International,
17
August
2018
|
19:20
Europe/Amsterdam

Bupa to enter Turkish health insurance market through Acıbadem Sigorta acquisition

Summary

Bupa, the international healthcare company, today announces it has agreed to acquire Turkey’s second largest health insurer, Acıbadem Sigorta, subject to regulatory approvals.

Acıbadem Sigorta is a specialist health insurance provider with both corporate and individual customers. Headquartered in Istanbul, it has over 500 employees and covers 600,000 lives. In 2017 Acıbadem Sigorta generated gross written premiums of TRY913m.

Bupa will benefit from Acıbadem Sigorta’s local market knowledge, and their customers and employees will benefit from the strength of Bupa’s expertise and experience.

Simeon Preston, CEO of Bupa International Markets, said: "We’re delighted to announce Bupa’s agreement to acquire Acıbadem Sigorta. Its impressive growth, first-class management team and customer focus make it an excellent choice for market entry. We have been watching the Turkish market for several years and we believe it offers excellent prospects for growth. We see this acquisition as a long-term strategic investment for us. Bupa and Acıbadem Sigorta have a shared commitment to putting customers first, and we look forward to welcoming the team into the Bupa family.”

Gökhan Gürcan, CEO of Acıbadem Sigorta added: “We’re very much looking forward to becoming part of the Bupa family. Together we have a shared commitment to helping our customers live longer, healthier, happier lives. Bupa has a strong record of developing and growing the businesses it acquires and has the resources and expertise to help us build on the successes of the past 26 years. Together we can support the continued development of the Turkish health insurance market.”

Acıbadem Sigorta is currently wholly-owned by Avicennia Capital, a Malaysia-based financial holding company.

Notes to editors

For more information please contact:

Mar Soro, Head of Corporate Communications, Bupa
mar.soro@bupa.com
+44 (0)7860 735902

Acıbadem Sigorta

Headquartered in Istanbul, Acıbadem Sigorta is a specialist provider of health insurance services for the corporate and individual segments. From 2013 to 2017, Acıbadem Sigorta increased its GWP market share from 12% to 18% and became the number one Turkish health insurer in corporate business and number two overall. Acıbadem Sigorta is managed by an experienced executive team – each member of the senior management team has over 20 years of experience in the industry.

Acıbadem Sigorta is the largest health insurer in the Turkish Corporate PMI segment with a 27% share of GWP. In the individual PMI segment it is the third-placed player with a 9% market share.

Boilerplate

About Bupa

Bupa's purpose is helping people live longer, healthier, happier lives.

With no shareholders, our customers are our focus. We reinvest profits into providing more and better healthcare for the benefit of current and future customers.

We serve 15.5m health insurance customers, provide healthcare to over 14.5m people in our clinics and hospitals and look after over 22,900 aged care residents.

We directly employ over 78,000 people, principally in the UK, Australia, Spain, Poland, Chile, New Zealand, Hong Kong, the USA, Brazil, the Middle East and Ireland. We also have associate businesses in Saudi Arabia and India.

Health insurance accounts for the majority our business. In some markets we also operate clinics, dental centres, hospitals, and care homes and villages.

For more information, visit www.bupa.com.