46 İşbank
Annual Report 2015
Subsidiaries
Anadolu Sigorta’s corporate governance applications
received a rating of 9.16 in 2015.
Anadolu Sigorta
The pioneer of Turkish insurance
sector
Operating in non-life insurance branches,
Anadolu Anonim Türk Sigorta Şirketi
(Anadolu Sigorta) is one of Turkey’s leading
insurance companies. At the end of 2015,
the Company posted TL 3.6 billion in gross
written premiums, while recording TL 4.5
billion worth of assets and TL 863.2 million
in shareholders’ equity on a consolidated
basis. The Company received an average
score of 91.6% (9.16 out of 10) in the
Corporate Governance Rating Report
published in November 2015 by Saha
Kurumsal Yönetim ve Kredi Derecelendirme
Hizmetleri A.Ş.
İşbank controls Anadolu Sigorta indirectly
through its reinsurance subsidiary, Millî
Reasürans.
Millî Reasürans
Uninterrupted reinsurance services
since 1929
Millî Reasürans T.A.Ş. (Millî Reasürans), the
long standing reinsurance company in the
Turkish reinsurance sector, was founded in
1929.
The financial strength rating of Milli
Reasürans, the only domestic reinsurance
firm active in Turkey, was ‘B+’ in June 2015,
as rated by A.M. Best, the world’s most
reputable institution in the insurance
sector. Meanwhile, the Company’s national
credit rating was ‘tr AA+’ in July 2015, as
rated by Standard & Poor’s. The gross
premiums written abroad accounted
for 26% of the Company’s total gross
written premiums by the end of 2015. On
a consolidated basis, the company’s total
assets amounted to TL 6.7 billion and
shareholders’ equity totaled TL 1.6 billion at
end-2015.
İş Leasing
Turkey’s pioneer in the financial
leasing sector
Having been one of the pioneers of the
leasing sector in Turkey since its foundation
in 1988, İş Finansal Kiralama A.Ş. (İş
Leasing) undertakes business activities
with a mission of attaching priority to
funding SMEs, developing and maintaining
a broad-based and high-quality portfolio
and satisfying customer demands with
effective, fast and high-quality solutions.
At the end of 2015, İş Leasing had TL 5.6
billion in total consolidated assets and TL
738 million in shareholders’ equity, while its
portfolio of financial leasing contracts had
an aggregate value of TL 3.3 billion.
In June 2015 assessment, the international
credit rating agency Fitch Ratings affirmed
İş Leasing’s long-term foreign currency
rating as “BBB-,” long-term local currency
IDR as “BBB-” and long-term national
credit rating as “AA+(tur).” The Company’s
corporate governance rating was revised
in December 2015 with an upgrade to 9.20
out of 10.
