Page 56 - TURKRptSept19

TRY287bn while NPŞ ratio rose to 4% due to a TRY1.5bn worth of energy sector loan. Total assets amounted to TRY429bn and deposits stood at TRY267bn at end-June. Net profit declined by 68% y/y to TRY615mn in H1.
HDI Sigorta, a member of German insurance giant Talanx Group, has completed the acquisition of local non-life insurance company Ergo. HDI applied to the Treasury and Finance Ministry in May for permission to buy its competitor. The approval was forthcoming and the acquisition process was completed, HDI Sigorta announced in a statement on August 28.
At the beginning of 2018, HDI bought local insurance company Liberty Sigorta.
According to data from the Insurance Association of Turkey, HDI Sigorta was the eighth largest player in the non-life segment by premium generation as of end-July. The company’s market share was 3.76% with Turkish lira (TRY) 1.26bn of premium generation versus its 3.45% share in the market a year ago.
The German group entered the Turkish market by acquiring local insurance firm Ihlas Sigorta in 2006 and started its operations in Turkey under the name of HDI Sigorta as an affiliate of HDI International AG.
Talanx AG, the third largest insurance conglomerate of Germany, was founded as a liability insurance cooperative in 1903.
Ten insurance companies dominate the Turkish insurance market. They accounted for 65% of total premium generation in July. The largest company in the industry is Allianz Sigorta with a 12% share (or TRY5.8bn) in premium generation.
8.2 Central Bank policy rate
56 TURKEY Country Report September 2019 www.intellinews.com