Q1 Results 2024
Financial results Q1 2024
23 Mai 2024
Welcome
2
|
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% |
- 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.
- Other insurance expenses grew mainly due tointensified marketing efforts (TV spots).
- Partly redesigned reinsurance contracts resulted in a reduction of expenses.
- 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 |
- Increased net financial result due to effects from changes in estimates (VFA) as well as a positive unwinding of certain reinsurance contracts (GMM).
- Increase driven by one-off expenses relating to the IFRS 17/9 adoption.
- 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
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Financial results Q1 2024
Our next investor relations activities in 2024
26 Juni
AGM
12 September
H1 2024 & Capital Markets Day
23 September
7
Attachments
Disclaimer


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