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Created page with "{{#switch: {{{1|3}}} |1 = {{#if:{{{bullet|}}}|* }}Türkiye-domiciled non-life insurer, motor-led, agency-scaled, Doğan Holding-backed, TRY 17.4bn GWP (FY2024) |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. |3 = {{#if:{{{bullet|}}}|* }}🏢 '''Hepiyi Sigorta''' is a Turkish non-life insurance co..."
 
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|1 = {{#if:{{{bullet|}}}|* }}TürkiyeTurkey-domiciled non[[Definition:Non-life insurer,insurance motor|non-led,life agency-scaledinsurance]] startup, Doğan Holding subsidiary, motor-backedfocused, digital-agency hybrid, TRY 1727.4bn3 GWPbn [[Definition:Gross written premium (FY2024GWP) |GWP]] FY2025
|2 = {{#if:{{{bullet|}}}|* }}Hepiyi Sigorta is a Doğan Holding-owned Turkish non-life insurer licensedand inDoğan 2022,Holding subsidiary that scaled from zero writingto TRY 1727.4bn3 billion in [[Definition:Gross written premium (GWP) |GWP]] within acrossthree 8years,000+ agenciesranking 13th withamong approximately 6%50 MTPL[[Definition:Non-life marketinsurance share|non-life insurers]] by policyleveraging counta in9,000-agent network and digital-first FY2024platform.
|3 = {{#if:{{{bullet|}}}|* }}🏢 '''Hepiyi Sigorta''' is a Turkish [[Definition:Non-life insurance |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 [[Definition:Gross written premium (GWP) |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 [[Definition:Independent agent |independent distribution network]] with a proprietary [[Definition:Digital insurance platform |digital platform]] that handles 87% of daily [[Definition:Policy production |policy production]], targeting predominantly motor and [[Definition:Supplementary health insurance |supplementary health]] lines. Valued at USD 785 million on a 5.0× [[Definition:Price-to-book ratio |price-to-book multiple]] as of 3Q25, Hepiyi is widely considered Doğan Holding's leading [[Definition:Initial public offering (IPO) |IPO]] candidate.
|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%.
|4 = {{#if:{{{bullet|}}}|* }}🏢 '''Hepiyi Sigorta''' is a Turkish [[Definition:Non-life insurance |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 [[Definition:Paid-in capital |paid-in capital]]. Licensed by [[Definition:SEDDK |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 [[Definition:Gross written premium (GWP) |gross written premiums]] by FY2025, reaching 13th place among approximately 50 non-life insurers. FY2024 [[Definition:Net income |net income]] reached approximately TRY 1.9 billion on [[Definition:Total assets |total assets]] of TRY 19.6 billion, with a [[Definition:Capital adequacy ratio |capital adequacy ratio]] of 119.41%.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}📊 '''Financial model.''' The company's economics depend on a [[Definition:Insurance float |float]]-driven investment model: the [[Definition:Combined ratio |combined ratio]] of approximately 108% in FY2024 (improved from 122% in FY2023) indicates that [[Definition:Underwriting |underwriting]] alone does not generate profit, with [[Definition:Investment income |investment income]] from hard-currency assets and [[Definition:Government securities |government securities]] bridging the gap. Motor lines ([[Definition:Motor third-party liability insurance (MTPL) |MTPL]] and Casco) represent approximately 90% of GWP, creating significant [[Definition:Concentration risk |concentration risk]]. The [[Definition:Operating expense ratio |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 [[Definition:Agency distribution |agency network]] (9,000 [[Definition:Insurance agent |agents]] by December 2025) with an end-to-end [[Definition:Digital insurance platform |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× [[Definition:Price-to-book ratio |price-to-book multiple]], and multiple equity research houses identify it as the strongest [[Definition:Initial public offering (IPO) |IPO]] candidate in the Doğan Group. Key risks include MTPL tariff regulation, capital consumption from rapid growth, [[Definition:Reinsurance pricing |reinsurance cost volatility]], and the absence of an independent [[Definition:Credit rating |credit rating]].
|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.
|5 = {{#if:{{{bullet|}}}|* }}🏢 '''Hepiyi Sigorta''' is a Turkish [[Definition:Non-life insurance |non-life insurance]] company (Anonim Şirket) establishedincorporated on 29 September 2021 andunder licensedthe byname SEDDKDoğan onTrend 28Sigorta AprilA.Ş. 2022through withÖncü authorizationGirişim acrossSermayesi multipleYatırım non-lifeOrtaklığı branches including motorA.Ş., health,the fire,[[Definition:Venture liability,capital and|venture financialcapital]] loss.arm Originallywholly incorporatedowned asby Doğan TrendŞirketler SigortaGrubu Holding A.Ş., theThe company changedreceived its name[[Definition:SEDDK to|SEDDK]] Hepiyinon-life Sigorta A.Ş.license on 3027 MayApril 2022. Itcovering isall headquarterednon-life branches, and was the first to receive a compulsory [[Definition:Motor third-party liability insurance (MTPL) |MTPL]] license in Ümraniye,five İstanbulto six years. Renamed Hepiyi Sigorta on 30 May 2022, andit issued its FY2024first statutorypolicy financialon statements17 wereJune audited2022 byand Deloitteis Turkeyheadquartered within an unqualifiedÜmraniye, opinionIstanbul.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}🏛️📊 '''Ownership and governance.''' AsGroup ofA 31shares December(85.20% 2024,of theTRY company255.6 ismillion 85%[[Definition:Paid-ownedin capital |paid-in capital]]) are held by Öncü GirişimGSYO, Sermayesimaking YatırımHepiyi Ortaklığıan A.Ş.,indirect withsubsidiary 15%of heldDoğan byHolding other(BIST: individualsDOHOL), andwhile theGroup ultimateB parentshares being(~14.80%) Doğanare Şirketlerheld Grububy Holdingthe A.Şfirst 30 founding employees. The seven-member board is chaired by Çağlar Göğüş (CEO of Doğan Holding), with Şenol Ortaç serving as CEO and generalExecutive manager, Eren Sarıçoğlu asBoard vice chairmanMember, and ZeynepDr. TandoğanMurat Doğu as a board memberCFO.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}🏗️💰 '''Agency-ledFinancial distributiontrajectory.''' Hepiyi Sigorta operatesFrom a hybridbreakeven agencystartup half-ledyear modelin withFY2022, digitalthe enablement,company growingreached its[[Definition:Gross networkwritten frompremium (GWP) |GWP]] of TRY 6,500.2 billion (+348%) agenciesand in[[Definition:Net FY2023income to|net overincome]] 8,000of TRY 896 million in FY2024.FY2023, Thisscaling scaledfurther intermediaryto footprintapproximately generatedTRY 217.14 millionbillion policiesin GWP and reachedTRY 1.9 million customersbillion in FY2024,net supportedincome byin FY2024. relatedFull-partyyear distribution2025 channelsGWP withinreached theTRY Doğan27.3 Holdingbillion ecosystem(+56% includingnominal, a+19.5% brandedreal), motorwith product9M25 collaborationnet withincome Doğanof TrendTRY Otomotiv1.2 billion.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}🚗📈 '''MotorUnderwriting market positioningeconomics.''' The company[[Definition:Combined claimsratio |combined ratio]] improved from approximately 6122% marketin shareFY2023 to approximately 108% in MTPLFY2024, bythough policyit countstill (third-largest)exceeds and100%, approximatelymeaning 4profitability depends on [[Definition:Investment income |investment income]] from the [[Definition:Insurance float |float]].5% inFY2023 investment income of TRY 1.39 cascobillion (ninth-largestprimarily FX gains and [[Definition:Government bond |government bond]] interest) aswas ofcredited FY2024to the [[Definition:Technical account |technical account]]. TheseThe company-stated[[Definition:Operating figuresexpense haveratio not|operating beenexpense independentlyratio]] validatedof against2.9% TSBversus company-levela datasets,sector whichaverage requireof 6.8% represents a structural cost advantage enabled by gated183 accessemployees.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}📈🏆 '''FinancialMarket trajectoryposition.''' GrossHepiyi writtenrose premiumsto grew14th fromamong TRYapproximately 1.4bn50 innon-life FY2022insurers (aby partialFY2024 operating(2.36% year[[Definition:Market beginningshare 17 June|market 2022share]]) toand TRY13th 6by FY2025 (2.2bn61%), inovertaking FY2023established andcompetitors TRYincluding 17Zurich Sigorta.4bn inIn FY2024.branch-specific Netrankings incomefor FY2025, it reached TRY 1.9bn7th in FY2024MTPL on(5.62% pre-taxshare) profitand of9th TRYin 2.5bn,[[Definition:Motor whileown totaldamage assetsinsurance expanded(Casco) to|Motor TRYCasco]] 19(4.16%).4bn andIts totalgrowth equityrates tohave TRYconsistently 3.7bnexceeded the market by wide margins.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}💰🤝 '''InvestmentDistribution income reliancemodel.''' ProfitabilityThe is[[Definition:Agency structurallydistribution dependent|agency onnetwork]] investmentaccounts income,for withapproximately TRY94% 3.5bnof transferred[[Definition:Premium from|premium]] thevolume, non-technicalgrowing tofrom thezero technicalat sectionlaunch into FY20249,000 (FY2023[[Definition:Insurance TRYagent 1.4bn).|agents]] Netby investmentDecember income2025 of— TRYTurkey's broadest among 3insurance companies.4bn inThe FY2024distinguishing wasAgent drivenManifesto byprovides banklifetime depositworking interestguarantees, andcontractual foreignportfolio exchangeownership gainsrights, no minimum production targets, and thea technicalfive-year result[[Definition:Commission excluding|commission]] thisguarantee transferon appearsonline loss-making,renewals. aThe pattern[[Definition:Digital typicalinsurance inplatform high-inflation,|digital high-interest-rateplatform]] handles 87% of daily production and generates approximately 30 million quotes environmentsannually.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}🔎🚗 '''ReservingProduct disciplinemix and group synergies.''' NetMotor IBNRlines stood(MTPL atand Casco) represent approximately TRY90% 7.6bnof atGWP, 31with December[[Definition:Supplementary 2024,health identifiedinsurance as|supplementary ahealth]] keyand auditother matter.lines Outstandingcomprising claimsthe reservesremainder. areThe concentratedDoğan inHolding MTPLecosystem atprovides TRYcross-sell 4.7bnchannels afterthrough discountingDoğan Trend Otomotiv (pre-discount:MG TRYand 8.9bnSuzuki distributor), with athe 35%branded annualMarka discountKasko rateproduct appliedoffering OEM parts guarantee and zero [[Definition:Depreciation (insurance) |depreciation]] for those vehicle brands. The MTPLFinance riskand poolInvestment mechanismsegment introducesconstituted additional42% model-riskof dependenceDOHOL onconsolidated sector-widerevenue actuarialin ratios3Q25.{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}📤🛡️ '''ReinsuranceRisk cessionand reinsurance.''' FY2024The cededoverall premiums[[Definition:Cession totaledratio TRY|cession 2.1bnratio]] againstwas GWP23.3% of TRYgross 17.4bn,premium andin FY2023, cededconcentrated premiumsalmost wereentirely TRYin 1MTPL (37.1bn2% againstcession GWPrate). ofThe TRYFebruary 6.2bn.2023 ReinsuranceKahramanmaraş participationearthquakes isproduced alsoonly visibleapproximately TRY 50 million in reserve[[Definition:Insurance movementsclaim |claims]], thoughreflecting treatythe counterpartiesabsence andof structural[[Definition:Commercial detailproperty areinsurance |commercial property]] lines. [[Definition:Incurred but not disclosedreported in(IBNR) |IBNR]] of TRY 2.34 billion (gross, FY2023) is subject to the publiclyregulatory availablerequirement notesfor young insurers to use industry-average [[Definition:Loss ratio |loss ratios]].{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}✅💎 '''SolvencyValuation and accounting frameworkrisks.''' TheDOHOL's companyDecember reports2025 ainvestor capitalpresentation adequacyvalues ratioHepiyi ofat 119USD 785 million (5.030× price-to-book), with DOHOL's 85% andstake aworth capitalUSD surplus667 million, representing 25% of TRYthe 601mholding's total NAV. Multiple equity research houses identify it as ofthe 31strongest December[[Definition:Initial 2024public underoffering Turkish(IPO) insurance|IPO]] capitalcandidate, adequacywith regulations.DOHOL's Financial2030 statementsroadmap aretargeting preparedone underto statutorytwo insuranceIPOs accountingby regulations2026. ratherMaterial thanrisks IFRSinclude 17,MTPL andtariff SEDDKceiling hasregulation, exemptedcapital insurersconsumption from inflationrapid accountinggrowth (119.41% adequacy ratio offering limited headroom), creatingmotor a[[Definition:Concentration materialrisk comparability|concentration boundaryrisk]], with[[Definition:Reinsurance IFRSpricing reporters|reinsurance applyingcost IASvolatility]] 29at hyperinflationapproximately adjustmentsdouble inpre-earthquake levels, and the absence of an independent [[Definition:Credit rating |credit Türkiyerating]].
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