Investor Presentation - Aksigorta · Investor Presentation Contents Page Why to invest in Aksigorta...

Investor Presentation

2012

2


Contents Page

Why to invest in Aksigorta 3

Overview of Turkish Economy 4-5

Non-Life Insurance Market 6-11

About Aksigorta 12-15

Strategic Overview 16-20

Business Outline 21-23

Financial Highlights 24-29

Social Responsibility 30

3


Why to Invest in Aksigorta

Growth over the Market 2 Great Potential in TR NL

Insurance Market 1 Turkey has 1,1 NL insurance penetration while peer economies have 2-3 Turkey has 17th largest economy on the world, while TR NL insurance market is 29th in ranking

Increasing Profitability 4 Great Potential in

Akbank 3

8%

5%

5%

Akbank NLInsurance Market

Share

Akbank BankingMarket Share

Peer Group NLInsurance Market

Share

107% 104%

99%

83% 78%

72%

5% 6%

9%

0%

5%

10%

60%

90%

120%

2009 2010 2011

Combined Ratio Loss Ratio ROE

22% ~15% 28% ~20%

2011 Growth Rate 2011 - 2017 CAGR Targets

Market

Aksigorta

4


Overview of Turkish Economy

Turkey is the 17th largest economy in the world, with strong growth prospects

4,7 0,7

-4,8

9,0 8,6 3,0 4,5

2007 2008 2009 2010 2011 2012 2013

GDP Growth of Turkey in real terms

Source: Sigma No2/2011 World Insurance in 2010

Source: Turkish Statistical Institute web site www.tuik.gov.tr Source for 2012 & 2013 expectations: OECD Economic Outlook No: 90

USA Chin Japa Germ Fran UK Braz Ital Russ Cana Indi Spai Ausl Mexi S.Kor Neth Turk Indo Swit Pola

GDP ($ Bn) 14.64 5.648 5.519 3.306 2.580 2.251 2.088 2.052 1.803 1.574 1.526 1.409 1.235 1.035 1.022 784 729 707 524 476

#GDP 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

NL Ins ($ Bn) 660 72 116 125 88 96 31 52 41 64 11 41 35 10 43 72 8 3 23 9

#NL 1 7 3 2 5 4 14 9 12 8 19 11 13 21 10 6 29 42 15 24

NL Ins/GDP 4,5% 1,3% 2,1% 3,8% 3,4% 4,3% 1,5% 2,5% 2,3% 4,1% 0,7% 2,9% 2,8% 1,0% 4,2% 9,2% 1,1% 0,5% 4,4% 1,8%

0,0%

3,0%

6,0%

9,0%

0

2.500

5.000

7.500

Why to invest in Aksigorta #1

5


Overview of Turkish Economy

Turkish insurance sector still underpenetrated (~1%) implying a high potential supported with young and growing population

26% 15% 15% 15% 15% 15% 15%

67% 70% 72% 72% 68% 69% 67%

7% 15% 13% 14% 18% 17% 19%

Turkey Romania Russia Poland Austria Hungary Greece

Younger population in Turkey

Age 0-14 Age 15-64 Age 65+

Source: Turkish Statistical Institute web site www.tuik.gov.tr

72,1 73,0 74,0 75,8 77,6 79,3

2009 2010 2011 2013E 2015E 2017E

Population of Turkey (million)

Source: Turkish Statistical Institute web site www.tuik.gov.tr

CAGR (2011-2017)

1,2%

0,0

1,0

2,0

3,0

4,0

5,0

0 25.000 50.000 75.000

Non Life GWP / GDP (%)

(2010)

GDP / Capita ($) (2010)

Spain

Italy

Portugal Russia

Brazil

Hungary Romania

Switzerland

Bulgaria

Poland

Serbia Slovakia

China Turkey Greece

India

Source: Sigma No2/2011 World Insurance in 2010

Belgium UK

Japan

South Africa

Czech Republic

US

Canada

Germany

Austria

Korea

Slovenia

France

Australia

Croatia

6


•Faster consumption by less patient customers

•Untapped potential in certain segments (such as low income, rural population)

•Culturally, economically, demographically different consumers

•Decreasing customer loyalty due to ease of shopping around

• Increased use of internet, social media and mobile technology

• Rising popularity of business analytic s capabilities

• The rise of “aggregators” enabling price and coverage comparison

• Political stability since 2003 expected to continue in the foreseeable future

• More intensive regulatory climate since 2007

• Potential and actual catastrophic events

• Shifts in growth from mature to emerging markets

• Increasing per capita income

• Interest rates decreased during the 2000s

• Fierce competition leading to aggressive pricing

• Highly fragmented market with many small players and new entrants

Macro / Micro Economic

Political / Catastrophy

Social / Demographic

Technological

Non Life Insurance Market

Global and local trends shape the insurance industry

7



Persistent market positions started to change after 2010…

AXA has market shares, 29% in MTPL and 16% in MOD LOBs, 18% in Agency channel

ANADOLU has market shares, 18% in MOD and 14% in MTPL LOBs, 15% in Agency and 16% in Broker channels.

AKSİGORTA has sustainable profitability focus, balanced business and channel mix

ALLIANZ has market shares, 19% in Health LOB, 9% in Agency and 10% in Broker channels.

Rule of the game is changing: consolidation approach in products, tiers based on profitability focus

Competition based on understanding customer segments and offering value

Insurers offer similar products, consumers have a lot of choices

Customer loyalty can be obtained via high service quality and cross selling

6.348 8.014 9.252 9.821 10.057 11.528 14.023 15.320

12,0% 11,8% 12,2%

12,6% 12,7% 13,2%

14,2% 14,3%

13,0% 13,2% 12,9%

11,8% 12,4% 12,3%

13,7% 14,2%

8,1% 8,3% 8,6% 8,4% 8,5%

7,7%

8,1% 8,1%

10,0% 9,7% 9,3% 9,2% 9,2%

8,6%

8,1% 7,9%

4,7% 4,5% 4,5% 4,9%

5,4% 5,4% 5,1% 4,5%

7,4% 7,3% 6,8%

6,4%

6,0% 6,6% 6,9% 7,2%

6.000

11.000

16.000

1%

6%

11%

16%

2005 2006 2007 2008 2009 2010 2011 2012H1*

Market GWP (TRL m) Axa Anadolu Aksigorta Allianz Eureko Yapı Kredi* Rolling 12 months period

YAPI KREDİ has market shares, 25% in Health LOB, 16% in Direct Sales channel.

EUREKO has 19% market share in Bank channel.

Source: Ass. of the Ins. and Reins. Companies of Turkey www.tsrsb.org.tr

8



Aksigorta is the leading company of which have combined ratio <100%

14,2%

13,7%

8,1%

8,1%

6,9%

5,8%

5,8%

5,1%

5,0%

4,0%

Axa

Anadolu

Aksigorta

Allianz

Yapı Kredi

Güneş

Groupama

Eureko

Ergo

Mapfre

As of YE’11 Market Share

Source: Ass. of the Ins. and Reins. Companies of Turkey www.tsrsb.org.tr

79%

76%

70%

68%

75%

70%

80%

59%

77%

73%

19%

18%

17%

17%

10%

8%

15%

16%

19%

12%

6%

13%

12%

14%

15%

20%

13%

24%

19%

14%

Loss Ratio Commission Ratip Expense Ratio

4%

1%

9%

12%

16%

9%

-4%

9%

-33%

6%

ROE

Combined

Ratio

100% level

9


12,7%

17,5%

13,1%

8,9%

-1,8%

-4,0%

8,1%

11,2%

9%

9,4% 8,4%

6,9% 4,7% 0,7%

-4,7%

9,0%

8,6% 5%

9,4% 7,7%

9,7%

8,4%

10,1%

6,5% 6,4%

10,4%

7%

2004 2005 2006 2007 2008 2009 2010 2011 … … 2017E

Real GWP Growth Real GDP Growth Inflation

5.264 6.348 8.015 9.250 9.820 10.067

11.527 14.023

>30.000

2004 2005 2006 2007 2008 2009 2010 2011 … … 2017E

Market GWP, million TRL


Looking forward, we expect the market to grow faster, due to economic development and asset accumulation

CAGR

(2004-2011)

15%

CAGR

(2011-2017)

~15%

10



Bank channel is expected to grow faster than the other channels

7% 8% 7% 7% ~5%

10% 11% 11% 11% ~15%

11% 12% 13% 14% ~20%

72% 69% 69% 68% ~60%

2008 2009 2010 2011 … … 2017E

Agencies

Banks

Brokers

Direct Sales

~15%

~ 20%

~ 20%

~ 10%

CAGR 2011-2017

11



Health and non-motor businesses are expected to grow faster than the motor business

40% 41% 40% 40% ~40%

50% 48% 48% 48% ~45%

10% 11% 12% 12% ~15%

2008 2009 2010 2011 … … 2017E

Health

Motor

Non-Motor

~15%

~ 15%

~20%

CAGR 2011-2017

12


About Aksigorta

We revised our corporate outlook

• To be industry leader by providing innovative services Our Vision

• Making life secure by providing innovative non-life and health insurance services through all channels and creating value for all stakeholders

Our Mission

• Integrity

• Innovative

• Performance driven

• Solution driven

• Team work and collaboration

• Open communication

Our Values

13


About Aksigorta

Partners announced increasing their shares

Sabancı; 36% Ageas; 36%

Free Float; 28%

Sabancı Holding is the parent company of the Sabancı Group, Turkey’s leading industrial and financial conglomerate. Sabancı Group companies are market leaders in their respective sectors that includes financial services, energy, cement, retail, tire, tire reinforcement materials and automotive. Listed on the Istanbul Stock Exchange (ISE), Sabancı Holding has controlling interests in 11 companies also listed on the ISE. In 2010, the consolidated revenue of Sabancı Holding was US$ 13.0 billion with an EBITDA of US$ 3.0 billion. The Sabancı Family is collectively Sabancı Holding’s major shareholder with 60.6% of the share capital. Sabancı Holding shares are traded on the Istanbul Stock Exchange with a free float of 39.4%.

Ageas is an international insurance company with a heritage spanning more than 180 years.

Ranked among the top 20 insurance companies in Europe, Ageas has chosen to concentrate its business activities in Europe and Asia, which together make up

the largest share of the global insurance market. These are grouped around four segments: Belgium,

United Kingdom, Continental Europe and Asia and served through a combination of wholly owned

subsidiaries and partnerships with strong financial institutions and key distributors around the world.

Ageas operates successful partnerships in Belgium, UK, Luxembourg, Italy, Portugal, Turkey, China, Malaysia,

India and Thailand and has subsidiaries in France, Hong Kong and UK.

It is the market leader in Belgium for individual life and employee benefits, as well as a leading non-life player,

through AG Insurance, and in the UK, it has a strong presence as the third largest player in private car

insurance and the over 50’s market. It employs more than 13,000 people and has annual

inflows of more than EUR 17 billion.

About Sabancı About Ageas

14


About Aksigorta

Aksigorta makes life secure with variety of products

In “For Your Family” concept

N'olur N'olmaz (Just In Case), Individual Health, Life Will Go On With The Hayata Devam (Life Goes On), Critical Diseases and Travel insurance

In “For Your House” concept

Home and Property insurance

In “For Your Vehicles and Vessels” concept

Individual Motor (Casco) and Traffic (3rd party liability) insurance

Individual Products In “For Your Employees”

concept

Corporate Health and Employer’s Financial Liability insurance

In “For Your Workplace” concept

Office Package, Theft, Glass Breakdown, Third Person Financial Liability, Transportation, Engineering and Custom Risks insurance

SME and Corporate Products

15


About Aksigorta

Aksigorta has country-wide distribution with its channels and regional offices

Agencies

9 Regional Offices and 2

Representative Offices

75 Sales Representative

1.639 Agencies

Bank

2 Regional Offices


922 Bank Branches

Corporate Sales


50 Brokers

Direct Customers

16


Strategic Overview

Strategies defined to create the “Future Aksigorta”, transformation started

Product

Service Excellence

Aksigorta Transformation Program

“Sustainable

Profitability”

Operational Excellence

Channel

Product

ServiceExcellence

Aksigorta Transformation

Program

“SustainableProfitability”


Channel

17


Strategic Overview

Transform the business mix into a “profitable mix”

Right size

“Motor”

Underwriting and Segmentation Project

Develop pricing mechanism based on predictive modeling, improved

risk based pricing by segmentation

Grow in

Non-motor:

“Fire & Health”

Health Insurance Business Development Project

Program aims to support business development in Health at Aksigorta by three pillars; creating

health focus in organization, growing to more efficient scale and attacking sources of

profitability directly

53% 33%

14%

2011

Motor

Non-motor

Health

~35%

~40%

~25%

2017

Product

ServiceExcellence


Program



Channel

18


Strategic Overview

Revised channel-mix for profitable growth

Right size “Agencies”

Agency Channel Profit and Effectiveness Optimization Project

Studies on agency format (auto dealer), optimization of geographic footprint, product

mix, agency incentivization and agency network management

Increase weight of “Bancassurance”

Bancassurance Target Operating Model Transformation Program

Projects on multi-channel sales and servicing, product management, operations effectiveness,

customer relationship management, governance structure

69%

13%

18%

2011

Agencies

Bank

Other ≈60% ≈25%

≈15%

2017

Product

ServiceExcellence


Program



Channel

19


Strategic Overview

Operational Excellence Strategy

Increased claims effectiveness & efficiency

• Fraud and leakage management • Network management • Leaner claims processing

HR improvements IT transformation

Claims Transformation Program 5 strategic initiatives

improved front office capabilities, claims handling operations effectiveness, network and partnership management,

fraud management and post claims services

IT Infrastructure Data Analytics and CRM

Enterprise Performance Management

Better reporting functions to drive intelligence from data and decision from

intelligence

Product

ServiceExcellence


Program



Channel

20


Strategic Overview

Service Excellence Strategy

• Customer Experience Management

Customer based service model, loyalty programs,

targeted sales etc.

• Digital Aksigorta Developing digital sales and communication platforms for all stakeholders including websites, social media etc.

• Establishment of “innovation” culture in

Aksigorta

• Brand Management From commodity to brand

Customer focus

Innovation culture

Differentiation with high

service level

Customer retention (renewal)

Product

ServiceExcellence


Program



Channel

21


Business Outline

We target +5 pp growth over the market focusing in the profitable LOBs

829 851 886 1.137 ~3.200

8,4% 8,5%

7,7%

8,1%

~10%

0

1.000

2.000

3.000

4.000

0%

5%

10%

2008 2009 2010 2011 .. … 2017E

GWP Market Share

CAGR 2011-2017

Aksigorta ~20% Market ~15%


22


Business Outline

Bank will be the strategic channel for growth & profitability while keeping the agencies strong

10% 11% 10% 10% ~5%

10% 11% 9% 9% ~10%

10% 9% 13% 13% ~25%

71% 68% 68% 68% ~60%

2008 2009 2010 2011 … … 2017E

Agencies

Banks

Brokers

Direct Sales

~15%

~ 30%

~ 20%

~ 10%

CAGR 2011-2017


23


Business Outline

Shifting from motor to health & non-motor will be the key to improve the loss ratio

33% 36% 34% 33% ~40%

55% 50% 51% 53% ~35%

12% 14% 16% 14% ~25%

2008 2009 2010 2011 … … 2017E

Health

Motor

Non-Motor

~10%

~ 25%

~30%

CAGR 2011-2017

24


Financial Highlights

Decrease in combined ratio will double the ROE

5% 6%

9%

~20% 107% 104%

99%

~95% 83%

78% 72%

~68%

14% 16%

18% ~20%

10% 10% 9% ~7%

0%

10%

20%

0%

60%

120%

2009 2010 2011 … … 2017E

ROE

Combined Ratio

Loss Ratio

Commission Ratio

Expense Ratio


25



We will keep the downwards trend in loss ratios of health and motor LOBs

104%

93%

84%

~75%

2009 2010 2011 … 2017

Health – Loss Ratio

87% 86%

81%

~75%

2009 2010 2011 … 2017

Motor – Loss Ratio

44%

33%

37%

~45%

2009 2010 2011 … 2017

Non-Motor – Loss Ratio

26



We reached positive figure in technical profit by the decrease in loss ratio

Income Statement (TRL Million) 2009’YE 2010’YE 2011’YE 2010’06 2011’06 2012’06

Gross Written Premiums 851 886 1.137 460 607 706

Net Written Premiums 544 619 838 321 451 494

Net Earned Premiums 526 590 750 281 346 433

Claims (net) -434 -462 -544 -212 -258 -316

Commissions (net) -73 -95 -131 -47 -57 -79

G&A Expenses -62 -66 -73 -36 -42 -48

Technical Profit -43 -33 3 -14 -12 *-11

Net Investment Income *81 36 37 27 13 27

Profit (Loss) Before Tax 38 4 40 13 1 16

Tax -3 -2 -8 -2 0 -3

Net Profit 35 2 32 11 1 13

Combined Ratio 107% 104% 99% 103% 101% 101%

Loss Ratio 83% 78% 72% 75% 75% 73%

Commission Ratio 14% 16% 18% 17% 17% 18%

Expense Ratio 10% 10% 9% 11% 10% 9% *Includes TRL 22 million dividend income from Akbank shares

**The gross impact of the change in the ratio of premiums ceded to SSI is TRL 10,4 million.

27



We have 39pp solvency capital surplus as of June 2012

(TL Million) 2009’YE 2010’YE 2011’YE 2010’06 2011’06 2012’06

Cash and Marketable Securities 493 501 591 478 548 604

Receivables 406 413 452 350 437 494

Other Assets 66 71 93 75 95 110

Participations *2.303 30 30 31 30 30

Fixed Assets 51 44 43 50 43 43

Total Assets 3.319 1.059 1.206 984 1.163 1.281

Payables 111 88 95 38 71 103

Technical Reserves 488 527 627 515 658 710

Taxes Payable 0 7 6 1 0 4

Other Liabilities 52 65 75 49 63 77

Total Shareholders' Equity 2.669 372 403 381 371 388

Total Liabilities and Shareholders' Equity 3.319 1.059 1.206 984 1.163 1.281

Solvency Ratio 400% 155% 146% 162% 145% 139%

* includes Akbank (TRL 1.720 million) and Avivasa (TRL 548 million) shares

28



Aksigorta reached max Insurance Profit in first half 2012 among listed NL companies

1.164

706

570

431

168

179

147

Anadolu

Aksigorta

Yapı Kredi

Güneş

Halk Sigorta

Aviva

Ray

As of June 2012 (MTL) GWP

Source: KAP

86%

73%

80%

81%

73%

95%

86%

18%

18%

12%

9%

12%

24%

9%

10%

9%

12%

24%

13%

22%

Loss Ratio Commission Ratip Expense Ratio

-30

37

32

21

11

-23

3

UW Profit

Combined

Ratio

100% level

-55

16

4

-23

4

-35

-12

PBT excl. Dividend Income

29



Our 2012 H1 results are inline with our strategic targets

13% 15%

9% 11%

13% 14%

66% 59%

1H '11 1H '12

Agencies

Banks

Brokers

Direct Sales

CHANNEL SHARES (%)

33% 38%

51% 47%

16% 15%

1H '11 1H '12

Health

Motor

Non-Motor

LOB SHARES (%)

Non-motor: +5pp

Motor: -4pp

Banks: +1pp

Agencies: -7pp

Brokers: +2pp

30


Aksigorta and AKUT together reached a breakthrough by reaching more than 3 million people with respect to natural disasters and

insurance awareness through the project entitled “Keep Living, Turkey”.

The “Disaster Training” convoy, set up by Aksigorta and AKUT – Turkey’s most trusted organizations in their own fields to form the social responsibility project entitled “Keep

Living, Turkey”, educated more than 3 million people on natural disasters and insurance

awareness in a total of 30 provinces and 150 districts.

Social Responsibility

“Keep Living Turkey” is a country wide social responsibility project

Information on “protection against disasters and catastrophes – raising awareness on insurance” was given to state officers such as provincial disaster executives, municipality workers, teachers, headmen, firemen, etc, as well as students and citizens through 1-

hour seminars. Each school and state institution which gave permission to the making of seminars was given away “natural disaster and insurance training boards” to ensure continuity of the project and to reach more people. Thousands of our citizens visited the locations of our disaster training convoys, where they were able to experience earthquakes directly with the G Force earthquake

simulator, which is Turkey’s first 3-D simulator; and they were educated with respect to the necessary precautions. Please visit the official web site for details www.hayatadevamturkiye.com

31


Contact Information & Disclaimer

Disclaimer

The information and opinions contained in this document have been compiled by Aksigorta A.Ş. (“Company”) from sources believed to be reliable and in good faith, but no representation or warranty, expressed or implied, is made as to their accuracy, completeness or correctness. No undue reliance may be placed for any purposes whatsoever on the information contained in this document is published for the assistance of recipients , but is not to be relied upon as authoritative or taken in substitution for the exercise of judgment by any recipient. The Company does not accept any liability whatsoever for any direct or consequential loss arising from any use of this document or its contents. This document is strictly confidential and may not be reproduced, distributed or published for any purpose. The information and opinions contained in this document have been compiled by Aksigorta A.Ş. (“Company”) from sources believed to be reliable and in good faith, but no representation or warranty, expressed or implied, is made as to their accuracy, completeness or correctness. No undue reliance may be placed for any purposes whatsoever on the information contained in this presentation or on its completeness, accuracy or fairness. This document contains forward-looking statements by using such words as "may", "will", "expect", "believe", "plan" and other similar terminology that reflect the Company management’s current views, expectations, assumptions and forecasts with respect to certain future events. As the actual performance of the companies may be affected by risks and uncertainties, all opinions, information and estimates contained in this document constitute the Company’s current judgment and are subject to change, update, amend, supplement or otherwise alter without notice. Although it is believed that the information and analysis are correct and expectations reflected in this document are reasonable, they may be affected by a variety of variables and changes in underlying assumptions that could cause actual results to differ materially. Company does not undertake any obligation, and disclaims any duty to update or revise any forward looking statements, whether as a result of new information or future events. Neither this document nor the information contained within can construe any investment advice, invitation or an offer to buy or sell Company’s shares. Company cannot guarantee that the securities described in this document constitute a suitable investment for all investors and nothing shall be taken as an inducement to any person to invest in or otherwise deal with any shares of Company and its group companies. The information contained in this document is published for the assistance of recipients, but is not to be relied upon as authoritative or taken in substitution for the exercise of judgment by any recipient. You must not distribute the information in this document to, or cause it to be used by, any person or entity in a place where its distribution or use would be unlawful. Neither Company, its board of directors, directors, managers, nor any of Its employees shall have any liability whatsoever for any direct or consequential loss arising from any use of this document or its contents.

For further information please contact with;

(Mr.) Osman Akkoca, Financial Control Manager and (Ms.) Gülnur Tüccar, Accounting Manager

(T) +90 212 393 43 00

[email protected]

www.aksigorta.com.tr/en/yatirimci_iliskileri.php

Aksigorta A.Ş. Meclis-i Mebusan Caddesi No 67 Fındıklı 34427 İstanbul Türkiye

http://www.aksigorta.com.tr/en/yatirimci_iliskileri.php









32


Contact Information & Disclaimer

Disclaimer

The information and opinions contained in this document have been compiled or arrived at by Aksigorta A.Ş from sources believed to be reliable and in good faith, but no representation or warranty, expressed or implied, is made as to their accuracy, completeness or correctness.

Certain of the statements contained herein are statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Future actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, (ii) performance of financial markets, (iii) the frequency and severity of insured loss events, (iv) interest rate levels and trends, (v) persistency levels, (vi) currency exchange rates, (vii) changes in laws and regulations, (viii) changes in the policies of central bank and (ix) general competitive factors.

The information contained in this document is published for the assistance of recipients , but is not to be relied upon as authoritative or taken in substitution for the exercise of judgement by any recipient. The Company does not accept any liability whatsoever for any direct or consequential loss arising from any use of this document or its contents. This document is strictly confidential and may not be reproduced, distributed or published for any purpose.

For further information please contact with;

(Mr.) Osman Akkoca, Financial Control Manager

(Mrs.) Gülnur Tüccar, Accounting Manager

Aksigorta A.Ş. Meclis-i Mebusan Caddesi No 67 Fındıklı 34427 İstanbul Türkiye

(T) +90 212 393 43 00

(F) +90 212 334 39 00

[email protected]

www.aksigorta.com.tr/en/yatirimci_iliskileri.php

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