Talanx Group announced is strengthening its position in Turkiye, its core market, through a cooperation agreement with Fiba Group, one of Turkiye's largest corporate groups.

Thus, HDI Sigorta, a company belonging to HDI International AG, is to acquire 60% of Fiba Pension and Life, which specializes in life protection.

In addition, HDI Sigorta A.S. is partnering with Fibabanka to establish a joint venture for digital non-life insurance with the ultimate purpose of offering a digital platform for all insurance distribution channels.

"The division is thereby diversifying its portfolio through the addition of life protection and by reinforcing non-motor. Furthermore, it is strengthening its market position in the non-life business, expanding its capabilities in the field of digitalization and leveraging Fiba Pension and Life's sales channels through an exclusive bancassurance agreement", as the German insurance group announced in a statement.

The representatives of Gemen insurer mentioned that the acquisition of 60% of the shares of Fiba Pension and Life is expected to close by the first quarter of 2023, while the establishment of the non-life joint venture with Fibabanka is expected to be completed within the first half of 2023 following the approvals by the relevant supervisory authorities.