DFV Deutsche Familienversicherung : Financial Results HY 2023 & Capital Markets Day
September 14, 2023 at 06:25 am
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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
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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%
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.
Insurance service expenses increase by only €2.0 million; the claims ratio remains unchanged y-o-y,at 61.9 %.
Other insurance expenses decrease com- pared to H1 2022. The cost management programmes implemented are effective, despite intensified marketing efforts.
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
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.
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
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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.
DFV Deutsche Familienversicherung AG is a Germany-based company engaged in digital Insurtech and insurance sector. The Company focuses primarily on selling insurance policies digitally and online. It offers the broad range of digital customer solutions, such DFV customer portal or DFV app that enable its customers to process business transactions in real time, covering advice, financial statements, document management and claims handling. Its product portfolio includes supplemental health insurance policies, such as supplementary outpatient, inpatient, dental and long-term care insurance, and property insurance, such as household contents, liability, legal defence and accident insurance policies. The Company has wholly-owned subsidiaries in Germany.