Türkiye Sigorta: increasing net profit in 2020

Turkey's largest insurance company, Türkiye Sigorta (Turkey Insurance) posted a 39% increase in net profit set at 1.15 billion TRY (155.91 million USD) in 2020 compared to 828.37 million TRY (139.217 million USD) in 2019.

The technical result grew by 46.4% and was established at 1.34 billion TRY (181.66 million USD) in 2020 against 915.16 million TRY (153.803 million USD) by late 2019.

The Turkish insurer recorded a 4% drop in paid claims which amounted to 2.4 billion TRY (325.37 million USD) at the end of 2020 compared to 2.5 billion TRY (420.16 million USD) a year earlier.

The company's total assets increased from 8.7 billion TRY (1.4 billion USD) at 31 December 2019 to 10.74 billion TRY (1.45 billion USD) a year later.

The shareholders' equity stood at 3.45 billion TRY (467.72 million USD) compared to 2.48 billion TRY (416.79 million USD) in 2019.

For the record, Türkiye Sigorta was created following the merger of six state-owned insurance companies and pension funds.