Technical profits of the insurance industry rose by 69% in 2024, reaching TRY 103.6 billion (~EUR 2.83 billion). According to a Finans Gundem report, quoting TSB board member Neslihan Neciboglu, of this amount, TRY 84 billion relate to non-life insurance, and TRY 19.6 billion – to life and pension. Net profits of the insurance sector last year increased by 57% y-o-y reaching TRY 103.9 billion.
As TSB president Ugur Gulen noted, 2024 stands out as a year of strong growth and financial solidity for the insurance sector. "The insurance sector reinforced its financial resilience by continuing to strengthen its equity structure. In 2024, equity size increased by 74% to TRY 265.3 billion. In 2024, the total asset size of the insurance sector increased by 61% to TRY 2.29 trillion”, he said. “This growth strengthened the financial stability of insurance companies and created an important foundation for sustainable growth", TSB president explained. “One of the most pleasing developments is that the number of our policies is increasing in main business lines such as motor, health and fire”, he emphasized.
Ugur Gulen also noted that the sector is taking steps to increase its capital adequacy. "We are developing new financial instruments and investment strategies in order to manage our capital structure more efficiently", TSB president added.
*EUR 1 = TRY 36.59 (31.12.2024)
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