| Allianz Turkey's CEO Alexander Ankel said he projected 17.5 percent year-on-year real growth in the individual retirement system in Turkey in 2011. Ankel said the real growth rate in the insurance industry was below Turkey's growth, and the sector grew 5 percent in 2010.
The CEO forecast the number of new participants in the system around 300,000, and the total number of participants around 2.6 million. Ankel said the individual retirement funds in Turkey would probably reach 15 billion Turkish liras (TL, 9.6 billion USD) by the end of 2011.
The CEO also said foreign companies would continue to invest in Turkey, and new actors could enter the market.
One of the largest financial service providers in the world, headquartered in Munich, Germany, Allianz's core business is insurance. With 92.5 billion Euro of revenue during 2008, Allianz is the second largest international insurance and financial services organization in the world.
Allianz is now present in more than 70 countries with over 180,000 employees. Allianz Group provides its more than 60 million customers worldwide with a comprehensive range of services in the areas of property and casualty insurance, life and health insurance, asset management and banking.
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