Anadolu Hayat Report - 06/08/2012

Anadolu Hayat ve Emeklilik 2Q12 Earnings Update: Soared life income with moderate pension contribution

·                     Anadolu Hayat ve Emeklilik (AHE) reported TRY 17.7mn net profit in 2Q12 (-17.0% q/q and -19.2% y/y), slightly below the market consensus estimate of TRY 18.4mn and delivered a quarterly RoE of 16.2%.

·                     1H12 net profit of the company stood at TRY 39.0mn marking 9.8% y/y expansion with a 12-m trailing RoE of 15.8%.