Neova Sigorta (Neova), the first operator to launch participation insurance (takaful) in Türkiye, has announced its financial results for 2024 showing notable growth from the past year.
According to a statement on the company’s website, Neova’s gross written premium reached TRY19bn ($521.5m) in 2024 showing a 65% increase from the previous year. Net profit in 2024 reached TRY1.08bn, 65.6% higher compared to TRY651.7m in 2023.
Shareholders’ equity more than doubled to TRY4.24bn as of 31 December 2024, compared to TRY1.92bn 12 months previously. Neova increased its total assets to TRY26.3bn a of 31 December 2024 with a 76% growth.
In 2024, Neova’s motor insurance business achieved y-o-y growth of 46%, above the sector’s average growth, reaching TRY3.5bn. The company attributes the growth to the special solutions it offers to meet various needs including its “NeoEnergetic Motor Insurance” for the rapidly increasing number of electric vehicle owners. Neova also ranked among the top three insurers with a total premium generated of TRY63m in surety insurance and TRY115m in financial lines.
Ramping up distribution through agencies
Neova continued investing in the agency network, its strongest channel. In 2024, the company increased the number of agencies it operates to 3,555 and reached a premium production of TRY13bn. This figure was 69% of total premiums in 2024. In addition, the agencies were divided into segments to provide more focused and efficient solutions.
In the broker channel, Neova posted premium volume of TRY1bn, contributing 5% of total premiums. The company also expanded its bancassurance network, which achieved a market share of 3.9% with a premium production of TRY3.5bn in 2024.
Neova Sigorta CEO Neslihan Neciboglu said, "2024 was a year in which we achieved growth in many branches we targeted. We increased our total premium production by 65% and strengthened our strong position in the sector. The steps we have taken in digital transformation, our collaborations, our strong sales channels and our broker network have been effective in providing faster and more efficient service to our customers and in the results reflected at the end of the year.”
Ms Neciboglu added, “We have created a sustainable growth model. In 2025, we will carry this success further by growing faster in new and assertive areas such as complementary health insurance. We will continue to lead the sector with our customer-oriented, innovative and innovative solutions."