , , , , , , , , , ,00 0, ,60 1,40 1,20 1,00 0,80 0,60 0,40 0,20 0,00.XU100 ANSGR Change ANSGR 1,33 1,38 1,31-5,1% IMKB ,7% ANSGR 1,33 1,42 EPS (net profit / capital) 0,13 0,14 P / E (Mcap / net profit) 9,86 9,92 P / BV (Mcap / Book value) 0,73 0,70 31

32 Investment Portfolio ( ) Funds; 6,3% Stocks; 5,0% Bonds; 15,9% Almost all of our bank deposits mature in 1 to 3 months time and bonds generally in 2 years. 47% of funds are related to stocks. Other; 1,7% Deposits; 71,2% 32

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. 33

34 Thank you For further information please to: or call Anadolu Sigorta Investor Relations on ( ), ( ) 34