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The international credit rating agency Fitch Ratings has confirmed MAPFRE Sigorta's Financial Strength Rating (IFS) at AA+(Tur) with a stable outlook.
Fitch Ratings noted that MAPFRE Sigorta's National Insurer Financial Strength Rating remains at AA+(Tur) with a stable outlook. The rating agency stated that the MAPFRE Group's continued confidence and commitment to the Turkish market is reflected in this year's capital increase.
The rating report, in which MAPFRE Sigorta is positioned as "important" for the MAPFRE Group, emphasizes that the company benefits from the MAPFRE Group's expertise in corporate governance, operational support, and risk management.
Commenting on Fitch's assessment, MAPFRE Sigorta General Manager Erdinç Yurtseven stated, “As MAPFRE Sigorta, we continue to focus on financial sustainability and stable growth. This focus brings us success. We closed the year 2023 with a post-tax profit of 723 million TL, exceeding our performance expectations. The net profit of 793 million TL we achieved in the first six months of 2024 shows that this success continues to grow. This year, we continue on our path with a much stronger capital following the 550 million TL capital increase carried out by our main partner, MAPFRE Group. The confirmation of our credit rating as AA+(tur) is very valuable to us, as it reflects positive developments in factors such as our capital adequacy, financial results, risk management strategies, operational performance, and future projections. Additionally, the published report reaffirms MAPFRE Group's confidence in Turkey and MAPFRE Sigorta. In the report, MAPFRE Sigorta is positioned as 'important' for MAPFRE Group and emphasizes the Group's commitment to the Turkish market despite economic fluctuations in the country.” |
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