A SURVEY ON MEASURING FINANCIAL DISTRESS PREDICTION USING ALTMAN Z-SCORE MODEL FOR LIFE AND PENSION COMPANIES IN TÜRKİYE

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The insurance market is crucial for both the national economy and the financial market. It contributes to the country’s economy by ensuring the healthy operation of the financial industry and protecting it from risk. There are non-life, life, pension, and reinsurance companies operating in the insurance market. This study’s financial failure evaluations were conducted using financial ratios obtained from the financial statements of 17 life and pension insurance companies operating in Turkey between 2019 and 2023. In this context, the Altman Z-Score model is used to assess bankruptcy risk. The Altman Z-Score results for the relevant periods have been calculated using the model established with a total of 4 commonly used ratios, and it has been determined that insurance companies generally fall into the risky zone.