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May 23, 2024 Newswires
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Q1 Results 2024

DACH Markets (Web Disclosure) via PUBT

Financial results Q1 2024

DFV Deutsche Familienversicherung AG

23 Mai 2024

Welcome

2

Financial results Q1 2024

+2% 95% €1.5M

Insurance revenue

Combined ratio

Profit before tax

Insurance revenue: change year-over-year

3

Financial results Q1 2024

Robust combined ratio of 95 % and enhanced operating profitability

Statement of comprehensive income

€m

Q1 2023

Q1 2024

Delta

Insurance revenue

30.0

30.5

+0.5

1

Insurance service expenses

-17.8

-18.3

-0.5

Acquisition cost

-4.4

-4.6

-0.2

Other insurance expenses

-3.6

-4.2

-0.6

2

Net expenses from reinsurance contracts held

-2.9

-1.9

+1.0

3

Insurance service result

1.4

1.6

+0.1

4

Claims ratio

65.3%

63.9%

Acquisition expense ratio

16.1%

16.0%

Admin expense ratio

13.3%

14.7%

Combined ratio

94.7%

94.5%

  1. Insurance revenue, including the unlocking of the CSM which contains future profits of the contracts (Q1 2024: €1.2 million). Dental, DFV's core product line, achieved a revenue growth of 6% y-o-y.
  2. Other insurance expenses grew mainly due tointensified marketing efforts (TV spots).
  3. Partly redesigned reinsurance contracts resulted in a reduction of expenses.
  4. The Q1 2024 insurance service result demonstrates DFV's improved operating performance which grew by 9%y-o-y.

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

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

Combined ratio looks different under IFRS 17

Insurance service result

= 1 -

Insurance revenue - Net expenses from reinsurance contracts held

4

Financial results Q1 2024

2024 profit guidance is confirmed

Statement of comprehensive income

€m

Q1 2023

Q1 2024

Delta

Insurance service result

1.4

1.6

+0.1

Net investment income

0.6

0.5

-0.1

Net insurance finance expenses

0.0

0.6

+0.5

Net financial result

0.7

1.1

+0.4

1

Net insurance and investment result

2.1

2.6

+0.5

Other result

-0.8

-1.1

-0.3

2

Profit before tax

1.3

1.5

+0.2

3

  1. Increased net financial result due to effects from changes in estimates (VFA) as well as a positive unwinding of certain reinsurance contracts (GMM).
  2. Increase driven by one-off expenses relating to the IFRS 17/9 adoption.
  3. Based on a robust operating performance and a continued volatile net financial result under IFRS 17/9 -DFV'sfull-yearprofit guidance of €5 to 7 million is confirmed.

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

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

5

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

Financial results Q1 2024

Key messages

Focus on profitability

Sustainable growth

Technical excellence

Operational efficiency

  • DFV confirms the 2024 profit target
  • Implementing DFV's strategy with focus on reaching financial targets
  • Capitalising on a unique business setup with DFV's attractive products
  • Continued growth via established online, direct and broker channels
  • Adequate pricing, underwriting and risk management of exposures
  • Robust profitability with operating income up 9% y-o-y
  • Cost management and cost discipline remain key
  • Continued efforts to further professionalise internal capabilities

6

Financial results Q1 2024

Our next investor relations activities in 2024

26 Juni

AGM

12 September

H1 2024 & Capital Markets Day

23 September

Berenberg/Goldman Sachs German Corporate Conference

7

Attachments

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Disclaimer

DFV Deutsche Familienversicherung AG published this content on 23 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 May 2024 08:27:49 UTC.

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