Message from the General Manager
Only eight years old, the Private Pension System (BES) has grown strong enough to deliver what was expected of it and has gained an increasingly greater depth in Turkey's economy.
Only eight years old, the Private Pension System (BES) has grown strong enough to deliver what was expected of it and has gained an increasingly greater depth in Turkey's economy. While ensuring an ever greater share for BES in the gross domestic product, the funds of 2.5 million individual participants amounting to more than TL 13 billion signal that there is still plenty of ground to be covered in order to instill a long-term saving habit in Turkey.
In the past years, the BES agenda included such items as the handover of cumulative life insurance plans and the transfer of foundations and trusts to BES. The current issues to be addressed with priority are the expansion of advantages such as tax benefits for the participants and the enlistment of greater corporate participation. In consultation with the public sector, AvivaSA and the other pension companies are considering a system structure in which the participants will enjoy greater privileges in the times ahead. We expect to see a rise in both the number of participants and the benefits available to them once this preparatory work we call BES 2.0 is completed.
AvivaSA's greatest asset in the sector is its ability to reach a broad customer audience through its unique structure of multiple distribution channels. In addition to boasting the largest direct sales channel in the sector, AvivaSA is the sector's driving force of with its strength in the bank sales channel, its pioneering stance in new channels such as telesales, and its Corporate Projects channel that enables corporations to join the BES. AvivaSA will keep growing profitably by continuing on its work in both the individual and the corporate participations. We intend to hold on to our powerful position in the industry with our approximately 400,000 participants and our volume of funds in which we target TL 3.2 billion by the end of 2011.
At AvivaSA, we put our stakeholders, too, in the focus of our growth target. Our mission of growth is; and greater gains with greater fund size to our customers, an opportunity to work for and move ahead in a powerful and lasting company to our staff, profitability as well as a strong potential to our shareholders, and the chance to work with AvivaSA – one of Turkey's leading private pension companies – to our business partners.
Our key resources in attaining our objectives are to be found in the relationship and communication we have established with the public. We attach a great deal of importance to our mission of restoring the issue of "saving" on the agenda for the sake of a prosperous Turkey and well-to-do individuals. To this end, we took our communication efforts one step farther last year and introduced our first retirees to the public. We did our part in contributing to the broader acceptance of the system by the public and the growth of the market by means of these commercials that demonstrated the direct benefits to be gained from the private pension product. We received the "Best Financial Campaign" award in the European Excellence Awards – Europe's most prestigious award program in the field of communication – for our survey entitled "Mind the Gap: Quantifying Europe's Pensions Gap" which was a significant part of our commitment to restoring the issue of "saving" on Turkey's agenda. In addition, the AvivaSA web site won a silver prize in the Consumer Information category in the Horizon Interactive Competition. AvivaSA is going to continue introducing the private pension system to ever larger audiences by preserving the emphasis it places on communication today and tomorrow.
We are aware of the fact that in addition to acquire new customers, the second most important point in competition is to keep the customer satisfied in the system. We at AvivaSA make a point of maintaining and enhancing the values we offer our participants and customers for this purpose. We believe that the most outstanding concepts that create value in sector like private pension in which investments or savings yield their benfits in the long term are expertise and permanence – the assets embodied in AvivaSA's customer promise. Backed by our knowledgeable, experienced, and dynamic staff; Aviva's experience of more than 300 years in the international insurance business; and Sabancı Holding's accumulation of know-how in Turkey, AvivaSA with its robust capital and wide service network will always be by your side to make life easier for you.
Yours
faithfully,
Meral
Eredenk
General
Manager
AvivaSA
Emeklilik ve Hayat