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TRANSCRIPT
Investor Presentation
2012
2
Investor Presentation
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
Investor Presentation
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
Investor Presentation
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
Investor Presentation
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
Investor Presentation
•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
Investor Presentation
Non Life Insurance Market
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
Investor Presentation
Non Life Insurance Market
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
Investor Presentation
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
Non Life Insurance Market
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
Investor Presentation
Non Life Insurance Market
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
Investor Presentation
Non Life Insurance Market
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
Investor Presentation
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
Investor Presentation
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
Investor Presentation
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
Investor Presentation
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
53 Sales Representative
922 Bank Branches
Corporate Sales
14 Sales Representative
50 Brokers
Direct Customers
16
Investor Presentation
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”
Operational Excellence
Channel
17
Investor Presentation
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
Aksigorta Transformation
Program
“SustainableProfitability”
Operational Excellence
Channel
18
Investor Presentation
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
Aksigorta Transformation
Program
“SustainableProfitability”
Operational Excellence
Channel
19
Investor Presentation
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
Aksigorta Transformation
Program
“SustainableProfitability”
Operational Excellence
Channel
20
Investor Presentation
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
Aksigorta Transformation
Program
“SustainableProfitability”
Operational Excellence
Channel
21
Investor Presentation
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%
Why to invest in Aksigorta #2
22
Investor Presentation
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
Why to invest in Aksigorta #3
23
Investor Presentation
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
Investor Presentation
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
Why to invest in Aksigorta #4
25
Investor Presentation
Financial Highlights
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
Investor Presentation
Financial Highlights
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
Investor Presentation
Financial Highlights
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
Investor Presentation
Financial Highlights
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
Investor Presentation
Financial Highlights
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
Investor Presentation
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
Investor Presentation
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
www.aksigorta.com.tr/en/yatirimci_iliskileri.php
Aksigorta A.Ş. Meclis-i Mebusan Caddesi No 67 Fındıklı 34427 İstanbul Türkiye
32
Investor Presentation
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
www.aksigorta.com.tr/en/yatirimci_iliskileri.php