In this study, financial performances of certain selected non-life insurance companies operating in Turkey between 2014-2018 are compared with a combination of two multi-criteria decision-making methods. The analytical hierarchy process is integrated into the grey relational analysis. First, the weights of the financial ratios are computed with the analytical hierarchy process, and then the companies are ranked by grey relational analysis using the weights found. The grey relational analysis results in which the financial ratios are taken as equally weighted and in which the weights found with the help of the analytical hierarchy process are compared. It is realized that the grey relational analysis results are affected by the weight of the financial ratios calculated with the analytical hierarchy process. In addition, it is observed that the ranking obtained by the combination of grey relational analysis and analytical hierarchy process is more compatible with the data in the financial reports.