Investment Summary 3
Aksigorta 6
Financials & valuation 10
Anadolu Hayat 11
Financials & valuation 14
Anadolu Sigorta 15
Financials & valuation 18
Sector overview 19
We prefer pension over life and non-life 19
Competitive environment 20
Growth prospects 21
Investment income 22
Appendix 23
Pension assets to GDP 23
World premium generation 24
Disclosure appendix 26
Disclaimer 30