anadolu hayat emeklİlİk a.Ş. company presentation august 2008

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ANADOLU HAYAT EMEKLİLİK A.Ş. ANADOLU HAYAT EMEKLİLİK A.Ş. COMPANY PRESENTATION COMPANY PRESENTATION August 2008 August 2008

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ANADOLU HAYAT EMEKLİLİK A.Ş.ANADOLU HAYAT EMEKLİLİK A.Ş.COMPANY PRESENTATIONCOMPANY PRESENTATION

August 2008August 2008

2

IndexIndex

Corporate ProfileCorporate Profile

Lines of Business - Life & Pensions Lines of Business - Life & Pensions

FinancialsFinancials

Stock DataStock Data

3

Corporate VisionCorporate Vision

To be the leading company in To be the leading company in Turkey in all aspects of Turkey in all aspects of

personal financial planning personal financial planning concerning the future of concerning the future of

Turkey and the Turkish peopleTurkey and the Turkish people

4

Corporate ProfileCorporate Profile

First life insurance company in Turkey

Established in 1990 as a subsidiary of Türkiye İş Bankası

Market leader in life insurance sector since establishment

Has been operating in pension business since 27.10.2003

The only Life & Pension company publicly traded (since 2000)

5

Ownership StructureOwnership Structure

16%16%Free FloatFree Float

1%1%Milli Reasürans A.Ş.Milli Reasürans A.Ş.

1%1%Fortis Bank A.Ş.Fortis Bank A.Ş.

20%20%Anadolu Anonim Türk Sigorta Şirketi Anadolu Anonim Türk Sigorta Şirketi

62%62%Türkiye İş Bankası A.Ş.Türkiye İş Bankası A.Ş.

6

TOTAL NUMBER OF COMPANIES AS OF 2007TOTAL NUMBER OF COMPANIES AS OF 2007

Source: Source: Treasury

Insurance Companies (Insurance) 50

- Non-Life 28

- Life 11

- Life & Pension 10

- Pension 1

Reinsurance Companies 1

7

TURKEY INSURANCE SECTOR TURKEY INSURANCE SECTOR Premium Productions as of 2007Premium Productions as of 2007

Source: Treasury

Total Premium Per Capita (USD) 133

Non-Life Premium Per Capita (USD) 117

Life Premium Per Capita (USD) 16

Total Premium Production (Billion USD) 9,4

Total Premium Production / GDP 1,28

8

Growth StrategyGrowth Strategy

Shift Distribution Channel StrategyShift Distribution Channel Strategy Focus on BancassuranceFocus on Bancassurance New Strategic Partnerships with BanksNew Strategic Partnerships with Banks Expanding Direct Sales TeamExpanding Direct Sales Team Improve agency profileImprove agency profile

Improve Customer Service QualityImprove Customer Service Quality

Improve HR quality and thus productivityImprove HR quality and thus productivity

Focus on Corporate Pension BusinessFocus on Corporate Pension Business

9

NetworkNetwork

BancassuranceBancassurance

Direct SalesDirect Sales

Agents & BrokersAgents & Brokers

OtherOther

238 Licensed Salesperson

304 Exclusive Agencies42 Brokers

InternetCall Centre

979 branches 311 branches 303 branches 80 branches

4 branches 14 branches

10

Corporate ProfileCorporate Profile

Lines of Business - Life & Pensions Lines of Business - Life & Pensions

FinancialsFinancials

Stock DataStock Data

11

Lines of BusinessLines of Business

EndowmentEndowment Term LifeTerm Life AnnuitiesAnnuities

IndividualIndividual CorporateCorporate

Life InsuranceLife InsurancePensionsPensions

12

Started Started on on 27.10.2003 27.10.2003 1111 Licensed Licensed ppension ension ccompaniesompanies, as of 31.12.2007, as of 31.12.2007 Third Third ppillar illar ssystemystem Defined Defined ccontributionontribution Voluntary participationVoluntary participation Tax incentives for both participant & employerTax incentives for both participant & employer FFully funded ully funded system system Minimum retirement age is 56 Minimum retirement age is 56 Funds are managed by asset management companiesFunds are managed by asset management companies Separate pension accounts for each participantSeparate pension accounts for each participant Participants have the right to;Participants have the right to;

Switch funds or pension plan Switch funds or pension plan Transfer accounts between pension companies once a Transfer accounts between pension companies once a

yearyear Merge their separate pension accountsMerge their separate pension accounts Cease contribution paymentsCease contribution payments Leave at anytimeLeave at anytime

Private Pension System in Turkey Private Pension System in Turkey Basic FeaturesBasic Features

13

PPrivate Pension System in Turkey rivate Pension System in Turkey

Tax IncentivesTax Incentives

Contribution StageContribution Stage Contributions are tax deductible up to %10 of income Contributions are tax deductible up to %10 of income

with a cap of annual minimum wage.with a cap of annual minimum wage. Employer contributions are also tax deductible subject to Employer contributions are also tax deductible subject to

the same limitsthe same limits

Investment StageInvestment Stage Investment income of pension funds are tax exemptInvestment income of pension funds are tax exempt No stamp tax in setting up pension fundsNo stamp tax in setting up pension funds No tax on transactions in pension systemNo tax on transactions in pension system

Benefits paymentsBenefits payments %25 of retirement payments are exempt from income tax%25 of retirement payments are exempt from income tax Residual is subject to a witholding tax of 5 %Residual is subject to a witholding tax of 5 % Early surrenders are subject to 15% or 10%Early surrenders are subject to 15% or 10% (in case of (in case of

completion of 10 yrs within the system) witholding tax completion of 10 yrs within the system) witholding tax with no exemptionwith no exemption

14

TREASURY

PENSION MONITORING CENTRE

PARTICIPANT &SPONSOR

PENSION ACCOUNT

ADMINISTRATION*

ASSET MANAGEMENT **

FUND ADMINISTRATION

***

MONEY AND CAPITAL

MARKETS

CUSTODIAN BANK

CAPITAL MARKETS BOARD

Reporting of Reporting of Pension AccountPension Accountss

Reporting of Reporting of FundFundss

Reporting of Reporting of Pension AccountPension Accountss

Private Pension System in TurkeyPrivate Pension System in Turkey

* Anadolu Hayat Emeklilik * Anadolu Hayat Emeklilik

** İş Asset Management, HSBC Asset Management, TEB Asset ** İş Asset Management, HSBC Asset Management, TEB Asset ManagementManagement

*** Isbank*** Isbank

15

Private Pension System in Turkey Private Pension System in Turkey OverviewOverview as of 31.08.2008 as of 31.08.2008

- 1.000 2.000 3.000 4.000 5.000 6.000

2003 2004 2005 2006 2007 2008/8

Fund

Siz

e(Y

TL M

il)

0

500.000

1.000.000

1.500.000

2.000.000

Num

ber

of

Par

ticip

ants

Funds (YTL Mil) Number Of Participants

16

Private Pension System OutlookPrivate Pension System Outlook

As of 31.12.200

32004 % Change

As of 31.12.200

42005 % Change

As of 31.12.200

52006

ChangeAs of

31.12.20062007

Change

As of 31.12.200

72008

Change

As of 31.08.200

8

Net Asset Value (mio YTL)

AHE 6 683% 47 272% 175 202% 529 72% 910 27% 1.160

Sum of Sector 32 706% 258 313% 1.066 137% 2.527 81% 4.571 25% 5.693

Market Share 18,8%   18,2%   16,4%   20,9%   19,9%   20,4%

Number of Participants

AHE 3.114 985% 33.798 190% 98.178 93% 189.567 57% 297.662 19% 353.700

Sum of Sector 15.245 1961% 314.257 114% 672.696 60% 1.073.650 36% 1.457.704 14% 1.659.627

Market Share 20,4%   10,8%   14,6%   17,7%   20,4%   21,3%

17

Private Pension SystemPrivate Pension SystemSectoral Expectations for 2013Sectoral Expectations for 2013

Consolidated Expectations of Pension Companies for 2013 Median

Total Number of Participants (Individual) 2,300,000

Total Number of Participants (Group) 953,941

Total Number of Participants (Total) 3,250,000

Total Number of Contracts (Individual) 2,500,000

Total Number of Contracts (Group) 985,495

Total Number of Contracts (Total) 3,475,000

Total Amount to be Invested (mio YTL) 23,000

Total Amount of Participant's Funds (mio YTL) 28,355

Total Number of Participants to Opt Out 650,000

Total Number of Contracts to be Transferred 105,000

Total Number of Authorized Intermediaries 15,000

Source: Pension Monitoring Center

18

KEY DRIVERS FOR GROWTH IN KEY DRIVERS FOR GROWTH IN PENSION BUSINESSPENSION BUSINESS

Economic Improvements in Turkey Structural reforms Extended maturities Purchasing power

Advantages of Pension System Tax incentives Transparent system Participating to the investment process

New Regulations Vesting Right of transfers to the pension system

19

KEY DRIVERS FOR OUR MARKET KEY DRIVERS FOR OUR MARKET LEADERSHIPLEADERSHIP

Distribution network

Diversified products

Fund performance

Charging structure

Service quality

20

Private Pension System in Turkey Private Pension System in Turkey OverviewOverview as of 31.08.2008 as of 31.08.2008

Number Of Number Of ParticipantParticipant

ss

Market Market

ShareShareFundsFunds

(mio YTL)(mio YTL)Market Market

ShareShare

AHEAHE 353,700353,700 21.3%21.3% 1,1601,160 20.4%20.4%

XXXXXX 324,419324,419 19.6%19.6% 789789 13.9%13.9%

XXXXXX 256,034256,034 15.4%15.4% 1,3161,316 23.1%23.1%

XXXXXX 238,745238,745 14.4%14.4% 852852 15.0%15.0%

XXXXXX 152,026152,026 9.2%9.2% 331331 5.8%5.8%

Other 5Other 5 334,703334,703 20.1%20.1% 1,2451,245 21.8%21.8%

TotalTotal 1,659,6271,659,627 100.0%100.0% 5,6935,693 100.0%100.0%

21

Private Pension Funds & Mutual Private Pension Funds & Mutual FundsFunds

Fund Type

Average Maturit

y

Net Asset Value

(mio YTL)Equity

(%)

Turkish Treasury

Bonds(%)

Reverse Repo (%)

Money Market Inst.

(%)

Foreign Currency Sec.(%)

Other (%)

PRIVATE PENSION FUNDS

31.12.2007 533 4,571 11.60 68.87 13.66 0.42 0.51 4.94

31.08.2008 430 5,693 8.29 65.26 19.92 0.02 0.44 6.07

MUTUAL FUNDS

31.12.2007 85 26,379 2.48 37.86 56.40 2.97 0.05 0.24

31.08.2008 72 24,475 1.78 29.89 63.89 3.69 0.03 0.72

22

Pension Pension Products Products Fund MenuFund Menu

ConservativeConservative BalancedBalanced AggressiveAggressive Cash Fund

Conservative Fund

Bond Fund

Intnl. Mixed Fund

Eurobond $ Fund

Eurobond € Fund

Balanced Fund

Equity Fund

Aggressive Fund

66%66% 24%24% 10%10%

23

29.12.2006-31.12.2007 29.12.2006-31.12.2007 Weighted Average ReturnWeighted Average Return

Private Pension FirmNet Asset Value

(mio YTL)

Weighted Average Return

(%)

Anadolu Hayat Emeklilik 910 21.01

XXXXXX 573 20.49

XXXXXX 64 20.39

XXXXXX 292 19.71

XXXXXX 236 19.49

XXXXXX 139 18.60

XXXXXX 1,130 18.47

XXXXXX 701 16.37

XXXXXX 251 15.72

XXXXXX 275 14.74

TOTAL 4,571 18.46

24

PensionPension Production Production bby y ChannelChannel

20062006 20072007 2008 / 72008 / 7

Direct to Customer + Direct to Customer +

Direct SalesDirect Sales6 %6 % 2,1 %2,1 % 2,7 %2,7 %

BrokerBroker 0,4 %0,4 % 1,0 %1,0 % 0,7 %0,7 %

AgencyAgency 15 %15 % 4,4 %4,4 % 5,9 %5,9 %

BANCASSURANCEBANCASSURANCE

Is BankIs Bank 5 %5 % 5,5 %5,5 % 3,2 %3,2 %

Is Bank + Direct SalesIs Bank + Direct Sales 34 %34 % 37,8 %37,8 % 44,7 %44,7 %

Is Bank + AgencyIs Bank + Agency 115 %5 % 18,3 %18,3 % 18,5 %18,5 %

HSBCHSBC 24 %24 % 23,4 %23,4 % 15,9 %15,9 %

TEB + AgencyTEB + Agency 0,3 %0,3 % 7,0 %7,0 % 7,4 %7,4 %

AnadolubankAnadolubank 1 %1 % 0,5%0,5% 1,1 %1,1 %

TotalTotal 100 %100 % 100%100% 100%100%

66,4 %

25

Pension Pension Products Products Charging Structure & Minimum Charging Structure & Minimum ContributionContribution

  

ENTRANCE FEEENTRANCE FEE

MANAGEMENT MANAGEMENT FEEFEE

FUND FUND MANAGEMENTMANAGEMENT

FEEFEE

MIN. MIN. CONTRIBUTIONCONTRIBUTION

ExplanationExplanation Charging MethodCharging Method LimitLimit Individual Pension Individual Pension PlansPlans (#3) (#3)

Group Pension Group Pension PlansPlans

(#117)(#117)

At the phase At the phase of entrance to of entrance to the System for the System for each pension each pension

accountaccount

Can be deferred Can be deferred till the leaving till the leaving date or can be date or can be collected by collected by installmentsinstallments

Minimum Minimum WageWage

Minimum wageMinimum wageDeferred till Deferred till

leaving within 5 leaving within 5 yrs. (yrs. (Min.wage Min.wage in in first 3 yrs, first 3 yrs, ½ of ½ of

Min wage between Min wage between 3-5 yrs)3-5 yrs)

After 5 yrs After 5 yrs completion 0completion 0

0 to Minimum 0 to Minimum wage wage

Deferred till Deferred till leaving within 5 leaving within 5

yrs. for some yrs. for some plansplans

After 5 yrs After 5 yrs completion 0 for completion 0 for

all plansall plans

To cover To cover administrative administrative

expensesexpensesOn contributionsOn contributions 8%8%

00%% to to 88% % ((depending on the depending on the

contribution contribution amount & amount &

payment methodpayment method))

%0 to %5%0 to %5

To cover fund To cover fund management management

expensesexpenses

On NAV of each On NAV of each fundfund

1/10,000 1/10,000 (daily)(daily)

3,72% 3,72% (annual)(annual)

2.34% (annual 2.34% (annual average)average) %1 to %2,59 %1 to %2,59

(annual)(annual)

Min.Min. monthly monthly amount to be amount to be paid regularly paid regularly for at least 10 for at least 10

yrs.yrs.

-- -- 6060 YTLYTL 3388 YYTLTL

2626

Life Insurance in Turkey Life Insurance in Turkey Market SMarket Shares (Premium Production)hares (Premium Production)

PENSION COMPANYPENSION COMPANY 20062006 20072007 2008 / 62008 / 6

AHEAHE 25 %25 % 24 %24 % 21%21%

XXXXXX 13 %13 % 15 %15 % 22%22%

XXXXXX 9 %9 % 11 %11 % 9%9%

XXXXXX 7 %7 % 8 %8 % 7%7%

XXXXXX 8 %8 % 7 %7 % 7%7%

XXXXXX 6 %6 % 6 %6 % 5%5%

OthersOthers 31 %31 % 29%29% 29%29%

TOTALTOTAL 100 %100 % 100%100% 100%100%

2727

Life Insurance in Turkey Life Insurance in Turkey Market SMarket Shares (Mathematical Reserves)hares (Mathematical Reserves)

PENSION PENSION COMPANY COMPANY 20062006 20072007

%% ( Mio YTL)( Mio YTL) %% ( Mio YTL)( Mio YTL)

AHE AHE 3434 1.3021.302 35,035,0 1.4201.420

XXXXXX 1313 511511 1212 476476

XXXXXX 1111 425425 1111 460460

XXXXXX 1010 375375 1010 406406

XXXXXX 77 266266 77 277277

XXXXXX 66 229229 55 221221

OthersOthers 2020 759759 2020 795795

TOTAL TOTAL 100100 3.8673.867 100100 4.0544.054

Source: Treasury

28

Life ProductsLife Products / / Profit Sharing RatesProfit Sharing Rates

YEARYEARPROFIT PROFIT

SHARE(%)SHARE(%) USD(%)USD(%) CPI(%)CPI(%)

19981998 98 98 53 53 70 70

19991999 119 119 7733 69 69

20002000 43 43 24 24 39 39

20012001 76 76 111144 69 69

20022002 62 62 14 14 30 30

20032003 47 47 -15-15 18 18

20020044 2929 --44 99

20020055 2323 00 88

20020066 1616 55 1010

20072007 2020 -17-17 88

AVERAGEAVERAGE 5353 2525 3333

2929

Life PortfolioLife PortfolioTotal Number of PoliciesTotal Number of Policies

20062006 20072007 2007 / 62007 / 6 2008 / 62008 / 6

EndowmentEndowment 159.263159.263 125.697125.697 140.001140.001 113.352113.352

AnnuityAnnuity 40.00140.001 39.39439.394 38.85838.858 39.25039.250

Term LifeTerm Life 552.223552.223 711.556711.556 659.289659.289 646.951646.951

TotalTotal 751.487751.487 876.647876.647 838.148838.148 799.553799.553

3030

Life Portfolio Life Portfolio Total Premium Production(YTL)Total Premium Production(YTL)

20062006 20072007 2007 / 62007 / 6 2008 / 62008 / 6

EndowmenEndowmentt

119898..640640..494933

177.682.06177.682.0699

8989..343343..989833

86.600.06986.600.069

AnnuityAnnuity 101101..403403..757533

111.279.99111.279.9944

5353..840840..777766

73.977.99373.977.993

Term LifeTerm Life 4040..492492..234234 49.930.40449.930.404 2222..791791..060699

19.103.81019.103.810

TotalTotal 340.536.47340.536.4799

338.892.46338.892.4688

165.975.8165.975.82727

179.681.87179.681.8722

3131

Life Portfolio Life Portfolio Premium Production - New Business (Premium Production - New Business (YTL)YTL)

20072007 2007/62007/6 2008 / 62008 / 6

EndowmentEndowment 5.303.8445.303.844 2.177.5332.177.533 2.800.2632.800.263

AnnuityAnnuity 111.279.9111.279.99494 53.840.77653.840.776 73.977.99373.977.993

Term LifeTerm Life 48.737.2748.737.2733

22.039.03922.039.039 18.655.81518.655.815

TotalTotal 165.321.1165.321.11212 78.057.34878.057.348 95.434.07195.434.071

3232

Life Life Production Production bby y ChannelChannel

20062006 20072007 2008 / 62008 / 6

Agency & BrokerAgency & Broker 44 %44 % 36%36% 39%39%

Direct to Customer & Direct Direct to Customer & Direct SalesSales

23 %23 % 24%24% 30%30%

IsbankIsbank 28 %28 % 33%33% 18%18%

IsbankIsbank & Direct Sales & Direct Sales 5 %5 % 7%7% 12%12%

HSBCHSBC 1%1%

TotalTotal 100 %100 % 100%100% 100%100%

30%

33

LLife Products ife Products Charging StructureCharging Structure

  

AGENCY AGENCY COMMISSIONCOMMISSION

MANAGEMENMANAGEMENT FEET FEE

FUND FUND CHARGECHARGE

RISK RISK PREMIUMPREMIUM

ExplanatioExplanationn

CharginCharging g

MethodMethodLimitLimit Individual Life Individual Life

ProductsProductsGroup Life Group Life ProductsProducts

--On On

premiupremiumsms

For term life products For term life products total of commission total of commission rates cannot exceed rates cannot exceed

25%.25%.For other products total For other products total

of commission rates of commission rates cannot exceed 80%.cannot exceed 80%.

TRL - $/€TRL - $/€

1.Year 1.Year 3030%%--2200%%

2. Year 5%2. Year 5%-2-2%%

3. 3. YYearear+ 3+ 3%%--2%2%

Varies Varies according to according to

the groupthe group

To cover To cover administraadministra

tive tive expensesexpenses

On On premiupremiu

msms NoneNone

TRL - $/€TRL - $/€

1.Year 1.Year 55%%-3-3%%

2. Year 2. Year 44%%-3-3%%

3. 3. YYearear+ 3+ 3%%--33%%

Varies Varies according to according to

the groupthe group

To cover To cover fund fund

manmanaagemegement nt

expensesexpenses

On On current current year’s year’s

revenuerevenuess

Max. 10% of the Max. 10% of the revenuesrevenues 5%5% 5%5%

Depends Depends on the age on the age and sex of and sex of

the the insuredinsured

On On premiupremiu

msms

No minimum or No minimum or maximum limitsmaximum limits -- --

34

Corporate ProfileCorporate Profile

Lines of Business - Life & Pensions Lines of Business - Life & Pensions

FinancialsFinancials

Stock DataStock Data

3535

( Mio YTL)( Mio YTL) 20062006 20072007

Written Premium Written Premium 338 338 337337

General General Technical Profit Technical Profit -4-4 88

Total Assets Total Assets 2.2682.268 2.8252.825

Paid-In Capital Paid-In Capital 175175 175175

Shareholders’ Equity Shareholders’ Equity 322322 344344

MathMath.&.& Profit Sharing Profit Sharing ProvisionsProvisions 1.3191.319 1.4531.453

Net Net ProfitProfit 2525 4545

Financial HighlightsFinancial Highlights

363636

( Mio YTL)( Mio YTL) 2007/62007/6 2008/62008/6

Written Premium Written Premium 165 165 178178

General General Technical Profit Technical Profit -3-3 11

Total Assets Total Assets 2.5092.509 2.9732.973

Paid-In Capital Paid-In Capital 175175 250250

Shareholders’ Equity Shareholders’ Equity 326 326 312312

MathMath.&.& Profit Sharing Profit Sharing ProvisionsProvisions 1.3701.370 1.5071.507

Net Net ProfitProfit 1515 1717

Financial HighlightsFinancial Highlights

3737

FinancialsFinancials Income StatementIncome Statement

2006 2007

A- 0,2 0,2

B- -0,3 -0,3

I - -0,1 -0,1

C- 550,0 556,9

D- -532,3 -530,6

II- 17,7 26,3

E- 17,7 38,2

F- -39,1 -56,5

III- -21,4 -18,3

IV- -3,8 7,9

G- 51,5 58,0

H- -11,6 -5,4I- -5,2 -3,5

V- 34,7 49,1

VI- 30,9 57,0

VII- -5,6 -11,6

IX- 25,3 45,4PERIOD NET PROFIT / LOSS (VII - VIII)

INVESTMENT INCOME

INVESTMENT EXPENSESPROFIT FROM OTHER & EXTRAORDINARY

PERIOD PROFIT / LOSS (IV+V)

PROVISION FOR TAX & OTHER LEGAL LIABILITIES

LIFE TECHNICAL EXPENSES

LIFE TECHNICAL PROFIT / LOSS

NON-LIFE TECHNICAL INCOME

LIFE TECHNICAL INCOME

(Mio YTL)

TECHNICAL PART

COMPANY ASSETS PROFIT / LOSS

PENSION FUND TECHNICAL INCOME

PENSION FUND TECHNICAL EXPENSES

PENSION FUND TECHNICAL PROFIT / LOSS

GENERAL TECHNICAL PROFIT / LOSS

NON-LIFE TECHNICAL PROFIT / LOSS

NON-LIFE TECHNICAL EXPENSES

383838

FinancialsFinancials Income StatementIncome Statement

2007/6 2008/6

A- 0,08 0,23

B- -0,05 -0,26

I - 0,03 -0,03

C- 269,4 305,8

D- -261,8 -304,5

II- 7,6 1,3

E- 16,3 28,16

F- -26,6 -28,2

III- -10,3 -0,04

IV- -2,7 1,2

G- 28,6 24,5

H- -3,0 -3,0I- -3,1 -2,3

V- 22,5 19,2

VI- 19,8 20,4

VII- -4,8 -3,8

IX- 15,0 16,6

NON-LIFE TECHNICAL INCOME

PROVISION FOR TAX & OTHER LEGAL LIABILITIES

(Mio YTL)

TECHNICAL PART

COMPANY ASSETS PROFIT / LOSS

PENSION FUND TECHNICAL INCOME

PENSION FUND TECHNICAL EXPENSES

PENSION FUND TECHNICAL PROFIT / LOSS

GENERAL TECHNICAL PROFIT / LOSS

NON-LIFE TECHNICAL PROFIT / LOSS

LIFE TECHNICAL INCOME

NON-LIFE TECHNICAL EXPENSES

LIFE TECHNICAL EXPENSES

LIFE TECHNICAL PROFIT / LOSS

PERIOD NET PROFIT / LOSS (VII - VIII)

INVESTMENT INCOME

INVESTMENT EXPENSESPROFIT FROM OTHER & EXTRAORDINARY

PERIOD PROFIT / LOSS (IV+V)

3939

FinancialsFinancials Balance SheetBalance Sheet

2006 2007

I. 35,4 62,0

II. 1.560,7 1.716,3

III. 553,1 934,4

IV. 93,5 82,2

V. 24,0 24,4

VI. 1,2 5,8

2.268 2.825

I. 563,7 957,0

II. 1370,5 1.506,3

III. 7,4 7,4

IV. 4,5 10,1

V. 321,6 344,3

VI. 25,3 45,4

2.268 2.825

(Mio YTL)

ASSETS

TAX PROVISIONS

RECEIVABLES

INVESTMENTS

LIQUID ASSETS

LIABILITIES AND SHAREHOLDERS' EQUITY

PAYABLES

TECHNICAL PROVISIONS

OTHER PROVISIONS

SHAREHOLDERS' EQUITY

PROFIT

TOTAL LIAB.& SH.EQUITY

MARKETABLE SECURITIES

FIXED ASSETS

OTHER ASSETS (NET)

TOTAL ASSETS

404040

FinancialsFinancials Balance SheetBalance Sheet

2007/6 2008/6

I. 77 74

II. 1.577 1.802

III. 735 1.063

IV. 94 4

V. 24 24

VI. 2 6

2.509 2.973

I. 751 1.084

II. 1.420 1.565

III. 7 5

IV. 5 7

V. 326 312

2.509 2.973

(Mio YTL)

ASSETS

TAX PROVISIONS

RECEIVABLES

INVESTMENTS

LIQUID ASSETS

LIABILITIES AND SHAREHOLDERS' EQUITY

PAYABLES

TECHNICAL PROVISIONS

OTHER PROVISIONS

SHAREHOLDERS' EQUITY

TOTAL LIAB.& SH.EQUITY

MARKETABLE SECURITIES

FIXED ASSETS

OTHER ASSETS (NET)

TOTAL ASSETS

41

Corporate ProfileCorporate Profile

Lines of Business - Life & Pensions Lines of Business - Life & Pensions

FinancialsFinancials

Stock DataStock Data

42

ANADOLU HAYAT EMEKLİLİKANADOLU HAYAT EMEKLİLİK Stock DataStock Data

YearYearYear-endYear-end

PricePrice ($) ($)MCAPMCAP($)($)

20032003 0,630,63 157.500.157.500.000000

20042004 1,101,10 275.000.000275.000.000

20020055 2,032,03 507.500.00507.500.0000

20062006 2,322,32 580.000.000580.000.000

20072007 2,882,88 720.000.000720.000.000

2008/82008/8 2,642,64 660.000.000660.000.000

43

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