Teb Yatirim - AvivaSA Emeklilik Hayat (AVISA) AvivaSA Emeklilik (AVISA TI) - Strong ROE; pension line supportive: Maintain Buy

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Teb Yatirim

Ovunc Gursoy

EUR 8.83 For Business Accounts Only

AvivaSA Emeklilik (AVISA TI) - Strong ROE; pension line supportive: Maintain Buy

AvivaSa has announced 4Q net income of TRY49m (-20% q-q, +76% y-y), vs our estimate of TRY65m. Pension line and investment gains support the results. Yet, life technical profit declined 52% y-y on decreased coverage and lower provisions. Pension technical profit surged to TRY17m from TRY3m a year ago on expanded pension AUM (11% y-y) and stable opex. Net investment income rose 130% y-y on elevated deposit rates. Technical net income margin (NIM) rose to 16.3% from 2.7% a year ago and NIM increased to 34% from 4.3% a year ago. Trailing ROAE was high, at 65% (4Q17: 46%).

14/02/2019 11 EN

Underlying

AvivaSA Emeklilik & Hayat

AvivaSA Emeklilik ve Hayat AS is a Turkey-based private pension and life insurance company. The Company's pension plans are: Biriktiren VIP Plan, Prestijli Emeklilige Yatirim Plan, Biriktiren Gelecek Plan, Plan Nar plan, Zumrut Plan, Emeklilige Yatirim Plan and Mutlu Birikimler Plan. Its life insurance products are: Refund of Premium Life Insurance, Long-Team Life Insurance, Continuing Education Insurance, The Future is in your Hands, Your Custom-Made Life Insurance, My Life Support Insurance, Plan B Protection Insurance, Life Support Insurance, VIP Life Insurance, Cheque Life Insurance and SME Credit Life Insurance. In addition the Company offers personal accident and unemployment insurances as well as corporate solutions.

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TRECUHE00018 Istanbul Stock Exchange Turkey

Provider

Teb Yatirim

TEB Investment equity research analysts and strategist team consists of 8 analysts with an average finance sector experience of 15 years and special focus on international investors.

With our 6 equity research analysts we cover 93 companies across 21 sectors, reflecting 80% of the total market capitalization of all BIST companies and 86% of the BIST100 companies. Our strategy team provides in depth top-down and bottom-up market views with insight on FX and bond markets by publishing sectoral and strategic reports both in English and Turkish.

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Analysts

Ovunc Gursoy

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We expect AvivaSa’s net earnings to grow by 36% in 2020, followed by a 13.3% growth in 2021. AvivaSa’s 2020-21E RoE should average at an eye-catching 45%, the highest among our financial sector coverage. We also envisage both life and pension businesses to support earnings over the next two years led by growing pensions and life premiums coupled with contained opex. We think a strong quarter is ahead for AvivaSa after weak 4Q results on seasonally high operating expenses and despite a 15-day bancassurance ban in February. AvivaSa expects above 40% life premium growth and 25-35% EPS growth on I...

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Fundamental Research

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AvivaSA Emeklilik (AVISA TI) - Strong ROE; pension line supportive: Maintain Buy

Monthly LMI Update Independent Investment Research

AvivaSA Emeklilik (AVISA TI) - Profitable growth should continue: Maintain Buy

Feasibility Study Results in December to be a Catalyst for this Junior

TURKEY STEEL - Strong outlook prevails

Turkcell (TCELL TI) - Investments on the rise: Maintain Hold

Ulker Biskuvi Sanayi (ULKER TI) - Proven resilience: Maintain Buy

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