Q1 Results 2023
Financial results Q1 2023
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
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
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 |
- New line iteminsurance revenue, also containing the unlocking of the contractual service margin (CSM) which contains future profits of the contracts (GMM and VFA).
- Increased volume of amortisation acquisi- tion cost, reflecting acquisition cost from new business in previous periods (PAA).
- Lower inflow fromreinsurers, due to enhanced profitability of the gross business in Q1 2023 (GMM).
- IFRS 17 insurance service result, reflecting the increased operating profit compared to Q1 2022.
- 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 |
Attachments
Disclaimer


Pet Insurance Market is projected to exhibit substantial growth of 14.3% by 2030 | PetFirst, Ipet Insurance, Nationwide
Trade Credit Insurance Market to be Worth $22.13 Billion by 2030: Grand View Research, Inc.
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