Turkiye Wealth Fund (TVF), owned by the government, has completed all stages of the strategic merger process of public insurance and pension companies, the sovereign wealth fund has said in a statement.
TVF acquired the shares of Gunes Sigorta, Halk Sigorta, Ziraat Sigorta, Vakif Emeklilik ve Hayat, Halk Hayat ve Emeklilik and Ziraat Hayat ve Emeklilik from three public banks in 2020 and created a strong and integrated structure by combining these companies under Turkiye Sigorta and Turkiye Hayat Emeklilik, reported the state-owned news organisation Anadolu Agency citing the statement.
The financing for the acquisitions through Special Issue Government Domestic Debt Securities (DIBS) in the amount of TRY6.4bn was repaid ahead of time and restructured with private-sector bonds amounting to TRY6.9bn at the end of 2022.
As of 10 June 2025, the repayment of the TRY6.9bn prviate-sector bonds was completed.
Turkiye Sigorta, which continues to lead the sector with a 15.5% market share in premium production, has 19% of its shares traded on Borsa Istanbul.
The current value of the 81% shares purchased by TVF for approximately $285m has reached $1.7bn, the statement said.