anadolu insurance annual report 2009

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You Never Losewith Anadolu Sigorta

Annual Report 2009


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Contents

Presentation3 Corporate Profile, Our Vision, Our Mission, Corporate Values4 The historical development of Anadolu Sigorta8 Key Indicators10 Message from the Chairman12 Message from the Chief Executive Officer16 2009 Economic and Sectoral Overview23 An Overview of the Global and Turkish Insurance Industries, and Future Outlook26 An Assessment of Anadolu Sigorta in 200934 Anadolu Sigorta in the Industry36 Research and Development Pertaining to New Services and Business Activities37 Commitment to Social Responsibility38 Annual Activity Report Compliance Opinion

Corporate Governance Practices at Anadolu Sigorta

40 Board of Directors and Auditors42 Executive Committee44 Heads of Units Under the Internal Systems45 Organization Chart46 An Assessment of the Board Directors by the Corporate Governance Committee49 Committees Operating within Anadolu Sigorta51 An Assessment of the Operation of the Independent Audit Firm in 2009 Activity

Period via the Audit Committee52 Human Resources Policy54 The Companys Transactions with the Risk Group55 Agenda of the Annual General Assembly56 Board of Directors Report Summary58 Dividend Distribution Proposal59 Corporate Governance Principles Compliance Report

Financial Information and Assessment on Risk Management

79 Summary of Statutory Auditors Report80 An Assessment of 2009 by the Board of Inspectors81 2009 Annual Report Compliance Statement82 Independent Auditors Report83 The Unconsolidated Financial Report for the Year Ended 31 December 200984 Detailed Balance Sheet89 Detailed Income Statement90 Statement of Changes in Equity92 Cash Flow Statement93 Statement of Profit Distribution94 Detailed Balance Sheet96 Notes to the Financial Statements as of 31 December 2009157 An Assessment of Financial Standing, Profitability and Solvency159 Information on Financial Structure160 Summary Financial Information for the Last 5 Years Including the Reporting Period

161 Risk Management Policies Adhered to by Types of Risks164 Directory


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Anadolu Sigorta Annual Report 2009 1

Never Lose EnergyAs Turkeys leading insurer for 84 years, Anadolu Sigortas priorities since the day it was foundedhave been to maximize the quality of the products and services that it offers its policyholders and tokeep on making continuous and lasting contributions to the growth and development of the Turkishinsurance industry. In line with these priorities, Anadolu Sigortas approach to insurance is based onthe principle of Never Lose.


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Anadolu Sigorta Annual Report 20092

Never Lose CustomersHaving defined its mission as being the insurance brand preferred by everyone who needs insurance,Anadolu Sigorta aims at achieving a strength that makes it a reference point in the worldwideinsurance industry as well with its corporate vales of rooted history, pioneership, integrity, andpowerful structure.


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Our Vision

TomakeAnadoluSigortatheinsurancebrand

preferred by everyone who needs insurance.

Toachieveastrengththatmakesitareferencepoint in the worldwide insurance industry as well.

Our Mission

In keeping with the deeply-rooted, pioneering,honest, and solid corporate values of Anadolu Sigortato: Leadthesector, Helpcreateabroadpublicawarenessofinsurance

in Turkey, Implementacustomer-focusedapproachtoservice,

Increaseourfinancialstrengthtointernationalstandards,

EnhancethevalueofourCompany

Corporate Values

A Company Entrenched in History

Itwasfoundedinaccordancewiththeinstructionsgiven by Mustafa Kemal Atatrk

ItisTurkeysfirstnationalinsurancecompany. Ithasapowerfulcorporatestructurebuiltonits

knowledge of insurance accumulated through theyears.

Pioneership Pioneerincreatingproduct; Pioneerinservice; Pioneerintechnology; Withitsself-renewingabilitypreservesits pioneeringposition;

Itplaysapioneeringroleinsocialresponsibility.Integrity Ithasethicalmerits; Itfulfillsitspromisesdefinitely; Itinheresintransparencyasprinciple; Itneverabandonshumanvalues.

Powerful Structure Ithasastablefinancialpower; Ithasanextendedandefficientservicenetwork; Ithasasophisticatedandhighqualifiedhuman source; Itgainspowerfromthesynergycreatedbybank.

Solid growth in 2009 has enabled Anadolu Sigorta tofurther strengthen its position in the Turkish insuranceindustry.TheCompanyincreaseditstotalpremiumproduction to TL 1,243 million, which corresponds to ayear-on rise of 7%.

Rises were recorded in premium production levels insuch major branches as fire, accident, engineering,health, agriculture, and catastrophe, with the highestamount (close to TL 420 million) being booked inthe accident branch and the highest (35.57%) rate of

growth in premium production taking place in motorthird party liability branch. Based on provisionalfigures, Anadolu Sigorta controlled an 11.72% share ofthe overall market among non-life insurers.

In keeping with its deep-rooted 84-year-old history asTurkeys leading insurer, Anadolu Sigorta will continueto support the growth and development of the Turkishinsurance industry without letup and in the mostdetermined way possible while marshaling all of itsenergies and efforts to further strengthen the sector.

Corporate Prole


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1925Anadolu Sigorta was founded on April 1 at theinitiative of Atatrk and under the leadership ofbank,Turkeysfirstnationalbank.

1975Being the leader of national insurance since the onsetof the Turkish Republic, Anadolu Sigorta celebrated its50th anniversary.

1983Blue Insurance policies marking the introductionof comprehensive insurance system in Turkey andoffering 17 types of cover were put on sale for the firsttime.

1984Highly acclaimed by the public and the sector,Insurance of the Future, the most comprehensive lifepolicy ever offered in Turkey until then, was introduced.

1986Representing a new branch in the Turkish insurancebusiness,ElectronicEquipmentInsurancewasfirststarted by Anadolu Sigorta.

1987Activities commenced in the agricultural insurancebranch.

1991The life branch was transferred to Anadolu HayatSigorta, a newly-formed life insurer as required by law.


The Historical Development of Anadolu Sigorta

In keeping with its deep-rooted 84-year-old historyas Turkeys leading insurer,

Anadolu Sigorta willcontinue to support thegrowth and developmentof the Turkish insuranceindustry without letup andin the most determined waypossible while marshaling

all of its energies and effortsto further strengthen thesector.


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1993Extendingadministrativeandtechnicalassistanceto Gnay Anadolu Sigorta, founded and startedto operate in Azerbaijan, Anadolu Sigorta becamethe first Turkish insurance company to set up aninternational operation.

1996Policiesinlegalprotectioninsurancebranch,anotherfirst in our country, were written.

1997Aiming to make the most of the possibilities offeredbyIT,aReconProjectwaslaunched.Servicesweremade more efficient and productive with the inclusionof all services and agencies in the data processingnetwork with online and real-time systems.

1999In order to provide the fastest and mostcomprehensive service to its policyholders in theaftermath of the disastrous earthquake of 17 August,theCompanyworkedroundtheclocktoprovideuninterrupted service.

2001After providing service for over five decades, theCompanywasrelocatedfromitsbuildinginKarakytoTowers,whereitwouldbetogetherwithbanksubsidiaries.

2002A brand-new era began with the Maximum ServiceinInsuranceconcept.TheCompanyintroducedthe service philosophy under one title that it haspossessed since its foundation, and once againbecame the author of a first in the sector.

2004Voted as the most satisfactory insurance companywith its products and services, Anadolu SigortareceivedtheActiveAcademyPrivateCustomerSatisfactionAwardinInsurance.TheCompany

expanded its service range by taking over the healthbranchfromAnadoluHayatEmeklilik,whichtheCompanywasrequiredbylawtogiveup.AnadoluSigorta was awarded its ISO 9001: 2000 QualityManagement System certification, an endorsementprovingthattheCompanysqualitymanagement

system complies with international standards.

2006TheCompanymaintaineditssectoralleadershipinpremium production for the fifth consecutive yearand realized a premium production in excess of TL 1billion, undersigning yet another historic result in thehistoryoftheTurkishinsuranceindustry.TheCompanyalsowontheActiveAcademyPrivateCustomerSatisfaction Award in Insurance for a third time,verifying the success of Maximum Service.

2007The sectors unrelenting champion in premiumproduction for the last six years, Anadolu Sigortabecame in 2007 the first insurance company in Turkeyto exceed the USD 1 billion threshold in total premiumproduction.TheCompanysapproachtoqualitywasrewardedonceagainwiththeActiveAcademyPrivateCustomerSatisfactionAwardinInsurance2007,granted to it for the fourth time.

2008AnadoluSigortalaunchedtheC2C(ClosertoCustomer)projectwherebyallbusinessprocessesarereviewedandrevised.WhiletheCompanyincreased its profitability through sustainable growthstrategy,italsoreceivedActiveAcademyPrivateCustomerSatisfactionAwardinInsuranceforthefifthconsecutive time.

2009The first of a series of changes planned under theC2Cprojectwererolledout.AnadoluSigortascommunication activities, which set the tone forthe sector as a whole, received a total of eightrecognitionsincludingthreeCrystalApplesatthe21stAnnualCrystalAppleAwardsCeremony.

Never Lose TimeAnadolu Sigorta defines its mission as that of being a insurance trademark that is preferred byeveryonewhoneedsinsurance.Withitsdeep-rootedpast,commitmenttoinnovationandhonesty,and strong corporate structure and values, Anadolu Sigorta also strives to uphold its superiorreputation in international insurance markets.


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Never Lose Financial StrengthAnadolu Sigorta continues to abide by its strategy of pursuing growth only on sound foundations.It supports that strategy by focusing on making the right choices in terms of productivity, riskselection, and pricing.

Total Premium Production(TL thousand)

1,060,160

825,932696,4292006

2005

2004


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1,192,5871,161,386

1,243,4772009

2008

2007


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Financial Highlights (TL thousand) 2008 2009

TotalPremiumProduction 1,161,386 1,243,477Total Assets 1,534,376 1,738,919

ClaimsPaid 685,304 854,890Paid-inCapital 350,000 425,000

ShareholdersEquity 607,991 806,387

PretaxProfit 140,723 59,217

NetProfit 117,666 48,164

CapitalAdequacyRatios 2008 2009

PremiumsReceived/ShareholdersEquity 1.91 1.54

ShareholdersEquity/TotalAssets 0.40 0.46ShareholdersEquity/TechnicalProvisions 0.82 1.00

Asset Quality and Liquidity Ratios 2008 2009

LiquidAssets/TotalAssets 0.59 0.53Liquidity Ratio 1.01 1.03

CurrentRatio 1.50 1.52

PremiumandReinsuranceReceivables/TotalAssets 0.28 0.25

ReceivablesfromAgencies/ShareholdersEquity 0.68 0.51

Operational Ratios 2008 2009

ConservationRatio 0.75 0.75

ClaimsPaymentRatio 0.67 0.69

ProfitabilityRatios 2008 2009

Loss-PremiumRatio 0.70 0.75

Loss-PremiumRatio(Net) 0.79 0.82CostRatio 0.20 0.27

CombinedRatio(Loss-PremiumRatio+CostRatio) 0.99 1.09

PretaxProfit/PremiumsReceived 0.12 0.05

FinancialProfit(Gross)/PremiumsReceived* 0.12 0.11

TechnicalProfit/PremiumsReceived 0.08 0.04

Key Indicators

During 2009 Anadolu Sigorta increased its capitalization 21.4% from TL 350,000,000 toTL 425,000,000 through bonus capital increase with the addition of TL 75,000,000 consisting ofTL 40,000,000 from its 2008 dividends, TL 16,370,267 from its retained earnings, TL 538,388 from salesincome to be added to the capital, and TL 18,081,345 from prior-year profits.

TheCompanysissuedcapitalwasregisteredon3July2009andannouncedinissue7349ofTurkishTradeRegistryGazettedated8July2009.

Changes in the Articles of Association During the Reporting YearTherewerenochangesintheCompanysarticlesofassociationduring2009.

CapitalIncreasein2009 (TL)

From 2008 Dividends 40,000,000

FromRetainedEarnings 16,370,267

From Sales Income 538,388

FromPrior-YearProfits 18,091,345

CapitalIncrease 75,000,000

*Inthecalculationoffinancialprofit,investmentincomethatwastransferredfromthenon-technicaldivisiontothetechnicaldivisionwasexcludedintheinvestments expenses figure.


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PremiumProductionbyBranches(%)

Fire Marine Accident MotorThirdPartyLiability Engineering

PremiumProduction(TLthousand)

Fire Marine Accident Motor ThirdPartyLiability Engineering AgricultureLegalProtection PersonalAccident Health Credit

08 09 08 09 08 09 08 09 08 09 08 09 08 09 08 09 08 09 08 09

225,

172

49,9

92

442,4

03

5,0

15

133,9

20

67,5

57

7,3

15

186,2

46

43,5

94

172

232,2

01

65,6

68

420,0

88

4,8

97

153,

127

63,2

44

8,7

09

252,4

93

42,9

36

114


Agriculture LegalProtection PersonalAccident Health Credit

18.67

0.70

5.09 33.78 20.31 5.28

0.39 3.45 12.31 0.01

IncreaseinPremiumProduction(%)

Fire Marine Accident Motor ThirdPartyLiability Engineering AgricultureLegalProtection

PersonalAccident

Health Credit

09 09 09 09 09 09 09 09 09 09

3.1

2

31.3

6

-5.

04

-2.3

5

14.3

4

-6.3

8

19.0

635.5

7

-1.

51

-33.7

2

Shareholder Structure (%)

TrkiyeBankasA.. MillReasransT.A. Others

35.53 21.78 42.69


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Esteemedshareholders:

Wehaveputbehindusayearofexigenciesthatwasovershadowed by the events of 2008 with the hope

that we have at last reached the exit stage in the

globaleconomiccrisis.Withthethirdquarterof2009it was to be observed that economic indicators around

the world had begun to recover albeit to markedly

different degrees.

The recent crisis has transformed our perception of

country risk. Developing countries appear to have

emerged from the global crisis stronger than they

were when it began. The underlying scenario for the

period ahead of us is shaped by the realization that

weak growth will prevail in the developed countries

while the developing countries will be the engines of

global growth and trade.

Both the Turkish economy as a whole and its real

sector in particular were also in decline. Nevertheless

the participants in our battle-toughened financial

system exhibited a strong stance in this volatile

environment with a skill which was acquired as a result

of the lessons learned in previous crises and which

may be summed up as an ability to make the right

decisions in times of emergency.

Message from the Chairman

Anadolu Sigorta remainscommitted to the never-ending pursuit of

improvements in order tofurther expand its searchfor ways to better serve itspolicyholders and to delivertechnology-driven andinnovative products andservices in line with societys

changing requirements.


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Although the global insurance industry suffered

seriously as a whole, in Turkey the sector did not

experience any dramatic contractions and, on the face

of things, even appears to have registered marginal

growth.

It is a source of pride for us all at Anadolu Sigorta to

report that we have emerged from such a tremendous

crisis with even greater strength. The sources of that

strength are to be found in our companys knowledge

and experience, in its corporate makeup, in its

steadfastness, and in its financial structure.

Wemustneverforgetthatthepastisbutprologuetoourfuture.WhenAnadoluSigortawasestablishedatAtatrks directives just two years after the founding of

the Turkish Republic, it undertook the mission of being

the sectors trailblazer and school. The first nationally-

owned insurer in Turkey, Anadolu Sigortas formationwasspearheadedbybankwiththeaimofmakingsure that the Turkish economy would grow on sound

foundations. Since then, our company has maintained

its premier position by being the first to reach and

chart every landmark that the sector has passed. The

singular position of Anadolu Sigorta in the Turkish

insurance industry and the outstanding service that it

provides can be summed up in the unique one-word

telegraph address that its headquarters used for

decades: imtiyaz (privilege).

Having played a major role in the growth anddevelopment of its sector, Anadolu Sigorta remains

committed to the never-ending pursuit of

improvements in order to further expand its search for

ways to better serve its policyholders and to deliver

technology-driven and innovative products and

services in line with societys changing requirements.

Acting in concert within the deep-rooted and robust

groupstructurewhosecoreconsistsofbankwithindividuals whose efforts are spurred by their

patriotism and by the conviction that the people of

their country deserve a more prosperous future gives

mebothgreatprideandenergy.Withthesesentiments and thoughts, I repeat that we shall

continue to strive with all our might to provide the

policyholders that put their confidence in us with the

best protection possible while extending my gratitude

to all our employees and shareholders.

Sincerely

Burhan KaragzChairmanoftheBoardofDirectors


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Insurance industry premium productioncontinued to decline worldwide during 2009.

The effects of the global crisis made themselves felt

in 2009 as well. 2008 marked the first year in which

the global insurance industry experienced a genuine

contraction since 1980. The decline in premium

production persisted into 2009 as well.

It is estimated that premiums in non-life branches

weredownmorethan10%overall.Pricesfellwhenthe demand for insurance began to lag behind supply

in reaction to the economic downturn and this trend

continued all year long. The result was stagnation in

insurers technical profits in 2009.

2009 was not an easy year for the Turkishinsurance industry either.

According to figures published by the Association

ofInsuranceandReinsuranceCompaniesofTurkey(TSRB),oursectorspremiumproductionin2009stood below the growth in 2008 with just a nominal

growth.

To be sure, the life branch did perform fairly well but

the elementary branches were nowhere as successful.

Non-life premium production in 2009 amounted to

TL 10.6 billion, which corresponds to a year-on rise

of just 4%, while life branch premium production by

comparison increased 15.6% during the same period.Overall growth however amounted to 5.6%, with a

total of TL 12.4 billion worth of premiums being taken

in.

In real terms, growth in the non-life branches was two

and a half points below the 6.53% twelve-month rise in

consumer prices as measured at year-end 2009.

Message from the Chief Executive Ofcer

Achieved at a time whenthe effects of the globaleconomic crisis were being

seriously felt, such a risein premium production isan important indicationand reection of AnadoluSigortas strength.


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The effects of the financial sectors crisis combined

with the insurance industrys obstinate insistence

on competing solely on the basis of price created

market conditions that were completely inhospitable

for smaller insurers in terms of both production and

equity. There was a serious cutback in the sectors

technical profits even as loss ratios mounted in some

branches.

Losses resulting from flash floods caused by heavy

rainfall during the year and disastrous flooding in

the Marmara region in September generated the

highest claims (totaling TL 700 million) experienced

by the Turkish insurance market since the frightful

earthquakes of 1999.

Changesinlawsandregulationsstrengthening the sectors legal framework

signal positive future developments.

As a result of intensive efforts by the Treasury

Undersecretariat, the Turkish insurance industrys

problems with respect to its legal underpinnings

havebeenlargelyresolved.WiththeintroductionofregulationsthatcomplywithEUnorms,theindustrynow has a legal framework that conforms to current

international standards and practices.

New General Terms, Tariffs, and Instructions were

introduced in 2009 for some types of insurance while

changes were made in those of others. A clutch ofamendments to the Life Insurance Regulations went

into effect as of 1 March 2009. Another important

development was the formation of the Insurance

ArbitrationCommissionunderarticle30ofStatute5684, which sets up an arbitration system that provides

for the prompt and straightforward resolution of

disputes arising under insurance contracts.

Anadolu Sigorta continued to register realgrowth in premium production.

Anadolu Sigorta increased its premium production

in 2009 about 7% to TL 1,243 million. Rises were

recorded in premium production levels in such majorbranches as fire, accident, engineering, health,

agriculture, and catastrophe, with the highest amount

(close to TL 420 million) being booked in the accident

branch.BasedonTSRBprovisionalfigures,AnadoluSigorta controlled an 11.72% share of the overall

market among elementary insurers.

Achieved at a time when the effects of the global

economic crisis were being seriously felt, such a rise

in premium production is an important indication and

reflection of Anadolu Sigortas strength. Our company

did not just survive but continued to grow during

the crisis thanks in no small part to its investments ininfrastructure, human resources, and communication.

These results are also important as clear evidence that

our sector has begun to shake off the effects of the

crisis.

Our bancassurance unit was launched in2009.

Thanks to the strong synergies generated by the

formation of our bancassurance unit, we have

embarked upon a new period in which Anadolu

Sigorta will be able to maximize its communicationand relationships with all of its bank agents from

bankondowntheline.OurbancassuranceprojectispartoftheC2CCustomer-FocusedTransformationProgramthatwelaunchedlastyearinordertomakeAnadolu Sigorta a more innovative and competitive

insurer. By creating stronger and more productive

channels of communication through increased

integration, this project will allow our company to

generate higher premiums and to deliver better

service.


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Developing new products to expand ourmarket

Anadolu Sigorta believes that the key to growth and

development in the insurance industry lies in enlarging

the breadth and depth of its overall market. Taking

this as our point of departure, we constantly seek

to extend our innovative strengths and to introduce

new products to the market and improve our

service quality through the effective use of the latest

technology.

In 2009 Anadolu Sigorta once again demonstrated

that it was the sectors most active company in terms

of new products introduced to the market. The

launching of such products at a time when the effects

of the global economic crisis were still being felt hada favorable impact on our premium production while

bringingnewdynamicstothesector.ProductsliketheSMEPackagePolicy,CreditCardProtectionPolicy,ComprehensiveMotorVehiclePolicy,andHomeownerPolicymakeitpossibleforAnadoluSigortatoaddressthe insurance needs of many different individuals and

groups.

AddressingSMEsgreaterinsuranceneedsin a crisis environment

Smallandmedium-sizedenterprises(SME)generatea huge amount of value for our national economy

but are among the businesses that are most at risk intimes of economic crisis. For them Anadolu Sigorta

hasintroduceditsSMEPackagePolicy,whichisbasedonouranalysisoftheneedsofsuchfirms.Webelieve that with this product we will be contributing

indirectly to our countrys economic development by

expandingSMEsexportcapacitiesandincreasingtheir competitive strength.

Individualized motor vehicle insurance

In 2009 Anadolu Sigorta rewrote its motor vehicle

insurance tariff as part of its overall efforts to improve

its policyholder service quality and to be innovative in

its service approach. Under the new tariff, which went

into effect at the beginning of 2010, premiums are no

longer determined according to generalized segments

but rather are set on the basis of a policyholders

individual attributes and risks. This new tariff will make

it possible to quote and charge premiums that are

much more realistic because they actually reflect a

policyholders individual risks.

Whenpreparingournewmotorvehicleinsurancetariff, we employed internationally accepted insurance

techniques while formulating comprehensive modelsusing advanced software and data bases containing

millions of entries.

Message from the Chief Executive Ofcer

Anadolu Sigorta continuesto lead the Turkishinsurance industry with

innovative practices andsolutions that set thestandards that its sectoraspires to.


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Turkeys most admired and best knowninsurer

According to a brand recognition survey conducted

by GfK, Germanys biggest market research institute,

Anadolu Sigorta is the most admired and best knowninsurer in Turkey. In our opinion this result is a natural

outcome of the levels of strength, reliability, and

satisfaction for which we are known among our target

groups, customers, and delivery channels and it is

proof to us that we have been successful in our efforts

to create more value for all of our stakeholders.

LloydsListMaritimeServiceandCrystalApple awards for Anadolu Sigorta

Anadolu Sigorta continues to lead the Turkish

insurance industry with innovative practices and

solutions that set the standards that its sector aspires

to. In 2009 our company gave even greater attention

to the shipping sector than in previous years while

continuing to write all cargo insurance as well as hull

and contingent liability insurance policies for the

shipping branch.

Anadolu Sigortas contributions to the Turkish

shipping industry were acknowledged with the

CompanysrecognitionintheMaritimeServiceAward category of the Lloyds List 2009 Turkish

Shipping Awards for excellence and innovation in

maritime support services provided by a Turkish ornon-Turkish company, organization or other entity

which has demonstrated outstanding service to the

Turkish shipping industry.

In 2009 Anadolu Sigorta was also the recipient of

awards in many different categories from the Turkish

AssociationofAdvertisingAgencies,whoseCrystalApple is regarded as the Oscar of the Turkish

advertising industry. At last years ceremony Anadolu

Sigorta walked away with the most awards having

receivedfourCrystalApplesalongwiththreesecond

place and one third place citations.

The way forward

Steadily increasing signals that the contraction in the

global economy is slowing down and their impact on

our countrys national markets make it more and more

likely that the process of emerging from the crisis will

work its way out in 2010.

Expectationsarethatrealgrowthintheinsuranceindustry will resume some time during the second

half of 2010. The issues of productivity, risk selection,

and pricing that became crucial because of the crisis

will lose littleif anyof their importance in the near

term. For this reason, our primary objective for the

foreseeable future must be to continue competing

fairly on price and improving the quality of our

service in recognition of the fact that sustainable and

adequate technical profitability is at least as important

and precious as premium production.

In all events however we are determined to maintain

our successful performance as Anadolu Sigorta in 2010

and to remain on course with our strategy of steady

growth.

In closing I extend my thanks to all my colleagues

inservice,tothoseatbank,andtoallouragents,business partners, and policyholders for all the efforts

that have contributed to the success of the Anadolu

Sigorta family.

Sincerely,

Mustafa SuChiefExecutiveOfficer


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The World Economy

The impact of the crisis that began in developedcountries financial markets and spread throughoutthe world as it grew deeper in the last quarter of2008 began to lose effect in the third quarter of 2009

in part due to the monetary and financial measuresbeing taken. The financial markets of both developedand developing countries embarked upon a processof recovery much more quickly than had beenanticipated. There were noteworthy improvementsobserved both in the developed countries productionindicators and in overall world trade.

Recession ends in the United States

WhiletheUSFederalReserveisexpectedtokeepitsshort-term interest rates (held in the 0-0.025% bandsince December 2008) at existing levels for some

time yet, the positive effects of the fiscal stimuluspackage that the Fed unveiled in the first quarter ofthe year can already be seen. There is renewed vigorin private consumption expenditures associated withautomotive and housing sales. Located at groundzero of the global economic crisis, the US economyregistered a 3.5% rate of growth in the third quarter of2009 for the first time in twelve months while growthin the fourth quarter also exceeded expectations.Indeed the Q4 5.7% growth that was announced is thehighest witnessed since Q3 2003. Although there aresome concerns that high unemployment (on the orderof 9.8%) may put a damper on rises in consumptionoutlays and that the progress of economic activity

may remain weak for some time yet, the fiscal andmonetary measures that have been taken appear tohave been remarkably effective in supporting therecovery.Withrecession(definedasatleasttwoconsecutivequartersofdownGDP)technicallyoverinthe US economy, growth is now expected to continuein 2010.

Eurozoneimprovementsmoresluggish

TheEuropeanCentralBank(ECB)lowereditsshort-term interest rates from 2.5% at the end of 2008 ina series of cuts to 1% (their lowest level ever) during

2009.ItisexpectedthatimprovementsinEurozoneeconomies will continue and that growth will be

supported by near-term rises in exports once stabilityis restored. Although the most recent developments

appear to have reduced risks relatively speaking, anysudden, rapid rise in oil or commodity prices couldeasily provoke uncertainties among economic actors.It is thought that inflation, which has been in decline,could resume rising once again in the period aheadwith the elimination of base-year effects. Althoughthe increase may be expected to exceed 2%, thatis contingent upon domestic demand remainingweak.UnemploymentremainedhighintheEurozonethroughout the year and in the fourth quarter itsurpassed expectations by reaching the 10% level.

BankofJapanpoliciesremainprudent

Extendingitsimplementationofmeasuresaimedat supplying the private sector with liquidity untiltheendof2009,theBankofJapan(BOJ)leftitsshort-term interest rates unchanged at the 0.1%level to which it had most recently lowered them inDecember 2008. It appears that the deterioration intheJapaneseeconomyhasended,thatpublicsectorinvestments are on the rise, and that both productionand exports are gaining momentum but that privateconsumption outlays remain weak as a result of higherunemployment and lower income levels. The declinein inflation is likely to slow down as economic recoverytakes hold in the period ahead.

2009 Economic and Sectoral Overview

The impact of the crisisthat grew deeper in thelast quarter of 2008 began

to lose effect in the thirdquarter of 2009 in partdue to the monetary andnancial measures beingtaken.


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Source: IMF World Economic Outlook, October 2009

(E): Estimation (P): Projection

17

GrowthcontinuesathighlevelsinChina

WorriesthatrecessionamongChinastradingpartnersmight throttle the worlds second biggest economypromptedthePeoplesBankofChina(PBC)tounveila gigantic USD 586 billion incentives package that

appears to have succeeded in maintaining a high levelof growth in that country during 2009. It is expectedthat efforts will be made to keep this growth fromfalling below 8%, which is seen as the minimumthat is necessary to meet 2009 targets, to keepunemployment in check, and to pre-empt politicaltensionsonthedomesticfront.EvenasitprotectstheChineseeconomyfromtheeffectsoftheglobaleconomic crisis however, this package is not withoutits critics. Specifically there are dire warnings that,by focusing particularly on construction projects, itsincentivescouldcauseChinaschronicover-capacityproblem to become even worse.

USD remains weak throughout the year

In the face of the measures that were taken to dealwith the global downturn in the United States, the USdollar gained rapidly in value during 2008, particularlyat the expense of the euro due to concerns that a

perceived inability to take quick, concerted in theEurozonewouldresultinitseconomiessufferingmore from a global recession. As more encouragingnumbers started coming in from the economic fronthowever, investors became increasingly less risk-averse with the result that the dollar remained weakthroughout most of 2009.

Buffeted by expectations about global financialmarkets movements, by changes in global riskperceptions, and by pronouncements, the dollarsparity followed an erratic course against leadingcurrencies.

TheEUR/USDparitypeakedat1.5139during2009only to subside and end the year at the 1.4316 level.

2008 2009(E) 2010(P)Growth (%)Global 3.0 -1.1 3.1

USA 0.4 -2.7 1.5

Eurozone 0.7 -4.2 0.3

Japan -0.7 -5.4 1.7China 9.0 8.5 9.0Turkey 0.9 -6.5 3.7

DevelopingCountries 6.0 1.7 5.1Inflation (%)USA 3.8 -0.4 1.7

Eurozone 3.3 0.3 0.8Japan 1.4 -1.1 -0.8China 5.9 -0.1 0.6Turkey 10.4 6.2 6.8

DevelopingCountries 9.3 5.5 4.9


20/168


Global interest rates stay depressed during2009.

Short-term interest rates at end-2009 were at the

0-0.25%levelintheUS,1.00%intheEurozone,and0.10%inJapan.

A surge in oil prices may be the offing

The spot price of a barrel of Brent crude, which wasbelow USD 40 at the end of 2008, surged in 2009reaching the USD 78.80 levelthe highest in a yearinOctober. This rise was driven as much by signalsof recovery in the global economy as by increasesinothercommoditypricesandbyEUR/USDparitymovements. By the end of the year the spot price hadedged down slightly to USD 77.70.

The need for a soft transition in crisis exitstrategies

Both modest improvements in economic indicatorsand restored stability in financial markets haveprompted debates over what strategies shouldbe employed when winding up the extraordinarymonetary and fiscal measures that have been takenduringthecrisis.Evenwhiletherewillinevitablybe differences from country to country, there is a

consensus that exit strategies must incorporate asoft transition as they move away from existingpolicies, that countries need to coordinate thisprocess, and that it is very important to remainfocused on strong and sustainable growth in theglobal economy. However just as abandoning

supportive fiscal and monetary policies withoutachieving long-term improvements in economicactivity or stability in financial markets may thwartgrowth, adhering to them for too long could easilyraise concerns about public sector debt levels andserviceability.

Furthermore decisions on the part of monetaryauthorities to hold the line on interest rates athistorically low levels and to keep markets suppliedwith liquidity began to trigger significant rises infinancial asset and house prices throughout the worldin the second half of the year. This creates worriesabout new speculative bubbles in which asset pricescut free of their economic anchors once again take off.

And in the last quarter of 2009

Whenbalancesheetfiguresannouncedbymanyfirms,particularly in the US, revealed results much betterthan had been expected, investors appetite for risksurged and there were rapid rises in stock exchangesaround the world. This situation had a favorableimpact on developing countries economies too. Manysuch countries became the targets of strong capitalinflows which not only caused their local currencies toappreciate but which also sent their stock markets on

upward trends.

Worriesthattheglobaleconomyisatriskofencountering a double-dip recession are nowbeing voiced with increasingly less frequency. In itsOctoberWorldEconomicOutlook,theIMFrevisedits global economic growth projections, saying thatit now expected a 1.1% contraction in 2009 but a3.1% growth rate in 2010. In the case of developingcountries, which grew an average 6% in 2008, growthshould be around 1.7% in 2009 but nearly three timesthat (5.1%) in 2010.


In its World EconomicOutlook, the IMF revisedits global economic growth

projections, saying thatit now expected a 1.1%contraction in 2009 but a3.1% growth rate in 2010.


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The Turkish Economy

2009: The year the economy shrank

Weakdomesticdemandcombinedwithdepressedexternal demand brought on by the global creditcrunch had an adverse impact on economic activityin Turkey, whose national economy shrank 14.3%quarter-to-quarter in the first three months of 2009.The contraction continued into the second quarterbut, at 7%, was only half as fast. This trend wasrepeated in the third quarter, when a 3.3% contractionwas registered.

LookingatGDPbrokendownbycategory,agriculture,which contracted in the first quarter, appears to haveregistered a 6.4% rate of growth in the second. Therate of contraction in manufacturing industries, whichcontributeaboutafourthofthecountrysGDP,also

lost momentum very much along the same linesgoing from 21.8% in the first quarter to 11.2% in thesecond. This change is thought to have been largelydue to a recovery in automotives sector and whitegoods sales stimulated by second-quarter cuts in taxrates. In contrast with this, the first-quarter decline inconstruction not only continued in the second quarterbut even picked up speed and remained high in thethird as well: construction industry output, whichshrank 18.9% in the first three months of 2009, wasdown 21.4% in the second and another 18.1% in thethird.

In the first quarter

Having shrunk 26.3% in the first quarter, wholesaleand retail trade volumes subsequently recoveredsomewhat though they still registered quarterlydeclines of 15.4% and 7.2% in the second and thirdquarters respectively.

Special consumption tax cuts, which had stimulatedconsumption in the second quarter of the year, lostmuch of their impact in the third. On the other hand,leading indicators such as real sector and consumerconfidence index figures announced for the thirdquarter lagged behind those of the second quarter,when they suggested that there had been rapidcorrections.Economiccontractioninthethirdquarterof the year was slower than what it was in the secondbut the improvement remained modest. As of thiswriting it is thought that positive growth resumed inthe fourth quarter, this being the result of the delayedeffects of Turkish central bank short-term interest ratecuts and of increased consumption sparked by bankscharging less for consumer credit late in the yearcombined with base-year effects.

Turkish economy shrankby 8.4% in the rst threequarters of 2009.

2008 2009-I 2009-II 2009-III 2009-9 Months

GDP Growth (%) 0.9 -14.3 -7 -3.3 -8.4

Sectoral Growth (%)Agriculture 3.9 -0.4 6.4 -2.7 3.2

Manufacturing Industry 0.8 -21.8 -11.2 -3.9 -12.4

Construction -8.2 -18.9 -21.4 -18.1 -19.5

Trade -1.1 -26.3 -15.4 -7.2 -16.3

Source: TurkSTAT

Fixed Prices


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Medium-term program

In the medium-term program announced by thegovernment for the years 2010-2012, it is stated thatemphasis will be given to economic policies to achievelasting increases in production, investment, and

exports. At the same time, it is also said that the aim isfor the private sector to lead the way out of the crisisand during the post-crisis growth process. Foremostamong the measures that the government is to take isa changeover to the so-called golden rule of fiscalpolicy whose aim is to ensure that the ratio of publicsector debt to national income remains sustainableover the medium and long terms. A legal frameworkincorporating this guideline is supposed to be set inplace no later than the first quarter of 2010.

According to the medium-term program, thegovernmenthassetGDPgrowth-ratetargetsof3.5%,

4%, and 5% for 2010, 2011, and 2012 respectively.(The program also posits a net 6% contractioninGDPin2009.)Onlymodestimprovementsinunemployment rates are foreseen as taking place in2010 and 2011. A number of revisions are made in2009 budget performance projections with the deficitnow expected to weigh in at TL 62.8 billion (6.6% ofGDP)andthenon-interestdeficit(NID)atTL20.8billion(2.2%ofGDP).Initsprogram,thegovernmentalsocallsforNID/GDPratiosof0.8%in2010andof0.2% in 2011 and says that it expects that there will beanon-interestsurplusequalto0.4%ofGDPin2012.

Inflation subsides in line with global trends

In the wake of the crisis there was a markedcontraction in total demand brought on by a clearcutback in economic activity resulting as much froman increasing propensity to save as from rapidlyshrinkingexternaldemandandtightermoney.Whencombined with sharp declines in commodity prices,this led to a rapid drop in inflation rates everywherein the world, including Turkey. This trend manifestedconsiderable variation however. In categories that aredirectly affected by commodity price movements suchas energy and processed foods for example, therewas a sharp decline in inflation whereas in the case of

basic goods and services whose prices are particularly

susceptible to changes in demand, prices continuedto rise albeit rather more slowly. Although changes insome tax rates with the intention of bringing publicfinances into balance in the third quarter exertedupward pressure on prices, twelve-month rises inconsumer prices continued to slip in line with the

overall downward trend.

Factors influencing the underlying inflationary trendin the last quarter of 2009 conformed essentially totheoutlookpresentedintheCentralBanksOctoberinflation report. Both domestic and external demandcontinued to recover modestly as foreseen whileeconomic resource utilization levels remained low.Nevertheless unprocessed food prices shot up quiteunexpectedly registering the highest rates of increasewitnessed in recent years with the result that year-end inflation in 2009 ended up a whole percentagepoint higher than the target. On other fronts, rises inoil and other commodity prices and the resumptionof normal advance tax rates (which had been cut tosupport economic activity) also contributed to greaterinflationary pressure during this period. The upshot ofall these developments is that annualized last-quarterinflation went from 5.27% to 6.53% in 2009.

Improvements expected in foreign trade

AlthoughtherewerehopesthatrecoveryinEurozoneeconomies would have a favorable impact on ourcountrys exports, the actual results were mixed.ExportsinOctober2009wereup3.9%comparedwiththe same period a year earlier but reversed themselves

and dropped 5.2% in November.

According to twelve-month figures for 2009, theforeign trade balance was down 53.4% compared withthe previous year and showed a deficit amounting toUSD 24,729 million.

Comparingtwelve-monthfiguresfrom2009and2008onthebasisofindividualcategories,CIFimports(including gold) amounted to USD 140,776 million(down 30.3%) and FOB export revenues to USD102,165million(down22.6%).Evenunregisteredearnings from the so-called shuttle trade are

thought to have declined 22.9% to USD 4,783 million.



23/168


The current account deficit continues togrow

Cutbacksinbothconsumptionandinvestmentbrought on by the global economic crisis led to lowerenergy prices which resulted in a substantial decline

in Turkeys current account deficit in the last quarterof 2008. The crisis also appears to have altered themakeup of the deficit as well. In August 2008 thecountrys 12-month current account deficit peakedat USD 49.1 billion. Beginning in October, when theimpact of the global crisis on internal and externaldemand started to make itself felt, there was a rapiddecline in the deficit that did not reverse itself untilit bottomed out at USD 11.8 billion in October 2009.On a year-to-year basis, the current account deficitwas down 67%, going from USD 41.9 billion in 2008 toUSD 13.9 billion in 2009.

In the period ahead, developments that help reducecountry risk, Turkeys growth potential, restoringdiscipline in public finances, keeping inflation incheck, making continued improvements in countryratings as most recently announced, and signing anagreement with the IMF will all be important to thefinancing of the current account deficit insofar asthey rejuvenate both foreign direct and short-termportfolio investment in our country.

The huge deficit that looms on the budgethorizon

The national budget deficit, which amounted to TL17.4 billion in 2008, reached TL 52.2 bill ion in 2009despite some improvements in performance inDecember. During the same period the non-interestsurplus all but dried up, going from TL 33.2 billion toTL986million.Centralizedadministrationbudgetaryoutlays in 2009 amounted to TL 267 billion while therewere TL 214 billion worth of non-interest expenses.Budget revenues weighed in at TL 215 billion.

Two factors in particular are contributing adverselyto budget performance: a persistent rise in non-interest expenses on the one hand and the perniciouseffect that the contraction in economic activity hasontaxrevenuesontheother.Expectationsthateconomic recovery is going to be gradual preclude

the likelihood of any quick-fix rises in tax revenues inthe near term. At the same time, the fact that growthin non-interest expenses stems largely from health,pension, and social welfare outlays only underscoresthe need for urgent structural reforms in such areas.

CBTkeepsthelidoninterestratesthroughout 2009

Having first lowered interest rates in November 2008,theCentralBankofTurkey(CBT)MonetaryPolicyBoard continued to do so throughout 2009. At theboards last meeting on November 19th of the year,

the overnight borrowing rate was reduced 25 basispoints to 6.50% while the lending rate was lowered to9%.Whilebothactionswereinlinewithexpectations,the board also signaled it had reached the end of theroad insofar as its curtailment of interest rates wasconcerned.

ArousingperformanceatISE

PositiveindicationsofgrowthemanatingfromtheUSA,China,andIndiahadafavorableimpactonmostequitymarkets.Whenasurpriseincreaseindomesticindustrial output and improved country rating were

addedtothisencouragementfromabroad,theISE100indexatthestanbulStockExchangeshotup16.48% in December.

TradingatthestanbulStockExchangeparalleleddevelopments in international asset markets for themostpartduring2009.TheISENational100indexclosed the year at 52,825 points, 97% higher than its26,864 level twelve months earlier.


24/168



2009 Projection(Estimation) 2010 2011 2012

I. NATIONAL INCOMEReal growth (%) -6.2 3.5 4 4

GDP(Currentprices,TLbn) 944.7 1,026.60 1,115.70 1,212.60GDP(USDbn) 609.5 660.6 683.6 709.3II. EXTERNAL BALANCECurrentbalance(USDmn) -11,500 -19,900 -22,000 -26,000Exports(USDmn)(FOB) 98,100 108,190 117,600 127,800Imports(USDmn)(CIF) 136,800 151,350 165,000 183,000III. PUBLIC FINANCESTotalnetpublicdebt/GDP(%) 35.3 37.6 39 38.8IV. MONEY SUPPLY, DEPOSITS & CREDITSIncluding participation banksBank deposits (TL bn) (1) 515 575 660 760

TL 329.6 370 429 501.6

ConvertibleFX 185.4 205 231 258.4

Creditstock(TLbn)(2) 380 437 515.7 608.5Banking sector total assets (TL bn) 805 903.1 1,049.10 1,216.30

Banking sector total assets (USD bn) 533.1 564.5 627.4 694.9

Bankingsectortotalassets/GDP(%) 85.2 88 94 100.3V. INTEREST, INFLATION & EXCHANGE RATESReal interest rates (%) (3) 6.6 5 4.1 3.8

Government debt securities interest rates (%) (4) 12.5 10 9 8.5

PPI(%)- Average 1.19 5.21 4.2 4

-End-to-end 5.4 4.5 4 4CPI(%)

- Average 6.22 6.15 4.81 4.73

-End-to-end 6.18 5.15 4.5 4.5

USD/TL(5)-Year-end 1.51 1.6 1.6721 1.7504

- Average 1.5494 1.554 1.6322 1.7095

EUR/TL(5)-Year-end 2.2499 2.376 2.483 2.5906

- Average 2.1636 2.2947 2.425 2.5395

EUR/USDparity(6) 1.49 1.485 1.485 1.48

(1) BRSA figures (includes interbank deposits).

(2) Includes loans to the financial sector.

(3) Shows the relationship between average yearly rate on government debt securities and average CPI inflation during the next year.

(4) Average compounded rate determined by auctions.

(5) CBT FX buying rate.

(6) Year-end parities for 2010-2010 are based on Reuters, IIF, and similar institutional projections.

The Macroeconomic Outlook: 2010-2012


25/168

An Overview of the Global and Turkish Insurance Industries, and FutureOutlook


The Global Insurance Industry

The effects of the global economic crisis continued tomake themselves felt on the sector throughout 2008.Although companies made high underwriting profits,they experienced sharp declines in the returns on their

investment: indeed some even booked net losses onthem.Wheneconomicconditionsslowlybegantorecover in 2009, developments in insurers investmentincome also began to return to normal.

The global insurance industry experienced a realcontraction in 2008the first such since 1980withwritten premium down 3.7% on a year-to-year basis.A large part of that shortfall stemmed from the lifeinsurance, with premiums there off by 5.8%. Theshrinkage in non-life insurance was 0.6%, which wasthe result as much of weak demand as it was ofsofteningpremiumrates.Worldwidewrittenpremium

amounted to USD 4,217 billion, of which USD 2,436billion was from life insurance and USD 1,781 billionwas from non-life insurance.

In 2008, among the industrialized nations, non-lifewritten premium was down 1.6% with such countriescontributing an 86.4% share of the total. Among thedeveloping countries, which contributed 13.6% ofworldwide written premium, the year-to-year rise was7.1%.

In the Americas, which together make up the worldsbiggest market for non-life insurance, written premiumwas down 2.1% in 2008 overall but this figure masks

an 8.8% increase in Latin America countered by a3%declineinNorthAmerica.InEurope,theoverallrise in written premium was 0.2% but again therewas considerable regional variation: a 0.4% declineinWesternEuropebuta5.9%riseinCentralandEasternEurope.InJapanandIndia,writtenpremiumwas down 3.5% and 1.6% respectively but up 14.8% inChina,whoseperformanceessentiallymadepossiblethe overall 2.2% written premium increase registeredamong Asian countries.

On the basis of available evidence it appears that thedecline in overall written premium continued in 2009and that non-life insurance premiums were dropped

by11.2%.Premiumratesfellwhenthedemandforinsurance began to lag behind supply in reaction tothe economic downturn and this trend continuedall year long. The result was stagnation in insurers

technical profits in 2009.

Expectationsarehoweverthatsuchtrendswillreversethemselves in 2010 and that demand will pick uponce again. That, combined with a resumption ininvestment returns, is what underlies the belief thatthe global insurance industry will witness greaterprofitability in 2010.

In 2008 USD 50 billion worth of damages caused bynatural disasters were paid out, making it one of themost expensive years experienced by the insurancesector in its history. Most companies managed tocover such high losses by having recourse to their

capital,exceptanumberofAmericanandEuropeaninsurers who found it necessary to ask for governmentsupport in order to survive.

2009 was a relatively lucky year from the standpoint ofnatural disasters. Total catastrophe losses and insuredlosses last year are estimated at around USD 52 billionand USD 24 billion respectively. The 52% declinein insured losses in 2009 is largely attributable to arelatively calm hurricane season in the United States.IndeedEuropewasthecontinentthatsufferedthemost from catastrophe losses last year. Insurers had topay out about USD 3.5 billion in damages as a result

of Klaus, a winter storm that hit southern France and

The global insuranceindustry experienced a realcontraction in 2008the

rst such since 1980withwritten premium down3.7% on a year-to-yearbasis.


26/168


An Overview of the Global and Turkish Insurance Industries, and Future Outlook

northernSpaininJanuaryandwasthebiggestsourceof the sectors losses. Hailstorms in Switzerland andAustriainJunegeneratedlossesamountingtoUSD1.25 billion while brushfires in Australia caused anotherbillion dollars worth of insured losses. Despitesuch spectacular and high-profile events however,worldwide losses from natural disasters were lesscostly in 2009 than in previous years.

However this should not be a cause for optimism.Catastrophelosseshavebeenontheriseoverthelasttwo decades and according to scientists we are nowlikely to experience much greater variation from yearto year than in the past. Some years, like 2009, will berelativelycalm;otherswillnot.

Although reinsurers were seriously affected bythe global economic crisis, for the most part theycontinued to support insurers during 2009. Despite

indications that the economic downturn has begunto end, the reinsurance sectors capital formationincreased only 8% in the first half-year of 2008 whereasit declined 15% in 2008. That being the case, it isclearly much too early to say that the problem ofcapital impairment brought on by the economic crisisis behind us. This view is supported by the negativeoutlook which Fitch, one of the worlds foremostcredit-rating agencies, assigned in its 2009-2010report on developments and prospects in the globalreinsurance market.

TheUnitedNationsClimateChangeConferenceheldinCopenhagenon7-18December2009wasan event to which the global insurance industry paidparticularattention.TheCopenhagenAccordwhich was signed at the conclusion of the conferenceand which, it had been hoped, would provide for

effective and radical measures as a successor to theKyotoProtocol,turnedouttobeadisappointmentboth for environmentally aware individuals and for aninsurance sector confronted by increasingly greaterlosses attributable to climate change. Neverthelessthe accord does go on record by acknowledging thereality of global warming and the need to reduceemissions so the conference was not a completefailure.Whatisneedednowisforindividualsandorganizationsincluding those in the insuranceindustryto take action so as to make the decisionsreachedinCopenhagenmoreeffectiveandbinding.

The Turkish Insurance IndustryAlthough the Turkish insurance industrys life branchperformed rather well in 2009, the same cannotbe said for the non-life branches. Like the rest ofthe world, the sector suffered from the effects ofthe global economic crisis to which were addedsubstantial losses caused by disastrous floods in thethird quarter of the year. Total premium productionin all non-life branches in 2009 was up 4% year-on and reached TL 10.6 billion in value. Duringthe same period however, premium production inthe life branch rose 15.6% and it was this superiorperformance that boosted the sectors overall

premium production 5.6% to TL 12.4 billion.

Given the twelve-month 6.53% rise in consumer priceslast year however, it becomes clear that the non-lifebranches performance actually corresponds to a 2.4%decline when the effects of inflation are taken intoaccount. It is expected that the contraction will reverseitself gradually as economic activity picks up again inthe period ahead.

Although the Turkishinsurance industrys lifebranch performed rather

well in 2009, the samecannot be said for the non-life branches.


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Since the beginning of 2009, insurers have beenrequired to publish consolidated financial statementsthat conform to prescribed standards set forth ina government communique concerning insurance,reinsurance, and pension companies that wasannounced in issue 27097 of the official gazette on 31

December 2008.

One other outcome of the global economic crisis in2009 was that major international insurers showedrather less interest in the Turkish insurance industrythan they had been in the habit of doing in previousyears.Vakfbank,whichhaddecidedtosellstakesintwofirmsGneSigorta(general)andVakfEmeklilik(life and pensions)changed its mind in 2009. Anotherpensioncompany,OYAKEmeklilik,whichwassoldtoHolland-based ING, was reorganized under the nameofINGEmeklilikwhileKoAllianz,allofwhoseshareswere bought up by Allianz last year, was recast simplyas Allianz.

In what amounts to the deregulation of compulsorymotor vehicle financial liability insurance tariffs, in 2009the Treasury Undersecretariat raised the upper limit onapprovedtariffsfrom+20%to+100%.Alongwiththisdevelopment,theInsuranceArbitrationCommissionwas launched. Forty-four insurance companies have

joined the new system, which provides a mechanismfor resolving disagreements between service providersand consumers without there having to be recourse tolitigation.

In a progress report concerning Turkey that waspublishedon14October2009bytheEuropeanCommission,itisnotedthatsomeprogresshadbeen made in the areas detailed above after whichthe commission stated that while Turkey had largelysatisfied requirements with respect to financial marketinfrastructure, its compliance in the area of insurancewas still limited. The report also said that safeguardsand auditing standards in the banking and non-banking financial sectors had not been strengthenedand that there still had been no progress in theestablishment of an independent regulatory andsupervisory agency for the insurance and privatepension sectors.

Branches2008Premium

Production(TL) Share (%)2009Premium

Production(TL) Share (%)Change

(%)

Fire 1,596,779,129 13.56 1,670,810,100 13.44 4.6

TCIP 272,824,680 2.32 322,611,823 2.59 18.2Marine 413,600,680 3.51 374,352,036 3.01 -9.5

Accident 3,330,869,729 28.28 3,237,041,576 26.03 -2.8MotorThirdPartyLiability 2,062,285,307 17.51 2,249,245,391 18.09 9.1Engineering 535,217,981 4.54 623,890,949 5.02 16.6Agriculture 125,111,095 1.06 151,119,652 1.22 20.8

Health 1,326,125,506 11.26 1,415,189,392 11.38 6.7

LegalProtection 32,412,600 0.28 36,028,946 0.29 11.2PersonalAccident 467,501,881 3.97 505,591,674 4.07 8.1Credit 40,944,611 0.35 28,436,157 0.23 -30.5Non-Life Total 10,203,673,200 86.6 10,614,317,698 85.35 4.0Life 1,576,208,875 13.4 1,821,653,559 14.65 15.6

Grand Total 11,779,882,075 100 12,435,971,258 100 5.6


28/168

Fire

Premiumproductiononfireinsurancepolicieswasup3.1%lastyearandreachedTL232,201thousandwhileclaim payments amounted to TL 109,569 thousand. Technical profit in this branch was TL 21,760 thousand in 2009(TL 26,640 thousand in 2008).

ThePerformanceoftheFireBranchin2009

PremiumProduction(TL thousand)

ClaimsPaid(TL thousand)

CombinedLossPremiumRatio(%)

TechnicalProfitabilityRatio(%)

08 09 08 09 08 09 08 09

225,1

72

59.8

67,0

16

11.

8232,2

01

73.5

109,5

69

9.4


An Assessment of Anadolu Sigorta in 2009

Anadolu Sigorta is an insurer active in non-life branches,the most important of which are fire, marine, accident,motor third party liability, engineering, agriculture, legalprotection, personal accident, health, and credit.

PremiumProductionandTechnicalResults

Anadolu Sigortas direct premium production reached

TL1,189millioninvaluein2009.Withtheadditionof

TL54millioninreinsurancepremiums,theCompanystotal premium production amounted to TL 1,243million last year.

As in previous years, the accident branch accountedfor the biggest (34%) share of the total portfolio. Thisis followed in order of importance by the motor third

party liability, fire, and health branches.

Premiumproductionin2009bybranchesarepresentedbelowwithacomparisonwiththepreviousyear.

*Temporary data (TSRB)

PremiumProductionbyBranches (TL thousand) 2008 2009

PremiumGrowth Rate (%) % Share

Fire 225,172 232,201 3.12 18.67

Marine 67,557 63,244 -6.38 5.09

Accident 442,403 420,088 -5.04 33.78

MotorThirdPartyLiability 186,246 252,493 35.57 20.31Engineering 49,992 65,668 31.36 5.28Agriculture 7,315 8,709 19.06 0.7

LegalProtection 5,015 4,897 -2.35 0.39

PersonalAccident 43,594 42,936 -1.51 3.45Health 133,920 153,127 14.34 12.31Credit 172 114 -33.72 0.01Total 1,161,386 1,243,477 7.07 11.72*


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Marine

PremiumproductioninthemarinebranchamountedtoTL63,244thousandin2009whileclaimpaymentsamounted to TL 34,737 thousand. Technical profit in this branch was TL 22,079 thousand (down 4.8% year-on-year).


ThePerformanceoftheMarineBranchin2009





08 09 08 09 08 09 08 09

67,5

57

29.8

23,4

16

34.5

63,2

44

44.1

34,

737

34.9

Accident

Anadolu Sigortas premium production in the accident branch was down 5.0% year-on-year and amounted toTL420,088thousand.Claimpaymentsintheaccidentbranchincreased9.3%in2009andstoodatTL355,267thousand. The accident branch booked a technical loss of TL -34,170 thousand.

ThePerformanceoftheAccidentBranchin2009





08 09 08 09 08 09 08 09

442,4

03

80.5

325,1

50

8.4

420,0

88

89.6

355,2

67

-8.1


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Engineering

The year-on-year rise in engineering insurance premium production was 31.4% with TL 65,668 thousand booked inthisbranch.ClaimpaymentsintheengineeringbranchamountedtoTL30,318thousandin2009.AtechnicallossofTL -1,967 thousand was registered in the engineering insurance branch last year.

MotorThirdPartyLiability

Motor third party liability insurance premium production increased 35.6% year-on-year in 2009 and reachedTL 252,493 thousand while claim payments rose 35.7% and stood at TL 179,745 thousand. Technical profitability inthe motor third party liability branch was 8.3%.


ThePerformanceoftheEngineeringBranchin2009





08 09 08 09 08 09 08 09

ThePerformanceoftheMotorThirdPartyLiabilityBranchin2009





08 09 08 09 08 09 08 09

49,9

92

186,2

46

75.4

118.2

27,

256

132,5

03

2.7

-18.2

65,6

68

252,4

93

82.5

82.0

30,

318

179,7

45

-3.0

8.3


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Agriculture

Agricultural insurance premium production showed an increase of 19.1% and reached TL 8,709 thousand in2009 while claim payments amounted to TL 3,615 thousand. Technical profit in the agriculture branch rosefrom TL -154 thousand in 2008 to TL 2,409 thousand in 2009.


ThePerformanceoftheAgricultureBranchin2009





08 09 08 09 08 09 08 09

7,3

15

94.2

3,1

30

-2.1

8,7

09

54.3

3,6

15

27.7

LegalProtection

Premiumproductioninthelegalprotectionbranchwasdown2.4%toTL4,897thousandyear-to-yearin2009while claim payments amounted to TL 38 thousand. Technical profit in the legal protection branch rose fromTL 725 thousand in 2008 to TL 3,903 thousand in 2009.

ThePerformanceoftheLegalProtectionBranchin2009





08 09 08 09 08 09 08 09

5,0

15

2.

4

20

14.5

4,8

97

0.4

38

79.7


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Health

Anadolu Sigortas premium production on health insurance policies increased 14.3% in 2009 and amounted toTL 153,127 thousand while claim payments amounted to TL 132,900 thousand. Although the health branchshowed a technical profit of TL 7,162 thousand in 2008, it booked a technical loss of TL -21,750 thousand in 2009.

PersonalAccident

Personalaccidentinsurancepremiumproductionwasdown1.5%in2009andamountedtoTL42,936thousand.ClaimpaymentsstoodatTL8,700thousandduringthesameperiod.Technicalprofitinthepersonalaccidentbranch rose 6.8% from TL 34,324 thousand in 2008 to TL 36,661 thousand in 2009.


ThePerformanceoftheHealthBranchin2009





08 09 08 09 08 09 08 09

ThePerformanceofthePersonalAccidentBranchin2009





08 09 08 09 08 09 08 09

133,9

20

43,5

94

77.

8

13.5

101,7

43

5,0

70

5.3

78.

7

153,1

27

42,9

36

96.3

22.3

132,9

00

8,7

00

-14.1

85.4


33/168

Credit

Premiumproductioninthecreditinsurancebranchwasdown33.7%year-on-yearandamountedtoTL114thousand in 2009. After posting a technical loss of TL 8 thousand in 2008, the credit insurance branch showed atechnical profit of TL 5 thousand in 2009.


ThePerformanceoftheCreditBranchin2009





08 09 08 09 08 09 08 09

172

00

-4.9

114

00

4.2

Total

Total premium production in 2009 was up 7.0% and amounted to TL 1,243,477 thousand in 2009. Total claimpayments went from TL 685,304 thousand in 2008 to TL 854,890 thousand in 2009. Overall technical profit last yearweighed in at TL 50,142 thousand.

ThePerformancetheBranchesin2009(Total)





08 09 08 09 08 09 08 09

1,1

61,3

86

78.7

685,3

04

8.

3

1,2

43,4

77

81.6

854,8

90

4.0


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Investment Income

As a result of lower interest rates in 2009, the returns on Anadolu Sigortas investments were down 8% last yearand stood at TL 162,323 thousand.

A total of TL 42,617 thousand was booked as income on sales of f inancial investments during the reporting

period. More than half (TL 28,195 thousand) of this was from the sale of government securities while less than halfthat amount (TL 12,055 thousand) was from the sale of equities.

The Financial investments valuation account, which consists of valuation income derived from all equities,government bond, mutual fund shares, repo trading, and fixed-term deposits, increased 383% year-on-yearcreating an income effect in the amount of TL 18,236 thousand.

TheCompanybookedcurrencytranslationgainsintheamountofTL11,551thousandduringthereportingperiod. Income from Anadolu Sigortas equity participations stood at TL 8,400 thousand.

InvestmentsExpenses

Anadolu Sigortas investments expenses increased 28% to TL 150,424 thousand in 2009. The biggest componentof this figure consisted of TL 129,968 thousand in investment income that was transferred to the technical

division.AsrequiredbytheUndersecretariatofTreasuryCircularontheProceduresandPrinciplesofKeysUsedinFinancialStatementsthatwentintoeffecton1January2008,Investmentincometransferredtothetechnicaldivision in line with the relevant transfer method registered a 31% growth and reached TL 129,968.

Investment Income (TL thousand) 31.12.2008 31.12.2009 Change(%)

Income from Financial Investments 128,089 79,902 -38

Revenues from the Sales of Financial Investments 16,391 42,617 160Valuation of Financial Investments -6,440 18,236 383

FXGains 19,776 11,551 -42Dividend from Affiliates 17,888 8,400 -53

IncomefromRealEstate 1,200 1,077 -10Income from Derivatives 13 540 4,054

Other Investments 27 0 -

Total 176,944 162,323 -8

InvestmentsExpenses(TLthousand) 31.12.2008 31.12.2009 Change(%)

InvestmentManagementExpenses(incl.interests) -108 -1 -99Devaluation of Investments -283 -3,473 1,127

Loss from the Sales of Financial Investments -3,347 -4,191 25

InvestmentExpensesTransferredtotheTechnicalDivision -99,397 -129,968 31FXLosses -9,499 -8,277 -13DepreciationExpenses -5,107 -4,514 -12Total -117,741 -150,424 28


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Revenues,Income,ExpensesandLossesfromOtherOperations

The Revenues, income, expenses and losses from other operations account showed a net year-on-yeardecline of 81% and a negative balance of TL -2,824 thousand. The biggest contributor to this loss stems from aTL -7,874 thousand charge against the Reserves account.

Revenues,Income,ExpensesandLossesfromOtherOperations(TLthousand) 31.12.2008 31.12.2009 (%)

Provisions -13,666 -7,874 -42Rediscounts 3,808 5,460 43

CompulsoryEarthquakeInsurance 57 0 -Deferred Tax Income 0 1,207 -

Deferred Taxation -2,122 0 -Other Revenues and Income 1,124 912 -19

OtherExpensesandLosses -4,353 -2,529 -42Total -15,152 -2,824 -81

Operating ResultsKey ratios concerning our companys performance are shown in the accompanying chart along with prior-yearresults for comparison.

As of end-2009, Anadolu Sigorta showed a gross profit of TL 59,127 thousand. After setting aside TL 11,053thousand as a tax provision, the remaining TL 48,164 thousand corresponds to a 59% year-on-year decline in theCompanysnetprofit.

2008 2009

TechnicalProfitabilityRatio 8.3% 4.0%NetLoss-PremiumRatio 78.7% 81.6%ReturnonEquity 19.4% 6.0%Return on Assets 7.7% 2.8%

31.12.2008 31.12.2009 (%)

Technical Division Balance 96,671 50,142 -48

Investment Income 176,944 162,323 -8

InvestmentExpenses -117,741 -150,424 28Revenues,Income,ExpensesandLossesfromOtherOperations -15,151 -2,824 -81Total 140,723 59,217 -58Gross Income 140,723 59,217 -58

Tax Provisions -23,057 -11,053 -52Net Income 117,666 48,164 -59


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Anadolu Sigorta in the Industry

As our countrys biggest nationally owned insurer,Anadolu Sigortas mission is to increase theCompanysvaluewhilemaintainingitsfinancialrobustness at international standards.

Inlinewiththismission,theCompanypursues

a soundly-based growth strategy that focuseson profitability while supporting that strategy byseeking to always make the right choices in terms ofproductivity, risk selection, and pricing.

As Turkeys first national insurance company, promotinginsurance awareness throughout the country is one ofAnadoluSigortasprimarystrategicgoals.Combiningthe deep-rooted experience that it regards as itsmost important capital with an innovative approachthat shapes the industry, Anadolu Sigorta undertakesprojects that reinforce its solid position in its sector.ThemostrecentoftheseistheC2CCustomerFocusTransformation project that was launched two yearsago and has now reached the final stage.

AsanoutcomeoftheCompanysmorecustomer-focused approach in the period ahead, even greaterattention will be given to the issues of thoroughly andcorrectly analyzing existing customers, seeking outand exploiting cross-sale opportunities, taking on newcustomers, and determining the right prices for theright risks. A team of specialists are currently involvedin extensive actuarial studies aimed at achieving theseobjectives.

Smallandmedium-sizedenterprises(SME)generate

a huge amount of value for our national economy butare among the businesses that are most at risk in timesof economic crisis. Based on its analysis of the needsof such firms, Anadolu Sigorta has introduced itsSMEPackagePolicy.Thisproductisseenashavinga unique importance and efforts are currently beingmade to broaden its use through strong promotionand effective sales activities.

In the motor vehicle insurance business line, in whichAnadolu Sigorta controls a significant share of thesectorstotal,theCompanyiscurrentlyworkingona new and innovative tariff model that is about to beintroduced to the market.

Training and related activities are constantly beingcarried out in order to increase the effectiveness ofsales channels and in light of changes in the legal

framework.

A variety of activities are being carried out with theaim of taking the already high level of Anadolu Sigortabrand awareness, satisfaction, and recommendabilityamong target audiences and delivery channels to evengreater levels.

2009 highlights

Anadolu Sigorta conducted its activities in 2009 whilecontinuing to build on the concepts of quality service,leadership, innovation, and customer focus by which itsname is identified. Important developments involving

changesintheCompanysorganizationandinitsdistribution and sales channels are summarized below.

Asrequiredbythenewinsurancelaw(Statute5684dated3June2007)andtheInsuranceAgencyRegulations of 14 April 2008, agents were notifiedat regular intervals on matters related to their UnionofChambersandCommodityExchangesofTurkey(TOBB)registration.ChecksweremadefromtheTOBB website and the business activities of 148agents that had not completed their registrationrequirements within the required period of time weresuspended.

Anadolu Sigorta conductedits activities in 2009 whilecontinuing to build on the

concepts of quality service,leadership, innovation, andcustomer focus by whichits name is identied.


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The registrations of these agents were subsequentlyfinalized within a short time. At this time there areno active agents with which Anadolu Sigorta workswho have not fulfilled their TOBB registrationrequirements.

Prioritywasgiventosettingupagenciesinprovinceswere there was deemed to be a need with particularattention being given to recruiting new agents whowere properly trained and qualified. At the same time,efforts were also made to improve the existing agentprofileandtoexpandtheCompanysbrokerandagent network.

Inordertodealwithseverepricecompetitioninthe sector, a number of campaigns were conductedbytheCompanytosupportitssaleschannelsandtominimize commission fee losses.

Acoordinatedeffortinvolvingregionalofficeswasbegun to update and complete all customer-relatedinformation and documentation as required byRegulationsconcerningMeasurestoPreventMoney-Laundering and the Financing of Terrorism.

Basedonfindingsfrominvestigationsofregionalbusiness process bottlenecks caused by agents havingto obtain the approval of their regional head officesand on discussions of problems frequently raised atmeetings in which agents take part, it was decided toallow agents to perform some types of transactions on

their own authority. This action has also had the effectofreducingtheCompanysownoperationalworkload.

Quarterlyreportsofcustomercomplaintsbrokendown by branch were prepared and submitted to theTreasuryUndersecretariatasrequiredbyCircular2008/28concerningreportstobepreparedpursuantto article 12 of the Regulations pertaining to InsuranceContractInformationDisclosurepublishedon19September 2009.

WiththeformationoftheBancassuranceUnitsetupon1July2009toprovideforcentralizedmonitoringand coordination of relations with banks and of directsales team activities, the erosion that had been takingplaceintheCompanysBanksportfoliowashaltedandreversed. The immediate effect of this was a 0.25% risein this business lines premiums in the month of August.

ActivitieswerecarriedoutinlinewithRegulationsconcerningPrinciplesapplicabletoRetailCreditProtectionInsurance.

Region Number ofAgents Number ofCorporateAgents Number ofbankBranches Number of OtherBanks Branches Number ofBrokers Total

Southern Anatolia 126 - 139 4 - 269

WesternAnatolia 189 - 156 7 3 355Marmara 152 - 76 3 1 232

CentralAnatolia 222 - 195 8 2 427WesternBlackSea 45 - 29 - - 74Black Sea 70 - 60 2 - 132

Mediterranean 68 - 56 2 - 126

stanbul 310 34 226 17 35 622Kadky 232 7 139 12 20 410TRNC 27 - 13 - - 40Total 1,441 41 1,089 55 61 2,687

DeliveryChannelsasof2009year-end


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Research and Development Pertaining to New Services and BusinessActivities

Launchedinordertoapplythebusinessmodelandprocesses identified as a result of the Business ModelandTopLevelProcessDesignprojectwhichwasundertakentoexamineandimprovetheCompanysbusiness model and processes and which wascompletedin2008,AnadoluSigortasC2C(Closer

toCustomer)TransformationProgramiscontinuingwithout any loss in momentum.

AspartoftheC2CCustomerFocusedTransformationProgram,aBancassuranceUnitwasset up within the Agents and Marketing Departmentin order to create a targeted bancassurance model inwhichAnadoluSigortaandbankjoinforces.

OrganizationalactivitiesrelatedtotheformationofaClaimsManagementDepartmentandanMotorClaimsDepartmenthavebeencompletedwithattention being given to compliance with the businessmodelthatistobeachievedintheC2Ctargetstructure.

Inlinewiththeobjectiveofprovidingfasterandmore effective service by centralizing damageassessment and compensation processes, the dutiesandresponsibilitiesoftheMotorClaimsDepartmenthave been expanded to encompass all automobiledamages files within the combined territory of allstanbulregionaldepartments.

OrganizationalactivitiesrelatedtotheformationofaRiskManagementandInternalControlDepartmenthave been completed as part of the structuring of the

InternalControlSystem.

TheCompanysriskmanagementandinternalcontrolmanager has been designated as its complianceofficer pursuant to article 4 of Regulations concerningProgramCompliancewithObligationspertainingtothePreventionofMoneyLaunderingandtheFinancingof Terrorism published on 16 September 2008.

TheOrganizationDepartmenthasbeenrestructuredastheProjectManagementandOrganizationDepartment with the addition of business analysisand project management functions.

TheProjectManagementandOrganizationDepartment, the Software Development Department,andpartoftheDataProcessingDepartmenthavebeenrelocatedtobankpremisesintheGnelidistrictofstanbul.

ABusinessContinuityManagementSystemhasbeen set up with the aim of quickly overcomingany interruptions that may take place during orafter earthquakes, floods, terrorist attacks, or otheremergenciesandofallowingtheCompanytocontinue carrying out its essential activities.

Newqualityinternalauditorshavebeengiventraining as part of the quality management system.

Anumberofgeneraluseprojectswerecarriedunderthe heading of application development:

- Security tokens were introduced for agents to usewhen entering the Anadolu Sigorta computer system.- New rules and procedures were introduced toheighten security when entering the Anadolu Sigortacomputer system.-Improvementsweremadeinproducts;agentsweregiven greater decision-making authorities.-Policy,rider,offer,informationform,questionnaire,and other document design activities were carried out.- Applications were further developed for use intransactionsinvolvingthebankBankingBasicOperations Unit (BTOB).- Improvements were made in all processes subject toanti-money laundering regulations.

-Warningsthataresentouttolendersweredeveloped and other application-related activitieswere carried out in line with Regulations concerningPrinciplesapplicabletoRetailCreditProtectionInsurance.-TheMyWorkspacescreenonwhichofferandcustomer validation processes are performed wasimproved in line with new requirements.-Corporatecustomerofferprocesseswerefurtherdeveloped.


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Withintheframeworkofitssenseofsocialresponsibility, Anadolu Sigorta supports education,academic activities, sports, and cultural and artisticevents.

Among the education and art-related activities that

theCompanysponsoredin2009,mentionshouldbemadeofTurkishEducationFoundationnanTrkeLyceeScience&ArtWeek,theatricalperformancesstagedbyTEKSEM,andasponsorshipagreementwiththestanbulMuseumofModernArt.

In the area of professional organizations andactivities aimed at directly or indirectly supportingthe development of the insurance industry, AnadoluSigorta was a sponsor for the 2nd Active AcademyInsurance Summit, the Honorary Traffic InspectorsAssociationPanel,theHastaneMagazineHealthcareManagementAwardCeremony,theNARTRiskManagement Forum 2009, the Fleet ManagementSeminar, the Lloyds List Shipping Awards, the AegeanInsurance Lobby, the Association of Aegean InsuranceAgencies, the Turkish Industrialists and BusinessmensAssociationsHealthcareWorkgroupReport,theKadir Has University 2nd International HealthcareLawSymposium,andthe3rdstanbulInformaticsCongress.

Anadolu Sigorta is a sponsor for a number ofsports federations and clubs: the Turkish BasketballFederation, the Turkish Ice Hockey Federation,theEfesPilsenPremierLeagueMensBasketballTeam,theTrabzonsporClub,theEczacba

WomensVolleyballTeam,andtheAdanaTennis,Mountaineering,andWaterSportsClub.TheCompanywasalsoasponsorfortheWomensCircuit2009tennistournamentheldattheMiltasportscomplex.

Anadolu Sigorta is a founding member of a numberof social-purpose foundations such as the TurkishEarthquakeFoundationandtheEconomicResearchFoundation. It is also a member of professionalorganizationssuchastheChamberofShippingandthestanbulChamberofCommerce.

Anadolu Sigorta has contributed to the support offoundations and associations such as the InsuranceAgentsAssociation,thestanbulTechnicalUniversityMaritime Faculty Alumni Association, Solidarity

AssociationforthePhysicalDisabled,theTurkishSpinalCordInjuryAssociation,andtheFoundationforChildrenwithLeukemia.

One of Anadolu Sigortas essential missions is tofoster an awareness of insurance and its importance inourcountryandtothisendtheCompanyundertakesavariety of informational, advertising, and promotionalcampaigns. In its 2009 communication campaignstheCompanyfocusedonSMEinsuranceduringthespring months and on home-owner and automobileinsurance products towards the end of the year.

In 2009 Anadolu Sigorta launched a series of activitiesaimed at outlining a much more comprehensive andlong-term social responsibility project that it will beundertaking as part of the celebrations surrounding its85th anniversary in 2010.

Whensupportingprojects,AnadoluSigortagivesthe utmost attention to compliance with all laws andre

anadolu insurance annual report 2009

Documents