The voluntary individual private pension system (PPS) reached 6.87m subscribers at the end of 2019, a decrease of 0.1% compared to the end of 2018, according to the 2019 “Report on Insurance and Private Pension Activities.”
The number of participants in the voluntary PPS when it started in 2003 was 6.8m; however, this fell to 5.3m in 2017.
The report, prepared by the Insurance and Private Pension Regulation and Supervision Agency (SEDDK), says that total contributions reached TRY82bn ($10.8bn) at the end of last year, 18% higher than the TRY69.5bn posted at the end of 2018.
There were 22 life and pension companies operating in the sector in 2019, as in 2018, reported Insurance Gazette citing the report.
The assets of insurance, reinsurance and pension companies increased by 32.6% to TRY237bn at the end of last year. The share of insurance, reinsurance and pension companies in the overall financial market increased from 4.17% in 2018 to 4.71% in 2019.