Non-life business in Turkey posted combined technical gains of TRY1.75bn ($298m) for the first six months of this year, 36.6% higher than for the corresponding period in 2017, according to data from the Insurance Association of Turkey.
This was due to technical gains in non-motor non-life branches, Insurance Gazette reported citing the association’s data.
In contrast, the performance of the motor segment was less inspiring. Motor own-damage business showed a technical profit of TRY230m in the first half of the year, down by 30% from the corresponding period last year. Compulsory motor third party liability insurance posted a technical loss of TRY95m from January to June this year, down from a gain of TRY22m for 1H2017.
Among the high performing classes of business, technical profits from fire and natural disaster insurance business shot up by 79% to TRY361m in the first six months of this year, compared to the corresponding period last year.
Health insurance business doubled its technical gains to TRY210m in 1H2018, compared to TRY105m in 1H2017.
First half net profits
Non-life business registered a net profit of TRY873m for the first half of this year, down by 7.5% from the corresponding six months last year.
Life and pension insurance business showed net profits of TRY655m for the first six months of this year, 28% lower year-on-year.
This was despite the fact that for life business, technical profit was recorded at TRY727m from January to June, up by 20.1% from TRY605m in 1H2017 while the combined technical profits of pension companies was TRY212m, double the TRY110m seen for 1H2017.
The table shows the interim net profits/losses of the Turkish insurance market for the last five years:
for the first 6 months
|Life & pension|