Turkey: Non-life insurers' 1Q profits down 45% to $138 mln
Source: Middle East Insurance Review | Jul 2017
The non-life sector in Turkey reported a combined profit of TRY485 million (US$137.5 million) in the January-to-March quarter, almost half of which or 45% was made by one insurer, Allianz, reported Insurance Gazette.
Allianz earned a profit of TRY218 million in the first quarter of this year, higher than the TRY118 million posted for the corresponding period last year.
Anadolu Sigorta was next in line with a profit of TRY61 million in 1Q, followed by Sompo Japan Insurance (TRY55 million), Ziraat Insurance (TRY36 million), and Neova Insurance (TRY28 million).
The number of non-life insurers that made losses has decreased in the first quarter of this year, with 13 companies in the red. In comparison, 22 insurers posted losses in the same quarter last year.
During the first quarter of the year, the total profit of the life sector was TRY422 million compared to gains of TRY269 million for the corresponding period last year.
The highest profit of TRY88 million in the quarter was made by Ziraat Hayat ve Emeklilik.
Next in line were Garanti Pension (TRY75 million), MetLife (TRY54 million), Public Pension (TRY52 million) and Anadolu Hayat Emeklilik (TRY51 million). M
TRY1 = US$0.28