DFV Deutsche Familienversicherung AG
FRANKFURT/MAIN | 16 November 2020
The leading InsurTech in Europe
What is the difference between
biogas and digitalisation?
2
Digitalisation is first of all a product issue
3
Digitalised products in policies
Our 16x - matrix: Easy to understand
Supplementary health insurance | Our leading products regularly best in class |
4
Digitalisation is also an process issue
5
DFV growth history
We started as a P&C insurer and developed to a fully digitalised InsurTech with
an ambitious growth strategy
€ 200m
+ 98 %
€ 125m
+ 24 % | |
200 | |
€ 101m | Working |
digitalisation | |
€ 70m
Number of employees
Premium volume in €m
Pre digitalisation
2007 | 2008 | 2012 | 2014 | 2016 | 2018 | 2019 | 2020 | 2021 | 2022 | ||||||||||
Focus on supplementary | Introduction of | Start Henkel | Introduction of | 6 | |||||||||||||||
DFV is | DFV earns | Introduction of the | |||||||||||||||||
founded | health insurance | profits | digital Insurance | the 16x-matrix | IPO | CareFlex | pet health | CareFlex Chemie | |||||||||||
Core System 'BSN' | insurance | ||||||||||||||||||
Easy product selection via our website
Only reloading the website takes longer
1. Enter your age | 2. Select your product and tariff |
7
Our customer portal - Simple.Reasonable.
Customer centricity at its best
Fast, uncomplicated, reliable. I am 100% satisfied. Never had any problems.
Very simple and understandable for everyone. All his insurance policies under control.
Fast submission of the invoice, very good service, very good communication.
The ratings are comments from real users. They were translated into English for this presentation. | 8 |
Best app - and also the most popular
Simply the best for our customers
4,9
4,7
4,7
4,6
4,2
2,0
Rated with 4.9 stars in Google Play Store!
Fast processing & simple operation
I am mega satisfied with the service and everything around it. The processing is fast and also the operation via the app is super simple. I can only recommend it.
Very good app! I am thrilled!
I am thrilled with the design and usability of this app. In my opinion, you can't design an app better. Submitting an invoice is now easier than I could have dreamed of before.
Top!
- am simply thrilled how customer-friendly this app is. How fast and easy it is to submit an invoice. Thank you very much!
Over 48,000 installations
IOS: 27,000
Android: 21,000
Highly rated App
App Store: 4.9 Stars
Google Play Store: 4.9 Stars
Over 63,000 invoices
IOS: 32,000
Android: 31,000
9
The ratings are comments from real users. They were translated into English for this presentation.
Highlights 9M 2020
Strong performance in a challenging environment
10
What we have achieved in the first 9 months 2020
Our highlights at a glance
+ 67,285 | + 227% | + 27.1% | + €22.3m |
new contracts | increase in P&C | increase in gross | new premium |
business line | premiums written | volume |
€120.3m | 61.2% | €134.6m | 402% |
premium volume | claims ratio | financial | Solvency II ratio |
investments |
11
Premium volume increased by € 24.5m since 9M 2019
Excellent new business despite COVID-19
Premium volume in €m | New business in contracts | ||||
+ € 24.5m (20.4%) | 100,034 | ||||
120.3 | |||||
101 | |||||
95.8 | |||||
70,539 | |||||
67,285 | |||||
75.7 | 55,227 | ||||
31.12.2018 | 30.09.2019 | 31.12.2019 | 30.09.2020 | FY 2018 | 9M 2019 | FY 2019 | 9M 2020 |
12
Despite COVID-19 strong online sales
Outstanding performance because of our proven scalable sales channels
New business (contracts) by product category 9M 2020
1,134 | 778 589 | 456 |
2,295 | 183 |
New business (contracts) by sales channel 9M 2020
3,333
3,674
159
1,026 | + 13.7% |
1.5% |
5,005
67,285
new 34,170
7,777 | 67,285 | |
new | increase in | |
11.6% |
5,653contracts
9,856
dental care | pet health insurance |
inpatient care | liability insurance |
sick-pay care | travel care |
long-term care | accident insurance |
animal holder liability | household insurance |
Combi P&C | outpatient care |
legal insurance |
contracts | online sales | |
58,482 | compared to | |
86.9% | 9M 2019 | |
Google, Bing, DRTV, Direct
Broker
Cooperations
13
Gross premiums written increased by 27.1 percent in 9M 2020
Fullfilling our promises
Gross premiums written in €m | New business in contracts, premiums in €m | |||||||||||||||||||
Total | Supplementary health | P&C | Contracts | Premiums | ||||||||||||||||
90.9 | 85.0 | 100,034 | ||||||||||||||||||
83.5 | 77.4 | |||||||||||||||||||
66.5 | 65.7 | 70,539 | 67,285 | |||||||||||||||||
62.0 | 61.3 | 29.9 | ||||||||||||||||||
55,227 | ||||||||||||||||||||
22.8 | 22.3 | |||||||||||||||||||
17.6 | ||||||||||||||||||||
4.5 | 5.9 | 4.4 | 6.1 | |||||||||||||||||
FY 2018 | FY 2019 | 9M 2019 | 9M 2020 | FY 2018 | FY 2019 | 9M 2019 | 9M 2020 | |||||||||||||
Claims ratio in % | Combined ratio in % | |||||||||||||||||||
60.5 | 61.2 | 61.2 | DFV target | 102.6 | 105.7 | 106 | DFV target | |||||||||||||
56 | corridor of | 98 | ||||||||||||||||||
corridor of | ||||||||||||||||||||
60%-70% | ||||||||||||||||||||
90%-110% |
FY 2018 | FY 2019 | 9M 2019 | 9M 2020 | FY 2018 | FY 2019 | 9M 2019 | 9M 2020 |
14
Further key financial figures
Fullfilling our promises
Solvency ratio in % | Financial investments in €m | |||||||||
469 | 119.6 | 122.5 | 134.6 | |||||||
402 | ||||||||||
90.1 | ||||||||||
248 | 264 | |||||||||
DFV Target | ||||||||||
Corridor of | ||||||||||
180%-220% | ||||||||||
FY 2018 | 9M 2019 | FY 2019 | 9M 2020 | FY 2018 | 9M 2019 | FY 2019 | 9M 2020 | |||
Number of employees | Personnel costs in €m | |||||||||
166 | 9.1 | 9.4 | ||||||||
8.25 | ||||||||||
122 | ||||||||||
111 | 116 | 6.6 | ||||||||
FY 2018 | 9M 2019 | FY 2019 | 9M 2020 | FY 2018 | 9M 2019 | FY 2019 | 9M 2020 |
15
Investing in our growth, profitable in our core business
Underwriting result according to HGB
Premiums | 9M 2020 |
Gross premiums written | € 83,280,517 |
Claim payments to customers | € -45,995,132 |
(inlcs. claims settlement costs) | |
Underwriting result I | € 37,285,384 |
Costs | |
(without claims settlement, | € -17,299,457 |
without sales costs) | |
Underwriting result II | € 19,985,928 |
Sales expenditures | € -26,827,030 |
Underwriting result III | € -6,841,102 |
Financial investments (costs) | € -49,036* |
Underwriting result IV | € -6,890,138 |
Premium volume to sales costs (planning)
2 : 1 | 3 : 1 | 5 : 1 |
CareFlex | ||
125 | ||
101 | ||
75 | ||
30 | 30 | 30 |
FY 2019 | FY 2020 | plan FY 2021 |
Premium volume in €m | Sales costs in €m |
We are reaching the profit zone
With a ratio of 4 : 1 or higher an insurance company should be profitable.
16
*without realisation of investment income
Insurtech peer group
strong in comparison
17
Leading by existing business
Almost always one step ahead
DFV AG | Neodigital | Element |
wefox group** | Ottonova | Lemonade |
Root | ||
Contracts per employee** | ||
4,099 | 4,048 | 4,301 |
2,500 | 2,290 | |
332 | 160 | 620 | 312 | |||||
28 | n.a. | 6 | n.a. | 48 | ||||
FY 2018 | FY 2019 | ||
Germany | USA | Germany | USA |
- The figures based on publicly available sources believed to be reliable. DFV AG has checked the information for plausibility but not for accuracy or completeness.
- OneInsurance belongs to the wefox Group and has just 13 employees. The rates contracts per employee and gross written premium per employee take the numberof employees from wefox into account, because OneInsurance belongs to wefox group. Gross written premium and number of contracts refers to OneInsurance.
Gross premiums written in €m**
379.4
66.5 | 89.5 | 90.9 | 103.6 | ||||
41.1 | |||||||
1.9 | 4.25 | 6.6 | 3.6 | ||||
0.06 | 0.03 | 0.7 | 1.0 | ||||
FY 2018 | FY 2019 |
Germany | USA | Germany | USA |
Gross premiums written per employee in €** 745,163
599,297
421,555
350,918 | 371,225 | ||||||||||||||||||||
13,472 | 127,857 | 38,288 | 33,809 | ||||||||||||||||||
59,000 | 13,280 | ||||||||||||||||||||
2,503 612 1,951 | |||||||||||||||||||||
FY 2018 | FY 2019 | ||||||||||||||||||||
Germany | USA | Germany | USA | 18 | |||||||||||||||||
The first real comparison with a listed InsurTech peer
9M 2020
Premium volume
in €m
Customer/contract base
first 9 months 2020
Net income
in €m
€ | Market cap |
in €m | |
120.3 | 161.4* | x 1.3 |
548.284 | 941.313 | x 1.7 |
-4.7 | -75.5 | x 16 |
~300 | ~3,160 | x 10 |
* The "In-force premium" of Lemonade is used to compare the premium volume of DFV. | 19 |
The reported figures are the 9M 2020 results. Lemonade published its figures on 11th of November. They are available on: https://s24.q4cdn.com/139015699/files/doc_downloads/2020/11/Q3-2020-Shareholder-Letter.pdf
Outlook
Entering a new dimension
20
Growth, growth, growth
CareFlex | New risk carriers | Europe |
P&C
Health
Life
21
DFV and CareFlex
Unique in Germany and Europe
approx.1,900 | approx. 5,000 |
holdings | companies |
€ 33.65
435,000 | 145,000 |
tariff-payed employees | non-tariff employees |
We expect 500,000 contracts
* For the services & IT service provider role in the consortium, DFV AG receives additional fees.
Consortium
-
11.78
35%
Service
- IT-provider*
22
Founding new risk carriers
Our milestones to broaden product range and to enter European markets
Plan 2021 | | ||
Insurance Holding | |||
Staff Unit | |||
Claim settlement | |||
Service | |||
DFV | IT | ||
Sales | Health | P&C | Life |
P&C Health
Our timeline
Entering | |||
Founding | Introducing | Founding European markets | |
Founding | life insurer* | ||
P&C insurer* | All-In-Finance- | ||
health insurer* | Solution |
20202021
Life
*Application to be submitted in 2020. | 23 |
Outlook - Continuing profitable growth
2019 | Guidance | Targets |
2020 | 2021 | |
Customers/ | 514,104 | 560,000 | 1,100,000 | ||
Contracts | |||||
Premium volume | € 101m | >€ 125m | >€ 200m | ||
EBIT | € -5.2m | € -9m to € -11m | profitable |
Mid-Term
Targets
2,000,000
€ 500m
EBIT margin
> 10%
24
Summary
25
What do you think about a company with this track record?
Growth rate | Share price |
+ 100%
FY 2017FY 2018FY 2019plan FY 2020IPOActual
Profitability | Revenue / Number of employees | ||||
Premium volume in € million | Employees | ||||
FY 2018 | FY 2019 | plan FY 2020 | plan FY 2021 |
FY 2017 | FY 2018 | FY 2019 | plan FY 2020 | plan FY 2021 | plan FY 2022 |
26
If you consider investing in such a company, then Deutsche Familienversicherung is a good option!
Premium volume in € million | Share price in € | ||||||||||||||
€ 26.00 | |||||||||||||||
+ 100% | € 19.00 | € 20.00 | |||||||||||||
125.0 | |||||||||||||||
101.2 | € 17.00 | ||||||||||||||
72.9 | 76.0 | € 12.30 | |||||||||||||
€ 9.90 | |||||||||||||||
FY 2017 | FY 2018 | FY 2019 | plan FY 2020 | IPO, | Actual, | ||||||||||
Dec 2018 | Nov 2020 | ||||||||||||||
EBIT in € million | Revenue / Number of employees | ||||||||||||||
Premium volume in € million | Employees | 200 | |||||||||||||
125 | |||||||||||||||
101 | |||||||||||||||
70 | 116 | 175 | 180 | ||||||||||||
111 | |||||||||||||||
FY 2017 | FY 2018 | FY 2019 | plan FY 2020 plan FY 2021 | plan FY 2022 | |||||||||||
FY 2018 | FY 2019 | plan FY 2020 | plan FY 2021 | ||||||||||||
27
We promise and we deliver - Fully on track
- Annual operating targets for 2020 affirmed
- CareFlex - implementation on track
- Founding new risk carriers - on track
- European market entry - on track
28
Looking forward to your questions!
Dr Stefan M. Knoll
CEO & CFO
Your contact:
Lutz Kiesewetter
Head of IR & PR
+49 (0)69 / 74 30 46 396 lutz.kiesewetter@deutsche-familienversicherung.de
Our next IR dates:
24/11 Virtual Roadshow with Berenberg
2021
21/01 "One more step" - Capital
markets day
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Disclaimer
DFV Deutsche Familienversicherung AG published this content on 16 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 November 2020 10:44:01 UTC