"This acquisition boosts HDI Sigorta from number 11 among insurers in Turkey to the number seven spot. We have thus moved a major step closer to achieving our strategic goal of ranking among the top 5 insurers in each of our core markets. Through economies of scale and by leveraging potential synergies we are aiming to further enhance the operating profit in Turkey", Sven Fokkema, Chief Executive Officer of HDI International AG and a member of the Board of Management of Talanx AG, commented. "By acquiring the company we are also substantially improving the diversification of our product portfolio."
In 2018 ERGO Sigorta A.Ş. reported a gross written premium volume of EUR 139 million with a market share of 1.6%. The company employs around 320 staff and has a distribution network comprised of 1,500 intermediaries.
The Talanx subsidiary HDI Sigorta A.Ş. has been operating in the Turkish property/casualty insurance market since 2006. The company offers insurance services through roughly 420 employees, nine regional offices and more than 2,000 insurance brokers and agents as well as ten bank partners. The gross written premium volume booked by HDI Sigorta in 2018 amounted to EUR 278 million, equivalent to a market share of roughly 3.5 percent. With the acquisition of the ERGO subsidiary this market share is now expected to grow to 5.1 percent.
This news release contains forward-looking statements which are based on certain assumptions, expectations and opinions of the Talanx AG management. These statements are, therefore, subject to certain known or unknown risks and uncertainties. A variety of factors, many of which are beyond Talanx AG’s control, affect Talanx AG’s business activities, business strategy, results, performance and achievements. Should one or more of these factors or risks or uncertainties materialise, actual results, performance or achievements of Talanx AG may vary materially from those expressed or implied in the relevant forward-looking statement. Talanx AG does not guarantee that the assumptions underlying such forward-looking statements are free from errors nor does Talanx AG accept any responsibility for the actual occurrence of the forecasted developments. Talanx AG neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.