INVESTOR PRESENTATION

30.09.2019

CONTENT

Company & Market Potential 3

Company Overview 11

Financial Highlights 21

2

Company & Market Potential

Company Overview Financial Highlights

3

Innovation

35,4

39,7

47,7

5,06,8 6,9

12.16 12.17 12.18

Premium Production (₺ Bn)

Non Life Life➢ SOURCE: Association of Insurance Companies

Non Life 38

Life 22

Reinsurance 2

Total 62

Number of Companies

Non Life 26

Life 18

Reinsurance 1

Total 45

Number of Foreign Shared Companies

Life; 7,378; 15%

Non-Life; 41,017; 85%

19M9 (bn TRY)

Life Non-Life

12%

20%

Premium Production

4

Mandatory Policies in Turkey(Earthquake & MTPL)

• 17,7 million houses• 48,4% of houses are non-insured

EARTHQUAKE• 23 million vehicles• 26% of vehicles are non-insured (MTPL)

MTPL & MOD

5

108 93 106 114 123143 133 124

144126 110

165138

163

215 219

305 308

361

505473

582

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Non-Life Premium Per Person

Premium($) Premium(TRY)

2018Premium / GDP

(%)Premium Per Person

($)

World 2,78 312

USA 4,32 2.672

UK 2,29 971

Switzerland 4,1 3.379

Poland 2,07 321

OECD 3,44 1.387

Turkey 1,15 110

Non-Life Trends in the Sector

6➢ SOURCE: Treasury. Association of Insurance Companies, Swiss Re Sigma 3,2018

Non-Life Trends in the Sector

7

2.293.268

1.504.846

-1.800.000

-1.300.000

-800.000

-300.000

200.000

700.000

1.200.000

1.700.000

2.200.000

2.700.000

-350

-300

-250

-200

-150

-100

-50

0

50

100

150

200

250

300

350

400

450

500

550

2010 2011 2012 2013 2014 2015 2016 2017 2018

USDUSD millions

Anadolu (left axis) Market (Anadolu Excluded) (left axis)

Anadolu average profit per 1% market share (right axis) Market average profit per 1% market share (right axis)

Historical Market Shares by Premium Production

8

4,00%

6,00%

8,00%

10,00%

12,00%

14,00%

16,00%

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 M9

Allianz Anadolu Aksigorta Axa

Top 10 Non-Life Companies in the Sector – 19M9

(₺ Mn)Premium

Production19M9

Premium Production

19M9

Change (YoY) (%)

Allianz 4.826 4.121 17,1%Anadolu 4.636 4.078 13,7%Aksigorta 3.118 2.446 27,4%Axa 2.782 2.294 21,3%Sompo Japan 2.346 1.808 29,8%Top 5 Companies 17.707 14.746 20,1%

6 to 10 8.619 7.256 18,8%Top 10 Companies 26.326 22.002 19,7%Other 14.692 12.059 21,8%Total 41.018 34.061 20,4%

➢ SOURCE: Association of Insurance Companies 9

Allianz11,8%

Anadolu11,3%

Aksigorta7,6%

Axa6,8%

Ziraat5,7%

6 to 1021,0%

Other35,8%

Production Share by Companies

Premium Production – 19M9

Anadolu Sigorta (₺ Mn) Non-Life Sector (₺ Mn)

19Q3 18Q3 ΔYoY 19Q3 18Q3 ΔYoY

Branch GPW GPW Growth GPW GPW Growth

MTPL 1.257 1.135 10,8% 13.328 11.484 16,1%

MOD 867 746 16,2% 6.546 5.437 20,4%

Fire and Nat. D. 832 730 14,0% 5.776 4.772 21,0%

Health 611 532 14,8% 5.955 4.436 34,2%

Other 1.069 935 14,3% 9.413 7.932 18,7%

Total4.636 4.078 13,7% 41.018 34.061 20,4%

➢ SOURCE: Association of Insurance Companies 10

Company Overview

Company & Market Potential

Financial Highlights

11

Innovation

CONTENTHISTORY

• 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

13 13

Company Profile

ISO 9001:2015 QualityManagement System

Certification

ISO 10002:2014Customer SatisfactionManagement System

Certification

Sustainability Report 2018 is published and certified by

GRI Standards

14 14

Company Ratings

FitchInsurer Financial Strength

Rating: BBOutlook: Stable

FitchNational Insurer Financial

StrengthRating: AA+(tur)Outlook: Stable

SAHA Corporate GovernanceRating: 9.55 / 10

Shareholder Structure – 19M9

➢ (*) 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 28.560.617 5,7%

Other 150.092.743 30,0%

Total 500.000.000 100,0%

Mcap (30.09.2019): ₺2,135 Bn

Capital (30.09.2019): ₺500 Mn

IPO rate: ~48%

Free float: ~35%

15

Distribution Channels – 19M9

İzmir

Ankara

Antalya

Trabzon

Adana

N. Cyprus

İstanbul (2)Samsun

Bursa

Gaziantep

2.284 Professional Agencies

~25% working exclusively with Anadolu

1.281 Işbank Branches

Working exclusively with Anadolu

9Regional Branches

1Overseas Branches

1SalesOffice

16

Distribution Channels – 19M9

334MSU

(direct sales staff)

Agency61,4%

Bank14,0%

Broker13,1%

Other11,5%

Premium Production – Sector

Agency62,4%

Bank12,1%

Broker10,9%

Other14,7%

Premium Production – ANSGR

Production by Regions – 19M9

Aegean10%

Marmara 54%

Black Sea6%

East Anatolia3%

South East Anatolia4%

Middle Anatolia16%

Mediterranean8%

18

Market Share & Rank (mn. TRY)

➢ SOURCE: Association of Insurance Companies 19

BRANCHES 19M9 18M9Rank 19M9

Market Share 19M9

Growth

MTPL 1.257 1.135 1 9,4% 10,8%

MOD 867 746 1 13,2% 16,2%

Fire 832 730 1 14,4% 14,0%

General Liability 257 195 1 21,0% 31,8%

Marine Transportation 114 81 1 16,1% 41,0%

Watercraft 104 80 1 32,8% 29,1%

Aircraft 44 30 1 44,1% 49,7%

Aircraft Liability 34 19 1 37,0% 77,1%

General Losses 355 395 3 7,9% -10,1%

Health 611 532 3 10,3% 14,8%

Other 161 135 -- -- 19,3%

TOTAL 4.636 4.078 2 11,3% 13,7%

Profitability – Combined Ratio

20

80% 83% 83% 85% 90% 87%

14% 15% 15% 14%14% 14%9% 9% 9% 9%10% 10%

2014 2015 2016 2017 2018 2019M9

Claims Ratio Net Comm. Ratio Expense Ratio

107% 107% 107% 114% 111%103%

Combined Ratio 18Q3 19Q2 19Q3 19M9 18M9

MOD 119,2% 87,4% 96,6% 93,9% 108,9%

MTPL 131,4% 142,1% 139,1% 139,2% 123,9%

Fire 137,7% 103,4% 109,5% 106,2% 111,2%

Health 100,5% 118,9% 94,9% 114,9% 110,5%

Accident 66,8% 72,4% 71,5% 63,9% 70,4%

General Liability 152,8% 177,7% 118,9% 134,1% 153,0%

General Losses 99,9% 98,3% 86,1% 96,1% 108,1%

Total 120,4% 113,2% 108,7% 111,4% 113,5%

Financial HighlightsCompany & Market Potential Company Overview

21

Innovation

Growth Performance

➢ (*) Financial loans netted off 22

3.7734.677

5.840

6.9297.853

8.639

2014 2015 2016 2017 2018 19M9

Total Assets (mn TRY) (*)

10%

2.2822.934

3.9144.456

5.1845.788

2014 2015 2016 2017 2018 19M9

Tech. Reserves (mn TRY)

12%

2.2502.776

3.8324.505

5.0505.760

2014 2015 2016 2017 2018 19M9

Cash and Marketable Sec. (mn TRY) (*)

14%1.020

1.202 1.223

1.639 1.6461.846

2014 2015 2016 2017 2018 19M9

Shareholders' Equity (mn TRY)

12%

Growth Performance

23

3.773

4.888

5.974

7.032

7.904

8.944

1.0511.202 1.223

1.639 1.6461.8461.927

2.408

3.410

4.117

4.673

5.532

72 64 88 184 308 310

7,6%

5,9%

7,4%

13,2%

18,7%

22,7%

9,9%8,7%

10,5%

17,7%

27,4%

30,3%

0,0%

10,0%

20,0%

30,0%

40,0%

50,0%

60,0%

0

1.000

2.000

3.000

4.000

5.000

6.000

7.000

8.000

9.000

10.000

2014 2015 2016 2017 2018 2019M9

Assets Shareholder's Equity Investment Portfolio Net Profit ROAE ROAE-Consolidated

Balance Sheet

Assets 09.19 12.18Change

(%)

Cash + Marketable Sec. 6.065 5.101 18,9%

Equity Participations 450 517 -13,0%

Other Assets 2.429 2.286 6,3%

Assets 8.944 7.904 13,2%

Liabilities 09.19 12.18Change

(%)

Technical Provisions 5.788 5.185 11,6%

Shareholders' Equity 1.846 1.646 12,2%

Other Liabilities 1.309 1.073 22,0%

Liabilities 8.944 7.904 13,2%

%18,9increase in

LIQUID assets

%13,2increase in

TOTAL assets

24

Income Statement – 19M9 (₺ mn)

➢ (*) Financial income transferred to technical division is excluded 25

P&L 19M9 18M9Change (%)

(YoY)

Tech. Income (*) 3.131 2.682 17%

Tech. Expenses -3.485 -3.037 15%

Net Financial Inc. + Other Exp. (*) 757 650 16%

Deferred Tax -27 55 -148%

Gross Profit 376 349 8%

Tax -67 -117 -43%

Net Profit 310 232 33%

Income from subsidiary 26 34 -23,5%

Net Profit - dividend income excl. 284 198 43,1%

Core Indicators

(TRY) 19M9 2018 Change

Mcap 2.135mn 2.055mn 3,9%

Equity (Book Value) 1.846mn 1.646mn 12,2%

P / BV 1,15 1,25 -8%

26

710 795965

1.550

2.055 2.135

1.0201.202 1.223

1.639 1.6461.846

0,7% 0,7%0,8%

1,0%

1,3%1,15%

0,0%

0,2%

0,4%

0,6%

0,8%

1,0%

1,2%

1,4%

0

500

1000

1500

2000

2500

2014 2015 2016 2017 2018 19M9

Mcap Equity (Book Value) P / BV

Highlights – 19Q3

(mn TRY) 19Q3 19M9 18M9Change(%)

YoY

Gross Profit 74 377 350 7,7%

Net Profit 79 310 232 33,4%

Net Profit* 79 284 198 43,1%

(mn TRY) FY18 19M9 Change(%)

AUM 4.674 5.532 18,4%

Credit Card 452 500 10,6%

Total 5.125 6.031 17,7%

RecoveringTechnicalResults

Growing Investment Portfolio

27

(*) ANHYT dividend income excluded.

Bonds11%

Funds7%

Stock3%

Deposits*72%

Repo2%

Forward5%

Investment Portfolio

TRY 5,53 bn

‣TRY 5,19 bn at 30.06.2019

In 19M9;

Dividend from ANHYT 26 mn TRY

Investment Income * 827 mn TRY

Average Portfolio Income ~ 24%* ANHYT dividend excluded.

%18YoY

increase in Investment

Income

28*305 mn TRY loan netted off

*

Disclaimer Statement

This presentation contains forward-looking statements andinformation on the business development of AnadoluSigorta. These statements may be spoken or written andcan be recognized by terms such as “expects”, “anticipates”,“intends”, “plans”, “seeks” or words with similar meaning.These statements are based on assumptions relating to thedevelopment of the economies of individual countries, andin particular of the insurance industry, which we have madeon the basis of the information available to us and which weconsider to be realistic at the time of going to press. Theestimates given involve a degree of risk, and the actualdevelopments may differ from those forecasts.

Anadolu Sigorta does not accept any liability whatsoever forany direct or consequential loss arising from any use of thisdocument or its content due to misleading information inthis document.

For further information please

e-mail to: investor.relations@anadolusigorta.com.tr

or call Anadolu Sigorta Investor Relations on

(+90 850 744 02 54)

(+90 850 744 03 59)29