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[October 4, 2013] Yapı Kredi Emeklilik continues its journey as Allianz Yaşam ve Emeklilik

Following the partnership agreement between Yapı Kredi Sigorta, Yapı Kredi Emeklilik and Allianz Group - one of the leading insurance and finance companies in the world - on July 12th, 2013, Yapı Kredi Emeklilik will continue its journey as “Allianz Yaşam ve Emeklilik”. Being the first in retirement branch and third in life insurance branch, Allianz is powerful actor in the industry. The company will operate with two separate companies as "Allianz Hayat ve Emeklilik" and "Allianz Yaşam ve Emeklilik" in Turkey at Life and Retirement branches.

With the 15-year exclusive bancassurance agreement signed with Yapı Kredi, Allianz Yaşam ve Emeklilik will provide access to the fourth largest banking network in Turkey with over 900 branches and over 6.5 million customers. Allianz Turkey CEO Solmaz Altın highlighted the excitement of being able to create such a strong brand with the strong heritage and success of both companies: “With the global experience of Allianz and a strong cooperation with Yapı Kredi, our priority as Allianz Turkey is to adopt and maintain a customer focused service approach. We will give the highest level of customer satisfaction to create leading insurance, life and retirement companies that preserve the assets of the Turkish community. Yapı Kredi Emeklilik has always been one of the leading players in the industry with its service approach and products. Our company, which will continue as Allianz Yaşam ve Emeklilik, will maintain this inherited and successful service approach.”

Regarding the new branding process the General Manager of Allianz Yaşam ve Emeklilik, Taylan Türkölmez, stated, “Our priority is to provide the best benefits and services to the people of Turkey by empowering our company as it is merged under the Allianz family. The added value and quality of service offered to Yapı Kredi Emeklilik customers will also continue under Allianz Yaşam ve Emeklilik.”

[July 12, 2013] Yapı Kredi Sigorta and Yapı Kredi Emeklilik join the Allianz family

After having received the approval of the regulatory and competition authorities, the announced partnership of Allianz and Yapi Kredi Bank has been completed. As of today, Allianz is the majority shareholder of Yapi Kredi Sigorta, the property and casualty insurer, including its subsidiary Yapi Kredi Emeklilik, the life and pension business.

The combination of Allianz Turkey with the Yapı Kredi insurance operations with combined statutory premiums of exceeding 3 billion TL and Assets under Management of reaching 5 billion TL will create one of the leading insurers in non-life, pensions and life insurances in Turkey, a strategically important market for Allianz where the group has a 90-year history.

Allianz has acquired Yapı Kredi Group’s 93.95 percent shareholding in Yapı Kredi Sigorta for a total net consideration to Yapı Kredi group of 1,6 billion TL. The remaining 6.1 percent of Yapı Kredi Sigorta is listed on the Istanbul Stock Exchange and will be subject to a mandatory tender offer by Allianz within the upcoming days. Yapı Kredi will retain a 19,93 percent stake in Allianz Yaşam ve Emeklilik, the life and pension business and a subsidiary of Yapı Kredi Sigorta, to support the long-term strategic partnership with Allianz.

The important and sustainable strategic part of the agreement between Allianz and Yapı Kredi Bank – a 15-year bancassurance agreement for distribution of non-life, life and pension products – has also been approved. This agreement will provide Allianz exclusive access to the 4th largest banking network in Turkey with 933 branches and 6.5 million customers.

Solmaz Altın, CEO of the Allianz and Yapı Kredi insurance and pension companies in Turkey: “We are delighted with this partnership. We will leverage our combined strengths and mutual customer focus and merge our forces under one Allianz-Brand. For the products distributed through Yapi Kredi Bank, we are introducing a co-branding strategy reflecting the bancassurance cooperation.”

The Turkish market offers significant growth potential for insurance due to low penetration, with premiums at just 1.3 percent of GDP in Turkey compared to 7.9 percent for Western Europe and 2.6 percent for Central and Eastern Europe. In the last five years (2007-2012) annual premium growth has averaged 12.5 percent in P/C, 14.2 percent in life insurance and 35.1 percent in pensions. In recent years bank distribution has become the dominant channel for life and pension products with banks representing 77 percent of life premiums in 2012 in Turkey.