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May 17, 2023 Newswires
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Q1 Results 2023

German Equity Markets (Web Disclosure) via PUBT

Financial results Q1 2023

DFV Deutsche Familienversicherung AG

17 Mai 2023

Welcome

2

Financial results Q1 2023

New group reporting from 2023

Group reporting with a new look

DFV has adopted the new standards IFRS 17 'Insurance contracts' and IFRS 9 'Financial instruments' in January 2023.

New measurement models, new presentation and extended disclosure requirements.

For conceptual guidance also refer to the information supporting

DFV's 2022 group result during the conference on 30 March 2023.

DFV continues to apply HGB accounting for internal purposes, especially directed towards the aspired ability to pay dividends.

3

Financial results Q1 2023

+5 % +39 % 95 %

Insurance revenue

Insurance service

Combined ratio

growth

result

Insurance revenue and insurance service result: change year-over-year

4

Financial results Q1 2023

Insurance service result as a new performance indicator

Statement of comprehensive income

€m

Q1 2022

Q1 2023

Delta

in %

Insurance revenue

46.4

49.0

+2.5

+5%

1

Insurance service expenses

-30.6

-31.4

-0.8

+3%

Acquisition cost

-4.3

-5.1

-0.8

+19%

2

Other insurance expenses

-8.3

-7.2

+1.1

-13%

Insurance service expenses

-43.1

-43.7

-0.6

+1%

Net expenses from reinsurance contracts held

-1.6

-2.9

-1.3

+81%

3

Insurance service result

1.7

2.4

+0.7

+39%

4

Claims ratio (net)

68%

68%

Acquisition expense ratio (net)

10%

11%

5

Admin expense ratio (net)

18%

16%

Combined ratio (net)

96%

95%

CSM: Contractual service margin, an item representing the unearned profit of a group of insurance contracts to be recognised

Combined ratio looks different under IFRS 17

as services are provided to policyholders

Insurance service result

GMM: General measurement model, the default measurement model under IFRS 17 for long-termnon-participating business

= 1 -

PAA: Premium allocation approach, the optional, simplified measurement model under IFRS 17 for short-term business

VFA: Variable fee approach, the compulsory measurement model under IFRS 17 for long-term participating business

Insurance revenue - Net expenses from reinsurance contracts held

Adoption of IFRS 17/9 in both reporting periods; simplified

  1. New line iteminsurance revenue, also containing the unlocking of the contractual service margin (CSM) which contains future profits of the contracts (GMM and VFA).
  2. Increased volume of amortisation acquisi- tion cost, reflecting acquisition cost from new business in previous periods (PAA).
  3. Lower inflow fromreinsurers, due to enhanced profitability of the gross business in Q1 2023 (GMM).
  4. IFRS 17 insurance service result, reflecting the increased operating profit compared to Q1 2022.
  5. Favourable development ofoperating ratios compared to Q1 2022 (net):
    • Stable claims ratio;
    • Increased acquisition expense ratio due to a high volume of new business inflow in previous periods;
    • Optimised admin expense ratio;

- Slightly reduced combined ratio.

5

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Disclaimer

DFV Deutsche Familienversicherung AG published this content on 17 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 May 2023 07:30:13 UTC.

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