Due to the close collaboration with Garanti Bank and their shared corporate values, Garanti Pension and Life adds to its achievements in its operational areas, and maintains a high level of customer satisfaction. By effectively using Garanti Bank's extensive distribution network, the Company offers customers the opportunity to choose from a wide range of products with a "one-stop shop" approach.

Private pension plans

The introduction of state subsidy contributions to private pensions led to considerable growth, and the sector maintained growth momentum in 2015. The number of participants in the system exceeded 6 million.

Garanti Pension and Life places great importance on product diversity in order to meet the needs of customers in its operational sectors. For that reason, the Company offers five different private pension plans. Garanti Pension and Life customers who want to start saving for the future can confidently choose from among these five private pension plans, each of which will ensure a happy and secure retirement:

1. Practical Pension Plan: targets participants who want to make advantageous investments with modest savings.

2. Prestige Pension Plan: offers exclusive advantages for those customers who prefer to make large contributions with a prestigious retirement in mind.

3. Select Pension Plan: is designed for participants who would like to accumulate resources rapidly with the most advantageous plan.

4. Self-employed Pension Plan: is exclusively developed for small- and medium-size business owners.

5. The e-Pension Plan: is for customers who prefer to apply on the Internet and want to take advantage of the exclusive features offered by this innovative plan.

The Company offers customers a total of 21 fund options under private pension plans, including the Public and Private Sector Securities Fund, Contribution Fund, Alternative Contribution Fund, Gold Fund and Alternative Standard Fund.

In addition, group pension plans, which enable employees to form a group and join the private pension system with or without contributions from their employers, also have a significant position in Garanti Pension and Life's product line-up. Group pension plans offer special advantages to companies and their employees.

In order to meet the needs of customers in different segments and to further enhance customer satisfaction, the Company obtained approval from the Undersecretariat of Treasury for 14 plans and 42 additional benefits in 2015.

Insurance Products

Garanti Pension and Life's insurance products insure individuals and their families against unexpected risks in life, within certain coverage limits. With the effective and extensive use of bancassurance, the Company always takes into account the changing circumstances and needs of customers, and enhances its insurance product portfolio accordingly.

Life Insurance

• Credit life insurance products,

• Risk life insurance products,

• Guaranteed Tomorrows Insurance which offers financial coverage against critical illnesses,

• Education Insurance for those customers who would like to secure the educational expenses of their loved ones,

• Hospitalization Insurance covers the cost of medical treatments in case of accidents or sickness, within the claim amounts payable under the policy.

Unemployment Insurance Products

• Income Protection Insurance guarantees monthly income in case of job loss,

• Payment Protection Insurance makes the customer's loan payments in the event of unemployment,

• Garanti Credit Card Unemployment Insurance pays customers' credit card debt in case of job loss,

• Overdraft Account Payment Protection Insurance makes the policyholder's overdraft account payments in case of loss of employment,

• Bill Payment Insurance pays the customer's monthly bills in the event of unemployment.

In addition to these products, the Company initiated efforts to develop an Income Insurance product tailored for participants who have earned the right to retirement. With the payback options, which will be offered to participants in line with their needs during retirement, the Company aims to pay salaries to support participants' social security wages.

In 2015, Garanti Pension and Life began to sell its Education Insurance product, designed for those customers who would like to secure the educational expenses of their loved ones, through the Company's website. Additionally, the Company included accident disability benefits with its Education Insurance product, thus offering wider coverage to policyholders..

During the year, the Company modified the categorizations based on coverage amount and credit period in credit life and unemployment insurance segments. It also matched the credit structure to the insurance policy, depending on whether it is annual, long-term or guaranteed renewable..

Improvements to the Indemnity Project and Related Processes

In 2015, Garanti Pension and Life continued to deliver superior service in claims processing, exceeding customer expectations. By improving the processes and technology infrastructure under this project, Garanti Pension aims to make customers feel supported through every experience. This effort helped the Company reduce the number of claims-related customer complaints by 90%. In 2015, Garanti Pension executed a total of 10,853 claims payments to policyholders.