Anadolu Anonim Turk Sigorta Sirketi's (Anadolu Sigorta), among Turkiye's biggest P&C insurers, has a record of good profitability, according to Fitch Ratings.
Return on equity was 34% in 2025 (47% in 2024) and remained above inflation (31% in 2025; 44% in 2024). Strong investment returns more than offset continued underwriting losses, as reflected in a combined ratio of 108% in 2025 and 104% in 2024. Underwriting results improved from 2023, when the combined ratio was 118%.
Fitch has affirmed Anadolu Sigorta’s Insurer Financial Strength (IFS) Rating at 'BB' with a ‘Stable’ outlook. Fitch has also affirmed the insurer's National IFS Rating at 'AA+(tur)' with a ‘Stable’ outlook.
Anadolu Sigorta's ratings reflect its very strong market position, good capitalisation and profitability, offset by high exposure to Turkish financial assets.
Aside from profitability, other key rating drivers are:
Leading Turkish Insurer: Anadolu Sigorta's ratings reflect its leading market position relative to other Turkish insurers and diversified business profile. The company has a strong market position, very good diversification and a moderate business risk profile. It remained the third-largest non-life insurer in Turkiye in 2025, with a market share of about 9%. Its franchise benefits from strong brand recognition and access to the distribution network of Turkiye Is Bankasi.
Anadolu Sigorta is predominantly focused on domestic non-life insurance risks, and Fitch does not expect the Iran war to have a material impact on business volumes or on claims inflation.
Good Capitalisation: Fitch assesses Anadolu Sigorta's capitalisation, as measured by Prism, as 'Adequate' at end-2025 and end-2024. The assessment is supported by strong internal capital generation and a regulatory solvency ratio comfortably above the 100% regulatory minimum requirement. The company has no financial debt.
High Investment Risk: Anadolu Sigorta's investment portfolio remains exposed to Turkish sovereign and domestic banking sector risks. At end-2025, cash and Turkish bank deposits comprised 35% of invested assets, while government bonds accounted for another 28%. The company's credit profile is therefore closely linked to that of the Turkish sovereign and domestic banks. Fitch nevertheless views its investment strategy as more sophisticated than that of most domestic peers.
The risky-asset ratio increased to 175% at end-2025 (177% including real estate investments), which is consistent with a 'bb-' assessment under Fitch's investment and asset risk guidelines. The ratio deteriorated from 158% at end-2024 due to higher allocations to government bonds, but this remains an improvement compared with 213% at end-2023.
Good Reinsurance Coverage: The company's catastrophe programme includes excess-of-loss protection and parametric earthquake cover for the Istanbul area. Earthquake risk remains the company's main catastrophe exposure. Fitch also considers the quality of reinsurance counterparties to be strong, with the majority of the reinsurance panel rated in the 'A' category or above at end-2025.