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DFV DEUTSCHE FAMILIENVERSICHERUNG AG

(DFV)
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PRESS RELEASE: Deutsche Familienversicherung confirms all annual targets for 2021 after 24% growth in the first half-year

08/12/2021 | 02:01am EDT
DGAP-News: DFV Deutsche Familienversicherung AG / Key word(s): Half Year Results/Joint Venture 
Deutsche Familienversicherung confirms all annual targets for 2021 after 24% growth in the first half-year (news with 
additional features) 
2021-08-12 / 08:00 
The issuer is solely responsible for the content of this announcement. 
----------------------------------------------------------------------------------------------------------------------- 
  . Gross written premiums grow by 24% in the first half-year 
  . New business develops according to plan with premium volume of around EUR 14 million 
  . Net loss significantly reduced to EUR 0.7 million 
  . Successful market launch in Austria 
  . New cooperation with Volkswagen Bank GmbH, among others 
  . Product innovation "DFV-KombiSchutz" forms the basis for planned global product 
  . Founding of an IT joint venture with high-tech start-up STTech GmbH from Munich 
  . Positive development in the external review of the calculation basis of supplementary long-term care insurance 
  . All 2021 annual targets confirmed; new products and expansion of sales mix 
Frankfurt am Main, 12 August 2021 - DFV Deutsche Familienversicherung AG ("DFV", "Deutsche Familienversicherung"), the 
digital insurance company and a leading InsurTech in Europe, consistently continued its dynamic growth path in the 
second quarter of 2021. The company is hardly affected by the impact of the COVID 19 crisis due to its digital business 
model and confirms all annual targets for 2021. 
"We will realise a similarly strong new business in 2021 as last year and achieve all communicated targets. Seasonal 
fluctuations are normal and are not a cause for concern. The fact that we are growing by 24% despite the ongoing COVID 
19 crisis shows that our digital business model works," comments Stefan Knoll, CEO and founder of Deutsche 
Familienversicherung. 
Gross premiums written in property insurance rise by 63.7% 
DFV continues to grow significantly faster than the market. Gross premiums written increased by 24.2% to EUR 66.7 
million in the first half of 2021 (H1 2020: EUR 53.7 million). While premiums in supplementary health insurance 
increased by 21.3%, growth in non-life insurance was a pleasing 63.7% in the first half of 2021. This development is in 
line with the Group strategy, which provides for increasing diversification of DFV's product portfolio in order to give 
the company a broader base. Accordingly, the share of property insurance in premiums written increased further from 
6.8% to 8.9% in the first half of 2021. 
With a premium volume of EUR 13.7 million, new business developed as planned in the first six months of the 2021 
financial year (H1 2020: EUR 15.4 million). In supplementary health insurance, the average premium per new contract 
rose once again from around EUR 345 to EUR 363. Through the continuous innovation and further development of its 
product portfolio, DFV meets the individual requirements of its customers and is thus able to increase the average 
premiums per contract. In addition, the still young animal insurance market offers the company enormous growth 
potential - even beyond Germany's borders. 
Significant reduction in net loss despite high growth investments 
DFV continues to invest heavily in growth. At EUR 14.0 million, sales expenses were slightly lower than in the previous 
year (H1 2020: EUR 16.1 million). Irrespective of this, the consolidated result after taxes improved significantly to 
EUR -0.7 million in the first half of 2021 (H1 2020: EUR -4.1 million). The main drivers of this development were 
higher premium income and a significantly improved investment result of EUR 4.0 million. This was heavily burdened in 
the previous year due to Corona (H1 2020: EUR -1.9 million). Increased expenses for insurance benefits, including the 
build-up of loss reserves, had the opposite effect on the consolidated result. DFV recorded an increase in the loss 
ratio to 68.9% (H1 2020: 60.5%), in particular due to pandemic effects. The combined ratio, on the other hand, improved 
by 2.4 percentage points to 101.9%, as the costs for insurance operations increased only moderately despite the strong 
new business. 
Successful market launch in Austria and new combination product "DFV-KombiSchutz" for the German market 
On 30 June 2021, Deutsche Familienversicherung started selling animal health insurance in Austria (www.dfv.at). By 
entering another European market, DFV is internationalising its digital sales model as announced. The entry into the 
Austrian market is a test run for additional international expansion plans at low cost and risk. In order to make 
optimal use of the existing market potential in Austria already, the existing partnership with ProSiebenSat.1 Digital 
in Germany will be transferred to Austria from 1 September 2021 at the latest. The new animal health insurance of 
Deutsche Familienversicherung will then also be marketed on the TV and online channels of the broadcasting group in 
Austria, which have a wide reach. The marketing will take place, following the German model, under the brand 
"PETPROTECT" via the website www.petprotect.at. 
The market launch of the new combination product, "DFV-KombiSchutz", also took place at the end of June. With this, DFV 
fulfilled another promise. The new "DFV-KombiSchutz" consists of accident, household/glass, private liability and 
traffic legal protection insurance. By bundling products, combined with a flat rate price, the digital insurer is 
responding to customer requests for further simplification of the product range. In addition, the customer also has a 
choice of four product variants with "DFV-KombiSchutz" and continues the "all-in" logic of the DFV 16-product matrix. 
The ability to bundle products in combination with a flat premium rate forms the basis for the innovative 
GlobalProduct. 
Further strengthening of cooperation sales 
In the first half of 2021, Deutsche Familienversicherung succeeded in realising a large number of cooperations with 
renowned partners in order to promote its own growth. The cooperation with Hamburger Sparkasse ("Haspa") relates to the 
sale of pet health insurance for dogs and cats. Germany's largest savings bank offers DFV insurance products to its 
private customers via www.haspa.de and is also promoted directly to customers in the bank's more than 100 branches. 
Already in the second half of 2020, "DFV-ZahnSchutz" and "DFV-TierkrankenSchutz" were advertised in the B2C Lidl Plus 
app as part of a pilot project. In 2021, DFV will expand the cooperation with Lidl. In six time windows of four weeks 
each, the supplementary dental, pet health and other DFV insurances will be marketed alternately in the Lidl Plus app 
under "Partner benefits". DFV-ZahnSchutz" is currently positioned on www.lidl.de in parallel to the Lidl Plus app 
offer. 
In addition, the Frankfurt-based InsurTech can announce a number of new cooperation partners. Since mid-July, 
Volkswagen Bank GmbH has been offering its customers DFV's pet health insurance in cooperation with Jung, DMS Cie. & 
Pro GmbH. Further information on the product can be found on the website www.vwfs.de under the heading "Provisions & 
Insurance". 
Furthermore, an agreement was concluded with hagebau Versicherungsdienst, the in-house insurance broker of the hagebau 
group, on the sales of DFV supplementary health insurance for hagebau employees. In a further step, the cooperation is 
to be expanded to include pet health insurance from 2022. 
Similarly, a cooperation agreement was concluded with Maxda Darlehensvermittlungs GmbH on the sale of pet health 
insurance for cats and dogs. The partner for loans and real estate financing has started to offer its customers the DFV 
TierkrankenSchutz product for dogs and cats through cross-selling. 
"The realisation of further sales partnerships shows the strength of our work in the cooperation business and our 
continued unabated attractiveness as an insurance partner across all sectors. In the medium to long term, cooperation 
sales will play a major role in the sales success of Deutsche Familienversicherung; we see great potential here", says 
Stephan Schinnenburg, Chief Sales Officer of Deutsche Familienversicherung. 
Founding of an IT joint venture with high-tech start-up STTech GmbH 
Together with STTech GmbH, a high-tech start-up based in Munich that was founded in the vicinity of the Technical 
University of Munich, Deutsche Familienversicherung will set up a company to develop and apply the latest technologies 
for the automation of claims and benefits. An important aspect of the cooperation is the development of new digital 
business areas, such as blockchain-based insurance products. STTech combines know-how in the areas of software, AI, 
architecture design and autonomous systems with specific expertise in order to productively take up the new challenges 
in the economic cycles and use them for its own benefit. 
The Frankfurt-based InsurTech sees enormous and previously completely untapped market potential in these areas. 
Review of the calculation basis for supplementary long-term care insurance 
At the end of last year, Deutsche Familienversicherung's long-term care insurance was the subject of discussions with 
the supervisory authority BaFin. As a result, BaFin instructed the company in January 2021 to appoint an expert or 
actuarial expert from a renowned auditing firm to examine the calculation of the actuarial interest rate at Deutsche 
Familienversicherung. 
The thesis was that Deutsche Familienversicherung, as a relatively new company, could not be in a position to generate 
a so-called actuarial interest rate of 2%. In this respect, the question was whether Deutsche Familienversicherung had 
incorrectly determined the actuarial interest rate for long-term care tariffs in the past, one of the bases for 
calculating the tariff. In the meantime, the company has received the findings of the expert. These confirm that the 
method of calculating the actuarial interest rate at Deutsche Familienversicherung was appropriate - both for initial 

(MORE TO FOLLOW) Dow Jones Newswires

August 12, 2021 02:00 ET (06:00 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
DFV DEUTSCHE FAMILIENVERSICHERUNG AG 1.36% 11.96 Delayed Quote.-48.47%
DJ INDUSTRIAL 0.21% 35675.55 Delayed Quote.16.35%
VOLKSWAGEN AG 2.24% 196.1 Delayed Quote.25.84%
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Financials
Sales 2021 155 M 180 M 180 M
Net income 2021 -2,93 M -3,41 M -3,41 M
Net cash 2021 32,9 M 38,3 M 38,3 M
P/E ratio 2021 -56,2x
Yield 2021 -
Capitalization 172 M 200 M 200 M
EV / Sales 2021 0,90x
EV / Sales 2022 0,65x
Nbr of Employees 150
Free-Float 39,3%
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Number of Analysts 3
Last Close Price 11,80 €
Average target price 23,33 €
Spread / Average Target 97,7%
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Managers and Directors
Stefan Maximilian Knoll Chief Executive Officer
Karsten Paetzmann Chief Financial Officer
Hans-Werner Rhein Chairman-Supervisory Board
Marcus Wollny Chief Operations & Information Officer
Luca Raffaele R. N. Pesarini Member-Supervisory Board