YAPI KREDI officials said yesterday, quoted by REUTERS, "that media reports regarding ZURICH Insurance's interest in the acquisition of the bank's insurance unit were not true". The bank said in a statement it had not taken a decision on the sale and thus no sale process was under way for YAPI KREDI Sigorta.

Previously, Turkey's HABERTURK newspaper reported without giving a source that Swiss ZURICH Insurance placed a bid to buy Turkey's YAPI KREDI Sigorta and pension unit YAPI KREDI Emeklilik. Shares in YAPI KREDI Sigorta traded almost 11% higher after the newspaper report that Swiss ZURICH Insurance placed a bid to buy the company.

METLIFE was the latest foreign company to buy a stake in Turkey, acquiring the life insurance unit of DEXIA for EUR 162 million in October.

According to results published by the Association of Turkish Insurance and Reinsurance Companies, in 3Q2011, YAPI KREDI Sigorta had premiums of TRY 643.1 million, 23% more the year-earlier figure (rank 5th on non-life segment). Premiums of YAPI KREDI Emeklilik totaled in the same period, TRY 125.4 million or 29% more than 3Q2010, equivalent of 6% of the life insurance market.