The international credit rating agency Fitch Ratings has affirmed the insurance company Anadolu Sigorta’s Insurer Financial Strength (IFS) rating at ‘BB’ with a stable outlook.
“The affirmation reflects Anadolu Sigorta’s favourable business profile in Turkey, substantial exposure to Turkish assets, notably government bonds and local-bank deposits, and adequate capitalisation,” Fitch said.
The rating also reflects adequate profitability and reinsurance protection, according to the international institution.
“We expect the company’s credit profile to be resilient to economic and competitive pressures in 2021,” the statement read.
Fitch also views Anadolu Sigorta’s overall business profile as ‘favourable’, as measured against other market players in the country, supported by the company’s very strong position in the highly competitive Turkish insurance market.
Anadolu Sigorta was the second-largest non-life insurer in the country by premium income, with a market share of 12% at end of the first half of the year.
