Milli Re's premium production increased by 26% in 2019

18 June 2020 — Daniela GHETU
As of 2020 renewals, Turkish reinsurer Milli Re maintained its market share of 27% in the local insurance market by leading the reinsurance treaties of 17 ceding companies buying reinsurance protection on proportional bouquet basis, the company's Director and General Manager, Fikret Utku OZDEMIR stated in the Annual Report for 2019.

For the same period, Milli Re's liability in the catastrophe excess of loss programs was of around 8%. Out of Turkey's borders, Milli Re provided reinsurance capacity to around 130 insurance companies in over 50 countries.

Milli Re's operations in 2019, have materialized in a premium production of TRY 1,659 million, 26% up y-o-y. Local business accounted for 64% of the portfolio, while the remaining 36% was obtained from international business. The reinsurer paid losses of TRY 987 million and the obtained a net profit was TRY 313 million. Company's Liquid Assets correspond to 50% of Total Assets. As at the end of 2019, total assets reached TRY 4,532 million, while shareholder's equity amounted to TRY 2,236 million.

In the Turkish insurance market, Milli Re owns a 57.31% share of the Turkey's first national insurance company and one of the market leaders, Anadolu Sigorta. The insurers achieved premiums worth TRY 6.6 billion in 2019, operating in all lines of business except Life.







292 views
Share |