Milli Re: increase in net profit in 2019

At the end of 2019, Milli Re recorded a net profit of 313 million TRY (52.6 million USD), an increase of 12.3% compared to a year earlier.

The turnover amounted to 1659 million TRY (278.8 million USD), that is an increase of 25.7% compared to 2018.

Insurance underwritings for fire and natural catastrophes accounted for 60% of the Turkish reinsurer's portfolio. In parallel with the increase in gross written premiums, the claims ratio has jumped by 28.8% to reach 987 million TRY (165.9 million USD).

Milli Re, of which 64% of premiums come from Turkey, has a new competitor on the market. In September 2019, Turk Re, a new state-owned reinsurer, has obtained an approval to underwrite natural catastrophes risks.