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The consolidation of public insurance companies is completed

With the aim to improve the savings base in the Turkish economy along with non-banking financial industry, and boost the insurance and pensions under the Turkey’s New Economy Program, the consolidation process of public insurance companies is completed right after the general assembly meetings.

The general assemblies of Halk Hayat Emeklilik AŞ, Ziraat Emeklilik AŞ and Vakıf Emeklilik & Hayat AŞ took place on 24th August while the meetings of Halk Sigorta AŞ, Ziraat Sigorta AŞ and Güneş Sigorta AŞ was held on 27th August.

Turkey is the 39th in premium production and 65th in direct premium production per capita in the world. Thus the necessity of restructuring the insurance industry was suggested by Turkey’s New Economy Program. To fulfil this need, public insurance companies and individual pensions which now operate under the same roof, aim to create a scale economy, lower the costs, increase the share of non-banking financial industry in the world and create a Turkish insurance giant in the region.

This consolidation is expected to make the structure of insurance industry more dynamic and support the process of providing equity to the strategic sectors along with improvement and deepening of financial markets.

The new details of the consolidated insurance firms will be revealed by Dr. Berat Albayrak, The Minister of Treasury and Finance, in a press conference in the upcoming days.

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