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ANADOLU HAYAT EMEKLİLİK A.Ş.
COMPANY PRESENTATION
July 2012
Contents
Corporate Profile
Lines of Business - Life & Pensions
Financials
Stock Data
2
Turkish Economy 2011
Population (End of 2011 )
Urban Population (%)
Civil Employment (Age15+)
Unemployment Rate (%)
Gross Domestic Product-Current Prices (TL billion)
Gross Domestic Product (USD billion)
GDP Growth Rate (%)
GDP per Capita - Current Prices (USD)
Budget Deficit to GDP (%)
Current Deficit to GDP (%)
Consumer Price Index (%)
Producer Price Index (%)
Insurance Premium Income (TL billion)
Insurance Premium Income/GDP (%)
Source: Treasury and AIRCT
3
74.724.269
76,8
23.678.000
9,8
1.295
772
8,50
10.444
1,35
9,98
10,45
13,33
17,16
1,33
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 27.10.2003
Market leader in life insurance and private pension
4
Ownership Structure
5
INSURANCE SECTOR IN TURKEY
Total Number of Companies - 31.12.2011
Insurance Companies
- Non-Life
- Life
- Life & Pension
Reinsurance Companies
Source: AIRCT
6
59
35
7
16
1
INSURANCE SECTOR IN TURKEY
Premium Productions
2011
Total Premium Per Capita (USD)
Non-Life Premium Per Capita (USD)
116
Life Premium Per Capita (USD)
22
Total Premium Production (Billion USD)
Total Premium Production / GDP
Source: Treasury & AIRCT
7
138
10,3
1,3%
PRIVATE PENSION SYSTEM IN TURKEY
Contributions as of 31.12.2011*
Total Pension Fund System Contributions Per Capita (USD)
99
Total Pension Fund System Contributions (Billion USD)
7,5
Total Pension Fund System Contributions / GDP
*Temporary
Source: Treasury
8
1%
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
Corporate Profile
Financials
Stock Data
10
Lines of Business
Private Pension
Life Insurance
Endowment / Permanent Life
Individual
Corporate
Term Life
Annuities
Unemployment
Critical illness
11
Basic Features
 Started on 27.10.2003
 17 Licensed pension companies
 Third pillar system
 Defined contribution
 Voluntary participation
 Tax 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
 Cease contribution payments
 Leave anytime
12
Tax Incentives – Current 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.
13
Investment Stage
Benefit payments
• Investment income of
pension funds are tax
exempt.
• %25 of retirement
payments are exempt
from income tax.
• No stamp tax in setting
up pension funds.
• Residual is subject to a
witholding tax of 5%.
• No tax on transactions
in pension system.
• Early surrenders are
subject to 15% or 10% (in
case of completion of 10
yrs within the system)
withholding tax with no
exemption.
Upcoming Regulation – What Is New?
1. Totally different tax advantage structure for the participants:
•
•
•
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 in 3 yrs, 35% in 6
yrs, 60% in 10 yrs, and 100% in 10 yrs and 56 years of age.
2. Withholding tax will be applied only on the investment income.
3. Real estate and precious metal based pension funds will be established.
4. Partial redemption from the system will be possible .
5. After completing the initial two years in the system, participants will be able
to change their pension companies once a year.
14
Private Pension System In Turkey
15
Distribution Network
Bancassurance
1214 Branches
87 Branches
Direct Sales
Agents &
Brokers
Other
16
319
326 Branches
3 Branches
Licensed Salesperson
240
Exclusive Agencies
55 Brokers
Internet
Call
Centre
133 Branches
Total of
5 Banks &
1757
Branches
Pension Production By Channel
2012 / 6
2010
2011 2012 / 6
Direct to Customer
12%
10%
10%
Broker
2%
2%
1%
Agency
10%
13%
11%
BANCASSURANCE
76%
75%
78%
Is Bank
4%
3%
2%
Is Bank + Direct Sales
41%
42%
52%
Is Bank + Agency
14%
13%
11%
HSBC
16%
15%
11%
TEB + Agency
2%
-
-
Anadolubank
-
1%
1%
Albaraka
-
1%
1%
Total
17
100% 100%
100%
Key Drivers For Growth In Pension
Business
18
Economic
Improvements
in Turkey
• Structural reforms
• Extended maturities
• Purchasing power
• Lack of confidence in the social security
system
Advantages of
Pension
System
• Tax incentives
• Transparent system
• Participating to the investment process
• Mobility of the pension accounts
Key Drivers For Our Market Leadership
Distribution network
Diversified products
Fund performance
Charging structure
Service quality
19
Overview as of 31.07.2012
3.500.000
Fund Size (TL mio)
18.000
3.000.000
16.000
2.500.000
14.000
12.000
2.000.000
10.000
1.500.000
8.000
6.000
1.000.000
4.000
500.000
2.000
-
0
2004 2005 2006 2007 2008 2009 2010 2011 2012/7
Funds (TL mio)
20
Number Of Participants
Number Of Participants
20.000
Pension System Outlook
2009 %
2010 %
2011 %
2012 %
31.12.08 Change 31.12.09 Change 31.12.10 Change 31.12.11 Change 31.07.12
Fund Size (Million TL)
AHE
1.323
48%
1.954
34%
2.620
16%
3.029
27%
3.836
Sector
Market
Share
6.384
43%
9.107
32%
12.017
19%
14.333
25%
17.854
20,7%
21,5%
21,8%
21,1%
21,5%
Number of Participants (Thousands )
AHE
Sector
Market
Share
21
376
16%
438
15%
503
14%
574
6%
613
1.745
14%
1.988
14%
2.274
17%
2.650
10%
2.901
21,5%
22,0%
22,1%
21,7%
21,1%
Private Pension System
Sectoral Expectations - 1
Consolidated Expectations of Pension Companies for 2012
Number of New Participants Within the Year
825.516
Total Number of Participants at the Year-end
3.149.774
Net Cumulative Amount of Contributions at the Year-end (TL)
15.940.839.562
Net Cumulative Amount of Accumulations at the Year-end (TL)
18.900.141.864
Source: Pension Monitoring Center - Most Probable Scenario
22
Private Pension System
Sectoral Expectations - 2
Consolidated Expectations of Pension Companies for 2012 (Year-end)
Number of Contracts to be Transferred
Amount of Transfers (TL)
Expected Number of Contracts to Withdraw
Expected Amount of Accumulations to be Withdrawn (TL)
Expected Number of Participants to Retire
Expected Amount of Accumulations Related to Retired Participants (TL)
Source: Pension Monitoring Center - Most Probable Scenario
23
289.281
2.301.725.270
1.790.633
14.188.411.369
5.976
249.599.240
Overview as of 31.07.2012
XXX
XXX
XXX
XXX
24
XXX
XXX
XXX
XXX
XXX
XXX
XXX
XXX
Lapse Ratio: Sector Average vs. Anadolu Hayat Emeklilik
12.01.2004 - 31.07.2012, Weekly Data
Source: Pension Monitoring Center
25
AHE Pension Products Fund Menu
As of 31.07.2012
Conservative
Cash Fund
Balanced
International Mixed Fund
Aggressive
Equity Fund
Eurobond $/€ Fund
Conservative Fund
Agressive Fund
Alternative Balanced F.
Bond Fund
54 %
26
Balanced Fund
28 %
BRIC Fund
18 %
Pension Funds & Mutual Funds
Fund
Type
Average
Maturity
Net Asset
Value
(mio TL)
Equity (%)
T-Bills &
G. Bonds Reverse
(%)
Repo (%)
Money
Market
Inst.
(%)
Foreign T.Deposits
/
Currency
Sec.(%) Other (%)
PRIVATE PENSION FUNDS
30.12.2011
554
14.308
12,10
60,77
11,36
0,47
0,85
14,46
01.08.2012
518
17.854
13,70
58,98
8,36
1,53
0,69
16,74
MUTUAL FUNDS – BANKS & Others
30.12.2011
77
27.082
3,57
23,24
46,61
9,15
0,38
17,06
01.08.2012
85
30.110
4,02
22,38
40,02
9,45
0,35
23,79
Source: Capital Markets Board of Turkey
27
Pension Funds
Net Asset Values as of 31.07.2012
28
Pension Funds
Weighted Average Returns as of 31.07.2012
29
Anadolu Hayat Emeklilik Pension Funds’
Weighted Average Return Performance
Weighted Average Returns (%)
%
30
Pension Products
Charging Structure
Entrance Fee
Management Fee
• At the phase of
entrance to the System
for each pension
account
• To cover administrative
expenses
• To cover fund
management expenses
• On contributions
• On NAV of each fund
• Can be deferred till the
leaving date or can be
collected by
installments
• Legal upper limit: 8%
• Legal upper limit:
1/10,000 (daily) ≈ 3,65%
(annual)
• ½ of Monthly
Minimum Wage
31
Fund Management Fee
Life Insurance In Turkey
Market Shares (Top 7 in Premium Production)
35%
30%
30%
27%
28%
25%
20%
16%
13%
15%
10%
11%
10%
9%
6% 7%
4%
5%
6%
5% 5%
4% 4%
5%
3%
4%
0%
0%
XXX
XXX
XXX
GARANTI
2009
HALK
XXX
XXX
32
ZİRAAT
YKE
2010
VAKIF
2011
XXX
AHE
FİNANS
5%
Life Insurance In Turkey
Market Shares (Mathematical Reserves)
2010
AHE
33
2011
%
(Mio TL)
40%
1.977
%
(Mio TL)
36%
2.025
XXX
6%
290
11%
612
XXX
10%
496
10%
549
XXX
9%
467
8%
463
XXX
8%
413
7%
416
XXX
6%
276
5%
285
Others
21%
1081
22%
1202
TOTAL
100%
5.000
100%
5.553
Profit Sharing Rates – TL Based Life Products
34
Anadolu Hayat Emeklilik - Life Portfolio
Total Number of Policies – 2010 vs 2011
35
Total Number of Policies – 2011/6 vs 2012/6
36
Total Premium Production (TL) – 2009 - 2011
37
Total Premium Production (TL) – 2011/6 vs 2012/6
38
Premium Production – New Business (TL) - 2010 vs 2011
39
Premium Production – New Business (TL) - 2011/6 vs 2012/6
40
Life Production By Channel
2012 / 06
41
2010
2011
2012 / 06
Agency & Broker
35%
29%
20%
Direct to Customer
32%
27%
19%
BANCASSURANCE
33%
44%
61%
Is Bank
24%
36%
54%
Is Bank & Direct Sales &
Agency
8%
7%
6%
HSBC
1%
1%
1%
Total
100%
100%
100%
Life Products
Charging Structure
Agency Commission
• Paid out to our
distribution
channels
• Charged on
premiums
• No limits since
05.11.2007
42
Management Fee
• To cover
administrative
expenses
• Charged on
premiums
• No limits
Fund Charge
• To cover fund
management expenses
• Charged on current
year’s returns
• Max. 15% of the
returns
Corporate Profile
Financials
Stock Data
43
Financial Highlights & Key Metrics
44
TL Million
2009
2010
2011
2012/06
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
500
19
7
12
79
1.953
1.976
430
250
4.480
358
27
14
13
71
2.620
2.091
451
250
5.299
348
34
34
0
65
3.030
2.027
430
300
5.648
182
25
16
9
39
3.695
2.061
447
300
6.391
Key Valuation Metrics
2009
2010
2011
2012/06
ROAE
Earnings Per Share
P/E
P/BV
20%
0,26
15,6
2,9
16%
0,24
18,8
3,0
15%
0,22
12,8
1,9
9%
0,13
31,9
2,8
ANHYT
2009
2010
2011
2012/07
Average Monthly Traded Volume (Million TL)
45,81
36,37
36,78
41,82
Dividend Payout
2008
2010*
2011*
Gross Profit (TL)
67.310.238
97.993.428
88.179.608
76.335.800
Net Profit (TL)
52.905.238
79.284.428
72.744.608
62.920.800
Net Distributable Profit (TL)
50.211.779
75.661.865
69.176.772
59.687.324
Dividend to Shareholders (TL)
42.000.000
55.000.000
40.000.000
40.000.000
- Cash
42.000.000
55.000.000
40.000.000
40.000.000
-
-
-
Cash / Net Profit (%)
79,39
69,37
54,99
63,57
Cash / Net Distributable Profit (%)
83,65
72,69
57,82
67,02
Bonus Share / Net Profit (%)
-
-
-
-
Bonus Share / Net Distributable Profit (%)
-
-
-
-
Dividend to Shareholders / Net Profit (%)
79,39
69,37
54,99
63,57
Dividend to Shareholders / Net
Distributable Profit (%)
83,65
72,69
57,82
67,02
- Bonus Share
45
2009
* Consolidated
Capital Adequacy
31.12.2009
(TL)
Capital required for Non-Life Branch
31.12.2011
(TL)
28.753
178.239
186.997
96.160.222
100.852.982
106.373.431
6.757.190
8.424.900
9.450.175
TOTAL CAPITAL REQUIRED
102.946.165
109.456.121
116.010.603
TOTAL CAPITAL
429.892.005
450.645.954
430.162.083
EXCESS CAPITAL
326.945.840
341.189.833
314.151.480
Capital required for Life Branch
Capital Required for Pension Branch
46
31.12.2010
(TL)
Income Statement
(mio TL)
2010
2011
0,17
0,32
NON-LIFE TECHNICAL EXPENSES
-0,40
-0,33
NON-LIFE TECHNICAL PROFIT / LOSS
-0,23
-0,01
551,20
563,17
-537,25
-528,72
LIFE TECHNICAL PROFIT / LOSS
13,95
34,45
PENSION FUND TECHNICAL INCOME
95,16
113,85
-82,04
-113,85
TECHNICAL PART
NON-LIFE TECHNICAL INCOME
I-
LIFE TECHNICAL INCOME
LIFE TECHNICAL EXPENSES
II-
PENSION FUND TECHNICAL EXPENSES
III-
PENSION FUND TECHNICAL PROFIT / LOSS
13,12
-
IV-
GENERAL TECHNICAL PROFIT / LOSS
26,84
34,44
INVESTMENT INCOME
70,03
57,22
INVESTMENT EXPENSES
-7,90
-7,60
PROFIT FROM OTHER & EXTRAORDINARY ACTIVITIES
-2,14
-5,98
V-
COMPANY ASSETS PROFIT / LOSS
59,99
43,64
VI-
PERIOD PROFIT / LOSS (IV+V)
86,83
78,08
-15,44
-13,41
71,39
64,67
VII- PROVISION FOR TAX & OTHER LEGAL LIABILITIES
47
IX-
PERIOD NET PROFIT / LOSS (VII - VIII)
Income Statement
(mio TL)
2011 / 06
2012 / 06
0,10
0,39
NON-LIFE TECHNICAL EXPENSES
-0,17
-0,22
NON-LIFE TECHNICAL PROFIT / LOSS
-0,07
0,17
281,18
241,89
-266,43
-225,38
LIFE TECHNICAL PROFIT / LOSS
14,75
16,51
PENSION FUND TECHNICAL INCOME
55,28
64,78
-57,02
-56,08
TECHNICAL PART
NON-LIFE TECHNICAL INCOME
I-
LIFE TECHNICAL INCOME
LIFE TECHNICAL EXPENSES
II-
PENSION FUND TECHNICAL EXPENSES
48
III-
PENSION FUND TECHNICAL PROFIT / LOSS
-1,74
8,70
IV-
GENERAL TECHNICAL PROFIT / LOSS
12,94
25,38
INVESTMENT INCOME
40,40
32,88
INVESTMENT EXPENSES
-4,03
-4,36
PROFIT FROM OTHER & EXTRAORDINARY ACTIVITIES
-7,35
-3,23
V-
COMPANY ASSETS PROFIT / LOSS
29,02
25,29
VI-
PERIOD PROFIT / LOSS (IV+V)
41,96
50,67
VII- PROVISION FOR TAX & OTHER LEGAL LIABILITIES
-6,46
-11,69
IX-
35,50
38,98
PERIOD NET PROFIT / LOSS (VII - VIII)
Balance Sheet
(mio TL)
2010
2011
129
120
ASSETS
I-
LIQUID ASSETS
II-
MARKETABLE SECURITIES
2.453
2.384
IIII-
RECEIVABLES
2.682
3.098
IV-
INVESTMENTS
6
9
V-
FIXED ASSETS
24
24
VI-
OTHER ASSETS (NET)
5
13
5.299
5.648
TOTAL ASSETS
LIABILITIES AND SHAREHOLDERS’ EQUITY
I-
PAYABLES
2.680
3.106
II-
TECHNICAL PROVISIONS
2.155
2.093
IIII-
OTHER PROVISIONS
IV-
TAX PROVISIONS
8
5
9
10
V-
SHAREHOLDERS' EQUITY
451
430
5.299
5.648
TOTAL LIAB. AND SHAREHOLDERS’ EQUITY
49
Balance Sheet
(mio TL)
2011 / 06
2012 / 06
102
99
ASSETS
I-
LIQUID ASSETS
II-
MARKETABLE SECURITIES
2.399
2.479
IIII-
RECEIVABLES
2.972
3.768
IV-
INVESTMENTS
9
9
V-
FIXED ASSETS
23
24
VI-
OTHER ASSETS (NET)
7
12
5.512
6.391
TOTAL ASSETS
LIABILITIES AND SHAREHOLDERS’ EQUITY
I-
PAYABLES
2.976
3.782
II-
TECHNICAL PROVISIONS
2.095
2.138
IIII-
OTHER PROVISIONS
8
12
IV-
TAX PROVISIONS
12
12
V-
SHAREHOLDERS' EQUITY
421
447
5.512
6.391
TOTAL LIAB. AND SHAREHOLDERS’ EQUITY
50
Corporate Profile
Financials
Stock Data
51
Stock Data
52
Year
MCAP (Million $)
2005
401
2006
458
2007
569
2008
185
2009
740
2010
816
2011
423
13.08.2012
791
THANK YOU…
For further information:
[email protected]
Website:
www.anadoluhayat.com.tr
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
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