Anadolu Anonim Turk Sigorta Sirketi's (Anadolu Sigorta), one of Turkiye's biggest insurers, has shown improved financial performance since 2023, notes Fitch Ratings.
The company’s return on equity was 34% in 2025 (47% in 2024) and remained above inflation (31% in 2025; 44% in 2024). Strong investment returns more than offset continued underwriting losses, as reflected in a combined ratio of 108% in 2025 (104% in 2024).
IFS rating outlook revised to ‘Positive’
Fitch has revised Anadolu Sigorta’s outlook to ‘Positive’ from ‘Stable’, while affirming its Insurer Financial Strength (IFS) Rating at 'BB'.
The revision of the outlook on Anadolu Sigorta's IFS rating follows Fitch's similar action on the outlook of Turkiye's Long-Term Foreign-Currency Issuer Default Rating. The sovereign's credit quality directly affects Fitch’s assessment of Anadolu Sigorta's investment risk.
The IFS rating of Anadolu Sigorta continues to reflect the insurer’s very strong position in the country, adequate capitalisation and profitability, offset by its high exposure to Turkish financial assets.
Aside from financial performance, other key drivers of Anadolu Sigorta’s rating include:
Improving, High Investment Risk: Fitch says that the outlook revisions on Turkiye and domestic banks to ‘Positive’ support its view of Anadolu Sigorta's improving investment and asset risks, given its portfolio's substantially exposure to sovereign and local bank credit risks. Cash and Turkish bank deposits represented 35% of invested assets at end-2025, while government bonds accounted for another 28%. The risky-asset ratio weakened to 175% at end-2025 from 158% at end-2024 due to increased allocations to government bonds exposure but was still better than 213% at end-2023.
Good Capitalisation: Fitch’s view of the company's capitalisation is underpinned by its local regulatory solvency ratio at well above the 100% minimum at end-2025 and end-2024, and by Fitch's Prism Global score of 'Adequate' at end-2024 and end-2023. Fitch expects the Prism score to have remained unchanged at end-2025, supported by strong profitability.
Leading Turkish Insurer: Anadolu Sigorta remains a leading insurer in Turkiye's highly competitive insurance sector. It was the country's third-largest non-life insurer at end-2025, with a market share of about 9%. Fitch expects Anadolu Sigorta's strong competitive positioning to support the resilience of its credit profile against the challenges posed by the Turkish economy and its operating environment.