Financial results H1 2023

+8 % -7 % 95 %

Insurance revenue

Opex (Cost cutting)

Combined ratio

Insurance revenue und Opex: change year-over-year

2

Financial results H1 2023

Unchanged product/market approach

Product mix H1 2023

(% of gross written premiums)

• Health remains the core product:

•

Unchanged focus on profitable products, in line

with the core competencies of DFV.

•

Approx. two thirds of the new business stream

Reporting segment Property/Casualty

Inwards

Reinsurance

19%

Other P/C

3%

Pet

6%

Other Health

nAdL

7%

LTC 17%

Reporting segment

Health

Dental

47%

Other Health

nAdL

1%

results from established online channels with

an increasing inflow from direct channels,

fuelled by bespoke TV spots.

• Segment reporting:

• Health and P/C are now the reporting segments

in the consolidated financial report.

• The previously existing reporting segment

Inwards Reinsurance disappears due to IFRS 17

(IFRS 8.13).

P/C: Property/Casualty

LTC: Long-term care

nAdL: nach Art der Lebensversicherung, calculated as life insurance

nAdS: nach Art der Schadenversicherung, calculated as non-life insurance

3

Financial results H1 2023

Stronger insurance service result (IFRS 17)

Statement of comprehensive income

€m

H1 2022

H1 2023

Delta

Insurance revenue

60.3

64.9

+4.5

1

Insurance service expenses

-35.5

-37.5

-2.0

2

Acquisition cost

-10.2

-11.2

-1.0

Other insurance expenses

-9.8

-9.1

+0.7

3

Net expenses from reinsurance contracts held

-3.1

-4.3

-1.2

Insurance service result

1.8

2.8

+0.9

4

Claims ratio

61.9%

61.9%

Acquisition expense ratio

17.8%

18.5%

Admin expense ratio

17.1%

15.0%

Combined ratio

96.8%

95.5%

  1. Insurance revenue, including amounts from the release of the CSM. In this presentation, the Inwards Reinsurance business is recog- nised with its P&L effect only.
  2. Insurance service expenses increase by only €2.0 million; the claims ratio remains unchanged y-o-y,at 61.9 %.
  3. Other insurance expenses decrease com- pared to H1 2022. The cost management programmes implemented are effective, despite intensified marketing efforts.
  4. Insurance service result: Stronger operating performance compared to H1 2022. The combined ratio decreases from 96.8 % in H1 2022 to 95.5 % in H1 2023.

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 H1 2023

Volatile net financial result (IFRS 9) - profit guidance for 2023 is confirmed

Statement of comprehensive income €m Insurance service result

Net investment income Net insurance finance expenses Net financial result

Net insurance and investment result

Other result

Profit before tax

H1 2022

H1 2023

Delta

1.8

2.8

+0.9

9.8

0.6

-9.2

-4.9

-0.5

+4.3

4.9 0.1 -4.8

6.7 2.8 -3.9

-1.1

-1.1

-0.0

5.6

1.7

-3.9

1

2

  1. Significant reduction of the net investment income under volatile conditions on the capital market.
    • Compared to H1 2022, a lack of fair value changes recognised through P&L.
    • Consciously realising losses on fixed income as DFV seeks to reallocate its investment portfolio.
    • Impairment of a real estate bond.
    • DFV's current investment returns remain stable.
  3. Despite a volatile net financial result, DFV's profit before tax remains positive - the full- year profit guidance of €3 to 5 million is confirmed.

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

5

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DFV Deutsche Familienversicherung AG published this content on 14 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 September 2023 10:24:10 UTC.