DFV DEUTSCHE FAMILIENVERSICHERUNG AG Financial results Q1 2024
DFV Deutsche Familienversicherung AG
23 Mai 2024
Welcome
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Financial results Q1 2024
+2% 95% €1.5M
Insurance revenue | Combined ratio | Profit before tax |
Insurance revenue: change year-over-year | 3 |
Financial results Q1 2024
Robust combined ratio of 95 % and enhanced operating profitability
Statement of comprehensive income | ||||
€m | Q1 2023 | Q1 2024 | Delta | |
Insurance revenue | 30.0 | 30.5 | +0.5 | 1 |
Insurance service expenses | -17.8 | -18.3 | -0.5 | |
Acquisition cost | -4.4 | -4.6 | -0.2 | |
Other insurance expenses | -3.6 | -4.2 | -0.6 | 2 |
Net expenses from reinsurance contracts held | -2.9 | -1.9 | +1.0 | 3 |
Insurance service result | 1.4 | 1.6 | +0.1 | 4 |
Claims ratio | 65.3% | 63.9% | ||
Acquisition expense ratio | 16.1% | 16.0% | ||
Admin expense ratio | 13.3% | 14.7% | ||
Combined ratio | 94.7% | 94.5% |
- Insurance revenue, including the unlocking of the CSM which contains future profits of the contracts (Q1 2024: €1.2 million). Dental, DFV's core product line, achieved a revenue growth of 6% y-o-y.
- Other insurance expenses grew mainly due to intensified marketing efforts (TV spots).
- Partly redesigned reinsurance contracts resulted in a reduction of expenses.
- The Q1 2024 insurance service result demonstrates DFV's improved operating performance which grew by 9% y-o-y.
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 Q1 2024
2024 profit guidance is confirmed
Statement of comprehensive income | ||||
€m | Q1 2023 | Q1 2024 | Delta | |
Insurance service result | 1.4 | 1.6 | +0.1 | |
Net investment income | 0.6 | 0.5 | -0.1 | |
Net insurance finance expenses | 0.0 | 0.6 | +0.5 | |
Net financial result | 0.7 | 1.1 | +0.4 | 1 |
Net insurance and investment result | 2.1 | 2.6 | +0.5 | |
Other result | -0.8 | -1.1 | -0.3 | 2 |
Profit before tax | 1.3 | 1.5 | +0.2 | 3 |
- Increased net financial result due to effects from changes in estimates (VFA) as well as a positive unwinding of certain reinsurance contracts (GMM).
- Increase driven by one-off expenses relating to the IFRS 17/9 adoption.
- Based on a robust operating performance and a continued volatile net financial result under IFRS 17/9 - DFV's full-yearprofit guidance of €5 to 7 million is confirmed.
VFA: Variable fee approach, the compulsory measurement model under IFRS 17 for long-term participating business | |
GMM: General measurement model, the default measurement model under IFRS 17 for long-termnon-participating business | 5 |
Adoption of IFRS 17/9 in both reporting periods; simplified |
Financial results Q1 2024
Key messages
Focus on profitability
Sustainable growth
Technical excellence
Operational efficiency
- DFV confirms the 2024 profit target
- Implementing DFV's strategy with focus on reaching financial targets
- Capitalising on a unique business setup with DFV's attractive products
- Continued growth via established online, direct and broker channels
- Adequate pricing, underwriting and risk management of exposures
- Robust profitability with operating income up 9% y-o-y
- Cost management and cost discipline remain key
- Continued efforts to further professionalise internal capabilities
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Financial results Q1 2024
Our next investor relations activities in 2024
26 Juni
AGM
12 September
H1 2024 & Capital Markets Day
23 September
Berenberg/Goldman Sachs German Corporate Conference
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Disclaimer
DFV Deutsche Familienversicherung AG published this content on 23 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 May 2024 08:28:03 UTC.
