Anadolu Sigorta - INVESTOR PRESENTATION 30.09...This presentation contains forward-looking...
Transcript of Anadolu Sigorta - INVESTOR PRESENTATION 30.09...This presentation contains forward-looking...
INVESTOR PRESENTATION
30.09.2019
CONTENT
Company & Market Potential 3
Company Overview 11
Financial Highlights 21
2
Company & Market Potential
Company Overview Financial Highlights
3
Innovation
35,4
39,7
47,7
5,06,8 6,9
12.16 12.17 12.18
Premium Production (₺ Bn)
Non Life Life➢ SOURCE: Association of Insurance Companies
Non Life 38
Life 22
Reinsurance 2
Total 62
Number of Companies
Non Life 26
Life 18
Reinsurance 1
Total 45
Number of Foreign Shared Companies
Life; 7,378; 15%
Non-Life; 41,017; 85%
19M9 (bn TRY)
Life Non-Life
12%
20%
Premium Production
4
Mandatory Policies in Turkey(Earthquake & MTPL)
• 17,7 million houses• 48,4% of houses are non-insured
EARTHQUAKE• 23 million vehicles• 26% of vehicles are non-insured (MTPL)
MTPL & MOD
5
108 93 106 114 123143 133 124
144126 110
165138
163
215 219
305 308
361
505473
582
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Non-Life Premium Per Person
Premium($) Premium(TRY)
2018Premium / GDP
(%)Premium Per Person
($)
World 2,78 312
USA 4,32 2.672
UK 2,29 971
Switzerland 4,1 3.379
Poland 2,07 321
OECD 3,44 1.387
Turkey 1,15 110
Non-Life Trends in the Sector
6➢ SOURCE: Treasury. Association of Insurance Companies, Swiss Re Sigma 3,2018
Non-Life Trends in the Sector
7
2.293.268
1.504.846
-1.800.000
-1.300.000
-800.000
-300.000
200.000
700.000
1.200.000
1.700.000
2.200.000
2.700.000
-350
-300
-250
-200
-150
-100
-50
0
50
100
150
200
250
300
350
400
450
500
550
2010 2011 2012 2013 2014 2015 2016 2017 2018
USDUSD millions
Anadolu (left axis) Market (Anadolu Excluded) (left axis)
Anadolu average profit per 1% market share (right axis) Market average profit per 1% market share (right axis)
Historical Market Shares by Premium Production
8
4,00%
6,00%
8,00%
10,00%
12,00%
14,00%
16,00%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 M9
Allianz Anadolu Aksigorta Axa
Top 10 Non-Life Companies in the Sector – 19M9
(₺ Mn)Premium
Production19M9
Premium Production
19M9
Change (YoY) (%)
Allianz 4.826 4.121 17,1%Anadolu 4.636 4.078 13,7%Aksigorta 3.118 2.446 27,4%Axa 2.782 2.294 21,3%Sompo Japan 2.346 1.808 29,8%Top 5 Companies 17.707 14.746 20,1%
6 to 10 8.619 7.256 18,8%Top 10 Companies 26.326 22.002 19,7%Other 14.692 12.059 21,8%Total 41.018 34.061 20,4%
➢ SOURCE: Association of Insurance Companies 9
Allianz11,8%
Anadolu11,3%
Aksigorta7,6%
Axa6,8%
Ziraat5,7%
6 to 1021,0%
Other35,8%
Production Share by Companies
Premium Production – 19M9
Anadolu Sigorta (₺ Mn) Non-Life Sector (₺ Mn)
19Q3 18Q3 ΔYoY 19Q3 18Q3 ΔYoY
Branch GPW GPW Growth GPW GPW Growth
MTPL 1.257 1.135 10,8% 13.328 11.484 16,1%
MOD 867 746 16,2% 6.546 5.437 20,4%
Fire and Nat. D. 832 730 14,0% 5.776 4.772 21,0%
Health 611 532 14,8% 5.955 4.436 34,2%
Other 1.069 935 14,3% 9.413 7.932 18,7%
Total4.636 4.078 13,7% 41.018 34.061 20,4%
➢ SOURCE: Association of Insurance Companies 10
Company Overview
Company & Market Potential
Financial Highlights
11
Innovation
CONTENTHISTORY
• Founded by Mustafa Kemal Atatürk in 1925
• First national insurance company
• Main activity: Non-life insurance (until 1991, both life and non-life)
• group company
13 13
Company Profile
ISO 9001:2015 QualityManagement System
Certification
ISO 10002:2014Customer SatisfactionManagement System
Certification
Sustainability Report 2018 is published and certified by
GRI Standards
14 14
Company Ratings
FitchInsurer Financial Strength
Rating: BBOutlook: Stable
FitchNational Insurer Financial
StrengthRating: AA+(tur)Outlook: Stable
SAHA Corporate GovernanceRating: 9.55 / 10
Shareholder Structure – 19M9
➢ (*) 77% of Milli Reasürans is owned by T. İş Bankası
Milli Reasürans Türk Anonim Şirketi 286.550.106 57,3%
Trakya Yatırım Holding A.Ş. 35.014.061 7,0%
QİNVEST Portföy 28.560.617 5,7%
Other 150.092.743 30,0%
Total 500.000.000 100,0%
Mcap (30.09.2019): ₺2,135 Bn
Capital (30.09.2019): ₺500 Mn
IPO rate: ~48%
Free float: ~35%
15
Distribution Channels – 19M9
İzmir
Ankara
Antalya
Trabzon
Adana
N. Cyprus
İstanbul (2)Samsun
Bursa
Gaziantep
2.284 Professional Agencies
~25% working exclusively with Anadolu
1.281 Işbank Branches
Working exclusively with Anadolu
9Regional Branches
1Overseas Branches
1SalesOffice
16
Distribution Channels – 19M9
334MSU
(direct sales staff)
Agency61,4%
Bank14,0%
Broker13,1%
Other11,5%
Premium Production – Sector
Agency62,4%
Bank12,1%
Broker10,9%
Other14,7%
Premium Production – ANSGR
Production by Regions – 19M9
Aegean10%
Marmara 54%
Black Sea6%
East Anatolia3%
South East Anatolia4%
Middle Anatolia16%
Mediterranean8%
18
Market Share & Rank (mn. TRY)
➢ SOURCE: Association of Insurance Companies 19
BRANCHES 19M9 18M9Rank 19M9
Market Share 19M9
Growth
MTPL 1.257 1.135 1 9,4% 10,8%
MOD 867 746 1 13,2% 16,2%
Fire 832 730 1 14,4% 14,0%
General Liability 257 195 1 21,0% 31,8%
Marine Transportation 114 81 1 16,1% 41,0%
Watercraft 104 80 1 32,8% 29,1%
Aircraft 44 30 1 44,1% 49,7%
Aircraft Liability 34 19 1 37,0% 77,1%
General Losses 355 395 3 7,9% -10,1%
Health 611 532 3 10,3% 14,8%
Other 161 135 -- -- 19,3%
TOTAL 4.636 4.078 2 11,3% 13,7%
Profitability – Combined Ratio
20
80% 83% 83% 85% 90% 87%
14% 15% 15% 14%14% 14%9% 9% 9% 9%10% 10%
2014 2015 2016 2017 2018 2019M9
Claims Ratio Net Comm. Ratio Expense Ratio
107% 107% 107% 114% 111%103%
Combined Ratio 18Q3 19Q2 19Q3 19M9 18M9
MOD 119,2% 87,4% 96,6% 93,9% 108,9%
MTPL 131,4% 142,1% 139,1% 139,2% 123,9%
Fire 137,7% 103,4% 109,5% 106,2% 111,2%
Health 100,5% 118,9% 94,9% 114,9% 110,5%
Accident 66,8% 72,4% 71,5% 63,9% 70,4%
General Liability 152,8% 177,7% 118,9% 134,1% 153,0%
General Losses 99,9% 98,3% 86,1% 96,1% 108,1%
Total 120,4% 113,2% 108,7% 111,4% 113,5%
Financial HighlightsCompany & Market Potential Company Overview
21
Innovation
Growth Performance
➢ (*) Financial loans netted off 22
3.7734.677
5.840
6.9297.853
8.639
2014 2015 2016 2017 2018 19M9
Total Assets (mn TRY) (*)
10%
2.2822.934
3.9144.456
5.1845.788
2014 2015 2016 2017 2018 19M9
Tech. Reserves (mn TRY)
12%
2.2502.776
3.8324.505
5.0505.760
2014 2015 2016 2017 2018 19M9
Cash and Marketable Sec. (mn TRY) (*)
14%1.020
1.202 1.223
1.639 1.6461.846
2014 2015 2016 2017 2018 19M9
Shareholders' Equity (mn TRY)
12%
Growth Performance
23
3.773
4.888
5.974
7.032
7.904
8.944
1.0511.202 1.223
1.639 1.6461.8461.927
2.408
3.410
4.117
4.673
5.532
72 64 88 184 308 310
7,6%
5,9%
7,4%
13,2%
18,7%
22,7%
9,9%8,7%
10,5%
17,7%
27,4%
30,3%
0,0%
10,0%
20,0%
30,0%
40,0%
50,0%
60,0%
0
1.000
2.000
3.000
4.000
5.000
6.000
7.000
8.000
9.000
10.000
2014 2015 2016 2017 2018 2019M9
Assets Shareholder's Equity Investment Portfolio Net Profit ROAE ROAE-Consolidated
Balance Sheet
Assets 09.19 12.18Change
(%)
Cash + Marketable Sec. 6.065 5.101 18,9%
Equity Participations 450 517 -13,0%
Other Assets 2.429 2.286 6,3%
Assets 8.944 7.904 13,2%
Liabilities 09.19 12.18Change
(%)
Technical Provisions 5.788 5.185 11,6%
Shareholders' Equity 1.846 1.646 12,2%
Other Liabilities 1.309 1.073 22,0%
Liabilities 8.944 7.904 13,2%
%18,9increase in
LIQUID assets
%13,2increase in
TOTAL assets
24
Income Statement – 19M9 (₺ mn)
➢ (*) Financial income transferred to technical division is excluded 25
P&L 19M9 18M9Change (%)
(YoY)
Tech. Income (*) 3.131 2.682 17%
Tech. Expenses -3.485 -3.037 15%
Net Financial Inc. + Other Exp. (*) 757 650 16%
Deferred Tax -27 55 -148%
Gross Profit 376 349 8%
Tax -67 -117 -43%
Net Profit 310 232 33%
Income from subsidiary 26 34 -23,5%
Net Profit - dividend income excl. 284 198 43,1%
Core Indicators
(TRY) 19M9 2018 Change
Mcap 2.135mn 2.055mn 3,9%
Equity (Book Value) 1.846mn 1.646mn 12,2%
P / BV 1,15 1,25 -8%
26
710 795965
1.550
2.055 2.135
1.0201.202 1.223
1.639 1.6461.846
0,7% 0,7%0,8%
1,0%
1,3%1,15%
0,0%
0,2%
0,4%
0,6%
0,8%
1,0%
1,2%
1,4%
0
500
1000
1500
2000
2500
2014 2015 2016 2017 2018 19M9
Mcap Equity (Book Value) P / BV
Highlights – 19Q3
(mn TRY) 19Q3 19M9 18M9Change(%)
YoY
Gross Profit 74 377 350 7,7%
Net Profit 79 310 232 33,4%
Net Profit* 79 284 198 43,1%
(mn TRY) FY18 19M9 Change(%)
AUM 4.674 5.532 18,4%
Credit Card 452 500 10,6%
Total 5.125 6.031 17,7%
RecoveringTechnicalResults
Growing Investment Portfolio
27
(*) ANHYT dividend income excluded.
Bonds11%
Funds7%
Stock3%
Deposits*72%
Repo2%
Forward5%
Investment Portfolio
TRY 5,53 bn
‣TRY 5,19 bn at 30.06.2019
In 19M9;
Dividend from ANHYT 26 mn TRY
Investment Income * 827 mn TRY
Average Portfolio Income ~ 24%* ANHYT dividend excluded.
%18YoY
increase in Investment
Income
28*305 mn TRY loan netted off
*
Disclaimer Statement
This presentation contains forward-looking statements andinformation on the business development of AnadoluSigorta. These statements may be spoken or written andcan be recognized by terms such as “expects”, “anticipates”,“intends”, “plans”, “seeks” or words with similar meaning.These statements are based on assumptions relating to thedevelopment of the economies of individual countries, andin particular of the insurance industry, which we have madeon the basis of the information available to us and which weconsider to be realistic at the time of going to press. Theestimates given involve a degree of risk, and the actualdevelopments may differ from those forecasts.
Anadolu Sigorta does not accept any liability whatsoever forany direct or consequential loss arising from any use of thisdocument or its content due to misleading information inthis document.
For further information please
e-mail to: [email protected]
or call Anadolu Sigorta Investor Relations on
(+90 850 744 02 54)
(+90 850 744 03 59)29