Page 27 - Turkinsurance Digital Magazine

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The insurance sector reaches a

technical profit of 2.9 billion TL in the

first quarter of 2021

According to the consolidated balance sheet and income statements at the end of March
2021 announced by the Insurance Association of Turkey (TSB), total technical profit in
the non-life branch reached 2 billion 8 million 372 thousand 162 TL, 646 million 172
thousand 928 TL in life branch and 254 million 391 thousand 428 TL in private pension

branch. Total profitability of the sector was seen as 2 billion 908 million 936 thousand
518 TL

In the first quarter, technical profitability increased by 3.22 In the first quarter, the rail vehicles branch made a loss of 1.6
percent compared to the same period of the previous year. million TL, with a technical profit of -5459 percent. Looking
Total technical profitability in non-life branches increased by at other branches that suffered losses, the land vehicles liability
3.14 percent compared to the first quarter of 2020, while life branch suffered a loss of 207.6 million TL with 4.1 percent,
branches declined by 9.6 percent. Technical profitability in the the general liability branch suffered a loss of 83,8 million TL
pension sector increased by 57.5 percent compared to the pre- with a ratio of -0.4 percent, and the credit branch suffered a
vious year. loss of 599.7 thousand TL with a technical profit ratio.

Technical loss is 293.7 million TL in 4 branches 7 billion 813 million TL damage was paid in the first quarter
In the first quarter of 2021, the sector paid 6 billion 786 mil-
In the first quarter of 2021, 4 branches suffered a total loss lion TL net damage to the non-life branch and 1 billion 27
of 293 million 789 thousand 599 TL. In the first quarter of million TL net damage to the life branch. The total amount of
2020, a total of 48 million 316 thousand TL losses were ob- net damage paid by the sector to insured persons in the first
served in 3 branches. quarter reached 7 billion 813 million TL. In the same period of
the previous year, this figure was around 6 billion 839 million

Technical profit and profit/loss ratios in non-life branches by years

2.500 25,0%

1.947 2.008
2.000 19,9% 20,0%
18,3%

1.500 15,0%
14,1%
11,5%
944 909
1.000 9,7% 10,0%
626

500 5,0%

0 0,0%
2017 Q1 2018 Q1 2019 Q1 2020 Q1 2021 Q1

Non-life branch technical profit (million TL) Technical Profit/Loss ratio (%)