Zurich Sigorta and MAPFRE Sigorta have reached an agreement on the sale of MAPFRE Yaşam, the subsidiary and life insurance arm of MAPFRE Sigorta A.Ş. In a joint statement made by the two companies, it was shared that the acquisition, which is expected to provide a positive impetus to the Turkish insurance sector, will be finalised following the approval of SEDDK.
Zurich Sigorta and MAPFRE Sigorta, two important companies in the Turkish insurance sector, announced an important acquisition. The two companies agreed on the sale of MAPFRE Yaşam Sigorta A.Ş., a 99.7 per cent subsidiary of MAPFRE Sigorta A.Ş., which has been distinguished in the sector with its dynamism and service quality since 1997, to Zurich Sigorta. The acquisition will be finalised following the approval of the Insurance and Private Pension Regulatory and Supervisory Authority (SEDDK).
Yilmaz Yildiz: "This new investment in Turkey is an indication of our confidence in the Turkish economy"
Emphasising their full confidence in the Turkish economy, Yılmaz Yıldız, CEO of Zurich Insurance, said: "As Zurich Insurance, we have been operating in Turkey for many years. Our latest investment is a clear expression of our strategic goals and our confidence in Turkey. The development potential of the Turkish economy and the fact that the insurance sector is one of the most developed and investment-friendly countries in Europe, thanks to the efforts of SEDDK and other public authorities, played a major role in our investment decision. By adding life insurance expertise to our non-life insurance activities, we will meet the evolving needs of our customers holistically with a wider range of products and services. MAPFRE Life's life insurance team is highly successful and competent in its field. As Zurich Sigorta, we look forward to working together to grow our position in the Turkish insurance sector."
Erdinç Yurtseven "We aim to grow in strategic areas"
Erdinç Yurtseven, General Manager of MAPFRE Sigorta, said: "In addition to profitability and premium production in our sector, a stable financial sustainability with a focus on strategic priorities is now of great importance for companies. As MAPFRE Sigorta, we aim to ensure stable growth and maintain our financial sustainability by focusing on the long-term strategic areas we have identified and we carry out our activities in this direction. In this context, in line with MAPFRE Group's long-term strategic plans in Turkey, MAPFRE Life was sold in line with the decision to focus on non-life insurance. In line with our strategy, MAPFRE Sigorta will continue on our way stronger with our 75 years of experience, MAPFRE Group's trust in Turkey and with the full support of MAPFRE Group, by focusing all our concentration on the areas in which we are already operating."