9/7/2020

Turkey Wealth Fund Consolidates State-owned Insurance Companies

​The Turkey Wealth Fund (TWF) has approved to consolidate six state-owned insurance companies and all of the insurance companies gathered under the roof of Türkiye Sigorta and Türkiye Hayat Emeklilik. 

The publicity meeting for Türkiye Sigorta was held on September 7 at the Presidential Complex in Ankara in the presence of President Recep Tayyip Erdoğan. Delivering a speech at the meeting President Erdoğan said, “The pandemic, while disrupting global balances, has also opened new windows of opportunities for countries like Turkey that have a high production capacity. With its geographical location and strong infrastructure as well as its resilience against crises and shocks, Turkey is one of the most advantageous countries to seize these opportunities. As I have previously said, besides other areas, the Turkish economy will also emerge stronger from the pandemic.”

Accordingly, Güneş Sigorta, Halk Sigorta, Ziraat Sigorta, Vakif Emeklilik ve Hayat, Halk Hayat ve Emeklilik and Ziraat Hayat ve Emeklilik were acquired by Türkiye Sigorta in order to increase savings and support non-bank financial services sector in Turkey. 

The need for a reconstruction of the insurance sector has been emphasized during the announcement of Turkey’s New Economy Program in recent years. With the completion of the consolidation process, TWF is planning to reveal a more dynamic public insurance company and to further support business environment in Turkey. 
TWF; Turkey Wealth Fund; insurance; consolidation