Anadolu Anonim Turk Sigorta Sirketi A.s. · BIST:ANSGR
Anadolu Anonim Turk Sigorta Sirketi A.s — Investor Presentation (September 2021)
30 slides from Anadolu Anonim Turk Sigorta Sirketi A.s's investor presentation, Sep 30, 2021
Slide 1: Investment Presentation
INVESTMENT PRESENTATION 30.09.2021 Copyright © 2021, Anadolu Sigorta. All rights reserved. Fund Management and Investor Relations Department 1
Slide 2: Content
CONTENT Company & Market Potential_____ 3 Company Overview_____________ 12 Financial Highlights _____________ 21 Copyright © 2021, Anadolu Sigorta. All rights reserved. Fund Management and Investor Relations Department 2
Slide 3: Company & Market Potential
Company & Market Potential Copyright © 2021, Anadolu Sigorta. All rights reserved. Fund Management and Investor Relations Department 3
Slide 4: Sector Data
Sector Data Number of Companies Premium Production (₺ Bn) 21M9 (bn TRY) Non Life 42 18% 68,1 Life 21 21% 57,9 Reinsurance 4 Life; 20% 12,33 Total 67 ; 17% 47,7 39,7 Number of Non- Life; Foreign Shared Companies 58,27; 83% Non Life 42 14,4 Life 21 11,4 6,8 6,9 Reinsurance 4 Total 67 Non-Life Life 12.
Slide 5: Mandatory Policies in Turkey FY20
Mandatory Policies in Turkey FY20 EARTHQUAKE EARTHQUAKE • 18 million houses • 18 million houses • 43% of houses are non-insured • 43% of houses are non-insured Copyright © 2021, Anadolu Sigorta. All rights reserved. Fund Management and Investor Relations Department 5 SOURCE: DASK, Insurance Informat
Slide 6: Non-Life Trends in the Sector
Non-Life Trends in the Sector Non-Life Premium Per Person 690 611 Premium / GDP Premium Per Person 2019 (%) ($) 515 503 USA 7,43 4.854 386 UK 4,16 1.759 313 326 Switzerland 5,61 4.597 215 230 Poland 1,89 296 129 147 140 132 146 133 114 116 116 OECD 4,69 1.850 Turkey 1,27 116 2011 2012 2013 2014 2015
Slide 7: Non-Life Top 5 Companies Market Share Trend
Non-Life Top 5 Companies Market Share Trend 16% 14% Türkiye 12% Anadolu Allianz 10% 8% Aksigorta 6% Axa 4% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 21Q3 Allianz Anadolu Aksigorta Axa Türkiye Note: Data of Türkiye Sigorta before 2020 has created by consolidating Güneş, Ziraat and Halk insura
Slide 8: Top 10 Non-Life Companies
Top 10 Non-Life Companies Premium Premium Change (₺ Mn) Production Production (%) Production Share by Companies 20M9 21M9 Türkiye Türkiye 6.269 7.718 23,1 13% Anadolu 5.661 7.122 25,8 Other 30% Allianz 5.671 6.663 17,5 Anadolu Aksigorta 3.536 4.471 26,5 12% Axa 3.158 3.510 11,2 Top 5 Companies 24.29
Slide 9: Premium Production
Premium Production Anadolu Sigorta (₺ Mn) Non-Life Sector (₺ Mn) 20M9 21M9 ΔYoY (%) 20M9 21M9 ΔYoY (%) Branch GPW GPW Growth GPW GPW Growth MTPL 1.660 1.955 17,7 14.733 16.010 8,7% MOD 1.020 1.245 22,1 7.261 9.426 29,8% Fire and Nat. D. 991 1.381 39,3 7.285 9.111 25,1% Health 695 852 22,7 7.251 8.91
Slide 10: Company Overview
Company Overview Copyright © 2021, Anadolu Sigorta. All rights reserved. Fund Management and Investor Relations Department 10
Slide 11: History
History • 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 Copyright © 2021, Anadolu Sigorta. All rights reserved. Fund Management and Investor Relations Department 11
Slide 12: Distribution Channels – FY20
Distribution Channels – FY20 9 İstanbul (2) Regional Samsun Branches Bursa Trabzon Ankara İzmir 1 Overseas Branches Antalya Gaziantep Adana 1 Sales Office N. Cyprus 2.473 Professional Agencies 1227 Isbank Branches ~25% working exclusively with Anadolu Working exclusively with Anadolu Copyright © 202
Slide 13: Distribution Channels
Distribution Channels Premium Production – ANSGR Premium Production – Sector Milyonlar 7.000 15% 14% 6.000 50.000 -2 12% 15% 16% 15% 5.000 +1 40.000 12% 11% 15% 15% 4.000 11% +1 +1 30.000 14% 3.000 -1 20.000 62% 2.000 +3 57% 63% 54% 10.000 1.000 0 0 20M9 21M9 20M9 21M9 Agency Bank Broker Other Agenc
Slide 14: Production by Regions – FY20
Production by Regions– FY20 Marmara 53% Black Sea 6% Middle Anatolia 17% East Anatolia Aegean 3% 10% South East Anatolia 3% Mediterranean 8% Copyright © 2021, Anadolu Sigorta. All rights reserved. Fund Management and Investor Relations Department 14
Slide 15: Market Share & Rank (TRY mn)
Market Share & Rank (TRY mn) Rank Market Share BRANCHES 20M9 21M9 Growth (%) 21M9 21M9 MTPL 1.660 1.955 1 12,2% 17,7 General Liability 284 313 1 14,3% 10,2 Watercraft 134 220 1 29,0% 63,8 Aircraft 80 90 1 59,9% 12,3 Aircraft Liability(*) 44 64 1 61,3% 47,2 Fire 991 1.381 2 15,2% 39,3 MOD 1.020 1.245
Slide 16: Profitability – Combined Ratio
Profitability – Combined Ratio Combined Ratio 20M9 21M9 MOD 93,7% 106,4% MPTL 107,6% 125,7% Fire 124,8% 121,4% Health 97,4% 103,3% Accident 60,2% 60,3% General Liability 220,0% 295,3% General Losses 101,1% 105,6% Total 107,3% 116,2% 113% 111% 106% 116% 10% 13% 9% 13% 8% 14% 14% 14% 90% 84% 82% 93% 2
Slide 17: Company Profile
Company Profile ISO 9001 ISO 10002 Sustainability Quality Management Customer Satisfaction Sustainability Report System Certification Management System 2020 is published and Certification certified by GRI Standards Copyright © 2021, Anadolu Sigorta. All rights reserved. Fund Management and Investor
Slide 18: Sustainability
Sustainablity • We have significantly reduced energy consumption, CO2 emissions and paper consumption in the past years. Greenhouse Gas Emissions Per Employee (TCO2E / Person) One aspect of our approach to combating climate change is minimizing the effects of our Energy company activities. Comsumpti
Slide 19: Company Ratings
Company Ratings Fitch Fitch Insurer Financial National Insurer Financial SAHA Corporate Strength Strength Governance Rating: Rating: BB Rating: AA+(tur) 9.55 / 10 Outlook: Stable Outlook: Stable Copyright © 2021, Anadolu Sigorta. All rights reserved. Fund Management and Investor Relations Department
Slide 20: Shareholder Structure – 21Q3
Shareholder Structure – 21Q3 Milli Reasürans Türk Anonim Şirketi 286.550.106 57,3% Trakya Yatırım Holding A.Ş. 35.014.061 7,0% QİNVEST Portföy 25.212.000 5,0% Other 153.223.833 30,7% Total 500.000.000 100,0% IPO rate: ~48% Mcap (30.09.2021) : ₺3,01 Bn Free float: ~35% Capital (30.09.2021) : ₺500 Mn
Slide 21: Financial Highlights
Financial Highlights Copyright © 2021, Anadolu Sigorta. All rights reserved. Fund Management and Investor Relations Department 21
Slide 22: Growth Performance
Growth Performance Total Assets (mn TRY) (*) Tech. Reserves (mn TRY) 13.960 9.305 12.076 7.774 9.767 15,6% 6.212 7.904 19,7% 7.032 5.184 4.456 2017 2018 2019 2020 21M9 2017 2018 2019 2020 21M9 Assets Under Management (mn TRY) (*) Shareholders' Equity (mn TRY) 2.810 2.964 8.672 7.324 2.155 5,5% 5.894
Slide 23: Balance Sheet (₺ mn)
Balance Sheet (₺ mn) Change Change Assets 09.20 09.21 Liabilities 09.20 09.21 (%) (%) Cash + Marketable Sec. 7.702 9.601 24,7 Technical Provisions 7.368 9.305 26,3 Equity Participations 649 792 22,0 Shareholders' Equity 2.480 2.964 19,5 Other Assets 2.924 3.567 22,0 Other Liabilities 1.426 1.691 18,
Slide 24: Solo & Consolidated Figures (₺ mn)
Solo & Consolidated Figures (₺ mn) 600 30,0% 27,4% 28,6% 510 500 21,2% 449 460 461 25,0% 24,2% 403 420 400 18,7% 20,0% 19,8% 17,7% 324 18,6% 308 300 15,3% 15,0% 13,2% 184 201 200 10,0% 100 5,0% 0 0,0% 2017 2018 2019 2020 20Q3 - 21Q3 Net Profit Net Profit-Consolidated ROAE ROAE-Consolidated Copyright
Slide 25: Income Statement (₺ mn)
Income Statement (₺ mn) Change (%) 20Q3 21Q3 Change (%) P&L 20Q3 21Q3 (YoY) (Cons.) (Cons.) (YoY) Tech. Income (*) 1.321 1.674 27 1.321 1.674 27 Tech. Expenses -1.483 -1.948 31 -1.483 -1.948 31 Net Financial Inc. + Other Exp. (*) 293 311 6 346 345 0 Gross Profit 130 37 -72 183 72 -61 Tax & Deferred
Slide 26: Core Indicators
Core Indicators (TRY) FY20 21M9 Change Mcap 3.775mn 3.005mn -16,8% Equity (Book Value) 2.810mn 2.964mn 5,5% P / BV 1,28 1,01 -21,1% 4.000 1,25 1,28 1,40 3.500 1,20 1,02 3.610 1,01 3.000 0,95 1,00 0,79 3.005 2.964 2.500 2.810 0,80 2.000 2.200 2.155 2.055 0,60 1.500 1.550 1.639 1.646 0,40 1.000 1.223
Slide 27: Highlights – Anadolu
Highlights – Anadolu Strong growth despite tough market conditions • Ranked in top three at 13 non-life branches • Premium production at ₺7,1bn (26% ytd) • Strong Health, Fire and General Losses growth in Q3 (30%, 49% and 38%) Disasters - Turkey & World • Wild fires and flash floods in Turkey • Flas
Slide 28: Investment Portfolio
Investment Portfolio Repo 1% Deposits 37% In 21M9; Bonds 47% TRY 8,67 bn Dividend from ANHYT 72 mn TRY Investment Income * 1.124 mn TRY Portfolio Return ~ 20% Stock * ANHYT dividend excluded. 3% Funds 12% ‣TRY 7,32 bn at 31.12.2020 Copyright © 2021, Anadolu Sigorta. All rights reserved. Fund Managem
Slide 29: Disclaimer Statement
Disclaimer Statement 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 mean
Slide 30: Thanks
THANKS Copyright © 2021, Anadolu Sigorta. All rights reserved. Fund Management and Investor Relations Department 30