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Insurer Aksigorta posts EUR 53mn net profit in 2013.

February 19, 2014



Insurer Aksigorta, a 36-36 JV between one Turkey's largest conglomerates Sabanci Holding and Ageas Insurance International N.V., increased its net profit by a strong 228% y/y to TRY 159.8mn (EUR 53mn) in 2013 from a net profit of TRY 48.7mn in 2012.

The insurer increased its premium generation by 16% y/y to TRY 1.5bn in 2013. The company's premium revenues had increased by 15.4% y/y to TRY 1.3bn in 2012 from TRY 1.14bn in 2011.

Last month, Haluk Dincer, head of one of Turkey's largest conglomerates Sabanci Holding's retail and insurance group, said that Aksigorta has an 8% share in domestic market.

In September 2013, Dincer said that a consolidation in the Turkish insurance sector seemed inevitable and Aksigorta was interested in acquisition opportunities.

Aksigorta expected a 12-16% increase in premiums while its profit growth forecast was 20-30% for 2013, the general manager Ugur Gulen said also in September last year. 

 

 

 


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Source: IntelliNews - Weekly Reports


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