DFV Deutsche Familienversicherung : Half-yearly financial report 2023

The digital direct insurer

DFV Deutsche Familienversicherung AG

Consolidated Interim Report 2023

TABLE OF CONTENTS

Foreword of the Executive Board	3
Consolidated interim management report
Economic environment and sector development	4
Development of the course of business	5
Business development	8
Consolidated interim financial statements
Balance sheet	13
Statement of comprehensive income	14
Development of equity	15
Statement of cash flow	16
Segment reporting	17
Condensed notes under IAS 34
General information	19
Insurance business	33
Financial business	43
Other information	46

Responsibility statement of the legal representatives

48

Foreword of the Executive Board

3

Ladies and Gentlemen,

Although the coronavirus pandemic subsided at the beginning of 2023, the Russian aggressor still continues the war in Ukraine that began on 24 February 2022. The consequences for the population in Germany are being felt in the form of high inflation and, as a result, weak demand. Deutsche Familienversicherung remains robust in the face of these challenges, as we have a digital business model. We are countering the increased geopolitical uncertainty with scenario analyses that include indirect effects, particularly inflation, further interest rate hikes and high capital market volatility. These effects were also apparent once again with regard to the growing investment portfolio of Deutsche Familienversicherung. We overcame this challenge again in the first half of 2023 and, in particular, safeguarded client assets under management.

During the first half of the year, our portfolio of direct insurance contracts grew by € 8.1 million. A good half of this growth was attributable to our supplementary dental insurance. Here, we were once again named the test winner by the consumer organisation Stiftung Warentest, for the eighth time in a row. The well-established digital sales channels of Deutsche Familienversicherung have once again proven reliable. At the same time, we are further developing our direct marketing capabilities. This also includes intensified marketing, which is reflected in new product-related TV adverts, among other things. Together with our digital policy creation process, we are paving the way for further sustainable success.

This interim report introduces the standards IFRS 17 and IFRS 9 to our Group reporting. We increased our insurance service result significantly to € 2.8 million in the first half of 2023 (first half of 2022: € 1.8 million), thus continuing on our path to profitability. At € 1.7 million, consolidated income before tax was nevertheless lower in the first half of 2023 due to the weaker income from capital investments.

Innovation will continue to determine our course. We will harness the potential of artificial intelligence for our business model and in turn our customers. At the same time, we are still striving to remain an attractive company that operates sustainably on the job market. In July 2023, the sustainability focus of Deutsche Familienversicherung was awarded an ESG Score by the rating agency ESG Book and described as an 'excellent performance'. This rating promoted Deutsche Familienversicherung straight into the top 15% of all companies rated by this agency.

None of this would have been possible without the dedication and professionalism of all our employees. The Executive Board wishes to thank them specifically for their support. Together, we will continue to grow the company systematically. Our customers, for whom we are constantly developing further innovative solutions and business processes that live up to our credo, are always at the heart of everything we do: 'Simple. Sensible.' On behalf of the Executive Board and our employees, I would like to thank you for the trust you have placed in Deutsche Familienversicherung and invite you to continue to accompany us on our journey.

Yours sincerely,

Dr Stefan Knoll

Chief Executive Officer

Frankfurt am Main, 13 September 2023

DFV Deutsche Familienversicherung AG - Interim Report 2023

CONSOLIDATED INTERIM

MANAGEMENT REPORT