Turkey Wealth Fund Consolidates State-owned Insurance Companies
The Turkey Wealth Fund (TWF) has approved to consolidate six state-owned insurance companies in return for around USD 1 billion and the acquisition process was completed on August 27, 2020.
Accordingly, Gunes Sigorta, Halk Sigorta, Ziraat Sigorta, Vakif Emeklilik ve Hayat, Halk Hayat ve Emeklilik and Ziraat Hayat ve Emeklilik were gathered under the roof of publicly-traded Gunes Sigorta, in order to increase savings and support non-bank financial services sector in Turkey. Within the scope of the new structure, the title of Gunes Sigorta has been changed as Türkiye Sigorta A.Ş.
The need for a reconstruction of the insurance sector has been emphasized during the announcement of Turkey’s New Economy Program in recent years. With the completion of the consolidation process, TWF is planning to reveal a more dynamic public insurance company and to further support business environment in Turkey.
Source: Investment Office of Republic of Turkey
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