INVESTOR PRESENTATION 17Q4 - Anadolu Sigorta · 2018-03-06 · INVESTOR PRESENTATION 17Q4 1....
Transcript of INVESTOR PRESENTATION 17Q4 - Anadolu Sigorta · 2018-03-06 · INVESTOR PRESENTATION 17Q4 1....
INVESTOR PRESENTATION17Q4
1
Company & Market Potential 3
Company Overview 11
Financial Highlights 20
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Company & Market Potential
Company Overview
Financial Highlights
3
Premium Production-2017/12
SOURCE: Association of Insurance Companies
Non Life 39
Life 22
Reinsurance 2
Total 63
Non Life 26
Life 18
Reinsurance 1
Total 45
Number of Companies (12M17) Number of Foreign Shared Companies
Premium 12M17
Non-Life Life
4
27,3
35,4
39,7
3,85,0
6,8
12.15 12.16 12.17
Premium Production (₺ Bn)
Non Life Life
Mandatory Policies in Turkey (Earthquake & MTPL)
SOURCE: turkstat, State Planning Organization, Association of Insurance Companies, bkm, tramer, TCIP
17,7 million houses
52,6% of houses are non-insured
22,2 million vehicles
22,1% of vehicles are non-insured
EARTHQUAKE MTPL
5
2016Premium / GDP
(%)Premium Per Person
($)
World 2,81 285
USA 4,29 2.449
UK 2,58 1.031
Switzerland 4,12 3.233
Poland 1,92 238
Turkey 1,36 144
SOURCE: Treasury, Association of Insurance Companies, Swiss Re Sigma 3,2017
102 108 93 106 114 123143 133 124
144
118
165138
163
215 219
305 308361
505
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Non-Life Premium Per Person
Premium($) Premium(TRY)
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Non-Life Trends in the Sector
Top 10 Companies in the Sector-12M17
Non Life CompaniesPremium Production
(₺ Mn)
Allianz 5.134
Anadolu 4.671
Axa 2.908
Mapfre 2.680
Ak 2.637
Top 5 Companies 18.030
6 to 10 8.632
Top 10 Companies 26.662
Other 13.048
Total 39.711
SOURCE: Association of Insurance Companies
Allianz13%
Anadolu12%
Axa7%
Mapfre7%
Ak6%
6 to 1022%
Other33%
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Non-life Companies Premium Production
SOURCE: Association of Insurance Companies
Anadolu Sigorta (₺ Mn) Non-Life Sector (₺ Mn)
12M17 12M16 ΔYoY 12M17 12M16 ΔYoY
Branch GPW GPW Growth GPW GPW Growth
MTPL 1.342 1.581 -15% 13.038 12.931 1%
MOD 953 899 6% 6.916 6.171 12%
Fire and Nat. D. 814 756 8% 5.746 4.828 19%
Health 538 406 33% 5.028 4.226 19%
Other 1.024 842 22% 8.983 7.292 23%
Total 4.671 4.484 4% 39.711 35.448 12%
Total (MTPL excl.) 3.329 2.904 15% 26.669 22.517 18%8
Aspects of Pooling System
Includes high-risk policies;Commercial vehicles(taxi,minibus, bus and trucks) + non-commercial vehicles at 1st, 2nd & 3rd segments
%5 commission will be paid to the issuer company for claimmanagement
Discount rates dropped;Commercial vehicles at 5th, 6th & 7th segments reduced to 10%, 20% & 30% from 15%, 30%, 45% respectively => %13 Premium increase
Agency commissiondecreased to 8% from 10%
MTPL Pool Regulation
Premium & Claims distrubition;50% of them to be distributed toall companies equally, remaining50% will be calculated based on last three years’ market share
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Aspects of Pooling System
Includes all policies;Includes all policies issued after01.07.2017
%2 reinsurancecommission will be paid to the issuer company for expenses
Agency commissionFor all risk groups10%
MedMal PoolRegulation
Premium & Claims distrubition;50% of them to be distributed toall companies equally, remaining50% will be calculated based on last three years’ market share
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Company & Market Potential
Company Overview
Financial Highlights
11
o Founded by Mustafa Kemal Atatürk in 1925
o First national insurance company
o Main activity: Non-life insurance(until 1991, both life and non-life)
o group company
History
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Shareholder Structure (12M17)
(*)Milli Reasürans
57%
Other43%
(*) 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 29.343.090 5,9%
Other 149.092.743 29,8%
Total 500.000.000 100,0%
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• ~25% working exclusively with Anadolu2.215 Professional Agencies
• Working exclusively with Anadolu1.357 Işbank Branches
İzmir
Ankara
Antalya
Trabzon
Adana
N. Cyprus
İstanbul (2) Samsun
Bursa
Gaziantep
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Distribution Channels(12M17)
Distribution Channels (12M17)
Agency66%
14%
Broker10%
Indirect6%
Direct4%
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o Share of production 11,5% 13,8% in 12M17
o ₺644 mn GWP in 12Q17
15 M İşbank Customer
Bancassurance Potential
2013 269mn
2014 325mn
2015 423mn
2016 516mn
2017 644mn
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Production by Branches (12M17)
SOURCE: Association of Insurance Companies
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BRANCHES FY 2017 FY 2016Rank2017
Market Share2017
Growth
MOD 953 899 1 13,8% 6,0%
Fire 814 756 1 14,2% 7,6%
General Liability 181 141 1 17,7% 28,8%
Watercraft 89 79 1 40,7% 12,7%
Marine 86 82 1 13,3% 5,4%
MTPL 1.342 1.581 2 10,3% -15,1%
Aircraft Liability 36 34 2 27,1% 5,8%
Aircraft 27 26 2 23,6% 2,4%
Health 538 406 3 10,7% 32,7%
General Losses 414 319 3 9,5% 29,8%
Accident 153 132 3 9,1% 16,0%
Other 38 30 -- -- 26,8%
TOTAL 4.671 4.484 2 11,8% 4,2%
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Combined Ratio 2017 2016 YoY(%)
MOD 105,0% 99,8% 5,2%
MTPL 110,1% 113,9% -3,4%
Fire 112,4% 118,8% -5,4%
Health 109,8% 105,4% 4,2%
P.Accident 59,0% 68,8% -14,3%
Total 107,5% 107,1% 0,4%
85%76% 80% 83% 84% 85%
17%
15% 14% 15% 15% 14%
9%
10% 9%9% 8% 9%
2012 2013 2014 2015 2016 2017
Claims Ratio Net Comm. Ratio Expense Ratio
111,4%
101,2% 103,1%106,9%
107,1% 107,5%
Profitability
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659
719
566633
310
437 460 446
564
644694
805842
885
222259
120
69
2014 2015 3M16 6M16 9M16 2016 3M17 6M17 9M17 2017
IBNR Reserve Development(mn.TRY)
Company & Market Potential
Company Overview
Financial Highlights
20
21• 134 mn financial loans excluded (2016)• 103 mn financial loans excluded (2017)
3.2533.773
4.888
5.974
7.032
2013 2014 2015 2016 2017
Total Assets (mn TRY)
1.8512.282
2.934
3.9144.456
2013 2014 2015 2016 2017
Tech. Reserves (mn TRY)
1.7852.250
2.776
3.832
4.497
2013 2014 2015 2016 2017
Cash and Marketable Sec. (mn TRY)
9131.020
1.202 1.223
1.639
2013 2014 2015 2016 2017
Shareholders' Equity (mn TRY)
18%
34%17%
14%
Growth Performance
Assets 31.12.17 31.12.16
Cash + Marketable Sec. 4.608 3.966
Equity Participations 690 427
Other Assets 1.734 1.581
Assets 7.032 5.974
Liabilities 31.12.17 31.12.16
Technical Provisions 4.456 3.914
Shareholders' Equity 1.639 1.223
Other Liabilities 937 837
Liabilities 7.032 5.974
Balance Sheet
%16 increase in liquid assets %18 increase in total assets
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Income Statement – 2017 (₺ mn)
P&L 1Q17 2Q17 3Q17 4Q17 FY17 1Q16 2Q16 3Q16 4Q16 FY16Change
(%)(YoY)
Tech. Income 864 850 799 857 3.370 708 775 834 871 3.188 6%
Tech. Expenses -887 -932 -898 -903 -3.620 -772 -792 -887 -958 -3.409 6%
Net Financial Inc. + Other Exp. 102 110 114 155 481 62 72 71 120 325 47%
Deferred Tax 6 -2 13 -11 6 7 0 -1 1 7 -20%
Gross Profit 85 26 28 98 237 5 55 17 34 111 113%
Tax -23 -2 -15 -13 -53 -3 -11 -3 -6 -23 126%
Net Profit 62 24 13 85 184 2 44 14 28 88 110%
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7,70
5,90
7,40
15,40
9,908,70
10,54
17,74
2014 2015 2016 2017
ROE -ANHYT excluded ROE-Consolidated
ROE
Profitability
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Affiliates-17Q4
Equity (₺ M) 430 914
Market Cap (₺ M) 3.449 1.234
Share Owned 20,0% 4,8%
Share Value (₺ M) 690 59
Affiliates Deducted Mcap : ₺801 mnP / BV: 0,80
Mcap : ₺1.550 mnP / BV: 0,95
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Deposits73%
Funds12%
Bonds10%
Stocks4%
Other1%
Deposits Funds Bonds Stocks Other
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* ANHYT dividend excluded.
TOTAL: TRY 4,12 Billion
TRY 3,41 bn at 31.12.2016
Investment Portfolio
Booked Value: ₺690 Mn
In 2017;
Dividend from ANHYT 28 mn TRY
Investment Income * 547 mn TRY
Average Portfolio Income 15%
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)
Thank you…
This presentation contains forward-looking statements and information on thebusiness development of Anadolu Sigorta. These statements may be spoken orwritten and can be recognized by terms such as “expects”, “anticipates”,“intends”, “plans”, “seeks” or words with similar meaning. These statements arebased on assumptions relating to the development of the economies ofindividual countries, and in particular of the insurance industry, which we havemade on the basis of the information available to us and which we consider tobe realistic at the time of going to press. The estimates given involve a degree ofrisk, and the actual developments may differ from those forecasts.
Anadolu Sigorta does not accept any liability whatsoever for any direct orconsequential loss arising from any use of this document or its content due tomisleading information in this document.
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