Neova Insurance grew 102 percent in premium production in 2023

In 2023, Neova Sigorta increased its asset size by 96 percent year-on-year to TL 15 billion, while its total premium production grew by 102 percent to TL 11.5 billion.

PARTICIPATION FINANCE SYSTEM 11.03.2024, 12:56
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Neova Insurance grew 102 percent in premium production in 2023

Continuing to develop innovative and customer-focused products and services, Neova Sigorta announced its financial results for the end of 2023. Neova Sigorta, which grew 134 percent in equity compared to the previous year, increased its paid-in capital from TL 500 million to TL 900 million in 2023. Increasing its asset size by 96 percent to TL 15 billion, Neova Sigorta's financial investments increased by 93 percent from TL 6.2 billion as of the end of 2022 to TL 11.9 billion as of the end of 2023. The company's net profit for the period at the end of 2023 was realized as 652 million TL.

"WE REACHED TL 11.5 BILLION IN PREMIUM PRODUCTION"

Commenting on the 2023 financial results, Neslihan Neciboğlu, General Manager of Neova Sigorta, said: "In 2023, we continue to strengthen our position in the sector with our investments and innovations. With the support of all our channels, we reached TL 11.5 billion in premium production. We believe that financial health is crucial for long-term and sustainable success. We strengthened our reserves against the responsibilities we carry. This year, we grew by 68 percent year-on-year in our motor insurance product, which is among our best-selling products. In private passenger cars, one of the areas we have focused on recently, we achieved a 135 percent increase in premium production compared to 2022. In this way, we increased our market share from 3.7 percent in 2022 to 5 percent in 2023. Our goal is to take firm steps forward by introducing our motor insurance product to customers who have not used it before. In non-motor branches, we outperformed the sector with a growth rate of 150 percent. In particular, we managed to realize a growth rate of 203 percent, almost twice the sector average in general losses branches. In addition, we grew above the sector average in fire-natural disasters and other branches."

CONTINUED ITS EFFORTS IN THE EARTHQUAKE ZONE THROUGHOUT THE YEAR

Immediately after the earthquakes that struck on February 6, Neova Sigorta put its mobile service vehicles and offices at the service of its agencies and all business partners. Neova Insurance continued to support the recovery efforts in the aftermath of the earthquake, paying 95 percentof the earthquake damage files quickly and finalizing 95 percent of the files.

NEOVA INSURANCE CONTINUES TO INVEST IN SALES CHANNELS

Continuing to invest in its agency network, one of its strongest channels, Neova Sigorta launched the Pratik Portalto make life easier for its agencies. Neova Sigorta, which increased the number of its agencies to 3,318, announced that the growth rate in premium production of its agencies increased by 93 percent compared to the previous year. Expanding its digital collaborations, Neova Insurance exceeded TL 100 million in premium production through digital channelsin 2023. It increased its internal sharein the broker channel to 5 percentand reached TL 500 million in premium production. In addition, Neova Sigorta achieved a 96 percent increase in the bancassurance channel compared to the previous year and increased the share of bancassurance to 20 percentin its production in 2023.

NEOVA EMPHASIZES INVESTING IN HUMAN RESOURCES

Aiming to employ and train well-equipped and competent human resources in order to realize important innovations that will shape the sector, Neova Sigorta increased the number of its employees from 346 to 441 at the end of 2022. With the new employment, it shaped its organization in technical, sales and marketing departments. As part of its growth strategy to accelerate its R&D effortsand increase the number of innovative products with the contribution of Teknopark Istanbul's technological ecosystem, the Technology Group continues to invest in qualified employeesby doubling the number of employees compared to 2022.

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