Stepping into a new era with its renewed corporate strategy, MetLife continues its stable growth in Turkey by adding new ones to its list of achievements. According to 2017 year-end results, MetLife grew over the market averages in life and individual accident lines. Market share in those lines grew by 36 percent, while the company grew by 58 percent over the same period of previous year, with a premium production of 756 million TL and a market share of 10 percent.
Considering the life segment, overall market growth stood at 36 percent; while MetLife’s growth outpaced the market with 65 percent with a premium volume of 577 million TL. The company showed a similarly successful performance in Individual Accident Branch; producing 179 million TL in underwritten premiums with a growth of 41 percent compared to the humble 17 percent of market average.
29 percent of growth in pension fund size with 189 thousand participants
MetLife continues to make movements that make its competitive advantage sustainable in all its activity areas. Individual Pension System reached a fund size of 78 billion TL as of December 2017, including state subsidy funds; while MetLife Turkey grew over the market rate, increasing its funds size by 29 percent and reaching 1.5 billion TL fund size with 189 thousand participants. Within the scope of “Automatic Participation” system initiated in 2017, the company provided services for over 500 companies and brought 67 thousand participants in the system.
Deniz Yurtseven, General Manager of MetLife Emeklilik ve Hayat, underlined that 2017 results were pleasing for the company, stating that MetLife continued growing, developing and strengthening its position in the market. He added: “When we set off in 2012, our target was to become one of the top five companies in the insurance market. MetLife Emeklilik ve Hayat has achieved this target by ranking fifth in 2015, third in 2016 and second in 2017.”
Sharing details of MetLife’s strategy that was renewed in 2017 to focus on customer insight, Deniz Yurtseven said: “As MetLife, we act with the strength driven from our new strategy in all our processes ranging from our corporate identity to our business manners. Together with the environment of trust in the economy, we have been maintaining our sustainable growth and increasing our contribution to Turkish economy with each passing day. We have displayed a successful growth performance in life, personal accident and individual pension branches; supported by the significant contributions by our bank distribution channels, particularly our main channel DenizBank, our telemarketing team and our agents. I would like to emphasize that our corporate products based on employee benefits attracted a great deal of attention from our customers and that we have included strong corporate customers in our portfolio last year. As MetLife Emeklilik ve Hayat, we also began to use the opportunities offered by the digital world as much as possible. We aim to simplify the access of our customers to our products and services, and offer them a buying experience in which they can process many of their transactions themselves. With this perspective, we will keep up our innovative works in accordance with the requirements of our customers in 2018.”