MAPFRE Sigorta announced the financial results of the first half of 2017 in Turkey. MAPFRE Sigorta’s profit increased by nearly 37 percent over the same period of last year, reaching 93.2 million TL. With a combined ratio of 95 percent, the company performed successfully during the first half of 2017; and its technical profit increased by 77 percent compared to 2016.
Alfredo Muñoz, General Manager (CEO) and Deputy Chairman of MAPFRE Sigorta, said: “We expect 2017 to be the most profitable year ever. We currently rank 4th in the insurance market. Since our expense ratio is lower than 7 percent, we are the most productive company in the market. Apart from traffic insurance, our premium volume increased by nearly 13 percent. We are listed among the first 6 companies in overall premium volume. We are the most recommended company especially in the kasko (motor own damage line). We continue to offer reliable products and services that we design and develop by following the global trends and innovative technologies and that create difference in Turkish insurance market. We aim to increase our market share, particularly with projects in the digital area.”
Listed among the first six in terms of overall premium volume
According to 2017 first-half results, MAPFRE Sigorta is the leading insurance company of engineering line. The company has a market share of 11.87 percent, with a premium volume of 104,969,598 TL in this line. The company ranks 4th in the health insurance line with a market share of 9.4 percent and a premium volume of 252,854,047; while producing 186,812,133 TL premium in motor line and ranking 6th with a market share of 5.69 percent. Its performance in fire and natural forces line is similar: the company ranks 6th with a market share of 6.15 percent and a premium volume of 178,208,928 TL. The company is the 4th company in health insurance with 1,406,046,605 TL premium volume and 7.09 percent market share.