Hepiyi Sigorta

Hepiyi Sigorta
Hepiyi Sigorta Anonim Şirketi
Corporate identity
Type	Subsidiary — non-life insurer
License type	Comprehensive non-life insurance (all branches, Company #43 on SEDDK license table)
Founded	September 29, 2021 (2021-09-29)
Headquarters	Fatih Sultan Mehmet Mah., Poligon Cad., Buyaka 2 Sitesi No: 8, Kule 1, Kat: 21, 34771 Ümraniye/Istanbul
Domicile	Turkey
Licensed jurisdictions	Turkey
Regulator	Insurance and Private Pension Regulation and Supervision Authority (SEDDK)
Ultimate parent	Doğan Holding
Major shareholders	Öncü Girişim Sermayesi Yatırım Ortaklığı A.Ş. (85.20%) Founding employees (~14.80%)
Key people	Çağlar Göğüş, Chairman Şenol Ortaç, CEO and Executive Board Member Eren Sarıçoğlu, Vice Chairman Dr. Murat Doğu, CFO and Board Member Ali Doğdu, Deputy GM – Technical, Claims and Reinsurance Kamil Dilek, Deputy GM – IT Burç Özer, Deputy GM – Agencies and Partnerships
Number of employees	183 (September 2025)
Business & markets
Customer segments	Retail and individual policyholders
Lines of business	Motor third-party liability (MTPL) Motor own damage (Kasko) Accident and supplementary health Fire and natural disasters General liability Financial loss Legal protection Homeowners DASK (compulsory earthquake) Travel health Foreign health Pet insurance
Main products & services	Marka Kasko (Brand Casco) for MG and Suzuki vehicles Agent-branded customizable products
Technology platform	Proprietary digital platform (87% of daily production digitized, September 2025) 30 million quotes per year AI claims processing (~35,000 documents per quarter)
Distribution	Independent agency network (9,000 agents, December 2025) Digital platform Doğan Trend Otomotiv cross-sell channel
Geographic markets	Turkey
Customers served	1.9 million (FY2024)
Competitors	Mapfre Sigorta Zurich Sigorta Bereket Sigorta
Market share rank	14th among non-life insurers (FY2024, 2.36%) 13th (FY2025, 2.61%) 7th in MTPL (FY2025, 5.62%) 9th in Motor Casco (FY2025, 4.16%)
Key financials (Calendar year)
Currency	TRY
Net income	TRY 1,896,359,641 (FY2024)
Gross written premium	TRY 27.3 billion (FY2025) TRY 17,431,681,550 (FY2024) TRY 6,213,502,715 (FY2023)
Net written premium	TRY 14,314,305,983 (FY2024) TRY 4,766,814,072 (FY2023)
Loss ratio	approximately 98.8% (FY2023)
Combined ratio	approximately 108% (FY2024) approximately 122% (FY2023)
Total assets	TRY 19,391,897,827 (FY2024)
Invested assets	USD 698 million AUM (September 2025) USD 484 million AUM (FY2024)
Technical reserves	TRY 13,745,570,006 net (FY2024)
Net debt	TRY 55,347,845 (FY2024, leasing-related, no bank loans)
Equity	TRY 3,731,185,434 (FY2024)
Operating margin	2.9% operating expense ratio (September 2025)
Return on equity	approximately 122% (FY2023)
Last known valuation	USD 785 million (3Q25, 5.0× price-to-book)
Capital structure	Paid-in capital TRY 749,911,220 (FY2024) Nominal share capital TRY 805,140,000 (FY2024)
All financial figures are nominal (not IAS 29 inflation-adjusted). Per SEDDK Circular 2024/32, insurance companies do not apply inflation accounting in 2025. FY2024 statutory financial statements audited by Deloitte Turkey (DRT). FY2024 disclosures include a restatement of FY2023 comparatives due to an accounting policy change on commission deferral. Capital adequacy ratio reported as 119.41% in management disclosures and 119.03% in audited FY2024 notes; the solvency_ratio field is left blank due to this conflict.

🏢 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.

📊 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.

💰 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.

📈 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.

🏆 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.

🤝 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.

🚗 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.

🛡️ 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.

💎 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.

The following sections provide further details.

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Corporate identity and governance

🏛️ Founding and licensing. Hepiyi Sigorta Anonim Şirketi was incorporated on 29 September 2021 under the name Doğan Trend Sigorta A.Ş. through Öncü Girişim Sermayesi Yatırım Ortaklığı A.Ş. (Öncü GSYO), the venture capital arm wholly owned by Doğan Şirketler Grubu Holding A.Ş. Trade registry publication followed on 30 September 2021. The company received its SEDDK non-life license on 27 April 2022 covering all non-life branches — one of only three companies to hold a complete branch license at the time, and the first to receive a compulsory motor third-party liability (MTPL) license in five to six years. The FY2024 audited notes record the license date as 28 April 2022. The board voted to rename the entity Hepiyi Sigorta on 30 May 2022, with the change published in the Trade Registry Gazette, and the first policy was issued on 17 June 2022. Licensed branches include accident, health, motor own damage, MTPL, fire and natural disasters, general liability, financial loss, and legal protection.

📋 Hepiyi Sigorta A.Ş. — corporate registration details

Registration detail	Data
Trade Registry Number	330969-5
MERSİS Number	0306118003500001
Tax ID / Tax Office	3061180035 / Alemdağ V.D., Istanbul
KEP Address	hepiyisigorta@hs02.kep.tr
Headquarters (audited note)	Fatih Sultan Mehmet Mah., Poligon Cad., Buyaka 2 Sitesi No: 8, Kule 1, Kat: 21, 34771 Ümraniye/Istanbul
Headquarters (activity report)	Fatih Sultan Mehmet Mah., Poligon Cad., No: 8/A 83, Ümraniye/Istanbul
FY2024 Auditor	Deloitte Turkey (DRT Bağımsız Denetim ve SMMM A.Ş.)
FY2022–FY2023 Auditor	PwC Bağımsız Denetim ve SMMM A.Ş.

📊 Ownership structure. Ownership is divided into two share classes. Group A shares (85.20% of paid-in capital) are held by Öncü GSYO, which is 100% owned by Doğan Holding (BIST: DOHOL), making Hepiyi an indirect subsidiary. Group B shares (~14.80%) are held by the first 30 founding employees, including the CEO and CFO, who contributed personal capital. CFO Dr. Murat Doğu publicly confirmed that some founding employees sold cars or homes to become shareholders. Entertech İstanbul Teknokent appears in investor databases as an additional investor, but its specific shareholding is not separately disclosed in the annual report. DOHOL's December 2025 investor presentation confirms an 85.00% effective stake. The FY2024 statutory filing lists the controlling shareholder as Öncü GSYO (85%) with 15% held by "other individuals" and the ultimate parent as Doğan Şirketler Grubu Holding A.Ş.

👥 Board composition. The seven-member Board of Directors reflects strong Doğan Holding representation, with Chairman Çağlar Göğüş also serving as CEO of Doğan Holding. Senior management includes Ali Doğdu (Deputy GM – Technical, Claims and Reinsurance), Kamil Dilek (Deputy GM – IT), and Burç Özer (Deputy GM – Agencies and Partnerships).

👤 Hepiyi Sigorta A.Ş. — board of directors

Name	Role	Other affiliation
Çağlar Göğüş	Chairman	CEO, Doğan Holding
Eren Sarıçoğlu	Vice Chairman	Executive Committee, Doğan Holding
Şenol Ortaç	CEO / Executive Board Member	Founding partner, Hepiyi Sigorta
Zeynep Tandoğan	Member	GM, Hepsiemlak
Dr. Murat Doğu	Member / CFO	Board member, Öncü GSYO
Ali Fuat Erbil	Member	—
İlker Yöney	Member	—

📅 Capital actions and dividend posture. In April 2022, paid-in capital was increased from TRY 175.6 million to TRY 255.6 million (cash). By FY2024, paid-in capital had been further increased to TRY 749,911,220 with a nominal share capital of TRY 805,140,000, reflecting an unpaid portion of TRY 55.23 million. FY2024 notes indicate that profit distribution is decided by the General Assembly and that the prior year's net income was not distributed, instead being transferred to retained earnings after legal reserve allocations.

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Financial trajectory

💰 Accounting framework. Hepiyi's financial statements are prepared under the Turkish Insurance Accounting and Financial Reporting Framework (Sigortacılık Muhasebe ve Finansal Raporlama Mevzuatı), applying Türkiye Financial Reporting Standards (TFRS) for matters not otherwise regulated by the insurance framework. All figures below are nominal (not IAS 29 inflation-adjusted). The IFRS Foundation's jurisdiction profile notes that insurance and reinsurance entities in Turkey are carved out from the standard IFRS requirement, consistent with the continued use of sector-specific statutory reporting. In the FY2024 notes, the company cites a 6 December 2024 SEDDK circular (2024/32) indicating that insurance, reinsurance, and pension companies would not apply inflation accounting in 2025. This creates a material comparability boundary between listed industrial IFRS reporters applying IAS 29 adjustments and insurance statutory reporters subject to SEDDK sector decisions. FY2024 statutory financial statements were audited by Deloitte Turkey (DRT) with an unqualified opinion; FY2023 was audited by a different firm (confirmed in FY2024 audit report but firm name not stated).

📈 Accounting policy change. FY2024 disclosures state a change in accounting policy regarding commissions paid for premium collections, with a decision to defer these commissions, resulting in restatement of the FY2023 balance sheet and income statement comparatives. Deferred acquisition costs (Ertelenmiş Üretim Giderleri) increased to TRY 1.123 billion in FY2024 from TRY 419.5 million in FY2023, consistent with this commission deferral policy change.

🚀 Three-year income statement. The company began writing policies on 17 June 2022, so FY2022 is structurally not comparable to a full run-rate year. The income statement trajectory shows extraordinary scale-up from a breakeven startup half-year to TRY 1.9 billion in net income within two full operating years.

📊 Hepiyi Sigorta — statutory income statement summary, FY2022–FY2024, TRY

Metric	FY2022*	FY2023	FY2024
GWP	1,386,140,736	6,213,502,715	17,431,681,550
NWP**	1,136,718,115	4,766,814,072	14,314,305,983
Net earned premiums	154,597,774	2,754,813,178	8,994,610,354
Technical (underwriting) balance (reported)	(20,632,698)	779,712,804	2,747,152,649
Investment income transferred to technical section	77,243,229	1,391,495,625	3,500,467,532
Pre-tax profit	2,069,482	1,170,862,541	2,490,466,039
Net income	2,069,482	895,795,436	1,896,359,641
* FY2022 covers 17 June – 31 December 2022 only. ** NWP presented as written premiums net of reinsurance and SGK transfers.

📉 Profit drivers. Investment income is structurally material to profits. FY2024 net investment income (Yatırım gelirleri, net) reached TRY 3.447 billion (FY2023: TRY 1.906 billion), driven primarily by bank deposit interest and FX gains, offset by material investment management expenses and derivative losses. Underwriting (excluding the investment income transfer) appears loss-making in both FY2023 and FY2024 when isolating the technical result from the explicit investment transfer line item. This is consistent with the statutory design, in which the reported technical balance includes investment income allocation, and is typical in high-inflation, high-interest-rate environments where investment income can temporarily subsidize pricing and acquisition costs, particularly in motor lines with regulated features and pooled risk components.

⚡ FY2022 startup half-year. The initial operating period from 17 June to 31 December 2022 produced GWP of TRY 1.39 billion and a technical underwriting loss of TRY 20.6 million, offset by investment income of TRY 143.7 million (primarily from FX gains and interest on capital deployed into government bonds). The company essentially broke even with a net income of TRY 2.1 million. Cash and financial assets totaled TRY 1.42 billion against TRY 1.11 billion in technical provisions.

📊 Hepiyi Sigorta — FY2022 startup half-year income statement and balance sheet, TRY

Metric	FY2022 (TRY)
GWP	1,386,140,737
Ceded to reinsurers	(166,094,064)
SGK-transferred premiums	(83,328,557)
NWP	1,136,718,116
Net earned premiums	154,597,774
Technical result (non-life)	(20,632,698)
Total investment income	143,684,346
Pre-tax profit	2,069,482
Net income	2,069,482
Total assets	1,635,855,496
Total equity	258,202,810
Paid-in capital	255,600,000
Technical provisions (short-term)	1,114,230,527

🔥 FY2023 breakout performance. The first full operating year produced GWP of TRY 6.21 billion (+348% YoY), net income of TRY 895.8 million, and total assets of TRY 6.69 billion (+309%). Management reported FY2023 headlines of "6 billion TL premium production," "1.2 million policies," and "1 billion TL pre-tax profit," aligning directionally with the audited pre-tax figure of TRY 1.171 billion.

📊 Hepiyi Sigorta — FY2023 income statement highlights, TRY

Metric	FY2023 (TRY)	YoY change
GWP	6,213,502,715	+348%
Ceded to reinsurers	(1,077,953,486)	—
SGK-transferred premiums	(368,735,157)	—
NWP	4,766,814,072	+319%
Net earned premiums	2,754,813,178	+1,682%
Investment income transferred to technical account	1,391,495,625	—
Incurred claims (net)	(2,721,240,680)	—
Operating expenses	(740,423,424)	—
Technical result	779,712,804	n.m.
Total investment income	2,044,915,467	—
Pre-tax profit	1,170,862,541	n.m.
Income tax	(275,067,105)	—
Net income	895,795,436	n.m.
Total assets	6,685,154,286	+309%
Total equity	1,213,216,934	+370%
Paid-in capital	255,600,000	unchanged

📏 Key ratios (FY2023). The loss ratio (incurred claims divided by net earned premiums) stood at approximately 98.8%, the expense ratio (operating expenses divided by net earned premiums) at approximately 26.9%, and the combined ratio (pure underwriting, excluding investment income) at approximately 122%, as confirmed by the CFO. Return on equity (net income divided by average equity) reached approximately 122%. The combined ratio of approximately 122% indicates that underwriting alone was unprofitable. Profitability was generated through TRY 1.39 billion of investment income credited to the technical account, driven primarily by FX gains (TRY 1.06 billion) on hard-currency-denominated assets and interest income (TRY 649 million) on government securities. This float-driven investment model is central to understanding Hepiyi's economics.

🏗️ GWP by branch (FY2023). MTPL (direct and indirect) represented 67.2% of total GWP, Kasko 25.0%, and health/other lines 7.8%. The portfolio is heavily motor-centric.

📊 Hepiyi Sigorta — GWP by branch, FY2023 audited, TRY

Branch	Gross (TRY)	Ceded (TRY)	Net (TRY)	Cession rate
MTPL – Direct	3,864,230,995	(1,436,861,139)	2,427,369,856	37.2%
Motor Casco (Kasko)	1,553,817,053	(7,067,708)	1,546,749,345	0.5%
Accident / Supplementary Health	326,258,046	—	326,258,046	0%
MTPL – Indirect	309,432,550	—	309,432,550	0%
Other (Homeowners, DASK, Travel, Foreign Health)	159,764,071	(2,759,796)	157,004,275	1.7%
Total	6,213,502,715	(1,446,688,643)	4,766,814,072	23.3%

🏦 Balance sheet composition (31 December 2023). Cash, bank deposits, and financial assets dominated the asset side at TRY 6.01 billion against total assets of TRY 6.69 billion. On the liability side, unearned premium reserves stood at TRY 2.72 billion and outstanding claims reserves (net, including IBNR) at TRY 1.70 billion. Reinsurance recoverables embedded within technical provisions totaled approximately TRY 1.08 billion (TRY 554 million in unearned premium reserve, TRY 377 million in outstanding claims reserve, TRY 152 million in ongoing risk reserve).

🏦 Hepiyi Sigorta — asset composition, 31 December 2023, TRY

Asset class	TRY
Cash and bank deposits	2,612,189,567
Credit card receivables (≤3 months)	94,735,008
Available-for-sale financial assets	1,842,501,453
Held-to-maturity financial assets	1,461,013,951
Insurance receivables	127,534,194
Deferred acquisition costs	419,545,385
Deferred tax assets	61,525,757
Tangible + intangible assets	33,315,386
Total assets	6,685,154,286

🏦 Hepiyi Sigorta — liabilities and equity, 31 December 2023, TRY

Liability / equity	TRY
Unearned premium reserve (net)	2,724,280,091
Outstanding claims reserve (net, incl. IBNR)	1,696,495,593
Ongoing risk reserve (net)	269,841,144
Long-term technical provisions	7,315,421
Other liabilities	773,905,103
Total equity	1,213,216,934

📊 Three-year balance sheet summary. The three-year balance sheet reflects rapid scale-up consistent with premium and reserve growth. Liquidity is heavily concentrated in cash and bank balances. Financial debt is minimal and entirely leasing-related, with no bank loans (Kredi Kuruluşlarına Borçlar is zero). The FY2023 figures below reflect the restated comparatives from the FY2024 filing, which differ from the original FY2023 filing due to the commission deferral policy change.

🏦 Hepiyi Sigorta — statutory balance sheet summary, FY2022–FY2024, TRY

Metric	FY2022	FY2023 (restated)	FY2024
Total assets	1,635,855,496	6,799,447,914	19,391,897,827
Cash and cash equivalents	1,003,750,581	2,706,924,575	12,575,459,596
Financial investments	420,458,833	3,303,515,404	4,461,634,912
Technical provisions / reserves (net)	1,114,230,527	4,690,616,828	13,745,570,006
Total equity	258,202,810	1,327,510,562	3,731,185,434
Paid-in capital	255,600,000	255,600,000	749,911,220
Nominal share capital	255,600,000	255,600,000	805,140,000
Total debt (financial debt lines)	13,536,512	24,508,831	55,347,845

🔮 FY2024 management-disclosed highlights. The 14 percentage-point improvement in combined ratio (from approximately 122% to approximately 108%) is a significant positive signal, though the ratio still exceeds 100%, meaning underwriting profitability continues to depend on investment income from the float. Management reports 2.1 million policies and 1.9 million customers in FY2024. The managed investment portfolio reached USD 484 million.

📊 Hepiyi Sigorta — FY2024 management-disclosed operating summary

Metric	FY2024	vs. FY2023
GWP	~TRY 17.4 billion	+181%
Technical profit	~TRY 2.8 billion	+259%
Combined ratio	~108%	improved 14 pp
Pre-tax profit	~TRY 2.6 billion	+122%
Net income	~TRY 1.9 billion	+112%
Total assets	~TRY 19.6 billion	+193%
Total equity	~TRY 3.7 billion	+205%
Capital adequacy ratio	119.41%	first disclosure
AUM	USD 484 million	—

🌐 9M25 and latest operating data. DOHOL's December 2025 investor presentation provides quarterly run-rate data: 3Q25 GWP of TRY 7,156 million (versus TRY 6,021 million in 3Q24, +19%), 9M25 net income of TRY 1,200 million (+51% YoY), AUM of USD 698 million (September 2025), and full-year 2025 GWP of TRY 27.3 billion (+56% nominal, +19.5% real). The MTPL combined ratio stood at 139.7% as of September 2025 versus a sector average of approximately 159.7%. The operating expense ratio of 2.9% of sales (September 2025) versus a sector average of 6.8% represents a structural cost advantage, enabled by just 183 employees — remarkably lean for an insurer producing TRY 27 billion in annual premiums.

🔎 FY2024 market positioning claims. FY2024 management commentary asserts strong positioning in compulsory motor liability and motor own damage, including a stated approximately 6% market share in traffic policies (and "3rd largest" in the sector by policy count), and approximately 4.5% share in casco (stated "9th largest"). These are company claims and could not be cross-validated against TSB company-level datasets, which require gated OTP access.

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Solvency and capital adequacy

🛡️ Capital adequacy under Turkish regulation. Capital adequacy is calculated under the Turkish capital adequacy regulation for insurance and pension companies. As of 31 December 2024, the FY2024 audited notes report a capital surplus (sermaye fazlası) of TRY 601.1 million and a capital adequacy ratio of 119.03%. Management disclosures cite a capital adequacy ratio of 119.41%. Both figures exceed the SEDDK minimum of 100%, though the buffer is modest — a potential concern if rapid premium growth continues to consume capital. Eligible capital and required capital components are not explicitly disclosed in the retrieved filing excerpts.

🛡️ Hepiyi Sigorta — capital adequacy, FY2022–FY2024

Metric	FY2022	FY2023	FY2024
Capital adequacy ratio	—	—	119.03%
Capital surplus / buffer (TRY)	—	—	601,124,735
Eligible capital (TRY)	—	—	—
Required capital (TRY)	—	—	—

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Market position

🏆 Rapid ascent in rankings. Hepiyi's rise through the Turkish non-life insurance rankings has been historically rapid. Within 30 months of writing its first policy, it overtook established competitors including Zurich Sigorta, Ankara Sigorta, and Bereket Sigorta. By full-year 2024, it ranked 14th among approximately 50 non-life insurers with a 2.36% market share, and by full-year 2025 it had risen to 13th with 2.61%.

🏅 Turkish non-life insurance market — selected company rankings by GWP, FY2024, TRY billions

Rank (FY2024)	Company	GWP (TRY bn)	Market share
1	Türkiye Sigorta	101.4	13.72%
2	Allianz Sigorta	82.3	11.15%
3	Anadolu Sigorta	69.6	9.42%
4	Axa Sigorta	61.1	8.27%
5	Sompo Sigorta	35.2	4.76%
6	Aksigorta	34.9	4.72%
7	HDI Sigorta	34.3	4.64%
8	Ray Sigorta	31.4	4.25%
9	Quick Sigorta	30.2	4.09%
...	...	...	...
14	Hepiyi Sigorta	17.4	2.36%
...	...	...	...
18	Zurich Sigorta	12.3	1.67%

📊 Branch-specific rankings and market context. In branch-specific rankings for full-year 2025, Hepiyi reached 7th in MTPL (5.62% share, TRY 14.7 billion) and 9th in Motor Casco (4.16%, TRY 6.1 billion). Its health book grew 205% year-over-year to TRY 1.7 billion, ranking 12th. The total Turkish non-life market reached TRY 738.6 billion in GWP for FY2024, growing 72.5% nominally. Hepiyi's growth rates have consistently exceeded the market: +348% (FY2023), +181% (FY2024), and +56% (FY2025) against sector growth of approximately 105%, 73%, and 40–45% in the respective years.

🔍 Peer comparison. The company's nearest comparable among the requested peer set is Mapfre Sigorta (12th, TRY 19.1 billion, 2.59% share). Hepiyi has already surpassed Zurich Sigorta and is closing on Mapfre. The top four incumbents (Türkiye Sigorta, Allianz, Anadolu, Axa) each write 3.5× to 5.8× Hepiyi's premium volume — a substantial gap that reflects decades of franchise advantage.

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Distribution model

🤝 Agency-first strategy. Hepiyi's distribution strategy is the operational core of the business — a deliberate hybrid that pairs an aggressive agency-recruitment machine with end-to-end digital policy administration. The company self-describes as "a technology company with an insurance license" and targets what it calls "Yeni Nesil Sigortacılık" (New Generation Insurance). The agency network is the primary production engine, accounting for approximately 94% of premium volume. Growth has been explosive: from zero agents at launch to 6,500 by year-end 2023 (including 1,808 new agencies added in 2023), 8,000 by year-end 2024, 8,500 by mid-2025, and 9,000 by December 2025 — making it Turkey's broadest agency network among insurance companies. The company claims to work with one in every three active insurance sales channels in Turkey.

📜 Agent Manifesto. The distinguishing feature of Hepiyi's agency proposition is the "Acente Manifestosu" (Agent Manifesto), a formal contractual pledge that includes:

• Lifetime working guarantee (no termination for underperformance)
• Contractually guaranteed portfolio ownership rights (a first in the Turkish market)
• No minimum production targets
• Equal commission rates regardless of volume
• Five-year commission guarantee on online renewals from an agent's introduced customer

This manifesto directly addresses the two grievances most commonly voiced by Turkish insurance agents: fear of contract termination and loss of portfolio ownership when customers renew directly. CEO Şenol Ortaç has stated that agents can also create agent-branded products with customized coverage and their own logos — another sector first.

💻 Digital platform. The digital platform handles 87% of daily policy production as of September 2025, generating approximately 30 million quotes per year. Customers receive quotes in 30 seconds via QR-code scanning of vehicle registration documents. Claims are filed digitally in under one minute through hasar.hepiyi.com.tr, with AI processing approximately 35,000 claims documents per three-month period. The mobile app (iOS and Android, developed by Enqura) supports the full lifecycle from quoting through claims and policy cancellation. Collections are 100% via credit card, eliminating receivables risk from premium financing.

⚙️ Operational efficiency. The operating expense ratio of 2.9% of sales (September 2025) versus a sector average of 6.8% represents a structural cost advantage. The company runs with just 183 employees as of September 2025 — remarkably lean for an insurer producing TRY 27 billion in annual premiums. In FY2023 the workforce stood at 155 employees.

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Product mix and ecosystem connections

🚗 Boutique focus strategy. While licensed across all non-life branches, Hepiyi deliberately launched with a narrow, high-concentration portfolio — initially writing only Motor Casco, MTPL, and Supplementary Health. This "boutique focus" strategy allowed rapid scaling without operational complexity. The product range has since expanded to include Homeowners, DASK (compulsory earthquake), Travel Health, Foreign Health, and Pet Insurance. A notable product innovation is "Marka Kasko" (Brand Casco), developed specifically for MG and Suzuki vehicles distributed by sister company Doğan Trend Otomotiv, offering OEM parts guarantee, zero depreciation, and extended legal protection.

🏢 Doğan Holding synergies. The Doğan Holding ecosystem provides meaningful synergies. Doğan Trend Otomotiv Ticaret Hizmet ve Teknoloji A.Ş. (100% DOHOL-owned, Turkey's MG and Suzuki distributor) creates a natural auto insurance cross-sell channel. The FY2024 notes explicitly define Doğan Holding group companies as related parties and disclose both operating expenses and premium writings with specific group entities, including Doğan Trend Otomotiv and Suzuki Motorlu Araçlar Paz. A.Ş. The specific related-party premium amounts disclosed in the notes are small relative to total FY2024 GWP, but they provide documentary proof of operational linkage and an embedded affinity-distribution channel within the group network.

🔗 Broader group positioning. Board member Zeynep Tandoğan serves as GM of Hepsiemlak, suggesting potential homeowners and real estate insurance distribution. Hepiyi sits within DOHOL's "Finance and Investment" segment alongside D-Yatırım Bankası and Doruk Factoring, forming a digital financial services cluster that constituted 42% of consolidated revenue in 3Q25. A formal commercial connection to Hepsiburada (D-Market) was not confirmed. While agent forums allege data-sharing via the Doğan ecosystem, and the "Hepiyi" brand echoes the "Hepsi" naming convention, D-Market was divested prior to Hepiyi's founding. Hepsiburada's current insurance partner for device coverage is Gulf Sigorta, not Hepiyi.

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Risk profile and reinsurance

⚠️ Claims experience. In FY2023, net incurred claims totaled TRY 2.72 billion against net earned premiums of TRY 2.75 billion, producing a loss ratio of approximately 98.8%. The MTPL-specific combined ratio was 133.1% as of September 2024, deteriorating to 139.7% by September 2025 — though this remains materially below the sector-wide MTPL combined ratio of approximately 159.7%. The company's retail and individual focus (no commercial or industrial lines) limits large-loss severity exposure.

🌍 Earthquake exposure. The February 2023 Kahramanmaraş earthquakes had minimal impact on Hepiyi. CEO Ortaç disclosed approximately TRY 50 million in earthquake-related claims paid — immaterial relative to the TRY 6.2 billion premium book. The limited exposure reflects the absence of commercial property, industrial, and engineering lines from Hepiyi's portfolio. For context, DASK (the national catastrophe pool) paid TRY 39.7 billion across approximately 630,000 notifications, and total insured industry losses reached approximately USD 5 billion. The company established an Ankara Emergency Center (Söğütözü, Çankaya) as a business continuity backup, with some staff already operating from the location. Earthquake action plans with ongoing test scenarios are maintained. In a Turkish non-life portfolio with motor and property exposure, catastrophe risk remains a material tail risk, while high inflation pressure is implicitly reflected in discount rate usage and reserve mechanics.

🛡️ Reinsurance architecture. The overall cession ratio was 23.3% of gross premium in FY2023 (ceded premiums of TRY 1.078 billion versus GWP of TRY 6.214 billion). FY2024 ceded premiums rose to TRY 2.119 billion versus GWP of TRY 17.432 billion. Critically, 99.3% of all ceded premium in FY2023 came from the MTPL direct line, where 37.2% was ceded — consistent with a proportional quota share treaty on motor liability. Motor Casco was essentially fully retained (0.5% cession). Accident and supplementary health lines showed zero cession. CEO Ortaç stated that 95% of reinsurance protections are placed with A-rated reinsurers, though specific counterparty names are not publicly disclosed. Common Turkish market reinsurers include Türk Re, Munich Re, Swiss Re, Hannover Re, and Lloyd's syndicates. Treaty counterparties, attachment points, and quota share versus excess-of-loss detail are not disclosed in the publicly available FY2024 notes; only ceded premium volumes and reserve-level reinsurer shares are observable. FY2024 unearned premium reserve data shows gross and reinsurer-share movements, evidencing meaningful reinsurance participation in unearned premium and ongoing risk reserves.

📋 Claims reserving and IBNR. Reserve development data is inherently limited given the company's age. Turkish regulations require insurers in their first three operating years to use industry-average loss/premium ratios when calculating claims reserves, blending company-specific experience with sector data. As of FY2023, net outstanding claims reserves (including IBNR) stood at TRY 1.70 billion, with IBNR of TRY 2.34 billion on a gross basis. Reserve adequacy cannot be independently assessed without run-off triangle data, which is not publicly available.

🔬 FY2024 IBNR and discounting. The FY2024 independent auditor highlights the estimation of incurred but not reported (IBNR) claims as a key audit matter, noting net IBNR of approximately TRY 7.552 billion at 31 December 2024 — quantitatively dominant relative to reported outstanding claims and a core risk driver for underwriting volatility and capital adequacy. The net outstanding claims reserve is heavily discounted, with net discount for 2024 of TRY 4.206 billion based on a stated annual rate of 35% (the same annual rate indicated for 2023). Branch-level net outstanding claims (discounted) are concentrated in MTPL (Kara Araçları Sorumluluk): TRY 4.738 billion after discounting, with a pre-discount net position of TRY 8.900 billion and discount amount of TRY 4.162 billion. This concentration is consistent with management's stated motor leadership focus and indicates that MTPL dominates reserve risk, including long-tailed settlement dynamics.

🔄 Regulatory pool complication. The FY2024 notes describe the "Riskli Sigortalılar Havuzu" (Risky Policyholders Pool) mechanism for MTPL, including a two-stage premium and claims sharing algorithm across insurers. The company uses a Türkiye Motorlu Taşıt Bürosu actuarial evaluation report to inform IBNR assumptions for pool-related exposure. This is a structural systemic-risk channel: pooling reduces underwriting discretion on the riskiest MTPL business yet can introduce loss emergence volatility and model-risk dependence on sector-wide ratios.

📉 FY2022 reserving signals. In FY2022, the company disclosed net IBNR added to outstanding claims reserves of TRY 165.6 million and net discounting of outstanding claims of TRY 61.4 million using an annual 22% parameter under then-effective circulars.

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Regulatory standing and ESG

✅ Clean regulatory record. Hepiyi holds a comprehensive non-life license (Company #43 on SEDDK's license table) covering all non-life branches. No regulatory actions, sanctions, special supervisory measures, or Kurul Kararı (Board Decisions) targeting Hepiyi Sigorta were identified in any public records.

📏 MTPL tariff corridor. SEDDK-mandated ceiling price adjustments for MTPL directly affect Hepiyi's largest revenue line. The tariff corridor evolved significantly during 2022–2024: from 1% monthly increases (pre-2022) to a peak of 4.75% monthly (September 2022 to April 2023) during peak Turkish inflation, then reduced to 2% monthly (May 2023), and finally transitioned to a claims-cost-index-based formula from 2024 onward, with recent monthly adjustments ranging from 2.5% to 2.8%.

🏅 Credit ratings. No credit rating has been assigned to Hepiyi Sigorta by AM Best, S&P, Moody's, Fitch, JCR Eurasia, or Kobilrate. This is not unusual for a young, privately held insurer that has not issued public debt. No public credit rating disclosures were identified in the company's FY2024 audited statutory filings. JCR Eurasia rates sister companies D-Yatırım Bankası (A(tr)) and Doruk Factoring (AA(tr)), suggesting a group relationship exists if a rating were pursued.

🌿 ESG commitments. Sustainability commitments are embedded in the company's founding principles, formalized in a sustainability manifesto:

• No coal insurance — Hepiyi will not provide coverage to coal production companies or coal-related vehicles, a notable exclusion in Turkey's energy market
• Paperless operations — all processes designed on a "no paper" principle; first Turkish insurer to digitize agent commission documents
• Fleet electrification with priority for hybrid/electric company vehicles
• No single-use plastics in company operations

The company published its first sustainability report in November 2025, aligned with TSRS 2 and GRI Standards.

🏆 Awards. Awards include Gold in three categories at the 21st Altın Örümcek Awards (Banking and Finance, Corporate, Mobile-Responsive Design), Brandverse Awards, and Doğan Holding's internal "Value-Adding Company of the Year" award for 2023.

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Valuation and IPO trajectory

💎 Subsidiary valuation. Hepiyi Sigorta is the single most valuable subsidiary in Doğan Holding's portfolio. DOHOL's December 2025 investor presentation values Hepiyi at USD 785 million (total) using a 5.0× price-to-book multiple, with DOHOL's 85% stake worth USD 667 million — representing 25% of the holding's total USD 2.66 billion NAV. The Finance and Investment segment, anchored by Hepiyi, constitutes 32% of DOHOL's NAV, the largest single segment.

📈 IPO preparations. Gedik Investment's September 2025 equity research report identifies Hepiyi as the most prominent candidate for both IPO and potential strategic partnership, underpinned by accelerating market share gains and robust profitability. DOHOL's 2030 roadmap targets one to two IPOs by 2026, and Hepiyi alongside Daiichi Elektronik are listed as attractive IPO options to be monitored. Deniz Yatırım separately described Hepiyi as the strongest IPO candidate in the Doğan Group. Honorary Chairman Aydın Doğan reportedly stated he has no intention of selling the company, calling it "the goose that lays golden eggs" — suggesting a partial IPO rather than a full exit.

🦢 Holding company discount. DOHOL trades on Borsa Istanbul at approximately TRY 21 per share (March 2026), reflecting an approximately 59% discount to NAV versus a five-year average discount of approximately 50%. Four analysts maintain Buy ratings with an average 12-month target of TRY 25.04–25.69. A Hepiyi IPO would be the most direct catalyst for narrowing this discount.

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Key risks and data gaps

⚡ Material risks. The company faces several material risks:

• MTPL tariff ceiling regulation — any delay in SEDDK's adjustment mechanism relative to claims inflation directly compresses underwriting margins
• Dependence on investment income from the float, given the combined ratio exceeds 100%
• Capital consumption from rapid growth, with the capital adequacy ratio offering limited headroom above the 100% SEDDK floor
• Concentration risk with motor lines representing approximately 90% of GWP
• Reinsurance cost volatility, with Turkish reinsurance rates remaining approximately double pre-earthquake levels
• Absence of an independent credit rating, which may constrain institutional investor appetite at IPO

📂 Data gaps. Information not available in public disclosures includes: detailed sub-branch GWP breakdown for Homeowners, DASK, Travel, and Foreign Health individually; specific reinsurer counterparty names; treaty structure details (attachment points, layers, limits); FY2024 audited financial statements in machine-readable format; FY2022 branch-level breakdown; reserve development triangles; capital adequacy ratios for FY2022 and FY2023; eligible and required capital components for FY2024; and complete TSB company-level market share validation (gated by OTP access).

🎯 Outlook. Hepiyi has demonstrated that a well-capitalized startup backed by a major conglomerate, armed with a genuinely differentiated agent value proposition and a lean digital operating model, can rapidly acquire meaningful market share in Turkey's fragmented non-life insurance market. The 14 percentage-point combined ratio improvement (122% to 108%) between FY2023 and FY2024 suggests the portfolio is maturing toward sustainable underwriting economics. The key question for any investor or counterparty is whether this trajectory can continue as the company scales beyond startup mode into a mid-market competitor — and whether the capital base and reinsurance program can absorb the volatility inherent in Turkey's hyperinflationary, catastrophe-exposed insurance environment.

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Company timeline

📅 Hepiyi Sigorta — verified corporate timeline

Date	Event
29 September 2021	Company established as Doğan Trend Sigorta A.Ş. through Öncü Girişim Sermayesi Yatırım Ortaklığı A.Ş.
30 September 2021	Trade registry publication (Ticaret Sicil Gazetesi).
21 April 2022	Capital increase decision (from TRY 175.6 million to TRY 255.6 million, cash).
28 April 2022	SEDDK non-life operating license granted (date per FY2024 audited notes; other sources cite 27 April 2022).
30 May 2022	Corporate name changed from Doğan Trend Sigorta A.Ş. to Hepiyi Sigorta A.Ş.; published in Trade Registry Gazette.
17 June 2022	First policy issued.
FY2022 (half-year)	Startup period produces GWP of TRY 1.39 billion, net income of TRY 2.1 million, and total assets of TRY 1.64 billion.
February 2023	Kahramanmaraş earthquakes; Hepiyi pays approximately TRY 50 million in earthquake claims — immaterial to the portfolio.
FY2023	Management reports: 155 employees, approximately TRY 6 billion premium production, 1.2 million policies, approximately TRY 1 billion pre-tax profit, 6,500+ agencies.
2023–2024	Milestones include: 6,000th agency onboarded, opening of disaster management center in Ankara (Söğütözü, Çankaya), first homeowners policy, first DASK policy, opening of Istanbul Teknokent branch.
FY2024	Audited GWP of TRY 17.43 billion and net income of TRY 1.896 billion; management reports 2.1 million policies and 1.9 million customers; 8,000+ agencies; paid-in capital increased to TRY 749.9 million.
November 2025	First sustainability report published, aligned with TSRS 2 and GRI Standards.
December 2025	Agency network reaches 9,000 agents; DOHOL investor presentation values Hepiyi at USD 785 million (5.0× price-to-book); FY2025 GWP reaches TRY 27.3 billion.

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