Hepiyi Sigorta

🏢 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.

Hepiyi Sigorta
Hepiyi Sigorta Anonim Şirketi
Corporate identity
Type	Private — non-life insurer (A.Ş.)
License type	Non-life insurance
Incorporation	30 September 2021
Founded	September 29, 2021 (2021-09-29)
Headquarters	Ümraniye, İstanbul, Türkiye
Domicile	Türkiye
Licensed jurisdictions	Türkiye
Regulator	SEDDK
Ultimate parent	Doğan Şirketler Grubu Holding A.Ş.
Major shareholders	Öncü Girişim Sermayesi Yatırım Ortaklığı A.Ş. (85%) Other individuals (15%)
Key people	Çağlar Göğüş, Chairman Şenol Ortaç, CEO / General Manager Eren Sarıçoğlu, Vice Chairman Zeynep Tandoğan, Board Member
Number of employees	155 (FY2023)
Business & markets
Lines of business	Motor own damage (casco) Motor third-party liability (MTPL) Fire and natural disasters Health Accident General liability Financial loss Legal protection
Main products & services	Marka Kasko
Distribution	Hybrid agency-led with digital enablement; 8,000+ agencies (FY2024)
Geographic markets	Türkiye
Customers served	1.9 million (FY2024)
Market share rank	Approximately 6% market share in MTPL by policy count (3rd largest); approximately 4.5% in casco (9th largest) (FY2024, company-stated)
Key financials (January–December)
Currency	TRY
Net income	TRY 1.896bn (FY2024)
Gross written premium	TRY 17.432bn (FY2024)
Net written premium	TRY 14.314bn (FY2024)
Total assets	TRY 19.392bn (FY2024)
Technical reserves	TRY 13.746bn net (FY2024)
Equity	TRY 3.731bn (FY2024)
Solvency ratio	119.03% capital adequacy ratio (FY2024)
Financial statements are prepared under Turkish statutory insurance accounting regulations (Sigortacılık Muhasebe ve Finansal Raporlama Mevzuatı), not IFRS 17. SEDDK has exempted insurance companies from inflation accounting, creating a comparability boundary with IFRS reporters applying IAS 29 hyperinflation adjustments. FY2024 figures reflect a restatement of FY2023 comparatives due to a change in commission deferral accounting policy. FY2022 is a partial operating year (first policy issued 17 June 2022).

📊 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 profile

🏢 Incorporation and domicile. Hepiyi Sigorta A.Ş. is a Turkish joint stock company (Anonim Şirket) established on 29 September 2021, with its trade registry publication (Ticaret Sicil Gazetesi) dated 30 September 2021. The registered headquarters are located at Fatih Sultan Mehmet Mah. Poligon Cad. Buyaka 2 Sitesi No: 8 Kule 1 Kat:21, 34771 Ümraniye, İstanbul. The company was originally incorporated as Doğan Trend Sigorta A.Ş. and changed its legal name to Hepiyi Sigorta A.Ş. on 30 May 2022, with the change published in the Trade Registry Gazette.

📜 Licensing and regulatory status. Hepiyi Sigorta obtained its non-life insurance operating license from the Insurance and Private Pension Regulation and Supervision Agency (Sigortacılık ve Özel Emeklilik Düzenleme ve Denetleme Kurumu, SEDDK) on 28 April 2022. The license covers a broad set of non-life branches, including accident, health, motor own damage, motor third-party liability (MTPL), fire and natural disasters, general liability, financial loss, and legal protection.

🏛️ Ownership structure. As of 31 December 2024, the controlling shareholder is Öncü Girişim Sermayesi Yatırım Ortaklığı A.Ş. with an 85% stake, while the remaining 15% is held by other individuals. The ultimate parent entity is Doğan Şirketler Grubu Holding A.Ş.

👥 Board and leadership. The chairman of the board is Çağlar Göğüş, with Eren Sarıçoğlu serving as vice chairman and Zeynep Tandoğan as a board member. The chief executive officer and general manager is Şenol Ortaç.

🔍 Independent audit. The FY2024 statutory financial statements were audited by Deloitte Turkey (DRT Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş.), which issued an unqualified opinion under the insurance accounting and financial reporting regulations framework (Sigortacılık Muhasebe ve Finansal Raporlama Mevzuatı). The FY2023 statements were audited by a different firm, also with an unqualified opinion.

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Business model

🏗️ Distribution architecture. Hepiyi Sigorta operates a hybrid agency-led distribution model augmented by digital enablement. In FY2023 management reported a nationwide agency footprint exceeding 6,500 agencies, having added 1,808 new agencies during that year alongside a digital transformation program. By FY2024 the agency network had grown to over 8,000 agencies, generating 2.1 million policies and reaching 1.9 million customers. This trajectory indicates that rapid customer and policy growth is driven primarily by a scaled intermediary network rather than a purely direct-to-consumer model.

🚗 Motor line emphasis. The company's FY2024 management commentary highlights strong positioning in compulsory motor liability (traffic/MTPL) and motor own damage (casco), claiming approximately 6% market share in traffic policies (described as the third-largest insurer by policy count) and approximately 4.5% in casco (ninth-largest). These are company-stated figures; independent validation against Türkiye Sigorta Birliği (TSB) company-level datasets was not completed because TSB's detailed downloads require gated access.

🤝 Doğan Group ecosystem. The FY2024 notes define Doğan Holding group companies as related parties, disclosing both operating expenses and premium writings with specific group entities including Doğan Trend Otomotiv Ticaret Hizmet ve Teknoloji A.Ş. and Suzuki Motorlu Araçlar Paz. A.Ş. Management describes a product collaboration with Doğan Trend Otomotiv for a branded comprehensive motor product ("Marka Kasko") aligned to vehicle brands such as MG and Suzuki. The specific related-party premium amounts disclosed in the notes are small relative to total FY2024 gross written premiums, but they document an embedded affinity-distribution channel within the group network.

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Financial performance

⚠️ Operating history constraint. Hepiyi Sigorta began writing policies on 17 June 2022, meaning FY2022 is structurally not comparable to a full run-rate year. Additionally, FY2024 disclosures reveal a change in accounting policy regarding commissions paid for premium collections: these commissions are now deferred, resulting in restatement of FY2023 balance sheet and income statement comparatives.

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

Metric (TRY)	FY2022*	FY2023	FY2024	Notes
Gross written premiums (GWP)	1,386,140,736	6,213,502,715	17,431,681,550	Startup ramp visible in GWP trajectory.
Net written premiums (NWP)**	1,136,718,115	4,766,814,072	14,314,305,983	Written premiums after reinsurance and SGK transfers.
Net earned premiums	154,597,774	2,754,813,178	8,994,610,354	FY2022 earned premiums mechanically low due to large UPR buildup.
Technical (underwriting) balance	(20,632,698)	779,712,804	2,747,152,649	Includes investment income transferred from non-technical section per statutory format.
Investment income transferred to technical section	77,243,229	1,391,495,625	3,500,467,532	Critical to interpreting the technical balance.
Pre-tax profit	2,069,482	1,170,862,541	2,490,466,039	Profit scale-up is large relative to equity base.
Net income	2,069,482	895,795,436	1,896,359,641	FY2024 net income aligns with management headline of ~TRY 1.9bn.
* FY2022 is a partial operating year; first policy issued 17 June 2022. ** NWP as presented in the statutory technical account: written premiums net of reinsurance and SGK transfers.

💰 Investment income dominance. Investment income is structurally material to the company's profits. FY2024 net investment income totaled TRY 3.447bn (FY2023: TRY 1.906bn), driven primarily by bank deposit interest and foreign exchange gains, partially offset by investment management expenses and derivative losses. When the explicit investment income transfer is isolated, the technical result excluding investment allocation appears loss-making in both FY2023 and FY2024, a pattern consistent with the statutory design in which investment income is allocated to the technical section.

📈 High-inflation dynamics. This investment-income-subsidized underwriting pattern is typical in high-inflation, high-interest-rate environments where investment returns can temporarily offset pricing and acquisition costs, particularly in motor lines with regulated features and pooled risk components. FY2023 operational headlines corroborate the audited results: management reported approximately TRY 6bn in premium production, 1.2 million policies, and approximately TRY 1bn in pre-tax profit, aligning directionally with the audited FY2023 pre-tax figure of TRY 1.171bn.

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Balance sheet and capital

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

Metric (TRY)	FY2022	FY2023 (restated)	FY2024	Notes
Total assets	1,635,855,496	6,799,447,914	19,391,897,827	Rapid scale-up consistent with premium and reserve growth.
Cash and cash equivalents	1,003,750,581	2,706,924,575	12,575,459,596	Liquidity heavily concentrated in cash/bank balances.
Financial investments	420,458,833	3,303,515,404	4,461,634,912	Primarily available-for-sale and trading portfolios in statutory format.
Technical provisions / reserves (net)	1,114,230,527	4,690,616,828	13,745,570,006	Reserve build dominated by UPR and outstanding claims.
Total equity	258,202,810	1,327,510,562	3,731,185,434	Growth reflects retained earnings and capital injections.
Paid-in capital (ödenmiş sermaye)	255,600,000	255,600,000	749,911,220	Paid-in capital increased materially in FY2024.
Nominal share capital	255,600,000	255,600,000	805,140,000	FY2024 shows an unpaid portion (ödenmemiş sermaye) of TRY 55.23m.
Total debt (financial debt lines)	13,536,512	24,508,831	55,347,845	No bank loans; debt is mainly leasing-related.

🏦 Capital actions and dividends. In April 2022 the company executed a capital increase from TRY 175.6m to TRY 255.6m through a cash injection, registered in April 2022. Paid-in capital rose further to TRY 749.9m in FY2024, with nominal share capital reaching TRY 805.1m. Regarding dividends, the FY2024 notes indicate that profit distribution is decided by the General Assembly and that the prior year's net income was not distributed but transferred to retained earnings after legal reserve allocations.

📂 Deferred acquisition costs. The balance sheet carries a large deferred acquisition costs line item (Ertelenmiş Üretim Giderleri), which increased to TRY 1.123bn in FY2024 from TRY 419.5m in FY2023, consistent with the disclosed change in commission deferral accounting policy.

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Reserving and reinsurance

🔎 IBNR as a key audit matter. The FY2024 independent auditor identifies the estimation of incurred but not reported claims (gerçekleşmiş ancak rapor edilmemiş hasarlar, IBNR) as a key audit matter, noting net IBNR of approximately TRY 7.552bn at 31 December 2024. This level is quantitatively dominant relative to reported outstanding claims and represents a core risk driver for underwriting volatility and capital adequacy.

⚖️ Claims discounting and MTPL concentration. Net outstanding claims reserves are heavily discounted, with a net discount of TRY 4.206bn for FY2024 at an annual rate of 35% (the same rate applied in FY2023). Branch-level net outstanding claims are concentrated in motor third-party liability (Kara Araçları Sorumluluk, MTPL): TRY 4.738bn after discounting, from a pre-discount net position of TRY 8.900bn. This concentration is consistent with the company's stated motor leadership focus and indicates that MTPL dominates reserve risk, including long-tailed settlement dynamics.

🏊 Regulatory risk pool. The statutory notes describe the high-risk insured pool (Riskli Sigortalılar Havuzu) mechanism for MTPL, which operates 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 pooling mechanism reduces underwriting discretion on the riskiest MTPL business but can introduce loss emergence volatility and model-risk dependence on sector-wide ratios. In FY2022 the company disclosed net IBNR additions to outstanding claims reserves of TRY 165.6m and net discounting of TRY 61.4m using an annual 22% parameter under then-effective circulars.

📤 Reinsurance cession. Premium cession is observable in the financial statements: FY2024 ceded premiums totaled TRY 2.119bn against GWP of TRY 17.432bn, while FY2023 ceded premiums were TRY 1.078bn against GWP of TRY 6.214bn. Reinsurance participation is also visible in reserve movements, with gross and reinsurer-share movements disclosed for the unearned premium reserve. Treaty counterparties, attachment points, and quota-share versus excess-of-loss detail are not disclosed in the publicly available notes.

🌍 Catastrophe and macro risk. The FY2023 activity report references the February 2023 earthquake disaster as a major external shock during that year. 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.

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Solvency and regulatory framework

✅ Capital adequacy. Capital adequacy is calculated under Turkish capital adequacy regulations for insurance and pension companies. As of 31 December 2024 the company reports a capital surplus (sermaye fazlası) of TRY 601.1m and a capital adequacy ratio of 119.03%.

🏛️ Hepiyi Sigorta — capital adequacy metrics, FY2022–FY2024

Metric	FY2022	FY2023	FY2024	Notes
Capital adequacy ratio	—	—	119.03%	Reported in FY2024 notes.
Capital surplus (TRY)	—	—	601,124,735	Reported as sermaye fazlası.

📑 Statutory accounting basis. The FY2024 audit opinion frames the financial statements as prepared under insurance accounting and financial reporting regulations (Sigortacılık Muhasebe ve Finansal Raporlama Mevzuatı), applying Turkish Financial Reporting Standards (TFRS) for matters not otherwise regulated. The income statement follows a written-premium-based format (GWP, ceded premiums, SGK transfers) rather than the IFRS 17 insurance revenue construct. The IFRS Foundation's jurisdiction profile for Türkiye notes that, while IFRS is adopted for public interest entities generally, insurance and reinsurance entities are carved out from the standard IFRS requirement, consistent with continued sector-specific statutory reporting.

🔄 Inflation accounting boundary. In the FY2024 notes the company cites a 6 December 2024 SEDDK circular (2024/32) confirming that insurance, reinsurance, and pension companies would not apply inflation accounting in 2025. SEDDK's 2024 annual report also addresses inflation accounting in the insurance sector as an active supervisory topic. Because Türkiye is classified as hyperinflationary under IAS 29 for IFRS reporters, this exemption creates a material comparability boundary between listed industrial IFRS reporters applying IAS 29 adjustments and insurance statutory reporters subject to SEDDK sector decisions.

🏅 Credit ratings. No public credit rating disclosures were identified in the FY2024 audited statutory filings.

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Company timeline

📅 Hepiyi Sigorta — key corporate events

Date	Event
29 September 2021	Company established (Anonim Şirket formation).
30 September 2021	Trade registry publication.
21 April 2022	Capital increase decision (to TRY 255.6m).
28 April 2022	Operating license granted by SEDDK for non-life branches.
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.
FY2023	Management reports 155 employees, approximately TRY 6bn in premium production, 1.2 million policies, approximately TRY 1bn pre-tax profit, and 6,500+ agencies.
FY2024	Audited GWP of TRY 17.43bn and net income of TRY 1.896bn; management reports 2.1 million policies and 1.9 million customers.
2023–2024	Milestones include reaching the 6,000th agency, opening a disaster management center in Ankara, issuing the first homeowners policy and first DASK policy, and opening an İstanbul Teknokent branch.

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See also

• Turkish insurance market
• Non-life insurance in Türkiye
• Doğan Holding

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