The Turkish life insurance market is dominated by banassurance. Any insurer without a bank distribution partner struggles to make any real impact in the life branch.
Allianz has announced that they have signed a bancassurance deal with ING Bank. ING's 361 branches in Turkey and 5 branches in Northern Cyprus will start to sell Allianz's products.
ING Bank was formally Oyak bank - the bank of Turkey's Army Benevolent Fund. Purchased by ING last year, it used to be part of the Axa-Oyak group, and distributed Axa's products.