DFV Deutsche Familienversicherung AG Announces Group Earnings Results for the First Quarter Ended March 31, 2020; Provides Earnings Guidance for the Year 2020
May 14, 2020 at 02:00 am EDT
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DFV Deutsche Familienversicherung AG announced group earnings results for the first quarter ended March 31, 2020. For the period, group LBIT declined to EUR 5.6 million against EUR 1.0 million a year ago. Gross premiums written were up substantially by 31.2% in the first three months year-on-year, to reach EUR 26.4 million.
Whether it will be possible to further maintain the annual target set for new business after the close of the second quarter will depend on the extent to which restrictions are eased in tourism and on the revival of the economy. Despite the existing uncertainties, DFV nevertheless affirms its sales targets for the time being. In the year 2020 as a whole, the company plans to generate 100,000 new policies, to raise the volume of existing policies by EUR 25 to 30 million and to increase gross premiums written by at least 30%. In this regard, the preparations for the care industry solution Careflex will have a particular impact. Accordingly, the company anticipates a pre-tax loss (EBIT) of EUR 9 million to EUR 11 million for fiscal 2020.
DFV Deutsche Familienversicherung AG is a Germany-based company engaged in digital Insurtech and insurance sector. The Company focuses primarily on selling insurance policies digitally and online. It offers the broad range of digital customer solutions, such DFV customer portal or DFV app that enable its customers to process business transactions in real time, covering advice, financial statements, document management and claims handling. Its product portfolio includes supplemental health insurance policies, such as supplementary outpatient, inpatient, dental and long-term care insurance, and property insurance, such as household contents, liability, legal defence and accident insurance policies. The Company has wholly-owned subsidiaries in Germany.
DFV Deutsche Familienversicherung AG Announces Group Earnings Results for the First Quarter Ended March 31, 2020; Provides Earnings Guidance for the Year 2020