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🏢 Hepiyi Sigorta is a Turkish non-life insurance company incorporated in September 2021 as a subsidiary of Doğan Holding, headquartered in Ümraniye, Istanbul. Licensed across all non-life branches, it grew from zero to TRY 27.3 billion in gross written premiums by FY2025, rising to 13th among approximately 50 non-life insurers within 30 months of issuing its first policy. The company combines a 9,000-agent independent distribution network with a proprietary digital platform that handles 87% of daily policy production, targeting predominantly motor and supplementary health lines. Valued at USD 785 million on a 5.0× price-to-book multiple as of 3Q25, Hepiyi is widely considered Doğan Holding's leading IPO candidate.

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-|1 = {{#if:{{{bullet|}}}|* }}Türkiye-domiciled non-life insurer, motor-led, agency-scaled, Doğan Holding-backed, TRY 17.4bn GWP (FY2024)
+|1 = {{#if:{{{bullet|}}}|* }}Turkey-domiciled non-life insurance startup, Doğan Holding subsidiary, motor-focused, digital-agency hybrid, TRY 27.3 bn GWP FY2025
-|2 = {{#if:{{{bullet|}}}|* }}Hepiyi Sigorta is a Doğan Holding-owned Turkish non-life insurer licensed in 2022, writing TRY 17.4bn GWP across 8,000+ agencies with approximately 6% MTPL market share by policy count in FY2024.
+|2 = {{#if:{{{bullet|}}}|* }}Hepiyi Sigorta is a Turkish non-life insurer and Doğan Holding subsidiary that scaled from zero to TRY 27.3 billion in GWP within three years, ranking 13th among approximately 50 non-life insurers by leveraging a 9,000-agent network and digital-first platform.
-|3 = {{#if:{{{bullet|}}}|* }}🏢 '''Hepiyi Sigorta''' is a Turkish non-life insurance company established in 2021 and licensed by SEDDK in April 2022, operating as a subsidiary of Doğan Şirketler Grubu Holding A.Ş. The company distributes through a hybrid agency-led model exceeding 8,000 agencies, producing TRY 17.4bn in gross written premiums, 2.1 million policies, and TRY 1.9bn net income in FY2024. Its portfolio is dominated by motor lines, with company-stated market shares of approximately 6% in MTPL and 4.5% in casco, and it reports a capital adequacy ratio of 119.03%.
+|3 = {{#if:{{{bullet|}}}|* }}🏢 '''Hepiyi Sigorta''' is a Turkish non-life insurance company incorporated in September 2021 as a subsidiary of Doğan Holding, headquartered in Ümraniye, Istanbul. Licensed across all non-life branches, it grew from zero to TRY 27.3 billion in gross written premiums by FY2025, rising to 13th among approximately 50 non-life insurers within 30 months of issuing its first policy. The company combines a 9,000-agent independent distribution network with a proprietary digital platform that handles 87% of daily policy production, targeting predominantly motor and supplementary health lines. Valued at USD 785 million on a 5.0× price-to-book multiple as of 3Q25, Hepiyi is widely considered Doğan Holding's leading IPO candidate.
-|4 = {{#if:{{{bullet|}}}|* }}🏢 '''Hepiyi Sigorta''' is a Turkish non-life insurer established on 29 September 2021 as Doğan Trend Sigorta A.Ş., renamed in May 2022, and licensed by SEDDK on 28 April 2022. Owned 85% by Öncü Girişim Sermayesi Yatırım Ortaklığı A.Ş. under the ultimate parent Doğan Şirketler Grubu Holding A.Ş., the company is headquartered in Ümraniye, İstanbul, and its FY2024 financial statements were audited by Deloitte Turkey with an unqualified opinion.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}📊 '''Rapid scale-up.''' The company grew from TRY 1.4bn GWP in its partial first year (FY2022) to TRY 17.4bn in FY2024, distributing through over 8,000 agencies and reaching 1.9 million customers. FY2024 net income was TRY 1.9bn, though profitability is structurally dependent on investment income, with TRY 3.5bn transferred to the technical section from the non-technical account in FY2024.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}⚖️ '''Reserve and solvency profile.''' Net IBNR stood at approximately TRY 7.6bn at year-end 2024, flagged as a key audit matter, with claims reserves heavily concentrated in MTPL and discounted at an annual rate of 35%. The company reports a capital adequacy ratio of 119.03% and a capital surplus of TRY 601m, while SEDDK's exemption from inflation accounting creates a comparability boundary with IFRS reporters applying IAS 29 hyperinflation adjustments.
+|4 = {{#if:{{{bullet|}}}|* }}🏢 '''Hepiyi Sigorta''' is a Turkish non-life insurance company incorporated on 29 September 2021 as an indirect subsidiary of Doğan Holding through Öncü Girişim Sermayesi Yatırım Ortaklığı A.Ş., which holds 85.20% of the paid-in capital. Licensed by SEDDK across all non-life branches, the company issued its first policy on 17 June 2022 and grew from zero to TRY 27.3 billion in gross written premiums by FY2025, reaching 13th place among approximately 50 non-life insurers. FY2024 net income reached approximately TRY 1.9 billion on total assets of TRY 19.6 billion, with a capital adequacy ratio of 119.41%.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}📊 '''Financial model.''' The company's economics depend on a float-driven investment model: the combined ratio of approximately 108% in FY2024 (improved from 122% in FY2023) indicates that underwriting alone does not generate profit, with investment income from hard-currency assets and government securities bridging the gap. Motor lines (MTPL and Casco) represent approximately 90% of GWP, creating significant concentration risk. The operating expense ratio of 2.9% of sales versus a sector average of 6.8% reflects a structural cost advantage enabled by just 183 employees.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}🚀 '''Growth and outlook.''' Hepiyi's distribution strategy pairs Turkey's broadest independent agency network (9,000 agents by December 2025) with an end-to-end digital platform processing 30 million quotes annually, underpinned by a contractual Agent Manifesto guaranteeing lifetime working rights and portfolio ownership. DOHOL's December 2025 investor presentation values the company at USD 785 million using a 5.0× price-to-book multiple, and multiple equity research houses identify it as the strongest IPO candidate in the Doğan Group. Key risks include MTPL tariff regulation, capital consumption from rapid growth, reinsurance cost volatility, and the absence of an independent credit rating.
-|5 = {{#if:{{{bullet|}}}|* }}🏢 '''Hepiyi Sigorta''' is a Turkish non-life insurance company (Anonim Şirket) established on 29 September 2021 and licensed by SEDDK on 28 April 2022 with authorization across multiple non-life branches including motor, health, fire, liability, and financial loss. Originally incorporated as Doğan Trend Sigorta A.Ş., the company changed its name to Hepiyi Sigorta A.Ş. on 30 May 2022. It is headquartered in Ümraniye, İstanbul, and its FY2024 statutory financial statements were audited by Deloitte Turkey with an unqualified opinion.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}🏛️ '''Ownership and governance.''' As of 31 December 2024, the company is 85%-owned by Öncü Girişim Sermayesi Yatırım Ortaklığı A.Ş., with 15% held by other individuals and the ultimate parent being Doğan Şirketler Grubu Holding A.Ş. The board is chaired by Çağlar Göğüş, with Şenol Ortaç serving as CEO and general manager, Eren Sarıçoğlu as vice chairman, and Zeynep Tandoğan as a board member.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}🏗️ '''Agency-led distribution.''' Hepiyi Sigorta operates a hybrid agency-led model with digital enablement, growing its network from 6,500+ agencies in FY2023 to over 8,000 in FY2024. This scaled intermediary footprint generated 2.1 million policies and reached 1.9 million customers in FY2024, supported by related-party distribution channels within the Doğan Holding ecosystem including a branded motor product collaboration with Doğan Trend Otomotiv.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}🚗 '''Motor market positioning.''' The company claims approximately 6% market share in MTPL by policy count (third-largest) and approximately 4.5% in casco (ninth-largest) as of FY2024. These company-stated figures have not been independently validated against TSB company-level datasets, which require gated access.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}📈 '''Financial trajectory.''' Gross written premiums grew from TRY 1.4bn in FY2022 (a partial operating year beginning 17 June 2022) to TRY 6.2bn in FY2023 and TRY 17.4bn in FY2024. Net income reached TRY 1.9bn in FY2024 on pre-tax profit of TRY 2.5bn, while total assets expanded to TRY 19.4bn and total equity to TRY 3.7bn.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}💰 '''Investment income reliance.''' Profitability is structurally dependent on investment income, with TRY 3.5bn transferred from the non-technical to the technical section in FY2024 (FY2023: TRY 1.4bn). Net investment income of TRY 3.4bn in FY2024 was driven by bank deposit interest and foreign exchange gains, and the technical result excluding this transfer appears loss-making, a pattern typical in high-inflation, high-interest-rate environments.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}🔎 '''Reserving discipline.''' Net IBNR stood at approximately TRY 7.6bn at 31 December 2024, identified as a key audit matter. Outstanding claims reserves are concentrated in MTPL at TRY 4.7bn after discounting (pre-discount: TRY 8.9bn), with a 35% annual discount rate applied. The MTPL risk pool mechanism introduces additional model-risk dependence on sector-wide actuarial ratios.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}📤 '''Reinsurance cession.''' FY2024 ceded premiums totaled TRY 2.1bn against GWP of TRY 17.4bn, and FY2023 ceded premiums were TRY 1.1bn against GWP of TRY 6.2bn. Reinsurance participation is also visible in reserve movements, though treaty counterparties and structural detail are not disclosed in the publicly available notes.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}✅ '''Solvency and accounting framework.''' The company reports a capital adequacy ratio of 119.03% and a capital surplus of TRY 601m as of 31 December 2024 under Turkish insurance capital adequacy regulations. Financial statements are prepared under statutory insurance accounting regulations rather than IFRS 17, and SEDDK has exempted insurers from inflation accounting, creating a material comparability boundary with IFRS reporters applying IAS 29 hyperinflation adjustments in Türkiye.
+|5 = {{#if:{{{bullet|}}}|* }}🏢 '''Hepiyi Sigorta''' is a Turkish non-life insurance company incorporated on 29 September 2021 under the name Doğan Trend Sigorta A.Ş. through Öncü Girişim Sermayesi Yatırım Ortaklığı A.Ş., the venture capital arm wholly owned by Doğan Şirketler Grubu Holding A.Ş. The company received its SEDDK non-life license on 27 April 2022 covering all non-life branches, and was the first to receive a compulsory MTPL license in five to six years. Renamed Hepiyi Sigorta on 30 May 2022, it issued its first policy on 17 June 2022 and is headquartered in Ümraniye, Istanbul.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}📊 '''Ownership and governance.''' Group A shares (85.20% of TRY 255.6 million paid-in capital) are held by Öncü GSYO, making Hepiyi an indirect subsidiary of Doğan Holding (BIST: DOHOL), while Group B shares (~14.80%) are held by the first 30 founding employees. The seven-member board is chaired by Çağlar Göğüş (CEO of Doğan Holding), with Şenol Ortaç serving as CEO and Executive Board Member, and Dr. Murat Doğu as CFO.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}💰 '''Financial trajectory.''' From a breakeven startup half-year in FY2022, the company reached GWP of TRY 6.2 billion (+348%) and net income of TRY 896 million in FY2023, scaling further to approximately TRY 17.4 billion in GWP and TRY 1.9 billion in net income in FY2024. Full-year 2025 GWP reached TRY 27.3 billion (+56% nominal, +19.5% real), with 9M25 net income of TRY 1.2 billion.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}📈 '''Underwriting economics.''' The combined ratio improved from approximately 122% in FY2023 to approximately 108% in FY2024, though it still exceeds 100%, meaning profitability depends on investment income from the float. FY2023 investment income of TRY 1.39 billion (primarily FX gains and government bond interest) was credited to the technical account. The operating expense ratio of 2.9% versus a sector average of 6.8% represents a structural cost advantage enabled by 183 employees.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}🏆 '''Market position.''' Hepiyi rose to 14th among approximately 50 non-life insurers by FY2024 (2.36% market share) and 13th by FY2025 (2.61%), overtaking established competitors including Zurich Sigorta. In branch-specific rankings for FY2025, it reached 7th in MTPL (5.62% share) and 9th in Motor Casco (4.16%). Its growth rates have consistently exceeded the market by wide margins.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}🤝 '''Distribution model.''' The agency network accounts for approximately 94% of premium volume, growing from zero at launch to 9,000 agents by December 2025 — Turkey's broadest among insurance companies. The distinguishing Agent Manifesto provides lifetime working guarantees, contractual portfolio ownership rights, no minimum production targets, and a five-year commission guarantee on online renewals. The digital platform handles 87% of daily production and generates approximately 30 million quotes annually.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}🚗 '''Product mix and group synergies.''' Motor lines (MTPL and Casco) represent approximately 90% of GWP, with supplementary health and other lines comprising the remainder. The Doğan Holding ecosystem provides cross-sell channels through Doğan Trend Otomotiv (MG and Suzuki distributor), with the branded Marka Kasko product offering OEM parts guarantee and zero depreciation for those vehicle brands. The Finance and Investment segment constituted 42% of DOHOL consolidated revenue in 3Q25.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}🛡️ '''Risk and reinsurance.''' The overall cession ratio was 23.3% of gross premium in FY2023, concentrated almost entirely in MTPL (37.2% cession rate). The February 2023 Kahramanmaraş earthquakes produced only approximately TRY 50 million in claims, reflecting the absence of commercial property lines. IBNR of TRY 2.34 billion (gross, FY2023) is subject to the regulatory requirement for young insurers to use industry-average loss ratios.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}💎 '''Valuation and risks.''' DOHOL's December 2025 investor presentation values Hepiyi at USD 785 million (5.0× price-to-book), with DOHOL's 85% stake worth USD 667 million, representing 25% of the holding's total NAV. Multiple equity research houses identify it as the strongest IPO candidate, with DOHOL's 2030 roadmap targeting one to two IPOs by 2026. Material risks include MTPL tariff ceiling regulation, capital consumption from rapid growth (119.41% adequacy ratio offering limited headroom), motor concentration risk, reinsurance cost volatility at approximately double pre-earthquake levels, and the absence of an independent credit rating.
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