Introduction

This report is most appropriate for companies looking for an overview of the life insurance and pensions markets in order to assess the level of market opportunity (using our market data and forecasts), regulatory barriers and opportunities, and level of competition in the market. For more detailed market data please refer to Datamonitor's European Life and Pensions Interactive Database 2006.

Scope

Overview 1
Catalyst 1
Summary 1
Executive Summary 2
Following compound annual growth of 46.9% in the last five years, between 2006 and 2010, growth in the Turkish life and pensions market is set to decline slightly to 43% 2
The Turkish life and pensions market expanded at a compound annual rate of 46.9% between 2001 and 2005 2
Strong growth in both life insurance and pensions will be sustained between 2006 and 2010 2
New legislation supports market development 2
The market is led by domestic firms 2
4 out of the top 5 life insurance market leaders benefit from the influence of major foreign insurers 2
Table of Contents 3
Table of figures 4
Table of tables 5
MARKET OVERVIEW 6
The Turkish life and pensions market expanded at a compound annual rate of 46.9% between 2001 and 2005 6
The Turkish life and pensions market experienced compound annual growth of 46.9% between 2001 and 2005 6
MARKET FORECASTS 8
Strong growth in both life insurance and pensions will be sustained between 2006 and 2010 8
Over the next 5 years, premium income is set to grow at a compound annual rate of 43% 8
MARKET REGULATION 10
New legislation supports market development 10
The Directorate General of Insurance regulates the life insurance and pensions sector 10
Turkey's legislative framework for insurance continues to be developed 11
New regulations establish investment and reporting guidelines for pensions providers 11
Revised tax codes will affect insurance contributions 11
COMPETITIVE MARKET STRUCTURE 13
The market is led by domestic firms 13
The Turkish life and pensions market is dominated by domestic providers 13
The top 5 life insurers control two-thirds of the market by gross premium income 14
The top 5 pension mutual funds account for 70% of the market by net asset values 15
MARKET LEADERS 17
4 out of the top 5 life insurance market leaders benefit from the influence of major foreign insurers 17
Anadolu Hayat Emeklilik is the life insurance market leader, based on premium income in 2005 17
Aviva Hayat ve Emeklilik trails the market leader in the life insurance sector 17
Yapi Kredi Emeklilik ranks third among life insurance companies 17
Basak Emeklilik is the fourth highest ranked life insurer by premium income 18
Koc Allianz Hayat ve Emeklilik rounds out the top 5 life insurers 18
APPENDIX 19
Definitions 19
Capital redemption policy / bond 19
Composite insurer 19
Defined contribution pension scheme 19
Defined benefits pension scheme 19
Group policy 19
Individual pension scheme 19
Individual policy 19
Life assurance 19
Occupational pension scheme 20
Pension insurance policy 20
Premium income 20
Regular premium 20
Single premium 20
Technical provisions 20
Traditional insurance 20
Unit-linked insurance 20
Further reading 20
Interactive Databases 20
Reports and Briefs 21
Ask the analyst 22
Datamonitor consulting 22
Disclaimer 22
List of Tables
Table 1: Life and pensions insurance premium income, segmented by product, EURm, 2001-2005 7
Table 2: Life and pensions insurance premium income, segmented by product, in percentages, 2001-2005 7
Table 3: Life and pensions insurance premium income, segmented by product, EURm, 2006-2010 8
Table 4: Life and pensions insurance premium income, segmented by product, in percentages, 2006-2010 9
Table 5: Number of life insurance and pensions providers segmented by type, as at Dec 2005 14
Table 6: Top 5 life insurers by gross premium income, as at Dec 2005 15
Table 7: Top 5 pension mutual funds by net asset values, as at Dec 2005 16
List of Figures
Figure 1: Life premiums accounted for 57% of total premium income in 2005 6
Figure 2: Life insurance will continue to account for the majority of life and pensions income 8
Figure 3: Domestic insurers represent 88% of the Turkish life and pensions market by number 13
Figure 4: Anadolu Hayat Emeklilik leads the Turkish life insurance sector 14
Figure 5: Ak Emeklilik leads the Turkish pensions sector 15