Başak Hayat Sigorta A.Ş. was co-founded by Ziraat Bank and Başak Sigorta on December 17, 1997. Following the amendments made to the Private Pension Savings and Investment System Law, the company obtained an operating license and began to operate as a private pension insurance company. It was also renamed Başak Emeklilik A.Ş. In 2006, 41 percent of the shares controlled by Ziraat Bank in Başak Emeklilik A.Ş. were acquired by Groupama, Europe's leading insurance company. Following its privatization in 2008, Başak Groupama Emeklilik merged with the then-newly-acquired Güven Hayat. The company was renamed to Groupama Emeklilik on September 30, 2009.