Munich - Europe's biggest insurer Allianz SE said Monday it had paid 373.2 million euros (592.6 million dollars) for majority stakes in two Turkish insurance companies as part of moves to boost its presence in Turkey's fast-paced economy.

Munich-based-Allianz said it had hiked its stake in non-life insurer Koc Allianz Sigorta AS to 84.2 per cent, up from 37.1 per cent, for a total cost of 248 million euros.

In addition, Allianz said it had paid 125.2 million euros to boost its holding in life insurance and pension group Koc Allianz Hayat ve Emeklilik AS from 38 per cent to 87 per cent.

"The agreement strengthens our long-term commitment to the Turkish market, where we see a high potential for future growth," said Allianz board member Enrico Cucchiani announcing the increases in the group's stakes. (dpa)