AvivaSA is the fifth largest life insurance company by gross written premiums and the leading private pension provider in Turkey. It offers pension, protection and savings products to over 2 million customers through bancassurance, tied agents and a direct sales force. Founded in 2007, AvivaSA is listed on Borsa Istanbul with a market capitalisation of TL 3.4 billion as of 22 February (EUR 401 million). The company is currently owned 40% by Aviva plc, 40% by Sabanci Holding and 20% is free float.
The investment in AvivaSA fits Ageas’s strategy to expand in regions in which it is already present and provides the opportunity to tap into low-penetrated and high-growth markets such as the Turkish Life insurance market, which has been growing at 28% per year in the 2014-2019 period. It also allows Ageas to broaden the collaboration with Sabanci Holding, its partner in the Non-Life joint venture AKSigorta.
