Turkish Post and Telegraph Organization (PTT) and Italian insurer Generali will form an insurance company that will also offer individual pension plans.
Generali and PTT will form an equal partnership. Generali will cover the initial financing and capital while PTT, which has 4,500 branches across the country, will be the agent of the new company, according to a report in Daily Sabah.
PTT has been operating in insurance sector through a subsidiary called PTT Sigorta, which works like a broker or agency for insurance companies and sells their products. Generali has been operating in Turkey for more than 100 years under the name Generali Sigorta.