Garanti Pension and Life

The company received its individual pension license in 2002 and started operations in the pension sector as "Garanti Pension and Life Company". After that, Garanti Pension and Life showed a tremendous transformation into the best practitioner of bancassurance in Turkey, gaining significant market share over the years. On June 21, 2007, Eureko B.V., one of the leading insurance companies of Europe, became a shareholder of Garanti Pension and Lifewith a stake of 15%.

Activities in 2008

Garanti Pension and Life has been increasing its profitability along with its market shares in both pension and life insurance sectors. The main target of the Company is to grow in both of the sectors in which it operates, while increasing its profitability. Its net profit, after tax, increased by 55% to YTL 64 million in 2008, making the Company the sector's most profitable player.

Meanwhile, in 2008, Garanti Pension and Life was the most successful pension company in increasing its market share by 1.5 percentage points to 14.08%. While its fund size was about YTL 573 million in 2007, it reached to YTL 890 million in 2008. At the same time, the Company increased its number of participants to 336,500 and reached a 19.32% market share.

On the life insurance side, the Company has been growing rapidly in premium production, increasing its total premium production to YTL 124 million and its market share to 7.9%, as of the end of 2008. Moreover, Garanti Pension and Life has the greatest number of policies in the market with an astonishing 2.3 million insurance policies.

In 2008, Garanti Pension and Life has continued to be the leading player in the sector in regard to its excellence in customer service practices. Just one such initiative has been the introduction of the CRM system that integrates all the customer facing processes of the company, to boost its efficiency and to further increase customer satisfaction. With this project, Garanti Pension and Life won the Service Industry Leadership award presented by Microsoft.

In May 2008, Garanti Pension and Life, with its customer oriented view, has introduced 3 involuntary unemployment insurance products simultaneously. With these products, the Company intends to assist its customers to overcome the difficult times they face in an event of unemployment and maintain their life standards. Production of these new products increased rapidly with the diversification of the distribution channels and marketing campaigns in a very short period.

In order to increase customer loyalty, Hobby Clubs Project has been launched in 2008. Garanti Pension and Life initiated this project aiming at happy and content customers not only at their retirement but at the accumulation phase as well.

Future Plans

Garanti Pension and Life, as the leading bancassurance company in Turkey, will further increase the share of alternative distribution channels in its total production. With the help of unemployment insurance products, Garanti Pension and Life will grow its life production and gain a valuable market share. Additionally, new flexible and custom designed products offering phased withdrawal programs for the retirees will be launched in 2009.

Garanti Pension and Life will preserve its customer oriented view in every aspect and continue to launch innovative projects in order to fulfill customer expectations.