Page 19 - Turkinsurance Digital Magazine

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The insurance sector achieved a

profitability of 5 billion in the first

quarter of 2023

According to the consolidated balance sheet and income statements released by the Insur-
ance Association of Turkey (TSB) for the end of March 2023, the technical profit of the
non-life branch in the sector amounted to 3.261 billion Turkish Liras. In the life insurance
branch, the sector recorded a technical profit of 1.643 billion Turkish Liras, while in the

pension branch, it amounted to 252.8 million Turkish Liras. The total profitability of the
sector was seen as 5.157 billion 804 thousand 62 Turkish Liras.

It can be observed that the technical profitability increased Technical loss of 6.5 billion Turkish Liras in 7
compared to the same period of the previous year in the first branches
quarter. In contrast to the total loss of 423 million Turkish
Liras recorded in the non-life branches in 2022, the techni-
cal profitability reached 5.157 billion Turkish Liras in the first In the first quarter of 2023, a total technical loss of
quarter of 2023. In the life insurance branch, it can be seen 6,575,551,803 Turkish Liras was experienced in 7 branches.
that the technical profit increased to 1.643 billion Turkish Li- In the first quarter of 2022, a total technical loss of 8.4 billion
ras. However, the technical profitability in the pension branch Turkish Liras was observed in 7 branches.
decreased by 2.6% compared to the previous year, amounting
to 252.8 million Turkish Liras. In the first quarter, motor vehicle liability branch incurred a
loss of 2.663 billion Turkish Liras with a -23% technical loss

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

3.500 3.261 25,0%
3.000 19,9%
18,3% 20,0%
2.500
1.947 2.008
2.000 15,0%
14,1%
1.500 11,5%
944 909 10,0%
1.000 8,50%
500 5,0%
0 -423 0,0%
(500) 2018 Q1 2019 Q1 2020 Q1 2021 Q1 2022 Q1 2023 Q1
-2,8%
(1.000) -5,0%

Technical profit in non-life branches (in million TL) Technical Profit/Loss ratio (%)