Neova Insurance has announced a 102% increase in its non-life insurance premium production during the first half of 2024 compared to last year, reaching a total premium output of 9.4 billion TL.

Significant Growth and Financial Milestones

Continuing to develop innovative and customer-focused products and services, Neova Insurance shared its financial results for the first half 2024. The company expanded its total assets by 41.8%, reaching 21 billion TL, and increased its paid-in capital from 900 million TL to 1.4 billion TL in the first quarter. While the non-life insurance sector grew by 81% in premium production, Neova Insurance outperformed the industry with a 102% increase.

The agency channel contributed significantly, achieving a 114% growth in premium production in the first six months. This boosted the share of agencies in total premium production to 70%. The company reported a net profit of approximately 609 million TL in the second quarter of 2024.

General Manager’s Statement

“We strengthened our position in the sector during the first half of 2024,” said Neslihan Neciboğlu, General Manager of Neova Insurance, commenting on the financial results. She emphasized:

“In the first half of 2024, we strengthened our position in the sector through investments and innovations. Financial health plays a key role in achieving long-term and sustainable success. Our strategies focus on growth, profitability, customer satisfaction, innovation, efficiency, and digital development. Supported by all our channels, our premium production reached 9.4 billion TL in the year's first half. This success is due to our agencies, which account for 70% of our premium production.

Our motor insurance product achieved 1.6 billion TL in premium production, marking a 45% growth compared to last year and increasing our market share to 3.13%. We also focused on the private passenger car segment, where we raised our market share from 5% to 5.5% year-over-year.

In financial insurance, we continued our strong performance. Since our first production in 2023, we have issued bonds covering public tenders, tax refunds, licensed warehousing, urban transformation risks, dealership agreements, and goods procurement. As of the first half 2024, we allocated a 3.6 billion TL limit to our customers, generating 49.3 million TL in total premiums. This achievement positioned us as the third largest player in the surety bond market, with a 12% market share.

Another highlight of the first half 2024 was the remarkable 152% growth in our broker channel. We plan to continue providing boutique services and strengthening collaborations with brokers. We supported banks’ digitalization efforts in the bancassurance channel by integrating APIs to enhance their digital sales. We partnered with four banks and served 882 branches in the first six months, achieving 102% growth. We will continue to build on these successes by developing products and services that meet customer needs and expectations.”

Collaboration with Data Analytics Company SAS

Neova Insurance has partnered with SAS, a leading global technology company in data analytics, to enhance its data-driven value-generation processes. Using the SAS VIYA platform, the company aims to strengthen centralized data governance, ensure data standardization, manage models effectively, and develop open-source models. The collaboration is designed to maximize insights from data and deliver more excellent value to all stakeholders.

Sustainable Products for the Future

As part of its investments in sustainability, Neova Insurance has introduced the NeoEnerjik Car Insurance product, specifically designed for electric vehicles. In addition to comprehensive coverage, the policy includes mobile charging assistance for uninterrupted driving. For every NeoEnerjik policy issued, the company will plant a tree, contributing to environmental sustainability. The product also offers three-year battery coverage, theft protection for charging equipment, and other benefits tailored to the needs of electric vehicle owners.

Special Protection for Critical Illness: NeoKritik Assurance Insurance

Neova Insurance has launched NeoKritik Assurance Insurance, providing coverage for individuals aged 18-55 against critical illnesses. The policy covers conditions such as cancer, stroke, organ transplants, coronary bypass surgery, heart attacks, valve replacements, brain aneurysm surgery, kidney failure, multiple sclerosis (MS), and limb loss. NeoKritik offers coverage options of 50,000, 75,000, and 100,000 TL, with compensation paid within the policy limits in case of diagnosis of any covered illness.