The Avivasa joint venture was formed in 2007 with the merger of AK Emeklilik, a subsidiary of Sabancı Holding, and Aviva Hayat ve Emeklilik, a subsidiary of UK insurance giant Aviva operating in Turkey. It became one of the leading private pension and life insurance companies in Turkey under the name of Avivasa Emeklilik ve Hayat (Avivasa Pension and Life Insurance).
Conducting its operations through the channels of direct sales, bancassurance, institutional projects, agencies, and telesales, Avivasa serves 2 million customers in the private pension and life insurance sectors. Avivasa’s 1,508 strong workforce includes more than 800 financial advisors and branch insurance managers.
In the bancassurance channel, which has gained greater importance in the new dawn of the private pension sector that began as of January 1, 2013, Avivasa is further solidifying its already strong market position thanks to a growing strategic partnership and synergy with Akbank, another Group company. As part of the Company’s operations in this channel, Avivasa private pension products are also made available at the branches of Odeabank and ABank, all of which are international players.
In the direct sales channel, Avivasa serves non-banking customers of varying socioeconomic standings through its financial advisors. The agencies channel is another rapidly-growing distribution channel for the Company. The institutional projects channel introduces private pension and life insurance products to Turkey’s leading companies while also playing a pioneering role in transferring the trust funds to the Private Pension System. The telesales channel is an efficient way to reach diverse customer segments by offering more affordable products.
Avivasa Pension and Life Insurance shares were listed on Borsa Istanbul on November 13, 2014. Not only did Avivasa become the first pension and life insurance company to go public after the introduction of the Private Pension System in Turkey, but with a total TL 1.7 billion market capitalization, its IPO ranked as the largest in Turkey in 2014. Avivasa stock gained 40% following the IPO as of 2016 year-end.
According to Pension Monitoring Center statistics as of December 30, 2016, Avivasa is the leader with a 19.4% market share in pension investment funds and total assets under management (AUM) of TL 11.8 billion including state contributions. These funds are managed by Ak Asset Management, a Sabancı Group company which is one of the leading firms in the asset management industry.
According to 2016 year-end figures published by HAYMER and the Insurance Association of Turkey, Avivasa also generated TL 317.4 million in life and personal accident premiums, corresponding to a market share of 6% in life and accident insurance direct underwriting income among pension and/or life insurance companies.
Avivasa keeps a close watch on the opportunities in the sector and focuses on diversifying its distribution channels while investing in technical infrastructure and customer acquisition initiatives. Thanks to its increasingly well-known and highly recognizable brand name, effective organizational structure, and leadership position in the pension market, Avivasa Pension and Life Insurance is well situated to seize all opportunities in the most effective manner.