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!

  1. 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