Page 17 - Turkinsurance Digital Magazine

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Türkiye Sigorta’s profits reach 1 billion 153 million TL, with a growth of 39 percent

1 billion 153 million TL for the same term, up by 39%.
Growth in technical part balance was reported as 46%.

After successfully completing the largest merger of the insur-
ance sector, Türkiye Sigorta achieved market leadership in
terms of premium production in 2020. Despite the ongoing
effects of the merging process, the company managed to in-
crease annual net profit based on premiums from 12 percent
to 13 percent, and technical profit based on premiums was
raised from 13 percent to 15 percent.

Türkiye Sigorta’s return on equity was reported as 33%, and
the company plans to distribute 493 Million TL as dividends
to its shareholders following the approval of its General As-
After launching operations with the consolidation of state- sembly on 9 April 2021. In light of the financial results of
owned insurance companies under one roof as of September 2020, company’s dividend yield stood at 5.8%.
2020, Türkiye Sigorta closed 2020 with a profit of 1 billion
153 million TL. Güneş Sigorta, which was merged under the roof of Türkiye
Sigorta, had made its latest dividend distribution over the
The company raised its assets by 23% to 10.7 billion TL, financial results of 2007.
maintaining its strong position in the market; and announced

Data-oriented IFRS 17 reporting services by KPMG

KMPG Turkey raises the bar higher with its investment in This solution has been devel-
technological solutions. Developed by a team of expert ac- oped in accordance with the
countants, actuaries and software developers at KPMG, latest changes in the legisla-
KPMG IFRS 17 Integrated enables insurance companies to tion, and is in high demand
fulfill their IFRS 17 requirements easily, rapidly and effi- by both domestic and for-
ciently. eign companies operating
abroad. With our data-ori-
KMPG Turkey offers a new service for the insurance market. ented IFRS 17 service, in-
The company has recently attracted attention with its invest- surance companies can de-
ments in technology, and now offers a solution for insurance cide on the grouping level,
companies to address their IFRS 17 related problems with a review calculations under
new product called “KMPG IFRS 17 Integrated”. every measurement method,
check accounting records
Murat Sedef, Director of Information Technologies Consul- and monitor performance ei-
tancy at KPMG Turkey, shared details about KPMG IFRS ther through standard foot-
17 solution, stating that the new software will provide speed notes or reports they can
and ease of use for insurance companies. “Recently devel- customize themselves,” he said.
oped by a team of expert accountants, actuaries and software KPMG IFRS 17 Integrated can be integrated with core in-
developers at KPMG, our new software offers a solution to surance systems, DWH systems, accounting/ERP systems
address the IFRS 17 requirements of insurance companies. and other systems.