Insurer Brain - User contributions [en-us]

Definition:AXA Investment Managers

2026-07-27T15:48:24Z

Wikilah admin: Publish curated Definition page (AXA Investment Managers) — overrides legacy glossary entry

{{Infobox definition
| category = business mix
| abbreviation = AXA IM
| aliases = AXA: IM; AXA: table: Asset Management
| related terms = Assets under management; Other revenue; Earnings dilution
| short definition = AXA's asset-management arm, sold to BNP Paribas in 2025.
| review status = authored
}}

🏢 '''AXA Investment Managers''' is the Paris-headquartered asset manager that AXA created in 1994 as the group's investment arm. The industry knows it as AXA IM. AXA IM ran money on two fronts: AXA's own insurance general-account portfolios, and funds for third-party institutional and retail clients. It built durable franchises in fixed income and structured credit, and housed real estate and alternative investments in its AXA IM Alts platform.

🔀 For three decades AXA IM anchored AXA's asset-management segment. Its fee income and managed assets were fixtures of group disclosure, and AXA documents often clipped the name to simply IM. That chapter closed when AXA agreed in 2024 to sell the business to BNP Paribas. The sale completed in mid-2025 with a long-term agreement attached: the enlarged BNP Paribas platform keeps managing assets on AXA's behalf. AXA paired the disposal with share buybacks to offset the resulting earnings dilution.

🌐 The transaction reshaped European asset management on both sides. BNP Paribas became one of the continent's largest managers, and AXA completed its long strategic narrowing toward insurance, after earlier exits from banking and US life operations. AXA IM remains ubiquitous in AXA's paper trail: historical segment results, restatements, disposal commentary. A reader working across that boundary needs one fact above all: the business left group scope in 2025.

Definition:AXA Europe

2026-07-27T15:48:22Z

Wikilah admin: Publish curated Definition page (AXA Europe) — overrides legacy glossary entry

{{Infobox definition
| category = business mix
| aliases = AXA: cell: Europe
| parent terms = AXA
| related terms = AXA; AXA France; Business mix; Property & casualty; Life & health
| short definition = AXA's European business unit outside France, spanning Belgium, Germany, Italy, Spain, Switzerland, the UK & Ireland and other European markets.
| subject = AXA
| review status = authored
}}

🇪🇺 '''AXA Europe''' is the business unit that gathers AXA's European insurance operations outside France: Belgium, Germany, Italy, Spain, Switzerland, the UK & Ireland, and other European markets. AXA's disclosures often shorten it to Europe. Each national company writes its own mix of property-casualty, health, and life business, and the unit exists to manage and report them as one European platform beside the French home market.

🧩 The unit's composition reflects decades of acquisition. Winterthur, bought in 2006, made AXA one of Switzerland's leading insurers; the 1999 purchase of Guardian Royal Exchange deepened the UK and Irish positions; Germany, Belgium, Spain, and Italy combine organic franchises with bancassurance partnerships. The businesses differ by market: the UK book tilts toward health and commercial lines, Switzerland toward property-casualty, Italy toward bancassurance distribution. Managing that heterogeneity, common standards laid over local franchises, is the unit's operating logic.

📈 For the group, AXA Europe delivers diversified, developed-market earnings: many mid-sized positions rather than one dominant one, spreading results across national insurance cycles, catastrophe exposures, and regulatory regimes. The unit's markets are mature, so strategic emphasis falls on technical margin, capital efficiency, and selective growth in health and commercial lines rather than on expansion for its own sake. In AXA reporting, Europe as a label means this defined set of markets, not the continent at large, and never includes France.

Definition:AXA France

2026-07-27T15:48:20Z

Wikilah admin: Publish curated Definition page (AXA France) — overrides legacy glossary entry

{{Infobox definition
| category = business mix
| aliases = AXA: cell: France
| parent terms = AXA
| related terms = AXA; AXA Europe; Business mix; Property & casualty; Life & health
| short definition = AXA's French home-market business unit covering life, health, property & casualty and savings operations.
| subject = AXA
| review status = authored
}}

🇫🇷 '''AXA France''' is AXA's business unit for its home market, covering life, health, savings, and property-casualty operations in France. AXA's segment disclosures often shorten the name to simply France. The unit descends from the group's oldest roots: the Norman mutuals that became AXA, then the 1997 acquisition of UAP, at the time France's largest insurer, which made the combined company a dominant force in its domestic market. That position has anchored the group ever since.

🤝 The unit operates as a full-spectrum composite insurer. It protects households through motor, home, and personal liability cover, runs one of France's major health and protection franchises, and manages long-term savings and retirement money gathered through life-insurance wrappers. Distribution leans on networks with deep national reach: the tied agents (agents généraux) that historically defined French insurance, salaried sales forces, brokers, and partnerships, layered with direct and digital channels.

📊 Within group reporting, AXA France is a pillar of scale and stability: a mature market position that generates recurring earnings, and cash remittances that help fund the group's dividends and buybacks. The unit also serves as the proving ground for group strategy in health, protection, and retirement, where French reforms and product shifts play out first at home. In AXA documents, France as a segment label means this unit; the country and the business read as one.

Definition:AXA

2026-07-27T15:48:18Z

Wikilah admin: Publish curated Definition page (AXA) — overrides legacy glossary entry

{{Infobox definition
| category = organizations; companies; insurance companies; Europe-focused insurance companies
| aliases = AXA Group; AXA: cell: group
| related terms = AXA France; AXA Europe; AXA XL; AXA Asia, Africa & EME-LATAM; AXA Transversal & Other; AXA Investment Managers
| short definition = French multinational insurance group headquartered in Paris; the parent entity whose consolidated figures carry the Group scope in its reporting.
| subject = AXA
| review status = authored
}}

🏛️ '''AXA''' is a French multinational insurance group headquartered in Paris and listed on Euronext Paris, where it ranks among the flagship CAC 40 companies. It stands among the largest insurers in the world, writing property-casualty, life, and health business for retail and commercial customers across Europe, North America, Asia, Africa, and Latin America. In the group's own reporting, AXA and Group name the consolidated scope: the figures that aggregate every business unit after intra-group eliminations.

📜 The group is young for its size. It grew out of a cluster of Norman mutual insurers, took the invented name AXA in 1985 under Claude Bébéar, chosen to read identically in every language, and then compounded through acquisition: Equitable in the United States in the early 1990s, UAP in 1997, Winterthur in 2006, XL Group in 2018. The portfolio has been pruned as deliberately as it was built. AXA exited its US life arm through the Equitable Holdings IPO, sold assorted banking operations, and in 2025 completed the sale of AXA Investment Managers to BNP Paribas, narrowing the group to insurance.

🌍 Today the group runs as a set of business units (AXA France, AXA Europe, AXA XL, AXA Asia, Africa & EME-LATAM, and AXA Transversal & Other) whose results roll up into the Group scope. Strategy since the XL acquisition has shifted the balance from financial-market risk toward technical insurance risk, with underlying earnings and its per-share growth serving as the headline metrics of successive strategic plans. For readers of AXA documents the practical point is scope: a figure labelled Group covers the whole consolidation, while unit and segment figures cover defined slices of it.

Data:AXA/2025/FY/Earnings release.json

2026-07-27T15:48:05Z

Wikilah admin: Section records derived from the published summary page (44 sections)

{
"doc_id": "chq99br5nr",
"document": {
"organization": "AXA",
"year": "2025",
"period": "FY",
"document_category": "Earnings release",
"document_name": "AXA Full Year 2025 Earnings Press Release",
"publication_date": "2026-02-26",
"language": "English",
"intro_sentence": "This article summarizes AXA's Earnings release published on 2026-02-26 (20 pages)."
},
"sections": [
{
"id": "chq99br5nr-c1",
"chunk": 1,
"pages": [
1
],
"heading": "Document metadata",
"tags": [],
"links": [
"Year 2026"
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"content": "* Paris, February 26th, 2026 (Year 2026) (6:45am CET)\n\n== Full Year 2025 Earnings =="
},
{
"id": "chq99br5nr-c2",
"chunk": 2,
"pages": [
1
],
"heading": "underlying EPS growth",
"tags": [],
"links": [
"AXA",
"Underlying earnings per share",
"Target range"
],
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"effective_tags": [
"AXA",
"Target range",
"Underlying earnings per share"
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"content": "* AXA reported record results with underlying EPS (Underlying earnings per share) growth at the top end of the target range.\n\n== Key FY25 highlights =="
},
{
"id": "chq99br5nr-c3",
"chunk": 3,
"pages": [
1
],
"heading": "Gross written premiums and underlying earnings",
"tags": [],
"links": [
"Gross written premiums \u0026 other revenues",
"Full year 2024",
"Underlying earnings",
"AXA Investment Managers",
"Underlying earnings per share",
"Headwind",
"Foreign exchange",
"Earnings dilution",
"Share buyback"
],
"data_items": [],
"effective_tags": [
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"Capital management",
"Earnings dilution",
"Foreign exchange",
"Full year 2024",
"Gross written premiums \u0026 other revenues",
"Headwind",
"Share buyback",
"Underlying earnings",
"Underlying earnings per share"
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"content": "* Gross written premiums \u0026 other revenues(1)(footnote: Change in gross written premiums \u0026 other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.): EUR 116bn, up +6% vs. FY24 (Full year 2024)\n* Underlying earnings(2)(footnote: 'Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).): EUR 8.4bn, up +6% vs. FY24\n* Underlying earnings excluding AXA IM (AXA Investment Managers)(3)(footnote: AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are given at constant foreign exchange rates.): up +9% vs. FY24\n* Underlying earnings per share(2)(footnote: 'Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).): EUR 3.86, up +8% vs. FY24\n* Underlying earnings per share was impacted by a -2% headwind from foreign exchange movements (Foreign exchange)\n* Underlying earnings per share was impacted by a -1% temporary earnings dilution from the sale of AXA IM due to timing of anti-dilutive share buyback(4)(footnote: On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, whereby AXA carried out a program to buyback its own shares for a maximum amount of Euro 3.8 billion to offset the earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as announced on August 1, 2024. The share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in a temporary earnings dilution as of December 31, 2025.)"
},
{
"id": "chq99br5nr-c4",
"chunk": 4,
"pages": [
1
],
"heading": "Solvency II ratio",
"tags": [],
"links": [
"Full year 2024",
"Year 2026"
],
"data_items": [],
"effective_tags": [
"Full year 2024",
"Year 2026"
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"content": "* Solvency II ratio(5)(footnote: The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.): 224% at December 31, 2025, up +9 points vs. FY24 (Full year 2024)\n* Solvency II ratio: 215% on January 1, 2026 (Year 2026), reflecting the end of the grandfathering period(6)(footnote: Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, at which point they ceased to qualify as capital under Solvency II, as disclosed in AXA's press release on its 9M25 Activity Indicators, published on www.axa.com.)\n\n== Capital Management =="
},
{
"id": "chq99br5nr-c5",
"chunk": 5,
"pages": [
1
],
"heading": "Shareholder Returns and Buyback Programs",
"tags": [],
"links": [
"Dividend",
"Full year 2024",
"Share buyback",
"AXA Investment Managers",
"Year 2026"
],
"data_items": [],
"effective_tags": [
"AXA Investment Managers",
"Capital management",
"Dividend",
"Full year 2024",
"Share buyback",
"Year 2026"
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"content": "* Dividend of EUR 2.32 per share, up +8% vs. FY24 (Full year 2024)(7)(footnote: Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.)\n* Launch of an annual share buyback program(8)(footnote: As approved by AXA's Board of Directors on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.) of up to EUR 1.25bn\n* Completion of EUR 3.8bn additional share buyback related to AXA IM (AXA Investment Managers) disposal(4)(footnote: On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, whereby AXA carried out a program to buyback its own shares for a maximum amount of Euro 3.8 billion to offset the earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as announced on August 1, 2024. The share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in a temporary earnings dilution as of December 31, 2025.), executed between July 2, 2025, and January 20, 2026 (Year 2026)\n\n== Outlook =="
},
{
"id": "chq99br5nr-c6",
"chunk": 6,
"pages": [
1
],
"heading": "2026 outlook and strategic plan",
"tags": [],
"links": [
"Underlying earnings per share",
"Year 2026",
"Target range",
"AXA"
],
"data_items": [],
"effective_tags": [
"AXA",
"Target range",
"Underlying earnings per share",
"Year 2026"
],
"content": "* Underlying earnings per share growth for 2026 (Year 2026) is expected to be at the upper end of the 6-8% plan target range(9)(footnote: Expected underlying earnings per share ('UEPS') growth for 2026 is a forward -looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan and is qualified by the cautionary statements in this press rel ease regarding forward-looking statements.)\n* Expected impact of Solvency II revision is +17 points(10)(footnote: Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.)\n* AXA will present its new strategic plan for 2027-2029 on September 21, 2026"
},
{
"id": "chq99br5nr-c7",
"chunk": 7,
"pages": [
1
],
"heading": "2025 performance commentary",
"tags": [],
"links": [
"AXA",
"AXA Investment Managers",
"Property \u0026 casualty",
"AXA XL",
"Life \u0026 health"
],
"data_items": [],
"effective_tags": [
"AXA",
"AXA Investment Managers",
"AXA XL",
"Life \u0026 health",
"Property \u0026 casualty"
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"content": "* In 2025, AXA delivered +9% earnings growth in core businesses excluding AXA IM (AXA Investment Managers)\n* Reserve prudence was enhanced following excellent results\n* P\u0026C (Property \u0026 casualty) franchise posted stellar results with a healthy balance between price and volume, best-in-class margins, a lower expense ratio, and higher investment income\n* AXA XL Insurance increased earnings with stable underlying margins\n* Life \u0026 Health earnings rose by 7%\n* Life earnings reflected early benefits of the strategy to rejuvenate the business\n* Health grew by 17% even after absorbing the adverse change on VAT treatment in Mexico\n* Investments in automation and Artificial Intelligence are driving efficiency gains\n* Solvency II ratio is at a very strong level\n* Thomas Buberl, CEO of AXA, stated that the results demonstrate the earnings power of the diversified franchise and reinforce confidence in AXA's ability to generate sustainable, long-term value\n\n== FY25 key highlights =="
},
{
"id": "chq99br5nr-c8",
"chunk": 8,
"pages": [
2
],
"heading": "Key figures – FY25 key highlights",
"tags": [],
"links": [
"Full year 2025",
"Full year 2024",
"Gross written premiums \u0026 other revenues",
"Property \u0026 casualty",
"Life \u0026 health",
"AXA Investment Managers",
"Underlying earnings"
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"data_items": [],
"effective_tags": [
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],
"content": "**Key figures – FY25 (Full year 2025) key highlights**\n\n| in Euro million | FY24 (Full year 2024) | FY25 | Change on a reported basis | Change at comparable basis |\n| --- | --- | --- | --- | --- |\n| Gross written premiums \u0026 other revenues (Gross written premiums \u0026 other revenues) (1) | 110,316 | 115,524 | +5% | +6% |\n| o/w Property \u0026 Casualty (Property \u0026 casualty) | 56,514 | 58,038 | +3% | +5% |\n| o/w Life \u0026 Health (Life \u0026 health) | 51,983 | 56,512 | +9% | +8% |\n| o/w Asset Management (AXA Investment Managers) | 1,701 | 875 | n.m. | n.m. |\n\n| in Euro million | FY24 | FY25 | Change on a reported basis | Change at constant Forex |\n| --- | --- | --- | --- | --- |\n| Underlying earnings (2) | 8,078 | 8,368 | +4% | +6% |\n| Net income | 7,886 | 9,797 | +24% | +26% |\n\n| in Euro million | FY24 | FY25 | Change on a reported basis | |\n| --- | --- | --- | --- | --- |\n| Solvency II ratio (%) (5) | 216% | 224% | +9 pts | — |\n=== Activity indicators ==="
},
{
"id": "chq99br5nr-c9",
"chunk": 9,
"pages": [
2
],
"heading": "Gross written premiums and other revenues",
"tags": [],
"links": [
"Gross written premiums",
"Other revenue",
"Property \u0026 casualty",
"AXA XL",
"Life \u0026 health"
],
"data_items": [],
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"AXA",
"AXA XL",
"Gross written premiums",
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"Property \u0026 casualty"
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"content": "* Total gross written premiums and other revenues(1)(footnote: Change in gross written premiums \u0026 other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.) were up 6%.\n* Property \u0026 Casualty: +5%.\n** Commercial lines(11)(footnote: 'Commercial lines' refers to P\u0026C Commercial lines excluding AXA XL Reinsurance.): +4% from higher volumes (notably at AXA XL Insurance) and favorable price effects(12)(footnote: Price effects are calculated as a percentage of total gross written premiums of the prior year.) across all geographies.\n** Personal lines: +7% driven by favorable price effects and strong growth in net new contracts, notably in France, Europe, Asia \u0026 EME-LATAM.\n** AXA XL Reinsurance: +8% with growth supported by alternative capital.\n* Life \u0026 Health: +8%.\n** Life premiums: +9%.\n*** Protection: +11% from strong sales in Hong Kong, Switzerland, and Japan.\n*** Unit-Linked: +13% from higher volumes across all geographies.\n*** G/A(13)(footnote: General account.): +4% from continued momentum in Italy and France.\n** Health premiums: +5% driven by price effects in all geographies."
},
{
"id": "chq99br5nr-c10",
"chunk": 10,
"pages": [
2
],
"heading": "Underlying earnings and EPS",
"tags": [],
"links": [
"Underlying earnings",
"AXA Investment Managers",
"Property \u0026 casualty",
"Life \u0026 health",
"Underlying earnings per share",
"Share buyback",
"Foreign exchange"
],
"data_items": [],
"effective_tags": [
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"Capital management",
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"content": "* Underlying earnings(2)(footnote: 'Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).) increased by 6% to EUR 8.4bn.\n* Underlying earnings increased by +9% excluding AXA IM (AXA Investment Managers)(3)(footnote: AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are given at constant foreign exchange rates.).\n* Property \u0026 Casualty: +9% from higher volumes, underwriting margin expansion, and increased financial result due to higher investment income.\n* Life \u0026 Health: +7% from improved short-term technical results in Health \u0026 Protection, and higher earnings in long-term business, including early benefits from strategy to rejuvenate the business.\n* Holdings(14)(footnote: Including banking activities.) underlying earnings remained broadly stable at EUR -1.2bn.\n* Asset Management underlying earnings decreased by EUR 0.2bn due to the disposal of AXA IM on July 1, 2025.\n* Underlying earnings per share(2)(footnote: 'Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).) increased by 8% to EUR 3.86.\n* This increase was mainly driven by:\n** Increase in underlying earnings (+6%) and a decrease in interest expense on undated and deeply-subordinated debt.\n** Impact of share buybacks (+3%), including the annual share buyback program and the anti-dilutive share buyback associated with the sale of AXA IM.\n* This was partially offset by the unfavorable impact of foreign exchange rate movements, notably the depreciation of the U.S. dollar against the Euro (-2%).\n* The sale of AXA IM resulted in a temporary dilution of underlying earnings per share (-1%) due to the timing of the associated share buyback."
},
{
"id": "chq99br5nr-c11",
"chunk": 11,
"pages": [
2
],
"heading": "Net income",
"tags": [],
"links": [
"Underlying earnings",
"AXA Investment Managers"
],
"data_items": [],
"effective_tags": [
"AXA Investment Managers",
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"content": "* Net income increased by 26% to EUR 9.8bn.\n* This increase mainly reflects the increase in underlying earnings and significantly positive exceptional items, notably the gain from the sale of AXA IM (AXA Investment Managers).\n\n=== Balance sheet ==="
},
{
"id": "chq99br5nr-c12",
"chunk": 12,
"pages": [
3
],
"heading": "Shareholders' equity and CSM",
"tags": [],
"links": [
"Full year 2024",
"Dividend",
"Share buyback",
"AXA Investment Managers",
"Foreign exchange"
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"content": "* Shareholders' equity was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn versus December 31, 2024.\n* The decrease in shareholders' equity was due to: FY24 (Full year 2024) dividend paid to shareholders (EUR -4.6bn), impact of share buybacks in 2025 (EUR -4.7bn) including the EUR 3.5bn anti-dilutive share buyback related to the sale of AXA IM (AXA Investment Managers), and an unfavorable foreign exchange impact (EUR -3.5bn) notably from USD depreciation.\n* These negative impacts on shareholders' equity were partly offset by positive contributions from net income (EUR +9.8bn) and net OCI (EUR +1.3bn).\n* CSM(1)(footnote: Change in gross written premiums \u0026 other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.)(15)(footnote: Including P\u0026C. Please see Appendices of the FY25 earnings presentation available at www.axa.com for indicative sensitivities impacting CSM. These sensitivities, together with any other sensitivities contained in the Appendices, are based on management's current assessment in connection with the full -year 2025 annual results. These sensitivities are expressly qualified by the cautionary statements in the presentation concerning forward looking statements and have not been audited or subject to a limited review by AXA's statutory auditors.) was EUR 33.3bn at December 31, 2025, down EUR 0.6bn versus December 31, 2024.\n* CSM saw +2% normalized growth, driven by new business contribution (EUR +2.2bn) and underlying return on in-force (EUR +1.3bn), which more than offset CSM release (EUR -3.0bn).\n* Market conditions had a favorable impact on CSM (EUR +0.6bn), mainly from tightening government spreads and positive equity market performance.\n* These positive impacts on CSM were more than offset by unfavorable foreign exchange impacts (EUR -1.5bn), mainly from the depreciation of JPY and HKD, and a negative operating variance (EUR -0.3bn) due to a reduction in the duration of Group Life business in Switzerland despite better margins and net flows."
},
{
"id": "chq99br5nr-c13",
"chunk": 13,
"pages": [
3
],
"heading": "Solvency II ratio",
"tags": [],
"links": [
"Dividend",
"Share buyback",
"AXA Investment Managers",
"Year 2026"
],
"data_items": [],
"effective_tags": [
"AXA Investment Managers",
"Capital management",
"Dividend",
"Share buyback",
"Year 2026"
],
"content": "* Solvency II ratio(5)(footnote: The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.) was 224% as of December 31, 2025, up +9 points versus December 31, 2024.\n* The increase in Solvency II ratio was due to: strong operating return (+28 points) net of dividend provision and annual share buyback (-24 points), positive impact from net subordinated debt issuance (+6 points), and favorable financial markets impacts (+4 points).\n* These positive impacts were partly offset by the net impact of the acquisitions of Nobis and Prima, and the disposal of AXA IM (AXA Investment Managers) including the associated EUR 3.8bn share buyback (-5 points).\n* As of January 1, 2026 (Year 2026), capital instruments and subordinated debt subject to Solvency II transitional measures ('grandfathered debt') no longer qualified as eligible own funds, resulting in a -10 point decrease in the Solvency II ratio to 215%.\n* The Group estimates that the Solvency II revision, effective Q1 2027, would increase the current Solvency II ratio by +17 points(10)(footnote: Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.)."
},
{
"id": "chq99br5nr-c14",
"chunk": 14,
"pages": [
3
],
"heading": "Financial ratios and cash at holding",
"tags": [],
"links": [
"Underlying earnings"
],
"data_items": [],
"effective_tags": [
"Underlying earnings"
],
"content": "* Underlying return on equity(2)(footnote: 'Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).) was 16.0% as of December 31, 2025, up 0.8 points versus December 31, 2024, notably from higher underlying earnings and lower shareholders' equity.\n* Debt gearing(2)(footnote: 'Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).) was 22.3% as of December 31, 2025, up 1.7 points versus December 31, 2024.\n* The increase in debt gearing was driven by lower shareholders' equity and CSM, as well as the issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn), partly offset by redemption of outstanding grandfathered Tier 1 debt (EUR -1.9bn).\n* The Group's debt gearing was in line with its 19-23% plan guidance for 2024-2026.\n* Cash at Holding(16)(footnote: Including cash and liquid invested assets at AXA SA Holding and other central holdings.) amounted to EUR 5.6bn as of December 31, 2025, up EUR 1.6bn versus December 31, 2024.\n* This increase in cash at Holding reflects organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn versus December 31, 2024.\n\n== Capital management and outlook ==\n\n=== Capital management ==="
},
{
"id": "chq99br5nr-c15",
"chunk": 15,
"pages": [
4
],
"heading": "Shareholder returns",
"tags": [],
"links": [
"Dividend",
"Full year 2024",
"Year 2026",
"AXA",
"Share buyback"
],
"data_items": [],
"effective_tags": [
"AXA",
"Capital management",
"Dividend",
"Full year 2024",
"Share buyback",
"Year 2026"
],
"content": "* A dividend of EUR 2.32 per share (+8% vs FY24 (Full year 2024)) will be proposed at the Shareholders' Annual General Meeting on April 30, 2026 (Year 2026)(7)(footnote: Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.).\n* The dividend is expected to be paid on May 13, 2026, with an ex-dividend date on May 11, 2026.\n* AXA's Board of Directors approved on February 25, 2026, an annual share buyback program for up to EUR 1.25bn.\n* The share buyback program will be executed in accordance with the applicable Shareholders' Annual General Meeting authorization.\n* AXA intends to cancel all shares repurchased under this program.\n* The share buyback program is expected to commence as soon as practicable, subject to market conditions, and be completed by year-end.\n\n=== Outlook ==="
},
{
"id": "chq99br5nr-c16",
"chunk": 16,
"pages": [
4
],
"heading": "",
"tags": [],
"links": [
"AXA",
"Property \u0026 casualty",
"AXA XL",
"Year 2026",
"Life \u0026 health"
],
"data_items": [],
"effective_tags": [
"AXA",
"AXA XL",
"Life \u0026 health",
"Property \u0026 casualty",
"Year 2026"
],
"content": "**'Unlock the Future' plan targets and strategy**\n\n* AXA is confident in achieving its main financial targets for the 2024-2026 'Unlock the Future' plan.\n* Confidence is underpinned by: (i) profitable organic growth, (ii) scaling technical capabilities, and (iii) driving operational efficiency through reinforced cost management.\n* In P\u0026C (Property \u0026 casualty) Retail and SME \u0026 Mid-market, pricing remains favorable, and the Group expects to benefit from earnthrough of higher pricing and underwriting actions.\n* At AXA XL, pricing conditions vary by line; the Group will continue effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital.\n* The Group guidance for normalized natural catastrophe(18)(footnote: Natural catastrophe charges include natural catastrophe losses regardless of event size.) load remains at approximately 4.5 points of combined ratio for 2026 (Year 2026).\n* In Life \u0026 Health, earnings growth is expected from the short-term business due to disciplined pricing and claims management.\n* The strategy to rejuvenate sales in the long-term business and improved persistency should generate positive net flows, driving CSM growth over time."
},
{
"id": "chq99br5nr-c17",
"chunk": 17,
"pages": [
4
],
"heading": "Holdings results and financial targets",
"tags": [],
"links": [
"Year 2026",
"AXA",
"Underlying earnings per share",
"Target range",
"Capital management",
"Payout ratio",
"Dividend",
"Share buyback"
],
"data_items": [],
"effective_tags": [
"AXA",
"Capital management",
"Dividend",
"Payout ratio",
"Share buyback",
"Target range",
"Underlying earnings per share",
"Year 2026"
],
"content": "* Results in Holdings in 2026 (Year 2026) are expected to be similar to 2025 levels.\n* Assuming current operating conditions persist and given strong 2025 operating performance, AXA is on track to deliver the main financial targets of its 'Unlock the Future' plan.\n* Main financial targets include: (i) underlying earnings per share growth at the upper end of the 6-8% CAGR target range for both 2023-2026E and 2026(9)(footnote: Expected underlying earnings per share ('UEPS') growth for 2026 is a forward -looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan and is qualified by the cautionary statements in this press rel ease regarding forward-looking statements.).\n* Main financial targets include: (ii) underlying return on equity between 14% and 16% between 2024 and 2026E.\n* Main financial targets include: (iii) cumulative organic cash upstream exceeding EUR 21bn for 2024-2026E.\n* The Group is committed to its capital management policy(19)(footnote: Subject to annual Board and Shareholders' Annual General Meeting approvals and absent (1) for share buybacks, any significant earnings event (i.e., significant deviation in the Group's underlying earnings) and (2) for dividends, the occurrence of a signifi cant capital event (i.e., event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA's earnings, financial condition, applicable c apital and solvency requirements, prevailing operating and financial market conditions and the general economic environment.), targeting a total payout ratio of 75%(20)(footnote: Payout ratio is calculated based on underlying earnings per share.).\n* The total payout ratio comprises a 60% dividend payout ratio and an additional 15% from annual share buybacks.\n* The proposed dividend per share in a given year is expected to be at least equal to the dividend per share paid in the prior year.\n\n== Property \u0026 Casualty =="
},
{
"id": "chq99br5nr-c18",
"chunk": 18,
"pages": [
5
],
"heading": "Key figures – Property \u0026amp; Casualty",
"tags": [],
"links": [
"Property \u0026 casualty",
"Full year 2024",
"Full year 2025",
"Gross written premiums",
"Other revenue",
"AXA XL",
"Underlying earnings"
],
"data_items": [],
"effective_tags": [
"AXA",
"AXA XL",
"Full year 2024",
"Full year 2025",
"Gross written premiums",
"Other revenue",
"Property \u0026 casualty",
"Underlying earnings"
],
"content": "**Key figures – Property \u0026 Casualty (Property \u0026 casualty)**\n\n| in Euro billion | FY24 (Full year 2024) | FY25 (Full year 2025) | Change on a comparable basis | FY25 Price effect(12) (in %) |\n| --- | --- | --- | --- | --- |\n| Gross written premiums and other revenues | 56.5 | 58.0 | +5% | +2.9% |\n| o/w Commercial lines(11) | 34.9 | 35.8 | +4% | +1.9% |\n| o/w Personal lines | 19.1 | 19.7 | +7% | +5.2% |\n| o/w AXA XL Reinsurance | 2.5 | 2.6 | +8% | +0.3% |\n\n| in Euro million | FY24 | FY25 | Change at constant Forex |\n| --- | --- | --- | --- |\n| All-Year Combined ratio | 91.0% | 90.6% | -0.3 pt |\n| Underlying earnings | 5,510 | 5,872 | +9% |"
},
{
"id": "chq99br5nr-c19",
"chunk": 19,
"pages": [
5
],
"heading": "Gross written premiums \u0026 other revenues",
"tags": [],
"links": [
"Gross written premiums \u0026 other revenues",
"AXA XL",
"AXA Asia, Africa \u0026 EME-LATAM"
],
"data_items": [],
"effective_tags": [
"AXA",
"AXA Asia, Africa \u0026 EME-LATAM",
"AXA XL",
"Gross written premiums \u0026 other revenues"
],
"content": "* Gross written premiums \u0026 other revenues +5% to EUR 58.0bn.\n* Commercial lines: +4% to EUR 35.8bn.\n** AXA XL Insurance: +3% from growth in attractive margin lines (Property) and Casualty (favorable price effects, higher volumes); partly offset by lower pricing and volumes in Financial lines.\n** Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM): +13% mainly from Türkiye (higher average premiums) and Mexico (favorable volume and price effects).\n** France: +6% from favorable price effects across all lines and higher volumes.\n* Personal lines: +7% to EUR 19.7bn.\n** Europe: +5% from favorable price effects across geographies, except UK \u0026 Ireland Motor where pricing softened after strong repricing in 2024.\n** Asia, Africa \u0026 EME-LATAM: +14% from Türkiye (higher average premiums and volumes).\n** France: +9% from strong volume growth in all lines (direct business, proprietary agent networks) and favorable price effects in Motor.\n* AXA XL Reinsurance: +8% to EUR 2.6bn, driven by growth supported by alternative capital and favorable price effects in Casualty; partly offset by softening in other lines."
},
{
"id": "chq99br5nr-c20",
"chunk": 20,
"pages": [
5
],
"heading": "Combined ratio",
"tags": [],
"links": [
"AXA XL"
],
"data_items": [],
"effective_tags": [
"AXA",
"AXA XL"
],
"content": "* All-year combined ratio improved by 0.3pt to 90.6%.\n* Driven by lower undiscounted current year loss ratio excluding natural catastrophe (-0.3pt) from margin expansion in Commercial lines (-0.5pt, driven by SME \u0026 mid-market business at -0.9pt) and Personal lines (-0.4pt).\n* AXA XL Insurance margins stable at attractive levels (+0.1pt).\n* Lower expense ratio (-0.3pt) primarily from lower non-commission expense ratio reflecting efficiency gains.\n* Lower natural catastrophe charges (-0.4pt to 3.4%) more than offset by lower prior years' reserve development (+0.7pt at -1.1%)."
},
{
"id": "chq99br5nr-c21",
"chunk": 21,
"pages": [
6
],
"heading": "P\u0026C underlying earnings",
"tags": [],
"links": [
"Property \u0026 casualty",
"Underlying earnings"
],
"data_items": [],
"effective_tags": [
"Property \u0026 casualty",
"Underlying earnings"
],
"content": "* P\u0026C (Property \u0026 casualty) underlying earnings +9% to EUR 5.9bn.\n* Driven by an increase in technical result (+EUR 0.5bn) reflecting strong volume growth and improved technical margin.\n* Driven by higher financial result (+EUR 0.2bn) due to higher volumes and reinvestment yields on fixed income assets, offsetting increased unwind of discount of claims reserves.\n* Partly offset by higher income taxes (-EUR 0.2bn) mainly due to higher pre-tax underlying earnings.\n\n== Life \u0026 Health =="
},
{
"id": "chq99br5nr-c22",
"chunk": 22,
"pages": [
6
],
"heading": "Key figures – Life \u0026amp; Health",
"tags": [],
"links": [
"Life \u0026 health",
"Full year 2024",
"Full year 2025",
"Gross written premiums \u0026 other revenues",
"Underlying earnings"
],
"data_items": [],
"effective_tags": [
"Full year 2024",
"Full year 2025",
"Gross written premiums \u0026 other revenues",
"Life \u0026 health",
"Underlying earnings"
],
"content": "**Key figures – Life \u0026 Health (Life \u0026 health)**\n\n| in Euro billion | FY24 (Full year 2024) | FY25 (Full year 2025) | Change on a comparable basis |\n| --- | --- | --- | --- |\n| Gross written premiums \u0026 other revenues (Gross written premiums \u0026 other revenues) | 52.0 | 56.5 | +8% |\n| o/w Life | 34.5 | 37.5 | +9% |\n| o/w Health | 17.5 | 19.0 | +5% |\n| PVEP(1,21) | 50.9 | 49.4 | -2% |\n| NB CSM(1,21) | 2.2 | 2.2 | +3% |\n| NBV (post-tax)(1,21) | 2.3 | 2.2 | 0% |\n| NBV margin(1,21) | 4.4% | 4.5% | +0.1 pt |\n| Net flows(21) | +1.5 | +5.4 | — |\n\n| in Euro million | FY24 | FY25 | Change at constant forex |\n| --- | --- | --- | --- |\n| Underlying earnings | 3,323 | 3,501 | +7% |\n| o/w Life | 2,636 | 2,715 | +4% |\n| o/w Health | 687 | 787 | +17% |\n\n=== Gross written premiums \u0026 other revenues were up 8% to Euro 56.5 billion. ==="
},
{
"id": "chq99br5nr-c23",
"chunk": 23,
"pages": [
6
],
"heading": "Life \u0026 Health gross written premiums",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Life grew +9% to EUR 37.5bn, mainly from:\n** Unit-Linked: +13% driven by successful sales initiatives across all geographies\n** G/A(13)(footnote: General account.): +4% notably in France (+4%) and from elevated sales of a capital-light product in Italy\n** G/A was partly offset by non-repeat of elevated sales of a single premium whole-life product in Japan and lower sales in Hong Kong\n** Protection: +11%, notably from a commercial campaign on a Protection with G/A product in Hong Kong and continued good sales of Protection with Unit-Linked product in Japan and Switzerland\n* Health grew +5% to EUR 19.0bn, driven by favorable price effects in both Group and Individual businesses across most geographies, partly offset by lower volumes."
},
{
"id": "chq99br5nr-c24",
"chunk": 24,
"pages": [
6,
7
],
"heading": "Present value of expected premiums (PVEP)",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Present value of expected premiums (PVEP)(1,21) decreased by 2% to EUR 49.4bn.\n* Life PVEP: +1%, from higher volumes in Hong Kong, France, and Switzerland, partly offset by impact of higher interest rates on discounting of future premiums.\n* Health PVEP: -12%, mainly from the impact of higher interest rates on discounting of future premiums, and lower volumes in France following underwriting and pruning actions."
},
{
"id": "chq99br5nr-c25",
"chunk": 25,
"pages": [
7
],
"heading": "NB CSM and NBV",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* NB CSM(1)(footnote: Change in gross written premiums \u0026 other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.)(21)(footnote: Life \u0026 Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.) increased by 3% to EUR 2.2bn driven by strong sales in Savings and Protection, partly offset by the impact of higher interest rates on discounting of future profits.\n* NBV (post-tax)(1)(footnote: Change in gross written premiums \u0026 other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.)(21)(footnote: Life \u0026 Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.) was stable at EUR 2.2bn as growth in NB CSM was offset by the decrease in the contribution of short-term multinational business in France.\n* NBV margin (post tax)(1)(footnote: Change in gross written premiums \u0026 other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.)(21)(footnote: Life \u0026 Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.) increased by 0.1pt to 4.5%."
},
{
"id": "chq99br5nr-c26",
"chunk": 26,
"pages": [
7
],
"heading": "Net flows",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Net flows(21)(footnote: Life \u0026 Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.) were EUR +5.4bn compared to EUR +1.5bn in 2024.\n* Net flows in 2025 were driven by:\n** Protection: EUR +4.9bn, mainly in Hong Kong, Japan, and France\n** Health: EUR +2.7bn, mainly in Germany, Japan, and France\n** Unit-Linked: EUR +1.5bn, primarily in France\n* Net flows were partly offset by G/A Savings (EUR -3.7bn), as inflows in G/A capital-light (EUR +1.2bn) were more than offset by outflows in traditional G/A Savings (EUR -5.0bn)."
},
{
"id": "chq99br5nr-c27",
"chunk": 27,
"pages": [
7
],
"heading": "Life \u0026 Health underlying earnings",
"tags": [],
"links": [
"Life \u0026 health",
"Underlying earnings",
"AXA"
],
"data_items": [],
"effective_tags": [
"AXA",
"Life \u0026 health",
"Underlying earnings"
],
"content": "* Life \u0026 Health underlying earnings increased by 7% to EUR 3.5bn, driven by:\n** Long-term technical result: EUR +0.2bn driven by an increase in CSM release, following both growth in reserves and better margins in the long-term business\n** Short-term technical result: EUR +0.1bn driven by the expansion of technical margin reflecting pricing, underwriting and claims management actions to strengthen technical excellence across geographies\n** Short-term technical result more than offset the impact of a legislative change on the recoverability of value added tax in Mexico (EUR -0.1bn)\n** Lower income taxes: EUR +0.1bn reflecting favorable tax effects mainly in Germany, France and Mexico\n** Lower contribution from affiliates, notably ICBC-AXA and improved results at AXA MPS that resulted in an increase in earnings of minority shareholders\n\n== Holdings =="
},
{
"id": "chq99br5nr-c28",
"chunk": 28,
"pages": [
7
],
"heading": "Holdings underlying earnings",
"tags": [],
"links": [
"Underlying earnings"
],
"data_items": [],
"effective_tags": [
"Underlying earnings"
],
"content": "* Holdings underlying earnings(14)(footnote: Including banking activities.) remained broadly stable at EUR -1.2bn.\n\n== Ratings and glossary ==\n\n=== Ratings ==="
},
{
"id": "chq99br5nr-c29",
"chunk": 29,
"pages": [
8
],
"heading": "Insurer financial strength ratings and AXA's credit ratings by Agency",
"tags": [],
"links": [
"AXA"
],
"data_items": [],
"effective_tags": [
"AXA"
],
"content": "**Insurer financial strength ratings and AXA's credit ratings by Agency**\n\n| Agency | Date of last review | Insurer financial strength ratings AXA SA | Insurer financial strength ratings AXA's principal insurance subsidiaries | Insurer financial strength ratings Outlook | AXA's credit ratings (22) Senior debt of the Company | AXA's credit ratings (22) Short-term debt of the Company |\n| --- | --- | --- | --- | --- | --- | --- |\n| S\u0026P Global Ratings | October 3, 2025 | A+ | AA- | Positive | A+ | A-1+ |\n| Moody's Investor Service | October 8, 2025 | Aa2 | Aa2 | Stable | Aa3 | P-1 |\n| AM Best | October 9, 2025 | A+ Superior | — | Stable | aa Superior | — |\n\n(22) AXA maintains up-to-date ratings information on its website at: https://www.axa.com/en/investor/financial-strength-ratings.\n\n=== Glossary ==="
},
{
"id": "chq99br5nr-c30",
"chunk": 30,
"pages": [
8,
9
],
"heading": "Glossary of financial terms",
"tags": [],
"links": [
"Gross written premiums",
"Other revenue",
"Underlying earnings"
],
"data_items": [],
"effective_tags": [
"Gross written premiums",
"Other revenue",
"Underlying earnings"
],
"content": "* Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0%.\n* Contractual service margin (\"CSM\"): a component of the carrying amount of the asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders.\n* CSM release: the portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss, representing the estimated profit earned by the insurer for providing insurance services during the reporting period.\n* Economic variance: the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force.\n* Financial result: investment income on assets backing Building Block Approach (BBA) and Premium Allocation Approach (PAA) contracts, as well as assets backing shareholder's equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow.\n* Gross written premiums and other revenues: insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business).\n** Other Revenues represent premiums and fees collected on activities other than insurance (i.e., banking, services, and asset management activities).\n* New business contractual service margin (\"NB CSM\"): a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided.\n* New business value (\"NBV\"): the value of newly issued contracts during the current year.\n** It consists of the sum of (i) the NB CSM, (ii) the present value of the future profits of Short-Term Business newly issued contracts during the period (carried by Life entities, considering expected renewals), and (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes, and (vi) minority interests.\n* New business value margin (\"NBV Margin\"): the ratio of (i) NBV representing the value of newly issued contracts during the current year to (ii) PVEP.\n* Operating variance: the variation of the year-end CSM vs the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes.\n** Operating variance is net of reinsurance.\n* Present value of expected premiums ('PVEP'): the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term.\n** PVEP is discounted at the reference interest rate and PVEP is Group share.\n* Technical experience: consists of the impacts on the underlying earnings of (i) the difference between the expected and incurred cash-flows incurred in the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) the other long-term elements which are mainly composed of non-attributable expenses.\n* Underlying return on in-force: the release of the time value of options \u0026 guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance.\n\n== Scope and exchange rates ==\n\n=== Scope ==="
},
{
"id": "chq99br5nr-c31",
"chunk": 31,
"pages": [
10
],
"heading": "Scope of operations by geography",
"tags": [],
"links": [
"AXA",
"AXA XL",
"AXA Asia, Africa \u0026 EME-LATAM",
"Property \u0026 casualty",
"Underlying earnings",
"AXA Transversal \u0026 Other",
"AXA Investment Managers"
],
"data_items": [],
"effective_tags": [
"AXA",
"AXA Asia, Africa \u0026 EME-LATAM",
"AXA Investment Managers",
"AXA Transversal \u0026 Other",
"AXA XL",
"Property \u0026 casualty",
"Underlying earnings"
],
"content": "* France: includes insurance activities, banking activities, and holding.\n* Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxembourg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holding), Italy (insurance activities), Prima (insurance activities)(23)(footnote: AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.), and AXA Life Europe (insurance activities).\n* AXA XL: includes insurance and reinsurance activities and holding.\n* Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM):\n** Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P\u0026C (Property \u0026 casualty), Indonesia L\u0026S (excluding the bancassurance entity), China P\u0026C, South Korea, and Asia Holdings are fully consolidated.\n** Asia: China L\u0026S, Thailand L\u0026S, the Philippines L\u0026S and P\u0026C, Indonesia L\u0026S, and India (Life activities disposed on March 11, 2024 and holding) are consolidated under the equity method and contribute to NBV, PVEP, underlying earnings, and net income.\n** Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) are fully consolidated.\n** EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) are fully consolidated.\n** EME-LATAM: Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income.\n** AXA Mediterranean Holdings is included.\n* Transversal \u0026 Other (AXA Transversal \u0026 Other): includes AXA Assistance, AXA Liabilities Managers, AXA SA (including Group's internal reinsurance activity), and other Central Holdings.\n* AXA Investment Managers(24)(footnote: Disposal to BNP Paribas completed on July 1, 2025.): includes AXA Investment Managers, Select (previously Architas), and Capza, which are fully consolidated, and Asian joint ventures, which are consolidated under the equity method.\n\n=== Exchange rates ==="
},
{
"id": "chq99br5nr-c32",
"chunk": 32,
"pages": [
10
],
"heading": "Exchange rates",
"tags": [],
"links": [
"Full year 2024",
"Full year 2025"
],
"data_items": [],
"effective_tags": [
"Full year 2024",
"Full year 2025"
],
"content": "**Exchange rates**\n\n| For 1 Euro | End of Period Exchange rate FY24 (Full year 2024) | End of Period Exchange rate FY25 (Full year 2025) | Average Exchange rate FY24 | Average Exchange rate FY25 |\n| --- | --- | --- | --- | --- |\n| USD | 1.04 | 1.17 | 1.08 | 1.13 |\n| CHF | 0.94 | 0.93 | 0.95 | 0.94 |\n| GBP | 0.83 | 0.87 | 0.85 | 0.86 |\n| JPY | 163 | 184 | 164 | 169 |\n| HKD | 8.04 | 9.14 | 8.44 | 8.82 |\n\n== Notes =="
},
{
"id": "chq99br5nr-c33",
"chunk": 33,
"pages": [
11
],
"heading": "Notes",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "(1) Change in gross written premiums \u0026 other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.\n(2) 'Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).\n(3) AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are given at constant foreign exchange rates.\n(4) On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, whereby AXA carried out a program to buyback its own shares for a maximum amount of Euro 3.8 billion to offset the earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as announced on August 1, 2024. The share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in a temporary earnings dilution as of December 31, 2025.\n(5) The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.\n(6) Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, at which point they ceased to qualify as capital under Solvency II, as disclosed in AXA's press release on its 9M25 Activity Indicators, published on www.axa.com.\n(7) Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.\n(8) As approved by AXA's Board of Directors on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.\n(9) Expected underlying earnings per share ('UEPS') growth for 2026 is a forward -looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan and is qualified by the cautionary statements in this press rel ease regarding forward-looking statements.\n(10) Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.\n(11) 'Commercial lines' refers to P\u0026C Commercial lines excluding AXA XL Reinsurance.\n(12) Price effects are calculated as a percentage of total gross written premiums of the prior year.\n(13) General account.\n(14) Including banking activities.\n(15) Including P\u0026C. Please see Appendices of the FY25 earnings presentation available at www.axa.com for indicative sensitivities impacting CSM. These sensitivities, together with any other sensitivities contained in the Appendices, are based on management's current assessment in connection with the full -year 2025 annual results. These sensitivities are expressly qualified by the cautionary statements in the presentation concerning forward looking statements and have not been audited or subject to a limited review by AXA's statutory auditors.\n(16) Including cash and liquid invested assets at AXA SA Holding and other central holdings.\n(17) To be executed in accordance with the terms of the Shareholders' Annual General Meeting authorization granted on April 2 4, 2025, or the authorization expected to be granted by the Shareholders' Annual General Meeting on April 30, 2026, as applicable.\n(18) Natural catastrophe charges include natural catastrophe losses regardless of event size.\n(19) Subject to annual Board and Shareholders' Annual General Meeting approvals and absent (1) for share buybacks, any significant earnings event (i.e., significant deviation in the Group's underlying earnings) and (2) for dividends, the occurrence of a signifi cant capital event (i.e., event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA's earnings, financial condition, applicable c apital and solvency requirements, prevailing operating and financial market conditions and the general economic environment.\n(20) Payout ratio is calculated based on underlying earnings per share.\n(21) Life \u0026 Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.\n(22) Restricted Tier 1: 'BBB+' by Standard \u0026 Poor's and 'Baa1(hyb)' by Moody's. Tier 2: 'A -/Stable' by Standard \u0026 Poor's and 'A2(hyb)/Stable' by Moody's.\n(23) AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.\n(24) Disposal to BNP Paribas completed on July 1, 2025."
},
{
"id": "chq99br5nr-c34",
"chunk": 34,
"pages": [
11
],
"heading": "Basis of reporting and financial statement approval",
"tags": [],
"links": [
"AXA",
"Year 2026"
],
"data_items": [],
"effective_tags": [
"AXA",
"Year 2026"
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"content": "* All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology).\n* Actuarial and financial assumptions for NBV and PVEP calculations are updated semi-annually at half-year and full-year.\n* AXA's consolidated financial statements for the year ended December 31, 2025, were examined by the Board of Directors on February 25, 2026 (Year 2026).\n* The financial statements are subject to completion of an audit procedure by AXA's statutory auditors."
},
{
"id": "chq99br5nr-c35",
"chunk": 35,
"pages": [
12
],
"heading": "Company overview and legal information",
"tags": [],
"links": [
"AXA",
"Underlying earnings",
"Underlying earnings per share",
"Year 2026"
],
"data_items": [],
"effective_tags": [
"AXA",
"Underlying earnings",
"Underlying earnings per share",
"Year 2026"
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"content": "* The AXA Group (AXA) is a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries.\n* In 2025, IFRS17 revenues amounted to EUR 115.5bn and IFRS17 underlying earnings to EUR 8.4bn.\n* Investor Relations contact: +33.1.40.75.48.42, investor.relations@axa.com.\n* The AXA ordinary share is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA).\n* AXA’s American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY.\n* Individual Shareholder Relations contact: +33.1.40.75.48.43.\n* Media Relations contacts: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com.\n* The AXA Group is included in main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.\n* AXA is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.\n* This press release contains forward-looking statements, including those regarding expected underlying earnings per share (“UEPS (Underlying earnings per share)”) growth for 2026 (Year 2026), which are based on Management’s current views and intentions and are subject to risks and uncertainties.\n* AXA disclaims any obligation to publicly update or revise these forward-looking statements, except as required by applicable laws and regulations.\n* The press release refers to non-GAAP financial measures (Alternative Performance Measures or APMs) used by Management, which may not be comparable to similarly labeled measures from other companies.\n* Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements prepared in accordance with IFRS.\n* \"Underlying earnings\", UEPS, \"underlying return on equity\", \"combined ratio\", and \"debt gearing\" are APMs as defined in ESMA’s guidelines and the AMF’s related position statement.\n* Reconciliations of APMs to IFRS financial statements and their calculation methodologies are provided in AXA’s Activity Report as of December 31, 2025.\n\n== Appendix 1: Gross written premiums et other revenues by geography and business line =="
},
{
"id": "chq99br5nr-c36",
"chunk": 36,
"pages": [
13
],
"heading": "Gross written premiums and other revenues by geography and business line",
"tags": [],
"links": [
"Gross written premiums",
"Other revenue",
"Business mix",
"Property \u0026 casualty",
"Life \u0026 health",
"AXA Investment Managers",
"Full year 2024",
"Full year 2025",
"AXA Europe",
"AXA XL",
"AXA Asia, Africa \u0026 EME-LATAM"
],
"data_items": [],
"effective_tags": [
"AXA",
"AXA Asia, Africa \u0026 EME-LATAM",
"AXA Europe",
"AXA Investment Managers",
"AXA XL",
"Business mix",
"Full year 2024",
"Full year 2025",
"Gross written premiums",
"Life \u0026 health",
"Other revenue",
"Property \u0026 casualty"
],
"content": "**Gross written premiums and other revenues by geography and business line (Business mix)**\n\n| In EUR million | Gross Written Premiums and Other Revenues FY24 (Full year 2024) | Gross Written Premiums and Other Revenues FY25 (Full year 2025) | Gross Written Premiums and Other Revenues Change on a reported basis | Gross Written Premiums and Other Revenues Change on a comparable basis | o/w Property \u0026 Casualty (Property \u0026 casualty) FY25 | o/w Property \u0026 Casualty (Property \u0026 casualty) Change on a comparable basis | o/w Life \u0026 Health (Life \u0026 health) FY25 | o/w Life \u0026 Health (Life \u0026 health) Change on a comparable basis | o/w Asset Management (AXA Investment Managers) FY25 | o/w Asset Management (AXA Investment Managers) Change on a comparable basis |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| France(i) | 28,996 | 30,598 | +6% | +6% | 9,648 | +7% | 20,852 | +5% | — | — |\n| Europe (AXA Europe) | 39,298 | 43,005 | +9% | +6% | 21,257 | +4% | 21,748 | +8% | — | — |\n| AXA XL | 19,383 | 19,277 | -1% | +4% | 19,159 | +4% | 118 | -8% | — | — |\n| Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) | 19,083 | 19,925 | +4% | +13% | 6,257 | +13% | 13,668 | +13% | — | — |\n| Transversal | 1,856 | 1,844 | -1% | -1% | 1,718 | -1% | 126 | -8% | — | — |\n| AXA Investment Managers | 1,701 | 875 | -49% | +4% | — | — | — | — | 875 | +4% |\n| Total(i) | 110,316 | 115,524 | +5% | +6% | 58,038 | +5% | 56,512 | +8% | 875 | +4% |\n\n(i) Including Banking revenues amounting to Euro 99 million in FY25 and Euro 118 million in FY24.\n\n== Appendix 2: Underlying earnings by geography and by business line =="
},
{
"id": "chq99br5nr-c37",
"chunk": 37,
"pages": [
14
],
"heading": "Underlying earnings by geography and by business line",
"tags": [],
"links": [
"Underlying earnings",
"Business mix",
"Property \u0026 casualty",
"Life \u0026 health",
"AXA Investment Managers",
"Full year 2024",
"Full year 2025",
"AXA France",
"AXA Europe",
"AXA XL",
"AXA Asia, Africa \u0026 EME-LATAM"
],
"data_items": [],
"effective_tags": [
"AXA",
"AXA Asia, Africa \u0026 EME-LATAM",
"AXA Europe",
"AXA France",
"AXA Investment Managers",
"AXA XL",
"Business mix",
"Full year 2024",
"Full year 2025",
"Life \u0026 health",
"Property \u0026 casualty",
"Underlying earnings"
],
"content": "**Underlying earnings by geography and by business line (Business mix)**\n\n| In EUR million | Underlying earnings FY24 (Full year 2024) | Underlying earnings FY25 (Full year 2025) | Underlying earnings Change at constant Forex | o/w Property \u0026 Casualty (Property \u0026 casualty) FY25 | o/w Property \u0026 Casualty (Property \u0026 casualty) Change at constant Forex | o/w Life \u0026 Health (Life \u0026 health) FY25 | o/w Life \u0026 Health (Life \u0026 health) Change at constant Forex | o/w Asset Management (AXA Investment Managers) FY25 | o/w Asset Management (AXA Investment Managers) Change at constant Forex |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| France (AXA France) | 2,071 | 2,224 | +7% | 1,237 | +7% | 1,039 | +8% | — | — |\n| Europe (AXA Europe) | 3,187 | 3,486 | +9% | 2,216 | +9% | 1,264 | +14% | — | — |\n| AXA XL | 1,820 | 1,893 | +9% | 1,913 | +9% | 12 | -49% | — | — |\n| Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) | 1,504 | 1,493 | +6% | 355 | +24% | 1,165 | 0% | — | — |\n| Transversal | -907 | -903 | 0% | 151 | -4% | 22 | +16% | — | — |\n| AXA Investment Managers | 402 | 175 | -57% | — | — | — | — | 175 | -57% |\n| Total(i) | 8,078 | 8,368 | +6% | 5,872 | +9% | 3,501 | +7% | 175 | -57% |\n\n(i) Including underlying earnings of Holdings and Banking.\n\n== Appendix 3: Property \u0026 Casualty – gross written premiums \u0026 other revenues by business line and discount rates =="
},
{
"id": "chq99br5nr-c38",
"chunk": 38,
"pages": [
15
],
"heading": "Total P\u0026amp;C by geography and business line",
"tags": [],
"links": [
"Property \u0026 casualty",
"Business mix",
"AXA XL",
"Full year 2025",
"AXA France",
"AXA Europe",
"AXA Asia, Africa \u0026 EME-LATAM",
"Full year 2024"
],
"data_items": [],
"effective_tags": [
"AXA",
"AXA Asia, Africa \u0026 EME-LATAM",
"AXA Europe",
"AXA France",
"AXA XL",
"Business mix",
"Full year 2024",
"Full year 2025",
"Property \u0026 casualty"
],
"content": "**Total P\u0026C (Property \u0026 casualty) by geography and business line (Business mix)**\n\n| In EUR million | Commercial lines Total Commercial | Commercial lines Change(i) | Personal lines Personal Motor | Personal lines Change(i) | Personal lines Personal Non-Motor | Personal lines Change(i) | AXA XL Reinsurance Total Personal | AXA XL Reinsurance Change(i) | AXA XL Reinsurance Total Reinsurance | AXA XL Reinsurance Change(i) | Total P\u0026C FY25 (Full year 2025) | Total P\u0026C Change(i) |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| France (AXA France) | 5,077 | +6% | 2,693 | +9% | 1,877 | +10% | 4,570 | +9% | - | - | 9,648 | +7% |\n| Europe (AXA Europe) | 9,179 | +1% | 7,434 | +6% | 4,644 | +5% | 12,078 | +5% | - | - | 21,257 | +4% |\n| AXA XL | 16,604 | +3% | - | - | - | - | - | - | 2,555 | +8% | 19,159 | +4% |\n| Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) | 3,193 | +13% | 2,315 | +14% | 749 | +12% | 3,064 | +14% | - | - | 6,257 | +13% |\n| Transversal | 1,718 | -1% | - | - | - | - | - | - | - | - | 1,718 | -1% |\n| Total | 35,771 | +4% | 12,443 | +8% | 7,269 | +7% | 19,712 | +7% | 2,555 | +8% | 58,038 | +5% |\n\n(i) Changes are at comparable basis (constant forex, scope and methodology)\n\n| | FY24 (Full year 2024)(i) | FY25(ii) |\n| --- | --- | --- |\n| EUR | 2.8% | 2.6% |\n| USD | 4.4% | 4.2% |\n| JPY | 0.4% | 1.0% |\n| GBP | 4.3% | 4.3% |\n| CHF | 0.8% | 0.2% |\n| HKD | 3.7% | 3.2% |\n\n(i) Calculated as monthly average from January 2024 to December 2024\n(ii) Average of monthly opening discount rates of 2025\n\n== Appendix 4: Property \u0026 Casualty – price effect \u0026 2026 market pricing trends ==\n\n=== P\u0026C: Price effects i by country and business line ==="
},
{
"id": "chq99br5nr-c39",
"chunk": 39,
"pages": [
16
],
"heading": "P\u0026amp;C: Price effects by country and business line",
"tags": [],
"links": [
"Property \u0026 casualty",
"Business mix",
"Full year 2025",
"AXA XL",
"Year 2026",
"AXA France",
"AXA Europe",
"AXA Asia, Africa \u0026 EME-LATAM"
],
"data_items": [],
"effective_tags": [
"AXA",
"AXA Asia, Africa \u0026 EME-LATAM",
"AXA Europe",
"AXA France",
"AXA XL",
"Business mix",
"Full year 2025",
"Property \u0026 casualty",
"Year 2026"
],
"content": "**P\u0026C (Property \u0026 casualty): Price effects by country and business line (Business mix)**\n\n| FY25 (Full year 2025) (in %) | Commercial lines | Personal lines | AXA XL Reinsurance | 2026 (Year 2026) Market pricing trends |\n| --- | --- | --- | --- | --- |\n| France (AXA France) | +4.0% | +3.3% | — | Moderation of price increase |\n| Europe (AXA Europe) | +3.1% | +5.4% | — | — |\n| Switzerland | +3.0% | +5.0% | — | Continued price increases both in Personal and Commercial lines |\n| Germany | +3.1% | +10.3% | — | Moderation of price increase, notably in Personal lines following two years of high price increases to counter claims inflation |\n| Belgium \u0026 Luxembourg | +2.5% | +4.4% | — | Price increase broadly in line with 2025 |\n| UK \u0026 Ireland | +1.4% | -2.6% | — | In UK Personal lines, continuation of current trend, continued moderation in Commercial lines |\n| Spain | +8.8% | +8.6% | — | Moderation of price increase |\n| Italy | +5.2% | +5.3% | — | Moderation of price increase |\n| AXA XL(ii) | +0.2% | — | +0.3% | Softening prices with conditions varying by lines |\n| Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) | +3.8% | +7.1% | — | Moderation of price increase |\n| Total | +1.9% | +5.2% | +0.3% | — |\n\n(i) i. Price effect calculated as a percentage of total gross written premiums in the prior year.\n(ii) ii. Price increase on renewals at +0.3% in Insurance and +0.2% in Reinsurance. Price increase on renewals calculated as a percentage of renewed premiums.\n\n== Appendix 5: Life \u0026 Health – gross written premiums \u0026 other revenues and growth by business line =="
},
{
"id": "chq99br5nr-c40",
"chunk": 40,
"pages": [
17
],
"heading": "Gross written premiums \u0026amp; other revenues by geography and business line",
"tags": [],
"links": [
"Gross written premiums \u0026 other revenues",
"Business mix",
"Full year 2025",
"AXA France",
"AXA Europe",
"AXA XL",
"AXA Asia, Africa \u0026 EME-LATAM"
],
"data_items": [],
"effective_tags": [
"AXA",
"AXA Asia, Africa \u0026 EME-LATAM",
"AXA Europe",
"AXA France",
"AXA XL",
"Business mix",
"Full year 2025",
"Gross written premiums \u0026 other revenues"
],
"content": "**Gross written premiums \u0026 other revenues (Gross written premiums \u0026 other revenues) by geography and business line (Business mix)**\n\n| Gross written premiums \u0026 other revenues In EUR million | Total FY25 (Full year 2025) | Total Change(i) | o/w Protection FY25 | o/w Protection Change(i) | o/w G/A Savings FY25 | o/w G/A Savings Change(i) | o/w Unit-Linked FY25 | o/w Unit-Linked Change(i) | o/w Health FY25 | o/w Health Change(i) |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| France (AXA France) | 20,852 | +5% | 4,650 | +6% | 5,483 | +4% | 5,109 | +10% | 5,611 | +2% |\n| Europe (AXA Europe) | 21,748 | +8% | 5,090 | +4% | 4,444 | +18% | 3,419 | +10% | 8,795 | +4% |\n| AXA XL | 118 | -8% | 59 | -6% | 59 | -10% | - | - | - | - |\n| Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) | 13,668 | +13% | 7,454 | +19% | 971 | -31% | 761 | +63% | 4,483 | +11% |\n| Transversal | 126 | -8% | - | - | - | - | - | - | 126 | -8% |\n| Total | 56,512 | +8% | 17,253 | +11% | 10,957 | +4% | 9,289 | +13% | 19,014 | +5% |\n| o/w short-term(ii) | 17,651 | +6% | 4,337 | +6% | — | — | — | — | 13,314 | +6% |\n\n(i) Changes are at comparable basis (constant forex, scope and methodology)\n(ii) Short-term business refers to insurance activities measured using the Premium Allocation Approach ('PAA'). Short-term business margin is analyzed using the Combined Ratio. Short-term business refers here to Life Pure Protection and Health when measured using the PAA period\n\n== Appendix 6: New business volume (PVEP), new business value (NBV), and NBV margin =="
},
{
"id": "chq99br5nr-c41",
"chunk": 41,
"pages": [
18
],
"heading": "PVEP, NBV, and NBV margin by geography",
"tags": [],
"links": [
"Full year 2025",
"AXA France",
"AXA Europe",
"AXA Asia, Africa \u0026 EME-LATAM"
],
"data_items": [],
"effective_tags": [
"AXA",
"AXA Asia, Africa \u0026 EME-LATAM",
"AXA Europe",
"AXA France",
"Full year 2025"
],
"content": "**PVEP, NBV, and NBV margin by geography**\n\n| Life New Business Metrics FY25 (Full year 2025) in Euro million | Life New Business Metrics FY25 (Full year 2025) PVEP | Life New Business Metrics FY25 (Full year 2025) Change(ii) | Life New Business Metrics FY25 (Full year 2025) NBV | Life New Business Metrics FY25 (Full year 2025) Change(ii) | Life New Business Metrics FY25 (Full year 2025) NBV margin | Life New Business Metrics FY25 (Full year 2025) Change(ii) | Health(i) New Business Metrics FY25 PVEP | Health(i) New Business Metrics FY25 Change(ii) | Health(i) New Business Metrics FY25 NBV | Health(i) New Business Metrics FY25 Change(ii) | Health(i) New Business Metrics FY25 NBV margin | Health(i) New Business Metrics FY25 Change(ii) | Total(ii) New Business Metrics FY25 PVEP | Total(ii) New Business Metrics FY25 Change(ii) | Total(ii) New Business Metrics FY25 NBV | Total(ii) New Business Metrics FY25 Change(ii) | Total(ii) New Business Metrics FY25 NBV margin | Total(ii) New Business Metrics FY25 Change(ii) |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| France (AXA France) | 14,971 | -4% | 519 | 0% | 3.5% | +0.1 pt | 7,887 | -20% | 177 | +13% | 2.2% | +0.7pt | 22,858 | -10% | 695 | +3% | 3.0% | +0.4pts |\n| Europe (AXA Europe) | 10,102 | +3% | 474 | -11% | 4.7% | -0.7pt | 2,549 | +16% | 104 | +36% | 4.1% | +0.6pt | 12,651 | +5% | 578 | -5% | 4.6% | -0.5pts |\n| Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) | 12,029 | +7% | 754 | +5% | 6.3% | -0.1pt | 1,817 | -6% | 205 | -12% | 11.3% | -0.8pt | 13,847 | +5% | 959 | +1% | 6.9% | -0.3pts |\n| Total | 37,103 | +1% | 1,747 | -1% | 4.7% | -0.1pt | 12,254 | -12% | 486 | +4% | 4.0% | +0.6pt | 49,357 | -2% | 2,233 | 0% | 4.5% | +0.1pt |\n\n**NB CSM to NBV**\n\n| in Euro million | Life | Health(i) | Total(i) |\n| --- | --- | --- | --- |\n| NB CSM (pre-tax) | 1,822 | 377 | 2,199 |\n| Other NBV (pre-tax) | 491 | 266 | 757 |\n| Tax \u0026 Other | -567 | -157 | -724 |\n| NBV | 1,747 | 486 | 2,233 |\n\n(i) Includes Health business written predominantly in Life entities\n(ii) Changes are at comparable basis (constant forex, scope and methodology)\n\n== Appendix 7: Life \u0026 Health – net flows =="
},
{
"id": "chq99br5nr-c42",
"chunk": 42,
"pages": [
19
],
"heading": "Net flows by business line",
"tags": [],
"links": [
"Business mix",
"Full year 2024",
"Full year 2025",
"Life \u0026 health"
],
"data_items": [],
"effective_tags": [
"Business mix",
"Full year 2024",
"Full year 2025",
"Life \u0026 health"
],
"content": "**Net flows by business line (Business mix)**\n\n| in Euro billion | FY24 (Full year 2024) | FY25 (Full year 2025) |\n| --- | --- | --- |\n| Health(i) | +2.7 | +2.7 |\n| Protection | +3.2 | +4.9 |\n| G/A Savings | -3.6 | -3.7 |\n| o/w capital light(ii) | +2.2 | +1.2 |\n| o/w traditional G/A | -5.8 | -5.0 |\n| Unit-Linked(iii) | -0.8 | +1.5 |\n| Mutual Funds \u0026 Other | 0.0 | 0.0 |\n| Total Life \u0026 Health (Life \u0026 health)(i) net flows | +1.5 | +5.4 |\n\n(i) Includes Health business written predominantly in Life entities\n(ii) Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%\n(iii) Including Investment contracts with no discretionary participation features (\u0026quot;DPF\u0026quot;)\n\n== Appendix 8: Main transactions and next main investor events =="
},
{
"id": "chq99br5nr-c43",
"chunk": 43,
"pages": [
20
],
"heading": "Main transactions in 2025",
"tags": [],
"links": [
"Share buyback",
"AXA",
"AXA Investment Managers"
],
"data_items": [],
"effective_tags": [
"AXA",
"AXA Investment Managers",
"Capital management",
"Share buyback"
],
"content": "* Announced the execution of a share repurchase (Share buyback) agreement related to AXA's share buyback program of up to EUR 1.2bn (February 28, 2025)\n* Announced the completion of the acquisition of Nobis Group in Italy (April 1, 2025)\n* Announced the placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes (May 28, 2025)\n* Announced the execution of a share repurchase agreement related to AXA's Shareplan and certain stock-based compensation (June 2, 2025)\n* Announced the completion of the sale of AXA Investment Managers to BNP Paribas (July 1, 2025)\n* Announced the execution of a share repurchase agreement of up to EUR 3.8bn following the sale of AXA IM (AXA Investment Managers) (July 1, 2025)\n* Announced the acquisition of Prima, a direct insurance player in Italy (August 1, 2025)\n* Announced the launch (September 10, 2025) and successful completion (December 3, 2025) of the 2025 employee share offering program (Shareplan 2025)\n* Announced the placement of EUR 750m Restricted Tier 1 Notes and EUR 750m Tier 2 Notes (October 14, 2025)\n* Announced the completion of the acquisition of a majority stake in Prima in Italy (November 28, 2025)\n\n=== Next main investor events ==="
},
{
"id": "chq99br5nr-c44",
"chunk": 44,
"pages": [
20
],
"heading": "Upcoming investor events",
"tags": [],
"links": [
"Year 2026",
"Earnings release",
"AXA"
],
"data_items": [],
"effective_tags": [
"AXA",
"Earnings release",
"Year 2026"
],
"content": "* 2026 (Year 2026) Shareholder's Annual General Meeting: April 30, 2026\n* First quarter 2026 Activity Indicators: May 5, 2026\n* HY26 Earnings Release: July 31, 2026\n* AXA Investor Day: September 21, 2026"
}
],
"title": "AXA/2025/FY/Earnings release",
"source_url": "https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf"
}

File:AXA-2025-FY-Earnings release.md

2026-07-27T15:48:03Z

Wikilah admin: Wikilah admin uploaded a new version of File:AXA-2025-FY-Earnings release.md

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AXA/2025/FY/Earnings release

2026-07-27T15:48:01Z

Wikilah admin: doc_archive: relink chq99br5nr (vocabulary update, 302 links)

{{Infobox doc_archive
| organization = AXA
| year = 2025
| period = FY
| period_label = FY25
| document_category = Earnings release
| document_name = AXA Full Year 2025 Earnings Press Release
| publication_date = 2026-02-26
| language = English
| pages = 20
| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_Ib8FoBIGEg123_AXA_PR_20260226.pdf
| summary_md = File:AXA-2025-FY-Earnings_release.md
| intro_sentence = This article summarizes AXA's Earnings release published on 2026-02-26 (20 pages).
| wide = yes
| document = Document:AXA/2025/FY/Earnings release
| doc_id = chq99br5nr
}}

''This article summarizes [[Definition:AXA|AXA]]'s [[Definition:Earnings release|Earnings release]] published on 2026-02-26 (20 pages).''

{{chunk|doc=chq99br5nr|c=1|p=1}}
'''Document metadata'''

* Paris, February 26th, [[Definition:Year 2026|2026]] (6:45am CET)

== Full Year 2025 Earnings ==

{{chunk|doc=chq99br5nr|c=2|p=1}}
'''[[Definition:Underlying earnings per share|underlying EPS]] growth'''

* [[Definition:AXA|AXA]] reported record results with [[Definition:Underlying earnings per share|underlying EPS]] growth at the top end of the [[Definition:Target range|target range]].

== Key FY25 highlights ==

{{chunk|doc=chq99br5nr|c=3|p=1}}
'''[[Definition:Gross written premiums|Gross written premiums]] and [[Definition:Underlying earnings|underlying earnings]]'''

* [[Definition:Gross written premiums & other revenues|Gross written premiums & other revenues]]{{fn ref|1|2=Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}}: EUR 116bn, up +6% vs. [[Definition:Full year 2024|FY24]]
* [[Definition:Underlying earnings|Underlying earnings]]{{fn ref|2|2='Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}}: EUR 8.4bn, up +6% vs. [[Definition:Full year 2024|FY24]]
* [[Definition:Underlying earnings|Underlying earnings]] excluding [[Definition:AXA Investment Managers|AXA IM]]{{fn ref|3|2=AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are given at constant foreign exchange rates.}}: up +9% vs. [[Definition:Full year 2024|FY24]]
* [[Definition:Underlying earnings per share|Underlying earnings per share]]{{fn ref|2|2='Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}}: EUR 3.86, up +8% vs. [[Definition:Full year 2024|FY24]]
* [[Definition:Underlying earnings per share|Underlying earnings per share]] was impacted by a -2% [[Definition:Headwind|headwind]] from [[Definition:Foreign exchange|foreign exchange movements]]
* [[Definition:Underlying earnings per share|Underlying earnings per share]] was impacted by a -1% temporary [[Definition:Earnings dilution|earnings dilution]] from the sale of [[Definition:AXA Investment Managers|AXA IM]] due to timing of anti-dilutive [[Definition:Share buyback|share buyback]]{{fn ref|4|2=On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, whereby AXA carried out a program to buyback its own shares for a maximum amount of Euro 3.8 billion to offset the earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as announced on August 1, 2024. The share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in a temporary earnings dilution as of December 31, 2025.}}

{{chunk|doc=chq99br5nr|c=4|p=1}}
'''Solvency II ratio'''

* Solvency II ratio{{fn ref|5|2=The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.}}: 224% at December 31, 2025, up +9 points vs. [[Definition:Full year 2024|FY24]]
* Solvency II ratio: 215% on January 1, [[Definition:Year 2026|2026]], reflecting the end of the grandfathering period{{fn ref|6|2=Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, at which point they ceased to qualify as capital under Solvency II, as disclosed in AXA's press release on its 9M25 Activity Indicators, published on www.axa.com.}}

== Capital Management ==

{{chunk|doc=chq99br5nr|c=5|p=1}}
'''Shareholder Returns and [[Definition:Share buyback|Buyback]] Programs'''

* [[Definition:Dividend|Dividend]] of EUR 2.32 per share, up +8% vs. [[Definition:Full year 2024|FY24]]{{fn ref|7|2=Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.}}
* Launch of an annual [[Definition:Share buyback|share buyback]] program{{fn ref|8|2=As approved by AXA's Board of Directors on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}} of up to EUR 1.25bn
* Completion of EUR 3.8bn additional [[Definition:Share buyback|share buyback]] related to [[Definition:AXA Investment Managers|AXA IM]] disposal{{fn ref|4|2=On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, whereby AXA carried out a program to buyback its own shares for a maximum amount of Euro 3.8 billion to offset the earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as announced on August 1, 2024. The share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in a temporary earnings dilution as of December 31, 2025.}}, executed between July 2, 2025, and January 20, [[Definition:Year 2026|2026]]

== Outlook ==

{{chunk|doc=chq99br5nr|c=6|p=1}}
'''[[Definition:Year 2026|2026]] outlook and strategic plan'''

* [[Definition:Underlying earnings per share|Underlying earnings per share]] growth for [[Definition:Year 2026|2026]] is expected to be at the upper end of the 6-8% plan [[Definition:Target range|target range]]{{fn ref|9|2=Expected underlying earnings per share ('UEPS') growth for 2026 is a forward -looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan and is qualified by the cautionary statements in this press rel ease regarding forward-looking statements.}}
* Expected impact of Solvency II revision is +17 points{{fn ref|10|2=Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}}
* [[Definition:AXA|AXA]] will present its new strategic plan for 2027-2029 on September 21, [[Definition:Year 2026|2026]]

{{chunk|doc=chq99br5nr|c=7|p=1}}
'''2025 performance commentary'''

* In 2025, [[Definition:AXA|AXA]] delivered +9% earnings growth in core businesses excluding [[Definition:AXA Investment Managers|AXA IM]]
* Reserve prudence was enhanced following excellent results
* [[Definition:Property & casualty|P&C]] franchise posted stellar results with a healthy balance between price and volume, best-in-class margins, a lower expense ratio, and higher investment income
* [[Definition:AXA XL|AXA XL]] Insurance increased earnings with stable underlying margins
* [[Definition:Life & health|Life & Health]] earnings rose by 7%
* Life earnings reflected early benefits of the strategy to rejuvenate the business
* Health grew by 17% even after absorbing the adverse change on VAT treatment in Mexico
* Investments in automation and Artificial Intelligence are driving efficiency gains
* Solvency II ratio is at a very strong level
* Thomas Buberl, CEO of [[Definition:AXA|AXA]], stated that the results demonstrate the earnings power of the diversified franchise and reinforce confidence in [[Definition:AXA|AXA]]'s ability to generate sustainable, long-term value

== FY25 key highlights ==

{{chunk|doc=chq99br5nr|c=8|p=2}}

<div style="overflow-x:auto">
{| id="t1" class="wikitable fintable"
|+ Key figures – [[Definition:Full year 2025|FY25]] key highlights
|-
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change on a reported basis
! class="col-s" style="text-align:right" | Change at comparable basis
|-
| style="text-align:left" | [[Definition:Gross written premiums & other revenues|Gross written premiums & other revenues]] {{fn ref|1|2=Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}}
| style="text-align:right" | 110,316
| style="text-align:right" | 115,524
| style="text-align:right" | +5%
| style="text-align:right" | +6%
|-
| style="text-align:left" | o/w [[Definition:Property & casualty|Property & Casualty]]
| style="text-align:right" | 56,514
| style="text-align:right" | 58,038
| style="text-align:right" | +3%
| style="text-align:right" | +5%
|-
| style="text-align:left" | o/w [[Definition:Life & health|Life & Health]]
| style="text-align:right" | 51,983
| style="text-align:right" | 56,512
| style="text-align:right" | +9%
| style="text-align:right" | +8%
|-
| style="text-align:left" | o/w [[Definition:AXA Investment Managers|Asset Management]]
| style="text-align:right" | 1,701
| style="text-align:right" | 875
| style="text-align:right" | n.m.
| style="text-align:right" | n.m.
|}
</div>

<div style="overflow-x:auto">
{| id="t2" class="wikitable fintable"
|-
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change on a reported basis
! class="col-s" style="text-align:right" | Change at constant Forex
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying earnings]] {{fn ref|2|2='Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}}
| style="text-align:right" | 8,078
| style="text-align:right" | 8,368
| style="text-align:right" | +4%
| style="text-align:right" | +6%
|-
| style="text-align:left" | Net income
| style="text-align:right" | 7,886
| style="text-align:right" | 9,797
| style="text-align:right" | +24%
| style="text-align:right" | +26%
|}
</div>

<div style="overflow-x:auto">
{| id="t3" class="wikitable fintable"
|-
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change on a reported basis
! class="col-s" style="text-align:right" |
|-
| style="text-align:left" | Solvency II ratio (%) {{fn ref|5|2=The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.}}
| style="text-align:right" | 216%
| style="text-align:right" | 224%
| style="text-align:right" | +9 pts
| style="text-align:right" | —
|}
</div>
=== Activity indicators ===

{{chunk|doc=chq99br5nr|c=9|p=2}}
'''[[Definition:Gross written premiums|Gross written premiums]] and [[Definition:Other revenue|other revenues]]'''

* Total [[Definition:Gross written premiums|gross written premiums]] and [[Definition:Other revenue|other revenues]]{{fn ref|1|2=Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}} were up 6%.
* [[Definition:Property & casualty|Property & Casualty]]: +5%.
** Commercial lines{{fn ref|11|2='Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance.}}: +4% from higher volumes (notably at [[Definition:AXA XL|AXA XL]] Insurance) and favorable price effects{{fn ref|12|2=Price effects are calculated as a percentage of total gross written premiums of the prior year.}} across all geographies.
** Personal lines: +7% driven by favorable price effects and strong growth in net new contracts, notably in France, Europe, Asia & EME-LATAM.
** [[Definition:AXA XL|AXA XL]] Reinsurance: +8% with growth supported by alternative capital.
* [[Definition:Life & health|Life & Health]]: +8%.
** Life premiums: +9%.
*** Protection: +11% from strong sales in Hong Kong, Switzerland, and Japan.
*** Unit-Linked: +13% from higher volumes across all geographies.
*** G/A{{fn ref|13|2=General account.}}: +4% from continued momentum in Italy and France.
** Health premiums: +5% driven by price effects in all geographies.

{{chunk|doc=chq99br5nr|c=10|p=2}}
'''[[Definition:Underlying earnings|Underlying earnings]] and EPS'''

* [[Definition:Underlying earnings|Underlying earnings]]{{fn ref|2|2='Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}} increased by 6% to EUR 8.4bn.
* [[Definition:Underlying earnings|Underlying earnings]] increased by +9% excluding [[Definition:AXA Investment Managers|AXA IM]]{{fn ref|3|2=AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are given at constant foreign exchange rates.}}.
* [[Definition:Property & casualty|Property & Casualty]]: +9% from higher volumes, underwriting margin expansion, and increased financial result due to higher investment income.
* [[Definition:Life & health|Life & Health]]: +7% from improved short-term technical results in Health & Protection, and higher earnings in long-term business, including early benefits from strategy to rejuvenate the business.
* Holdings{{fn ref|14|2=Including banking activities.}} [[Definition:Underlying earnings|underlying earnings]] remained broadly stable at EUR -1.2bn.
* Asset Management [[Definition:Underlying earnings|underlying earnings]] decreased by EUR 0.2bn due to the disposal of [[Definition:AXA Investment Managers|AXA IM]] on July 1, 2025.
* [[Definition:Underlying earnings per share|Underlying earnings per share]]{{fn ref|2|2='Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}} increased by 8% to EUR 3.86.
* This increase was mainly driven by:
** Increase in [[Definition:Underlying earnings|underlying earnings]] (+6%) and a decrease in interest expense on undated and deeply-subordinated debt.
** Impact of [[Definition:Share buyback|share buybacks]] (+3%), including the annual [[Definition:Share buyback|share buyback]] program and the anti-dilutive [[Definition:Share buyback|share buyback]] associated with the sale of [[Definition:AXA Investment Managers|AXA IM]].
* This was partially offset by the unfavorable impact of [[Definition:Foreign exchange|foreign exchange]] rate movements, notably the depreciation of the U.S. dollar against the Euro (-2%).
* The sale of [[Definition:AXA Investment Managers|AXA IM]] resulted in a temporary dilution of [[Definition:Underlying earnings per share|underlying earnings per share]] (-1%) due to the timing of the associated [[Definition:Share buyback|share buyback]].

{{chunk|doc=chq99br5nr|c=11|p=2}}
'''Net income'''

* Net income increased by 26% to EUR 9.8bn.
* This increase mainly reflects the increase in [[Definition:Underlying earnings|underlying earnings]] and significantly positive exceptional items, notably the gain from the sale of [[Definition:AXA Investment Managers|AXA IM]].

=== Balance sheet ===

{{chunk|doc=chq99br5nr|c=12|p=3}}
'''Shareholders' equity and CSM'''

* Shareholders' equity was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn versus December 31, 2024.
* The decrease in shareholders' equity was due to: [[Definition:Full year 2024|FY24]] [[Definition:Dividend|dividend]] paid to shareholders (EUR -4.6bn), impact of [[Definition:Share buyback|share buybacks]] in 2025 (EUR -4.7bn) including the EUR 3.5bn anti-dilutive [[Definition:Share buyback|share buyback]] related to the sale of [[Definition:AXA Investment Managers|AXA IM]], and an unfavorable [[Definition:Foreign exchange|foreign exchange]] impact (EUR -3.5bn) notably from USD depreciation.
* These negative impacts on shareholders' equity were partly offset by positive contributions from net income (EUR +9.8bn) and net OCI (EUR +1.3bn).
* CSM{{fn ref|1|2=Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}}{{fn ref|15|2=Including P&C. Please see Appendices of the FY25 earnings presentation available at www.axa.com for indicative sensitivities impacting CSM. These sensitivities, together with any other sensitivities contained in the Appendices, are based on management's current assessment in connection with the full -year 2025 annual results. These sensitivities are expressly qualified by the cautionary statements in the presentation concerning forward looking statements and have not been audited or subject to a limited review by AXA's statutory auditors.}} was EUR 33.3bn at December 31, 2025, down EUR 0.6bn versus December 31, 2024.
* CSM saw +2% normalized growth, driven by new business contribution (EUR +2.2bn) and underlying return on in-force (EUR +1.3bn), which more than offset CSM release (EUR -3.0bn).
* Market conditions had a favorable impact on CSM (EUR +0.6bn), mainly from tightening government spreads and positive equity market performance.
* These positive impacts on CSM were more than offset by unfavorable [[Definition:Foreign exchange|foreign exchange]] impacts (EUR -1.5bn), mainly from the depreciation of JPY and HKD, and a negative operating variance (EUR -0.3bn) due to a reduction in the duration of Group Life business in Switzerland despite better margins and net flows.

{{chunk|doc=chq99br5nr|c=13|p=3}}
'''Solvency II ratio'''

* Solvency II ratio{{fn ref|5|2=The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.}} was 224% as of December 31, 2025, up +9 points versus December 31, 2024.
* The increase in Solvency II ratio was due to: strong operating return (+28 points) net of [[Definition:Dividend|dividend]] provision and annual [[Definition:Share buyback|share buyback]] (-24 points), positive impact from net subordinated debt issuance (+6 points), and favorable financial markets impacts (+4 points).
* These positive impacts were partly offset by the net impact of the acquisitions of Nobis and Prima, and the disposal of [[Definition:AXA Investment Managers|AXA IM]] including the associated EUR 3.8bn [[Definition:Share buyback|share buyback]] (-5 points).
* As of January 1, [[Definition:Year 2026|2026]], capital instruments and subordinated debt subject to Solvency II transitional measures ('grandfathered debt') no longer qualified as eligible own funds, resulting in a -10 point decrease in the Solvency II ratio to 215%.
* The Group estimates that the Solvency II revision, effective Q1 2027, would increase the current Solvency II ratio by +17 points{{fn ref|10|2=Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}}.

{{chunk|doc=chq99br5nr|c=14|p=3}}
'''Financial ratios and cash at holding'''

* Underlying return on equity{{fn ref|2|2='Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}} was 16.0% as of December 31, 2025, up 0.8 points versus December 31, 2024, notably from higher [[Definition:Underlying earnings|underlying earnings]] and lower shareholders' equity.
* Debt gearing{{fn ref|2|2='Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}} was 22.3% as of December 31, 2025, up 1.7 points versus December 31, 2024.
* The increase in debt gearing was driven by lower shareholders' equity and CSM, as well as the issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn), partly offset by redemption of outstanding grandfathered Tier 1 debt (EUR -1.9bn).
* The Group's debt gearing was in line with its 19-23% plan guidance for 2024-2026.
* Cash at Holding{{fn ref|16|2=Including cash and liquid invested assets at AXA SA Holding and other central holdings.}} amounted to EUR 5.6bn as of December 31, 2025, up EUR 1.6bn versus December 31, 2024.
* This increase in cash at Holding reflects organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn versus December 31, 2024.

== Capital management and outlook ==

=== Capital management ===

{{chunk|doc=chq99br5nr|c=15|p=4}}
'''Shareholder returns'''

* A [[Definition:Dividend|dividend]] of EUR 2.32 per share (+8% vs [[Definition:Full year 2024|FY24]]) will be proposed at the Shareholders' Annual General Meeting on April 30, [[Definition:Year 2026|2026]]{{fn ref|7|2=Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.}}.
* The [[Definition:Dividend|dividend]] is expected to be paid on May 13, [[Definition:Year 2026|2026]], with an ex-dividend date on May 11, [[Definition:Year 2026|2026]].
* [[Definition:AXA|AXA]]'s Board of Directors approved on February 25, [[Definition:Year 2026|2026]], an annual [[Definition:Share buyback|share buyback]] program for up to EUR 1.25bn.
* The [[Definition:Share buyback|share buyback]] program will be executed in accordance with the applicable Shareholders' Annual General Meeting authorization.
* [[Definition:AXA|AXA]] intends to cancel all shares repurchased under this program.
* The [[Definition:Share buyback|share buyback]] program is expected to commence as soon as practicable, subject to market conditions, and be completed by year-end.

=== Outlook ===

{{chunk|doc=chq99br5nr|c=16|p=4}}
''''Unlock the Future' plan targets and strategy'''

* [[Definition:AXA|AXA]] is confident in achieving its main financial targets for the 2024-2026 'Unlock the Future' plan.
* Confidence is underpinned by: (i) profitable organic growth, (ii) scaling technical capabilities, and (iii) driving operational efficiency through reinforced cost management.
* In [[Definition:Property & casualty|P&C]] Retail and SME & Mid-market, pricing remains favorable, and the Group expects to benefit from earnthrough of higher pricing and underwriting actions.
* At [[Definition:AXA XL|AXA XL]], pricing conditions vary by line; the Group will continue effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital.
* The Group guidance for normalized natural catastrophe{{fn ref|18|2=Natural catastrophe charges include natural catastrophe losses regardless of event size.}} load remains at approximately 4.5 points of combined ratio for [[Definition:Year 2026|2026]].
* In [[Definition:Life & health|Life & Health]], earnings growth is expected from the short-term business due to disciplined pricing and claims management.
* The strategy to rejuvenate sales in the long-term business and improved persistency should generate positive net flows, driving CSM growth over time.

{{chunk|doc=chq99br5nr|c=17|p=4}}
'''Holdings results and financial targets'''

* Results in Holdings in [[Definition:Year 2026|2026]] are expected to be similar to 2025 levels.
* Assuming current operating conditions persist and given strong 2025 operating performance, [[Definition:AXA|AXA]] is on track to deliver the main financial targets of its 'Unlock the Future' plan.
* Main financial targets include: (i) [[Definition:Underlying earnings per share|underlying earnings per share]] growth at the upper end of the 6-8% CAGR [[Definition:Target range|target range]] for both 2023-2026E and [[Definition:Year 2026|2026]]{{fn ref|9|2=Expected underlying earnings per share ('UEPS') growth for 2026 is a forward -looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan and is qualified by the cautionary statements in this press rel ease regarding forward-looking statements.}}.
* Main financial targets include: (ii) underlying return on equity between 14% and 16% between 2024 and 2026E.
* Main financial targets include: (iii) cumulative organic cash upstream exceeding EUR 21bn for 2024-2026E.
* The Group is committed to its [[Definition:Capital management|capital management]] policy{{fn ref|19|2=Subject to annual Board and Shareholders' Annual General Meeting approvals and absent (1) for share buybacks, any significant earnings event (i.e., significant deviation in the Group's underlying earnings) and (2) for dividends, the occurrence of a signifi cant capital event (i.e., event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA's earnings, financial condition, applicable c apital and solvency requirements, prevailing operating and financial market conditions and the general economic environment.}}, targeting a total [[Definition:Payout ratio|payout ratio]] of 75%{{fn ref|20|2=Payout ratio is calculated based on underlying earnings per share.}}.
* The total [[Definition:Payout ratio|payout ratio]] comprises a 60% [[Definition:Dividend|dividend]] [[Definition:Payout ratio|payout ratio]] and an additional 15% from annual [[Definition:Share buyback|share buybacks]].
* The proposed [[Definition:Dividend|dividend]] per share in a given year is expected to be at least equal to the [[Definition:Dividend|dividend]] per share paid in the prior year.

== Property & Casualty ==

{{chunk|doc=chq99br5nr|c=18|p=5}}

<div style="overflow-x:auto">
{| id="t4" class="wikitable fintable"
|+ Key figures – [[Definition:Property & casualty|Property & Casualty]]
|-
! style="text-align:left" | in Euro billion
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change on a comparable basis
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]] Price effect{{fn ref|12|2=Price effects are calculated as a percentage of total gross written premiums of the prior year.}} (in %)
|-
| style="text-align:left" | [[Definition:Gross written premiums|Gross written premiums]] and [[Definition:Other revenue|other revenues]]
| style="text-align:right" | 56.5
| style="text-align:right" | 58.0
| style="text-align:right" | +5%
| style="text-align:right" | +2.9%
|-
| style="text-align:left" | o/w Commercial lines{{fn ref|11|2='Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance.}}
| style="text-align:right" | 34.9
| style="text-align:right" | 35.8
| style="text-align:right" | +4%
| style="text-align:right" | +1.9%
|-
| style="text-align:left" | o/w Personal lines
| style="text-align:right" | 19.1
| style="text-align:right" | 19.7
| style="text-align:right" | +7%
| style="text-align:right" | +5.2%
|-
| style="text-align:left" | o/w [[Definition:AXA XL|AXA XL]] Reinsurance
| style="text-align:right" | 2.5
| style="text-align:right" | 2.6
| style="text-align:right" | +8%
| style="text-align:right" | +0.3%
|}
</div>

<div style="overflow-x:auto">
{| id="t5" class="wikitable fintable"
|-
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change at constant Forex
|-
| style="text-align:left" | All-Year Combined ratio
| style="text-align:right" | 91.0%
| style="text-align:right" | 90.6%
| style="text-align:right" | -0.3 pt
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying earnings]]
| style="text-align:right" | 5,510
| style="text-align:right" | 5,872
| style="text-align:right" | +9%
|}
</div>

{{chunk|doc=chq99br5nr|c=19|p=5}}
'''[[Definition:Gross written premiums & other revenues|Gross written premiums & other revenues]]'''

* [[Definition:Gross written premiums & other revenues|Gross written premiums & other revenues]] +5% to EUR 58.0bn.
* Commercial lines: +4% to EUR 35.8bn.
** [[Definition:AXA XL|AXA XL]] Insurance: +3% from growth in attractive margin lines (Property) and Casualty (favorable price effects, higher volumes); partly offset by lower pricing and volumes in Financial lines.
** [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]]: +13% mainly from Türkiye (higher average premiums) and Mexico (favorable volume and price effects).
** France: +6% from favorable price effects across all lines and higher volumes.
* Personal lines: +7% to EUR 19.7bn.
** Europe: +5% from favorable price effects across geographies, except UK & Ireland Motor where pricing softened after strong repricing in 2024.
** [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]]: +14% from Türkiye (higher average premiums and volumes).
** France: +9% from strong volume growth in all lines (direct business, proprietary agent networks) and favorable price effects in Motor.
* [[Definition:AXA XL|AXA XL]] Reinsurance: +8% to EUR 2.6bn, driven by growth supported by alternative capital and favorable price effects in Casualty; partly offset by softening in other lines.

{{chunk|doc=chq99br5nr|c=20|p=5}}
'''Combined ratio'''

* All-year combined ratio improved by 0.3pt to 90.6%.
* Driven by lower undiscounted current year loss ratio excluding natural catastrophe (-0.3pt) from margin expansion in Commercial lines (-0.5pt, driven by SME & mid-market business at -0.9pt) and Personal lines (-0.4pt).
* [[Definition:AXA XL|AXA XL]] Insurance margins stable at attractive levels (+0.1pt).
* Lower expense ratio (-0.3pt) primarily from lower non-commission expense ratio reflecting efficiency gains.
* Lower natural catastrophe charges (-0.4pt to 3.4%) more than offset by lower prior years' reserve development (+0.7pt at -1.1%).

{{chunk|doc=chq99br5nr|c=21|p=6}}
'''[[Definition:Property & casualty|P&C]] [[Definition:Underlying earnings|underlying earnings]]'''

* [[Definition:Property & casualty|P&C]] [[Definition:Underlying earnings|underlying earnings]] +9% to EUR 5.9bn.
* Driven by an increase in technical result (+EUR 0.5bn) reflecting strong volume growth and improved technical margin.
* Driven by higher financial result (+EUR 0.2bn) due to higher volumes and reinvestment yields on fixed income assets, offsetting increased unwind of discount of claims reserves.
* Partly offset by higher income taxes (-EUR 0.2bn) mainly due to higher pre-tax [[Definition:Underlying earnings|underlying earnings]].

== Life & Health ==

{{chunk|doc=chq99br5nr|c=22|p=6}}

<div style="overflow-x:auto">
{| id="t6" class="wikitable fintable"
|+ Key figures – [[Definition:Life & health|Life & Health]]
|-
! style="text-align:left" | in Euro billion
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change on a comparable basis
|-
| style="text-align:left" | [[Definition:Gross written premiums & other revenues|Gross written premiums & other revenues]]
| style="text-align:right" | 52.0
| style="text-align:right" | 56.5
| style="text-align:right" | +8%
|-
| style="text-align:left" | o/w Life
| style="text-align:right" | 34.5
| style="text-align:right" | 37.5
| style="text-align:right" | +9%
|-
| style="text-align:left" | o/w Health
| style="text-align:right" | 17.5
| style="text-align:right" | 19.0
| style="text-align:right" | +5%
|-
| style="text-align:left" | PVEP{{fn ref|1,21}}
| style="text-align:right" | 50.9
| style="text-align:right" | 49.4
| style="text-align:right" | -2%
|-
| style="text-align:left" | NB CSM{{fn ref|1,21}}
| style="text-align:right" | 2.2
| style="text-align:right" | 2.2
| style="text-align:right" | +3%
|-
| style="text-align:left" | NBV (post-tax){{fn ref|1,21}}
| style="text-align:right" | 2.3
| style="text-align:right" | 2.2
| style="text-align:right" | 0%
|-
| style="text-align:left" | NBV margin{{fn ref|1,21}}
| style="text-align:right" | 4.4%
| style="text-align:right" | 4.5%
| style="text-align:right" | +0.1 pt
|-
| style="text-align:left" | Net flows{{fn ref|21|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}}
| style="text-align:right" | +1.5
| style="text-align:right" | +5.4
| style="text-align:right" | —
|}
</div>

<div style="overflow-x:auto">
{| id="t7" class="wikitable fintable"
|-
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change at constant forex
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying earnings]]
| style="text-align:right" | 3,323
| style="text-align:right" | 3,501
| style="text-align:right" | +7%
|-
| style="text-align:left" | o/w Life
| style="text-align:right" | 2,636
| style="text-align:right" | 2,715
| style="text-align:right" | +4%
|-
| style="text-align:left" | o/w Health
| style="text-align:right" | 687
| style="text-align:right" | 787
| style="text-align:right" | +17%
|}
</div>

=== Gross written premiums & other revenues were up 8% to Euro 56.5 billion. ===

{{chunk|doc=chq99br5nr|c=23|p=6}}
'''[[Definition:Life & health|Life & Health]] [[Definition:Gross written premiums|gross written premiums]]'''

* Life grew +9% to EUR 37.5bn, mainly from:
** Unit-Linked: +13% driven by successful sales initiatives across all geographies
** G/A{{fn ref|13|2=General account.}}: +4% notably in France (+4%) and from elevated sales of a capital-light product in Italy
** G/A was partly offset by non-repeat of elevated sales of a single premium whole-life product in Japan and lower sales in Hong Kong
** Protection: +11%, notably from a commercial campaign on a Protection with G/A product in Hong Kong and continued good sales of Protection with Unit-Linked product in Japan and Switzerland
* Health grew +5% to EUR 19.0bn, driven by favorable price effects in both Group and Individual businesses across most geographies, partly offset by lower volumes.

{{chunk|doc=chq99br5nr|c=24|p=6}}
'''Present value of expected premiums (PVEP)'''

* Present value of expected premiums (PVEP){{fn ref|1,21}} decreased by 2% to EUR 49.4bn.
{{chunk|doc=chq99br5nr|c=24|p=7|cont=1}}
* Life PVEP: +1%, from higher volumes in Hong Kong, France, and Switzerland, partly offset by impact of higher interest rates on discounting of future premiums.
* Health PVEP: -12%, mainly from the impact of higher interest rates on discounting of future premiums, and lower volumes in France following underwriting and pruning actions.

{{chunk|doc=chq99br5nr|c=25|p=7}}
'''NB CSM and NBV'''

* NB CSM{{fn ref|1|2=Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}}{{fn ref|21|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} increased by 3% to EUR 2.2bn driven by strong sales in Savings and Protection, partly offset by the impact of higher interest rates on discounting of future profits.
* NBV (post-tax){{fn ref|1|2=Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}}{{fn ref|21|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} was stable at EUR 2.2bn as growth in NB CSM was offset by the decrease in the contribution of short-term multinational business in France.
* NBV margin (post tax){{fn ref|1|2=Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}}{{fn ref|21|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} increased by 0.1pt to 4.5%.

{{chunk|doc=chq99br5nr|c=26|p=7}}
'''Net flows'''

* Net flows{{fn ref|21|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}} were EUR +5.4bn compared to EUR +1.5bn in 2024.
* Net flows in 2025 were driven by:
** Protection: EUR +4.9bn, mainly in Hong Kong, Japan, and France
** Health: EUR +2.7bn, mainly in Germany, Japan, and France
** Unit-Linked: EUR +1.5bn, primarily in France
* Net flows were partly offset by G/A Savings (EUR -3.7bn), as inflows in G/A capital-light (EUR +1.2bn) were more than offset by outflows in traditional G/A Savings (EUR -5.0bn).

{{chunk|doc=chq99br5nr|c=27|p=7}}
'''[[Definition:Life & health|Life & Health]] [[Definition:Underlying earnings|underlying earnings]]'''

* [[Definition:Life & health|Life & Health]] [[Definition:Underlying earnings|underlying earnings]] increased by 7% to EUR 3.5bn, driven by:
** Long-term technical result: EUR +0.2bn driven by an increase in CSM release, following both growth in reserves and better margins in the long-term business
** Short-term technical result: EUR +0.1bn driven by the expansion of technical margin reflecting pricing, underwriting and claims management actions to strengthen technical excellence across geographies
** Short-term technical result more than offset the impact of a legislative change on the recoverability of value added tax in Mexico (EUR -0.1bn)
** Lower income taxes: EUR +0.1bn reflecting favorable tax effects mainly in Germany, France and Mexico
** Lower contribution from affiliates, notably ICBC-AXA and improved results at [[Definition:AXA|AXA]] MPS that resulted in an increase in earnings of minority shareholders

== Holdings ==

{{chunk|doc=chq99br5nr|c=28|p=7}}
'''Holdings [[Definition:Underlying earnings|underlying earnings]]'''

* Holdings [[Definition:Underlying earnings|underlying earnings]]{{fn ref|14|2=Including banking activities.}} remained broadly stable at EUR -1.2bn.

== Ratings and glossary ==

=== Ratings ===

{{chunk|doc=chq99br5nr|c=29|p=8}}

<div style="overflow-x:auto">
{| id="t8" class="wikitable"
|+ Insurer financial strength ratings and [[Definition:AXA|AXA]]'s credit ratings by Agency
|-
! style="text-align:left" |
! style="text-align:right" |
! colspan="3" style="text-align:center" | Insurer financial strength ratings
! colspan="2" style="text-align:center" | [[Definition:AXA|AXA]]'s credit ratings {{fn ref|22|2=AXA maintains up-to-date ratings information on its website at: https://www.axa.com/en/investor/financial-strength-ratings.}}
|-
! style="text-align:left" | Agency
! style="text-align:right" | Date of last review
! style="text-align:left" | [[Definition:AXA|AXA]] SA
! style="text-align:left" | [[Definition:AXA|AXA]]'s principal insurance subsidiaries
! style="text-align:left" | Outlook
! style="text-align:right" | Senior debt of the Company
! style="text-align:left" | Short-term debt of the Company
|-
| style="text-align:left" | S&P Global Ratings
| style="text-align:right" | October 3, 2025
| style="text-align:left" | A+
| style="text-align:left" | AA-
| style="text-align:left" | Positive
| style="text-align:right" | A+
| style="text-align:left" | A-1+
|-
| style="text-align:left" | Moody's Investor Service
| style="text-align:right" | October 8, 2025
| style="text-align:left" | Aa2
| style="text-align:left" | Aa2
| style="text-align:left" | Stable
| style="text-align:right" | Aa3
| style="text-align:left" | P-1
|-
| style="text-align:left" | AM Best
| style="text-align:right" | October 9, 2025
| style="text-align:left" | A+ Superior
| style="text-align:left" | —
| style="text-align:left" | Stable
| style="text-align:right" | aa Superior
| style="text-align:left" | —
|}
</div>

{{fn note|1=22|2=AXA maintains up-to-date ratings information on its website at: https://www.axa.com/en/investor/financial-strength-ratings.}}

=== Glossary ===

{{chunk|doc=chq99br5nr|c=30|p=8}}
'''Glossary of financial terms'''

* Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0%.
* Contractual service margin ("CSM"): a component of the carrying amount of the asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders.
* CSM release: the portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss, representing the estimated profit earned by the insurer for providing insurance services during the reporting period.
* Economic variance: the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force.
* Financial result: investment income on assets backing Building Block Approach (BBA) and Premium Allocation Approach (PAA) contracts, as well as assets backing shareholder's equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow.
* [[Definition:Gross written premiums|Gross written premiums]] and [[Definition:Other revenue|other revenues]]: insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business).
** [[Definition:Other revenue|Other Revenues]] represent premiums and fees collected on activities other than insurance (i.e., banking, services, and asset management activities).
* New business contractual service margin ("NB CSM"): a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided.
* New business value ("NBV"): the value of newly issued contracts during the current year.
** It consists of the sum of (i) the NB CSM, (ii) the present value of the future profits of Short-Term Business newly issued contracts during the period (carried by Life entities, considering expected renewals), and (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes, and (vi) minority interests.
* New business value margin ("NBV Margin"): the ratio of (i) NBV representing the value of newly issued contracts during the current year to (ii) PVEP.
{{chunk|doc=chq99br5nr|c=30|p=9|cont=1}}
* Operating variance: the variation of the year-end CSM vs the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes.
** Operating variance is net of reinsurance.
* Present value of expected premiums ('PVEP'): the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term.
** PVEP is discounted at the reference interest rate and PVEP is Group share.
* Technical experience: consists of the impacts on the [[Definition:Underlying earnings|underlying earnings]] of (i) the difference between the expected and incurred cash-flows incurred in the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) the other long-term elements which are mainly composed of non-attributable expenses.
* Underlying return on in-force: the release of the time value of options & guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance.

== Scope and exchange rates ==

=== Scope ===

{{chunk|doc=chq99br5nr|c=31|p=10}}
'''Scope of operations by geography'''

* France: includes insurance activities, banking activities, and holding.
* Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxembourg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holding), Italy (insurance activities), Prima (insurance activities){{fn ref|23|2=AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.}}, and [[Definition:AXA|AXA]] Life Europe (insurance activities).
* [[Definition:AXA XL|AXA XL]]: includes insurance and reinsurance activities and holding.
* [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]]:
** Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand [[Definition:Property & casualty|P&C]], Indonesia L&S (excluding the bancassurance entity), China [[Definition:Property & casualty|P&C]], South Korea, and Asia Holdings are fully consolidated.
** Asia: China L&S, Thailand L&S, the Philippines L&S and [[Definition:Property & casualty|P&C]], Indonesia L&S, and India (Life activities disposed on March 11, 2024 and holding) are consolidated under the equity method and contribute to NBV, PVEP, [[Definition:Underlying earnings|underlying earnings]], and net income.
** Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) are fully consolidated.
** EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) are fully consolidated.
** EME-LATAM: Russia (Reso) (insurance activities) is consolidated under the equity method and contributes only to net income.
** [[Definition:AXA|AXA]] Mediterranean Holdings is included.
* [[Definition:AXA Transversal & Other|Transversal & Other]]: includes [[Definition:AXA|AXA]] Assistance, [[Definition:AXA|AXA]] Liabilities Managers, [[Definition:AXA|AXA]] SA (including Group's internal reinsurance activity), and other Central Holdings.
* [[Definition:AXA Investment Managers|AXA Investment Managers]]{{fn ref|24|2=Disposal to BNP Paribas completed on July 1, 2025.}}: includes [[Definition:AXA Investment Managers|AXA Investment Managers]], Select (previously Architas), and Capza, which are fully consolidated, and Asian joint ventures, which are consolidated under the equity method.

=== Exchange rates ===

{{chunk|doc=chq99br5nr|c=32|p=10}}

<div style="overflow-x:auto">
{| id="t9" class="wikitable fintable"
|+ Exchange rates
|-
! style="text-align:left" | For 1 Euro
! colspan="2" style="text-align:center" | End of Period Exchange rate
! colspan="2" style="text-align:center" | Average Exchange rate
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | USD
| style="text-align:right" | 1.04
| style="text-align:right" | 1.17
| style="text-align:right" | 1.08
| style="text-align:right" | 1.13
|-
| style="text-align:left" | CHF
| style="text-align:right" | 0.94
| style="text-align:right" | 0.93
| style="text-align:right" | 0.95
| style="text-align:right" | 0.94
|-
| style="text-align:left" | GBP
| style="text-align:right" | 0.83
| style="text-align:right" | 0.87
| style="text-align:right" | 0.85
| style="text-align:right" | 0.86
|-
| style="text-align:left" | JPY
| style="text-align:right" | 163
| style="text-align:right" | 184
| style="text-align:right" | 164
| style="text-align:right" | 169
|-
| style="text-align:left" | HKD
| style="text-align:right" | 8.04
| style="text-align:right" | 9.14
| style="text-align:right" | 8.44
| style="text-align:right" | 8.82
|}
</div>

== Notes ==

{{chunk|doc=chq99br5nr|c=33|p=11}}
'''Notes'''

{{fn note|1=1|2=Change in gross written premiums & other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.}}
{{fn note|1=2|2='Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).}}
{{fn note|1=3|2=AXA completed the disposal of AXA IM to BNP Paribas on July 1, 2025. All figures excluding AXA IM are given at constant foreign exchange rates.}}
{{fn note|1=4|2=On July 1, 2025, AXA executed a share repurchase agreement with an investment services provider, whereby AXA carried out a program to buyback its own shares for a maximum amount of Euro 3.8 billion to offset the earnings dilution from the sale of AXA Investment Managers to BNP Paribas, as announced on August 1, 2024. The share buyback commenced on July 2, 2025, and ended on January 20, 2026, resulting in a temporary earnings dilution as of December 31, 2025.}}
{{fn note|1=5|2=The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.}}
{{fn note|1=6|2=Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, at which point they ceased to qualify as capital under Solvency II, as disclosed in AXA's press release on its 9M25 Activity Indicators, published on www.axa.com.}}
{{fn note|1=7|2=Subject to approval by the Shareholders' Annual General Meeting to be held on April 30, 2026.}}
{{fn note|1=8|2=As approved by AXA's Board of Directors on February 25, 2026, and expected to commence as soon as reasonably practicable, subject to market conditions.}}
{{fn note|1=9|2=Expected underlying earnings per share ('UEPS') growth for 2026 is a forward -looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan and is qualified by the cautionary statements in this press rel ease regarding forward-looking statements.}}
{{fn note|1=10|2=Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.}}
{{fn note|1=11|2='Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance.}}
{{fn note|1=12|2=Price effects are calculated as a percentage of total gross written premiums of the prior year.}}
{{fn note|1=13|2=General account.}}
{{fn note|1=14|2=Including banking activities.}}
{{fn note|1=15|2=Including P&C. Please see Appendices of the FY25 earnings presentation available at www.axa.com for indicative sensitivities impacting CSM. These sensitivities, together with any other sensitivities contained in the Appendices, are based on management's current assessment in connection with the full -year 2025 annual results. These sensitivities are expressly qualified by the cautionary statements in the presentation concerning forward looking statements and have not been audited or subject to a limited review by AXA's statutory auditors.}}
{{fn note|1=16|2=Including cash and liquid invested assets at AXA SA Holding and other central holdings.}}
{{fn note|1=17|2=To be executed in accordance with the terms of the Shareholders' Annual General Meeting authorization granted on April 2 4, 2025, or the authorization expected to be granted by the Shareholders' Annual General Meeting on April 30, 2026, as applicable.}}
{{fn note|1=18|2=Natural catastrophe charges include natural catastrophe losses regardless of event size.}}
{{fn note|1=19|2=Subject to annual Board and Shareholders' Annual General Meeting approvals and absent (1) for share buybacks, any significant earnings event (i.e., significant deviation in the Group's underlying earnings) and (2) for dividends, the occurrence of a signifi cant capital event (i.e., event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA's earnings, financial condition, applicable c apital and solvency requirements, prevailing operating and financial market conditions and the general economic environment.}}
{{fn note|1=20|2=Payout ratio is calculated based on underlying earnings per share.}}
{{fn note|1=21|2=Life & Health net flows, PVEP, CSM, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.}}
{{fn note|1=22|2=Restricted Tier 1: 'BBB+' by Standard & Poor's and 'Baa1(hyb)' by Moody's. Tier 2: 'A -/Stable' by Standard & Poor's and 'A2(hyb)/Stable' by Moody's.}}
{{fn note|1=23|2=AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.}}
{{fn note|1=24|2=Disposal to BNP Paribas completed on July 1, 2025.}}

{{chunk|doc=chq99br5nr|c=34|p=11}}
'''Basis of reporting and financial statement approval'''

* All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology).
* Actuarial and financial assumptions for NBV and PVEP calculations are updated semi-annually at half-year and full-year.
* [[Definition:AXA|AXA]]'s consolidated financial statements for the year ended December 31, 2025, were examined by the Board of Directors on February 25, [[Definition:Year 2026|2026]].
* The financial statements are subject to completion of an audit procedure by [[Definition:AXA|AXA]]'s statutory auditors.

{{chunk|doc=chq99br5nr|c=35|p=12}}
'''Company overview and legal information'''

* The [[Definition:AXA|AXA Group]] is a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries.
* In 2025, IFRS17 revenues amounted to EUR 115.5bn and IFRS17 [[Definition:Underlying earnings|underlying earnings]] to EUR 8.4bn.
* Investor Relations contact: +33.1.40.75.48.42, investor.relations@axa.com.
* The [[Definition:AXA|AXA]] ordinary share is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA).
* [[Definition:AXA|AXA]]’s American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY.
* Individual Shareholder Relations contact: +33.1.40.75.48.43.
* Media Relations contacts: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com.
* The [[Definition:AXA|AXA Group]] is included in main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.
* [[Definition:AXA|AXA]] is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.
* This press release contains forward-looking statements, including those regarding expected [[Definition:Underlying earnings per share|underlying earnings per share]] (“[[Definition:Underlying earnings per share|UEPS]]”) growth for [[Definition:Year 2026|2026]], which are based on Management’s current views and intentions and are subject to risks and uncertainties.
* [[Definition:AXA|AXA]] disclaims any obligation to publicly update or revise these forward-looking statements, except as required by applicable laws and regulations.
* The press release refers to non-GAAP financial measures (Alternative Performance Measures or APMs) used by Management, which may not be comparable to similarly labeled measures from other companies.
* Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements prepared in accordance with IFRS.
* "[[Definition:Underlying earnings|Underlying earnings]]", [[Definition:Underlying earnings per share|UEPS]], "underlying return on equity", "combined ratio", and "debt gearing" are APMs as defined in ESMA’s guidelines and the AMF’s related position statement.
* Reconciliations of APMs to IFRS financial statements and their calculation methodologies are provided in [[Definition:AXA|AXA]]’s Activity Report as of December 31, 2025.

== Appendix 1: Gross written premiums et other revenues by geography and business line ==

{{chunk|doc=chq99br5nr|c=36|p=13}}

<div style="overflow-x:auto">
{| id="t10" class="wikitable fintable"
|+ [[Definition:Gross written premiums|Gross written premiums]] and [[Definition:Other revenue|other revenues]] by geography and [[Definition:Business mix|business line]]
|-
! style="text-align:left" |
! colspan="4" style="text-align:center" | [[Definition:Gross written premiums|Gross Written Premiums]] and [[Definition:Other revenue|Other Revenues]]
! colspan="2" style="text-align:center" | o/w [[Definition:Property & casualty|Property & Casualty]]
! colspan="2" style="text-align:center" | o/w [[Definition:Life & health|Life & Health]]
! colspan="2" style="text-align:center" | o/w [[Definition:AXA Investment Managers|Asset Management]]
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change on a reported basis
! class="col-s" style="text-align:right" | Change on a comparable basis
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change on a comparable basis
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change on a comparable basis
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change on a comparable basis
|-
| style="text-align:left" | France{{fn ref|i|2=Including Banking revenues amounting to Euro 99 million in FY25 and Euro 118 million in FY24.}}
| style="text-align:right" | 28,996
| style="text-align:right" | 30,598
| style="text-align:right" | +6%
| style="text-align:right" | +6%
| style="text-align:right" | 9,648
| style="text-align:right" | +7%
| style="text-align:right" | 20,852
| style="text-align:right" | +5%
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:AXA Europe|Europe]]
| style="text-align:right" | 39,298
| style="text-align:right" | 43,005
| style="text-align:right" | +9%
| style="text-align:right" | +6%
| style="text-align:right" | 21,257
| style="text-align:right" | +4%
| style="text-align:right" | 21,748
| style="text-align:right" | +8%
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:AXA XL|AXA XL]]
| style="text-align:right" | 19,383
| style="text-align:right" | 19,277
| style="text-align:right" | -1%
| style="text-align:right" | +4%
| style="text-align:right" | 19,159
| style="text-align:right" | +4%
| style="text-align:right" | 118
| style="text-align:right" | -8%
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]]
| style="text-align:right" | 19,083
| style="text-align:right" | 19,925
| style="text-align:right" | +4%
| style="text-align:right" | +13%
| style="text-align:right" | 6,257
| style="text-align:right" | +13%
| style="text-align:right" | 13,668
| style="text-align:right" | +13%
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Transversal
| style="text-align:right" | 1,856
| style="text-align:right" | 1,844
| style="text-align:right" | -1%
| style="text-align:right" | -1%
| style="text-align:right" | 1,718
| style="text-align:right" | -1%
| style="text-align:right" | 126
| style="text-align:right" | -8%
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:AXA Investment Managers|AXA Investment Managers]]
| style="text-align:right" | 1,701
| style="text-align:right" | 875
| style="text-align:right" | -49%
| style="text-align:right" | +4%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 875
| style="text-align:right" | +4%
|-
| style="text-align:left" | Total{{fn ref|i|2=Including Banking revenues amounting to Euro 99 million in FY25 and Euro 118 million in FY24.}}
| style="text-align:right" | 110,316
| style="text-align:right" | 115,524
| style="text-align:right" | +5%
| style="text-align:right" | +6%
| style="text-align:right" | 58,038
| style="text-align:right" | +5%
| style="text-align:right" | 56,512
| style="text-align:right" | +8%
| style="text-align:right" | 875
| style="text-align:right" | +4%
|}
</div>

{{fn note|1=i|2=Including Banking revenues amounting to Euro 99 million in FY25 and Euro 118 million in FY24.}}

== Appendix 2: Underlying earnings by geography and by business line ==

{{chunk|doc=chq99br5nr|c=37|p=14}}

<div style="overflow-x:auto">
{| id="t11" class="wikitable fintable"
|+ [[Definition:Underlying earnings|Underlying earnings]] by geography and by [[Definition:Business mix|business line]]
|-
! style="text-align:left" |
! colspan="3" style="text-align:center" | [[Definition:Underlying earnings|Underlying earnings]]
! colspan="2" style="text-align:center" | o/w [[Definition:Property & casualty|Property & Casualty]]
! colspan="2" style="text-align:center" | o/w [[Definition:Life & health|Life & Health]]
! colspan="2" style="text-align:center" | o/w [[Definition:AXA Investment Managers|Asset Management]]
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change at constant Forex
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change at constant Forex
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change at constant Forex
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change at constant Forex
|-
| style="text-align:left" | [[Definition:AXA France|France]]
| style="text-align:right" | 2,071
| style="text-align:right" | 2,224
| style="text-align:right" | +7%
| style="text-align:right" | 1,237
| style="text-align:right" | +7%
| style="text-align:right" | 1,039
| style="text-align:right" | +8%
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:AXA Europe|Europe]]
| style="text-align:right" | 3,187
| style="text-align:right" | 3,486
| style="text-align:right" | +9%
| style="text-align:right" | 2,216
| style="text-align:right" | +9%
| style="text-align:right" | 1,264
| style="text-align:right" | +14%
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:AXA XL|AXA XL]]
| style="text-align:right" | 1,820
| style="text-align:right" | 1,893
| style="text-align:right" | +9%
| style="text-align:right" | 1,913
| style="text-align:right" | +9%
| style="text-align:right" | 12
| style="text-align:right" | -49%
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]]
| style="text-align:right" | 1,504
| style="text-align:right" | 1,493
| style="text-align:right" | +6%
| style="text-align:right" | 355
| style="text-align:right" | +24%
| style="text-align:right" | 1,165
| style="text-align:right" | 0%
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Transversal
| style="text-align:right" | -907
| style="text-align:right" | -903
| style="text-align:right" | 0%
| style="text-align:right" | 151
| style="text-align:right" | -4%
| style="text-align:right" | 22
| style="text-align:right" | +16%
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:AXA Investment Managers|AXA Investment Managers]]
| style="text-align:right" | 402
| style="text-align:right" | 175
| style="text-align:right" | -57%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 175
| style="text-align:right" | -57%
|-
| style="text-align:left" | Total{{fn ref|i|2=Including underlying earnings of Holdings and Banking.}}
| style="text-align:right" | 8,078
| style="text-align:right" | 8,368
| style="text-align:right" | +6%
| style="text-align:right" | 5,872
| style="text-align:right" | +9%
| style="text-align:right" | 3,501
| style="text-align:right" | +7%
| style="text-align:right" | 175
| style="text-align:right" | -57%
|}
</div>

{{fn note|1=i|2=Including underlying earnings of Holdings and Banking.}}

== Appendix 3: Property & Casualty – gross written premiums & other revenues by business line and discount rates ==

{{chunk|doc=chq99br5nr|c=38|p=15}}

<div style="overflow-x:auto">
{| id="t12" class="wikitable fintable"
|+ Total [[Definition:Property & casualty|P&C]] by geography and [[Definition:Business mix|business line]]
|-
! style="text-align:left" |
! colspan="2" style="text-align:center" | Commercial lines
! colspan="4" style="text-align:center" | Personal lines
! colspan="4" style="text-align:center" | [[Definition:AXA XL|AXA XL]] Reinsurance
! colspan="2" style="text-align:center" | Total [[Definition:Property & casualty|P&C]]
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | Total Commercial
! class="col-s" style="text-align:right" | Change{{fn ref|i}}
! class="col-s" style="text-align:right" | Personal Motor
! class="col-s" style="text-align:right" | Change{{fn ref|i}}
! class="col-s" style="text-align:right" | Personal Non-Motor
! class="col-s" style="text-align:right" | Change{{fn ref|i}}
! class="col-s" style="text-align:right" | Total Personal
! class="col-s" style="text-align:right" | Change{{fn ref|i}}
! class="col-s" style="text-align:right" | Total Reinsurance
! class="col-s" style="text-align:right" | Change{{fn ref|i}}
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change{{fn ref|i}}
|-
| style="text-align:left" | [[Definition:AXA France|France]]
| style="text-align:right" | 5,077
| style="text-align:right" | +6%
| style="text-align:right" | 2,693
| style="text-align:right" | +9%
| style="text-align:right" | 1,877
| style="text-align:right" | +10%
| style="text-align:right" | 4,570
| style="text-align:right" | +9%
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 9,648
| style="text-align:right" | +7%
|-
| style="text-align:left" | [[Definition:AXA Europe|Europe]]
| style="text-align:right" | 9,179
| style="text-align:right" | +1%
| style="text-align:right" | 7,434
| style="text-align:right" | +6%
| style="text-align:right" | 4,644
| style="text-align:right" | +5%
| style="text-align:right" | 12,078
| style="text-align:right" | +5%
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 21,257
| style="text-align:right" | +4%
|-
| style="text-align:left" | [[Definition:AXA XL|AXA XL]]
| style="text-align:right" | 16,604
| style="text-align:right" | +3%
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 2,555
| style="text-align:right" | +8%
| style="text-align:right" | 19,159
| style="text-align:right" | +4%
|-
| style="text-align:left" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]]
| style="text-align:right" | 3,193
| style="text-align:right" | +13%
| style="text-align:right" | 2,315
| style="text-align:right" | +14%
| style="text-align:right" | 749
| style="text-align:right" | +12%
| style="text-align:right" | 3,064
| style="text-align:right" | +14%
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 6,257
| style="text-align:right" | +13%
|-
| style="text-align:left" | Transversal
| style="text-align:right" | 1,718
| style="text-align:right" | -1%
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 1,718
| style="text-align:right" | -1%
|-
| style="text-align:left" | Total
| style="text-align:right" | 35,771
| style="text-align:right" | +4%
| style="text-align:right" | 12,443
| style="text-align:right" | +8%
| style="text-align:right" | 7,269
| style="text-align:right" | +7%
| style="text-align:right" | 19,712
| style="text-align:right" | +7%
| style="text-align:right" | 2,555
| style="text-align:right" | +8%
| style="text-align:right" | 58,038
| style="text-align:right" | +5%
|}
</div>

{{fn note|1=i|2=Changes are at comparable basis (constant forex, scope and methodology)}}

<div style="overflow-x:auto">
{| id="t13" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]{{fn ref|i}}
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]{{fn ref|ii|2=Average of monthly opening discount rates of 2025}}
|-
| style="text-align:left" | EUR
| style="text-align:right" | 2.8%
| style="text-align:right" | 2.6%
|-
| style="text-align:left" | USD
| style="text-align:right" | 4.4%
| style="text-align:right" | 4.2%
|-
| style="text-align:left" | JPY
| style="text-align:right" | 0.4%
| style="text-align:right" | 1.0%
|-
| style="text-align:left" | GBP
| style="text-align:right" | 4.3%
| style="text-align:right" | 4.3%
|-
| style="text-align:left" | CHF
| style="text-align:right" | 0.8%
| style="text-align:right" | 0.2%
|-
| style="text-align:left" | HKD
| style="text-align:right" | 3.7%
| style="text-align:right" | 3.2%
|}
</div>

{{fn note|1=i|2=Calculated as monthly average from January 2024 to December 2024}}
{{fn note|1=ii|2=Average of monthly opening discount rates of 2025}}

== Appendix 4: Property & Casualty – price effect & 2026 market pricing trends ==

=== P&C: Price effects i by country and business line ===

{{chunk|doc=chq99br5nr|c=39|p=16}}

<div style="overflow-x:auto">
{| id="t14" class="wikitable fintable"
|+ [[Definition:Property & casualty|P&C]]: Price effects by country and [[Definition:Business mix|business line]]
|-
! style="text-align:left" | [[Definition:Full year 2025|FY25]] (in %)
! class="col-s" style="text-align:right" | Commercial lines
! class="col-s" style="text-align:right" | Personal lines
! class="col-s" style="text-align:right" | [[Definition:AXA XL|AXA XL]] Reinsurance
! style="text-align:left" | [[Definition:Year 2026|2026]] Market pricing trends
|-
| style="text-align:left" | [[Definition:AXA France|France]]
| style="text-align:right" | +4.0%
| style="text-align:right" | +3.3%
| style="text-align:right" | —
| style="text-align:left" | Moderation of price increase
|-
| style="text-align:left" | [[Definition:AXA Europe|Europe]]
| style="text-align:right" | +3.1%
| style="text-align:right" | +5.4%
| style="text-align:right" | —
| style="text-align:left" | —
|-
| style="text-align:left" | Switzerland
| style="text-align:right" | +3.0%
| style="text-align:right" | +5.0%
| style="text-align:right" | —
| style="text-align:left" | Continued price increases both in Personal and Commercial lines
|-
| style="text-align:left" | Germany
| style="text-align:right" | +3.1%
| style="text-align:right" | +10.3%
| style="text-align:right" | —
| style="text-align:left" | Moderation of price increase, notably in Personal lines following two years of high price increases to counter claims inflation
|-
| style="text-align:left" | Belgium & Luxembourg
| style="text-align:right" | +2.5%
| style="text-align:right" | +4.4%
| style="text-align:right" | —
| style="text-align:left" | Price increase broadly in line with 2025
|-
| style="text-align:left" | UK & Ireland
| style="text-align:right" | +1.4%
| style="text-align:right" | -2.6%
| style="text-align:right" | —
| style="text-align:left" | In UK Personal lines, continuation of current trend, continued moderation in Commercial lines
|-
| style="text-align:left" | Spain
| style="text-align:right" | +8.8%
| style="text-align:right" | +8.6%
| style="text-align:right" | —
| style="text-align:left" | Moderation of price increase
|-
| style="text-align:left" | Italy
| style="text-align:right" | +5.2%
| style="text-align:right" | +5.3%
| style="text-align:right" | —
| style="text-align:left" | Moderation of price increase
|-
| style="text-align:left" | [[Definition:AXA XL|AXA XL]]{{fn ref|ii|2=ii. Price increase on renewals at +0.3% in Insurance and +0.2% in Reinsurance. Price increase on renewals calculated as a percentage of renewed premiums.}}
| style="text-align:right" | +0.2%
| style="text-align:right" | —
| style="text-align:right" | +0.3%
| style="text-align:left" | Softening prices with conditions varying by lines
|-
| style="text-align:left" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]]
| style="text-align:right" | +3.8%
| style="text-align:right" | +7.1%
| style="text-align:right" | —
| style="text-align:left" | Moderation of price increase
|-
| style="text-align:left" | Total
| style="text-align:right" | +1.9%
| style="text-align:right" | +5.2%
| style="text-align:right" | +0.3%
| style="text-align:left" | —
|}
</div>

{{fn note|1=i|2=i. Price effect calculated as a percentage of total gross written premiums in the prior year.}}
{{fn note|1=ii|2=ii. Price increase on renewals at +0.3% in Insurance and +0.2% in Reinsurance. Price increase on renewals calculated as a percentage of renewed premiums.}}

== Appendix 5: Life & Health – gross written premiums & other revenues and growth by business line ==

{{chunk|doc=chq99br5nr|c=40|p=17}}

<div style="overflow-x:auto">
{| id="t15" class="wikitable fintable"
|+ [[Definition:Gross written premiums & other revenues|Gross written premiums & other revenues]] by geography and [[Definition:Business mix|business line]]
|-
! style="text-align:left" | [[Definition:Gross written premiums & other revenues|Gross written premiums & other revenues]]
! colspan="2" style="text-align:center" | Total
! colspan="2" style="text-align:center" | o/w Protection
! colspan="2" style="text-align:center" | o/w G/A Savings
! colspan="2" style="text-align:center" | o/w Unit-Linked
! colspan="2" style="text-align:center" | o/w Health
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change{{fn ref|i|2=Changes are at comparable basis (constant forex, scope and methodology)}}
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change{{fn ref|i|2=Changes are at comparable basis (constant forex, scope and methodology)}}
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change{{fn ref|i|2=Changes are at comparable basis (constant forex, scope and methodology)}}
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change{{fn ref|i|2=Changes are at comparable basis (constant forex, scope and methodology)}}
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Change{{fn ref|i|2=Changes are at comparable basis (constant forex, scope and methodology)}}
|-
| style="text-align:left" | [[Definition:AXA France|France]]
| style="text-align:right" | 20,852
| style="text-align:right" | +5%
| style="text-align:right" | 4,650
| style="text-align:right" | +6%
| style="text-align:right" | 5,483
| style="text-align:right" | +4%
| style="text-align:right" | 5,109
| style="text-align:right" | +10%
| style="text-align:right" | 5,611
| style="text-align:right" | +2%
|-
| style="text-align:left" | [[Definition:AXA Europe|Europe]]
| style="text-align:right" | 21,748
| style="text-align:right" | +8%
| style="text-align:right" | 5,090
| style="text-align:right" | +4%
| style="text-align:right" | 4,444
| style="text-align:right" | +18%
| style="text-align:right" | 3,419
| style="text-align:right" | +10%
| style="text-align:right" | 8,795
| style="text-align:right" | +4%
|-
| style="text-align:left" | [[Definition:AXA XL|AXA XL]]
| style="text-align:right" | 118
| style="text-align:right" | -8%
| style="text-align:right" | 59
| style="text-align:right" | -6%
| style="text-align:right" | 59
| style="text-align:right" | -10%
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
|-
| style="text-align:left" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]]
| style="text-align:right" | 13,668
| style="text-align:right" | +13%
| style="text-align:right" | 7,454
| style="text-align:right" | +19%
| style="text-align:right" | 971
| style="text-align:right" | -31%
| style="text-align:right" | 761
| style="text-align:right" | +63%
| style="text-align:right" | 4,483
| style="text-align:right" | +11%
|-
| style="text-align:left" | Transversal
| style="text-align:right" | 126
| style="text-align:right" | -8%
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | -
| style="text-align:right" | 126
| style="text-align:right" | -8%
|-
| style="text-align:left" | Total
| style="text-align:right" | 56,512
| style="text-align:right" | +8%
| style="text-align:right" | 17,253
| style="text-align:right" | +11%
| style="text-align:right" | 10,957
| style="text-align:right" | +4%
| style="text-align:right" | 9,289
| style="text-align:right" | +13%
| style="text-align:right" | 19,014
| style="text-align:right" | +5%
|-
| style="text-align:left" | o/w short-term{{fn ref|ii|2=Short-term business refers to insurance activities measured using the Premium Allocation Approach ('PAA'). Short-term business margin is analyzed using the Combined Ratio. Short-term business refers here to Life Pure Protection and Health when measured using the PAA period}}
| style="text-align:right" | 17,651
| style="text-align:right" | +6%
| style="text-align:right" | 4,337
| style="text-align:right" | +6%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 13,314
| style="text-align:right" | +6%
|}
</div>

{{fn note|1=i|2=Changes are at comparable basis (constant forex, scope and methodology)}}
{{fn note|1=ii|2=Short-term business refers to insurance activities measured using the Premium Allocation Approach ('PAA'). Short-term business margin is analyzed using the Combined Ratio. Short-term business refers here to Life Pure Protection and Health when measured using the PAA period}}

== Appendix 6: New business volume (PVEP), new business value (NBV), and NBV margin ==

{{chunk|doc=chq99br5nr|c=41|p=18}}

<div style="overflow-x:auto">
{| id="t16" class="wikitable fintable"
|+ PVEP, NBV, and NBV margin by geography
|-
! colspan="7" style="text-align:center" | Life New Business Metrics [[Definition:Full year 2025|FY25]]
! colspan="6" style="text-align:center" | Health{{fn ref|i|2=Includes Health business written predominantly in Life entities}} New Business Metrics [[Definition:Full year 2025|FY25]]
! colspan="6" style="text-align:center" | Total{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}} New Business Metrics [[Definition:Full year 2025|FY25]]
|-
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}
! class="col-s" style="text-align:right" | NBV
! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}
! class="col-s" style="text-align:right" | NBV margin
! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}
! class="col-s" style="text-align:right" | NBV
! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}
! class="col-s" style="text-align:right" | NBV margin
! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}
! class="col-s" style="text-align:right" | PVEP
! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}
! class="col-s" style="text-align:right" | NBV
! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}
! class="col-s" style="text-align:right" | NBV margin
! class="col-s" style="text-align:right" | Change{{fn ref|ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}
|-
| style="text-align:left" | [[Definition:AXA France|France]]
| style="text-align:right" | 14,971
| style="text-align:right" | -4%
| style="text-align:right" | 519
| style="text-align:right" | 0%
| style="text-align:right" | 3.5%
| style="text-align:right" | +0.1 pt
| style="text-align:right" | 7,887
| style="text-align:right" | -20%
| style="text-align:right" | 177
| style="text-align:right" | +13%
| style="text-align:right" | 2.2%
| style="text-align:right" | +0.7pt
| style="text-align:right" | 22,858
| style="text-align:right" | -10%
| style="text-align:right" | 695
| style="text-align:right" | +3%
| style="text-align:right" | 3.0%
| style="text-align:right" | +0.4pts
|-
| style="text-align:left" | [[Definition:AXA Europe|Europe]]
| style="text-align:right" | 10,102
| style="text-align:right" | +3%
| style="text-align:right" | 474
| style="text-align:right" | -11%
| style="text-align:right" | 4.7%
| style="text-align:right" | -0.7pt
| style="text-align:right" | 2,549
| style="text-align:right" | +16%
| style="text-align:right" | 104
| style="text-align:right" | +36%
| style="text-align:right" | 4.1%
| style="text-align:right" | +0.6pt
| style="text-align:right" | 12,651
| style="text-align:right" | +5%
| style="text-align:right" | 578
| style="text-align:right" | -5%
| style="text-align:right" | 4.6%
| style="text-align:right" | -0.5pts
|-
| style="text-align:left" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]]
| style="text-align:right" | 12,029
| style="text-align:right" | +7%
| style="text-align:right" | 754
| style="text-align:right" | +5%
| style="text-align:right" | 6.3%
| style="text-align:right" | -0.1pt
| style="text-align:right" | 1,817
| style="text-align:right" | -6%
| style="text-align:right" | 205
| style="text-align:right" | -12%
| style="text-align:right" | 11.3%
| style="text-align:right" | -0.8pt
| style="text-align:right" | 13,847
| style="text-align:right" | +5%
| style="text-align:right" | 959
| style="text-align:right" | +1%
| style="text-align:right" | 6.9%
| style="text-align:right" | -0.3pts
|-
| style="text-align:left" | Total
| style="text-align:right" | 37,103
| style="text-align:right" | +1%
| style="text-align:right" | 1,747
| style="text-align:right" | -1%
| style="text-align:right" | 4.7%
| style="text-align:right" | -0.1pt
| style="text-align:right" | 12,254
| style="text-align:right" | -12%
| style="text-align:right" | 486
| style="text-align:right" | +4%
| style="text-align:right" | 4.0%
| style="text-align:right" | +0.6pt
| style="text-align:right" | 49,357
| style="text-align:right" | -2%
| style="text-align:right" | 2,233
| style="text-align:right" | 0%
| style="text-align:right" | 4.5%
| style="text-align:right" | +0.1pt
|}
</div>

<div style="overflow-x:auto">
{| id="t17" class="wikitable fintable"
|-
! colspan="4" style="text-align:center" | NB CSM to NBV
|-
! style="text-align:left" | in Euro million
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health{{fn ref|i|2=Includes Health business written predominantly in Life entities}}
! class="col-s" style="text-align:right" | Total{{fn ref|i|2=Includes Health business written predominantly in Life entities}}
|-
| style="text-align:left" | NB CSM (pre-tax)
| style="text-align:right" | 1,822
| style="text-align:right" | 377
| style="text-align:right" | 2,199
|-
| style="text-align:left" | Other NBV (pre-tax)
| style="text-align:right" | 491
| style="text-align:right" | 266
| style="text-align:right" | 757
|-
| style="text-align:left" | Tax & Other
| style="text-align:right" | -567
| style="text-align:right" | -157
| style="text-align:right" | -724
|-
| style="text-align:left" | NBV
| style="text-align:right" | 1,747
| style="text-align:right" | 486
| style="text-align:right" | 2,233
|}
</div>

{{fn note|1=i|2=Includes Health business written predominantly in Life entities}}
{{fn note|1=ii|2=Changes are at comparable basis (constant forex, scope and methodology)}}

== Appendix 7: Life & Health – net flows ==

{{chunk|doc=chq99br5nr|c=42|p=19}}

<div style="overflow-x:auto">
{| id="t18" class="wikitable fintable"
|+ Net flows by [[Definition:Business mix|business line]]
|-
! style="text-align:left" | in Euro billion
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Health{{fn ref|i|2=Includes Health business written predominantly in Life entities}}
| style="text-align:right" | +2.7
| style="text-align:right" | +2.7
|-
| style="text-align:left" | Protection
| style="text-align:right" | +3.2
| style="text-align:right" | +4.9
|-
| style="text-align:left" | G/A Savings
| style="text-align:right" | -3.6
| style="text-align:right" | -3.7
|-
| style="text-align:left" | o/w capital light{{fn ref|ii|2=Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%}}
| style="text-align:right" | +2.2
| style="text-align:right" | +1.2
|-
| style="text-align:left" | o/w traditional G/A
| style="text-align:right" | -5.8
| style="text-align:right" | -5.0
|-
| style="text-align:left" | Unit-Linked{{fn ref|iii|2=Including Investment contracts with no discretionary participation features ("DPF")}}
| style="text-align:right" | -0.8
| style="text-align:right" | +1.5
|-
| style="text-align:left" | Mutual Funds & Other
| style="text-align:right" | 0.0
| style="text-align:right" | 0.0
|-
| style="text-align:left" | Total [[Definition:Life & health|Life & Health]]{{fn ref|i|2=Includes Health business written predominantly in Life entities}} net flows
| style="text-align:right" | +1.5
| style="text-align:right" | +5.4
|}
</div>

{{fn note|1=i|2=Includes Health business written predominantly in Life entities}}
{{fn note|1=ii|2=Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%}}
{{fn note|1=iii|2=Including Investment contracts with no discretionary participation features ("DPF")}}

== Appendix 8: Main transactions and next main investor events ==

{{chunk|doc=chq99br5nr|c=43|p=20}}
'''Main transactions in 2025'''

* Announced the execution of a [[Definition:Share buyback|share repurchase]] agreement related to [[Definition:AXA|AXA]]'s [[Definition:Share buyback|share buyback]] program of up to EUR 1.2bn (February 28, 2025)
* Announced the completion of the acquisition of Nobis Group in Italy (April 1, 2025)
* Announced the placement of EUR 1bn Restricted Tier 1 Notes and EUR 1bn Tier 2 Notes (May 28, 2025)
* Announced the execution of a [[Definition:Share buyback|share repurchase]] agreement related to [[Definition:AXA|AXA]]'s Shareplan and certain stock-based compensation (June 2, 2025)
* Announced the completion of the sale of [[Definition:AXA Investment Managers|AXA Investment Managers]] to BNP Paribas (July 1, 2025)
* Announced the execution of a [[Definition:Share buyback|share repurchase]] agreement of up to EUR 3.8bn following the sale of [[Definition:AXA Investment Managers|AXA IM]] (July 1, 2025)
* Announced the acquisition of Prima, a direct insurance player in Italy (August 1, 2025)
* Announced the launch (September 10, 2025) and successful completion (December 3, 2025) of the 2025 employee share offering program (Shareplan 2025)
* Announced the placement of EUR 750m Restricted Tier 1 Notes and EUR 750m Tier 2 Notes (October 14, 2025)
* Announced the completion of the acquisition of a majority stake in Prima in Italy (November 28, 2025)

=== Next main investor events ===

{{chunk|doc=chq99br5nr|c=44|p=20}}
'''Upcoming investor events'''

* [[Definition:Year 2026|2026]] Shareholder's Annual General Meeting: April 30, [[Definition:Year 2026|2026]]
* First quarter [[Definition:Year 2026|2026]] Activity Indicators: May 5, [[Definition:Year 2026|2026]]
* HY26 [[Definition:Earnings release|Earnings Release]]: July 31, [[Definition:Year 2026|2026]]
* [[Definition:AXA|AXA]] Investor Day: September 21, [[Definition:Year 2026|2026]]

Data:AXA/2025/FY/Financial supplement.json

2026-07-27T15:47:42Z

Wikilah admin: Section records derived from the published summary page (21 sections)

{
"doc_id": "gr2rpazfcv",
"document": {
"organization": "AXA",
"year": "2025",
"period": "FY",
"document_category": "Financial supplement",
"document_name": "AXA FY 2025 Financial Supplement (Excel)",
"publication_date": "2026-02-26",
"language": "English",
"intro_sentence": "This article summarizes AXA's Financial supplement published on 2026-02-26 (21 pages)."
},
"sections": [
{
"id": "gr2rpazfcv-c1",
"chunk": 1,
"pages": [
1
],
"heading": "Market Data",
"tags": [],
"links": [
"Full year 2024",
"Full year 2025"
],
"data_items": [],
"effective_tags": [
"Full year 2024",
"Full year 2025"
],
"content": "**Exchange rate by currency**\n\n| | 1H24 | FY24 (Full year 2024) | 1H25 | FY25 (Full year 2025) | Average 1H24 | Average FY24 | Average 1H25 | Average FY25 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| USD | 1.07 | 1.04 | 1.17 | 1.17 | 1.08 | 1.08 | 1.09 | 1.13 |\n| JPY | 172 | 163 | 170 | 184 | 165 | 164 | 162 | 169 |\n| GBP | 0.85 | 0.83 | 0.86 | 0.87 | 0.85 | 0.85 | 0.84 | 0.86 |\n| CHF | 0.96 | 0.94 | 0.93 | 0.93 | 0.96 | 0.95 | 0.94 | 0.94 |\n| HKD | 8.37 | 8.04 | 9.21 | 9.14 | 8.45 | 8.44 | 8.53 | 8.82 |\n\n**Discount rate 5Y by currency**\n\n| % | Average 1H24 | Average FY24 | Average 1H25 | Average FY25 |\n| --- | --- | --- | --- | --- |\n| EUR | 2.79% | 2.84% | 2.57% | 2.59% |\n| USD | 4.35% | 4.41% | 4.40% | 4.23% |\n| JPY | 0.22% | 0.42% | 0.89% | 1.01% |\n| GBP | 4.00% | 4.25% | 4.38% | 4.31% |\n| CHF | 1.05% | 0.82% | 0.18% | 0.16% |\n| HKD | 3.75% | 3.67% | 3.45% | 3.18% |\n\n**Discount rate 10Y by currency**\n\n| % | Closing 1H24 | Closing FY24 | Closing 1H25 | Closing FY25 |\n| --- | --- | --- | --- | --- |\n| EUR | 3.06% | 2.71% | 2.91% | 3.17% |\n| USD | 4.54% | 4.66% | 4.43% | 4.45% |\n| JPY | 1.04% | 1.07% | 1.44% | 2.08% |\n| GBP | 4.27% | 4.48% | 4.56% | 4.55% |\n| CHF | 0.98% | 0.38% | 0.53% | 0.67% |\n| HKD | 3.79% | 3.91% | 3.02% | 3.21% |"
},
{
"id": "gr2rpazfcv-c2",
"chunk": 2,
"pages": [
2
],
"heading": "UE by LOB and Net Income",
"tags": [],
"links": [
"Underlying earnings",
"Business mix",
"AXA",
"Property \u0026 casualty",
"Life \u0026 health",
"AXA Investment Managers",
"Full year 2024",
"Full year 2025",
"Other revenue",
"Foreign exchange"
],
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"effective_tags": [
"AXA",
"AXA Investment Managers",
"Business mix",
"Foreign exchange",
"Full year 2024",
"Full year 2025",
"Life \u0026 health",
"Other revenue",
"Property \u0026 casualty",
"Underlying earnings"
],
"content": "**Group underlying earnings build-up by line of business (Business mix) and net income**\n\n| In EUR million | Group (AXA) 1H24 | Group (AXA) FY24 (Full year 2024) | Group (AXA) 1H25 | Group (AXA) FY25 (Full year 2025) | Property \u0026 Casualty (Property \u0026 casualty) 1H24 | Property \u0026 Casualty (Property \u0026 casualty) FY24 | Property \u0026 Casualty (Property \u0026 casualty) 1H25 | Property \u0026 Casualty (Property \u0026 casualty) FY25 | Life \u0026 Health (Life \u0026 health) 1H24 | Life \u0026 Health (Life \u0026 health) FY24 | Life \u0026 Health (Life \u0026 health) 1H25 | Life \u0026 Health (Life \u0026 health) FY25 | Asset Management (AXA Investment Managers) (1) 1H24 | Asset Management (AXA Investment Managers) (1) FY24 | Asset Management (AXA Investment Managers) (1) 1H25 | Asset Management (AXA Investment Managers) (1) FY25 | Holdings (2) 1H24 | Holdings (2) FY24 | Holdings (2) 1H25 | Holdings (2) FY25 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Short-term Business — Revenues | 35,273 | 72,104 | 37,209 | 75,071 | 27,294 | 55,898 | 28,697 | 57,656 | 7,979 | 16,207 | 8,512 | 17,416 | — | — | — | — | — | — | — | — |\n| Short-term Business — Combined Ratio | — | — | — | — | 90.2% | 91.0% | 90.0% | 90.6% | 97.6% | 97.4% | 97.1% | 97.2% | — | — | — | — | — | — | — | — |\n| Short-term Business — Technical Margin | 2,877 | 5,421 | 3,107 | 5,888 | 2,682 | 5,006 | 2,859 | 5,409 | 195 | 415 | 248 | 479 | — | — | — | — | — | — | — | — |\n| Long-term Business — CSM Release | 1,395 | 2,775 | 1,428 | 2,954 | — | — | — | — | 1,395 | 2,775 | 1,428 | 2,954 | — | — | — | — | — | — | — | — |\n| Long-term Business — Technical Experience | -64 | -95 | -30 | -150 | — | — | — | — | -64 | -95 | -30 | -150 | — | — | — | — | — | — | — | — |\n| Financial Result \u0026 Other — Financial Result | 2,064 | 3,971 | 2,148 | 4,013 | 1,324 | 2,559 | 1,343 | 2,631 | 536 | 975 | 563 | 946 | 24 | 35 | 14 | 14 | 181 | 402 | 228 | 422 |\n| Financial Result \u0026 Other — Other Revenues | 1,459 | 3,054 | 1,625 | 2,167 | — | — | — | — | — | — | — | — | 937 | 2,004 | 1,018 | 1,018 | 522 | 1,050 | 607 | 1,149 |\n| Financial Result \u0026 Other — Other Expenses | -1,624 | -3,479 | -1,868 | -2,900 | — | — | — | — | — | — | — | — | -698 | -1,493 | -793 | -793 | -925 | -1,986 | -1,075 | -2,107 |\n| Financial Result \u0026 Other — Debt Financing Charges | -471 | -948 | -452 | -928 | — | — | — | — | — | — | — | — | — | — | — | — | -471 | -948 | -452 | -928 |\n| **Financial Result \u0026 Other — Underlying Earnings Before Tax** | 5,638 | 10,700 | 5,958 | 11,044 | 4,006 | 7,565 | 4,202 | 8,040 | 2,061 | 4,070 | 2,209 | 4,229 | 263 | 546 | 239 | 239 | -693 | -1,482 | -692 | -1,464 |\n| Financial Result \u0026 Other — Tax | -1,427 | -2,662 | -1,503 | -2,644 | -1,046 | -1,952 | -1,074 | -2,060 | -412 | -874 | -462 | -800 | -69 | -160 | -68 | -68 | 100 | 324 | 101 | 284 |\n| Financial Result \u0026 Other — Income from Affiliates \u0026 Other | 122 | 218 | 111 | 168 | 2 | 3 | 1 | 3 | 103 | 186 | 101 | 157 | 16 | 29 | 8 | 8 | 0 | 0 | 0 | 0 |\n| Financial Result \u0026 Other — Minority Interests | -89 | -179 | -101 | -199 | -56 | -106 | -63 | -111 | -27 | -60 | -34 | -85 | -6 | -13 | -4 | -4 | 0 | 0 | 0 | 0 |\n| **Financial Result \u0026 Other — Underlying Earnings Group Share (Underlying earnings)** | 4,244 | 8,078 | 4,465 | 8,368 | 2,908 | 5,510 | 3,067 | 5,872 | 1,725 | 3,323 | 1,814 | 3,501 | 204 | 402 | 175 | 175 | -592 | -1,157 | -591 | -1,180 |\n| Financial Result \u0026 Other — Underlying Earnings Growth Rate (constant FX (Foreign exchange)) | 4% | 7% | 6% | 6% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |\n| **Financial Result \u0026 Other — Underlying ROE** | 16.6% | 15.2% | 17.5% | 16.0% | — | 16.2% | — | 17.3% | — | 13.6% | — | 14.4% | — | 26.0% | — | n.a. | — | — | — | — |\n| Financial Result \u0026 Other — Net Realized Capital Gains \u0026 Losses | 93 | 195 | 66 | 138 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |\n| Financial Result \u0026 Other — Change in Fair Value of Assets \u0026 Derivatives | -43 | 83 | -467 | -813 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |\n| Financial Result \u0026 Other — Amortization of customer intangibles | -50 | -131 | -48 | -86 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |\n| Financial Result \u0026 Other — Integration and Restructuring Costs | -78 | -240 | -63 | -197 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |\n| Financial Result \u0026 Other — Exceptional Items | -147 | -99 | -30 | 2,386 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |\n| **Financial Result \u0026 Other — Net Income Group Share** | 4,020 | 7,886 | 3,922 | 9,797 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |\n| Financial Result \u0026 Other — Deeply Subordinated and Undated Subordinated Debt Charges | -106 | -201 | -86 | -174 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |\n| **Financial Result \u0026 Other — Underlying Earnings for EPS calculation** | 4,138 | 7,877 | 4,379 | 8,195 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |\n| **Financial Result \u0026 Other — Net Income for EPS calculation** | 3,914 | 7,685 | 3,836 | 9,623 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |\n\n(1) AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.\n(2) Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25."
},
{
"id": "gr2rpazfcv-c3",
"chunk": 3,
"pages": [
3
],
"heading": "UE by Geography",
"tags": [],
"links": [
"Underlying earnings",
"AXA",
"AXA France",
"AXA Europe",
"AXA XL",
"AXA Asia, Africa \u0026 EME-LATAM",
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"content": "**Underlying earnings build-up by geography**\n\n| In EUR million | Group (AXA) 1H24 | Group (AXA) FY24 (Full year 2024) | Group (AXA) 1H25 | Group (AXA) FY25 (Full year 2025) | France (AXA France) 1H24 | France (AXA France) FY24 | France (AXA France) 1H25 | France (AXA France) FY25 | Europe (AXA Europe) 1H24 | Europe (AXA Europe) FY24 | Europe (AXA Europe) 1H25 | Europe (AXA Europe) FY25 | AXA XL 1H24 | AXA XL FY24 | AXA XL 1H25 | AXA XL FY25 | Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) 1H24 | Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) FY24 | Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) 1H25 | Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) FY25 | AXA IM (AXA Investment Managers) (3) 1H24 | AXA IM (AXA Investment Managers) (3) FY24 | AXA IM (AXA Investment Managers) (3) 1H25 | AXA IM (AXA Investment Managers) (3) FY25 | Transversal \u0026 Other (AXA Transversal \u0026 Other) 1H24 | Transversal \u0026 Other (AXA Transversal \u0026 Other) FY24 | Transversal \u0026 Other (AXA Transversal \u0026 Other) 1H25 | Transversal \u0026 Other (AXA Transversal \u0026 Other) FY25 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Short-term Business — Revenues | 35,273 | 72,104 | 37,209 | 75,071 | 9,046 | 18,698 | 9,567 | 19,555 | 11,839 | 24,005 | 12,661 | 25,724 | 9,022 | 18,530 | 9,428 | 18,699 | 4,312 | 8,750 | 4,478 | 8,986 | — | — | — | — | 1,053 | 2,122 | 1,075 | 2,107 |\n| Combined Ratio — Technical Margin | 2,877 | 5,421 | 3,107 | 5,888 | 692 | 1,470 | 658 | 1,485 | 998 | 1,957 | 1,176 | 2,357 | 1,111 | 1,820 | 1,074 | 1,928 | 70 | 81 | 150 | 9 | — | — | — | — | 6 | 93 | 49 | 109 |\n| Long-term Business — CSM Release | 1,395 | 2,775 | 1,428 | 2,954 | 407 | 823 | 419 | 895 | 468 | 920 | 471 | 984 | 4 | 3 | 0 | 1 | 516 | 1,029 | 538 | 1,074 | — | — | — | — | 0 | 0 | 0 | 0 |\n| Long-term Business — Technical Experience | -64 | -95 | -30 | -150 | -40 | -96 | -37 | -81 | -11 | -8 | 8 | -70 | 3 | 2 | 0 | -5 | -17 | 7 | -1 | 6 | — | — | — | — | 0 | 0 | 0 | 0 |\n| Financial Result \u0026 Other — Financial Result | 2,064 | 3,971 | 2,148 | 4,013 | 350 | 613 | 380 | 667 | 784 | 1,486 | 765 | 1,398 | 283 | 616 | 308 | 651 | 382 | 741 | 425 | 782 | 24 | 35 | 14 | 14 | 241 | 480 | 255 | 502 |\n| Financial Result \u0026 Other — Other Revenues | 1,459 | 3,054 | 1,625 | 2,167 | 53 | 108 | 44 | 91 | -18 | -32 | -8 | -12 | 0 | 0 | 0 | 0 | 0 | 0 | -2 | -3 | 937 | 2,004 | 1,018 | 1,018 | 488 | 974 | 573 | 1,073 |\n| Financial Result \u0026 Other — Other Expenses | -1,624 | -3,479 | -1,868 | -2,900 | -83 | -180 | -79 | -168 | -10 | -25 | -6 | -3 | 0 | 0 | 0 | 0 | -9 | -20 | -14 | -26 | -698 | -1,493 | -793 | -793 | -823 | -1,761 | -976 | -1,910 |\n| Financial Result \u0026 Other — Debt Financing Charges | -471 | -948 | -452 | -928 | 0 | 0 | 0 | 0 | -1 | -2 | -1 | -2 | -16 | -33 | -16 | -32 | -7 | -12 | -4 | -6 | — | — | — | — | -447 | -902 | -431 | -887 |\n| **Financial Result \u0026 Other — Underlying Earnings Before Tax** | 5,638 | 10,700 | 5,958 | 11,044 | 1,380 | 2,738 | 1,384 | 2,888 | 2,210 | 4,297 | 2,406 | 4,651 | 1,385 | 2,409 | 1,366 | 2,543 | 935 | 1,826 | 1,093 | 1,835 | 263 | 546 | 239 | 239 | -535 | -1,116 | -530 | -1,113 |\n| Financial Result \u0026 Other — Tax | -1,427 | -2,662 | -1,503 | -2,644 | -350 | -676 | -308 | -665 | -536 | -1,004 | -568 | -1,039 | -355 | -588 | -342 | -650 | -205 | -443 | -294 | -434 | -69 | -160 | -68 | -68 | 88 | 209 | 76 | 212 |\n| Financial Result \u0026 Other — Income from Affiliates \u0026 Other | 122 | 218 | 111 | 168 | 4 | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 102 | 181 | 103 | 160 | 16 | 29 | 8 | 8 | 0 | 0 | 0 | 0 |\n| Financial Result \u0026 Other — Minority Interests | -89 | -179 | -101 | -199 | 0 | 0 | 0 | 0 | -48 | -105 | -56 | -126 | 0 | 0 | 0 | 0 | -34 | -60 | -39 | -68 | -6 | -13 | -4 | -4 | 0 | 0 | -1 | -2 |\n| **Financial Result \u0026 Other — Underlying Earnings Group share (Underlying earnings)** | 4,244 | 8,078 | 4,465 | 8,368 | 1,034 | 2,071 | 1,076 | 2,224 | 1,626 | 3,187 | 1,782 | 3,486 | 1,030 | 1,820 | 1,024 | 1,893 | 798 | 1,504 | 862 | 1,493 | 204 | 402 | 175 | 175 | -447 | -907 | -455 | -903 |\n\n**Underlying earnings by line of business (Business mix) and geography**\n\n| In EUR million | Group 1H24 | Group FY24 | Group 1H25 | Group FY25 | France 1H24 | France FY24 | France 1H25 | France FY25 | Europe 1H24 | Europe FY24 | Europe 1H25 | Europe FY25 | AXA XL 1H24 | AXA XL FY24 | AXA XL 1H25 | AXA XL FY25 | Asia, Africa \u0026 EME-LATAM 1H24 | Asia, Africa \u0026 EME-LATAM FY24 | Asia, Africa \u0026 EME-LATAM 1H25 | Asia, Africa \u0026 EME-LATAM FY25 | AXA IM (3) 1H24 | AXA IM (3) FY24 | AXA IM (3) 1H25 | AXA IM (3) FY25 | Transversal \u0026 Other 1H24 | Transversal \u0026 Other FY24 | Transversal \u0026 Other 1H25 | Transversal \u0026 Other FY25 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Underlying Earnings by Line of Business — Property \u0026 Casualty (Property \u0026 casualty) | 2,908 | 5,510 | 3,067 | 5,872 | 539 | 1,161 | 574 | 1,237 | 1,073 | 2,029 | 1,152 | 2,216 | 1,032 | 1,828 | 1,032 | 1,913 | 194 | 334 | 233 | 355 | — | — | — | — | 70 | 158 | 75 | 151 |\n| Underlying Earnings by Line of Business — Life \u0026 Health (Life \u0026 health) | 1,725 | 3,323 | 1,814 | 3,501 | 519 | 964 | 524 | 1,039 | 559 | 1,104 | 616 | 1,264 | 14 | 25 | 8 | 12 | 627 | 1,211 | 653 | 1,165 | — | — | — | — | 7 | 19 | 14 | 22 |\n| Underlying Earnings by Line of Business — Asset Management | 204 | 402 | 175 | 175 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 204 | 402 | 175 | 175 | — | — | — | — |\n| Underlying Earnings by Line of Business — Holdings (4) | -592 | -1,157 | -591 | -1,180 | -24 | -54 | -23 | -52 | -6 | 54 | 14 | 6 | -16 | -33 | -16 | -32 | -23 | -41 | -24 | -26 | — | — | — | — | -524 | -1,083 | -543 | -1,076 |\n\n(3) AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.\n(4) Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25."
},
{
"id": "gr2rpazfcv-c4",
"chunk": 4,
"pages": [
4
],
"heading": "Shares \u0026 UEPS",
"tags": [],
"links": [
"Full year 2024",
"Full year 2025",
"Underlying earnings",
"Underlying earnings per share"
],
"data_items": [],
"effective_tags": [
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"Underlying earnings per share"
],
"content": "**Basic number of shares rollforward**\n\n| million | Outstanding Shares Excluding Treasury Shares (5) FY24 (Full year 2024) | Outstanding Shares Excluding Treasury Shares (5) FY25 (Full year 2025) | Weighted Average Number FY24 | Weighted Average Number FY25 |\n| --- | --- | --- | --- | --- |\n| **Basic Number of Shares — As of Beginning of Period** | 2,226.2 | 2,175.4 | 2,226.2 | 2,175.4 |\n| Basic Number of Shares — Increase of Capital Dedicated to Employees | 12.9 | 12.7 | 0.9 | 1.0 |\n| Basic Number of Shares — Exercice of Stock-options | 2.6 | 1.1 | 1.4 | 0.6 |\n| Basic Number of Shares — Other Movement of Treasury Shares | 4.6 | 4.2 | 17.5 | 6.3 |\n| Basic Number of Shares — Capital Increase / (Decrease) | -70.9 | -138.0 | -55.2 | -64.9 |\n| **Basic Number of Shares — As at End of Period** | 2,175.4 | 2,055.4 | — | — |\n| **Basic Number of Shares — During the Period** | — | — | 2,190.8 | 2,118.3 |\n| Fully Diluted Number of Shares — Stock Options | — | — | 0.8 | 0.6 |\n| Fully Diluted Number of Shares — Performance Shares | — | — | 5.6 | 5.1 |\n| **Fully Diluted Number of Shares — During the Period (A)** | — | — | 2,197.1 | 2,124.0 |\n| Earnings Group Share: — Net Income | — | — | 7,886 | 9,797 |\n| Earnings Group Share: — Underlying Earnings | — | — | 8,078 | 8,368 |\n| Impact of undated and deeply subordinated debts: — Undated and deeply subordinated debt charges | — | — | -201 | -174 |\n| Earnings for EPS Calculation: — Net Income for EPS Calculation (B) | — | — | 7,685 | 9,623 |\n| Earnings for EPS Calculation: — Underlying Earnings for EPS Calculation (C) | — | — | 7,877 | 8,195 |\n| **Fully Diluted Euro per Share (EPS) — EPS (B/A)** | — | — | 3.50 | 4.53 |\n| **Fully Diluted Euro per Share (EPS) — Underlying EPS (Underlying earnings per share) (C/A)** | — | — | 3.59 | 3.86 |\n\n(5) Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 35 million shares as of FY25 and 39 million shares as of FY24."
},
{
"id": "gr2rpazfcv-c5",
"chunk": 5,
"pages": [
5
],
"heading": "P\u0026C UE by Sub LOB",
"tags": [],
"links": [
"Property \u0026 casualty",
"Underlying earnings",
"Business mix",
"AXA XL",
"Full year 2024",
"Full year 2025",
"Other revenue"
],
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"AXA",
"AXA XL",
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"Full year 2024",
"Full year 2025",
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"Property \u0026 casualty",
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],
"content": "**Property \u0026 casualty (Property \u0026 casualty) underlying earnings build-up by line of business (Business mix)**\n\n| In EUR million | Total 1H24 | Total FY24 (Full year 2024) | Total 1H25 | Total FY25 (Full year 2025) | Commercial lines 1H24 | Commercial lines FY24 | Commercial lines 1H25 | Commercial lines FY25 | Personal lines 1H24 | Personal lines FY24 | Personal lines 1H25 | Personal lines FY25 | AXA XL Reinsurance 1H24 | AXA XL Reinsurance FY24 | AXA XL Reinsurance 1H25 | AXA XL Reinsurance FY25 | Intercompany eliminations 1H24 | Intercompany eliminations FY24 | Intercompany eliminations 1H25 | Intercompany eliminations FY25 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Short-term Business — Revenues | 27,294 | 55,898 | 28,697 | 57,656 | 18,657 | 38,019 | 19,575 | 39,090 | 9,144 | 18,705 | 9,513 | 19,276 | 1,155 | 2,394 | 1,299 | 2,493 | -1,662 | -3,220 | -1,689 | -3,203 |\n| Short-term Business — Current Accident Year Loss Ratio | 67.0% | 67.7% | 66.7% | 66.9% | 68.1% | 68.8% | 68.0% | 68.0% | 69.8% | 70.0% | 68.8% | 69.1% | 69.7% | 70.6% | 70.8% | 71.9% | — | — | — | — |\n| Short-term Business — Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats) | 67.4% | 67.4% | 67.0% | 67.0% | 69.2% | 69.4% | 69.3% | 68.8% | 68.8% | 68.5% | 67.5% | 67.9% | 68.0% | 67.9% | 69.4% | 71.5% | — | — | — | — |\n| Short-term Business — Undiscounted Current Accident Year Nat Cats | 3.6% | 3.8% | 3.5% | 3.4% | 2.7% | 2.9% | 2.7% | 2.6% | 4.0% | 4.1% | 3.8% | 3.6% | 10.6% | 10.4% | 9.2% | 8.7% | — | — | — | — |\n| Short-term Business — Current Accident Year Discounting | -3.9% | -3.6% | -3.9% | -3.5% | -3.7% | -3.5% | -3.9% | -3.5% | -3.0% | -2.6% | -2.6% | -2.4% | -8.8% | -7.7% | -7.8% | -8.3% | — | — | — | — |\n| Short-term Business — Prior Year Reserve Development Ratio | -1.5% | -1.6% | -1.1% | -1.1% | -1.1% | -1.2% | -1.3% | -0.8% | -2.3% | -1.8% | -0.6% | -1.6% | -1.1% | -0.8% | -0.3% | 0.0% | — | — | — | — |\n| Short-term Business — Expense Ratio | 24.7% | 25.0% | 24.5% | 24.8% | 23.1% | 23.6% | 23.2% | 23.5% | 25.5% | 25.7% | 25.1% | 25.2% | 10.0% | 9.9% | 9.1% | 9.4% | — | — | — | — |\n| Short-term Business — Combined Ratio | 90.2% | 91.0% | 90.0% | 90.6% | 90.1% | 91.1% | 89.9% | 90.7% | 92.9% | 93.9% | 93.3% | 92.8% | 78.7% | 79.7% | 79.6% | 81.4% | — | — | — | — |\n| Short-term Business — Technical Margin | 2,682 | 5,006 | 2,859 | 5,409 | 1,850 | 3,372 | 1,968 | 3,616 | 645 | 1,136 | 638 | 1,392 | 246 | 486 | 265 | 464 | -60 | 12 | -12 | -63 |\n| Financial Result \u0026 Other — Financial Result | 1,324 | 2,559 | 1,343 | 2,631 | 993 | 1,831 | 1,004 | 1,941 | 240 | 538 | 275 | 523 | 119 | 210 | 85 | 186 | -28 | -20 | -20 | -20 |\n| Financial Result \u0026 Other — Investment Income | 1,967 | 3,731 | 2,088 | 3,988 | 1,427 | 2,625 | 1,512 | 2,864 | 366 | 761 | 422 | 794 | 202 | 365 | 174 | 350 | -28 | -20 | -20 | -20 |\n| Financial Result \u0026 Other — Insurance Finance Expenses | -643 | -1,172 | -745 | -1,358 | -434 | -794 | -508 | -922 | -126 | -223 | -148 | -272 | -83 | -155 | -90 | -163 | 0 | 0 | 0 | 0 |\n| **Debt Financing Charges — Underlying Earnings Before Tax** | 4,006 | 7,565 | 4,202 | 8,040 | 2,843 | 5,203 | 2,973 | 5,557 | 886 | 1,674 | 913 | 1,914 | 365 | 696 | 349 | 650 | -87 | -8 | -33 | -82 |\n| Debt Financing Charges — Tax | -1,046 | -1,952 | -1,074 | -2,060 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |\n| Debt Financing Charges — Income from Affiliates \u0026 Other | 2 | 3 | 1 | 3 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |\n| Debt Financing Charges — Minority Interests | -56 | -106 | -63 | -111 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |\n| **Debt Financing Charges — Underlying Earnings Group share (Underlying earnings)** | 2,908 | 5,510 | 3,067 | 5,872 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |\n| **Debt Financing Charges — Closing Invested Assets** | 113,515 | 118,104 | 116,895 | 117,507 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |\n| Debt Financing Charges — o/w VFA | 0 | 0 | 0 | 0 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |\n| Debt Financing Charges — o/w Non VFA | 113,515 | 118,104 | 116,895 | 117,507 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |\n| **For short-term business — Liabilities for remaining coverage net of reinsurance** | 19,284 | 16,006 | 19,766 | 16,040 | 12,070 | 9,480 | 12,240 | 9,127 | 6,369 | 5,478 | 6,831 | 5,871 | 1,572 | 1,075 | 1,436 | 1,009 | -728 | -27 | -740 | 32 |\n| **For short-term business — Best Estimate for incurred Claims net of reinsurance** | 69,800 | 71,751 | 70,215 | 70,567 | 45,710 | 46,570 | 46,591 | 47,002 | 17,809 | 18,308 | 17,781 | 17,402 | 6,704 | 6,830 | 6,290 | 6,198 | -423 | 43 | -447 | -35 |"
},
{
"id": "gr2rpazfcv-c6",
"chunk": 6,
"pages": [
6
],
"heading": "P\u0026C UE by Geography",
"tags": [],
"links": [
"Property \u0026 casualty",
"Underlying earnings",
"AXA France",
"AXA Europe",
"AXA XL",
"AXA Asia, Africa \u0026 EME-LATAM",
"AXA Transversal \u0026 Other",
"Full year 2024",
"Full year 2025",
"Other revenue"
],
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"AXA Europe",
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"AXA Transversal \u0026 Other",
"AXA XL",
"Full year 2024",
"Full year 2025",
"Other revenue",
"Property \u0026 casualty",
"Underlying earnings"
],
"content": "**Property \u0026 casualty (Property \u0026 casualty) underlying earnings build-up by geography**\n\n| In EUR million | Total 1H24 | Total FY24 (Full year 2024) | Total 1H25 | Total FY25 (Full year 2025) | France (AXA France) 1H24 | France (AXA France) FY24 | France (AXA France) 1H25 | France (AXA France) FY25 | Europe (AXA Europe) 1H24 | Europe (AXA Europe) FY24 | Europe (AXA Europe) 1H25 | Europe (AXA Europe) FY25 | AXA XL 1H24 | AXA XL o/w AXA XL Insurance | AXA XL FY24 | AXA XL o/w AXA XL Insurance | AXA XL 1H25 | AXA XL o/w AXA XL Insurance | AXA XL FY25 | AXA XL o/w AXA XL Insurance | Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) 1H24 | Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) FY24 | Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) 1H25 | Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) FY25 | Transversal \u0026 Other (AXA Transversal \u0026 Other) 1H24 | Transversal \u0026 Other (AXA Transversal \u0026 Other) FY24 | Transversal \u0026 Other (AXA Transversal \u0026 Other) 1H25 | Transversal \u0026 Other (AXA Transversal \u0026 Other) FY25 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Short-term Business — Revenues | 27,294 | 55,898 | 28,697 | 57,656 | 4,393 | 9,194 | 4,697 | 9,768 | 10,060 | 20,400 | 10,610 | 21,305 | 9,022 | 7,867 | 18,530 | 16,136 | 9,428 | 8,129 | 18,699 | 16,207 | 2,855 | 5,825 | 2,975 | 5,949 | 963 | 1,948 | 987 | 1,935 |\n| Short-term Business — Current Accident Year Loss Ratio | 67.0% | 67.7% | 66.7% | 66.9% | 69.4% | 68.9% | 70.6% | 70.1% | 66.5% | 66.9% | 64.7% | 65.1% | 67.5% | 67.2% | 69.2% | 69.0% | 68.4% | 68.0% | 68.8% | 68.3% | 68.6% | 69.3% | 68.2% | 69.6% | 53.2% | 51.0% | 48.0% | 44.6% |\n| Short-term Business — Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats) | 67.4% | 67.4% | 67.0% | 67.0% | 71.3% | 69.7% | 70.6% | 70.2% | 65.0% | 65.5% | 64.1% | 64.3% | 68.8% | 68.9% | 69.3% | 69.5% | 69.7% | 69.8% | 69.8% | 69.6% | 70.0% | 70.4% | 69.7% | 70.2% | 52.9% | 51.1% | 48.0% | 44.5% |\n| Short-term Business — Undiscounted Current Accident Year Nat Cats | 3.6% | 3.8% | 3.5% | 3.4% | 3.4% | 3.8% | 4.8% | 4.5% | 4.5% | 4.1% | 3.3% | 3.1% | 3.8% | 2.8% | 4.6% | 3.8% | 4.2% | 3.4% | 3.9% | 3.1% | 0.8% | 0.9% | 0.8% | 1.6% | 1.4% | 1.1% | 1.3% | 1.2% |\n| Short-term Business — Current Accident Year Discounting | -3.9% | -3.6% | -3.9% | -3.5% | -5.3% | -4.6% | -4.8% | -4.6% | -3.1% | -2.8% | -2.7% | -2.3% | -5.1% | -4.6% | -4.7% | -4.2% | -5.5% | -5.2% | -4.9% | -4.4% | -2.2% | -2.0% | -2.3% | -2.2% | -1.1% | -1.2% | -1.2% | -1.1% |\n| Short-term Business — Prior Year Reserve Development Ratio | -1.5% | -1.6% | -1.1% | -1.1% | -3.5% | -3.9% | -2.6% | -2.9% | -2.1% | -2.1% | -1.1% | -1.3% | -0.1% | 0.0% | -0.1% | 0.0% | -0.2% | -0.2% | 0.0% | 0.0% | -0.1% | 0.1% | -1.0% | -0.2% | -3.7% | -5.7% | -4.0% | -1.9% |\n| Short-term Business — Expense Ratio | 24.7% | 25.0% | 24.5% | 24.8% | 21.9% | 21.9% | 20.7% | 20.4% | 25.9% | 26.2% | 26.0% | 26.2% | 20.3% | 21.8% | 21.0% | 22.7% | 20.4% | 22.2% | 20.9% | 22.6% | 29.4% | 29.6% | 29.0% | 29.8% | 50.5% | 50.9% | 52.5% | 52.8% |\n| Short-term Business — Combined Ratio | 90.2% | 91.0% | 90.0% | 90.6% | 87.8% | 86.8% | 88.6% | 87.5% | 90.3% | 91.0% | 89.6% | 90.0% | 87.7% | 89.0% | 90.2% | 91.7% | 88.6% | 90.0% | 89.7% | 91.0% | 98.0% | 99.1% | 96.2% | 99.2% | 100.1% | 96.2% | 96.5% | 95.5% |\n| Short-term Business — Technical Margin | 2,682 | 5,006 | 2,859 | 5,409 | 538 | 1,212 | 533 | 1,220 | 977 | 1,844 | 1,104 | 2,127 | 1,111 | 865 | 1,820 | 1,335 | 1,074 | 809 | 1,928 | 1,464 | 57 | 55 | 114 | 48 | -1 | 74 | 35 | 86 |\n| Financial Result \u0026 Other — Financial Result | 1,324 | 2,559 | 1,343 | 2,631 | 251 | 421 | 261 | 468 | 473 | 912 | 461 | 876 | 273 | 159 | 596 | 387 | 298 | 213 | 632 | 445 | 242 | 484 | 261 | 530 | 86 | 146 | 62 | 125 |\n| Financial Result \u0026 Other — Investment Income | 1,967 | 3,731 | 2,088 | 3,988 | 334 | 572 | 373 | 675 | 658 | 1,244 | 667 | 1,257 | 614 | 416 | 1,233 | 868 | 681 | 507 | 1,331 | 981 | 261 | 518 | 292 | 585 | 100 | 164 | 74 | 140 |\n| Financial Result \u0026 Other — Insurance Finance Expenses | -643 | -1,172 | -745 | -1,358 | -83 | -151 | -112 | -207 | -185 | -332 | -206 | -381 | -341 | -257 | -637 | -481 | -384 | -294 | -699 | -536 | -20 | -35 | -31 | -55 | -14 | -18 | -12 | -15 |\n| **Debt Financing Charges — Underlying Earnings Before Tax** | 4,006 | 7,565 | 4,202 | 8,040 | 788 | 1,633 | 794 | 1,688 | 1,450 | 2,757 | 1,564 | 3,002 | 1,384 | 1,024 | 2,417 | 1,721 | 1,372 | 1,022 | 2,560 | 1,910 | 299 | 539 | 375 | 579 | 85 | 220 | 97 | 211 |\n| Debt Financing Charges — Tax | -1,046 | -1,952 | -1,074 | -2,060 | -249 | -472 | -220 | -451 | -352 | -671 | -384 | -734 | -352 | -257 | -588 | -457 | -339 | -252 | -647 | -482 | -77 | -159 | -110 | -170 | -15 | -62 | -21 | -58 |\n| Debt Financing Charges — Income from Affiliates \u0026 Other | 2 | 3 | 1 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 3 | 1 | 3 | 0 | 0 | 0 | 0 |\n| Debt Financing Charges — Minority Interests | -56 | -106 | -63 | -111 | 0 | 0 | 0 | 0 | -25 | -57 | -28 | -52 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -30 | -49 | -34 | -57 | 0 | 0 | -1 | -2 |\n| **Debt Financing Charges — Underlying Earnings Group share (Underlying earnings)** | 2,908 | 5,510 | 3,067 | 5,872 | 539 | 1,161 | 574 | 1,237 | 1,073 | 2,029 | 1,152 | 2,216 | 1,032 | 767 | 1,828 | 1,264 | 1,032 | 770 | 1,913 | 1,427 | 194 | 334 | 233 | 355 | 70 | 158 | 75 | 151 |\n| **For short-term business — Liabilities for remaining coverage net of reinsurance** | 19,284 | 16,006 | 19,766 | 16,040 | 2,153 | 1,712 | 2,221 | 1,783 | 7,151 | 5,166 | 7,591 | 5,534 | 7,478 | 5,905 | 7,028 | 5,948 | 7,315 | 5,879 | 6,467 | 5,461 | 1,802 | 1,834 | 1,935 | 2,024 | 700 | 266 | 705 | 231 |\n| **For short-term business — Best Estimate for incurred Claims net of reinsurance** | 69,800 | 71,751 | 70,215 | 70,567 | 13,485 | 13,889 | 13,900 | 13,882 | 24,834 | 25,955 | 26,003 | 25,737 | 24,865 | 18,223 | 25,915 | 19,146 | 24,533 | 18,295 | 25,044 | 18,897 | 3,385 | 3,640 | 3,510 | 3,804 | 3,231 | 2,351 | 2,269 | 2,101 |"
},
{
"id": "gr2rpazfcv-c7",
"chunk": 7,
"pages": [
7
],
"heading": "L\u0026H UE by LOB",
"tags": [],
"links": [
"Life \u0026 health",
"Underlying earnings",
"Business mix",
"Full year 2024",
"Full year 2025",
"Other revenue"
],
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"Underlying earnings"
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"content": "**Life \u0026 health (Life \u0026 health) underlying earnings build-up by line of business (Business mix)**\n\n| In EUR million | Total 1H24 | Total FY24 (Full year 2024) | Total 1H25 | Total FY25 (Full year 2025) | Life 1H24 | Life FY24 | Life 1H25 | Life FY25 | Health 1H24 | Health FY24 | Health 1H25 | Health FY25 | Employee Benefits* (out of Total Life \u0026 Health) (6) 1H24 | Employee Benefits* (out of Total Life \u0026 Health) FY24 | Employee Benefits* (out of Total Life \u0026 Health) 1H25 | Employee Benefits* (out of Total Life \u0026 Health) FY25 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Short-term Business — Revenues | 7,979 | 16,207 | 8,512 | 17,416 | 2,112 | 4,247 | 2,211 | 4,444 | 5,867 | 11,960 | 6,301 | 12,972 | 5,592 | 11,482 | 5,931 | 12,035 |\n| Short-term Business — Combined Ratio | 97.6% | 97.4% | 97.1% | 97.2% | 94.5% | 95.5% | 95.2% | 95.4% | 98.6% | 98.1% | 97.8% | 97.9% | 98.2% | 97.8% | 97.4% | 97.1% |\n| Short-term Business — Technical Margin | 195 | 415 | 248 | 479 | 116 | 191 | 107 | 206 | 79 | 224 | 141 | 273 | 101 | 248 | 156 | 347 |\n| Long-term Business — CSM Release | 1,395 | 2,775 | 1,428 | 2,954 | 1,136 | 2,253 | 1,158 | 2,415 | 259 | 522 | 270 | 539 | 58 | 110 | 59 | 107 |\n| Long-term Business — Technical Experience | -64 | -95 | -30 | -150 | -71 | -98 | -28 | -139 | 7 | 3 | -2 | -11 | 17 | 37 | 22 | 38 |\n| Long-term Business — Actual vs. Expected Cash Flows | 9 | -15 | 12 | 39 | -4 | -33 | 10 | 37 | 13 | 18 | 2 | 2 | -3 | -2 | -5 | -8 |\n| Long-term Business — Risk Adjustment Release | 30 | 59 | 44 | 72 | 25 | 51 | 37 | 59 | 4 | 8 | 7 | 13 | 2 | 4 | 7 | 8 |\n| Long-term Business — Changes in Onerous Contracts | -32 | 6 | -12 | -29 | -30 | 9 | -10 | -25 | -1 | -2 | -2 | -4 | 0 | 0 | 0 | 0 |\n| Long-term Business — Other Long-term | -72 | -145 | -74 | -232 | -63 | -124 | -65 | -211 | -8 | -21 | -9 | -22 | 19 | 35 | 20 | 38 |\n| Financial Result \u0026 Other — Financial Result | 536 | 975 | 563 | 946 | 454 | 799 | 462 | 738 | 82 | 176 | 101 | 209 | 75 | 157 | 91 | 175 |\n| Financial Result \u0026 Other — Investment Income | 1,319 | 2,525 | 1,329 | 2,484 | 1,159 | 2,209 | 1,159 | 2,142 | 160 | 317 | 170 | 341 | 219 | 429 | 232 | 456 |\n| Financial Result \u0026 Other — Insurance Finance Expenses | -783 | -1,551 | -767 | -1,538 | -705 | -1,410 | -697 | -1,405 | -78 | -140 | -69 | -133 | -144 | -272 | -141 | -281 |\n| **Debt Financing Charges — Underlying Earnings Before Tax** | 2,061 | 4,070 | 2,209 | 4,229 | 1,634 | 3,145 | 1,699 | 3,219 | 427 | 925 | 510 | 1,010 | 252 | 552 | 328 | 666 |\n| Debt Financing Charges — Tax | -412 | -874 | -462 | -800 | -316 | -635 | -329 | -584 | -96 | -239 | -133 | -216 | -46 | -111 | -64 | -110 |\n| Debt Financing Charges — Income from Affiliates \u0026 Other | 103 | 186 | 101 | 157 | 101 | 182 | 93 | 154 | 2 | 4 | 8 | 2 | — | — | — | — |\n| Debt Financing Charges — Minority Interests | -27 | -60 | -34 | -85 | -27 | -56 | -30 | -75 | 0 | -4 | -3 | -9 | — | — | — | — |\n| **Debt Financing Charges — Underlying Earnings Group share (Underlying earnings)** | 1,725 | 3,323 | 1,814 | 3,501 | 1,392 | 2,636 | 1,433 | 2,715 | 333 | 687 | 381 | 787 | 205 | 441 | 264 | 556 |\n| **Debt Financing Charges — Closing Invested Assets** | 329,460 | 345,008 | 338,447 | 334,840 | — | — | — | — | — | — | — | — | — | — | — | — |\n| Debt Financing Charges — o/w VFA | 234,783 | 230,205 | 229,844 | 226,937 | — | — | — | — | — | — | — | — | — | — | — | — |\n| Debt Financing Charges — o/w Non VFA | 94,677 | 114,803 | 108,603 | 107,903 | — | — | — | — | — | — | — | — | — | — | — | — |\n| **For short-term business — Liabilities for remaining coverage net of reinsurance** | 2,446 | 2,096 | 2,856 | 2,511 | 157 | 96 | 105 | 21 | 2,289 | 2,000 | 2,750 | 2,490 | — | — | — | — |\n| **For short-term business — Best Estimate for incurred Claims net of reinsurance** | 13,876 | 14,162 | 13,960 | 14,592 | 11,589 | 11,778 | 11,623 | 11,205 | 2,286 | 2,384 | 2,337 | 3,386 | — | — | — | — |\n| **For long-term business — Best Estimate Liabilities net of reinsurance** | 295,342 | 306,249 | 301,040 | 300,391 | 275,276 | 285,391 | 280,314 | 280,280 | 20,066 | 20,858 | 20,726 | 20,112 | — | — | — | — |\n| For long-term business — o/w VFA Gross of reinsurance | 264,013 | 273,094 | 266,960 | 271,902 | 243,037 | 251,273 | 244,964 | 250,326 | 20,977 | 21,821 | 21,996 | 21,576 | — | — | — | — |\n| For long-term business — o/w BBA Gross of reinsurance | 50,097 | 51,845 | 51,524 | 45,307 | 50,917 | 52,713 | 52,731 | 46,724 | -821 | -868 | -1,207 | -1,417 | — | — | — | — |\n| For long-term business — o/w Reinsurance | -18,768 | -18,690 | -17,443 | -16,817 | -18,679 | -18,595 | -17,381 | -16,770 | -90 | -95 | -62 | -47 | — | — | — | — |\n\n(6) Employee Benefits include Group Protection and Group Health contracts."
},
{
"id": "gr2rpazfcv-c8",
"chunk": 8,
"pages": [
8
],
"heading": "L\u0026H UE by Geography",
"tags": [],
"links": [
"Life \u0026 health",
"Underlying earnings",
"AXA France",
"AXA Europe",
"AXA XL",
"AXA Asia, Africa \u0026 EME-LATAM",
"AXA Transversal \u0026 Other",
"Full year 2024",
"Full year 2025",
"Other revenue"
],
"data_items": [],
"effective_tags": [
"AXA",
"AXA Asia, Africa \u0026 EME-LATAM",
"AXA Europe",
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"AXA Transversal \u0026 Other",
"AXA XL",
"Full year 2024",
"Full year 2025",
"Life \u0026 health",
"Other revenue",
"Underlying earnings"
],
"content": "**Life \u0026 health (Life \u0026 health) underlying earnings build-up by geography**\n\n| In EUR million | Total 1H24 | Total FY24 (Full year 2024) | Total 1H25 | Total FY25 (Full year 2025) | France (AXA France) 1H24 | France (AXA France) FY24 | France (AXA France) 1H25 | France (AXA France) FY25 | Europe (AXA Europe) 1H24 | Europe (AXA Europe) FY24 | Europe (AXA Europe) 1H25 | Europe (AXA Europe) FY25 | AXA XL 1H24 | AXA XL FY24 | AXA XL 1H25 | AXA XL FY25 | Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) 1H24 | Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) FY24 | Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) 1H25 | Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) FY25 | Transversal \u0026 Other (AXA Transversal \u0026 Other) 1H24 | Transversal \u0026 Other (AXA Transversal \u0026 Other) FY24 | Transversal \u0026 Other (AXA Transversal \u0026 Other) 1H25 | Transversal \u0026 Other (AXA Transversal \u0026 Other) FY25 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Short-term Business — Revenues | 7,979 | 16,207 | 8,512 | 17,416 | 4,654 | 9,503 | 4,870 | 9,787 | 1,778 | 3,604 | 2,051 | 4,419 | 0 | 0 | 0 | 0 | 1,457 | 2,925 | 1,503 | 3,037 | 90 | 174 | 88 | 172 |\n| Short-term Business — Combined Ratio | 97.6% | 97.4% | 97.1% | 97.2% | 96.7% | 97.3% | 97.4% | 97.3% | 98.8% | 96.9% | 96.4% | 94.8% | 0.0% | 0.0% | 0.0% | 0.0% | 99.1% | 99.1% | 97.6% | 101.3% | 92.2% | 89.1% | 83.6% | 86.7% |\n| Short-term Business — Technical Margin | 195 | 415 | 248 | 479 | 155 | 258 | 124 | 265 | 21 | 113 | 73 | 230 | 0 | 0 | 0 | 0 | 13 | 26 | 36 | -39 | 7 | 19 | 14 | 23 |\n| Long-term Business — CSM Release | 1,395 | 2,775 | 1,428 | 2,954 | 407 | 823 | 419 | 895 | 468 | 920 | 471 | 984 | 4 | 3 | 0 | 1 | 516 | 1,029 | 538 | 1,074 | 0 | 0 | 0 | 0 |\n| Long-term Business — Technical Experience | -64 | -95 | -30 | -150 | -40 | -96 | -37 | -81 | -11 | -8 | 8 | -70 | 3 | 2 | 0 | -5 | -17 | 7 | -1 | 6 | 0 | 0 | 0 | 0 |\n| Long-term Business — Actual vs. Expected Cash Flows | 9 | -15 | 12 | 39 | 8 | -8 | 2 | 15 | 5 | -11 | -11 | -6 | -2 | -3 | -1 | -6 | 0 | 8 | 22 | 35 | 0 | 0 | 0 | 0 |\n| Long-term Business — Risk Adjustment Release | 30 | 59 | 44 | 72 | 5 | 15 | 9 | 14 | 11 | 21 | 21 | 32 | 0 | 1 | 0 | 1 | 13 | 23 | 13 | 25 | 0 | 0 | 0 | 0 |\n| Long-term Business — Changes in Onerous Contracts | -32 | 6 | -12 | -29 | 0 | 0 | 0 | 0 | -33 | -25 | -13 | -36 | 5 | 5 | 0 | 0 | -3 | 26 | 1 | 7 | 0 | 0 | 0 | 0 |\n| Long-term Business — Other Long-term | -72 | -145 | -74 | -232 | -52 | -103 | -49 | -111 | 7 | 7 | 12 | -61 | 0 | 0 | 0 | 0 | -26 | -50 | -37 | -61 | 0 | 0 | 0 | 0 |\n| Financial Result \u0026 Other — Financial Result | 536 | 975 | 563 | 946 | 100 | 192 | 118 | 197 | 284 | 504 | 269 | 477 | 10 | 19 | 10 | 20 | 142 | 260 | 165 | 250 | 0 | 0 | 0 | 2 |\n| Financial Result \u0026 Other — Investment Income | 1,319 | 2,525 | 1,329 | 2,484 | 370 | 701 | 370 | 703 | 490 | 916 | 478 | 889 | 13 | 27 | 14 | 27 | 446 | 882 | 467 | 862 | 0 | 0 | 0 | 2 |\n| Financial Result \u0026 Other — Insurance Finance Expenses | -783 | -1,551 | -767 | -1,538 | -270 | -509 | -252 | -507 | -206 | -412 | -209 | -411 | -3 | -7 | -4 | -8 | -303 | -622 | -301 | -612 | 0 | 0 | 0 | 0 |\n| **Debt Financing Charges — Underlying Earnings Before Tax** | 2,061 | 4,070 | 2,209 | 4,229 | 622 | 1,176 | 624 | 1,276 | 762 | 1,529 | 821 | 1,622 | 17 | 25 | 10 | 16 | 654 | 1,322 | 739 | 1,291 | 7 | 19 | 14 | 25 |\n| Debt Financing Charges — Tax | -412 | -874 | -462 | -800 | -106 | -220 | -100 | -237 | -180 | -376 | -176 | -285 | -3 | 0 | -2 | -4 | -123 | -277 | -182 | -272 | 0 | 0 | -1 | -4 |\n| Debt Financing Charges — Income from Affiliates \u0026 Other | 103 | 186 | 101 | 157 | 4 | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100 | 177 | 101 | 157 | 0 | 0 | 0 | 0 |\n| Debt Financing Charges — Minority Interests | -27 | -60 | -34 | -85 | 0 | 0 | 0 | 0 | -23 | -49 | -28 | -74 | 0 | 0 | 0 | 0 | -4 | -12 | -5 | -11 | 0 | 0 | 0 | 0 |\n| **Debt Financing Charges — Underlying Earnings Group share (Underlying earnings)** | 1,725 | 3,323 | 1,814 | 3,501 | 519 | 964 | 524 | 1,039 | 559 | 1,104 | 616 | 1,264 | 14 | 25 | 8 | 12 | 627 | 1,211 | 653 | 1,165 | 7 | 19 | 14 | 22 |\n| **For short-term business — Liabilities for remaining coverage net of reinsurance** | 2,446 | 2,096 | 2,856 | 2,511 | 50 | -2 | 28 | -6 | 1,228 | 967 | 1,619 | 1,352 | 0 | 0 | 0 | 0 | 1,159 | 1,124 | 1,204 | 1,155 | 9 | 6 | 5 | 10 |\n| **For short-term business — Best Estimate for incurred Claims net of reinsurance** | 13,876 | 14,162 | 13,960 | 14,592 | 12,589 | 12,831 | 12,443 | 12,850 | 773 | 871 | 1,015 | 1,186 | 0 | 0 | 0 | 0 | 501 | 447 | 487 | 541 | 13 | 14 | 15 | 15 |\n| **For long-term business — Best Estimate Liabilities net of reinsurance** | 295,342 | 306,249 | 301,040 | 300,391 | 112,949 | 115,280 | 114,525 | 114,424 | 135,034 | 139,257 | 137,584 | 136,725 | 324 | 345 | 310 | 309 | 47,035 | 51,368 | 48,620 | 48,934 | 0 | 0 | 0 | 0 |\n| For long-term business — o/w VFA Gross of reinsurance | 264,013 | 273,094 | 266,960 | 271,902 | 116,132 | 117,942 | 116,770 | 117,266 | 121,623 | 125,513 | 121,135 | 122,782 | 0 | 0 | 0 | 0 | 26,258 | 29,639 | 29,055 | 31,854 | 0 | 0 | 0 | 0 |\n| For long-term business — o/w BBA Gross of reinsurance | 50,097 | 51,845 | 51,524 | 45,307 | 9,606 | 10,019 | 9,848 | 8,873 | 13,520 | 13,810 | 16,410 | 13,760 | 1,670 | 1,659 | 1,522 | 1,473 | 25,301 | 26,356 | 23,743 | 21,201 | 0 | 0 | 0 | 0 |\n| For long-term business — o/w Reinsurance | -18,768 | -18,690 | -17,443 | -16,817 | -12,790 | -12,682 | -12,093 | -11,715 | -108 | -66 | 39 | 183 | -1,346 | -1,315 | -1,212 | -1,164 | -4,524 | -4,627 | -4,178 | -4,121 | 0 | 0 | 0 | 0 |"
},
{
"id": "gr2rpazfcv-c9",
"chunk": 9,
"pages": [
9
],
"heading": "Life UE by Geography",
"tags": [],
"links": [
"Underlying earnings",
"AXA France",
"AXA Europe",
"AXA XL",
"AXA Asia, Africa \u0026 EME-LATAM",
"AXA Transversal \u0026 Other",
"Full year 2024",
"Full year 2025",
"Other revenue"
],
"data_items": [],
"effective_tags": [
"AXA",
"AXA Asia, Africa \u0026 EME-LATAM",
"AXA Europe",
"AXA France",
"AXA Transversal \u0026 Other",
"AXA XL",
"Full year 2024",
"Full year 2025",
"Other revenue",
"Underlying earnings"
],
"content": "**Life underlying earnings build-up by geography**\n\n| In EUR million | Total 1H24 | Total FY24 (Full year 2024) | Total 1H25 | Total FY25 (Full year 2025) | France (AXA France) 1H24 | France (AXA France) FY24 | France (AXA France) 1H25 | France (AXA France) FY25 | Europe (AXA Europe) 1H24 | Europe (AXA Europe) FY24 | Europe (AXA Europe) 1H25 | Europe (AXA Europe) FY25 | AXA XL 1H24 | AXA XL FY24 | AXA XL 1H25 | AXA XL FY25 | Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) 1H24 | Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) FY24 | Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) 1H25 | Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) FY25 | Transversal \u0026 Other (AXA Transversal \u0026 Other) 1H24 | Transversal \u0026 Other (AXA Transversal \u0026 Other) FY24 | Transversal \u0026 Other (AXA Transversal \u0026 Other) 1H25 | Transversal \u0026 Other (AXA Transversal \u0026 Other) FY25 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Short-term Business — Revenues | 2,112 | 4,247 | 2,211 | 4,444 | 1,902 | 3,843 | 2,005 | 4,044 | 53 | 109 | 54 | 106 | 0 | 0 | 0 | 0 | 157 | 296 | 152 | 295 | 0 | 0 | 0 | 0 |\n| Short-term Business — Combined Ratio | 94.5% | 95.5% | 95.2% | 95.4% | 95.1% | 96.3% | 95.9% | 96.1% | 79.8% | 77.0% | 79.0% | 77.3% | 0.0% | 0.0% | 0.0% | 0.0% | 92.3% | 91.5% | 91.5% | 91.6% | 0.0% | 0.0% | 0.0% | 0.0% |\n| Short-term Business — Technical Margin | 116 | 191 | 107 | 206 | 93 | 141 | 83 | 158 | 11 | 25 | 11 | 24 | 0 | 0 | 0 | 0 | 12 | 25 | 13 | 25 | 0 | 0 | 0 | 0 |\n| Long-term Business — CSM Release | 1,136 | 2,253 | 1,158 | 2,415 | 407 | 823 | 419 | 895 | 390 | 759 | 386 | 804 | 4 | 3 | 0 | 1 | 336 | 669 | 353 | 715 | 0 | 0 | 0 | 0 |\n| Long-term Business — Technical Experience | -71 | -98 | -28 | -139 | -40 | -96 | -37 | -81 | -4 | 12 | 13 | -53 | 3 | 2 | 0 | -5 | -30 | -16 | -4 | 0 | 0 | 0 | 0 | 0 |\n| Long-term Business — Actual vs. Expected Cash Flows | -4 | -33 | 10 | 37 | 8 | -8 | 2 | 15 | 3 | -11 | -11 | -6 | -2 | -3 | -1 | -6 | -12 | -10 | 20 | 33 | 0 | 0 | 0 | 0 |\n| Long-term Business — Risk Adjustment Release | 25 | 51 | 37 | 59 | 5 | 15 | 9 | 14 | 12 | 23 | 20 | 30 | 0 | 1 | 0 | 1 | 8 | 13 | 8 | 14 | 0 | 0 | 0 | 0 |\n| Long-term Business — Changes in Onerous Contracts | -30 | 9 | -10 | -25 | 0 | 0 | 0 | 0 | -32 | -23 | -13 | -33 | 5 | 5 | 0 | 0 | -3 | 26 | 3 | 8 | 0 | 0 | 0 | 0 |\n| Long-term Business — Other Long-term | -63 | -124 | -65 | -211 | -52 | -103 | -49 | -111 | 13 | 23 | 17 | -44 | 0 | 0 | 0 | 0 | -23 | -45 | -34 | -55 | 0 | 0 | 0 | 0 |\n| Financial Result \u0026 Other — Financial Result | 454 | 799 | 462 | 738 | 103 | 193 | 114 | 185 | 249 | 432 | 232 | 401 | 10 | 19 | 10 | 20 | 92 | 155 | 105 | 132 | 0 | 0 | 0 | 0 |\n| Financial Result \u0026 Other — Investment Income | 1,159 | 2,209 | 1,159 | 2,142 | 344 | 660 | 346 | 649 | 451 | 838 | 438 | 809 | 13 | 27 | 14 | 27 | 350 | 684 | 361 | 657 | 0 | 0 | 0 | 0 |\n| Financial Result \u0026 Other — Insurance Finance Expenses | -705 | -1,410 | -697 | -1,405 | -241 | -467 | -232 | -464 | -202 | -407 | -206 | -408 | -3 | -7 | -4 | -8 | -259 | -530 | -256 | -525 | 0 | 0 | 0 | 0 |\n| **Debt Financing Charges — Underlying Earnings Before Tax** | 1,634 | 3,145 | 1,699 | 3,219 | 563 | 1,060 | 579 | 1,156 | 645 | 1,227 | 643 | 1,176 | 17 | 25 | 10 | 16 | 409 | 833 | 468 | 872 | 0 | 0 | 0 | 0 |\n| Debt Financing Charges — Tax | -316 | -635 | -329 | -584 | -96 | -194 | -93 | -213 | -148 | -289 | -131 | -183 | -3 | 0 | -2 | -4 | -68 | -152 | -103 | -184 | 0 | 0 | 0 | 0 |\n| Debt Financing Charges — Income from Affiliates \u0026 Other | 101 | 182 | 93 | 154 | 4 | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 97 | 173 | 93 | 154 | 0 | 0 | 0 | 0 |\n| Debt Financing Charges — Minority Interests | -27 | -56 | -30 | -75 | 0 | 0 | 0 | 0 | -23 | -47 | -28 | -70 | 0 | 0 | 0 | 0 | -4 | -9 | -3 | -5 | 0 | 0 | 0 | 0 |\n| **Debt Financing Charges — Underlying Earnings Group share (Underlying earnings)** | 1,392 | 2,636 | 1,433 | 2,715 | 470 | 875 | 486 | 943 | 474 | 891 | 484 | 923 | 14 | 25 | 8 | 12 | 434 | 845 | 456 | 837 | 0 | 0 | 0 | 0 |\n| **For short-term business — Liabilities for remaining coverage net of reinsurance** | 157 | 96 | 105 | 21 | 23 | -19 | 4 | -41 | -3 | -14 | -35 | -24 | 0 | 0 | 0 | 0 | 137 | 129 | 137 | 86 | 0 | 0 | 0 | 0 |\n| **For short-term business — Best Estimate for incurred Claims net of reinsurance** | 11,589 | 11,778 | 11,623 | 11,205 | 11,349 | 11,502 | 11,352 | 10,939 | 75 | 120 | 118 | 124 | 0 | 0 | 0 | 0 | 165 | 157 | 154 | 142 | 0 | 0 | 0 | 0 |\n| **For long-term business — Best Estimate Liabilities net of reinsurance** | 275,276 | 285,391 | 280,314 | 280,280 | 112,949 | 115,280 | 114,525 | 114,424 | 114,389 | 117,841 | 116,058 | 115,433 | 324 | 345 | 310 | 309 | 47,614 | 51,926 | 49,420 | 50,113 | 0 | 0 | 0 | 0 |\n| For long-term business — o/w VFA Gross of reinsurance | 243,037 | 251,273 | 244,964 | 250,326 | 116,132 | 117,942 | 116,770 | 117,266 | 100,727 | 103,800 | 99,267 | 101,144 | 0 | 0 | 0 | 0 | 26,178 | 29,530 | 28,928 | 31,916 | 0 | 0 | 0 | 0 |\n| For long-term business — o/w BBA Gross of reinsurance | 50,917 | 52,713 | 52,731 | 46,724 | 9,606 | 10,019 | 9,848 | 8,873 | 13,770 | 14,107 | 16,752 | 14,106 | 1,670 | 1,659 | 1,522 | 1,473 | 25,871 | 26,927 | 24,608 | 22,272 | 0 | 0 | 0 | 0 |\n| For long-term business — o/w Reinsurance | -18,679 | -18,595 | -17,381 | -16,770 | -12,790 | -12,682 | -12,093 | -11,715 | -108 | -66 | 39 | 183 | -1,346 | -1,315 | -1,212 | -1,164 | -4,435 | -4,532 | -4,116 | -4,074 | 0 | 0 | 0 | 0 |"
},
{
"id": "gr2rpazfcv-c10",
"chunk": 10,
"pages": [
10
],
"heading": "Health UE by Geography",
"tags": [],
"links": [
"Underlying earnings",
"AXA France",
"AXA Europe",
"AXA XL",
"AXA Asia, Africa \u0026 EME-LATAM",
"AXA Transversal \u0026 Other",
"Full year 2024",
"Full year 2025",
"Other revenue"
],
"data_items": [],
"effective_tags": [
"AXA",
"AXA Asia, Africa \u0026 EME-LATAM",
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"AXA France",
"AXA Transversal \u0026 Other",
"AXA XL",
"Full year 2024",
"Full year 2025",
"Other revenue",
"Underlying earnings"
],
"content": "**Health underlying earnings build-up by geography**\n\n| In EUR million | Total 1H24 | Total FY24 (Full year 2024) | Total 1H25 | Total FY25 (Full year 2025) | France (AXA France) 1H24 | France (AXA France) FY24 | France (AXA France) 1H25 | France (AXA France) FY25 | Europe (AXA Europe) 1H24 | Europe (AXA Europe) FY24 | Europe (AXA Europe) 1H25 | Europe (AXA Europe) FY25 | AXA XL 1H24 | AXA XL FY24 | AXA XL 1H25 | AXA XL FY25 | Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) 1H24 | Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) FY24 | Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) 1H25 | Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) FY25 | Transversal \u0026 Other (AXA Transversal \u0026 Other) 1H24 | Transversal \u0026 Other (AXA Transversal \u0026 Other) FY24 | Transversal \u0026 Other (AXA Transversal \u0026 Other) 1H25 | Transversal \u0026 Other (AXA Transversal \u0026 Other) FY25 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Short-term Business — Revenues | 5,867 | 11,960 | 6,301 | 12,972 | 2,752 | 5,661 | 2,865 | 5,744 | 1,725 | 3,495 | 1,997 | 4,314 | 0 | 0 | 0 | 0 | 1,300 | 2,629 | 1,350 | 2,742 | 90 | 174 | 88 | 172 |\n| Short-term Business — Combined Ratio | 98.6% | 98.1% | 97.8% | 97.9% | 97.8% | 97.9% | 98.5% | 98.1% | 99.4% | 97.5% | 96.9% | 95.2% | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 100.0% | 98.3% | 102.3% | 92.2% | 89.1% | 83.6% | 86.7% |\n| Short-term Business — Technical Margin | 79 | 224 | 141 | 273 | 62 | 117 | 42 | 108 | 10 | 88 | 62 | 206 | 0 | 0 | 0 | 0 | 1 | 1 | 23 | -64 | 7 | 19 | 14 | 23 |\n| Long-term Business — CSM Release | 259 | 522 | 270 | 539 | 0 | 0 | 0 | 0 | 78 | 161 | 84 | 180 | 0 | 0 | 0 | 0 | 180 | 360 | 186 | 359 | 0 | 0 | 0 | 0 |\n| Long-term Business — Technical Experience | 7 | 3 | -2 | -11 | 0 | 0 | 0 | 0 | -6 | -20 | -5 | -17 | 0 | 0 | 0 | 0 | 14 | 23 | 3 | 6 | 0 | 0 | 0 | 0 |\n| Long-term Business — Actual vs. Expected Cash Flows | 13 | 18 | 2 | 2 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12 | 18 | 2 | 2 | 0 | 0 | 0 | 0 |\n| Long-term Business — Risk Adjustment Release | 4 | 8 | 7 | 13 | 0 | 0 | 0 | 0 | 0 | -2 | 1 | 3 | 0 | 0 | 0 | 0 | 5 | 10 | 5 | 11 | 0 | 0 | 0 | 0 |\n| Long-term Business — Changes in Onerous Contracts | -1 | -2 | -2 | -4 | 0 | 0 | 0 | 0 | -1 | -2 | 0 | -3 | 0 | 0 | 0 | 0 | -1 | 0 | -1 | -1 | 0 | 0 | 0 | 0 |\n| Long-term Business — Other Long-term | -8 | -21 | -9 | -22 | 0 | 0 | 0 | 0 | -6 | -16 | -6 | -16 | 0 | 0 | 0 | 0 | -2 | -5 | -3 | -5 | 0 | 0 | 0 | 0 |\n| Financial Result \u0026 Other — Financial Result | 82 | 176 | 101 | 209 | -3 | -1 | 4 | 12 | 35 | 72 | 37 | 76 | 0 | 0 | 0 | 0 | 51 | 105 | 60 | 118 | 0 | 0 | 0 | 2 |\n| Financial Result \u0026 Other — Investment Income | 160 | 317 | 170 | 341 | 26 | 41 | 24 | 55 | 39 | 77 | 40 | 79 | 0 | 0 | 0 | 0 | 95 | 198 | 106 | 205 | 0 | 0 | 0 | 2 |\n| Financial Result \u0026 Other — Insurance Finance Expenses | -78 | -140 | -69 | -133 | -29 | -43 | -20 | -42 | -4 | -5 | -4 | -3 | 0 | 0 | 0 | 0 | -45 | -93 | -45 | -87 | 0 | 0 | 0 | 0 |\n| **Debt Financing Charges — Underlying Earnings Before Tax** | 427 | 925 | 510 | 1,010 | 59 | 116 | 46 | 120 | 117 | 302 | 178 | 446 | 0 | 0 | 0 | 0 | 245 | 489 | 272 | 419 | 7 | 19 | 14 | 25 |\n| Debt Financing Charges — Tax | -96 | -239 | -133 | -216 | -10 | -27 | -7 | -24 | -31 | -87 | -46 | -101 | 0 | 0 | 0 | 0 | -55 | -125 | -80 | -88 | 0 | 0 | -1 | -4 |\n| Debt Financing Charges — Income from Affiliates \u0026 Other | 2 | 4 | 8 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 4 | 8 | 2 | 0 | 0 | 0 | 0 |\n| Debt Financing Charges — Minority Interests | 0 | -4 | -3 | -9 | 0 | 0 | 0 | 0 | 0 | -1 | 0 | -4 | 0 | 0 | 0 | 0 | 0 | -3 | -3 | -6 | 0 | 0 | 0 | 0 |\n| **Debt Financing Charges — Underlying Earnings Group share (Underlying earnings)** | 333 | 687 | 381 | 787 | 49 | 89 | 39 | 96 | 85 | 213 | 132 | 341 | 0 | 0 | 0 | 0 | 192 | 366 | 197 | 328 | 7 | 19 | 14 | 22 |\n| **For short-term business — Liabilities for remaining coverage net of reinsurance** | 2,289 | 2,000 | 2,750 | 2,490 | 27 | 18 | 24 | 35 | 1,231 | 981 | 1,654 | 1,375 | 0 | 0 | 0 | 0 | 1,022 | 995 | 1,067 | 1,069 | 9 | 6 | 5 | 10 |\n| **For short-term business — Best Estimate for incurred Claims net of reinsurance** | 2,286 | 2,384 | 2,337 | 3,386 | 1,240 | 1,329 | 1,091 | 1,911 | 698 | 751 | 898 | 1,062 | 0 | 0 | 0 | 0 | 336 | 290 | 334 | 398 | 13 | 14 | 15 | 15 |\n| **For long-term business — Best Estimate Liabilities net of reinsurance** | 20,066 | 20,858 | 20,726 | 20,112 | 0 | 0 | 0 | 0 | 20,645 | 21,416 | 21,527 | 21,291 | 0 | 0 | 0 | 0 | -579 | -557 | -800 | -1,180 | 0 | 0 | 0 | 0 |\n| For long-term business — o/w VFA Gross of reinsurance | 20,977 | 21,821 | 21,996 | 21,576 | 0 | 0 | 0 | 0 | 20,896 | 21,713 | 21,868 | 21,637 | 0 | 0 | 0 | 0 | 81 | 109 | 128 | -62 | 0 | 0 | 0 | 0 |\n| For long-term business — o/w BBA Gross of reinsurance | -821 | -868 | -1,207 | -1,417 | 0 | 0 | 0 | 0 | -250 | -297 | -342 | -346 | 0 | 0 | 0 | 0 | -571 | -571 | -866 | -1,071 | 0 | 0 | 0 | 0 |\n| For long-term business — o/w Reinsurance | -90 | -95 | -62 | -47 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -90 | -95 | -62 | -47 | 0 | 0 | 0 | 0 |"
},
{
"id": "gr2rpazfcv-c11",
"chunk": 11,
"pages": [
11
],
"heading": "Asset Management",
"tags": [],
"links": [
"AXA Investment Managers",
"Full year 2024",
"Full year 2025",
"Assets under management",
"Underlying earnings"
],
"data_items": [],
"effective_tags": [
"AXA Investment Managers",
"Assets under management",
"Full year 2024",
"Full year 2025",
"Underlying earnings"
],
"content": "**Asset management (AXA Investment Managers) rollforward**\n\n| In EUR million | 1H24 Total | 1H24 o/w Third Party | FY24 (Full year 2024) Total | FY24 (Full year 2024) o/w Third Party | 1H25 Total | 1H25 o/w Third Party | FY25 (Full year 2025) (7) Total | FY25 (Full year 2025) (7) o/w Third Party |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| **Opening AUM (Assets under management) (in Euro billion)** | 843 | 332 | 843 | 332 | 879 | 356 | 879 | 356 |\n| Net Inflows | 7 | -1 | 3 | 4 | -3 | -10 | -3 | -10 |\n| Scope \u0026 Other | 0 | 10 | 2 | 21 | 0 | -6 | 0 | -6 |\n| Market Effect | 12 | 10 | 26 | 21 | -3 | -6 | -3 | -6 |\n| Currency Impact | -4 | 10 | 5 | 21 | -21 | -6 | -21 | -6 |\n| **Closing AUM (in Euro billion)** | 859 | 340 | 879 | 356 | 853 | 341 | 853 | 341 |\n| Alternatives | 227 | 86 | 229 | 90 | 233 | 95 | 233 | 95 |\n| Core \u0026 Other | 532 | 254 | 551 | 266 | 528 | 246 | 528 | 246 |\n| Asian Joint Ventures | 101 | — | 99 | — | 92 | — | 92 | — |\n| **Gross Revenues - After Intercompany Elimination** | 787 | — | 1,701 | — | 875 | — | 875 | — |\n| **Gross Revenues - Before Intercompany Elimination** | 937 | — | 2,004 | — | 1,018 | — | 1,018 | — |\n| Management Fees | 679 | 385 | 1,425 | 773 | 724 | 439 | 724 | 439 |\n| Performance Fees | 18 | 8 | 57 | 21 | 16 | 9 | 16 | 9 |\n| Distribution Fees | 205 | — | 409 | — | 231 | — | 231 | — |\n| Other | 35 | — | 112 | — | 46 | — | 46 | — |\n| **General Expenses** | -698 | — | -1,493 | — | -793 | — | -793 | — |\n| Distribution Fees Retroceded | -205 | — | -409 | — | -231 | — | -231 | — |\n| Financial Result | 24 | — | 35 | — | 14 | — | 14 | — |\n| **Underlying Earnings Before Tax** | 263 | — | 546 | — | 239 | — | 239 | — |\n| Tax | -69 | — | -160 | — | -68 | — | -68 | — |\n| Income from Affiliates \u0026 Other | 16 | — | 29 | — | 8 | — | 8 | — |\n| Minority Interests | -6 | — | -13 | — | -4 | — | -4 | — |\n| **Underlying Earnings Group Share (Underlying earnings)** | 204 | — | 402 | — | 175 | — | 175 | — |\n| **Average Assets under Management (€bn)** | 749 | — | 759 | — | 769 | — | 769 | — |\n| **Asset Management Fee bps** | 18.1 bps | — | 18.8 bps | — | 18.8 bps | — | 18.8 bps | — |\n| **Underlying Cost Income Ratio** | 67.3% | — | 68.0% | — | 71.4% | — | 71.4% | — |\n\n(7) AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025."
},
{
"id": "gr2rpazfcv-c12",
"chunk": 12,
"pages": [
12
],
"heading": "Holdings",
"tags": [],
"links": [
"Underlying earnings",
"Full year 2024",
"Full year 2025",
"Other revenue",
"AXA",
"Property \u0026 casualty",
"Life \u0026 health",
"AXA Investment Managers",
"Dividend"
],
"data_items": [],
"effective_tags": [
"AXA",
"AXA Investment Managers",
"Capital management",
"Dividend",
"Full year 2024",
"Full year 2025",
"Life \u0026 health",
"Other revenue",
"Property \u0026 casualty",
"Underlying earnings"
],
"content": "**Holdings underlying earnings build-up (8)(footnote: Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.)**\n\n| In EUR million | 1H24 | FY24 (Full year 2024) | 1H25 | FY25 (Full year 2025) |\n| --- | --- | --- | --- | --- |\n| Financial Result | 181 | 402 | 228 | 422 |\n| Other Revenues | 522 | 1,050 | 607 | 1,149 |\n| Other Expenses | -925 | -1,986 | -1,075 | -2,107 |\n| Debt Financing Charges | -471 | -948 | -452 | -928 |\n| **Underlying Earnings Before Tax** | -693 | -1,482 | -692 | -1,464 |\n| Tax | 100 | 324 | 101 | 284 |\n| Income from Affiliates \u0026 Other | 0 | 0 | 0 | 0 |\n| Minority Interests | 0 | 0 | 0 | 0 |\n| **Underlying Earnings Group share (Underlying earnings)** | -592 | -1,157 | -591 | -1,180 |\n\n**Holdings cash balance rollforward**\n\n| In EUR billion | 1H24 | FY24 | 1H25 | FY25 |\n| --- | --- | --- | --- | --- |\n| Opening Cash Balance at AXA SA (9) | — | 4.0 | — | 4.0 |\n| Net cash remittance from subsidiaries (10) | — | 7.7 | — | 7.5 |\n| Property \u0026 Casualty (Property \u0026 casualty) | — | 4.0 | — | 5.1 |\n| Life \u0026 Health (Life \u0026 health) | — | 3.6 | — | 2.5 |\n| Asset Management (AXA Investment Managers) \u0026 Other | — | 0.1 | — | 0.0 |\n| Dividends | — | -4.4 | — | -4.6 |\n| Share buy-backs (11) | — | -1.8 | — | -4.7 |\n| Holding costs and interests | — | -1.3 | — | -1.3 |\n| Debt issuance | — | 0.1 | — | 1.6 |\n| M\u0026A and disposals | — | 0.0 | — | 3.8 |\n| Other | — | -0.3 | — | -0.7 |\n| Closing Cash Balance at AXA SA (9) | — | 4.0 | — | 5.6 |\n\n(8) Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.\n(9) Includes liquid invested assets.\n(10) Includes exceptional cash remittances from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.4 billion in 2024) and AXA Life Europe (Euro +0.2 billion in 2024).\n(11) On top of annual share buy-back, includes Euro +3.5 billion share buy-back in 2025 to offset the earnings dilution resulting from the disposal of AXA IM and Euro +0.7 billion share buy-back in 2024 from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.5 billion) and AXA Life Europe (Euro +0.2 billion)."
},
{
"id": "gr2rpazfcv-c13",
"chunk": 13,
"pages": [
13
],
"heading": "Activity Indicators",
"tags": [],
"links": [
"Business mix",
"Full year 2024",
"Full year 2025",
"Property \u0026 casualty",
"Life \u0026 health",
"AXA Investment Managers",
"Gross written premiums \u0026 other revenues",
"AXA France",
"AXA Europe",
"AXA XL",
"AXA Asia, Africa \u0026 EME-LATAM",
"AXA Transversal \u0026 Other"
],
"data_items": [],
"effective_tags": [
"AXA",
"AXA Asia, Africa \u0026 EME-LATAM",
"AXA Europe",
"AXA France",
"AXA Investment Managers",
"AXA Transversal \u0026 Other",
"AXA XL",
"Business mix",
"Full year 2024",
"Full year 2025",
"Gross written premiums \u0026 other revenues",
"Life \u0026 health",
"Property \u0026 casualty"
],
"content": "**Activity indicators by line of business (Business mix)**\n\n| In EUR million | 1H24 Total | 1H24 P\u0026C (Property \u0026 casualty) | 1H24 Life \u0026 Health (Life \u0026 health) | 1H24 o/w Employee Benefits (12) | 1H24 Life | 1H24 Health | 1H24 Asset Management (AXA Investment Managers) | 1H24 Bank | FY24 (Full year 2024) Total | FY24 (Full year 2024) P\u0026C | FY24 (Full year 2024) Life \u0026 Health | FY24 (Full year 2024) o/w Employee Benefits (12) | FY24 (Full year 2024) Life | FY24 (Full year 2024) Health | FY24 (Full year 2024) Asset Management | FY24 (Full year 2024) Bank | 1H25 Total | 1H25 P\u0026C | 1H25 Life \u0026 Health | 1H25 o/w Employee Benefits (12) | 1H25 Life | 1H25 Health | 1H25 Asset Management | 1H25 Bank | FY25 (Full year 2025) Total | FY25 (Full year 2025) P\u0026C | FY25 (Full year 2025) Life \u0026 Health | FY25 (Full year 2025) o/w Employee Benefits (12) | FY25 (Full year 2025) Life | FY25 (Full year 2025) Health | FY25 (Full year 2025) Asset Management | FY25 (Full year 2025) Bank |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Gross Written Premiums \u0026 Other Revenues (Gross written premiums \u0026 other revenues) | 59,872 | 32,522 | 26,505 | 6,673 | 17,419 | 9,086 | 787 | 57 | 110,316 | 56,514 | 51,983 | 12,167 | 34,497 | 17,486 | 1,701 | 118 | 64,251 | 34,097 | 29,230 | 7,223 | 19,081 | 10,149 | 875 | 49 | 115,524 | 58,038 | 56,512 | 12,867 | 37,499 | 19,014 | 875 | 99 |\n| IFRS17/9 New Business Value (NBV) (a) | 1,206 | — | 1,206 | — | 953 | 253 | — | — | 2,264 | — | 2,264 | — | 1,792 | 473 | — | — | 1,189 | — | 1,189 | — | 928 | 260 | — | — | 2,233 | — | 2,233 | — | 1,747 | 486 | — | — |\n| New Business Contractual Service Margin (NB CSM) | 1,131 | — | 1,131 | — | 919 | 213 | — | — | 2,169 | — | 2,169 | — | 1,770 | 399 | — | — | 1,184 | — | 1,184 | — | 950 | 234 | — | — | 2,199 | — | 2,199 | — | 1,822 | 377 | — | — |\n| Other NBV (13) | 456 | — | 456 | — | 333 | 123 | — | — | 824 | — | 824 | — | 594 | 231 | — | — | 382 | — | 382 | — | 270 | 113 | — | — | 757 | — | 757 | — | 491 | 266 | — | — |\n| Tax | -381 | — | -381 | — | -299 | -83 | — | — | -729 | — | -729 | — | -572 | -158 | — | — | -378 | — | -378 | — | -292 | -86 | — | — | -724 | — | -724 | — | -567 | -157 | — | — |\n| Present Value of Expected Premiums (PVEP) (b) | 25,588 | — | 25,588 | — | 18,234 | 7,354 | — | — | 50,896 | — | 50,896 | — | 36,860 | 14,036 | — | — | 25,918 | — | 25,918 | — | 19,487 | 6,430 | — | — | 49,357 | — | 49,357 | — | 37,103 | 12,254 | — | — |\n| IFRS17/9 NBV Margin (a)/(b) | 4.7% | — | 4.7% | — | 5.2% | 3.4% | — | — | 4.4% | — | 4.4% | — | 4.9% | 3.4% | — | — | 4.6% | — | 4.6% | — | 4.8% | 4.0% | — | — | 4.5% | — | 4.5% | — | 4.7% | 4.0% | — | — |\n\n**Activity indicators by geography**\n\n| In EUR million | 1H24 Total | 1H24 France (AXA France) | 1H24 Europe (AXA Europe) | 1H24 AXA XL | 1H24 Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) | 1H24 AXA IM | 1H24 Transversal \u0026 Other (AXA Transversal \u0026 Other) | FY24 Total | FY24 France | FY24 Europe | FY24 AXA XL | FY24 Asia, Africa \u0026 EME-LATAM | FY24 AXA IM | FY24 Transversal \u0026 Other | 1H25 Total | 1H25 France | 1H25 Europe | 1H25 AXA XL | 1H25 Asia, Africa \u0026 EME-LATAM | 1H25 AXA IM | 1H25 Transversal \u0026 Other | FY25 Total | FY25 France | FY25 Europe | FY25 AXA XL | FY25 Asia, Africa \u0026 EME-LATAM | FY25 AXA IM | FY25 Transversal \u0026 Other |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Gross Written Premiums \u0026 Other Revenues | 59,872 | 14,719 | 22,579 | 11,220 | 9,571 | 787 | 995 | 110,316 | 28,996 | 39,298 | 19,383 | 19,083 | 1,701 | 1,856 | 64,251 | 15,670 | 24,649 | 11,749 | 10,302 | 875 | 1,006 | 115,524 | 30,598 | 43,005 | 19,277 | 19,925 | 875 | 1,844 |\n| IFRS17/9 New Business Value (NBV) (a) | 1,206 | 354 | 348 | — | 504 | — | — | 2,264 | 682 | 597 | — | 986 | — | — | 1,189 | 315 | 364 | — | 510 | — | — | 2,233 | 695 | 578 | — | 959 | — | — |\n| New Business Contractual Service Margin (NB CSM) | 1,131 | 203 | 398 | — | 531 | — | — | 2,169 | 391 | 731 | — | 1,047 | — | — | 1,184 | 199 | 443 | — | 541 | — | — | 2,199 | 431 | 740 | — | 1,028 | — | — |\n| Other NBV (13) | 456 | 275 | 50 | — | 131 | — | — | 824 | 528 | 49 | — | 247 | — | — | 382 | 225 | 28 | — | 129 | — | — | 757 | 506 | 12 | — | 239 | — | — |\n| Tax | -381 | -123 | -100 | — | -158 | — | — | -729 | -237 | -184 | — | -309 | — | — | -378 | -109 | -107 | — | -161 | — | — | -724 | -242 | -174 | — | -308 | — | — |\n| Present Value of Expected Premiums (PVEP) (b) | 25,588 | 12,301 | 6,317 | — | 6,971 | — | — | 50,896 | 25,370 | 11,831 | — | 13,695 | — | — | 25,918 | 11,662 | 6,843 | — | 7,413 | — | — | 49,357 | 22,858 | 12,651 | — | 13,847 | — | — |\n| IFRS17/9 NBV Margin (a)/(b) | 4.7% | 2.9% | 5.5% | — | 7.2% | — | — | 4.4% | 2.7% | 5.0% | — | 7.2% | — | — | 4.6% | 2.7% | 5.3% | — | 6.9% | — | — | 4.5% | 3.0% | 4.6% | — | 6.9% | — | — |\n\n(12) Employee Benefits include Group Protection and Group Health contracts.\n(13) Includes expected profits from short term Life \u0026 Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers."
},
{
"id": "gr2rpazfcv-c14",
"chunk": 14,
"pages": [
14
],
"heading": "Balance Sheet",
"tags": [],
"links": [
"Full year 2024",
"Full year 2025"
],
"data_items": [],
"effective_tags": [
"Full year 2024",
"Full year 2025"
],
"content": "**Assets build-up**\n\n| In EUR billion | FY24 (Full year 2024) | FY25 (Full year 2025) |\n| --- | --- | --- |\n| Goodwill | 18.1 | 17.8 |\n| Other intangible assets | 4.4 | 4.4 |\n| **Total Intangible assets** | 22.6 | 22.2 |\n| Investments in real estate properties | 29.2 | 27.8 |\n| Financial investments | 418.2 | 401.8 |\n| Unit-linked Assets | 90.1 | 97.2 |\n| **Total Investments from Insurance activities** | 537.5 | 526.9 |\n| Investments from Non-Insurance Activities | 18.5 | 16.6 |\n| Equity Method investments | 1.5 | 1.5 |\n| Assets Arising from Insurance and Reinsurance Contracts Held | 26.1 | 23.9 |\n| Present Value of Future Cash Flows | 24.1 | 22.0 |\n| Contractual Service Margin | 1.4 | 1.4 |\n| Risk Adjustment | 0.5 | 0.5 |\n| Receivables and Other Assets | 24.1 | 21.9 |\n| Assets held for sale | 4.5 | 0.2 |\n| Cash and cash equivalents | 19.0 | 22.2 |\n| **Total Assets** | 653.8 | 635.5 |\n\n**Liabilities, non-controlling interests, and shareholders' equity build-up**\n\n| In EUR billion | FY24 | FY25 |\n| --- | --- | --- |\n| Shareholders' Equity group share | 49.9 | 47.2 |\n| Non-controlling Interests | 2.5 | 2.4 |\n| **Shareholders’ equity** | 52.5 | 49.6 |\n| Financing debt | 14.4 | 15.8 |\n| Liabilities arising from insurance contracts and investment contracts with discretionary participation features contracts | 477.0 | 470.4 |\n| Present Value of Future Cash Flows | 438.4 | 432.6 |\n| Contractual Service Margin | 35.3 | 34.7 |\n| Risk Adjustment | 3.3 | 3.1 |\n| Other Investment Contract Liabilities | 12.6 | 12.8 |\n| **Liabilities arising from insurance, reinsurance and investment contracts** | 489.6 | 483.2 |\n| Liabilities Arising from Non-Insurance Activities | 10.1 | 9.9 |\n| Provisions for risks and charges | 4.9 | 4.6 |\n| Payables and Other liabilities | 80.9 | 72.5 |\n| Liabilities held for sale | 1.4 | 0.0 |\n| **Total Liabilities, Non-controlling Interests and Shareholders' Equity** | 653.8 | 635.5 |"
},
{
"id": "gr2rpazfcv-c15",
"chunk": 15,
"pages": [
15
],
"heading": "CSM rollforward",
"tags": [],
"links": [
"Business mix",
"Full year 2024",
"Property \u0026 casualty",
"Full year 2025"
],
"data_items": [],
"effective_tags": [
"Business mix",
"Full year 2024",
"Full year 2025",
"Property \u0026 casualty"
],
"content": "**Contractual Service Margin (CSM) rollforward by business unit (Business mix)**\n\n| In EUR million | FY23 Restated (14) | New Business CSM | Underlying Return on inforce | CSM Release | Economic Variance | Operating Variance | Other (15) | FY24 (Full year 2024) |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| **Total Group (pre-tax)** | 34,187 | 2,169 | 1,383 | -2,775 | -998 | 432 | -545 | 33,853 |\n| P\u0026C (Property \u0026 casualty) | 206 | 0 | 0 | 0 | 0 | 0 | 76 | 282 |\n| Life | 26,200 | 1,770 | 1,172 | -2,253 | -890 | 363 | -534 | 25,826 |\n| Health | 7,782 | 400 | 211 | -522 | -108 | 69 | -87 | 7,744 |\n| **Total Group (post-tax)** | 26,777 | — | — | — | — | — | — | 26,320 |\n\n**Contractual Service Margin (CSM) rollforward by business unit**\n\n| In EUR million | FY24 | New Business CSM | Underlying Return on inforce | CSM Release | Economic Variance | Operating Variance | Other (15) | FY25 (Full year 2025) |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| **Total Group (pre-tax)** | 33,853 | 2,199 | 1,328 | -2,954 | 594 | -316 | -1,451 | 33,253 |\n| P\u0026C | 282 | 0 | 0 | 0 | 0 | 0 | -21 | 261 |\n| Life | 25,826 | 1,822 | 1,150 | -2,415 | 487 | -526 | -903 | 25,442 |\n| Health | 7,744 | 377 | 178 | -539 | 107 | 210 | -527 | 7,550 |\n| **Total Group (post-tax)** | 26,320 | — | — | — | — | — | — | 25,864 |\n\n(14) Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.\n(15) Including scope changes and FX."
},
{
"id": "gr2rpazfcv-c16",
"chunk": 16,
"pages": [
16
],
"heading": "Invested Assets",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**General Account invested assets build-up by asset class and rating**\n\n| In EUR billion | Fair value | Asset Allocation % | o/w Participating | Duration gap | Fair Value by Rating Average rating1 (21) | Fair Value by Rating AAA | Fair Value by Rating AA | Fair Value by Rating A | Fair Value by Rating BBB | Fair Value by Rating Below Investment Grade | Fair Value by Rating Non Rated |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| General Account Invested Assets (16) | 450 | — | 60% | -0.4 yr | — | — | — | — | — | — | — |\n| Fixed Income | 345 | 77% | 60% | — | — | — | — | — | — | — | — |\n| Government Bonds | 167 | 37% | 66% | — | AA | 27% | 31% | 28% | 10% | 2% | 2% |\n| Corporate Bonds and Loans | 121 | 27% | 55% | — | A | 16% | 6% | 39% | 28% | 11% | — |\n| Other Fixed Income | 56 | 13% | 52% | — | — | — | — | — | — | — | — |\n| Asset Backed Securities (17) | 25 | 6% | 48% | — | — | 54% | 28% | 10% | 3% | 1% | 4% |\n| Mortgage Loans (18) | 31 | 7% | 56% | — | — | — | — | — | — | — | — |\n| Real Estate | 41 | 9% | 63% | — | — | — | — | — | — | — | — |\n| Infrastructure Equity | 10 | 2% | 64% | — | — | — | — | — | — | — | — |\n| Listed Equities (19) | 10 | 2% | 82% | — | — | — | — | — | — | — | — |\n| Private Equity \u0026 Hedge Funds (20) | 23 | 5% | 55% | — | — | — | — | — | — | — | — |\n| Cash | 19 | 4% | 50% | — | — | — | — | — | — | — | — |\n| Policy Loans | 2 | 0% | 51% | — | — | — | — | — | — | — | — |\n\n(21) Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.03billion, AA: Euro 1billion, A: Euro 1,2 billion, BBB: Euro 3.6 billion, Below investment grade: Euro 5 billion.\n(16) Reflects the fair value of assets excluding the minority interest share in assets held in fully consolidated invested funds, hedging derivatives, Unit-linked assets and investments from non-insurance activities.\n(17) Includes 91% of CLOs.\n(18) Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial \u0026 agricultural loans (Euro 7 billion).\n(19) Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating).\n(20) Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion)."
},
{
"id": "gr2rpazfcv-c17",
"chunk": 17,
"pages": [
17
],
"heading": "Supplementary Info on Asset",
"tags": [],
"links": [
"AXA France",
"AXA Europe"
],
"data_items": [],
"effective_tags": [
"AXA",
"AXA Europe",
"AXA France"
],
"content": "**Government bonds breakdown by geographical exposure**\n\n| In EUR billion | Fair Value | Belgium | France (AXA France) | Germany | Italy | Japan | Netherlands | Spain | Switzerland | United States | Other EU countries | Supranational | Rest of the World |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Breakdown By Geographical Exposure | 167 | 6% | 12% | 6% | 5% | 8% | 3% | 6% | 9% | 10% | 8% | 13% | 15% |\n\n**Corporate bonds and loans breakdown by industry**\n\n| In EUR billion | Fair Value | Basic Materials | Communications | Consumer, Cyclical | Consumer, Non-Cyclical | Covered and Senior Secured Bonds | Energy | Financials | Industrial | Technology | Utilities | Other |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Breakdown By Industry | 121 | 2% | 6% | 4% | 11% | 29% | 1% | 28% | 6% | 2% | 8% | 3% |\n\n**Corporate bonds and loans exposure to financials (31)(footnote: Includes REITS corporate bonds (Euro 3 billion).)**\n\n| In EUR billion | Total | Banks | Non-Banks1 (23) |\n| --- | --- | --- | --- |\n| **Total** | 33.4 | 27.5 | 6.0 |\n| Senior Unsecured Bonds | 29.8 | 24.3 | 5.5 |\n| Subordinated Bonds (22) | 3.0 | 2.7 | 0.4 |\n| Other | 0.6 | 0.5 | 0.1 |\n\n**Listed equities breakdown by asset domiciliation**\n\n| In EUR billion | Fair Value | Belgium | France | Germany | Japan | Netherlands | Switzerland | United States | Other EU countries | Rest of the World |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Breakdown By Asset Domiciliation | 10 | 3% | 7% | 3% | 7% | 2% | 4% | 37% | 9% | 27% |\n\n**Listed equities breakdown by industry (32)(footnote: Including hedges.)**\n\n| In EUR billion | Fair Value | Basic Materials | Communications | Consumer, Cyclical | Consumer, Non-Cyclical | Diversified | Energy | Financials | Funds | Industrial | Technology | Utilities | Other |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Breakdown By Industry | 10 | 5% | 11% | 9% | 14% | 3% | 0% | 20% | 6% | 12% | 17% | 1% | 0% |\n\n**Real estate breakdown by geographical exposure**\n\n| In EUR billion | Fair Value | Belgium | France | Germany | Italy | Japan | Spain | Switzerland | United Kingdom | United States | Other EU countries | Rest of the World |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Breakdown By Geographical Exposure | 41 | 5% | 25% | 11% | 3% | 5% | 4% | 13% | 7% | 12% | 5% | 10% |\n\n**Real estate breakdown by type**\n\n| In EUR billion | Fair Value | Office | Residential | Industrial-Logistic | Retail | Others |\n| --- | --- | --- | --- | --- | --- | --- |\n| Breakdown By Type | 41 | 33% | 22% | 15% | 12% | 18% |\n\n**Private equities breakdown by asset domiciliation (33)(footnote: Excluding Non-listed Equity.)**\n\n| In EUR billion | Fair Value | Europe (AXA Europe) | Japan | United States | Other |\n| --- | --- | --- | --- | --- | --- |\n| Breakdown By Asset Domiciliation | 17 | 45% | 5% | 46% | 5% |\n\n**Mortgage loans breakdown by type**\n\n| In EUR billion | Fair Value | Residential | Commercial (24) |\n| --- | --- | --- | --- |\n| Breakdown by Type | 23 | 69% | 31% |\n\n(31) Includes REITS corporate bonds (Euro 3 billion).\n(23) Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).\n(22) Includes AT1 (Euro 0.4 billion).\n(32) Including hedges.\n(33) Excluding Non-listed Equity.\n(24) Loan to Value: 46%."
},
{
"id": "gr2rpazfcv-c18",
"chunk": 18,
"pages": [
18
],
"heading": "Shareholders Equity",
"tags": [],
"links": [
"Full year 2025",
"Dividend",
"Full year 2024"
],
"data_items": [],
"effective_tags": [
"Capital management",
"Dividend",
"Full year 2024",
"Full year 2025"
],
"content": "**Change in Group Share Consolidated Shareholders' Equity rollforward**\n\n| In EUR billion | FY25 (Full year 2025) |\n| --- | --- |\n| **Shareholders' Equity at Beginning of the Period** | 49.9 |\n| Paid-in Capital | -4.9 |\n| Treasury Shares | -0.1 |\n| Other Comprehensive Income Arising from Defined Benefit Plans | -0.3 |\n| Fair Value Recorded in Shareholders' Equity | 1.3 |\n| Other Comprehensive Income Related to Invested Assets | -4.2 |\n| Other Comprehensive Income Related to (re) Insurance Contracts | 5.4 |\n| Impact of Currency Fluctuations | -3.5 |\n| Undated Subordinated Debt (including interest charges) | -0.3 |\n| Realized Gains on Equity through Retained Earnings | 0.1 |\n| Dividends | -4.6 |\n| Net Income for the Period | 9.8 |\n| Other | -0.2 |\n| **Shareholders' Equity at End of the Period** | 47.2 |\n\n**Group Share Consolidated Shareholders' Equity build-up**\n\n| In EUR billion | FY24 (Full year 2024) | FY25 |\n| --- | --- | --- |\n| Paid-in Capital | 21.8 | 16.9 |\n| Treasury Shares | -1.5 | -1.6 |\n| Other Comprehensive Income Arising from Defined Benefit Plans | -2.4 | -2.8 |\n| Other Comprehensive Income | -8.1 | -6.8 |\n| Other Comprehensive Income Related to Invested Assets | -13.1 | -17.3 |\n| Other Comprehensive Income Related to (re) Insurance Contracts | 5.0 | 10.5 |\n| Translation Reserves | -1.1 | -4.6 |\n| Undated Subordinated Debt | 4.8 | 4.6 |\n| Retained Earnings | 36.5 | 41.4 |\n| **Total Shareholders' Equity at the End of the Period** | 49.9 | 47.2 |\n\n**Book value per share and shareholders' equity plus CSM per share**\n\n| EUR | FY24 | FY25 |\n| --- | --- | --- |\n| Book Value per Share (25) | 24.5 | 24.0 |\n| Shareholders' Equity + CSM per Share (26) | 32.7 | 33.2 |\n\n**Unrealized gains and losses on invested assets net of tax build-up**\n\n| In EUR billion | FY24 | FY25 |\n| --- | --- | --- |\n| Government Bonds (recyclable) | -7.5 | -13.0 |\n| Corporate Bonds (recyclable) | -4.1 | -3.0 |\n| Cash Flow hedges (recyclable) | -3.5 | -3.3 |\n| Equities (non-recyclable) | 2.3 | 2.1 |\n| Others (recyclable) | -0.3 | -0.1 |\n| **Total Other Comprehensive Income Related to Invested Assets** | -13.1 | -17.3 |\n| Real Estate | 6.7 | 6.5 |\n| Other Invested Assets Not Included in Shareholders' Equity | -0.6 | -0.1 |\n| **Total Unrealized Gains and Losses on Invested Assets at Cost (Net of Tax)** | 6.1 | 6.4 |\n| **Total Unrealized Gains and Losses on Invested Assets (Net of Tax)** | -7.0 | -10.9 |\n\n(25) Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt.\n(26) Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share."
},
{
"id": "gr2rpazfcv-c19",
"chunk": 19,
"pages": [
19
],
"heading": "RoE \u0026 Gearing",
"tags": [],
"links": [
"Full year 2024",
"Full year 2025",
"Underlying earnings"
],
"data_items": [],
"effective_tags": [
"Full year 2024",
"Full year 2025",
"Underlying earnings"
],
"content": "**Return on equity**\n\n| In EUR billion | FY24 (Full year 2024) | FY25 (Full year 2025) | Change in % points (FY25 vs FY24) |\n| --- | --- | --- | --- |\n| **Net Income ROE** | 14.8% | 18.8% | 3.9 pt |\n| Net Income (27) | 7.7 | 9.6 | — |\n| Average Adjusted Shareholders' Equity (28) | 51.8 | 51.3 | — |\n| **Underlying ROE** | 15.2% | 16.0% | 0.8 pt |\n| Underlying Earnings (27) | 7.9 | 8.2 | — |\n| Average Adjusted Shareholders' Equity (28) | 51.8 | 51.3 | — |\n\n**Debt gearing build-up**\n\n| In EUR billion | FY24 | FY25 |\n| --- | --- | --- |\n| Financing Debt | 3.2 | 3.2 |\n| Financing Debt Instrument Issued | 3.2 | 3.2 |\n| Financing Debt Owed to Credit Institutions | 0.0 | 0.0 |\n| Dated Subordinated Debt | 11.2 | 12.6 |\n| Reversal of mark-to-market of interest rates derivatives | -0.1 | -0.1 |\n| **Total Gross Debt (A)** | 14.3 | 15.7 |\n| Undated Deeply Subordinated Notes (TSS) | 2.9 | 4.3 |\n| Deeply Subordinated Notes (TSDI) | 1.9 | 0.3 |\n| **Total Gross Debt incl. Undated and Deeply Subordinated Notes (B)** | 19.2 | 20.3 |\n| Shareholders' Equity (Including Non-Controlling Interests) (a) (C) (29) | 52.5 | 49.6 |\n| **Contractual Service Margin net of tax (D)** | 26.3 | 25.9 |\n| **Shareholders' Equity + Contractual Service Margin + Gross Debt (E) = (C) + (D) + (A)** | 93.1 | 91.1 |\n| **Debt Gearing (G) = (B) / (E)** | 20.6% | 22.3% |\n\n(27) Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).\n(28) Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).\n(29) Shareholders' equity includes undated and deeply subordinated debts."
},
{
"id": "gr2rpazfcv-c20",
"chunk": 20,
"pages": [
20
],
"heading": "Information on Solvency II",
"tags": [],
"links": [
"Full year 2024",
"Foreign exchange",
"Dividend",
"Full year 2025"
],
"data_items": [],
"effective_tags": [
"Capital management",
"Dividend",
"Foreign exchange",
"Full year 2024",
"Full year 2025"
],
"content": "**Solvency II rollforward**\n\n| In EUR billion | FY24 (Full year 2024) | Regulatory \u0026 model changes | Normalized Capital Generation | Operating variance | Economic variance (incl. FX (Foreign exchange)) | Dividend \u0026 share buy-backs | Debt | M\u0026A, In-force and Other | FY25 (Full year 2025) |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| **Eligible Own Fund (EOF)** | 55.9 | 0.2 | 8.8 | -0.4 | -2.1 | -6.0 | 1.6 | -1.7 | 56.4 |\n| **Solvency Capital Requirement (SCR)** | 25.9 | 0.0 | 0.6 | 0.0 | -1.2 | 0.0 | 0.0 | -0.2 | 25.2 |\n| **Solvency II Ratio** | 216% | 0% | 28% | -1% | 4% | -24% | 6% | -5% | 224% |\n\n**Eligible own fund tiering by sector**\n\n| In EUR billion | Total | Unrestricted Tier 1 | Restricted Tier 1 | Tier 2 | Tier 3 |\n| --- | --- | --- | --- | --- | --- |\n| **EOF as of FY25** | 56.4 | 39.6 | 4.7 | 11.6 | 0.4 |\n| Insurance Sector | 55.1 | 38.4 | 4.7 | 11.6 | 0.4 |\n| Ancillary — Subject to Transitional Measures (30) | 2.4 | — | 1.4 | 1.0 | — |\n| Ancillary — Other Financial Sectors | 1.2 | 1.2 | — | — | — |\n| **Ancillary — EOF as of FY24** | 55.9 | 40.0 | 4.9 | 10.2 | 0.8 |\n| Ancillary — Insurance Sector | 53.5 | 37.5 | 4.9 | 10.2 | 0.8 |\n| Ancillary — Subject to Transitional Measures (30) | 4.5 | — | 3.4 | 1.1 | — |\n| Ancillary — Other Financial Sectors | 2.5 | 2.5 | — | — | — |\n\n**Solvency II key sensitivities**\n\n| In EUR billion | FY24 | FY25 |\n| --- | --- | --- |\n| Interest Rate +50 bps | +2 pts | +2 pts |\n| Interest Rate -50 bps | -4 pts | -1 pt |\n| Corporate Spread +50bps | -1 pt | -1 pt |\n| Euro Government Spreads +50bps | -10 pts | -7 pts |\n| Credit Migration +20% | -4 pts | -4 pts |\n| Listed Equities +25% | +0 pt | -1 pt |\n| Listed Equities -25% | -3 pts | +2 pts |\n| Private and Infrastructure Equity +25% | +13 pts | +14 pts |\n| Private and Infrastructure Equity -25% | -15 pts | -19 pts |\n| Inflation swap curve +50bps | -6 pts | -5 pts |\n\n(30) Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026."
},
{
"id": "gr2rpazfcv-c21",
"chunk": 21,
"pages": [
21
],
"heading": "IFRS17 SHE to Group EOF",
"tags": [],
"links": [
"Full year 2025",
"Dividend"
],
"data_items": [],
"effective_tags": [
"Capital management",
"Dividend",
"Full year 2025"
],
"content": "**Reconciliation IFRS 17/9 shareholders' equity to Solvency II eligible own funds**\n\n| In EUR billion | FY25 (Full year 2025) |\n| --- | --- |\n| **IFRS SHAREHOLDERS' EQUITY** | 49.6 |\n| Contractual Service Margin (net of tax) | 25.9 |\n| **IFRS SHAREHOLDERS' EQUITY inc. CSM** | 75.5 |\n| Net URCG not included in Shareholders' Equity | 6.4 |\n| Elimination Undated Subordinated Debts | -4.6 |\n| Elimination Intangibles | -21.3 |\n| Goodwill | -17.8 |\n| others | -3.5 |\n| **IFRS TANGIBLE NET ASSET VALUE** | 56.0 |\n| Foreseeable dividends and distribution | -6.3 |\n| Technical provision adjustments | -9.6 |\n| Risk Margin vs Risk Adjustment | -6.4 |\n| BEL adjustment | -3.2 |\n| Other adjustments | -0.6 |\n| **UNRESTRICTED TIER 1** | 39.6 |\n| Restricted Tier 1 + Tier 2 | 16.4 |\n| Tier 3 | 0.4 |\n| **GROUP ELIGIBLE OWN FUNDS** | 56.4 |"
}
],
"title": "AXA/2025/FY/Financial supplement",
"source_url": "https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_KkMFoBIGEg14b_AXA_Financial_Supplement_2025_synthesis.xlsx"
}

File:AXA-2025-FY-Financial supplement.md

2026-07-27T15:47:40Z

Wikilah admin: Wikilah admin uploaded a new version of File:AXA-2025-FY-Financial supplement.md

Markdown archive generated by PlumBot from https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_KkMFoBIGEg14b_AXA_Financial_Supplement_2025_synthesis.xlsx.

AXA/2025/FY/Financial supplement

2026-07-27T15:47:37Z

Wikilah admin: doc_archive: relink gr2rpazfcv (vocabulary update, 320 links)

{{Infobox doc_archive
| organization = AXA
| year = 2025
| period = FY
| period_label = FY25
| document_category = Financial supplement
| document_name = AXA FY 2025 Financial Supplement (Excel)
| publication_date = 2026-02-26
| language = English
| pages = 21
| source_url = https://www-axa-com.cdn.prismic.io/www-axa-com/aZ_KkMFoBIGEg14b_AXA_Financial_Supplement_2025_synthesis.xlsx
| summary_md = File:AXA-2025-FY-Financial_supplement.md
| intro_sentence = This article summarizes AXA's Financial supplement published on 2026-02-26 (21 pages).
| wide = yes
| document = Document:AXA/2025/FY/Financial supplement
| doc_id = gr2rpazfcv
}}

''This article summarizes [[Definition:AXA|AXA]]'s Financial supplement published on 2026-02-26 (21 pages).''

{{chunk|doc=gr2rpazfcv|c=1|p=1}}
== Market Data ==

<div style="overflow-x:auto">
{| id="t1" class="wikitable fintable"
|+ Exchange rate by currency
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | Average 1H24
! class="col-s" style="text-align:right" | Average [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | Average 1H25
! class="col-s" style="text-align:right" | Average [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | USD
| style="text-align:right" | 1.07
| style="text-align:right" | 1.04
| style="text-align:right" | 1.17
| style="text-align:right" | 1.17
| style="text-align:right" | 1.08
| style="text-align:right" | 1.08
| style="text-align:right" | 1.09
| style="text-align:right" | 1.13
|-
| style="text-align:left" | JPY
| style="text-align:right" | 172
| style="text-align:right" | 163
| style="text-align:right" | 170
| style="text-align:right" | 184
| style="text-align:right" | 165
| style="text-align:right" | 164
| style="text-align:right" | 162
| style="text-align:right" | 169
|-
| style="text-align:left" | GBP
| style="text-align:right" | 0.85
| style="text-align:right" | 0.83
| style="text-align:right" | 0.86
| style="text-align:right" | 0.87
| style="text-align:right" | 0.85
| style="text-align:right" | 0.85
| style="text-align:right" | 0.84
| style="text-align:right" | 0.86
|-
| style="text-align:left" | CHF
| style="text-align:right" | 0.96
| style="text-align:right" | 0.94
| style="text-align:right" | 0.93
| style="text-align:right" | 0.93
| style="text-align:right" | 0.96
| style="text-align:right" | 0.95
| style="text-align:right" | 0.94
| style="text-align:right" | 0.94
|-
| style="text-align:left" | HKD
| style="text-align:right" | 8.37
| style="text-align:right" | 8.04
| style="text-align:right" | 9.21
| style="text-align:right" | 9.14
| style="text-align:right" | 8.45
| style="text-align:right" | 8.44
| style="text-align:right" | 8.53
| style="text-align:right" | 8.82
|}
</div>

<div style="overflow-x:auto">
{| id="t2" class="wikitable fintable"
|+ Discount rate 5Y by currency
|-
! style="text-align:left" | %
! class="col-s" style="text-align:right" | Average 1H24
! class="col-s" style="text-align:right" | Average [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | Average 1H25
! class="col-s" style="text-align:right" | Average [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | EUR
| style="text-align:right" | 2.79%
| style="text-align:right" | 2.84%
| style="text-align:right" | 2.57%
| style="text-align:right" | 2.59%
|-
| style="text-align:left" | USD
| style="text-align:right" | 4.35%
| style="text-align:right" | 4.41%
| style="text-align:right" | 4.40%
| style="text-align:right" | 4.23%
|-
| style="text-align:left" | JPY
| style="text-align:right" | 0.22%
| style="text-align:right" | 0.42%
| style="text-align:right" | 0.89%
| style="text-align:right" | 1.01%
|-
| style="text-align:left" | GBP
| style="text-align:right" | 4.00%
| style="text-align:right" | 4.25%
| style="text-align:right" | 4.38%
| style="text-align:right" | 4.31%
|-
| style="text-align:left" | CHF
| style="text-align:right" | 1.05%
| style="text-align:right" | 0.82%
| style="text-align:right" | 0.18%
| style="text-align:right" | 0.16%
|-
| style="text-align:left" | HKD
| style="text-align:right" | 3.75%
| style="text-align:right" | 3.67%
| style="text-align:right" | 3.45%
| style="text-align:right" | 3.18%
|}
</div>

<div style="overflow-x:auto">
{| id="t3" class="wikitable fintable"
|+ Discount rate 10Y by currency
|-
! style="text-align:left" | %
! class="col-s" style="text-align:right" | Closing 1H24
! class="col-s" style="text-align:right" | Closing [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | Closing 1H25
! class="col-s" style="text-align:right" | Closing [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | EUR
| style="text-align:right" | 3.06%
| style="text-align:right" | 2.71%
| style="text-align:right" | 2.91%
| style="text-align:right" | 3.17%
|-
| style="text-align:left" | USD
| style="text-align:right" | 4.54%
| style="text-align:right" | 4.66%
| style="text-align:right" | 4.43%
| style="text-align:right" | 4.45%
|-
| style="text-align:left" | JPY
| style="text-align:right" | 1.04%
| style="text-align:right" | 1.07%
| style="text-align:right" | 1.44%
| style="text-align:right" | 2.08%
|-
| style="text-align:left" | GBP
| style="text-align:right" | 4.27%
| style="text-align:right" | 4.48%
| style="text-align:right" | 4.56%
| style="text-align:right" | 4.55%
|-
| style="text-align:left" | CHF
| style="text-align:right" | 0.98%
| style="text-align:right" | 0.38%
| style="text-align:right" | 0.53%
| style="text-align:right" | 0.67%
|-
| style="text-align:left" | HKD
| style="text-align:right" | 3.79%
| style="text-align:right" | 3.91%
| style="text-align:right" | 3.02%
| style="text-align:right" | 3.21%
|}
</div>

{{chunk|doc=gr2rpazfcv|c=2|p=2}}
== UE by LOB and Net Income ==

<div style="overflow-x:auto">
{| id="t4" class="wikitable fintable"
|+ Group [[Definition:Underlying earnings|underlying earnings]] build-up by [[Definition:Business mix|line of business]] and net income
|-
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | [[Definition:AXA|Group]]
! colspan="4" style="text-align:center" | [[Definition:Property & casualty|Property & Casualty]]
! colspan="4" style="text-align:center" | [[Definition:Life & health|Life & Health]]
! colspan="4" style="text-align:center" | [[Definition:AXA Investment Managers|Asset Management]] {{fn ref|1|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
! colspan="4" style="text-align:center" | Holdings {{fn ref|2|2=Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.}}
|-
! style="text-align:left" |
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Short-term Business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Revenues
| style="text-align:right" | 35,273
| style="text-align:right" | 72,104
| style="text-align:right" | 37,209
| style="text-align:right" | 75,071
| style="text-align:right" | 27,294
| style="text-align:right" | 55,898
| style="text-align:right" | 28,697
| style="text-align:right" | 57,656
| style="text-align:right" | 7,979
| style="text-align:right" | 16,207
| style="text-align:right" | 8,512
| style="text-align:right" | 17,416
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Combined Ratio
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 90.2%
| style="text-align:right" | 91.0%
| style="text-align:right" | 90.0%
| style="text-align:right" | 90.6%
| style="text-align:right" | 97.6%
| style="text-align:right" | 97.4%
| style="text-align:right" | 97.1%
| style="text-align:right" | 97.2%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Technical Margin
| style="text-align:right" | 2,877
| style="text-align:right" | 5,421
| style="text-align:right" | 3,107
| style="text-align:right" | 5,888
| style="text-align:right" | 2,682
| style="text-align:right" | 5,006
| style="text-align:right" | 2,859
| style="text-align:right" | 5,409
| style="text-align:right" | 195
| style="text-align:right" | 415
| style="text-align:right" | 248
| style="text-align:right" | 479
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Long-term Business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | CSM Release
| style="text-align:right" | 1,395
| style="text-align:right" | 2,775
| style="text-align:right" | 1,428
| style="text-align:right" | 2,954
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 1,395
| style="text-align:right" | 2,775
| style="text-align:right" | 1,428
| style="text-align:right" | 2,954
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Technical Experience
| style="text-align:right" | -64
| style="text-align:right" | -95
| style="text-align:right" | -30
| style="text-align:right" | -150
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -64
| style="text-align:right" | -95
| style="text-align:right" | -30
| style="text-align:right" | -150
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial Result & Other
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial Result
| style="text-align:right" | 2,064
| style="text-align:right" | 3,971
| style="text-align:right" | 2,148
| style="text-align:right" | 4,013
| style="text-align:right" | 1,324
| style="text-align:right" | 2,559
| style="text-align:right" | 1,343
| style="text-align:right" | 2,631
| style="text-align:right" | 536
| style="text-align:right" | 975
| style="text-align:right" | 563
| style="text-align:right" | 946
| style="text-align:right" | 24
| style="text-align:right" | 35
| style="text-align:right" | 14
| style="text-align:right" | 14
| style="text-align:right" | 181
| style="text-align:right" | 402
| style="text-align:right" | 228
| style="text-align:right" | 422
|-
| style="text-align:left" | [[Definition:Other revenue|Other Revenues]]
| style="text-align:right" | 1,459
| style="text-align:right" | 3,054
| style="text-align:right" | 1,625
| style="text-align:right" | 2,167
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 937
| style="text-align:right" | 2,004
| style="text-align:right" | 1,018
| style="text-align:right" | 1,018
| style="text-align:right" | 522
| style="text-align:right" | 1,050
| style="text-align:right" | 607
| style="text-align:right" | 1,149
|-
| style="text-align:left" | Other Expenses
| style="text-align:right" | -1,624
| style="text-align:right" | -3,479
| style="text-align:right" | -1,868
| style="text-align:right" | -2,900
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -698
| style="text-align:right" | -1,493
| style="text-align:right" | -793
| style="text-align:right" | -793
| style="text-align:right" | -925
| style="text-align:right" | -1,986
| style="text-align:right" | -1,075
| style="text-align:right" | -2,107
|-
| style="text-align:left" | Debt Financing Charges
| style="text-align:right" | -471
| style="text-align:right" | -948
| style="text-align:right" | -452
| style="text-align:right" | -928
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -471
| style="text-align:right" | -948
| style="text-align:right" | -452
| style="text-align:right" | -928
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings]] Before Tax
| style="text-align:right" | 5,638
| style="text-align:right" | 10,700
| style="text-align:right" | 5,958
| style="text-align:right" | 11,044
| style="text-align:right" | 4,006
| style="text-align:right" | 7,565
| style="text-align:right" | 4,202
| style="text-align:right" | 8,040
| style="text-align:right" | 2,061
| style="text-align:right" | 4,070
| style="text-align:right" | 2,209
| style="text-align:right" | 4,229
| style="text-align:right" | 263
| style="text-align:right" | 546
| style="text-align:right" | 239
| style="text-align:right" | 239
| style="text-align:right" | -693
| style="text-align:right" | -1,482
| style="text-align:right" | -692
| style="text-align:right" | -1,464
|-
| style="text-align:left" | Tax
| style="text-align:right" | -1,427
| style="text-align:right" | -2,662
| style="text-align:right" | -1,503
| style="text-align:right" | -2,644
| style="text-align:right" | -1,046
| style="text-align:right" | -1,952
| style="text-align:right" | -1,074
| style="text-align:right" | -2,060
| style="text-align:right" | -412
| style="text-align:right" | -874
| style="text-align:right" | -462
| style="text-align:right" | -800
| style="text-align:right" | -69
| style="text-align:right" | -160
| style="text-align:right" | -68
| style="text-align:right" | -68
| style="text-align:right" | 100
| style="text-align:right" | 324
| style="text-align:right" | 101
| style="text-align:right" | 284
|-
| style="text-align:left" | Income from Affiliates & Other
| style="text-align:right" | 122
| style="text-align:right" | 218
| style="text-align:right" | 111
| style="text-align:right" | 168
| style="text-align:right" | 2
| style="text-align:right" | 3
| style="text-align:right" | 1
| style="text-align:right" | 3
| style="text-align:right" | 103
| style="text-align:right" | 186
| style="text-align:right" | 101
| style="text-align:right" | 157
| style="text-align:right" | 16
| style="text-align:right" | 29
| style="text-align:right" | 8
| style="text-align:right" | 8
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Minority Interests
| style="text-align:right" | -89
| style="text-align:right" | -179
| style="text-align:right" | -101
| style="text-align:right" | -199
| style="text-align:right" | -56
| style="text-align:right" | -106
| style="text-align:right" | -63
| style="text-align:right" | -111
| style="text-align:right" | -27
| style="text-align:right" | -60
| style="text-align:right" | -34
| style="text-align:right" | -85
| style="text-align:right" | -6
| style="text-align:right" | -13
| style="text-align:right" | -4
| style="text-align:right" | -4
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings Group Share]]
| style="text-align:right" | 4,244
| style="text-align:right" | 8,078
| style="text-align:right" | 4,465
| style="text-align:right" | 8,368
| style="text-align:right" | 2,908
| style="text-align:right" | 5,510
| style="text-align:right" | 3,067
| style="text-align:right" | 5,872
| style="text-align:right" | 1,725
| style="text-align:right" | 3,323
| style="text-align:right" | 1,814
| style="text-align:right" | 3,501
| style="text-align:right" | 204
| style="text-align:right" | 402
| style="text-align:right" | 175
| style="text-align:right" | 175
| style="text-align:right" | -592
| style="text-align:right" | -1,157
| style="text-align:right" | -591
| style="text-align:right" | -1,180
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings]] Growth Rate (constant [[Definition:Foreign exchange|FX]])
| style="text-align:right" | 4%
| style="text-align:right" | 7%
| style="text-align:right" | 6%
| style="text-align:right" | 6%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Underlying ROE
| style="text-align:right" | 16.6%
| style="text-align:right" | 15.2%
| style="text-align:right" | 17.5%
| style="text-align:right" | 16.0%
| style="text-align:right" | —
| style="text-align:right" | 16.2%
| style="text-align:right" | —
| style="text-align:right" | 17.3%
| style="text-align:right" | —
| style="text-align:right" | 13.6%
| style="text-align:right" | —
| style="text-align:right" | 14.4%
| style="text-align:right" | —
| style="text-align:right" | 26.0%
| style="text-align:right" | —
| style="text-align:right" | n.a.
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Net Realized Capital Gains & Losses
| style="text-align:right" | 93
| style="text-align:right" | 195
| style="text-align:right" | 66
| style="text-align:right" | 138
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Change in Fair Value of Assets & Derivatives
| style="text-align:right" | -43
| style="text-align:right" | 83
| style="text-align:right" | -467
| style="text-align:right" | -813
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Amortization of customer intangibles
| style="text-align:right" | -50
| style="text-align:right" | -131
| style="text-align:right" | -48
| style="text-align:right" | -86
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Integration and Restructuring Costs
| style="text-align:right" | -78
| style="text-align:right" | -240
| style="text-align:right" | -63
| style="text-align:right" | -197
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Exceptional Items
| style="text-align:right" | -147
| style="text-align:right" | -99
| style="text-align:right" | -30
| style="text-align:right" | 2,386
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Net Income Group Share
| style="text-align:right" | 4,020
| style="text-align:right" | 7,886
| style="text-align:right" | 3,922
| style="text-align:right" | 9,797
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Deeply Subordinated and Undated Subordinated Debt Charges
| style="text-align:right" | -106
| style="text-align:right" | -201
| style="text-align:right" | -86
| style="text-align:right" | -174
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings]] for EPS calculation
| style="text-align:right" | 4,138
| style="text-align:right" | 7,877
| style="text-align:right" | 4,379
| style="text-align:right" | 8,195
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Net Income for EPS calculation
| style="text-align:right" | 3,914
| style="text-align:right" | 7,685
| style="text-align:right" | 3,836
| style="text-align:right" | 9,623
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|}
</div>

{{fn note|1=1|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
{{fn note|1=2|2=Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.}}

{{chunk|doc=gr2rpazfcv|c=3|p=3}}
== UE by Geography ==

<div style="overflow-x:auto">
{| id="t5" class="wikitable fintable"
|+ [[Definition:Underlying earnings|Underlying earnings]] build-up by geography
|-
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | [[Definition:AXA|Group]]
! colspan="4" style="text-align:center" | [[Definition:AXA France|France]]
! colspan="4" style="text-align:center" | [[Definition:AXA Europe|Europe]]
! colspan="4" style="text-align:center" | [[Definition:AXA XL|AXA XL]]
! colspan="4" style="text-align:center" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]]
! colspan="4" style="text-align:center" | [[Definition:AXA Investment Managers|AXA IM]] {{fn ref|3|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
! colspan="4" style="text-align:center" | [[Definition:AXA Transversal & Other|Transversal & Other]]
|-
! style="text-align:left" |
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Short-term Business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Revenues
| style="text-align:right" | 35,273
| style="text-align:right" | 72,104
| style="text-align:right" | 37,209
| style="text-align:right" | 75,071
| style="text-align:right" | 9,046
| style="text-align:right" | 18,698
| style="text-align:right" | 9,567
| style="text-align:right" | 19,555
| style="text-align:right" | 11,839
| style="text-align:right" | 24,005
| style="text-align:right" | 12,661
| style="text-align:right" | 25,724
| style="text-align:right" | 9,022
| style="text-align:right" | 18,530
| style="text-align:right" | 9,428
| style="text-align:right" | 18,699
| style="text-align:right" | 4,312
| style="text-align:right" | 8,750
| style="text-align:right" | 4,478
| style="text-align:right" | 8,986
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 1,053
| style="text-align:right" | 2,122
| style="text-align:right" | 1,075
| style="text-align:right" | 2,107
|-
| style="text-align:left" | Combined Ratio
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Technical Margin
| style="text-align:right" | 2,877
| style="text-align:right" | 5,421
| style="text-align:right" | 3,107
| style="text-align:right" | 5,888
| style="text-align:right" | 692
| style="text-align:right" | 1,470
| style="text-align:right" | 658
| style="text-align:right" | 1,485
| style="text-align:right" | 998
| style="text-align:right" | 1,957
| style="text-align:right" | 1,176
| style="text-align:right" | 2,357
| style="text-align:right" | 1,111
| style="text-align:right" | 1,820
| style="text-align:right" | 1,074
| style="text-align:right" | 1,928
| style="text-align:right" | 70
| style="text-align:right" | 81
| style="text-align:right" | 150
| style="text-align:right" | 9
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 6
| style="text-align:right" | 93
| style="text-align:right" | 49
| style="text-align:right" | 109
|-
| style="text-align:left" | Long-term Business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | CSM Release
| style="text-align:right" | 1,395
| style="text-align:right" | 2,775
| style="text-align:right" | 1,428
| style="text-align:right" | 2,954
| style="text-align:right" | 407
| style="text-align:right" | 823
| style="text-align:right" | 419
| style="text-align:right" | 895
| style="text-align:right" | 468
| style="text-align:right" | 920
| style="text-align:right" | 471
| style="text-align:right" | 984
| style="text-align:right" | 4
| style="text-align:right" | 3
| style="text-align:right" | 0
| style="text-align:right" | 1
| style="text-align:right" | 516
| style="text-align:right" | 1,029
| style="text-align:right" | 538
| style="text-align:right" | 1,074
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Technical Experience
| style="text-align:right" | -64
| style="text-align:right" | -95
| style="text-align:right" | -30
| style="text-align:right" | -150
| style="text-align:right" | -40
| style="text-align:right" | -96
| style="text-align:right" | -37
| style="text-align:right" | -81
| style="text-align:right" | -11
| style="text-align:right" | -8
| style="text-align:right" | 8
| style="text-align:right" | -70
| style="text-align:right" | 3
| style="text-align:right" | 2
| style="text-align:right" | 0
| style="text-align:right" | -5
| style="text-align:right" | -17
| style="text-align:right" | 7
| style="text-align:right" | -1
| style="text-align:right" | 6
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Financial Result & Other
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial Result
| style="text-align:right" | 2,064
| style="text-align:right" | 3,971
| style="text-align:right" | 2,148
| style="text-align:right" | 4,013
| style="text-align:right" | 350
| style="text-align:right" | 613
| style="text-align:right" | 380
| style="text-align:right" | 667
| style="text-align:right" | 784
| style="text-align:right" | 1,486
| style="text-align:right" | 765
| style="text-align:right" | 1,398
| style="text-align:right" | 283
| style="text-align:right" | 616
| style="text-align:right" | 308
| style="text-align:right" | 651
| style="text-align:right" | 382
| style="text-align:right" | 741
| style="text-align:right" | 425
| style="text-align:right" | 782
| style="text-align:right" | 24
| style="text-align:right" | 35
| style="text-align:right" | 14
| style="text-align:right" | 14
| style="text-align:right" | 241
| style="text-align:right" | 480
| style="text-align:right" | 255
| style="text-align:right" | 502
|-
| style="text-align:left" | [[Definition:Other revenue|Other Revenues]]
| style="text-align:right" | 1,459
| style="text-align:right" | 3,054
| style="text-align:right" | 1,625
| style="text-align:right" | 2,167
| style="text-align:right" | 53
| style="text-align:right" | 108
| style="text-align:right" | 44
| style="text-align:right" | 91
| style="text-align:right" | -18
| style="text-align:right" | -32
| style="text-align:right" | -8
| style="text-align:right" | -12
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -2
| style="text-align:right" | -3
| style="text-align:right" | 937
| style="text-align:right" | 2,004
| style="text-align:right" | 1,018
| style="text-align:right" | 1,018
| style="text-align:right" | 488
| style="text-align:right" | 974
| style="text-align:right" | 573
| style="text-align:right" | 1,073
|-
| style="text-align:left" | Other Expenses
| style="text-align:right" | -1,624
| style="text-align:right" | -3,479
| style="text-align:right" | -1,868
| style="text-align:right" | -2,900
| style="text-align:right" | -83
| style="text-align:right" | -180
| style="text-align:right" | -79
| style="text-align:right" | -168
| style="text-align:right" | -10
| style="text-align:right" | -25
| style="text-align:right" | -6
| style="text-align:right" | -3
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -9
| style="text-align:right" | -20
| style="text-align:right" | -14
| style="text-align:right" | -26
| style="text-align:right" | -698
| style="text-align:right" | -1,493
| style="text-align:right" | -793
| style="text-align:right" | -793
| style="text-align:right" | -823
| style="text-align:right" | -1,761
| style="text-align:right" | -976
| style="text-align:right" | -1,910
|-
| style="text-align:left" | Debt Financing Charges
| style="text-align:right" | -471
| style="text-align:right" | -948
| style="text-align:right" | -452
| style="text-align:right" | -928
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -1
| style="text-align:right" | -2
| style="text-align:right" | -1
| style="text-align:right" | -2
| style="text-align:right" | -16
| style="text-align:right" | -33
| style="text-align:right" | -16
| style="text-align:right" | -32
| style="text-align:right" | -7
| style="text-align:right" | -12
| style="text-align:right" | -4
| style="text-align:right" | -6
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -447
| style="text-align:right" | -902
| style="text-align:right" | -431
| style="text-align:right" | -887
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings]] Before Tax
| style="text-align:right" | 5,638
| style="text-align:right" | 10,700
| style="text-align:right" | 5,958
| style="text-align:right" | 11,044
| style="text-align:right" | 1,380
| style="text-align:right" | 2,738
| style="text-align:right" | 1,384
| style="text-align:right" | 2,888
| style="text-align:right" | 2,210
| style="text-align:right" | 4,297
| style="text-align:right" | 2,406
| style="text-align:right" | 4,651
| style="text-align:right" | 1,385
| style="text-align:right" | 2,409
| style="text-align:right" | 1,366
| style="text-align:right" | 2,543
| style="text-align:right" | 935
| style="text-align:right" | 1,826
| style="text-align:right" | 1,093
| style="text-align:right" | 1,835
| style="text-align:right" | 263
| style="text-align:right" | 546
| style="text-align:right" | 239
| style="text-align:right" | 239
| style="text-align:right" | -535
| style="text-align:right" | -1,116
| style="text-align:right" | -530
| style="text-align:right" | -1,113
|-
| style="text-align:left" | Tax
| style="text-align:right" | -1,427
| style="text-align:right" | -2,662
| style="text-align:right" | -1,503
| style="text-align:right" | -2,644
| style="text-align:right" | -350
| style="text-align:right" | -676
| style="text-align:right" | -308
| style="text-align:right" | -665
| style="text-align:right" | -536
| style="text-align:right" | -1,004
| style="text-align:right" | -568
| style="text-align:right" | -1,039
| style="text-align:right" | -355
| style="text-align:right" | -588
| style="text-align:right" | -342
| style="text-align:right" | -650
| style="text-align:right" | -205
| style="text-align:right" | -443
| style="text-align:right" | -294
| style="text-align:right" | -434
| style="text-align:right" | -69
| style="text-align:right" | -160
| style="text-align:right" | -68
| style="text-align:right" | -68
| style="text-align:right" | 88
| style="text-align:right" | 209
| style="text-align:right" | 76
| style="text-align:right" | 212
|-
| style="text-align:left" | Income from Affiliates & Other
| style="text-align:right" | 122
| style="text-align:right" | 218
| style="text-align:right" | 111
| style="text-align:right" | 168
| style="text-align:right" | 4
| style="text-align:right" | 9
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 102
| style="text-align:right" | 181
| style="text-align:right" | 103
| style="text-align:right" | 160
| style="text-align:right" | 16
| style="text-align:right" | 29
| style="text-align:right" | 8
| style="text-align:right" | 8
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Minority Interests
| style="text-align:right" | -89
| style="text-align:right" | -179
| style="text-align:right" | -101
| style="text-align:right" | -199
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -48
| style="text-align:right" | -105
| style="text-align:right" | -56
| style="text-align:right" | -126
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -34
| style="text-align:right" | -60
| style="text-align:right" | -39
| style="text-align:right" | -68
| style="text-align:right" | -6
| style="text-align:right" | -13
| style="text-align:right" | -4
| style="text-align:right" | -4
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -1
| style="text-align:right" | -2
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings Group share]]
| style="text-align:right" | 4,244
| style="text-align:right" | 8,078
| style="text-align:right" | 4,465
| style="text-align:right" | 8,368
| style="text-align:right" | 1,034
| style="text-align:right" | 2,071
| style="text-align:right" | 1,076
| style="text-align:right" | 2,224
| style="text-align:right" | 1,626
| style="text-align:right" | 3,187
| style="text-align:right" | 1,782
| style="text-align:right" | 3,486
| style="text-align:right" | 1,030
| style="text-align:right" | 1,820
| style="text-align:right" | 1,024
| style="text-align:right" | 1,893
| style="text-align:right" | 798
| style="text-align:right" | 1,504
| style="text-align:right" | 862
| style="text-align:right" | 1,493
| style="text-align:right" | 204
| style="text-align:right" | 402
| style="text-align:right" | 175
| style="text-align:right" | 175
| style="text-align:right" | -447
| style="text-align:right" | -907
| style="text-align:right" | -455
| style="text-align:right" | -903
|}
</div>

<div style="overflow-x:auto">
{| id="t6" class="wikitable fintable"
|+ [[Definition:Underlying earnings|Underlying earnings]] by [[Definition:Business mix|line of business]] and geography
|-
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | [[Definition:AXA|Group]]
! colspan="4" style="text-align:center" | [[Definition:AXA France|France]]
! colspan="4" style="text-align:center" | [[Definition:AXA Europe|Europe]]
! colspan="4" style="text-align:center" | [[Definition:AXA XL|AXA XL]]
! colspan="4" style="text-align:center" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]]
! colspan="4" style="text-align:center" | [[Definition:AXA Investment Managers|AXA IM]] {{fn ref|3|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
! colspan="4" style="text-align:center" | [[Definition:AXA Transversal & Other|Transversal & Other]]
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings]] by [[Definition:Business mix|Line of Business]]
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:Property & casualty|Property & Casualty]]
| style="text-align:right" | 2,908
| style="text-align:right" | 5,510
| style="text-align:right" | 3,067
| style="text-align:right" | 5,872
| style="text-align:right" | 539
| style="text-align:right" | 1,161
| style="text-align:right" | 574
| style="text-align:right" | 1,237
| style="text-align:right" | 1,073
| style="text-align:right" | 2,029
| style="text-align:right" | 1,152
| style="text-align:right" | 2,216
| style="text-align:right" | 1,032
| style="text-align:right" | 1,828
| style="text-align:right" | 1,032
| style="text-align:right" | 1,913
| style="text-align:right" | 194
| style="text-align:right" | 334
| style="text-align:right" | 233
| style="text-align:right" | 355
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 70
| style="text-align:right" | 158
| style="text-align:right" | 75
| style="text-align:right" | 151
|-
| style="text-align:left" | [[Definition:Life & health|Life & Health]]
| style="text-align:right" | 1,725
| style="text-align:right" | 3,323
| style="text-align:right" | 1,814
| style="text-align:right" | 3,501
| style="text-align:right" | 519
| style="text-align:right" | 964
| style="text-align:right" | 524
| style="text-align:right" | 1,039
| style="text-align:right" | 559
| style="text-align:right" | 1,104
| style="text-align:right" | 616
| style="text-align:right" | 1,264
| style="text-align:right" | 14
| style="text-align:right" | 25
| style="text-align:right" | 8
| style="text-align:right" | 12
| style="text-align:right" | 627
| style="text-align:right" | 1,211
| style="text-align:right" | 653
| style="text-align:right" | 1,165
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 7
| style="text-align:right" | 19
| style="text-align:right" | 14
| style="text-align:right" | 22
|-
| style="text-align:left" | [[Definition:AXA Investment Managers|Asset Management]]
| style="text-align:right" | 204
| style="text-align:right" | 402
| style="text-align:right" | 175
| style="text-align:right" | 175
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 204
| style="text-align:right" | 402
| style="text-align:right" | 175
| style="text-align:right" | 175
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Holdings {{fn ref|4|2=Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.}}
| style="text-align:right" | -592
| style="text-align:right" | -1,157
| style="text-align:right" | -591
| style="text-align:right" | -1,180
| style="text-align:right" | -24
| style="text-align:right" | -54
| style="text-align:right" | -23
| style="text-align:right" | -52
| style="text-align:right" | -6
| style="text-align:right" | 54
| style="text-align:right" | 14
| style="text-align:right" | 6
| style="text-align:right" | -16
| style="text-align:right" | -33
| style="text-align:right" | -16
| style="text-align:right" | -32
| style="text-align:right" | -23
| style="text-align:right" | -41
| style="text-align:right" | -24
| style="text-align:right" | -26
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -524
| style="text-align:right" | -1,083
| style="text-align:right" | -543
| style="text-align:right" | -1,076
|}
</div>

{{fn note|1=3|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
{{fn note|1=4|2=Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.}}

{{chunk|doc=gr2rpazfcv|c=4|p=4}}
== Shares & UEPS ==

<div style="overflow-x:auto">
{| id="t7" class="wikitable fintable"
|+ Basic number of shares rollforward
|-
! style="text-align:left" | million
! colspan="2" style="text-align:center" | Outstanding Shares Excluding Treasury Shares {{fn ref|5|2=Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 35 million shares as of FY25 and 39 million shares as of FY24.}}
! colspan="2" style="text-align:center" | Weighted Average Number
|-
! style="text-align:left" |
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Basic Number of Shares
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | As of Beginning of Period
| style="text-align:right" | 2,226.2
| style="text-align:right" | 2,175.4
| style="text-align:right" | 2,226.2
| style="text-align:right" | 2,175.4
|-
| style="text-align:left" | Increase of Capital Dedicated to Employees
| style="text-align:right" | 12.9
| style="text-align:right" | 12.7
| style="text-align:right" | 0.9
| style="text-align:right" | 1.0
|-
| style="text-align:left" | Exercice of Stock-options
| style="text-align:right" | 2.6
| style="text-align:right" | 1.1
| style="text-align:right" | 1.4
| style="text-align:right" | 0.6
|-
| style="text-align:left" | Other Movement of Treasury Shares
| style="text-align:right" | 4.6
| style="text-align:right" | 4.2
| style="text-align:right" | 17.5
| style="text-align:right" | 6.3
|-
| style="text-align:left" | Capital Increase / (Decrease)
| style="text-align:right" | -70.9
| style="text-align:right" | -138.0
| style="text-align:right" | -55.2
| style="text-align:right" | -64.9
|-
| style="text-align:left" | As at End of Period
| style="text-align:right" | 2,175.4
| style="text-align:right" | 2,055.4
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | During the Period
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,190.8
| style="text-align:right" | 2,118.3
|-
| style="text-align:left" | Fully Diluted Number of Shares
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Stock Options
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 0.8
| style="text-align:right" | 0.6
|-
| style="text-align:left" | Performance Shares
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 5.6
| style="text-align:right" | 5.1
|-
| style="text-align:left" | During the Period (A)
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,197.1
| style="text-align:right" | 2,124.0
|-
| style="text-align:left" | Earnings Group Share:
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Net Income
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 7,886
| style="text-align:right" | 9,797
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings]]
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 8,078
| style="text-align:right" | 8,368
|-
| style="text-align:left" | Impact of undated and deeply subordinated debts:
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Undated and deeply subordinated debt charges
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -201
| style="text-align:right" | -174
|-
| style="text-align:left" | Earnings for EPS Calculation:
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Net Income for EPS Calculation (B)
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 7,685
| style="text-align:right" | 9,623
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings]] for EPS Calculation (C)
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 7,877
| style="text-align:right" | 8,195
|-
| style="text-align:left" | Fully Diluted Euro per Share (EPS)
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | EPS (B/A)
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 3.50
| style="text-align:right" | 4.53
|-
| style="text-align:left" | [[Definition:Underlying earnings per share|Underlying EPS]] (C/A)
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 3.59
| style="text-align:right" | 3.86
|}
</div>

{{fn note|1=5|2=Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 35 million shares as of FY25 and 39 million shares as of FY24.}}

{{chunk|doc=gr2rpazfcv|c=5|p=5}}
== P&C UE by Sub LOB ==

<div style="overflow-x:auto">
{| id="t8" class="wikitable fintable"
|+ [[Definition:Property & casualty|Property & casualty]] [[Definition:Underlying earnings|underlying earnings]] build-up by [[Definition:Business mix|line of business]]
|-
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | Total
! colspan="4" style="text-align:center" | Commercial lines
! colspan="4" style="text-align:center" | Personal lines
! colspan="4" style="text-align:center" | [[Definition:AXA XL|AXA XL]] Reinsurance
! colspan="4" style="text-align:center" | Intercompany eliminations
|-
! style="text-align:left" |
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Short-term Business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Revenues
| style="text-align:right" | 27,294
| style="text-align:right" | 55,898
| style="text-align:right" | 28,697
| style="text-align:right" | 57,656
| style="text-align:right" | 18,657
| style="text-align:right" | 38,019
| style="text-align:right" | 19,575
| style="text-align:right" | 39,090
| style="text-align:right" | 9,144
| style="text-align:right" | 18,705
| style="text-align:right" | 9,513
| style="text-align:right" | 19,276
| style="text-align:right" | 1,155
| style="text-align:right" | 2,394
| style="text-align:right" | 1,299
| style="text-align:right" | 2,493
| style="text-align:right" | -1,662
| style="text-align:right" | -3,220
| style="text-align:right" | -1,689
| style="text-align:right" | -3,203
|-
| style="text-align:left" | Current Accident Year Loss Ratio
| style="text-align:right" | 67.0%
| style="text-align:right" | 67.7%
| style="text-align:right" | 66.7%
| style="text-align:right" | 66.9%
| style="text-align:right" | 68.1%
| style="text-align:right" | 68.8%
| style="text-align:right" | 68.0%
| style="text-align:right" | 68.0%
| style="text-align:right" | 69.8%
| style="text-align:right" | 70.0%
| style="text-align:right" | 68.8%
| style="text-align:right" | 69.1%
| style="text-align:right" | 69.7%
| style="text-align:right" | 70.6%
| style="text-align:right" | 70.8%
| style="text-align:right" | 71.9%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats)
| style="text-align:right" | 67.4%
| style="text-align:right" | 67.4%
| style="text-align:right" | 67.0%
| style="text-align:right" | 67.0%
| style="text-align:right" | 69.2%
| style="text-align:right" | 69.4%
| style="text-align:right" | 69.3%
| style="text-align:right" | 68.8%
| style="text-align:right" | 68.8%
| style="text-align:right" | 68.5%
| style="text-align:right" | 67.5%
| style="text-align:right" | 67.9%
| style="text-align:right" | 68.0%
| style="text-align:right" | 67.9%
| style="text-align:right" | 69.4%
| style="text-align:right" | 71.5%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Undiscounted Current Accident Year Nat Cats
| style="text-align:right" | 3.6%
| style="text-align:right" | 3.8%
| style="text-align:right" | 3.5%
| style="text-align:right" | 3.4%
| style="text-align:right" | 2.7%
| style="text-align:right" | 2.9%
| style="text-align:right" | 2.7%
| style="text-align:right" | 2.6%
| style="text-align:right" | 4.0%
| style="text-align:right" | 4.1%
| style="text-align:right" | 3.8%
| style="text-align:right" | 3.6%
| style="text-align:right" | 10.6%
| style="text-align:right" | 10.4%
| style="text-align:right" | 9.2%
| style="text-align:right" | 8.7%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Current Accident Year Discounting
| style="text-align:right" | -3.9%
| style="text-align:right" | -3.6%
| style="text-align:right" | -3.9%
| style="text-align:right" | -3.5%
| style="text-align:right" | -3.7%
| style="text-align:right" | -3.5%
| style="text-align:right" | -3.9%
| style="text-align:right" | -3.5%
| style="text-align:right" | -3.0%
| style="text-align:right" | -2.6%
| style="text-align:right" | -2.6%
| style="text-align:right" | -2.4%
| style="text-align:right" | -8.8%
| style="text-align:right" | -7.7%
| style="text-align:right" | -7.8%
| style="text-align:right" | -8.3%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Prior Year Reserve Development Ratio
| style="text-align:right" | -1.5%
| style="text-align:right" | -1.6%
| style="text-align:right" | -1.1%
| style="text-align:right" | -1.1%
| style="text-align:right" | -1.1%
| style="text-align:right" | -1.2%
| style="text-align:right" | -1.3%
| style="text-align:right" | -0.8%
| style="text-align:right" | -2.3%
| style="text-align:right" | -1.8%
| style="text-align:right" | -0.6%
| style="text-align:right" | -1.6%
| style="text-align:right" | -1.1%
| style="text-align:right" | -0.8%
| style="text-align:right" | -0.3%
| style="text-align:right" | 0.0%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Expense Ratio
| style="text-align:right" | 24.7%
| style="text-align:right" | 25.0%
| style="text-align:right" | 24.5%
| style="text-align:right" | 24.8%
| style="text-align:right" | 23.1%
| style="text-align:right" | 23.6%
| style="text-align:right" | 23.2%
| style="text-align:right" | 23.5%
| style="text-align:right" | 25.5%
| style="text-align:right" | 25.7%
| style="text-align:right" | 25.1%
| style="text-align:right" | 25.2%
| style="text-align:right" | 10.0%
| style="text-align:right" | 9.9%
| style="text-align:right" | 9.1%
| style="text-align:right" | 9.4%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Combined Ratio
| style="text-align:right" | 90.2%
| style="text-align:right" | 91.0%
| style="text-align:right" | 90.0%
| style="text-align:right" | 90.6%
| style="text-align:right" | 90.1%
| style="text-align:right" | 91.1%
| style="text-align:right" | 89.9%
| style="text-align:right" | 90.7%
| style="text-align:right" | 92.9%
| style="text-align:right" | 93.9%
| style="text-align:right" | 93.3%
| style="text-align:right" | 92.8%
| style="text-align:right" | 78.7%
| style="text-align:right" | 79.7%
| style="text-align:right" | 79.6%
| style="text-align:right" | 81.4%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Technical Margin
| style="text-align:right" | 2,682
| style="text-align:right" | 5,006
| style="text-align:right" | 2,859
| style="text-align:right" | 5,409
| style="text-align:right" | 1,850
| style="text-align:right" | 3,372
| style="text-align:right" | 1,968
| style="text-align:right" | 3,616
| style="text-align:right" | 645
| style="text-align:right" | 1,136
| style="text-align:right" | 638
| style="text-align:right" | 1,392
| style="text-align:right" | 246
| style="text-align:right" | 486
| style="text-align:right" | 265
| style="text-align:right" | 464
| style="text-align:right" | -60
| style="text-align:right" | 12
| style="text-align:right" | -12
| style="text-align:right" | -63
|-
| style="text-align:left" | Long-term Business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | CSM Release
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Technical Experience
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial Result & Other
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial Result
| style="text-align:right" | 1,324
| style="text-align:right" | 2,559
| style="text-align:right" | 1,343
| style="text-align:right" | 2,631
| style="text-align:right" | 993
| style="text-align:right" | 1,831
| style="text-align:right" | 1,004
| style="text-align:right" | 1,941
| style="text-align:right" | 240
| style="text-align:right" | 538
| style="text-align:right" | 275
| style="text-align:right" | 523
| style="text-align:right" | 119
| style="text-align:right" | 210
| style="text-align:right" | 85
| style="text-align:right" | 186
| style="text-align:right" | -28
| style="text-align:right" | -20
| style="text-align:right" | -20
| style="text-align:right" | -20
|-
| class="wt-indent-1" style="text-align:left" | Investment Income
| style="text-align:right" | 1,967
| style="text-align:right" | 3,731
| style="text-align:right" | 2,088
| style="text-align:right" | 3,988
| style="text-align:right" | 1,427
| style="text-align:right" | 2,625
| style="text-align:right" | 1,512
| style="text-align:right" | 2,864
| style="text-align:right" | 366
| style="text-align:right" | 761
| style="text-align:right" | 422
| style="text-align:right" | 794
| style="text-align:right" | 202
| style="text-align:right" | 365
| style="text-align:right" | 174
| style="text-align:right" | 350
| style="text-align:right" | -28
| style="text-align:right" | -20
| style="text-align:right" | -20
| style="text-align:right" | -20
|-
| class="wt-indent-1" style="text-align:left" | Insurance Finance Expenses
| style="text-align:right" | -643
| style="text-align:right" | -1,172
| style="text-align:right" | -745
| style="text-align:right" | -1,358
| style="text-align:right" | -434
| style="text-align:right" | -794
| style="text-align:right" | -508
| style="text-align:right" | -922
| style="text-align:right" | -126
| style="text-align:right" | -223
| style="text-align:right" | -148
| style="text-align:right" | -272
| style="text-align:right" | -83
| style="text-align:right" | -155
| style="text-align:right" | -90
| style="text-align:right" | -163
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | [[Definition:Other revenue|Other Revenues]]
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Other Expenses
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Debt Financing Charges
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings]] Before Tax
| style="text-align:right" | 4,006
| style="text-align:right" | 7,565
| style="text-align:right" | 4,202
| style="text-align:right" | 8,040
| style="text-align:right" | 2,843
| style="text-align:right" | 5,203
| style="text-align:right" | 2,973
| style="text-align:right" | 5,557
| style="text-align:right" | 886
| style="text-align:right" | 1,674
| style="text-align:right" | 913
| style="text-align:right" | 1,914
| style="text-align:right" | 365
| style="text-align:right" | 696
| style="text-align:right" | 349
| style="text-align:right" | 650
| style="text-align:right" | -87
| style="text-align:right" | -8
| style="text-align:right" | -33
| style="text-align:right" | -82
|-
| style="text-align:left" | Tax
| style="text-align:right" | -1,046
| style="text-align:right" | -1,952
| style="text-align:right" | -1,074
| style="text-align:right" | -2,060
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Income from Affiliates & Other
| style="text-align:right" | 2
| style="text-align:right" | 3
| style="text-align:right" | 1
| style="text-align:right" | 3
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Minority Interests
| style="text-align:right" | -56
| style="text-align:right" | -106
| style="text-align:right" | -63
| style="text-align:right" | -111
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings Group share]]
| style="text-align:right" | 2,908
| style="text-align:right" | 5,510
| style="text-align:right" | 3,067
| style="text-align:right" | 5,872
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Closing Invested Assets
| style="text-align:right" | 113,515
| style="text-align:right" | 118,104
| style="text-align:right" | 116,895
| style="text-align:right" | 117,507
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | o/w VFA
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | o/w Non VFA
| style="text-align:right" | 113,515
| style="text-align:right" | 118,104
| style="text-align:right" | 116,895
| style="text-align:right" | 117,507
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | For short-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Liabilities for remaining coverage net of reinsurance
| style="text-align:right" | 19,284
| style="text-align:right" | 16,006
| style="text-align:right" | 19,766
| style="text-align:right" | 16,040
| style="text-align:right" | 12,070
| style="text-align:right" | 9,480
| style="text-align:right" | 12,240
| style="text-align:right" | 9,127
| style="text-align:right" | 6,369
| style="text-align:right" | 5,478
| style="text-align:right" | 6,831
| style="text-align:right" | 5,871
| style="text-align:right" | 1,572
| style="text-align:right" | 1,075
| style="text-align:right" | 1,436
| style="text-align:right" | 1,009
| style="text-align:right" | -728
| style="text-align:right" | -27
| style="text-align:right" | -740
| style="text-align:right" | 32
|-
| style="text-align:left" | Best Estimate for incurred Claims net of reinsurance
| style="text-align:right" | 69,800
| style="text-align:right" | 71,751
| style="text-align:right" | 70,215
| style="text-align:right" | 70,567
| style="text-align:right" | 45,710
| style="text-align:right" | 46,570
| style="text-align:right" | 46,591
| style="text-align:right" | 47,002
| style="text-align:right" | 17,809
| style="text-align:right" | 18,308
| style="text-align:right" | 17,781
| style="text-align:right" | 17,402
| style="text-align:right" | 6,704
| style="text-align:right" | 6,830
| style="text-align:right" | 6,290
| style="text-align:right" | 6,198
| style="text-align:right" | -423
| style="text-align:right" | 43
| style="text-align:right" | -447
| style="text-align:right" | -35
|}
</div>

{{chunk|doc=gr2rpazfcv|c=6|p=6}}
== P&C UE by Geography ==

<div style="overflow-x:auto">
{| id="t9" class="wikitable fintable"
|+ [[Definition:Property & casualty|Property & casualty]] [[Definition:Underlying earnings|underlying earnings]] build-up by geography
|-
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | Total
! colspan="4" style="text-align:center" | [[Definition:AXA France|France]]
! colspan="4" style="text-align:center" | [[Definition:AXA Europe|Europe]]
! colspan="8" style="text-align:center" | [[Definition:AXA XL|AXA XL]]
! colspan="4" style="text-align:center" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]]
! colspan="4" style="text-align:center" | [[Definition:AXA Transversal & Other|Transversal & Other]]
|-
! style="text-align:left" |
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | o/w [[Definition:AXA XL|AXA XL]] Insurance
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | o/w [[Definition:AXA XL|AXA XL]] Insurance
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | o/w [[Definition:AXA XL|AXA XL]] Insurance
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | o/w [[Definition:AXA XL|AXA XL]] Insurance
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Short-term Business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Revenues
| style="text-align:right" | 27,294
| style="text-align:right" | 55,898
| style="text-align:right" | 28,697
| style="text-align:right" | 57,656
| style="text-align:right" | 4,393
| style="text-align:right" | 9,194
| style="text-align:right" | 4,697
| style="text-align:right" | 9,768
| style="text-align:right" | 10,060
| style="text-align:right" | 20,400
| style="text-align:right" | 10,610
| style="text-align:right" | 21,305
| style="text-align:right" | 9,022
| style="text-align:right" | 7,867
| style="text-align:right" | 18,530
| style="text-align:right" | 16,136
| style="text-align:right" | 9,428
| style="text-align:right" | 8,129
| style="text-align:right" | 18,699
| style="text-align:right" | 16,207
| style="text-align:right" | 2,855
| style="text-align:right" | 5,825
| style="text-align:right" | 2,975
| style="text-align:right" | 5,949
| style="text-align:right" | 963
| style="text-align:right" | 1,948
| style="text-align:right" | 987
| style="text-align:right" | 1,935
|-
| style="text-align:left" | Current Accident Year Loss Ratio
| style="text-align:right" | 67.0%
| style="text-align:right" | 67.7%
| style="text-align:right" | 66.7%
| style="text-align:right" | 66.9%
| style="text-align:right" | 69.4%
| style="text-align:right" | 68.9%
| style="text-align:right" | 70.6%
| style="text-align:right" | 70.1%
| style="text-align:right" | 66.5%
| style="text-align:right" | 66.9%
| style="text-align:right" | 64.7%
| style="text-align:right" | 65.1%
| style="text-align:right" | 67.5%
| style="text-align:right" | 67.2%
| style="text-align:right" | 69.2%
| style="text-align:right" | 69.0%
| style="text-align:right" | 68.4%
| style="text-align:right" | 68.0%
| style="text-align:right" | 68.8%
| style="text-align:right" | 68.3%
| style="text-align:right" | 68.6%
| style="text-align:right" | 69.3%
| style="text-align:right" | 68.2%
| style="text-align:right" | 69.6%
| style="text-align:right" | 53.2%
| style="text-align:right" | 51.0%
| style="text-align:right" | 48.0%
| style="text-align:right" | 44.6%
|-
| class="wt-indent-1" style="text-align:left" | Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats)
| style="text-align:right" | 67.4%
| style="text-align:right" | 67.4%
| style="text-align:right" | 67.0%
| style="text-align:right" | 67.0%
| style="text-align:right" | 71.3%
| style="text-align:right" | 69.7%
| style="text-align:right" | 70.6%
| style="text-align:right" | 70.2%
| style="text-align:right" | 65.0%
| style="text-align:right" | 65.5%
| style="text-align:right" | 64.1%
| style="text-align:right" | 64.3%
| style="text-align:right" | 68.8%
| style="text-align:right" | 68.9%
| style="text-align:right" | 69.3%
| style="text-align:right" | 69.5%
| style="text-align:right" | 69.7%
| style="text-align:right" | 69.8%
| style="text-align:right" | 69.8%
| style="text-align:right" | 69.6%
| style="text-align:right" | 70.0%
| style="text-align:right" | 70.4%
| style="text-align:right" | 69.7%
| style="text-align:right" | 70.2%
| style="text-align:right" | 52.9%
| style="text-align:right" | 51.1%
| style="text-align:right" | 48.0%
| style="text-align:right" | 44.5%
|-
| class="wt-indent-1" style="text-align:left" | Undiscounted Current Accident Year Nat Cats
| style="text-align:right" | 3.6%
| style="text-align:right" | 3.8%
| style="text-align:right" | 3.5%
| style="text-align:right" | 3.4%
| style="text-align:right" | 3.4%
| style="text-align:right" | 3.8%
| style="text-align:right" | 4.8%
| style="text-align:right" | 4.5%
| style="text-align:right" | 4.5%
| style="text-align:right" | 4.1%
| style="text-align:right" | 3.3%
| style="text-align:right" | 3.1%
| style="text-align:right" | 3.8%
| style="text-align:right" | 2.8%
| style="text-align:right" | 4.6%
| style="text-align:right" | 3.8%
| style="text-align:right" | 4.2%
| style="text-align:right" | 3.4%
| style="text-align:right" | 3.9%
| style="text-align:right" | 3.1%
| style="text-align:right" | 0.8%
| style="text-align:right" | 0.9%
| style="text-align:right" | 0.8%
| style="text-align:right" | 1.6%
| style="text-align:right" | 1.4%
| style="text-align:right" | 1.1%
| style="text-align:right" | 1.3%
| style="text-align:right" | 1.2%
|-
| class="wt-indent-1" style="text-align:left" | Current Accident Year Discounting
| style="text-align:right" | -3.9%
| style="text-align:right" | -3.6%
| style="text-align:right" | -3.9%
| style="text-align:right" | -3.5%
| style="text-align:right" | -5.3%
| style="text-align:right" | -4.6%
| style="text-align:right" | -4.8%
| style="text-align:right" | -4.6%
| style="text-align:right" | -3.1%
| style="text-align:right" | -2.8%
| style="text-align:right" | -2.7%
| style="text-align:right" | -2.3%
| style="text-align:right" | -5.1%
| style="text-align:right" | -4.6%
| style="text-align:right" | -4.7%
| style="text-align:right" | -4.2%
| style="text-align:right" | -5.5%
| style="text-align:right" | -5.2%
| style="text-align:right" | -4.9%
| style="text-align:right" | -4.4%
| style="text-align:right" | -2.2%
| style="text-align:right" | -2.0%
| style="text-align:right" | -2.3%
| style="text-align:right" | -2.2%
| style="text-align:right" | -1.1%
| style="text-align:right" | -1.2%
| style="text-align:right" | -1.2%
| style="text-align:right" | -1.1%
|-
| style="text-align:left" | Prior Year Reserve Development Ratio
| style="text-align:right" | -1.5%
| style="text-align:right" | -1.6%
| style="text-align:right" | -1.1%
| style="text-align:right" | -1.1%
| style="text-align:right" | -3.5%
| style="text-align:right" | -3.9%
| style="text-align:right" | -2.6%
| style="text-align:right" | -2.9%
| style="text-align:right" | -2.1%
| style="text-align:right" | -2.1%
| style="text-align:right" | -1.1%
| style="text-align:right" | -1.3%
| style="text-align:right" | -0.1%
| style="text-align:right" | 0.0%
| style="text-align:right" | -0.1%
| style="text-align:right" | 0.0%
| style="text-align:right" | -0.2%
| style="text-align:right" | -0.2%
| style="text-align:right" | 0.0%
| style="text-align:right" | 0.0%
| style="text-align:right" | -0.1%
| style="text-align:right" | 0.1%
| style="text-align:right" | -1.0%
| style="text-align:right" | -0.2%
| style="text-align:right" | -3.7%
| style="text-align:right" | -5.7%
| style="text-align:right" | -4.0%
| style="text-align:right" | -1.9%
|-
| style="text-align:left" | Expense Ratio
| style="text-align:right" | 24.7%
| style="text-align:right" | 25.0%
| style="text-align:right" | 24.5%
| style="text-align:right" | 24.8%
| style="text-align:right" | 21.9%
| style="text-align:right" | 21.9%
| style="text-align:right" | 20.7%
| style="text-align:right" | 20.4%
| style="text-align:right" | 25.9%
| style="text-align:right" | 26.2%
| style="text-align:right" | 26.0%
| style="text-align:right" | 26.2%
| style="text-align:right" | 20.3%
| style="text-align:right" | 21.8%
| style="text-align:right" | 21.0%
| style="text-align:right" | 22.7%
| style="text-align:right" | 20.4%
| style="text-align:right" | 22.2%
| style="text-align:right" | 20.9%
| style="text-align:right" | 22.6%
| style="text-align:right" | 29.4%
| style="text-align:right" | 29.6%
| style="text-align:right" | 29.0%
| style="text-align:right" | 29.8%
| style="text-align:right" | 50.5%
| style="text-align:right" | 50.9%
| style="text-align:right" | 52.5%
| style="text-align:right" | 52.8%
|-
| style="text-align:left" | Combined Ratio
| style="text-align:right" | 90.2%
| style="text-align:right" | 91.0%
| style="text-align:right" | 90.0%
| style="text-align:right" | 90.6%
| style="text-align:right" | 87.8%
| style="text-align:right" | 86.8%
| style="text-align:right" | 88.6%
| style="text-align:right" | 87.5%
| style="text-align:right" | 90.3%
| style="text-align:right" | 91.0%
| style="text-align:right" | 89.6%
| style="text-align:right" | 90.0%
| style="text-align:right" | 87.7%
| style="text-align:right" | 89.0%
| style="text-align:right" | 90.2%
| style="text-align:right" | 91.7%
| style="text-align:right" | 88.6%
| style="text-align:right" | 90.0%
| style="text-align:right" | 89.7%
| style="text-align:right" | 91.0%
| style="text-align:right" | 98.0%
| style="text-align:right" | 99.1%
| style="text-align:right" | 96.2%
| style="text-align:right" | 99.2%
| style="text-align:right" | 100.1%
| style="text-align:right" | 96.2%
| style="text-align:right" | 96.5%
| style="text-align:right" | 95.5%
|-
| style="text-align:left" | Technical Margin
| style="text-align:right" | 2,682
| style="text-align:right" | 5,006
| style="text-align:right" | 2,859
| style="text-align:right" | 5,409
| style="text-align:right" | 538
| style="text-align:right" | 1,212
| style="text-align:right" | 533
| style="text-align:right" | 1,220
| style="text-align:right" | 977
| style="text-align:right" | 1,844
| style="text-align:right" | 1,104
| style="text-align:right" | 2,127
| style="text-align:right" | 1,111
| style="text-align:right" | 865
| style="text-align:right" | 1,820
| style="text-align:right" | 1,335
| style="text-align:right" | 1,074
| style="text-align:right" | 809
| style="text-align:right" | 1,928
| style="text-align:right" | 1,464
| style="text-align:right" | 57
| style="text-align:right" | 55
| style="text-align:right" | 114
| style="text-align:right" | 48
| style="text-align:right" | -1
| style="text-align:right" | 74
| style="text-align:right" | 35
| style="text-align:right" | 86
|-
| style="text-align:left" | Long-term Business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | CSM Release
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Technical Experience
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial Result & Other
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial Result
| style="text-align:right" | 1,324
| style="text-align:right" | 2,559
| style="text-align:right" | 1,343
| style="text-align:right" | 2,631
| style="text-align:right" | 251
| style="text-align:right" | 421
| style="text-align:right" | 261
| style="text-align:right" | 468
| style="text-align:right" | 473
| style="text-align:right" | 912
| style="text-align:right" | 461
| style="text-align:right" | 876
| style="text-align:right" | 273
| style="text-align:right" | 159
| style="text-align:right" | 596
| style="text-align:right" | 387
| style="text-align:right" | 298
| style="text-align:right" | 213
| style="text-align:right" | 632
| style="text-align:right" | 445
| style="text-align:right" | 242
| style="text-align:right" | 484
| style="text-align:right" | 261
| style="text-align:right" | 530
| style="text-align:right" | 86
| style="text-align:right" | 146
| style="text-align:right" | 62
| style="text-align:right" | 125
|-
| style="text-align:left" | Investment Income
| style="text-align:right" | 1,967
| style="text-align:right" | 3,731
| style="text-align:right" | 2,088
| style="text-align:right" | 3,988
| style="text-align:right" | 334
| style="text-align:right" | 572
| style="text-align:right" | 373
| style="text-align:right" | 675
| style="text-align:right" | 658
| style="text-align:right" | 1,244
| style="text-align:right" | 667
| style="text-align:right" | 1,257
| style="text-align:right" | 614
| style="text-align:right" | 416
| style="text-align:right" | 1,233
| style="text-align:right" | 868
| style="text-align:right" | 681
| style="text-align:right" | 507
| style="text-align:right" | 1,331
| style="text-align:right" | 981
| style="text-align:right" | 261
| style="text-align:right" | 518
| style="text-align:right" | 292
| style="text-align:right" | 585
| style="text-align:right" | 100
| style="text-align:right" | 164
| style="text-align:right" | 74
| style="text-align:right" | 140
|-
| style="text-align:left" | Insurance Finance Expenses
| style="text-align:right" | -643
| style="text-align:right" | -1,172
| style="text-align:right" | -745
| style="text-align:right" | -1,358
| style="text-align:right" | -83
| style="text-align:right" | -151
| style="text-align:right" | -112
| style="text-align:right" | -207
| style="text-align:right" | -185
| style="text-align:right" | -332
| style="text-align:right" | -206
| style="text-align:right" | -381
| style="text-align:right" | -341
| style="text-align:right" | -257
| style="text-align:right" | -637
| style="text-align:right" | -481
| style="text-align:right" | -384
| style="text-align:right" | -294
| style="text-align:right" | -699
| style="text-align:right" | -536
| style="text-align:right" | -20
| style="text-align:right" | -35
| style="text-align:right" | -31
| style="text-align:right" | -55
| style="text-align:right" | -14
| style="text-align:right" | -18
| style="text-align:right" | -12
| style="text-align:right" | -15
|-
| style="text-align:left" | [[Definition:Other revenue|Other Revenues]]
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Other Expenses
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Debt Financing Charges
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings]] Before Tax
| style="text-align:right" | 4,006
| style="text-align:right" | 7,565
| style="text-align:right" | 4,202
| style="text-align:right" | 8,040
| style="text-align:right" | 788
| style="text-align:right" | 1,633
| style="text-align:right" | 794
| style="text-align:right" | 1,688
| style="text-align:right" | 1,450
| style="text-align:right" | 2,757
| style="text-align:right" | 1,564
| style="text-align:right" | 3,002
| style="text-align:right" | 1,384
| style="text-align:right" | 1,024
| style="text-align:right" | 2,417
| style="text-align:right" | 1,721
| style="text-align:right" | 1,372
| style="text-align:right" | 1,022
| style="text-align:right" | 2,560
| style="text-align:right" | 1,910
| style="text-align:right" | 299
| style="text-align:right" | 539
| style="text-align:right" | 375
| style="text-align:right" | 579
| style="text-align:right" | 85
| style="text-align:right" | 220
| style="text-align:right" | 97
| style="text-align:right" | 211
|-
| style="text-align:left" | Tax
| style="text-align:right" | -1,046
| style="text-align:right" | -1,952
| style="text-align:right" | -1,074
| style="text-align:right" | -2,060
| style="text-align:right" | -249
| style="text-align:right" | -472
| style="text-align:right" | -220
| style="text-align:right" | -451
| style="text-align:right" | -352
| style="text-align:right" | -671
| style="text-align:right" | -384
| style="text-align:right" | -734
| style="text-align:right" | -352
| style="text-align:right" | -257
| style="text-align:right" | -588
| style="text-align:right" | -457
| style="text-align:right" | -339
| style="text-align:right" | -252
| style="text-align:right" | -647
| style="text-align:right" | -482
| style="text-align:right" | -77
| style="text-align:right" | -159
| style="text-align:right" | -110
| style="text-align:right" | -170
| style="text-align:right" | -15
| style="text-align:right" | -62
| style="text-align:right" | -21
| style="text-align:right" | -58
|-
| style="text-align:left" | Income from Affiliates & Other
| style="text-align:right" | 2
| style="text-align:right" | 3
| style="text-align:right" | 1
| style="text-align:right" | 3
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 2
| style="text-align:right" | 3
| style="text-align:right" | 1
| style="text-align:right" | 3
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Minority Interests
| style="text-align:right" | -56
| style="text-align:right" | -106
| style="text-align:right" | -63
| style="text-align:right" | -111
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -25
| style="text-align:right" | -57
| style="text-align:right" | -28
| style="text-align:right" | -52
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -30
| style="text-align:right" | -49
| style="text-align:right" | -34
| style="text-align:right" | -57
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -1
| style="text-align:right" | -2
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings Group share]]
| style="text-align:right" | 2,908
| style="text-align:right" | 5,510
| style="text-align:right" | 3,067
| style="text-align:right" | 5,872
| style="text-align:right" | 539
| style="text-align:right" | 1,161
| style="text-align:right" | 574
| style="text-align:right" | 1,237
| style="text-align:right" | 1,073
| style="text-align:right" | 2,029
| style="text-align:right" | 1,152
| style="text-align:right" | 2,216
| style="text-align:right" | 1,032
| style="text-align:right" | 767
| style="text-align:right" | 1,828
| style="text-align:right" | 1,264
| style="text-align:right" | 1,032
| style="text-align:right" | 770
| style="text-align:right" | 1,913
| style="text-align:right" | 1,427
| style="text-align:right" | 194
| style="text-align:right" | 334
| style="text-align:right" | 233
| style="text-align:right" | 355
| style="text-align:right" | 70
| style="text-align:right" | 158
| style="text-align:right" | 75
| style="text-align:right" | 151
|-
| style="text-align:left" | For short-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Liabilities for remaining coverage net of reinsurance
| style="text-align:right" | 19,284
| style="text-align:right" | 16,006
| style="text-align:right" | 19,766
| style="text-align:right" | 16,040
| style="text-align:right" | 2,153
| style="text-align:right" | 1,712
| style="text-align:right" | 2,221
| style="text-align:right" | 1,783
| style="text-align:right" | 7,151
| style="text-align:right" | 5,166
| style="text-align:right" | 7,591
| style="text-align:right" | 5,534
| style="text-align:right" | 7,478
| style="text-align:right" | 5,905
| style="text-align:right" | 7,028
| style="text-align:right" | 5,948
| style="text-align:right" | 7,315
| style="text-align:right" | 5,879
| style="text-align:right" | 6,467
| style="text-align:right" | 5,461
| style="text-align:right" | 1,802
| style="text-align:right" | 1,834
| style="text-align:right" | 1,935
| style="text-align:right" | 2,024
| style="text-align:right" | 700
| style="text-align:right" | 266
| style="text-align:right" | 705
| style="text-align:right" | 231
|-
| style="text-align:left" | Best Estimate for incurred Claims net of reinsurance
| style="text-align:right" | 69,800
| style="text-align:right" | 71,751
| style="text-align:right" | 70,215
| style="text-align:right" | 70,567
| style="text-align:right" | 13,485
| style="text-align:right" | 13,889
| style="text-align:right" | 13,900
| style="text-align:right" | 13,882
| style="text-align:right" | 24,834
| style="text-align:right" | 25,955
| style="text-align:right" | 26,003
| style="text-align:right" | 25,737
| style="text-align:right" | 24,865
| style="text-align:right" | 18,223
| style="text-align:right" | 25,915
| style="text-align:right" | 19,146
| style="text-align:right" | 24,533
| style="text-align:right" | 18,295
| style="text-align:right" | 25,044
| style="text-align:right" | 18,897
| style="text-align:right" | 3,385
| style="text-align:right" | 3,640
| style="text-align:right" | 3,510
| style="text-align:right" | 3,804
| style="text-align:right" | 3,231
| style="text-align:right" | 2,351
| style="text-align:right" | 2,269
| style="text-align:right" | 2,101
|}
</div>

{{chunk|doc=gr2rpazfcv|c=7|p=7}}
== L&H UE by LOB ==

<div style="overflow-x:auto">
{| id="t10" class="wikitable fintable"
|+ [[Definition:Life & health|Life & health]] [[Definition:Underlying earnings|underlying earnings]] build-up by [[Definition:Business mix|line of business]]
|-
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | Total
! colspan="4" style="text-align:center" | Life
! colspan="4" style="text-align:center" | Health
! class="col-s" style="text-align:right" | Employee Benefits* (out of Total [[Definition:Life & health|Life & Health]]) {{fn ref|6|2=Employee Benefits include Group Protection and Group Health contracts.}}
! colspan="3" style="text-align:center" | Employee Benefits* (out of Total [[Definition:Life & health|Life & Health]])
|-
! style="text-align:left" |
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Short-term Business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Revenues
| style="text-align:right" | 7,979
| style="text-align:right" | 16,207
| style="text-align:right" | 8,512
| style="text-align:right" | 17,416
| style="text-align:right" | 2,112
| style="text-align:right" | 4,247
| style="text-align:right" | 2,211
| style="text-align:right" | 4,444
| style="text-align:right" | 5,867
| style="text-align:right" | 11,960
| style="text-align:right" | 6,301
| style="text-align:right" | 12,972
| style="text-align:right" | 5,592
| style="text-align:right" | 11,482
| style="text-align:right" | 5,931
| style="text-align:right" | 12,035
|-
| style="text-align:left" | Combined Ratio
| style="text-align:right" | 97.6%
| style="text-align:right" | 97.4%
| style="text-align:right" | 97.1%
| style="text-align:right" | 97.2%
| style="text-align:right" | 94.5%
| style="text-align:right" | 95.5%
| style="text-align:right" | 95.2%
| style="text-align:right" | 95.4%
| style="text-align:right" | 98.6%
| style="text-align:right" | 98.1%
| style="text-align:right" | 97.8%
| style="text-align:right" | 97.9%
| style="text-align:right" | 98.2%
| style="text-align:right" | 97.8%
| style="text-align:right" | 97.4%
| style="text-align:right" | 97.1%
|-
| style="text-align:left" | Technical Margin
| style="text-align:right" | 195
| style="text-align:right" | 415
| style="text-align:right" | 248
| style="text-align:right" | 479
| style="text-align:right" | 116
| style="text-align:right" | 191
| style="text-align:right" | 107
| style="text-align:right" | 206
| style="text-align:right" | 79
| style="text-align:right" | 224
| style="text-align:right" | 141
| style="text-align:right" | 273
| style="text-align:right" | 101
| style="text-align:right" | 248
| style="text-align:right" | 156
| style="text-align:right" | 347
|-
| style="text-align:left" | Long-term Business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | CSM Release
| style="text-align:right" | 1,395
| style="text-align:right" | 2,775
| style="text-align:right" | 1,428
| style="text-align:right" | 2,954
| style="text-align:right" | 1,136
| style="text-align:right" | 2,253
| style="text-align:right" | 1,158
| style="text-align:right" | 2,415
| style="text-align:right" | 259
| style="text-align:right" | 522
| style="text-align:right" | 270
| style="text-align:right" | 539
| style="text-align:right" | 58
| style="text-align:right" | 110
| style="text-align:right" | 59
| style="text-align:right" | 107
|-
| style="text-align:left" | Technical Experience
| style="text-align:right" | -64
| style="text-align:right" | -95
| style="text-align:right" | -30
| style="text-align:right" | -150
| style="text-align:right" | -71
| style="text-align:right" | -98
| style="text-align:right" | -28
| style="text-align:right" | -139
| style="text-align:right" | 7
| style="text-align:right" | 3
| style="text-align:right" | -2
| style="text-align:right" | -11
| style="text-align:right" | 17
| style="text-align:right" | 37
| style="text-align:right" | 22
| style="text-align:right" | 38
|-
| class="wt-indent-1" style="text-align:left" | Actual vs. Expected Cash Flows
| style="text-align:right" | 9
| style="text-align:right" | -15
| style="text-align:right" | 12
| style="text-align:right" | 39
| style="text-align:right" | -4
| style="text-align:right" | -33
| style="text-align:right" | 10
| style="text-align:right" | 37
| style="text-align:right" | 13
| style="text-align:right" | 18
| style="text-align:right" | 2
| style="text-align:right" | 2
| style="text-align:right" | -3
| style="text-align:right" | -2
| style="text-align:right" | -5
| style="text-align:right" | -8
|-
| class="wt-indent-1" style="text-align:left" | Risk Adjustment Release
| style="text-align:right" | 30
| style="text-align:right" | 59
| style="text-align:right" | 44
| style="text-align:right" | 72
| style="text-align:right" | 25
| style="text-align:right" | 51
| style="text-align:right" | 37
| style="text-align:right" | 59
| style="text-align:right" | 4
| style="text-align:right" | 8
| style="text-align:right" | 7
| style="text-align:right" | 13
| style="text-align:right" | 2
| style="text-align:right" | 4
| style="text-align:right" | 7
| style="text-align:right" | 8
|-
| class="wt-indent-1" style="text-align:left" | Changes in Onerous Contracts
| style="text-align:right" | -32
| style="text-align:right" | 6
| style="text-align:right" | -12
| style="text-align:right" | -29
| style="text-align:right" | -30
| style="text-align:right" | 9
| style="text-align:right" | -10
| style="text-align:right" | -25
| style="text-align:right" | -1
| style="text-align:right" | -2
| style="text-align:right" | -2
| style="text-align:right" | -4
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Other Long-term
| style="text-align:right" | -72
| style="text-align:right" | -145
| style="text-align:right" | -74
| style="text-align:right" | -232
| style="text-align:right" | -63
| style="text-align:right" | -124
| style="text-align:right" | -65
| style="text-align:right" | -211
| style="text-align:right" | -8
| style="text-align:right" | -21
| style="text-align:right" | -9
| style="text-align:right" | -22
| style="text-align:right" | 19
| style="text-align:right" | 35
| style="text-align:right" | 20
| style="text-align:right" | 38
|-
| style="text-align:left" | Financial Result & Other
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial Result
| style="text-align:right" | 536
| style="text-align:right" | 975
| style="text-align:right" | 563
| style="text-align:right" | 946
| style="text-align:right" | 454
| style="text-align:right" | 799
| style="text-align:right" | 462
| style="text-align:right" | 738
| style="text-align:right" | 82
| style="text-align:right" | 176
| style="text-align:right" | 101
| style="text-align:right" | 209
| style="text-align:right" | 75
| style="text-align:right" | 157
| style="text-align:right" | 91
| style="text-align:right" | 175
|-
| class="wt-indent-1" style="text-align:left" | Investment Income
| style="text-align:right" | 1,319
| style="text-align:right" | 2,525
| style="text-align:right" | 1,329
| style="text-align:right" | 2,484
| style="text-align:right" | 1,159
| style="text-align:right" | 2,209
| style="text-align:right" | 1,159
| style="text-align:right" | 2,142
| style="text-align:right" | 160
| style="text-align:right" | 317
| style="text-align:right" | 170
| style="text-align:right" | 341
| style="text-align:right" | 219
| style="text-align:right" | 429
| style="text-align:right" | 232
| style="text-align:right" | 456
|-
| class="wt-indent-1" style="text-align:left" | Insurance Finance Expenses
| style="text-align:right" | -783
| style="text-align:right" | -1,551
| style="text-align:right" | -767
| style="text-align:right" | -1,538
| style="text-align:right" | -705
| style="text-align:right" | -1,410
| style="text-align:right" | -697
| style="text-align:right" | -1,405
| style="text-align:right" | -78
| style="text-align:right" | -140
| style="text-align:right" | -69
| style="text-align:right" | -133
| style="text-align:right" | -144
| style="text-align:right" | -272
| style="text-align:right" | -141
| style="text-align:right" | -281
|-
| style="text-align:left" | [[Definition:Other revenue|Other Revenues]]
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Other Expenses
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Debt Financing Charges
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings]] Before Tax
| style="text-align:right" | 2,061
| style="text-align:right" | 4,070
| style="text-align:right" | 2,209
| style="text-align:right" | 4,229
| style="text-align:right" | 1,634
| style="text-align:right" | 3,145
| style="text-align:right" | 1,699
| style="text-align:right" | 3,219
| style="text-align:right" | 427
| style="text-align:right" | 925
| style="text-align:right" | 510
| style="text-align:right" | 1,010
| style="text-align:right" | 252
| style="text-align:right" | 552
| style="text-align:right" | 328
| style="text-align:right" | 666
|-
| style="text-align:left" | Tax
| style="text-align:right" | -412
| style="text-align:right" | -874
| style="text-align:right" | -462
| style="text-align:right" | -800
| style="text-align:right" | -316
| style="text-align:right" | -635
| style="text-align:right" | -329
| style="text-align:right" | -584
| style="text-align:right" | -96
| style="text-align:right" | -239
| style="text-align:right" | -133
| style="text-align:right" | -216
| style="text-align:right" | -46
| style="text-align:right" | -111
| style="text-align:right" | -64
| style="text-align:right" | -110
|-
| style="text-align:left" | Income from Affiliates & Other
| style="text-align:right" | 103
| style="text-align:right" | 186
| style="text-align:right" | 101
| style="text-align:right" | 157
| style="text-align:right" | 101
| style="text-align:right" | 182
| style="text-align:right" | 93
| style="text-align:right" | 154
| style="text-align:right" | 2
| style="text-align:right" | 4
| style="text-align:right" | 8
| style="text-align:right" | 2
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Minority Interests
| style="text-align:right" | -27
| style="text-align:right" | -60
| style="text-align:right" | -34
| style="text-align:right" | -85
| style="text-align:right" | -27
| style="text-align:right" | -56
| style="text-align:right" | -30
| style="text-align:right" | -75
| style="text-align:right" | 0
| style="text-align:right" | -4
| style="text-align:right" | -3
| style="text-align:right" | -9
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings Group share]]
| style="text-align:right" | 1,725
| style="text-align:right" | 3,323
| style="text-align:right" | 1,814
| style="text-align:right" | 3,501
| style="text-align:right" | 1,392
| style="text-align:right" | 2,636
| style="text-align:right" | 1,433
| style="text-align:right" | 2,715
| style="text-align:right" | 333
| style="text-align:right" | 687
| style="text-align:right" | 381
| style="text-align:right" | 787
| style="text-align:right" | 205
| style="text-align:right" | 441
| style="text-align:right" | 264
| style="text-align:right" | 556
|-
| style="text-align:left" | Closing Invested Assets
| style="text-align:right" | 329,460
| style="text-align:right" | 345,008
| style="text-align:right" | 338,447
| style="text-align:right" | 334,840
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | o/w VFA
| style="text-align:right" | 234,783
| style="text-align:right" | 230,205
| style="text-align:right" | 229,844
| style="text-align:right" | 226,937
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | o/w Non VFA
| style="text-align:right" | 94,677
| style="text-align:right" | 114,803
| style="text-align:right" | 108,603
| style="text-align:right" | 107,903
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | For short-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Liabilities for remaining coverage net of reinsurance
| style="text-align:right" | 2,446
| style="text-align:right" | 2,096
| style="text-align:right" | 2,856
| style="text-align:right" | 2,511
| style="text-align:right" | 157
| style="text-align:right" | 96
| style="text-align:right" | 105
| style="text-align:right" | 21
| style="text-align:right" | 2,289
| style="text-align:right" | 2,000
| style="text-align:right" | 2,750
| style="text-align:right" | 2,490
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Best Estimate for incurred Claims net of reinsurance
| style="text-align:right" | 13,876
| style="text-align:right" | 14,162
| style="text-align:right" | 13,960
| style="text-align:right" | 14,592
| style="text-align:right" | 11,589
| style="text-align:right" | 11,778
| style="text-align:right" | 11,623
| style="text-align:right" | 11,205
| style="text-align:right" | 2,286
| style="text-align:right" | 2,384
| style="text-align:right" | 2,337
| style="text-align:right" | 3,386
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | For long-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Best Estimate Liabilities net of reinsurance
| style="text-align:right" | 295,342
| style="text-align:right" | 306,249
| style="text-align:right" | 301,040
| style="text-align:right" | 300,391
| style="text-align:right" | 275,276
| style="text-align:right" | 285,391
| style="text-align:right" | 280,314
| style="text-align:right" | 280,280
| style="text-align:right" | 20,066
| style="text-align:right" | 20,858
| style="text-align:right" | 20,726
| style="text-align:right" | 20,112
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | o/w VFA Gross of reinsurance
| style="text-align:right" | 264,013
| style="text-align:right" | 273,094
| style="text-align:right" | 266,960
| style="text-align:right" | 271,902
| style="text-align:right" | 243,037
| style="text-align:right" | 251,273
| style="text-align:right" | 244,964
| style="text-align:right" | 250,326
| style="text-align:right" | 20,977
| style="text-align:right" | 21,821
| style="text-align:right" | 21,996
| style="text-align:right" | 21,576
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | o/w BBA Gross of reinsurance
| style="text-align:right" | 50,097
| style="text-align:right" | 51,845
| style="text-align:right" | 51,524
| style="text-align:right" | 45,307
| style="text-align:right" | 50,917
| style="text-align:right" | 52,713
| style="text-align:right" | 52,731
| style="text-align:right" | 46,724
| style="text-align:right" | -821
| style="text-align:right" | -868
| style="text-align:right" | -1,207
| style="text-align:right" | -1,417
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | o/w Reinsurance
| style="text-align:right" | -18,768
| style="text-align:right" | -18,690
| style="text-align:right" | -17,443
| style="text-align:right" | -16,817
| style="text-align:right" | -18,679
| style="text-align:right" | -18,595
| style="text-align:right" | -17,381
| style="text-align:right" | -16,770
| style="text-align:right" | -90
| style="text-align:right" | -95
| style="text-align:right" | -62
| style="text-align:right" | -47
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|}
</div>

{{fn note|1=6|2=Employee Benefits include Group Protection and Group Health contracts.}}

{{chunk|doc=gr2rpazfcv|c=8|p=8}}
== L&H UE by Geography ==

<div style="overflow-x:auto">
{| id="t11" class="wikitable fintable"
|+ [[Definition:Life & health|Life & health]] [[Definition:Underlying earnings|underlying earnings]] build-up by geography
|-
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | Total
! colspan="4" style="text-align:center" | [[Definition:AXA France|France]]
! colspan="4" style="text-align:center" | [[Definition:AXA Europe|Europe]]
! colspan="4" style="text-align:center" | [[Definition:AXA XL|AXA XL]]
! colspan="4" style="text-align:center" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]]
! colspan="4" style="text-align:center" | [[Definition:AXA Transversal & Other|Transversal & Other]]
|-
! style="text-align:left" |
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Short-term Business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Revenues
| style="text-align:right" | 7,979
| style="text-align:right" | 16,207
| style="text-align:right" | 8,512
| style="text-align:right" | 17,416
| style="text-align:right" | 4,654
| style="text-align:right" | 9,503
| style="text-align:right" | 4,870
| style="text-align:right" | 9,787
| style="text-align:right" | 1,778
| style="text-align:right" | 3,604
| style="text-align:right" | 2,051
| style="text-align:right" | 4,419
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 1,457
| style="text-align:right" | 2,925
| style="text-align:right" | 1,503
| style="text-align:right" | 3,037
| style="text-align:right" | 90
| style="text-align:right" | 174
| style="text-align:right" | 88
| style="text-align:right" | 172
|-
| style="text-align:left" | Combined Ratio
| style="text-align:right" | 97.6%
| style="text-align:right" | 97.4%
| style="text-align:right" | 97.1%
| style="text-align:right" | 97.2%
| style="text-align:right" | 96.7%
| style="text-align:right" | 97.3%
| style="text-align:right" | 97.4%
| style="text-align:right" | 97.3%
| style="text-align:right" | 98.8%
| style="text-align:right" | 96.9%
| style="text-align:right" | 96.4%
| style="text-align:right" | 94.8%
| style="text-align:right" | 0.0%
| style="text-align:right" | 0.0%
| style="text-align:right" | 0.0%
| style="text-align:right" | 0.0%
| style="text-align:right" | 99.1%
| style="text-align:right" | 99.1%
| style="text-align:right" | 97.6%
| style="text-align:right" | 101.3%
| style="text-align:right" | 92.2%
| style="text-align:right" | 89.1%
| style="text-align:right" | 83.6%
| style="text-align:right" | 86.7%
|-
| style="text-align:left" | Technical Margin
| style="text-align:right" | 195
| style="text-align:right" | 415
| style="text-align:right" | 248
| style="text-align:right" | 479
| style="text-align:right" | 155
| style="text-align:right" | 258
| style="text-align:right" | 124
| style="text-align:right" | 265
| style="text-align:right" | 21
| style="text-align:right" | 113
| style="text-align:right" | 73
| style="text-align:right" | 230
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 13
| style="text-align:right" | 26
| style="text-align:right" | 36
| style="text-align:right" | -39
| style="text-align:right" | 7
| style="text-align:right" | 19
| style="text-align:right" | 14
| style="text-align:right" | 23
|-
| style="text-align:left" | Long-term Business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | CSM Release
| style="text-align:right" | 1,395
| style="text-align:right" | 2,775
| style="text-align:right" | 1,428
| style="text-align:right" | 2,954
| style="text-align:right" | 407
| style="text-align:right" | 823
| style="text-align:right" | 419
| style="text-align:right" | 895
| style="text-align:right" | 468
| style="text-align:right" | 920
| style="text-align:right" | 471
| style="text-align:right" | 984
| style="text-align:right" | 4
| style="text-align:right" | 3
| style="text-align:right" | 0
| style="text-align:right" | 1
| style="text-align:right" | 516
| style="text-align:right" | 1,029
| style="text-align:right" | 538
| style="text-align:right" | 1,074
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Technical Experience
| style="text-align:right" | -64
| style="text-align:right" | -95
| style="text-align:right" | -30
| style="text-align:right" | -150
| style="text-align:right" | -40
| style="text-align:right" | -96
| style="text-align:right" | -37
| style="text-align:right" | -81
| style="text-align:right" | -11
| style="text-align:right" | -8
| style="text-align:right" | 8
| style="text-align:right" | -70
| style="text-align:right" | 3
| style="text-align:right" | 2
| style="text-align:right" | 0
| style="text-align:right" | -5
| style="text-align:right" | -17
| style="text-align:right" | 7
| style="text-align:right" | -1
| style="text-align:right" | 6
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Actual vs. Expected Cash Flows
| style="text-align:right" | 9
| style="text-align:right" | -15
| style="text-align:right" | 12
| style="text-align:right" | 39
| style="text-align:right" | 8
| style="text-align:right" | -8
| style="text-align:right" | 2
| style="text-align:right" | 15
| style="text-align:right" | 5
| style="text-align:right" | -11
| style="text-align:right" | -11
| style="text-align:right" | -6
| style="text-align:right" | -2
| style="text-align:right" | -3
| style="text-align:right" | -1
| style="text-align:right" | -6
| style="text-align:right" | 0
| style="text-align:right" | 8
| style="text-align:right" | 22
| style="text-align:right" | 35
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Risk Adjustment Release
| style="text-align:right" | 30
| style="text-align:right" | 59
| style="text-align:right" | 44
| style="text-align:right" | 72
| style="text-align:right" | 5
| style="text-align:right" | 15
| style="text-align:right" | 9
| style="text-align:right" | 14
| style="text-align:right" | 11
| style="text-align:right" | 21
| style="text-align:right" | 21
| style="text-align:right" | 32
| style="text-align:right" | 0
| style="text-align:right" | 1
| style="text-align:right" | 0
| style="text-align:right" | 1
| style="text-align:right" | 13
| style="text-align:right" | 23
| style="text-align:right" | 13
| style="text-align:right" | 25
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Changes in Onerous Contracts
| style="text-align:right" | -32
| style="text-align:right" | 6
| style="text-align:right" | -12
| style="text-align:right" | -29
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -33
| style="text-align:right" | -25
| style="text-align:right" | -13
| style="text-align:right" | -36
| style="text-align:right" | 5
| style="text-align:right" | 5
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -3
| style="text-align:right" | 26
| style="text-align:right" | 1
| style="text-align:right" | 7
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Other Long-term
| style="text-align:right" | -72
| style="text-align:right" | -145
| style="text-align:right" | -74
| style="text-align:right" | -232
| style="text-align:right" | -52
| style="text-align:right" | -103
| style="text-align:right" | -49
| style="text-align:right" | -111
| style="text-align:right" | 7
| style="text-align:right" | 7
| style="text-align:right" | 12
| style="text-align:right" | -61
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -26
| style="text-align:right" | -50
| style="text-align:right" | -37
| style="text-align:right" | -61
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Financial Result & Other
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial Result
| style="text-align:right" | 536
| style="text-align:right" | 975
| style="text-align:right" | 563
| style="text-align:right" | 946
| style="text-align:right" | 100
| style="text-align:right" | 192
| style="text-align:right" | 118
| style="text-align:right" | 197
| style="text-align:right" | 284
| style="text-align:right" | 504
| style="text-align:right" | 269
| style="text-align:right" | 477
| style="text-align:right" | 10
| style="text-align:right" | 19
| style="text-align:right" | 10
| style="text-align:right" | 20
| style="text-align:right" | 142
| style="text-align:right" | 260
| style="text-align:right" | 165
| style="text-align:right" | 250
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 2
|-
| class="wt-indent-1" style="text-align:left" | Investment Income
| style="text-align:right" | 1,319
| style="text-align:right" | 2,525
| style="text-align:right" | 1,329
| style="text-align:right" | 2,484
| style="text-align:right" | 370
| style="text-align:right" | 701
| style="text-align:right" | 370
| style="text-align:right" | 703
| style="text-align:right" | 490
| style="text-align:right" | 916
| style="text-align:right" | 478
| style="text-align:right" | 889
| style="text-align:right" | 13
| style="text-align:right" | 27
| style="text-align:right" | 14
| style="text-align:right" | 27
| style="text-align:right" | 446
| style="text-align:right" | 882
| style="text-align:right" | 467
| style="text-align:right" | 862
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 2
|-
| class="wt-indent-1" style="text-align:left" | Insurance Finance Expenses
| style="text-align:right" | -783
| style="text-align:right" | -1,551
| style="text-align:right" | -767
| style="text-align:right" | -1,538
| style="text-align:right" | -270
| style="text-align:right" | -509
| style="text-align:right" | -252
| style="text-align:right" | -507
| style="text-align:right" | -206
| style="text-align:right" | -412
| style="text-align:right" | -209
| style="text-align:right" | -411
| style="text-align:right" | -3
| style="text-align:right" | -7
| style="text-align:right" | -4
| style="text-align:right" | -8
| style="text-align:right" | -303
| style="text-align:right" | -622
| style="text-align:right" | -301
| style="text-align:right" | -612
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | [[Definition:Other revenue|Other Revenues]]
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Other Expenses
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Debt Financing Charges
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings]] Before Tax
| style="text-align:right" | 2,061
| style="text-align:right" | 4,070
| style="text-align:right" | 2,209
| style="text-align:right" | 4,229
| style="text-align:right" | 622
| style="text-align:right" | 1,176
| style="text-align:right" | 624
| style="text-align:right" | 1,276
| style="text-align:right" | 762
| style="text-align:right" | 1,529
| style="text-align:right" | 821
| style="text-align:right" | 1,622
| style="text-align:right" | 17
| style="text-align:right" | 25
| style="text-align:right" | 10
| style="text-align:right" | 16
| style="text-align:right" | 654
| style="text-align:right" | 1,322
| style="text-align:right" | 739
| style="text-align:right" | 1,291
| style="text-align:right" | 7
| style="text-align:right" | 19
| style="text-align:right" | 14
| style="text-align:right" | 25
|-
| style="text-align:left" | Tax
| style="text-align:right" | -412
| style="text-align:right" | -874
| style="text-align:right" | -462
| style="text-align:right" | -800
| style="text-align:right" | -106
| style="text-align:right" | -220
| style="text-align:right" | -100
| style="text-align:right" | -237
| style="text-align:right" | -180
| style="text-align:right" | -376
| style="text-align:right" | -176
| style="text-align:right" | -285
| style="text-align:right" | -3
| style="text-align:right" | 0
| style="text-align:right" | -2
| style="text-align:right" | -4
| style="text-align:right" | -123
| style="text-align:right" | -277
| style="text-align:right" | -182
| style="text-align:right" | -272
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -1
| style="text-align:right" | -4
|-
| style="text-align:left" | Income from Affiliates & Other
| style="text-align:right" | 103
| style="text-align:right" | 186
| style="text-align:right" | 101
| style="text-align:right" | 157
| style="text-align:right" | 4
| style="text-align:right" | 9
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 100
| style="text-align:right" | 177
| style="text-align:right" | 101
| style="text-align:right" | 157
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Minority Interests
| style="text-align:right" | -27
| style="text-align:right" | -60
| style="text-align:right" | -34
| style="text-align:right" | -85
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -23
| style="text-align:right" | -49
| style="text-align:right" | -28
| style="text-align:right" | -74
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -4
| style="text-align:right" | -12
| style="text-align:right" | -5
| style="text-align:right" | -11
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings Group share]]
| style="text-align:right" | 1,725
| style="text-align:right" | 3,323
| style="text-align:right" | 1,814
| style="text-align:right" | 3,501
| style="text-align:right" | 519
| style="text-align:right" | 964
| style="text-align:right" | 524
| style="text-align:right" | 1,039
| style="text-align:right" | 559
| style="text-align:right" | 1,104
| style="text-align:right" | 616
| style="text-align:right" | 1,264
| style="text-align:right" | 14
| style="text-align:right" | 25
| style="text-align:right" | 8
| style="text-align:right" | 12
| style="text-align:right" | 627
| style="text-align:right" | 1,211
| style="text-align:right" | 653
| style="text-align:right" | 1,165
| style="text-align:right" | 7
| style="text-align:right" | 19
| style="text-align:right" | 14
| style="text-align:right" | 22
|-
| style="text-align:left" | For short-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Liabilities for remaining coverage net of reinsurance
| style="text-align:right" | 2,446
| style="text-align:right" | 2,096
| style="text-align:right" | 2,856
| style="text-align:right" | 2,511
| style="text-align:right" | 50
| style="text-align:right" | -2
| style="text-align:right" | 28
| style="text-align:right" | -6
| style="text-align:right" | 1,228
| style="text-align:right" | 967
| style="text-align:right" | 1,619
| style="text-align:right" | 1,352
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 1,159
| style="text-align:right" | 1,124
| style="text-align:right" | 1,204
| style="text-align:right" | 1,155
| style="text-align:right" | 9
| style="text-align:right" | 6
| style="text-align:right" | 5
| style="text-align:right" | 10
|-
| style="text-align:left" | Best Estimate for incurred Claims net of reinsurance
| style="text-align:right" | 13,876
| style="text-align:right" | 14,162
| style="text-align:right" | 13,960
| style="text-align:right" | 14,592
| style="text-align:right" | 12,589
| style="text-align:right" | 12,831
| style="text-align:right" | 12,443
| style="text-align:right" | 12,850
| style="text-align:right" | 773
| style="text-align:right" | 871
| style="text-align:right" | 1,015
| style="text-align:right" | 1,186
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 501
| style="text-align:right" | 447
| style="text-align:right" | 487
| style="text-align:right" | 541
| style="text-align:right" | 13
| style="text-align:right" | 14
| style="text-align:right" | 15
| style="text-align:right" | 15
|-
| style="text-align:left" | For long-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Best Estimate Liabilities net of reinsurance
| style="text-align:right" | 295,342
| style="text-align:right" | 306,249
| style="text-align:right" | 301,040
| style="text-align:right" | 300,391
| style="text-align:right" | 112,949
| style="text-align:right" | 115,280
| style="text-align:right" | 114,525
| style="text-align:right" | 114,424
| style="text-align:right" | 135,034
| style="text-align:right" | 139,257
| style="text-align:right" | 137,584
| style="text-align:right" | 136,725
| style="text-align:right" | 324
| style="text-align:right" | 345
| style="text-align:right" | 310
| style="text-align:right" | 309
| style="text-align:right" | 47,035
| style="text-align:right" | 51,368
| style="text-align:right" | 48,620
| style="text-align:right" | 48,934
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | o/w VFA Gross of reinsurance
| style="text-align:right" | 264,013
| style="text-align:right" | 273,094
| style="text-align:right" | 266,960
| style="text-align:right" | 271,902
| style="text-align:right" | 116,132
| style="text-align:right" | 117,942
| style="text-align:right" | 116,770
| style="text-align:right" | 117,266
| style="text-align:right" | 121,623
| style="text-align:right" | 125,513
| style="text-align:right" | 121,135
| style="text-align:right" | 122,782
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 26,258
| style="text-align:right" | 29,639
| style="text-align:right" | 29,055
| style="text-align:right" | 31,854
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | o/w BBA Gross of reinsurance
| style="text-align:right" | 50,097
| style="text-align:right" | 51,845
| style="text-align:right" | 51,524
| style="text-align:right" | 45,307
| style="text-align:right" | 9,606
| style="text-align:right" | 10,019
| style="text-align:right" | 9,848
| style="text-align:right" | 8,873
| style="text-align:right" | 13,520
| style="text-align:right" | 13,810
| style="text-align:right" | 16,410
| style="text-align:right" | 13,760
| style="text-align:right" | 1,670
| style="text-align:right" | 1,659
| style="text-align:right" | 1,522
| style="text-align:right" | 1,473
| style="text-align:right" | 25,301
| style="text-align:right" | 26,356
| style="text-align:right" | 23,743
| style="text-align:right" | 21,201
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | o/w Reinsurance
| style="text-align:right" | -18,768
| style="text-align:right" | -18,690
| style="text-align:right" | -17,443
| style="text-align:right" | -16,817
| style="text-align:right" | -12,790
| style="text-align:right" | -12,682
| style="text-align:right" | -12,093
| style="text-align:right" | -11,715
| style="text-align:right" | -108
| style="text-align:right" | -66
| style="text-align:right" | 39
| style="text-align:right" | 183
| style="text-align:right" | -1,346
| style="text-align:right" | -1,315
| style="text-align:right" | -1,212
| style="text-align:right" | -1,164
| style="text-align:right" | -4,524
| style="text-align:right" | -4,627
| style="text-align:right" | -4,178
| style="text-align:right" | -4,121
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|}
</div>

{{chunk|doc=gr2rpazfcv|c=9|p=9}}
== Life UE by Geography ==

<div style="overflow-x:auto">
{| id="t12" class="wikitable fintable"
|+ Life [[Definition:Underlying earnings|underlying earnings]] build-up by geography
|-
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | Total
! colspan="4" style="text-align:center" | [[Definition:AXA France|France]]
! colspan="4" style="text-align:center" | [[Definition:AXA Europe|Europe]]
! colspan="4" style="text-align:center" | [[Definition:AXA XL|AXA XL]]
! colspan="4" style="text-align:center" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]]
! colspan="4" style="text-align:center" | [[Definition:AXA Transversal & Other|Transversal & Other]]
|-
! style="text-align:left" |
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Short-term Business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Revenues
| style="text-align:right" | 2,112
| style="text-align:right" | 4,247
| style="text-align:right" | 2,211
| style="text-align:right" | 4,444
| style="text-align:right" | 1,902
| style="text-align:right" | 3,843
| style="text-align:right" | 2,005
| style="text-align:right" | 4,044
| style="text-align:right" | 53
| style="text-align:right" | 109
| style="text-align:right" | 54
| style="text-align:right" | 106
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 157
| style="text-align:right" | 296
| style="text-align:right" | 152
| style="text-align:right" | 295
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Combined Ratio
| style="text-align:right" | 94.5%
| style="text-align:right" | 95.5%
| style="text-align:right" | 95.2%
| style="text-align:right" | 95.4%
| style="text-align:right" | 95.1%
| style="text-align:right" | 96.3%
| style="text-align:right" | 95.9%
| style="text-align:right" | 96.1%
| style="text-align:right" | 79.8%
| style="text-align:right" | 77.0%
| style="text-align:right" | 79.0%
| style="text-align:right" | 77.3%
| style="text-align:right" | 0.0%
| style="text-align:right" | 0.0%
| style="text-align:right" | 0.0%
| style="text-align:right" | 0.0%
| style="text-align:right" | 92.3%
| style="text-align:right" | 91.5%
| style="text-align:right" | 91.5%
| style="text-align:right" | 91.6%
| style="text-align:right" | 0.0%
| style="text-align:right" | 0.0%
| style="text-align:right" | 0.0%
| style="text-align:right" | 0.0%
|-
| style="text-align:left" | Technical Margin
| style="text-align:right" | 116
| style="text-align:right" | 191
| style="text-align:right" | 107
| style="text-align:right" | 206
| style="text-align:right" | 93
| style="text-align:right" | 141
| style="text-align:right" | 83
| style="text-align:right" | 158
| style="text-align:right" | 11
| style="text-align:right" | 25
| style="text-align:right" | 11
| style="text-align:right" | 24
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 12
| style="text-align:right" | 25
| style="text-align:right" | 13
| style="text-align:right" | 25
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Long-term Business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | CSM Release
| style="text-align:right" | 1,136
| style="text-align:right" | 2,253
| style="text-align:right" | 1,158
| style="text-align:right" | 2,415
| style="text-align:right" | 407
| style="text-align:right" | 823
| style="text-align:right" | 419
| style="text-align:right" | 895
| style="text-align:right" | 390
| style="text-align:right" | 759
| style="text-align:right" | 386
| style="text-align:right" | 804
| style="text-align:right" | 4
| style="text-align:right" | 3
| style="text-align:right" | 0
| style="text-align:right" | 1
| style="text-align:right" | 336
| style="text-align:right" | 669
| style="text-align:right" | 353
| style="text-align:right" | 715
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Technical Experience
| style="text-align:right" | -71
| style="text-align:right" | -98
| style="text-align:right" | -28
| style="text-align:right" | -139
| style="text-align:right" | -40
| style="text-align:right" | -96
| style="text-align:right" | -37
| style="text-align:right" | -81
| style="text-align:right" | -4
| style="text-align:right" | 12
| style="text-align:right" | 13
| style="text-align:right" | -53
| style="text-align:right" | 3
| style="text-align:right" | 2
| style="text-align:right" | 0
| style="text-align:right" | -5
| style="text-align:right" | -30
| style="text-align:right" | -16
| style="text-align:right" | -4
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Actual vs. Expected Cash Flows
| style="text-align:right" | -4
| style="text-align:right" | -33
| style="text-align:right" | 10
| style="text-align:right" | 37
| style="text-align:right" | 8
| style="text-align:right" | -8
| style="text-align:right" | 2
| style="text-align:right" | 15
| style="text-align:right" | 3
| style="text-align:right" | -11
| style="text-align:right" | -11
| style="text-align:right" | -6
| style="text-align:right" | -2
| style="text-align:right" | -3
| style="text-align:right" | -1
| style="text-align:right" | -6
| style="text-align:right" | -12
| style="text-align:right" | -10
| style="text-align:right" | 20
| style="text-align:right" | 33
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Risk Adjustment Release
| style="text-align:right" | 25
| style="text-align:right" | 51
| style="text-align:right" | 37
| style="text-align:right" | 59
| style="text-align:right" | 5
| style="text-align:right" | 15
| style="text-align:right" | 9
| style="text-align:right" | 14
| style="text-align:right" | 12
| style="text-align:right" | 23
| style="text-align:right" | 20
| style="text-align:right" | 30
| style="text-align:right" | 0
| style="text-align:right" | 1
| style="text-align:right" | 0
| style="text-align:right" | 1
| style="text-align:right" | 8
| style="text-align:right" | 13
| style="text-align:right" | 8
| style="text-align:right" | 14
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Changes in Onerous Contracts
| style="text-align:right" | -30
| style="text-align:right" | 9
| style="text-align:right" | -10
| style="text-align:right" | -25
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -32
| style="text-align:right" | -23
| style="text-align:right" | -13
| style="text-align:right" | -33
| style="text-align:right" | 5
| style="text-align:right" | 5
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -3
| style="text-align:right" | 26
| style="text-align:right" | 3
| style="text-align:right" | 8
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Other Long-term
| style="text-align:right" | -63
| style="text-align:right" | -124
| style="text-align:right" | -65
| style="text-align:right" | -211
| style="text-align:right" | -52
| style="text-align:right" | -103
| style="text-align:right" | -49
| style="text-align:right" | -111
| style="text-align:right" | 13
| style="text-align:right" | 23
| style="text-align:right" | 17
| style="text-align:right" | -44
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -23
| style="text-align:right" | -45
| style="text-align:right" | -34
| style="text-align:right" | -55
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Financial Result & Other
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial Result
| style="text-align:right" | 454
| style="text-align:right" | 799
| style="text-align:right" | 462
| style="text-align:right" | 738
| style="text-align:right" | 103
| style="text-align:right" | 193
| style="text-align:right" | 114
| style="text-align:right" | 185
| style="text-align:right" | 249
| style="text-align:right" | 432
| style="text-align:right" | 232
| style="text-align:right" | 401
| style="text-align:right" | 10
| style="text-align:right" | 19
| style="text-align:right" | 10
| style="text-align:right" | 20
| style="text-align:right" | 92
| style="text-align:right" | 155
| style="text-align:right" | 105
| style="text-align:right" | 132
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Investment Income
| style="text-align:right" | 1,159
| style="text-align:right" | 2,209
| style="text-align:right" | 1,159
| style="text-align:right" | 2,142
| style="text-align:right" | 344
| style="text-align:right" | 660
| style="text-align:right" | 346
| style="text-align:right" | 649
| style="text-align:right" | 451
| style="text-align:right" | 838
| style="text-align:right" | 438
| style="text-align:right" | 809
| style="text-align:right" | 13
| style="text-align:right" | 27
| style="text-align:right" | 14
| style="text-align:right" | 27
| style="text-align:right" | 350
| style="text-align:right" | 684
| style="text-align:right" | 361
| style="text-align:right" | 657
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Insurance Finance Expenses
| style="text-align:right" | -705
| style="text-align:right" | -1,410
| style="text-align:right" | -697
| style="text-align:right" | -1,405
| style="text-align:right" | -241
| style="text-align:right" | -467
| style="text-align:right" | -232
| style="text-align:right" | -464
| style="text-align:right" | -202
| style="text-align:right" | -407
| style="text-align:right" | -206
| style="text-align:right" | -408
| style="text-align:right" | -3
| style="text-align:right" | -7
| style="text-align:right" | -4
| style="text-align:right" | -8
| style="text-align:right" | -259
| style="text-align:right" | -530
| style="text-align:right" | -256
| style="text-align:right" | -525
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | [[Definition:Other revenue|Other Revenues]]
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Other Expenses
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Debt Financing Charges
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings]] Before Tax
| style="text-align:right" | 1,634
| style="text-align:right" | 3,145
| style="text-align:right" | 1,699
| style="text-align:right" | 3,219
| style="text-align:right" | 563
| style="text-align:right" | 1,060
| style="text-align:right" | 579
| style="text-align:right" | 1,156
| style="text-align:right" | 645
| style="text-align:right" | 1,227
| style="text-align:right" | 643
| style="text-align:right" | 1,176
| style="text-align:right" | 17
| style="text-align:right" | 25
| style="text-align:right" | 10
| style="text-align:right" | 16
| style="text-align:right" | 409
| style="text-align:right" | 833
| style="text-align:right" | 468
| style="text-align:right" | 872
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Tax
| style="text-align:right" | -316
| style="text-align:right" | -635
| style="text-align:right" | -329
| style="text-align:right" | -584
| style="text-align:right" | -96
| style="text-align:right" | -194
| style="text-align:right" | -93
| style="text-align:right" | -213
| style="text-align:right" | -148
| style="text-align:right" | -289
| style="text-align:right" | -131
| style="text-align:right" | -183
| style="text-align:right" | -3
| style="text-align:right" | 0
| style="text-align:right" | -2
| style="text-align:right" | -4
| style="text-align:right" | -68
| style="text-align:right" | -152
| style="text-align:right" | -103
| style="text-align:right" | -184
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Income from Affiliates & Other
| style="text-align:right" | 101
| style="text-align:right" | 182
| style="text-align:right" | 93
| style="text-align:right" | 154
| style="text-align:right" | 4
| style="text-align:right" | 9
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 97
| style="text-align:right" | 173
| style="text-align:right" | 93
| style="text-align:right" | 154
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Minority Interests
| style="text-align:right" | -27
| style="text-align:right" | -56
| style="text-align:right" | -30
| style="text-align:right" | -75
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -23
| style="text-align:right" | -47
| style="text-align:right" | -28
| style="text-align:right" | -70
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -4
| style="text-align:right" | -9
| style="text-align:right" | -3
| style="text-align:right" | -5
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings Group share]]
| style="text-align:right" | 1,392
| style="text-align:right" | 2,636
| style="text-align:right" | 1,433
| style="text-align:right" | 2,715
| style="text-align:right" | 470
| style="text-align:right" | 875
| style="text-align:right" | 486
| style="text-align:right" | 943
| style="text-align:right" | 474
| style="text-align:right" | 891
| style="text-align:right" | 484
| style="text-align:right" | 923
| style="text-align:right" | 14
| style="text-align:right" | 25
| style="text-align:right" | 8
| style="text-align:right" | 12
| style="text-align:right" | 434
| style="text-align:right" | 845
| style="text-align:right" | 456
| style="text-align:right" | 837
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | For short-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Liabilities for remaining coverage net of reinsurance
| style="text-align:right" | 157
| style="text-align:right" | 96
| style="text-align:right" | 105
| style="text-align:right" | 21
| style="text-align:right" | 23
| style="text-align:right" | -19
| style="text-align:right" | 4
| style="text-align:right" | -41
| style="text-align:right" | -3
| style="text-align:right" | -14
| style="text-align:right" | -35
| style="text-align:right" | -24
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 137
| style="text-align:right" | 129
| style="text-align:right" | 137
| style="text-align:right" | 86
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Best Estimate for incurred Claims net of reinsurance
| style="text-align:right" | 11,589
| style="text-align:right" | 11,778
| style="text-align:right" | 11,623
| style="text-align:right" | 11,205
| style="text-align:right" | 11,349
| style="text-align:right" | 11,502
| style="text-align:right" | 11,352
| style="text-align:right" | 10,939
| style="text-align:right" | 75
| style="text-align:right" | 120
| style="text-align:right" | 118
| style="text-align:right" | 124
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 165
| style="text-align:right" | 157
| style="text-align:right" | 154
| style="text-align:right" | 142
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | For long-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Best Estimate Liabilities net of reinsurance
| style="text-align:right" | 275,276
| style="text-align:right" | 285,391
| style="text-align:right" | 280,314
| style="text-align:right" | 280,280
| style="text-align:right" | 112,949
| style="text-align:right" | 115,280
| style="text-align:right" | 114,525
| style="text-align:right" | 114,424
| style="text-align:right" | 114,389
| style="text-align:right" | 117,841
| style="text-align:right" | 116,058
| style="text-align:right" | 115,433
| style="text-align:right" | 324
| style="text-align:right" | 345
| style="text-align:right" | 310
| style="text-align:right" | 309
| style="text-align:right" | 47,614
| style="text-align:right" | 51,926
| style="text-align:right" | 49,420
| style="text-align:right" | 50,113
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | o/w VFA Gross of reinsurance
| style="text-align:right" | 243,037
| style="text-align:right" | 251,273
| style="text-align:right" | 244,964
| style="text-align:right" | 250,326
| style="text-align:right" | 116,132
| style="text-align:right" | 117,942
| style="text-align:right" | 116,770
| style="text-align:right" | 117,266
| style="text-align:right" | 100,727
| style="text-align:right" | 103,800
| style="text-align:right" | 99,267
| style="text-align:right" | 101,144
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 26,178
| style="text-align:right" | 29,530
| style="text-align:right" | 28,928
| style="text-align:right" | 31,916
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | o/w BBA Gross of reinsurance
| style="text-align:right" | 50,917
| style="text-align:right" | 52,713
| style="text-align:right" | 52,731
| style="text-align:right" | 46,724
| style="text-align:right" | 9,606
| style="text-align:right" | 10,019
| style="text-align:right" | 9,848
| style="text-align:right" | 8,873
| style="text-align:right" | 13,770
| style="text-align:right" | 14,107
| style="text-align:right" | 16,752
| style="text-align:right" | 14,106
| style="text-align:right" | 1,670
| style="text-align:right" | 1,659
| style="text-align:right" | 1,522
| style="text-align:right" | 1,473
| style="text-align:right" | 25,871
| style="text-align:right" | 26,927
| style="text-align:right" | 24,608
| style="text-align:right" | 22,272
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | o/w Reinsurance
| style="text-align:right" | -18,679
| style="text-align:right" | -18,595
| style="text-align:right" | -17,381
| style="text-align:right" | -16,770
| style="text-align:right" | -12,790
| style="text-align:right" | -12,682
| style="text-align:right" | -12,093
| style="text-align:right" | -11,715
| style="text-align:right" | -108
| style="text-align:right" | -66
| style="text-align:right" | 39
| style="text-align:right" | 183
| style="text-align:right" | -1,346
| style="text-align:right" | -1,315
| style="text-align:right" | -1,212
| style="text-align:right" | -1,164
| style="text-align:right" | -4,435
| style="text-align:right" | -4,532
| style="text-align:right" | -4,116
| style="text-align:right" | -4,074
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|}
</div>

{{chunk|doc=gr2rpazfcv|c=10|p=10}}
== Health UE by Geography ==

<div style="overflow-x:auto">
{| id="t13" class="wikitable fintable"
|+ Health [[Definition:Underlying earnings|underlying earnings]] build-up by geography
|-
! style="text-align:left" | In EUR million
! colspan="4" style="text-align:center" | Total
! colspan="4" style="text-align:center" | [[Definition:AXA France|France]]
! colspan="4" style="text-align:center" | [[Definition:AXA Europe|Europe]]
! colspan="4" style="text-align:center" | [[Definition:AXA XL|AXA XL]]
! colspan="4" style="text-align:center" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]]
! colspan="4" style="text-align:center" | [[Definition:AXA Transversal & Other|Transversal & Other]]
|-
! style="text-align:left" |
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Short-term Business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Revenues
| style="text-align:right" | 5,867
| style="text-align:right" | 11,960
| style="text-align:right" | 6,301
| style="text-align:right" | 12,972
| style="text-align:right" | 2,752
| style="text-align:right" | 5,661
| style="text-align:right" | 2,865
| style="text-align:right" | 5,744
| style="text-align:right" | 1,725
| style="text-align:right" | 3,495
| style="text-align:right" | 1,997
| style="text-align:right" | 4,314
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 1,300
| style="text-align:right" | 2,629
| style="text-align:right" | 1,350
| style="text-align:right" | 2,742
| style="text-align:right" | 90
| style="text-align:right" | 174
| style="text-align:right" | 88
| style="text-align:right" | 172
|-
| style="text-align:left" | Combined Ratio
| style="text-align:right" | 98.6%
| style="text-align:right" | 98.1%
| style="text-align:right" | 97.8%
| style="text-align:right" | 97.9%
| style="text-align:right" | 97.8%
| style="text-align:right" | 97.9%
| style="text-align:right" | 98.5%
| style="text-align:right" | 98.1%
| style="text-align:right" | 99.4%
| style="text-align:right" | 97.5%
| style="text-align:right" | 96.9%
| style="text-align:right" | 95.2%
| style="text-align:right" | 0.0%
| style="text-align:right" | 0.0%
| style="text-align:right" | 0.0%
| style="text-align:right" | 0.0%
| style="text-align:right" | 100.0%
| style="text-align:right" | 100.0%
| style="text-align:right" | 98.3%
| style="text-align:right" | 102.3%
| style="text-align:right" | 92.2%
| style="text-align:right" | 89.1%
| style="text-align:right" | 83.6%
| style="text-align:right" | 86.7%
|-
| style="text-align:left" | Technical Margin
| style="text-align:right" | 79
| style="text-align:right" | 224
| style="text-align:right" | 141
| style="text-align:right" | 273
| style="text-align:right" | 62
| style="text-align:right" | 117
| style="text-align:right" | 42
| style="text-align:right" | 108
| style="text-align:right" | 10
| style="text-align:right" | 88
| style="text-align:right" | 62
| style="text-align:right" | 206
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 1
| style="text-align:right" | 1
| style="text-align:right" | 23
| style="text-align:right" | -64
| style="text-align:right" | 7
| style="text-align:right" | 19
| style="text-align:right" | 14
| style="text-align:right" | 23
|-
| style="text-align:left" | Long-term Business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | CSM Release
| style="text-align:right" | 259
| style="text-align:right" | 522
| style="text-align:right" | 270
| style="text-align:right" | 539
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 78
| style="text-align:right" | 161
| style="text-align:right" | 84
| style="text-align:right" | 180
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 180
| style="text-align:right" | 360
| style="text-align:right" | 186
| style="text-align:right" | 359
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Technical Experience
| style="text-align:right" | 7
| style="text-align:right" | 3
| style="text-align:right" | -2
| style="text-align:right" | -11
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -6
| style="text-align:right" | -20
| style="text-align:right" | -5
| style="text-align:right" | -17
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 14
| style="text-align:right" | 23
| style="text-align:right" | 3
| style="text-align:right" | 6
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Actual vs. Expected Cash Flows
| style="text-align:right" | 13
| style="text-align:right" | 18
| style="text-align:right" | 2
| style="text-align:right" | 2
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 1
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 12
| style="text-align:right" | 18
| style="text-align:right" | 2
| style="text-align:right" | 2
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Risk Adjustment Release
| style="text-align:right" | 4
| style="text-align:right" | 8
| style="text-align:right" | 7
| style="text-align:right" | 13
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -2
| style="text-align:right" | 1
| style="text-align:right" | 3
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 5
| style="text-align:right" | 10
| style="text-align:right" | 5
| style="text-align:right" | 11
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Changes in Onerous Contracts
| style="text-align:right" | -1
| style="text-align:right" | -2
| style="text-align:right" | -2
| style="text-align:right" | -4
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -1
| style="text-align:right" | -2
| style="text-align:right" | 0
| style="text-align:right" | -3
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -1
| style="text-align:right" | 0
| style="text-align:right" | -1
| style="text-align:right" | -1
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| class="wt-indent-1" style="text-align:left" | Other Long-term
| style="text-align:right" | -8
| style="text-align:right" | -21
| style="text-align:right" | -9
| style="text-align:right" | -22
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -6
| style="text-align:right" | -16
| style="text-align:right" | -6
| style="text-align:right" | -16
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -2
| style="text-align:right" | -5
| style="text-align:right" | -3
| style="text-align:right" | -5
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Financial Result & Other
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Financial Result
| style="text-align:right" | 82
| style="text-align:right" | 176
| style="text-align:right" | 101
| style="text-align:right" | 209
| style="text-align:right" | -3
| style="text-align:right" | -1
| style="text-align:right" | 4
| style="text-align:right" | 12
| style="text-align:right" | 35
| style="text-align:right" | 72
| style="text-align:right" | 37
| style="text-align:right" | 76
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 51
| style="text-align:right" | 105
| style="text-align:right" | 60
| style="text-align:right" | 118
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 2
|-
| class="wt-indent-1" style="text-align:left" | Investment Income
| style="text-align:right" | 160
| style="text-align:right" | 317
| style="text-align:right" | 170
| style="text-align:right" | 341
| style="text-align:right" | 26
| style="text-align:right" | 41
| style="text-align:right" | 24
| style="text-align:right" | 55
| style="text-align:right" | 39
| style="text-align:right" | 77
| style="text-align:right" | 40
| style="text-align:right" | 79
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 95
| style="text-align:right" | 198
| style="text-align:right" | 106
| style="text-align:right" | 205
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 2
|-
| class="wt-indent-1" style="text-align:left" | Insurance Finance Expenses
| style="text-align:right" | -78
| style="text-align:right" | -140
| style="text-align:right" | -69
| style="text-align:right" | -133
| style="text-align:right" | -29
| style="text-align:right" | -43
| style="text-align:right" | -20
| style="text-align:right" | -42
| style="text-align:right" | -4
| style="text-align:right" | -5
| style="text-align:right" | -4
| style="text-align:right" | -3
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -45
| style="text-align:right" | -93
| style="text-align:right" | -45
| style="text-align:right" | -87
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | [[Definition:Other revenue|Other Revenues]]
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Other Expenses
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Debt Financing Charges
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings]] Before Tax
| style="text-align:right" | 427
| style="text-align:right" | 925
| style="text-align:right" | 510
| style="text-align:right" | 1,010
| style="text-align:right" | 59
| style="text-align:right" | 116
| style="text-align:right" | 46
| style="text-align:right" | 120
| style="text-align:right" | 117
| style="text-align:right" | 302
| style="text-align:right" | 178
| style="text-align:right" | 446
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 245
| style="text-align:right" | 489
| style="text-align:right" | 272
| style="text-align:right" | 419
| style="text-align:right" | 7
| style="text-align:right" | 19
| style="text-align:right" | 14
| style="text-align:right" | 25
|-
| style="text-align:left" | Tax
| style="text-align:right" | -96
| style="text-align:right" | -239
| style="text-align:right" | -133
| style="text-align:right" | -216
| style="text-align:right" | -10
| style="text-align:right" | -27
| style="text-align:right" | -7
| style="text-align:right" | -24
| style="text-align:right" | -31
| style="text-align:right" | -87
| style="text-align:right" | -46
| style="text-align:right" | -101
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -55
| style="text-align:right" | -125
| style="text-align:right" | -80
| style="text-align:right" | -88
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -1
| style="text-align:right" | -4
|-
| style="text-align:left" | Income from Affiliates & Other
| style="text-align:right" | 2
| style="text-align:right" | 4
| style="text-align:right" | 8
| style="text-align:right" | 2
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 2
| style="text-align:right" | 4
| style="text-align:right" | 8
| style="text-align:right" | 2
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Minority Interests
| style="text-align:right" | 0
| style="text-align:right" | -4
| style="text-align:right" | -3
| style="text-align:right" | -9
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -1
| style="text-align:right" | 0
| style="text-align:right" | -4
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -3
| style="text-align:right" | -3
| style="text-align:right" | -6
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings Group share]]
| style="text-align:right" | 333
| style="text-align:right" | 687
| style="text-align:right" | 381
| style="text-align:right" | 787
| style="text-align:right" | 49
| style="text-align:right" | 89
| style="text-align:right" | 39
| style="text-align:right" | 96
| style="text-align:right" | 85
| style="text-align:right" | 213
| style="text-align:right" | 132
| style="text-align:right" | 341
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 192
| style="text-align:right" | 366
| style="text-align:right" | 197
| style="text-align:right" | 328
| style="text-align:right" | 7
| style="text-align:right" | 19
| style="text-align:right" | 14
| style="text-align:right" | 22
|-
| style="text-align:left" | For short-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Liabilities for remaining coverage net of reinsurance
| style="text-align:right" | 2,289
| style="text-align:right" | 2,000
| style="text-align:right" | 2,750
| style="text-align:right" | 2,490
| style="text-align:right" | 27
| style="text-align:right" | 18
| style="text-align:right" | 24
| style="text-align:right" | 35
| style="text-align:right" | 1,231
| style="text-align:right" | 981
| style="text-align:right" | 1,654
| style="text-align:right" | 1,375
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 1,022
| style="text-align:right" | 995
| style="text-align:right" | 1,067
| style="text-align:right" | 1,069
| style="text-align:right" | 9
| style="text-align:right" | 6
| style="text-align:right" | 5
| style="text-align:right" | 10
|-
| style="text-align:left" | Best Estimate for incurred Claims net of reinsurance
| style="text-align:right" | 2,286
| style="text-align:right" | 2,384
| style="text-align:right" | 2,337
| style="text-align:right" | 3,386
| style="text-align:right" | 1,240
| style="text-align:right" | 1,329
| style="text-align:right" | 1,091
| style="text-align:right" | 1,911
| style="text-align:right" | 698
| style="text-align:right" | 751
| style="text-align:right" | 898
| style="text-align:right" | 1,062
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 336
| style="text-align:right" | 290
| style="text-align:right" | 334
| style="text-align:right" | 398
| style="text-align:right" | 13
| style="text-align:right" | 14
| style="text-align:right" | 15
| style="text-align:right" | 15
|-
| style="text-align:left" | For long-term business
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Best Estimate Liabilities net of reinsurance
| style="text-align:right" | 20,066
| style="text-align:right" | 20,858
| style="text-align:right" | 20,726
| style="text-align:right" | 20,112
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 20,645
| style="text-align:right" | 21,416
| style="text-align:right" | 21,527
| style="text-align:right" | 21,291
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -579
| style="text-align:right" | -557
| style="text-align:right" | -800
| style="text-align:right" | -1,180
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | o/w VFA Gross of reinsurance
| style="text-align:right" | 20,977
| style="text-align:right" | 21,821
| style="text-align:right" | 21,996
| style="text-align:right" | 21,576
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 20,896
| style="text-align:right" | 21,713
| style="text-align:right" | 21,868
| style="text-align:right" | 21,637
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 81
| style="text-align:right" | 109
| style="text-align:right" | 128
| style="text-align:right" | -62
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | o/w BBA Gross of reinsurance
| style="text-align:right" | -821
| style="text-align:right" | -868
| style="text-align:right" | -1,207
| style="text-align:right" | -1,417
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -250
| style="text-align:right" | -297
| style="text-align:right" | -342
| style="text-align:right" | -346
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -571
| style="text-align:right" | -571
| style="text-align:right" | -866
| style="text-align:right" | -1,071
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | o/w Reinsurance
| style="text-align:right" | -90
| style="text-align:right" | -95
| style="text-align:right" | -62
| style="text-align:right" | -47
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -90
| style="text-align:right" | -95
| style="text-align:right" | -62
| style="text-align:right" | -47
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|}
</div>

{{chunk|doc=gr2rpazfcv|c=11|p=11}}
== Asset Management ==

<div style="overflow-x:auto">
{| id="t14" class="wikitable fintable"
|+ [[Definition:AXA Investment Managers|Asset management]] rollforward
|-
! style="text-align:left" | In EUR million
! colspan="2" style="text-align:center" | 1H24
! colspan="2" style="text-align:center" | [[Definition:Full year 2024|FY24]]
! colspan="2" style="text-align:center" | 1H25
! colspan="2" style="text-align:center" | [[Definition:Full year 2025|FY25]] {{fn ref|7|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}
|-
! style="text-align:left" |
! class="col-m" style="text-align:right" | Total
! class="col-s" style="text-align:right" | o/w Third Party
! class="col-m" style="text-align:right" | Total
! class="col-s" style="text-align:right" | o/w Third Party
! class="col-m" style="text-align:right" | Total
! class="col-s" style="text-align:right" | o/w Third Party
! class="col-m" style="text-align:right" | Total
! class="col-s" style="text-align:right" | o/w Third Party
|-
| style="text-align:left" | Opening [[Definition:Assets under management|AUM]] (in Euro billion)
| style="text-align:right" | 843
| style="text-align:right" | 332
| style="text-align:right" | 843
| style="text-align:right" | 332
| style="text-align:right" | 879
| style="text-align:right" | 356
| style="text-align:right" | 879
| style="text-align:right" | 356
|-
| style="text-align:left" | Net Inflows
| style="text-align:right" | 7
| style="text-align:right" | -1
| style="text-align:right" | 3
| style="text-align:right" | 4
| style="text-align:right" | -3
| style="text-align:right" | -10
| style="text-align:right" | -3
| style="text-align:right" | -10
|-
| style="text-align:left" | Scope & Other
| style="text-align:right" | 0
| style="text-align:right" | 10
| style="text-align:right" | 2
| style="text-align:right" | 21
| style="text-align:right" | 0
| style="text-align:right" | -6
| style="text-align:right" | 0
| style="text-align:right" | -6
|-
| style="text-align:left" | Market Effect
| style="text-align:right" | 12
| style="text-align:right" | 10
| style="text-align:right" | 26
| style="text-align:right" | 21
| style="text-align:right" | -3
| style="text-align:right" | -6
| style="text-align:right" | -3
| style="text-align:right" | -6
|-
| style="text-align:left" | Currency Impact
| style="text-align:right" | -4
| style="text-align:right" | 10
| style="text-align:right" | 5
| style="text-align:right" | 21
| style="text-align:right" | -21
| style="text-align:right" | -6
| style="text-align:right" | -21
| style="text-align:right" | -6
|-
| style="text-align:left" | Closing [[Definition:Assets under management|AUM]] (in Euro billion)
| style="text-align:right" | 859
| style="text-align:right" | 340
| style="text-align:right" | 879
| style="text-align:right" | 356
| style="text-align:right" | 853
| style="text-align:right" | 341
| style="text-align:right" | 853
| style="text-align:right" | 341
|-
| class="wt-indent-1" style="text-align:left" | Alternatives
| style="text-align:right" | 227
| style="text-align:right" | 86
| style="text-align:right" | 229
| style="text-align:right" | 90
| style="text-align:right" | 233
| style="text-align:right" | 95
| style="text-align:right" | 233
| style="text-align:right" | 95
|-
| class="wt-indent-1" style="text-align:left" | Core & Other
| style="text-align:right" | 532
| style="text-align:right" | 254
| style="text-align:right" | 551
| style="text-align:right" | 266
| style="text-align:right" | 528
| style="text-align:right" | 246
| style="text-align:right" | 528
| style="text-align:right" | 246
|-
| class="wt-indent-1" style="text-align:left" | Asian Joint Ventures
| style="text-align:right" | 101
| style="text-align:right" | —
| style="text-align:right" | 99
| style="text-align:right" | —
| style="text-align:right" | 92
| style="text-align:right" | —
| style="text-align:right" | 92
| style="text-align:right" | —
|-
| style="text-align:left" | Gross Revenues - After Intercompany Elimination
| style="text-align:right" | 787
| style="text-align:right" | —
| style="text-align:right" | 1,701
| style="text-align:right" | —
| style="text-align:right" | 875
| style="text-align:right" | —
| style="text-align:right" | 875
| style="text-align:right" | —
|-
| style="text-align:left" | Gross Revenues - Before Intercompany Elimination
| style="text-align:right" | 937
| style="text-align:right" | —
| style="text-align:right" | 2,004
| style="text-align:right" | —
| style="text-align:right" | 1,018
| style="text-align:right" | —
| style="text-align:right" | 1,018
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Management Fees
| style="text-align:right" | 679
| style="text-align:right" | 385
| style="text-align:right" | 1,425
| style="text-align:right" | 773
| style="text-align:right" | 724
| style="text-align:right" | 439
| style="text-align:right" | 724
| style="text-align:right" | 439
|-
| class="wt-indent-1" style="text-align:left" | Performance Fees
| style="text-align:right" | 18
| style="text-align:right" | 8
| style="text-align:right" | 57
| style="text-align:right" | 21
| style="text-align:right" | 16
| style="text-align:right" | 9
| style="text-align:right" | 16
| style="text-align:right" | 9
|-
| class="wt-indent-1" style="text-align:left" | Distribution Fees
| style="text-align:right" | 205
| style="text-align:right" | —
| style="text-align:right" | 409
| style="text-align:right" | —
| style="text-align:right" | 231
| style="text-align:right" | —
| style="text-align:right" | 231
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Other
| style="text-align:right" | 35
| style="text-align:right" | —
| style="text-align:right" | 112
| style="text-align:right" | —
| style="text-align:right" | 46
| style="text-align:right" | —
| style="text-align:right" | 46
| style="text-align:right" | —
|-
| style="text-align:left" | General Expenses
| style="text-align:right" | -698
| style="text-align:right" | —
| style="text-align:right" | -1,493
| style="text-align:right" | —
| style="text-align:right" | -793
| style="text-align:right" | —
| style="text-align:right" | -793
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Distribution Fees Retroceded
| style="text-align:right" | -205
| style="text-align:right" | —
| style="text-align:right" | -409
| style="text-align:right" | —
| style="text-align:right" | -231
| style="text-align:right" | —
| style="text-align:right" | -231
| style="text-align:right" | —
|-
| style="text-align:left" | Financial Result
| style="text-align:right" | 24
| style="text-align:right" | —
| style="text-align:right" | 35
| style="text-align:right" | —
| style="text-align:right" | 14
| style="text-align:right" | —
| style="text-align:right" | 14
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings]] Before Tax
| style="text-align:right" | 263
| style="text-align:right" | —
| style="text-align:right" | 546
| style="text-align:right" | —
| style="text-align:right" | 239
| style="text-align:right" | —
| style="text-align:right" | 239
| style="text-align:right" | —
|-
| style="text-align:left" | Tax
| style="text-align:right" | -69
| style="text-align:right" | —
| style="text-align:right" | -160
| style="text-align:right" | —
| style="text-align:right" | -68
| style="text-align:right" | —
| style="text-align:right" | -68
| style="text-align:right" | —
|-
| style="text-align:left" | Income from Affiliates & Other
| style="text-align:right" | 16
| style="text-align:right" | —
| style="text-align:right" | 29
| style="text-align:right" | —
| style="text-align:right" | 8
| style="text-align:right" | —
| style="text-align:right" | 8
| style="text-align:right" | —
|-
| style="text-align:left" | Minority Interests
| style="text-align:right" | -6
| style="text-align:right" | —
| style="text-align:right" | -13
| style="text-align:right" | —
| style="text-align:right" | -4
| style="text-align:right" | —
| style="text-align:right" | -4
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings Group Share]]
| style="text-align:right" | 204
| style="text-align:right" | —
| style="text-align:right" | 402
| style="text-align:right" | —
| style="text-align:right" | 175
| style="text-align:right" | —
| style="text-align:right" | 175
| style="text-align:right" | —
|-
| style="text-align:left" | Average [[Definition:Assets under management|Assets under Management]] (€bn)
| style="text-align:right" | 749
| style="text-align:right" | —
| style="text-align:right" | 759
| style="text-align:right" | —
| style="text-align:right" | 769
| style="text-align:right" | —
| style="text-align:right" | 769
| style="text-align:right" | —
|-
| style="text-align:left" | [[Definition:AXA Investment Managers|Asset Management]] Fee bps
| style="text-align:right" | 18.1 bps
| style="text-align:right" | —
| style="text-align:right" | 18.8 bps
| style="text-align:right" | —
| style="text-align:right" | 18.8 bps
| style="text-align:right" | —
| style="text-align:right" | 18.8 bps
| style="text-align:right" | —
|-
| style="text-align:left" | Underlying Cost Income Ratio
| style="text-align:right" | 67.3%
| style="text-align:right" | —
| style="text-align:right" | 68.0%
| style="text-align:right" | —
| style="text-align:right" | 71.4%
| style="text-align:right" | —
| style="text-align:right" | 71.4%
| style="text-align:right" | —
|}
</div>

{{fn note|1=7|2=AXA IM FY contribution presented in this document corresponds to its effective contribution to the Group’s results over the period of time when it was consolidated, i.e. until 1st July 2025.}}

{{chunk|doc=gr2rpazfcv|c=12|p=12}}
== Holdings ==

<div style="overflow-x:auto">
{| id="t15" class="wikitable fintable"
|+ Holdings [[Definition:Underlying earnings|underlying earnings]] build-up {{fn ref|8|2=Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.}}
|-
! style="text-align:left" | In EUR million
! class="col-m" style="text-align:right" | 1H24
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | 1H25
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Financial Result
| style="text-align:right" | 181
| style="text-align:right" | 402
| style="text-align:right" | 228
| style="text-align:right" | 422
|-
| style="text-align:left" | [[Definition:Other revenue|Other Revenues]]
| style="text-align:right" | 522
| style="text-align:right" | 1,050
| style="text-align:right" | 607
| style="text-align:right" | 1,149
|-
| style="text-align:left" | Other Expenses
| style="text-align:right" | -925
| style="text-align:right" | -1,986
| style="text-align:right" | -1,075
| style="text-align:right" | -2,107
|-
| style="text-align:left" | Debt Financing Charges
| style="text-align:right" | -471
| style="text-align:right" | -948
| style="text-align:right" | -452
| style="text-align:right" | -928
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings]] Before Tax
| style="text-align:right" | -693
| style="text-align:right" | -1,482
| style="text-align:right" | -692
| style="text-align:right" | -1,464
|-
| style="text-align:left" | Tax
| style="text-align:right" | 100
| style="text-align:right" | 324
| style="text-align:right" | 101
| style="text-align:right" | 284
|-
| style="text-align:left" | Income from Affiliates & Other
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Minority Interests
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings Group share]]
| style="text-align:right" | -592
| style="text-align:right" | -1,157
| style="text-align:right" | -591
| style="text-align:right" | -1,180
|}
</div>

<div style="overflow-x:auto">
{| id="t16" class="wikitable fintable"
|+ Holdings cash balance rollforward
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | 1H24
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | 1H25
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Opening Cash Balance at [[Definition:AXA|AXA]] SA {{fn ref|9|2=Includes liquid invested assets.}}
| style="text-align:right" | —
| style="text-align:right" | 4.0
| style="text-align:right" | —
| style="text-align:right" | 4.0
|-
| style="text-align:left" | Net cash remittance from subsidiaries {{fn ref|10|2=Includes exceptional cash remittances from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.4 billion in 2024) and AXA Life Europe (Euro +0.2 billion in 2024).}}
| style="text-align:right" | —
| style="text-align:right" | 7.7
| style="text-align:right" | —
| style="text-align:right" | 7.5
|-
| class="wt-indent-1" style="text-align:left" | [[Definition:Property & casualty|Property & Casualty]]
| style="text-align:right" | —
| style="text-align:right" | 4.0
| style="text-align:right" | —
| style="text-align:right" | 5.1
|-
| class="wt-indent-1" style="text-align:left" | [[Definition:Life & health|Life & Health]]
| style="text-align:right" | —
| style="text-align:right" | 3.6
| style="text-align:right" | —
| style="text-align:right" | 2.5
|-
| class="wt-indent-1" style="text-align:left" | [[Definition:AXA Investment Managers|Asset Management]] & Other
| style="text-align:right" | —
| style="text-align:right" | 0.1
| style="text-align:right" | —
| style="text-align:right" | 0.0
|-
| style="text-align:left" | [[Definition:Dividend|Dividends]]
| style="text-align:right" | —
| style="text-align:right" | -4.4
| style="text-align:right" | —
| style="text-align:right" | -4.6
|-
| style="text-align:left" | Share buy-backs {{fn ref|11|2=On top of annual share buy-back, includes Euro +3.5 billion share buy-back in 2025 to offset the earnings dilution resulting from the disposal of AXA IM and Euro +0.7 billion share buy-back in 2024 from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.5 billion) and AXA Life Europe (Euro +0.2 billion).}}
| style="text-align:right" | —
| style="text-align:right" | -1.8
| style="text-align:right" | —
| style="text-align:right" | -4.7
|-
| style="text-align:left" | Holding costs and interests
| style="text-align:right" | —
| style="text-align:right" | -1.3
| style="text-align:right" | —
| style="text-align:right" | -1.3
|-
| style="text-align:left" | Debt issuance
| style="text-align:right" | —
| style="text-align:right" | 0.1
| style="text-align:right" | —
| style="text-align:right" | 1.6
|-
| style="text-align:left" | M&A and disposals
| style="text-align:right" | —
| style="text-align:right" | 0.0
| style="text-align:right" | —
| style="text-align:right" | 3.8
|-
| style="text-align:left" | Other
| style="text-align:right" | —
| style="text-align:right" | -0.3
| style="text-align:right" | —
| style="text-align:right" | -0.7
|-
| style="text-align:left" | Closing Cash Balance at [[Definition:AXA|AXA]] SA {{fn ref|9|2=Includes liquid invested assets.}}
| style="text-align:right" | —
| style="text-align:right" | 4.0
| style="text-align:right" | —
| style="text-align:right" | 5.6
|}
</div>

{{fn note|1=8|2=Includes Bank with Underlying Earnings Group Share of Euro -24 million as of 1H24, -55 million as of FY24, -24 million as of 1H25 and -54 million as of FY25.}}
{{fn note|1=9|2=Includes liquid invested assets.}}
{{fn note|1=10|2=Includes exceptional cash remittances from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.4 billion in 2024) and AXA Life Europe (Euro +0.2 billion in 2024).}}
{{fn note|1=11|2=On top of annual share buy-back, includes Euro +3.5 billion share buy-back in 2025 to offset the earnings dilution resulting from the disposal of AXA IM and Euro +0.7 billion share buy-back in 2024 from the reinsurance treaties for the in-force Savings portfolio at AXA France (Euro +0.5 billion) and AXA Life Europe (Euro +0.2 billion).}}

{{chunk|doc=gr2rpazfcv|c=13|p=13}}
== Activity Indicators ==

<div style="overflow-x:auto">
{| id="t17" class="wikitable fintable"
|+ Activity indicators by [[Definition:Business mix|line of business]]
|-
! style="text-align:left" | In EUR million
! colspan="8" style="text-align:center" | 1H24
! colspan="8" style="text-align:center" | [[Definition:Full year 2024|FY24]]
! colspan="8" style="text-align:center" | 1H25
! colspan="8" style="text-align:center" | [[Definition:Full year 2025|FY25]]
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | [[Definition:Property & casualty|P&C]]
! class="col-s" style="text-align:right" | [[Definition:Life & health|Life & Health]]
! class="col-s" style="text-align:right" | o/w Employee Benefits {{fn ref|12|2=Employee Benefits include Group Protection and Group Health contracts.}}
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health
! class="col-s" style="text-align:right" | [[Definition:AXA Investment Managers|Asset Management]]
! class="col-s" style="text-align:right" | Bank
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | [[Definition:Property & casualty|P&C]]
! class="col-s" style="text-align:right" | [[Definition:Life & health|Life & Health]]
! class="col-s" style="text-align:right" | o/w Employee Benefits {{fn ref|12|2=Employee Benefits include Group Protection and Group Health contracts.}}
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health
! class="col-s" style="text-align:right" | [[Definition:AXA Investment Managers|Asset Management]]
! class="col-s" style="text-align:right" | Bank
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | [[Definition:Property & casualty|P&C]]
! class="col-s" style="text-align:right" | [[Definition:Life & health|Life & Health]]
! class="col-s" style="text-align:right" | o/w Employee Benefits {{fn ref|12|2=Employee Benefits include Group Protection and Group Health contracts.}}
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health
! class="col-s" style="text-align:right" | [[Definition:AXA Investment Managers|Asset Management]]
! class="col-s" style="text-align:right" | Bank
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | [[Definition:Property & casualty|P&C]]
! class="col-s" style="text-align:right" | [[Definition:Life & health|Life & Health]]
! class="col-s" style="text-align:right" | o/w Employee Benefits {{fn ref|12|2=Employee Benefits include Group Protection and Group Health contracts.}}
! class="col-s" style="text-align:right" | Life
! class="col-s" style="text-align:right" | Health
! class="col-s" style="text-align:right" | [[Definition:AXA Investment Managers|Asset Management]]
! class="col-s" style="text-align:right" | Bank
|-
| style="text-align:left" | [[Definition:Gross written premiums & other revenues|Gross Written Premiums & Other Revenues]]
| style="text-align:right" | 59,872
| style="text-align:right" | 32,522
| style="text-align:right" | 26,505
| style="text-align:right" | 6,673
| style="text-align:right" | 17,419
| style="text-align:right" | 9,086
| style="text-align:right" | 787
| style="text-align:right" | 57
| style="text-align:right" | 110,316
| style="text-align:right" | 56,514
| style="text-align:right" | 51,983
| style="text-align:right" | 12,167
| style="text-align:right" | 34,497
| style="text-align:right" | 17,486
| style="text-align:right" | 1,701
| style="text-align:right" | 118
| style="text-align:right" | 64,251
| style="text-align:right" | 34,097
| style="text-align:right" | 29,230
| style="text-align:right" | 7,223
| style="text-align:right" | 19,081
| style="text-align:right" | 10,149
| style="text-align:right" | 875
| style="text-align:right" | 49
| style="text-align:right" | 115,524
| style="text-align:right" | 58,038
| style="text-align:right" | 56,512
| style="text-align:right" | 12,867
| style="text-align:right" | 37,499
| style="text-align:right" | 19,014
| style="text-align:right" | 875
| style="text-align:right" | 99
|-
| style="text-align:left" | IFRS17/9 New Business Value (NBV) (a)
| style="text-align:right" | 1,206
| style="text-align:right" | —
| style="text-align:right" | 1,206
| style="text-align:right" | —
| style="text-align:right" | 953
| style="text-align:right" | 253
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,264
| style="text-align:right" | —
| style="text-align:right" | 2,264
| style="text-align:right" | —
| style="text-align:right" | 1,792
| style="text-align:right" | 473
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 1,189
| style="text-align:right" | —
| style="text-align:right" | 1,189
| style="text-align:right" | —
| style="text-align:right" | 928
| style="text-align:right" | 260
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,233
| style="text-align:right" | —
| style="text-align:right" | 2,233
| style="text-align:right" | —
| style="text-align:right" | 1,747
| style="text-align:right" | 486
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | New Business Contractual Service Margin (NB CSM)
| style="text-align:right" | 1,131
| style="text-align:right" | —
| style="text-align:right" | 1,131
| style="text-align:right" | —
| style="text-align:right" | 919
| style="text-align:right" | 213
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,169
| style="text-align:right" | —
| style="text-align:right" | 2,169
| style="text-align:right" | —
| style="text-align:right" | 1,770
| style="text-align:right" | 399
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 1,184
| style="text-align:right" | —
| style="text-align:right" | 1,184
| style="text-align:right" | —
| style="text-align:right" | 950
| style="text-align:right" | 234
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,199
| style="text-align:right" | —
| style="text-align:right" | 2,199
| style="text-align:right" | —
| style="text-align:right" | 1,822
| style="text-align:right" | 377
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Other NBV {{fn ref|13|2=Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.}}
| style="text-align:right" | 456
| style="text-align:right" | —
| style="text-align:right" | 456
| style="text-align:right" | —
| style="text-align:right" | 333
| style="text-align:right" | 123
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 824
| style="text-align:right" | —
| style="text-align:right" | 824
| style="text-align:right" | —
| style="text-align:right" | 594
| style="text-align:right" | 231
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 382
| style="text-align:right" | —
| style="text-align:right" | 382
| style="text-align:right" | —
| style="text-align:right" | 270
| style="text-align:right" | 113
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 757
| style="text-align:right" | —
| style="text-align:right" | 757
| style="text-align:right" | —
| style="text-align:right" | 491
| style="text-align:right" | 266
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Tax
| style="text-align:right" | -381
| style="text-align:right" | —
| style="text-align:right" | -381
| style="text-align:right" | —
| style="text-align:right" | -299
| style="text-align:right" | -83
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -729
| style="text-align:right" | —
| style="text-align:right" | -729
| style="text-align:right" | —
| style="text-align:right" | -572
| style="text-align:right" | -158
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -378
| style="text-align:right" | —
| style="text-align:right" | -378
| style="text-align:right" | —
| style="text-align:right" | -292
| style="text-align:right" | -86
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -724
| style="text-align:right" | —
| style="text-align:right" | -724
| style="text-align:right" | —
| style="text-align:right" | -567
| style="text-align:right" | -157
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Present Value of Expected Premiums (PVEP) (b)
| style="text-align:right" | 25,588
| style="text-align:right" | —
| style="text-align:right" | 25,588
| style="text-align:right" | —
| style="text-align:right" | 18,234
| style="text-align:right" | 7,354
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 50,896
| style="text-align:right" | —
| style="text-align:right" | 50,896
| style="text-align:right" | —
| style="text-align:right" | 36,860
| style="text-align:right" | 14,036
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 25,918
| style="text-align:right" | —
| style="text-align:right" | 25,918
| style="text-align:right" | —
| style="text-align:right" | 19,487
| style="text-align:right" | 6,430
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 49,357
| style="text-align:right" | —
| style="text-align:right" | 49,357
| style="text-align:right" | —
| style="text-align:right" | 37,103
| style="text-align:right" | 12,254
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | IFRS17/9 NBV Margin (a)/(b)
| style="text-align:right" | 4.7%
| style="text-align:right" | —
| style="text-align:right" | 4.7%
| style="text-align:right" | —
| style="text-align:right" | 5.2%
| style="text-align:right" | 3.4%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 4.4%
| style="text-align:right" | —
| style="text-align:right" | 4.4%
| style="text-align:right" | —
| style="text-align:right" | 4.9%
| style="text-align:right" | 3.4%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 4.6%
| style="text-align:right" | —
| style="text-align:right" | 4.6%
| style="text-align:right" | —
| style="text-align:right" | 4.8%
| style="text-align:right" | 4.0%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 4.5%
| style="text-align:right" | —
| style="text-align:right" | 4.5%
| style="text-align:right" | —
| style="text-align:right" | 4.7%
| style="text-align:right" | 4.0%
| style="text-align:right" | —
| style="text-align:right" | —
|}
</div>

<div style="overflow-x:auto">
{| id="t18" class="wikitable fintable"
|+ Activity indicators by geography
|-
! style="text-align:left" | In EUR million
! colspan="7" style="text-align:center" | 1H24
! colspan="7" style="text-align:center" | [[Definition:Full year 2024|FY24]]
! colspan="7" style="text-align:center" | 1H25
! colspan="7" style="text-align:center" | [[Definition:Full year 2025|FY25]]
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | [[Definition:AXA France|France]]
! class="col-s" style="text-align:right" | [[Definition:AXA Europe|Europe]]
! class="col-s" style="text-align:right" | [[Definition:AXA XL|AXA XL]]
! class="col-s" style="text-align:right" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]]
! class="col-s" style="text-align:right" | [[Definition:AXA Investment Managers|AXA IM]]
! class="col-s" style="text-align:right" | [[Definition:AXA Transversal & Other|Transversal & Other]]
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | [[Definition:AXA France|France]]
! class="col-s" style="text-align:right" | [[Definition:AXA Europe|Europe]]
! class="col-s" style="text-align:right" | [[Definition:AXA XL|AXA XL]]
! class="col-s" style="text-align:right" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]]
! class="col-s" style="text-align:right" | [[Definition:AXA Investment Managers|AXA IM]]
! class="col-s" style="text-align:right" | [[Definition:AXA Transversal & Other|Transversal & Other]]
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | [[Definition:AXA France|France]]
! class="col-s" style="text-align:right" | [[Definition:AXA Europe|Europe]]
! class="col-s" style="text-align:right" | [[Definition:AXA XL|AXA XL]]
! class="col-s" style="text-align:right" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]]
! class="col-s" style="text-align:right" | [[Definition:AXA Investment Managers|AXA IM]]
! class="col-s" style="text-align:right" | [[Definition:AXA Transversal & Other|Transversal & Other]]
! class="col-s" style="text-align:right" | Total
! class="col-s" style="text-align:right" | [[Definition:AXA France|France]]
! class="col-s" style="text-align:right" | [[Definition:AXA Europe|Europe]]
! class="col-s" style="text-align:right" | [[Definition:AXA XL|AXA XL]]
! class="col-s" style="text-align:right" | [[Definition:AXA Asia, Africa & EME-LATAM|Asia, Africa & EME-LATAM]]
! class="col-s" style="text-align:right" | [[Definition:AXA Investment Managers|AXA IM]]
! class="col-s" style="text-align:right" | [[Definition:AXA Transversal & Other|Transversal & Other]]
|-
| style="text-align:left" | [[Definition:Gross written premiums & other revenues|Gross Written Premiums & Other Revenues]]
| style="text-align:right" | 59,872
| style="text-align:right" | 14,719
| style="text-align:right" | 22,579
| style="text-align:right" | 11,220
| style="text-align:right" | 9,571
| style="text-align:right" | 787
| style="text-align:right" | 995
| style="text-align:right" | 110,316
| style="text-align:right" | 28,996
| style="text-align:right" | 39,298
| style="text-align:right" | 19,383
| style="text-align:right" | 19,083
| style="text-align:right" | 1,701
| style="text-align:right" | 1,856
| style="text-align:right" | 64,251
| style="text-align:right" | 15,670
| style="text-align:right" | 24,649
| style="text-align:right" | 11,749
| style="text-align:right" | 10,302
| style="text-align:right" | 875
| style="text-align:right" | 1,006
| style="text-align:right" | 115,524
| style="text-align:right" | 30,598
| style="text-align:right" | 43,005
| style="text-align:right" | 19,277
| style="text-align:right" | 19,925
| style="text-align:right" | 875
| style="text-align:right" | 1,844
|-
| style="text-align:left" | IFRS17/9 New Business Value (NBV) (a)
| style="text-align:right" | 1,206
| style="text-align:right" | 354
| style="text-align:right" | 348
| style="text-align:right" | —
| style="text-align:right" | 504
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,264
| style="text-align:right" | 682
| style="text-align:right" | 597
| style="text-align:right" | —
| style="text-align:right" | 986
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 1,189
| style="text-align:right" | 315
| style="text-align:right" | 364
| style="text-align:right" | —
| style="text-align:right" | 510
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,233
| style="text-align:right" | 695
| style="text-align:right" | 578
| style="text-align:right" | —
| style="text-align:right" | 959
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | New Business Contractual Service Margin (NB CSM)
| style="text-align:right" | 1,131
| style="text-align:right" | 203
| style="text-align:right" | 398
| style="text-align:right" | —
| style="text-align:right" | 531
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,169
| style="text-align:right" | 391
| style="text-align:right" | 731
| style="text-align:right" | —
| style="text-align:right" | 1,047
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 1,184
| style="text-align:right" | 199
| style="text-align:right" | 443
| style="text-align:right" | —
| style="text-align:right" | 541
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 2,199
| style="text-align:right" | 431
| style="text-align:right" | 740
| style="text-align:right" | —
| style="text-align:right" | 1,028
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Other NBV {{fn ref|13|2=Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.}}
| style="text-align:right" | 456
| style="text-align:right" | 275
| style="text-align:right" | 50
| style="text-align:right" | —
| style="text-align:right" | 131
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 824
| style="text-align:right" | 528
| style="text-align:right" | 49
| style="text-align:right" | —
| style="text-align:right" | 247
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 382
| style="text-align:right" | 225
| style="text-align:right" | 28
| style="text-align:right" | —
| style="text-align:right" | 129
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 757
| style="text-align:right" | 506
| style="text-align:right" | 12
| style="text-align:right" | —
| style="text-align:right" | 239
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Tax
| style="text-align:right" | -381
| style="text-align:right" | -123
| style="text-align:right" | -100
| style="text-align:right" | —
| style="text-align:right" | -158
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -729
| style="text-align:right" | -237
| style="text-align:right" | -184
| style="text-align:right" | —
| style="text-align:right" | -309
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -378
| style="text-align:right" | -109
| style="text-align:right" | -107
| style="text-align:right" | —
| style="text-align:right" | -161
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | -724
| style="text-align:right" | -242
| style="text-align:right" | -174
| style="text-align:right" | —
| style="text-align:right" | -308
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Present Value of Expected Premiums (PVEP) (b)
| style="text-align:right" | 25,588
| style="text-align:right" | 12,301
| style="text-align:right" | 6,317
| style="text-align:right" | —
| style="text-align:right" | 6,971
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 50,896
| style="text-align:right" | 25,370
| style="text-align:right" | 11,831
| style="text-align:right" | —
| style="text-align:right" | 13,695
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 25,918
| style="text-align:right" | 11,662
| style="text-align:right" | 6,843
| style="text-align:right" | —
| style="text-align:right" | 7,413
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 49,357
| style="text-align:right" | 22,858
| style="text-align:right" | 12,651
| style="text-align:right" | —
| style="text-align:right" | 13,847
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | IFRS17/9 NBV Margin (a)/(b)
| style="text-align:right" | 4.7%
| style="text-align:right" | 2.9%
| style="text-align:right" | 5.5%
| style="text-align:right" | —
| style="text-align:right" | 7.2%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 4.4%
| style="text-align:right" | 2.7%
| style="text-align:right" | 5.0%
| style="text-align:right" | —
| style="text-align:right" | 7.2%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 4.6%
| style="text-align:right" | 2.7%
| style="text-align:right" | 5.3%
| style="text-align:right" | —
| style="text-align:right" | 6.9%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 4.5%
| style="text-align:right" | 3.0%
| style="text-align:right" | 4.6%
| style="text-align:right" | —
| style="text-align:right" | 6.9%
| style="text-align:right" | —
| style="text-align:right" | —
|}
</div>

{{fn note|1=12|2=Employee Benefits include Group Protection and Group Health contracts.}}
{{fn note|1=13|2=Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.}}

{{chunk|doc=gr2rpazfcv|c=14|p=14}}
== Balance Sheet ==

<div style="overflow-x:auto">
{| id="t19" class="wikitable fintable"
|+ Assets build-up
|-
! style="text-align:left" | In EUR billion
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Goodwill
| style="text-align:right" | 18.1
| style="text-align:right" | 17.8
|-
| style="text-align:left" | Other intangible assets
| style="text-align:right" | 4.4
| style="text-align:right" | 4.4
|-
| style="text-align:left" | Total Intangible assets
| style="text-align:right" | 22.6
| style="text-align:right" | 22.2
|-
| style="text-align:left" | Investments in real estate properties
| style="text-align:right" | 29.2
| style="text-align:right" | 27.8
|-
| style="text-align:left" | Financial investments
| style="text-align:right" | 418.2
| style="text-align:right" | 401.8
|-
| style="text-align:left" | Unit-linked Assets
| style="text-align:right" | 90.1
| style="text-align:right" | 97.2
|-
| style="text-align:left" | Total Investments from Insurance activities
| style="text-align:right" | 537.5
| style="text-align:right" | 526.9
|-
| style="text-align:left" | Investments from Non-Insurance Activities
| style="text-align:right" | 18.5
| style="text-align:right" | 16.6
|-
| style="text-align:left" | Equity Method investments
| style="text-align:right" | 1.5
| style="text-align:right" | 1.5
|-
| style="text-align:left" | Assets Arising from Insurance and Reinsurance Contracts Held
| style="text-align:right" | 26.1
| style="text-align:right" | 23.9
|-
| class="wt-indent-2" style="text-align:left" | Present Value of Future Cash Flows
| style="text-align:right" | 24.1
| style="text-align:right" | 22.0
|-
| class="wt-indent-2" style="text-align:left" | Contractual Service Margin
| style="text-align:right" | 1.4
| style="text-align:right" | 1.4
|-
| class="wt-indent-2" style="text-align:left" | Risk Adjustment
| style="text-align:right" | 0.5
| style="text-align:right" | 0.5
|-
| style="text-align:left" | Receivables and Other Assets
| style="text-align:right" | 24.1
| style="text-align:right" | 21.9
|-
| style="text-align:left" | Assets held for sale
| style="text-align:right" | 4.5
| style="text-align:right" | 0.2
|-
| style="text-align:left" | Cash and cash equivalents
| style="text-align:right" | 19.0
| style="text-align:right" | 22.2
|-
| style="text-align:left" | Total Assets
| style="text-align:right" | 653.8
| style="text-align:right" | 635.5
|}
</div>

<div style="overflow-x:auto">
{| id="t20" class="wikitable fintable"
|+ Liabilities, non-controlling interests, and shareholders' equity build-up
|-
! style="text-align:left" | In EUR billion
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Shareholders' Equity group share
| style="text-align:right" | 49.9
| style="text-align:right" | 47.2
|-
| style="text-align:left" | Non-controlling Interests
| style="text-align:right" | 2.5
| style="text-align:right" | 2.4
|-
| style="text-align:left" | Shareholders’ equity
| style="text-align:right" | 52.5
| style="text-align:right" | 49.6
|-
| style="text-align:left" | Financing debt
| style="text-align:right" | 14.4
| style="text-align:right" | 15.8
|-
| style="text-align:left" | Liabilities arising from insurance contracts and investment contracts with discretionary participation features contracts
| style="text-align:right" | 477.0
| style="text-align:right" | 470.4
|-
| class="wt-indent-2" style="text-align:left" | Present Value of Future Cash Flows
| style="text-align:right" | 438.4
| style="text-align:right" | 432.6
|-
| class="wt-indent-2" style="text-align:left" | Contractual Service Margin
| style="text-align:right" | 35.3
| style="text-align:right" | 34.7
|-
| class="wt-indent-2" style="text-align:left" | Risk Adjustment
| style="text-align:right" | 3.3
| style="text-align:right" | 3.1
|-
| style="text-align:left" | Other Investment Contract Liabilities
| style="text-align:right" | 12.6
| style="text-align:right" | 12.8
|-
| style="text-align:left" | Liabilities arising from insurance, reinsurance and investment contracts
| style="text-align:right" | 489.6
| style="text-align:right" | 483.2
|-
| style="text-align:left" | Liabilities Arising from Non-Insurance Activities
| style="text-align:right" | 10.1
| style="text-align:right" | 9.9
|-
| style="text-align:left" | Provisions for risks and charges
| style="text-align:right" | 4.9
| style="text-align:right" | 4.6
|-
| style="text-align:left" | Payables and Other liabilities
| style="text-align:right" | 80.9
| style="text-align:right" | 72.5
|-
| style="text-align:left" | Liabilities held for sale
| style="text-align:right" | 1.4
| style="text-align:right" | 0.0
|-
| style="text-align:left" | Total Liabilities, Non-controlling Interests and Shareholders' Equity
| style="text-align:right" | 653.8
| style="text-align:right" | 635.5
|}
</div>

{{chunk|doc=gr2rpazfcv|c=15|p=15}}
== CSM rollforward ==

<div style="overflow-x:auto">
{| id="t21" class="wikitable fintable"
|+ Contractual Service Margin (CSM) rollforward by [[Definition:Business mix|business unit]]
|-
! style="text-align:left" | In EUR million
! class="col-m" style="text-align:right" | FY23 Restated {{fn ref|14|2=Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.}}
! class="col-m" style="text-align:right" | New Business CSM
! class="col-m" style="text-align:right" | Underlying Return on inforce
! class="col-m" style="text-align:right" | CSM Release
! class="col-m" style="text-align:right" | Economic Variance
! class="col-s" style="text-align:right" | Operating Variance
! class="col-m" style="text-align:right" | Other {{fn ref|15|2=Including scope changes and FX.}}
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
|-
| style="text-align:left" | Total Group (pre-tax)
| style="text-align:right" | 34,187
| style="text-align:right" | 2,169
| style="text-align:right" | 1,383
| style="text-align:right" | -2,775
| style="text-align:right" | -998
| style="text-align:right" | 432
| style="text-align:right" | -545
| style="text-align:right" | 33,853
|-
| class="wt-indent-2" style="text-align:left" | [[Definition:Property & casualty|P&C]]
| style="text-align:right" | 206
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 76
| style="text-align:right" | 282
|-
| class="wt-indent-2" style="text-align:left" | Life
| style="text-align:right" | 26,200
| style="text-align:right" | 1,770
| style="text-align:right" | 1,172
| style="text-align:right" | -2,253
| style="text-align:right" | -890
| style="text-align:right" | 363
| style="text-align:right" | -534
| style="text-align:right" | 25,826
|-
| class="wt-indent-2" style="text-align:left" | Health
| style="text-align:right" | 7,782
| style="text-align:right" | 400
| style="text-align:right" | 211
| style="text-align:right" | -522
| style="text-align:right" | -108
| style="text-align:right" | 69
| style="text-align:right" | -87
| style="text-align:right" | 7,744
|-
| style="text-align:left" | Total Group (post-tax)
| style="text-align:right" | 26,777
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 26,320
|}
</div>

<div style="overflow-x:auto">
{| id="t22" class="wikitable fintable"
|+ Contractual Service Margin (CSM) rollforward by [[Definition:Business mix|business unit]]
|-
! style="text-align:left" | In EUR million
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | New Business CSM
! class="col-m" style="text-align:right" | Underlying Return on inforce
! class="col-m" style="text-align:right" | CSM Release
! class="col-s" style="text-align:right" | Economic Variance
! class="col-m" style="text-align:right" | Operating Variance
! class="col-m" style="text-align:right" | Other {{fn ref|15|2=Including scope changes and FX.}}
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Total Group (pre-tax)
| style="text-align:right" | 33,853
| style="text-align:right" | 2,199
| style="text-align:right" | 1,328
| style="text-align:right" | -2,954
| style="text-align:right" | 594
| style="text-align:right" | -316
| style="text-align:right" | -1,451
| style="text-align:right" | 33,253
|-
| class="wt-indent-2" style="text-align:left" | [[Definition:Property & casualty|P&C]]
| style="text-align:right" | 282
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | -21
| style="text-align:right" | 261
|-
| class="wt-indent-2" style="text-align:left" | Life
| style="text-align:right" | 25,826
| style="text-align:right" | 1,822
| style="text-align:right" | 1,150
| style="text-align:right" | -2,415
| style="text-align:right" | 487
| style="text-align:right" | -526
| style="text-align:right" | -903
| style="text-align:right" | 25,442
|-
| class="wt-indent-2" style="text-align:left" | Health
| style="text-align:right" | 7,744
| style="text-align:right" | 377
| style="text-align:right" | 178
| style="text-align:right" | -539
| style="text-align:right" | 107
| style="text-align:right" | 210
| style="text-align:right" | -527
| style="text-align:right" | 7,550
|-
| style="text-align:left" | Total Group (post-tax)
| style="text-align:right" | 26,320
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 25,864
|}
</div>

{{fn note|1=14|2=Following the termination of the sale of a closed life and pensions portfolio at AXA Germany in 2024. It was classified as held for sale in 2023.}}
{{fn note|1=15|2=Including scope changes and FX.}}

{{chunk|doc=gr2rpazfcv|c=16|p=16}}
== Invested Assets ==

<div style="overflow-x:auto">
{| id="t23" class="wikitable fintable"
|+ General Account invested assets build-up by asset class and rating
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | Fair value
! class="col-s" style="text-align:right" | Asset Allocation %
! class="col-s" style="text-align:right" | o/w Participating
! class="col-m" style="text-align:right" | Duration gap
! colspan="7" style="text-align:center" | Fair Value by Rating
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | Fair value
! class="col-s" style="text-align:right" | Asset Allocation %
! class="col-s" style="text-align:right" | o/w Participating
! class="col-m" style="text-align:right" | Duration gap
! class="col-s" style="text-align:right" | Average rating1 {{fn ref|21|2=Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.03billion, AA: Euro 1billion, A: Euro 1,2 billion, BBB: Euro 3.6 billion, Below investment grade: Euro 5 billion.}}
! class="col-s" style="text-align:right" | AAA
! class="col-s" style="text-align:right" | AA
! class="col-s" style="text-align:right" | A
! class="col-s" style="text-align:right" | BBB
! class="col-s" style="text-align:right" | Below Investment Grade
! class="col-s" style="text-align:right" | Non Rated
|-
| style="text-align:left" | General Account Invested Assets {{fn ref|16|2=Reflects the fair value of assets excluding the minority interest share in assets held in fully consolidated invested funds, hedging derivatives, Unit-linked assets and investments from non-insurance activities.}}
| style="text-align:right" | 450
| style="text-align:right" | —
| style="text-align:right" | 60%
| style="text-align:right" | -0.4 yr
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Fixed Income
| style="text-align:right" | 345
| style="text-align:right" | 77%
| style="text-align:right" | 60%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Government Bonds
| style="text-align:right" | 167
| style="text-align:right" | 37%
| style="text-align:right" | 66%
| style="text-align:right" | —
| style="text-align:right" | AA
| style="text-align:right" | 27%
| style="text-align:right" | 31%
| style="text-align:right" | 28%
| style="text-align:right" | 10%
| style="text-align:right" | 2%
| style="text-align:right" | 2%
|-
| class="wt-indent-1" style="text-align:left" | Corporate Bonds and Loans
| style="text-align:right" | 121
| style="text-align:right" | 27%
| style="text-align:right" | 55%
| style="text-align:right" | —
| style="text-align:right" | A
| style="text-align:right" | 16%
| style="text-align:right" | 6%
| style="text-align:right" | 39%
| style="text-align:right" | 28%
| style="text-align:right" | 11%
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Other Fixed Income
| style="text-align:right" | 56
| style="text-align:right" | 13%
| style="text-align:right" | 52%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-2" style="text-align:left" | Asset Backed Securities {{fn ref|17|2=Includes 91% of CLOs.}}
| style="text-align:right" | 25
| style="text-align:right" | 6%
| style="text-align:right" | 48%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | 54%
| style="text-align:right" | 28%
| style="text-align:right" | 10%
| style="text-align:right" | 3%
| style="text-align:right" | 1%
| style="text-align:right" | 4%
|-
| class="wt-indent-2" style="text-align:left" | Mortgage Loans {{fn ref|18|2=Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion).}}
| style="text-align:right" | 31
| style="text-align:right" | 7%
| style="text-align:right" | 56%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Real Estate
| style="text-align:right" | 41
| style="text-align:right" | 9%
| style="text-align:right" | 63%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Infrastructure Equity
| style="text-align:right" | 10
| style="text-align:right" | 2%
| style="text-align:right" | 64%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Listed Equities {{fn ref|19|2=Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating).}}
| style="text-align:right" | 10
| style="text-align:right" | 2%
| style="text-align:right" | 82%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Private Equity & Hedge Funds {{fn ref|20|2=Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).}}
| style="text-align:right" | 23
| style="text-align:right" | 5%
| style="text-align:right" | 55%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Cash
| style="text-align:right" | 19
| style="text-align:right" | 4%
| style="text-align:right" | 50%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Policy Loans
| style="text-align:right" | 2
| style="text-align:right" | 0%
| style="text-align:right" | 51%
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|}
</div>

{{fn note|1=21|2=Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.03billion, AA: Euro 1billion, A: Euro 1,2 billion, BBB: Euro 3.6 billion, Below investment grade: Euro 5 billion.}}
{{fn note|1=16|2=Reflects the fair value of assets excluding the minority interest share in assets held in fully consolidated invested funds, hedging derivatives, Unit-linked assets and investments from non-insurance activities.}}
{{fn note|1=17|2=Includes 91% of CLOs.}}
{{fn note|1=18|2=Residential loans (Euro 16 billion), Agency Pools (Euro 8 billion), and Commercial & agricultural loans (Euro 7 billion).}}
{{fn note|1=19|2=Includes hedges. Listed equities excluding hedges at Euro 14 billion (basis for % of participating).}}
{{fn note|1=20|2=Private Equity (Euro 17 billion), Hedge Funds (Euro 5 billion) and Non-listed Equities (Euro 1 billion).}}

{{chunk|doc=gr2rpazfcv|c=17|p=17}}
== Supplementary Info on Asset ==

<div style="overflow-x:auto">
{| id="t24" class="wikitable fintable"
|+ Government bonds breakdown by geographical exposure
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | Fair Value
! class="col-s" style="text-align:right" | Belgium
! class="col-s" style="text-align:right" | [[Definition:AXA France|France]]
! class="col-s" style="text-align:right" | Germany
! class="col-s" style="text-align:right" | Italy
! class="col-s" style="text-align:right" | Japan
! class="col-s" style="text-align:right" | Netherlands
! class="col-s" style="text-align:right" | Spain
! class="col-s" style="text-align:right" | Switzerland
! class="col-s" style="text-align:right" | United States
! class="col-s" style="text-align:right" | Other EU countries
! class="col-s" style="text-align:right" | Supranational
! class="col-s" style="text-align:right" | Rest of the World
|-
| style="text-align:left" | Breakdown By Geographical Exposure
| style="text-align:right" | 167
| style="text-align:right" | 6%
| style="text-align:right" | 12%
| style="text-align:right" | 6%
| style="text-align:right" | 5%
| style="text-align:right" | 8%
| style="text-align:right" | 3%
| style="text-align:right" | 6%
| style="text-align:right" | 9%
| style="text-align:right" | 10%
| style="text-align:right" | 8%
| style="text-align:right" | 13%
| style="text-align:right" | 15%
|}
</div>

<div style="overflow-x:auto">
{| id="t25" class="wikitable fintable"
|+ Corporate bonds and loans breakdown by industry
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | Fair Value
! class="col-s" style="text-align:right" | Basic Materials
! class="col-s" style="text-align:right" | Communications
! class="col-s" style="text-align:right" | Consumer, Cyclical
! class="col-s" style="text-align:right" | Consumer, Non-Cyclical
! style="text-align:left" | Covered and Senior Secured Bonds
! class="col-s" style="text-align:right" | Energy
! class="col-s" style="text-align:right" | Financials
! class="col-s" style="text-align:right" | Industrial
! class="col-s" style="text-align:right" | Technology
! class="col-s" style="text-align:right" | Utilities
! class="col-s" style="text-align:right" | Other
|-
| style="text-align:left" | Breakdown By Industry
| style="text-align:right" | 121
| style="text-align:right" | 2%
| style="text-align:right" | 6%
| style="text-align:right" | 4%
| style="text-align:right" | 11%
| style="text-align:left" | 29%
| style="text-align:right" | 1%
| style="text-align:right" | 28%
| style="text-align:right" | 6%
| style="text-align:right" | 2%
| style="text-align:right" | 8%
| style="text-align:right" | 3%
|}
</div>

<div style="overflow-x:auto">
{| id="t26" class="wikitable fintable"
|+ Corporate bonds and loans exposure to financials {{fn ref|31|2=Includes REITS corporate bonds (Euro 3 billion).}}
|-
! style="text-align:left" | In EUR billion
! class="col-m" style="text-align:right" | Total
! class="col-m" style="text-align:right" | Banks
! class="col-s" style="text-align:right" | Non-Banks1 {{fn ref|23|2=Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).}}
|-
| style="text-align:left" | Total
| style="text-align:right" | 33.4
| style="text-align:right" | 27.5
| style="text-align:right" | 6.0
|-
| style="text-align:left" | Senior Unsecured Bonds
| style="text-align:right" | 29.8
| style="text-align:right" | 24.3
| style="text-align:right" | 5.5
|-
| style="text-align:left" | Subordinated Bonds {{fn ref|22|2=Includes AT1 (Euro 0.4 billion).}}
| style="text-align:right" | 3.0
| style="text-align:right" | 2.7
| style="text-align:right" | 0.4
|-
| style="text-align:left" | Other
| style="text-align:right" | 0.6
| style="text-align:right" | 0.5
| style="text-align:right" | 0.1
|}
</div>

<div style="overflow-x:auto">
{| id="t27" class="wikitable fintable"
|+ Listed equities breakdown by asset domiciliation
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | Fair Value
! class="col-s" style="text-align:right" | Belgium
! class="col-s" style="text-align:right" | [[Definition:AXA France|France]]
! class="col-s" style="text-align:right" | Germany
! class="col-s" style="text-align:right" | Japan
! class="col-s" style="text-align:right" | Netherlands
! class="col-s" style="text-align:right" | Switzerland
! class="col-s" style="text-align:right" | United States
! class="col-s" style="text-align:right" | Other EU countries
! class="col-s" style="text-align:right" | Rest of the World
|-
| style="text-align:left" | Breakdown By Asset Domiciliation
| style="text-align:right" | 10
| style="text-align:right" | 3%
| style="text-align:right" | 7%
| style="text-align:right" | 3%
| style="text-align:right" | 7%
| style="text-align:right" | 2%
| style="text-align:right" | 4%
| style="text-align:right" | 37%
| style="text-align:right" | 9%
| style="text-align:right" | 27%
|}
</div>

<div style="overflow-x:auto">
{| id="t28" class="wikitable fintable"
|+ Listed equities breakdown by industry {{fn ref|32|2=Including hedges.}}
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | Fair Value
! class="col-s" style="text-align:right" | Basic Materials
! class="col-s" style="text-align:right" | Communications
! class="col-s" style="text-align:right" | Consumer, Cyclical
! class="col-s" style="text-align:right" | Consumer, Non-Cyclical
! class="col-s" style="text-align:right" | Diversified
! class="col-s" style="text-align:right" | Energy
! class="col-s" style="text-align:right" | Financials
! class="col-s" style="text-align:right" | Funds
! class="col-s" style="text-align:right" | Industrial
! class="col-s" style="text-align:right" | Technology
! class="col-s" style="text-align:right" | Utilities
! class="col-s" style="text-align:right" | Other
|-
| style="text-align:left" | Breakdown By Industry
| style="text-align:right" | 10
| style="text-align:right" | 5%
| style="text-align:right" | 11%
| style="text-align:right" | 9%
| style="text-align:right" | 14%
| style="text-align:right" | 3%
| style="text-align:right" | 0%
| style="text-align:right" | 20%
| style="text-align:right" | 6%
| style="text-align:right" | 12%
| style="text-align:right" | 17%
| style="text-align:right" | 1%
| style="text-align:right" | 0%
|}
</div>

<div style="overflow-x:auto">
{| id="t29" class="wikitable fintable"
|+ Real estate breakdown by geographical exposure
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | Fair Value
! class="col-s" style="text-align:right" | Belgium
! class="col-s" style="text-align:right" | [[Definition:AXA France|France]]
! class="col-s" style="text-align:right" | Germany
! class="col-s" style="text-align:right" | Italy
! class="col-s" style="text-align:right" | Japan
! class="col-s" style="text-align:right" | Spain
! class="col-s" style="text-align:right" | Switzerland
! class="col-s" style="text-align:right" | United Kingdom
! class="col-s" style="text-align:right" | United States
! class="col-s" style="text-align:right" | Other EU countries
! class="col-s" style="text-align:right" | Rest of the World
|-
| style="text-align:left" | Breakdown By Geographical Exposure
| style="text-align:right" | 41
| style="text-align:right" | 5%
| style="text-align:right" | 25%
| style="text-align:right" | 11%
| style="text-align:right" | 3%
| style="text-align:right" | 5%
| style="text-align:right" | 4%
| style="text-align:right" | 13%
| style="text-align:right" | 7%
| style="text-align:right" | 12%
| style="text-align:right" | 5%
| style="text-align:right" | 10%
|}
</div>

<div style="overflow-x:auto">
{| id="t30" class="wikitable fintable"
|+ Real estate breakdown by type
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | Fair Value
! class="col-s" style="text-align:right" | Office
! class="col-s" style="text-align:right" | Residential
! class="col-s" style="text-align:right" | Industrial-Logistic
! class="col-s" style="text-align:right" | Retail
! class="col-s" style="text-align:right" | Others
|-
| style="text-align:left" | Breakdown By Type
| style="text-align:right" | 41
| style="text-align:right" | 33%
| style="text-align:right" | 22%
| style="text-align:right" | 15%
| style="text-align:right" | 12%
| style="text-align:right" | 18%
|}
</div>

<div style="overflow-x:auto">
{| id="t31" class="wikitable fintable"
|+ Private equities breakdown by asset domiciliation {{fn ref|33|2=Excluding Non-listed Equity.}}
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | Fair Value
! class="col-s" style="text-align:right" | [[Definition:AXA Europe|Europe]]
! class="col-s" style="text-align:right" | Japan
! class="col-s" style="text-align:right" | United States
! class="col-s" style="text-align:right" | Other
|-
| style="text-align:left" | Breakdown By Asset Domiciliation
| style="text-align:right" | 17
| style="text-align:right" | 45%
| style="text-align:right" | 5%
| style="text-align:right" | 46%
| style="text-align:right" | 5%
|}
</div>

<div style="overflow-x:auto">
{| id="t32" class="wikitable fintable"
|+ Mortgage loans breakdown by type
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | Fair Value
! class="col-s" style="text-align:right" | Residential
! class="col-s" style="text-align:right" | Commercial {{fn ref|24|2=Loan to Value: 46%.}}
|-
| style="text-align:left" | Breakdown by Type
| style="text-align:right" | 23
| style="text-align:right" | 69%
| style="text-align:right" | 31%
|}
</div>

{{fn note|1=31|2=Includes REITS corporate bonds (Euro 3 billion).}}
{{fn note|1=23|2=Excludes banking operations and Euro 8 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises).}}
{{fn note|1=22|2=Includes AT1 (Euro 0.4 billion).}}
{{fn note|1=32|2=Including hedges.}}
{{fn note|1=33|2=Excluding Non-listed Equity.}}
{{fn note|1=24|2=Loan to Value: 46%.}}

{{chunk|doc=gr2rpazfcv|c=18|p=18}}
== Shareholders Equity ==

<div style="overflow-x:auto">
{| id="t33" class="wikitable fintable"
|+ Change in Group Share Consolidated Shareholders' Equity rollforward
|-
! style="text-align:left" | In EUR billion
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Shareholders' Equity at Beginning of the Period
| style="text-align:right" | 49.9
|-
| style="text-align:left" | Paid-in Capital
| style="text-align:right" | -4.9
|-
| style="text-align:left" | Treasury Shares
| style="text-align:right" | -0.1
|-
| style="text-align:left" | Other Comprehensive Income Arising from Defined Benefit Plans
| style="text-align:right" | -0.3
|-
| style="text-align:left" | Fair Value Recorded in Shareholders' Equity
| style="text-align:right" | 1.3
|-
| class="wt-indent-1" style="text-align:left" | Other Comprehensive Income Related to Invested Assets
| style="text-align:right" | -4.2
|-
| class="wt-indent-1" style="text-align:left" | Other Comprehensive Income Related to (re) Insurance Contracts
| style="text-align:right" | 5.4
|-
| style="text-align:left" | Impact of Currency Fluctuations
| style="text-align:right" | -3.5
|-
| style="text-align:left" | Undated Subordinated Debt (including interest charges)
| style="text-align:right" | -0.3
|-
| style="text-align:left" | Realized Gains on Equity through Retained Earnings
| style="text-align:right" | 0.1
|-
| style="text-align:left" | [[Definition:Dividend|Dividends]]
| style="text-align:right" | -4.6
|-
| style="text-align:left" | Net Income for the Period
| style="text-align:right" | 9.8
|-
| style="text-align:left" | Other
| style="text-align:right" | -0.2
|-
| style="text-align:left" | Shareholders' Equity at End of the Period
| style="text-align:right" | 47.2
|}
</div>

<div style="overflow-x:auto">
{| id="t34" class="wikitable fintable"
|+ Group Share Consolidated Shareholders' Equity build-up
|-
! style="text-align:left" | In EUR billion
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Paid-in Capital
| style="text-align:right" | 21.8
| style="text-align:right" | 16.9
|-
| style="text-align:left" | Treasury Shares
| style="text-align:right" | -1.5
| style="text-align:right" | -1.6
|-
| style="text-align:left" | Other Comprehensive Income Arising from Defined Benefit Plans
| style="text-align:right" | -2.4
| style="text-align:right" | -2.8
|-
| style="text-align:left" | Other Comprehensive Income
| style="text-align:right" | -8.1
| style="text-align:right" | -6.8
|-
| class="wt-indent-1" style="text-align:left" | Other Comprehensive Income Related to Invested Assets
| style="text-align:right" | -13.1
| style="text-align:right" | -17.3
|-
| class="wt-indent-1" style="text-align:left" | Other Comprehensive Income Related to (re) Insurance Contracts
| style="text-align:right" | 5.0
| style="text-align:right" | 10.5
|-
| style="text-align:left" | Translation Reserves
| style="text-align:right" | -1.1
| style="text-align:right" | -4.6
|-
| style="text-align:left" | Undated Subordinated Debt
| style="text-align:right" | 4.8
| style="text-align:right" | 4.6
|-
| style="text-align:left" | Retained Earnings
| style="text-align:right" | 36.5
| style="text-align:right" | 41.4
|-
| style="text-align:left" | Total Shareholders' Equity at the End of the Period
| style="text-align:right" | 49.9
| style="text-align:right" | 47.2
|}
</div>

<div style="overflow-x:auto">
{| id="t35" class="wikitable"
|+ Book value per share and shareholders' equity plus CSM per share
|-
! style="text-align:left" | EUR
! style="text-align:right" | [[Definition:Full year 2024|FY24]]
! style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Book Value per Share {{fn ref|25|2=Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt.}}
| style="text-align:right" | 24.5
| style="text-align:right" | 24.0
|-
| style="text-align:left" | Shareholders' Equity + CSM per Share {{fn ref|26|2=Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.}}
| style="text-align:right" | 32.7
| style="text-align:right" | 33.2
|}
</div>

<div style="overflow-x:auto">
{| id="t36" class="wikitable fintable"
|+ Unrealized gains and losses on invested assets net of tax build-up
|-
! style="text-align:left" | In EUR billion
! class="col-m" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Government Bonds (recyclable)
| style="text-align:right" | -7.5
| style="text-align:right" | -13.0
|-
| style="text-align:left" | Corporate Bonds (recyclable)
| style="text-align:right" | -4.1
| style="text-align:right" | -3.0
|-
| style="text-align:left" | Cash Flow hedges (recyclable)
| style="text-align:right" | -3.5
| style="text-align:right" | -3.3
|-
| style="text-align:left" | Equities (non-recyclable)
| style="text-align:right" | 2.3
| style="text-align:right" | 2.1
|-
| style="text-align:left" | Others (recyclable)
| style="text-align:right" | -0.3
| style="text-align:right" | -0.1
|-
| style="text-align:left" | Total Other Comprehensive Income Related to Invested Assets
| style="text-align:right" | -13.1
| style="text-align:right" | -17.3
|-
| style="text-align:left" | Real Estate
| style="text-align:right" | 6.7
| style="text-align:right" | 6.5
|-
| style="text-align:left" | Other Invested Assets Not Included in Shareholders' Equity
| style="text-align:right" | -0.6
| style="text-align:right" | -0.1
|-
| style="text-align:left" | Total Unrealized Gains and Losses on Invested Assets at Cost (Net of Tax)
| style="text-align:right" | 6.1
| style="text-align:right" | 6.4
|-
| style="text-align:left" | Total Unrealized Gains and Losses on Invested Assets (Net of Tax)
| style="text-align:right" | -7.0
| style="text-align:right" | -10.9
|}
</div>

{{fn note|1=25|2=Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt.}}
{{fn note|1=26|2=Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.}}

{{chunk|doc=gr2rpazfcv|c=19|p=19}}
== RoE & Gearing ==

<div style="overflow-x:auto">
{| id="t37" class="wikitable"
|+ Return on equity
|-
! style="text-align:left" | In EUR billion
! style="text-align:right" | [[Definition:Full year 2024|FY24]]
! style="text-align:right" | [[Definition:Full year 2025|FY25]]
! style="text-align:right" | Change in % points ([[Definition:Full year 2025|FY25]] vs [[Definition:Full year 2024|FY24]])
|-
| style="text-align:left" | Net Income ROE
| style="text-align:right" | 14.8%
| style="text-align:right" | 18.8%
| style="text-align:right" | 3.9 pt
|-
| style="text-align:left" | Net Income {{fn ref|27|2=Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).}}
| style="text-align:right" | 7.7
| style="text-align:right" | 9.6
| style="text-align:right" | —
|-
| style="text-align:left" | Average Adjusted Shareholders' Equity {{fn ref|28|2=Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).}}
| style="text-align:right" | 51.8
| style="text-align:right" | 51.3
| style="text-align:right" | —
|-
| style="text-align:left" | Underlying ROE
| style="text-align:right" | 15.2%
| style="text-align:right" | 16.0%
| style="text-align:right" | 0.8 pt
|-
| style="text-align:left" | [[Definition:Underlying earnings|Underlying Earnings]] {{fn ref|27|2=Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).}}
| style="text-align:right" | 7.9
| style="text-align:right" | 8.2
| style="text-align:right" | —
|-
| style="text-align:left" | Average Adjusted Shareholders' Equity {{fn ref|28|2=Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).}}
| style="text-align:right" | 51.8
| style="text-align:right" | 51.3
| style="text-align:right" | —
|}
</div>

<div style="overflow-x:auto">
{| id="t38" class="wikitable"
|+ Debt gearing build-up
|-
! style="text-align:left" | In EUR billion
! style="text-align:right" | [[Definition:Full year 2024|FY24]]
! style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Financing Debt
| style="text-align:right" | 3.2
| style="text-align:right" | 3.2
|-
| class="wt-indent-1" style="text-align:left" | Financing Debt Instrument Issued
| style="text-align:right" | 3.2
| style="text-align:right" | 3.2
|-
| class="wt-indent-1" style="text-align:left" | Financing Debt Owed to Credit Institutions
| style="text-align:right" | 0.0
| style="text-align:right" | 0.0
|-
| style="text-align:left" | Dated Subordinated Debt
| style="text-align:right" | 11.2
| style="text-align:right" | 12.6
|-
| style="text-align:left" | Reversal of mark-to-market of interest rates derivatives
| style="text-align:right" | -0.1
| style="text-align:right" | -0.1
|-
| style="text-align:left" | Total Gross Debt (A)
| style="text-align:right" | 14.3
| style="text-align:right" | 15.7
|-
| style="text-align:left" | Undated Deeply Subordinated Notes (TSS)
| style="text-align:right" | 2.9
| style="text-align:right" | 4.3
|-
| style="text-align:left" | Deeply Subordinated Notes (TSDI)
| style="text-align:right" | 1.9
| style="text-align:right" | 0.3
|-
| style="text-align:left" | Total Gross Debt incl. Undated and Deeply Subordinated Notes (B)
| style="text-align:right" | 19.2
| style="text-align:right" | 20.3
|-
| style="text-align:left" | Shareholders' Equity (Including Non-Controlling Interests) (a) (C) {{fn ref|29|2=Shareholders' equity includes undated and deeply subordinated debts.}}
| style="text-align:right" | 52.5
| style="text-align:right" | 49.6
|-
| style="text-align:left" | Contractual Service Margin net of tax (D)
| style="text-align:right" | 26.3
| style="text-align:right" | 25.9
|-
| style="text-align:left" | Shareholders' Equity + Contractual Service Margin + Gross Debt (E) = (C) + (D) + (A)
| style="text-align:right" | 93.1
| style="text-align:right" | 91.1
|-
| style="text-align:left" | Debt Gearing (G) = (B) / (E)
| style="text-align:right" | 20.6%
| style="text-align:right" | 22.3%
|}
</div>

{{fn note|1=27|2=Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).}}
{{fn note|1=28|2=Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).}}
{{fn note|1=29|2=Shareholders' equity includes undated and deeply subordinated debts.}}

{{chunk|doc=gr2rpazfcv|c=20|p=20}}
== Information on Solvency II ==

<div style="overflow-x:auto">
{| id="t39" class="wikitable"
|+ Solvency II rollforward
|-
! style="text-align:left" | In EUR billion
! style="text-align:right" | [[Definition:Full year 2024|FY24]]
! style="text-align:right" | Regulatory & model changes
! style="text-align:right" | Normalized Capital Generation
! style="text-align:right" | Operating variance
! style="text-align:right" | Economic variance (incl. [[Definition:Foreign exchange|FX]])
! style="text-align:right" | [[Definition:Dividend|Dividend]] & share buy-backs
! style="text-align:right" | Debt
! style="text-align:right" | M&A, In-force and Other
! style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Eligible Own Fund (EOF)
| style="text-align:right" | 55.9
| style="text-align:right" | 0.2
| style="text-align:right" | 8.8
| style="text-align:right" | -0.4
| style="text-align:right" | -2.1
| style="text-align:right" | -6.0
| style="text-align:right" | 1.6
| style="text-align:right" | -1.7
| style="text-align:right" | 56.4
|-
| style="text-align:left" | Solvency Capital Requirement (SCR)
| style="text-align:right" | 25.9
| style="text-align:right" | 0.0
| style="text-align:right" | 0.6
| style="text-align:right" | 0.0
| style="text-align:right" | -1.2
| style="text-align:right" | 0.0
| style="text-align:right" | 0.0
| style="text-align:right" | -0.2
| style="text-align:right" | 25.2
|-
| style="text-align:left" | Solvency II Ratio
| style="text-align:right" | 216%
| style="text-align:right" | 0%
| style="text-align:right" | 28%
| style="text-align:right" | -1%
| style="text-align:right" | 4%
| style="text-align:right" | -24%
| style="text-align:right" | 6%
| style="text-align:right" | -5%
| style="text-align:right" | 224%
|}
</div>

<div style="overflow-x:auto">
{| id="t40" class="wikitable"
|+ Eligible own fund tiering by sector
|-
! style="text-align:left" | In EUR billion
! style="text-align:right" | Total
! style="text-align:right" | Unrestricted Tier 1
! style="text-align:right" | Restricted Tier 1
! style="text-align:right" | Tier 2
! style="text-align:right" | Tier 3
|-
| style="text-align:left" | EOF as of [[Definition:Full year 2025|FY25]]
| style="text-align:right" | 56.4
| style="text-align:right" | 39.6
| style="text-align:right" | 4.7
| style="text-align:right" | 11.6
| style="text-align:right" | 0.4
|-
| style="text-align:left" | Insurance Sector
| style="text-align:right" | 55.1
| style="text-align:right" | 38.4
| style="text-align:right" | 4.7
| style="text-align:right" | 11.6
| style="text-align:right" | 0.4
|-
| class="wt-indent-1" style="text-align:left" | Ancillary
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Subject to Transitional Measures {{fn ref|30|2=Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.}}
| style="text-align:right" | 2.4
| style="text-align:right" | —
| style="text-align:right" | 1.4
| style="text-align:right" | 1.0
| style="text-align:right" | —
|-
| style="text-align:left" | Other Financial Sectors
| style="text-align:right" | 1.2
| style="text-align:right" | 1.2
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | EOF as of [[Definition:Full year 2024|FY24]]
| style="text-align:right" | 55.9
| style="text-align:right" | 40.0
| style="text-align:right" | 4.9
| style="text-align:right" | 10.2
| style="text-align:right" | 0.8
|-
| style="text-align:left" | Insurance Sector
| style="text-align:right" | 53.5
| style="text-align:right" | 37.5
| style="text-align:right" | 4.9
| style="text-align:right" | 10.2
| style="text-align:right" | 0.8
|-
| class="wt-indent-1" style="text-align:left" | Ancillary
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| class="wt-indent-1" style="text-align:left" | Subject to Transitional Measures {{fn ref|30|2=Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.}}
| style="text-align:right" | 4.5
| style="text-align:right" | —
| style="text-align:right" | 3.4
| style="text-align:right" | 1.1
| style="text-align:right" | —
|-
| style="text-align:left" | Other Financial Sectors
| style="text-align:right" | 2.5
| style="text-align:right" | 2.5
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|}
</div>

<div style="overflow-x:auto">
{| id="t41" class="wikitable fintable"
|+ Solvency II key sensitivities
|-
! style="text-align:left" | In EUR billion
! class="col-s" style="text-align:right" | [[Definition:Full year 2024|FY24]]
! class="col-s" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | Interest Rate +50 bps
| style="text-align:right" | +2 pts
| style="text-align:right" | +2 pts
|-
| style="text-align:left" | Interest Rate -50 bps
| style="text-align:right" | -4 pts
| style="text-align:right" | -1 pt
|-
| style="text-align:left" | Corporate Spread +50bps
| style="text-align:right" | -1 pt
| style="text-align:right" | -1 pt
|-
| style="text-align:left" | Euro Government Spreads +50bps
| style="text-align:right" | -10 pts
| style="text-align:right" | -7 pts
|-
| style="text-align:left" | Credit Migration +20%
| style="text-align:right" | -4 pts
| style="text-align:right" | -4 pts
|-
| style="text-align:left" | Listed Equities +25%
| style="text-align:right" | +0 pt
| style="text-align:right" | -1 pt
|-
| style="text-align:left" | Listed Equities -25%
| style="text-align:right" | -3 pts
| style="text-align:right" | +2 pts
|-
| style="text-align:left" | Private and Infrastructure Equity +25%
| style="text-align:right" | +13 pts
| style="text-align:right" | +14 pts
|-
| style="text-align:left" | Private and Infrastructure Equity -25%
| style="text-align:right" | -15 pts
| style="text-align:right" | -19 pts
|-
| style="text-align:left" | Inflation swap curve +50bps
| style="text-align:right" | -6 pts
| style="text-align:right" | -5 pts
|}
</div>

{{fn note|1=30|2=Transitional measures on basic own funds applied on subordinated debts eligible under Solvency I regulation. These subordinated debts were also eligible under Solvency II until December 31, 2025. They are no longer eligible since January 1, 2026.}}

{{chunk|doc=gr2rpazfcv|c=21|p=21}}
== IFRS17 SHE to Group EOF ==

<div style="overflow-x:auto">
{| id="t42" class="wikitable fintable"
|+ Reconciliation IFRS 17/9 shareholders' equity to Solvency II eligible own funds
|-
! style="text-align:left" | In EUR billion
! class="col-m" style="text-align:right" | [[Definition:Full year 2025|FY25]]
|-
| style="text-align:left" | IFRS SHAREHOLDERS' EQUITY
| style="text-align:right" | 49.6
|-
| style="text-align:left" | Contractual Service Margin (net of tax)
| style="text-align:right" | 25.9
|-
| style="text-align:left" | IFRS SHAREHOLDERS' EQUITY inc. CSM
| style="text-align:right" | 75.5
|-
| style="text-align:left" | Net URCG not included in Shareholders' Equity
| style="text-align:right" | 6.4
|-
| style="text-align:left" | Elimination Undated Subordinated Debts
| style="text-align:right" | -4.6
|-
| style="text-align:left" | Elimination Intangibles
| style="text-align:right" | -21.3
|-
| class="wt-indent-5" style="text-align:left" | Goodwill
| style="text-align:right" | -17.8
|-
| class="wt-indent-5" style="text-align:left" | others
| style="text-align:right" | -3.5
|-
| style="text-align:left" | IFRS TANGIBLE NET ASSET VALUE
| style="text-align:right" | 56.0
|-
| style="text-align:left" | Foreseeable [[Definition:Dividend|dividends]] and distribution
| style="text-align:right" | -6.3
|-
| style="text-align:left" | Technical provision adjustments
| style="text-align:right" | -9.6
|-
| class="wt-indent-5" style="text-align:left" | Risk Margin vs Risk Adjustment
| style="text-align:right" | -6.4
|-
| class="wt-indent-5" style="text-align:left" | BEL adjustment
| style="text-align:right" | -3.2
|-
| style="text-align:left" | Other adjustments
| style="text-align:right" | -0.6
|-
| style="text-align:left" | UNRESTRICTED TIER 1
| style="text-align:right" | 39.6
|-
| style="text-align:left" | Restricted Tier 1 + Tier 2
| style="text-align:right" | 16.4
|-
| style="text-align:left" | Tier 3
| style="text-align:right" | 0.4
|-
| style="text-align:left" | GROUP ELIGIBLE OWN FUNDS
| style="text-align:right" | 56.4
|}
</div>

Category:Document categories

2026-07-27T14:21:26Z

Wikilah admin: Deploy Category:Document categories (Definition-namespace category page)

Classes of source document — the kinds of publication the archive ingests.

Membership is automatic: [[Module:Definition]] emits this category for every <code>Definition:</code> page whose <code>category</code> field includes <code>document_categories</code>. Do not add pages by hand — edit the term's <code>category</code> field instead.

Category:Europe-focused insurance companies

2026-07-27T14:21:24Z

Wikilah admin: Deploy Category:Europe-focused insurance companies (Definition-namespace category page)

Insurance companies writing business primarily in Europe.

Sub-group of [[:Category:Insurance companies]].

Membership is automatic: [[Module:Definition]] emits this category for every <code>Definition:</code> page whose <code>category</code> field includes <code>Europe-focused insurance companies</code>. Do not add pages by hand — edit the term's <code>category</code> field instead.

Category:Insurance companies

2026-07-27T14:21:22Z

Wikilah admin: Deploy Category:Insurance companies (Definition-namespace category page)

Companies whose business is insurance.

Sub-group of [[:Category:Companies]].

Membership is automatic: [[Module:Definition]] emits this category for every <code>Definition:</code> page whose <code>category</code> field includes <code>insurance companies</code>. Do not add pages by hand — edit the term's <code>category</code> field instead.

Category:Companies

2026-07-27T14:21:20Z

Wikilah admin: Deploy Category:Companies (Definition-namespace category page)

Organizations that are companies.

Sub-group of [[:Category:Organizations]].

Membership is automatic: [[Module:Definition]] emits this category for every <code>Definition:</code> page whose <code>category</code> field includes <code>companies</code>. Do not add pages by hand — edit the term's <code>category</code> field instead.

Category:Organizations

2026-07-27T14:21:18Z

Wikilah admin: Deploy Category:Organizations (Definition-namespace category page)

Named entities: companies, regulators, exchanges, and industry bodies.

Membership is automatic: [[Module:Definition]] emits this category for every <code>Definition:</code> page whose <code>category</code> field includes <code>organizations</code>. Do not add pages by hand — edit the term's <code>category</code> field instead.

Category:Periods

2026-07-27T14:21:16Z

Wikilah admin: Deploy Category:Periods (Definition-namespace category page)

Reporting periods — the spans of time a set of figures covers.

Membership is automatic: [[Module:Definition]] emits this category for every <code>Definition:</code> page whose <code>category</code> field includes <code>periods</code>. Do not add pages by hand — edit the term's <code>category</code> field instead.

Category:Business mix

2026-07-27T14:21:14Z

Wikilah admin: Deploy Category:Business mix (Definition-namespace category page)

The named slices a company reports — business units, segments, and lines. The printed label is the issuer's own convention rather than a standard, so the same word can carry different meanings across companies; see [[Definition:Business mix]].

Membership is automatic: [[Module:Definition]] emits this category for every <code>Definition:</code> page whose <code>category</code> field includes <code>business mix</code>. Do not add pages by hand — edit the term's <code>category</code> field instead.

Category:Concepts

2026-07-27T14:21:12Z

Wikilah admin: Deploy Category:Concepts (Definition-namespace category page)

General insurance and financial-reporting ideas that are not themselves reported figures: the vocabulary used to explain results rather than to state them.

Membership is automatic: [[Module:Definition]] emits this category for every <code>Definition:</code> page whose <code>category</code> field includes <code>concepts</code>. Do not add pages by hand — edit the term's <code>category</code> field instead.

Category:Shareholder payout

2026-07-27T14:21:10Z

Wikilah admin: Deploy Category:Shareholder payout (Definition-namespace category page)

Metrics describing what is returned to shareholders — dividends and buybacks — and what share of earnings that represents.

Sub-group of [[:Category:KPIs]].

Membership is automatic: [[Module:Definition]] emits this category for every <code>Definition:</code> page whose <code>category</code> field includes <code>shareholder_payout</code>. Do not add pages by hand — edit the term's <code>category</code> field instead.

Category:Per share

2026-07-27T14:21:08Z

Wikilah admin: Deploy Category:Per share (Definition-namespace category page)

Metrics expressed on a per-share basis, so they move with the share count as well as with the underlying figure.

Sub-group of [[:Category:KPIs]].

Membership is automatic: [[Module:Definition]] emits this category for every <code>Definition:</code> page whose <code>category</code> field includes <code>per_share</code>. Do not add pages by hand — edit the term's <code>category</code> field instead.

Category:P&L

2026-07-27T14:21:06Z

Wikilah admin: Deploy Category:P&L (Definition-namespace category page)

Metrics drawn from the profit-and-loss statement: earnings and results, and the expense and investment lines behind them.

Sub-group of [[:Category:KPIs]].

Membership is automatic: [[Module:Definition]] emits this category for every <code>Definition:</code> page whose <code>category</code> field includes <code>pnl</code>. Do not add pages by hand — edit the term's <code>category</code> field instead.

Category:Volume

2026-07-27T14:21:04Z

Wikilah admin: Deploy Category:Volume (Definition-namespace category page)

Metrics that size the business — premiums, revenue, and assets — rather than measuring what it earned.

Sub-group of [[:Category:KPIs]].

Membership is automatic: [[Module:Definition]] emits this category for every <code>Definition:</code> page whose <code>category</code> field includes <code>volume</code>. Do not add pages by hand — edit the term's <code>category</code> field instead.

Category:KPIs

2026-07-27T14:21:02Z

Wikilah admin: Deploy Category:KPIs (Definition-namespace category page)

Reported performance metrics: the figures insurers publish to describe results, as distinct from the concepts used to discuss them.

Every member also sits in exactly one sub-group — [[:Category:Volume]], [[:Category:P&L]], [[:Category:Per share]], or [[:Category:Shareholder payout]].

Membership is automatic: [[Module:Definition]] emits this category for every <code>Definition:</code> page whose <code>category</code> field includes <code>kpis</code>. Do not add pages by hand — edit the term's <code>category</code> field instead.

Category:Volume

2026-07-27T14:09:32Z

Wikilah admin: Created blank page

Category:KPIs

2026-07-27T14:09:07Z

Wikilah admin: Created blank page

Template:Infobox definition

2026-07-27T14:07:28Z

Wikilah admin: Deploy Template:Infobox definition (Definition-page term infobox)

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Data:HDI Versicherung/2025/FY/Annual report.json

2026-07-27T13:52:49Z

Wikilah admin: Section records derived from the published summary page (231 sections)

{
"doc_id": "9fth4kgfqj",
"document": {
"organization": "HDI Versicherung",
"year": "2025",
"period": "FY",
"document_category": "Annual report",
"document_name": "HDI Versicherung AG Geschäftsbericht 2025",
"publication_date": "2026-03",
"language": "German",
"intro_sentence": "This article summarizes HDI Versicherung's Annual report published on 2026-03 (76 pages)."
},
"sections": [
{
"id": "9fth4kgfqj-c1",
"chunk": 1,
"pages": [
1
],
"heading": "Document identification",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* HDI Versicherung AG\n* Geschäftsbericht 2025\n\n== HDI Versicherung AG at a glance. =="
},
{
"id": "9fth4kgfqj-c2",
"chunk": 2,
"pages": [
2
],
"heading": "HDI Versicherung AG at a glance.",
"tags": [],
"links": [
"Gross written premiums"
],
"data_items": [],
"effective_tags": [
"Gross written premiums"
],
"content": "**HDI Versicherung AG at a glance.**\n\n| In EUR million | 2025 | 2024 | +/-% |\n| --- | --- | --- | --- |\n| Gross written premiums | 1,564.8 | 1,588.3 | -1.5 |\n| Gross incurred claims | 1,006.0 | 1,045.4 | -3.8 |\n| Gross operating expenses | 486.4 | 506.7 | -4.0 |\n| Gross combined ratio (in %) | 95.7 | 98.3 | — |\n| Net technical provisions | 3,761.9 | 3,678.1 | 2.3 |\n| Investments | 3,763.9 | 3,760.8 | 0.1 |\n| Income from investments | -31.8 | 112.0 | -128.4 |\n| Net investment yield (in %) | -0.8 | 3.0 | — |\n| Earnings before profit transfer | 109.5 | 17.6 | 520.4 |\n\n== Content =="
},
{
"id": "9fth4kgfqj-c3",
"chunk": 3,
"pages": [
3
],
"heading": "Report sections",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Section 2: Lagebericht\n* Section 2: Geschäftstätigkeit, Organisation und Struktur\n* Section 3: Wirtschaftsbericht\n* Section 18: Risikobericht\n* Section 26: Prognose- und Chancenbericht\n* Section 29: Versicherungsarten"
},
{
"id": "9fth4kgfqj-c4",
"chunk": 4,
"pages": [
3
],
"heading": "Appendix and financial statements",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Anlage 1 zum Lagebericht (Appendix 1 to the Management Report)\n* Section 32: Jahresabschluss (Annual Financial Statements)\n* Section 32: Bilanz (Balance Sheet)\n* Section 34: Gewinn- und Verlustrechnung (Income Statement)\n* Section 36: Anhang (Notes)"
},
{
"id": "9fth4kgfqj-c5",
"chunk": 5,
"pages": [
3
],
"heading": "Audit and supervisory board reports",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Section 61: Bestätigungsvermerk des unabhängigen Abschlussprüfers (Independent Auditor's Report)\n* Section 68: Bericht des Aufsichtsrats (Report of the Supervisory Board)\n\n== Management Report. ==\n\n=== Business Activities, Organization and Structure ===\n\n==== Corporate Policy Background ===="
},
{
"id": "9fth4kgfqj-c6",
"chunk": 6,
"pages": [
4
],
"heading": "HDI Versicherung AG overview",
"tags": [],
"links": [
"Property \u0026 casualty"
],
"data_items": [],
"effective_tags": [
"Property \u0026 casualty"
],
"content": "* HDI Versicherung AG is part of the Talanx business division Private and Corporate Insurance Germany (HDI Deutschland).\n* HDI Deutschland bundles the activities of private and corporate customer companies in property and casualty (Property \u0026 casualty) insurance, life insurance, and bancassurance in Germany.\n* HDI Deutschland AG manages the HDI Deutschland business division.\n* The registered office of HDI Versicherung AG is Hannover.\n* The company offers broad insurance coverage for private individuals, sole proprietors, freelancers, and small and medium-sized enterprises in liability, accident, property, and motor vehicle insurance.\n* HDI Versicherung AG provides comprehensive insurance coverage for companies in trade, services, and crafts through industry-specific solutions and modular insurance packages.\n* HDI Versicherung AG positions itself as a provider of affordable and transparent insurance products for private and corporate customers.\n* The focus is on price- and performance-conscious customers who independently seek market solutions, as well as consultation-oriented customers who desire customized insurance products.\n* The company uses its in-house sales force organization to provide a holistic support approach for its customers.\n* In addition to its own property and casualty insurance, legal protection, credit, life, and health insurance products from other companies are also offered through this channel.\n* Another distribution channel is the company-mediated employee benefits business."
},
{
"id": "9fth4kgfqj-c7",
"chunk": 7,
"pages": [
4
],
"heading": "Credit rating",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* In February 2025, Standard \u0026 Poor's upgraded the financial strength rating for HDI Versicherung AG from A+ to AA-.\n* The outlook for HDI Versicherung AG's rating is 'stable'.\n* The rating confirms that the company has a particularly strong financial profile.\n\n=== Our Sales Partners ==="
},
{
"id": "9fth4kgfqj-c8",
"chunk": 8,
"pages": [
4
],
"heading": "Distribution strategy and channels",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* HDI aims to provide customers with easy access to its insurance products and diverse consulting and service offerings.\n* This is achieved by maintaining and expanding cooperation with carefully selected distribution partners across all relevant sales channels.\n* Relevant sales channels for HDI include its own exclusive sales organization, distribution through independent intermediaries and multi-agents, and various cooperation partners.\n* The functional organization ensures clear responsibilities and establishes the basis for cross-segment work in property and life insurance.\n* This cross-segment perspective is crucial for improving processes and services for the benefit of customers and distribution partners.\n* With the increasing importance of online sales, HDI also aims to optimize interfaces with its distribution partners and offer them digitally contractible products.\n\n=== Group Services ==="
},
{
"id": "9fth4kgfqj-c9",
"chunk": 9,
"pages": [
4
],
"heading": "Group-wide services and synergies",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* HDI Versicherung AG does not employ its own staff.\n* Its integration into a large insurance group allows for cross-company organized functions, enabling the efficient use of synergies and resources.\n* This structure allows for cost advantages from standardized processing within the group and better conditions with service providers.\n* Essential services from cross-functional areas (e.g., Finance, HR, IT, Operations, and Sales) are provided by HDI AG for the domestic companies of the Talanx Group, including HDI Versicherung AG.\n* HDI Versicherung AG also utilizes central services from Ampega Asset Management GmbH, which manages assets for the insurance companies within the group.\n\n== Economic Report ==\n\n=== Overall Economic and Industry-Specific Framework Conditions ===\n\n==== Economic Development ===="
},
{
"id": "9fth4kgfqj-c10",
"chunk": 10,
"pages": [
5
],
"heading": "Global economic development and trade policy",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Global economic growth remained at 3.3% YoY in 2025, the weakest value since the COVID year 2020, influenced by the start of US President Trump's second term and his administration's trade policy.\n* The \"Liberation Day\" in April and subsequent policy reversals in US trade policy impacted global economic development."
},
{
"id": "9fth4kgfqj-c11",
"chunk": 11,
"pages": [
5
],
"heading": "German and Eurozone economic performance",
"tags": [],
"links": [
"Headwind"
],
"data_items": [],
"effective_tags": [
"Headwind"
],
"content": "* The German economy recorded a +0.2% YoY growth in 2025 after two consecutive recession years.\n* Germany's GDP was only 0.1% above its pre-COVID level at the end of 2019.\n* Growth in Germany was driven by private and government consumption.\n* Declining construction and equipment investments in Germany were not offset by an increase in the defense sector.\n* External trade disputes created headwinds for the German economy.\n* The special fund for infrastructure announced in March and higher defense spending are expected to take full effect in the coming years.\n* Germany and France lagged behind their European peers economically; France experienced political instability and government changes in 2025 due to budget disputes.\n* Eurozone growth accelerated from 0.9% to 1.4% YoY in 2025.\n* Excluding Ireland, which saw double-digit GDP growth in 2025 due to rising pharmaceutical exports, Eurozone growth would have been only 0.9% YoY."
},
{
"id": "9fth4kgfqj-c12",
"chunk": 12,
"pages": [
5
],
"heading": "US economic performance",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The US economy grew by 2.2% YoY in 2025 despite uncertainties from the new administration.\n* Growth was primarily driven by private consumption, though its momentum cooled compared to H2 2024 due to a weaker labor market, increased price pressure (partly from tariffs), and a government shutdown in October/November.\n* Only 181,000 new jobs were created in the US labor market in 2025 (prior: 1,459,000).\n* The unemployment rate in the US rose slightly from 4.1% to 4.4% over the year, as the labor supply decreased due to anti-migration measures.\n* Equipment investments were a growth driver, achieving the strongest increase since 2014 due to the AI boom.\n* A significant reduction in the foreign trade deficit, resulting from trade restrictions, also contributed to growth."
},
{
"id": "9fth4kgfqj-c13",
"chunk": 13,
"pages": [
5
],
"heading": "China and Latin America economic performance",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* China's economic growth was 5.0% YoY in 2025, despite US tariffs (reaching almost 140%) and structural weaknesses in domestic consumption and the real estate sector.\n* China's government growth target was met for the third consecutive year, partly due to state-supported industries like robotics and electromobility.\n* Latin American economies increased their growth in 2025 despite the challenging international environment, partly due to central bank interest rate cuts (excluding Brazil).\n* Latin America's growth rate of 2.8% YoY in 2025 was back to its 2000-2019 average for the first time since the post-COVID rebound."
},
{
"id": "9fth4kgfqj-c14",
"chunk": 14,
"pages": [
5
],
"heading": "Global inflation and interest rates",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The global economy largely overcame the fiscal policy and energy price-induced inflation shock following the COVID-19 pandemic and the war in Ukraine.\n* Eurozone inflation decreased from 2.4% to 2.0% YoY in 2025, reaching the European Central Bank (ECB) target, driven by falling energy prices and a stronger Euro.\n* The ECB cut its key interest rate from 3.00% to 2.00% in several steps during H1 2025.\n* US inflation slightly decreased from 2.9% to 2.7% YoY in 2025, as anticipated strong price effects from US tariff barriers did not fully materialize.\n* US inflation remained above the Federal Reserve's (Fed) target, leading the Fed to react cautiously to the weakening labor market and cut its key interest rate from 4.50% to 3.75%.\n\n==== Capital markets ===="
},
{
"id": "9fth4kgfqj-c15",
"chunk": 15,
"pages": [
5,
6
],
"heading": "International equity markets performance",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* International equity markets reached new records in 2025 despite geopolitical and trade tensions.\n* This performance was driven by a stable economic environment, falling key interest rates, positive corporate earnings development, and strong performance of technology and AI stocks.\n* The US S\u0026P 500 recorded numerous new record highs after a correction following the 'Liberation Day' shock in April.\n* The S\u0026P 500 ended 2025 with a price increase of +16.8% (all performance figures in USD).\n* This was the sixth double-digit increase for the S\u0026P 500 in the last seven years.\n* In 2025, the S\u0026P 500 lagged behind other international markets after its tech-driven rally in the previous year.\n* The S\u0026P 500 was behind industrialised countries overall (MSCI World: +19.9%) and significantly behind emerging market stocks (MSCI EM: +30.1%).\n* Eurozone stocks led in 2025 (EURO STOXX: +37.9%), with Germany (DAX: +39.1%) at the forefront.\n* This was the first time since 2022 that Germany outperformed the USA.\n* The yield on 10-year US Treasuries decreased by 0.40 percentage points to 4.17% in 2025 due to Fed interest rate cuts, despite political attacks on the Fed's independence and rising national debt.\n* The yield on German government bonds of the same maturity rose sharply from 2.41% to 2.90% following the announcement of Germany's special fund for infrastructure and increased defense spending in March.\n* Doubts about rapid implementation caused the German bond yield to fall back below 2.50% within a few weeks.\n* With the new federal budget in the autumn and the prospect of increased issuance activity to finance additional expenditures, the 10-year German bond yield ended the year near its annual high at 2.86% (+0.49 percentage points).\n* A stronger-than-expected increase in oil supply from OPEC+ pushed Brent crude oil prices down from USD 75 to USD 61 per barrel in 2025.\n* The conflict between Israel and Iran caused only a brief increase in oil prices towards USD 80 per barrel.\n* Doubts about US debt sustainability and tariff escalation led to a significant appreciation of the Euro against the US Dollar from 1.04 to 1.18 in the first half of 2025.\n* In the second half of the year, the Euro consolidated slightly below this level due to political attacks on the Fed's independence.\n\n==== Prevention of money laundering and terrorist financing ===="
},
{
"id": "9fth4kgfqj-c16",
"chunk": 16,
"pages": [
7
],
"heading": "Anti-money laundering and terrorism financing compliance",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Insurance companies, as per Art. 13 No. 1 Directive 2009/138/EC, are obligated under § 2 Abs. 1 No. 7 of the Money Laundering Act (GwG) in conjunction with § 6 GwG to implement internal safeguards against money laundering if they conduct life insurance activities, offer accident insurance with premium refunds, or grant loans as defined in § 1 Abs. 1 Satz 2 No. 2 KWG.\n* The company is therefore obligated to comply with the provisions of the GwG and §§ 52 to 55 VAG regarding the prevention of money laundering, terrorism financing, and other criminal acts, due to its loan granting activities as defined in § 1 Abs. 1 Satz 2 No. 2 KWG.\n* The company has established regulations and initiated organizational measures to fulfill these statutory obligations.\n* A Money Laundering Officer and a deputy have been appointed.\n* Loan granting occurs within the scope of capital investment by Ampega Asset Management GmbH, with a process established for control by the Money Laundering Officer.\n* Changes to applicable legal regulations will result from Regulation (EU) 2024/1624 of the European Parliament and of the Council of May 31, 2024, on the prevention of the use of the financial system for money laundering or terrorist financing, which will largely apply from July 10, 2027.\n* Drafts for a few Regulatory Technical Standards (RTS) are already available, including the practically very important RTS on Customer Due Diligence (CDD).\n* Preparations for the implementation of these changes are underway.\n\n==== Digitalization ===="
},
{
"id": "9fth4kgfqj-c17",
"chunk": 17,
"pages": [
7
],
"heading": "Digitalization",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Digitalization has gained increasing importance in recent years, leading to a transition to digital, data-based business models.\n* Legal questions and challenges related to IT security are becoming more important for HDI Group companies.\n* The EU's Digital Operational Resilience Act (DORA) introduces new requirements for insurance companies, effective January 17, 2025, to strengthen the European financial market against cyber risks and ICT incidents.\n* The EU also enacted the Artificial Intelligence Act (Regulation (EU) 2024/1689) in 2024, which affects the insurance industry and will have specific implications for the HDI Group.\n\n==== Data protection ===="
},
{
"id": "9fth4kgfqj-c18",
"chunk": 18,
"pages": [
7
],
"heading": "Data protection",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Talanx Group insurance companies process extensive personal data for application, contract, and claims handling.\n* The data protection management system ensures compliance with data protection requirements, including the EU General Data Protection Regulation (GDPR) and the German Federal Data Protection Act.\n* Employees are trained and contractually obligated to handle data carefully and comply with data protection requirements.\n* Centralized procedures are in place for process-independent data protection requirements, such as commissioning service providers.\n* Data protection rights of customers, shareholders, and employees are also covered by these procedures.\n* Compliance with applicable law is essential for the Talanx Group companies' long-term business success.\n* The Group focuses on adapting its business and products to legal, supervisory, and tax regulations.\n* Mechanisms are in place to identify and assess future legal developments and their impact on business operations early, allowing for timely adjustments.\n\n== Business performance and situation =="
},
{
"id": "9fth4kgfqj-c19",
"chunk": 19,
"pages": [
7
],
"heading": "Business performance and situation",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* This section describes the business performance and situation of HDI Versicherung AG and its consolidated subsidiaries (HDI Versicherung AG Group).\n* The HDI Versicherung AG Group is part of the Talanx Group.\n* The Talanx Group's annual report provides a comprehensive overview of the business performance and situation of the entire Talanx Group.\n* The Talanx Group's annual report is available on its website.\n\n=== Reporting year topics ==="
},
{
"id": "9fth4kgfqj-c20",
"chunk": 20,
"pages": [
7
],
"heading": "Reporting year topics",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* This section covers topics from the reporting year.\n\n==== Future viability of the HDI Germany segment ===="
},
{
"id": "9fth4kgfqj-c21",
"chunk": 21,
"pages": [
7,
8
],
"heading": "HDI Germany \"Substanz\" Strategic Program",
"tags": [],
"links": [
"Business mix"
],
"data_items": [],
"effective_tags": [
"Business mix"
],
"content": "* HDI Germany is continuing its business planning under the new strategic program \"Substanz\" (SBSTNZ.).\n* The guidelines of the new strategy program are: Simple - Focused - Successful.\n* The program aims to promote sustainable growth, strengthen market position, and contribute to long-term stability within the Group.\n* The core of the new strategy is a targeted build-up of excellence along the value chain.\n* Key aspects include reducing complexity and increasing efficiency in internal processes.\n* HDI Germany aims to become more profitable in the medium term by focusing on core competencies and a streamlined product portfolio.\n* The company intends to distinguish itself through high-quality service offerings and reliable collaboration with sales partners.\n* Comprehensive support for existing customers and ensuring the long-term fulfillment of obligations are also crucial.\n* Important progress was made in the strategic program last year, with the company responding to central challenges by sharpening its strategic direction.\n* Initial positive developments towards clearly focused business models and performance-oriented management have been achieved.\n* Operational and financial stability was ensured despite profound changes.\n* The targeted profit improvement was achieved early in some business segments (Business mix).\n* Transformation, key restructuring measures, and cultural development were significantly advanced."
},
{
"id": "9fth4kgfqj-c22",
"chunk": 22,
"pages": [
8
],
"heading": "HDI Germany Strategic Focus Areas",
"tags": [],
"links": [
"Business mix"
],
"data_items": [],
"effective_tags": [
"Business mix"
],
"content": "* HDI Versicherung AG focuses on its strengths within the \"Substanz\" strategic program: exclusive sales, corporate and freelance professions, and selected business models in other important sales channels.\n* In motor insurance, the focus is on securing a profitable portfolio in a competitive market driven by high claims inflation and associated high claims costs.\n* Emphasis is placed on consistent alignment with market requirements and customer needs for simple products and digital processes.\n* Implementation of the \"Substanz\" program shows noticeable efficiency gains through the development of operations and claims, particularly via business model focus, automation, and AI use.\n* The corporate and freelance professions business segment (Business mix) is being expanded through competitive, proven market and business expertise and systematic portfolio management for profitability.\n* Profitability of the portfolio and professionalization/efficiency of processes are consistently and successfully driven in fire and multi-risk products.\n* Average premium income increased due to targeted premium adjustments and restructuring.\n* Risk-limiting measures such as cancellations, more intensive inspections, and new underwriting limits led to a sustainable improvement in the risk portfolio."
},
{
"id": "9fth4kgfqj-c23",
"chunk": 23,
"pages": [
8
],
"heading": "AI and Agility Initiatives",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The use of generative artificial intelligence is planned for the company's future viability and is currently in a testing phase across various departments.\n* Agility is an overarching goal, enabling the organization to react flexibly to changes and act proactively.\n* This includes early identification and adoption of changing economic conditions to make necessary adjustments and respond to market developments.\n* The Agile Delivery Organization (ALO) is continuously reviewed and further developed.\n\n=== IT strategy ==="
},
{
"id": "9fth4kgfqj-c24",
"chunk": 24,
"pages": [
8
],
"heading": "IT strategy and objectives",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The IT strategy for the Private and Corporate Insurance Germany division covers all essential IT aspects for the risk carriers of HDI Germany.\n* The IT strategy incorporates the requirements of the business strategy of all risk carriers.\n* Digitization of processes and service offerings, along with the modernization of IT infrastructure, shape HDI Germany's business activities.\n* The IT strategy aims to transform the application landscape, aligned with the \"Substanz\" business strategy and considering innovative technologies like artificial intelligence.\n* Sustainable implementation of IT compliance and regulatory requirements under the Digital Operational Resilience Act (DORA) is essential.\n* Continuous improvement of the security protection level is also essential.\n\n=== Product ratings ==="
},
{
"id": "9fth4kgfqj-c25",
"chunk": 25,
"pages": [
8
],
"heading": "Product ratings and awards",
"tags": [],
"links": [
"Business mix"
],
"data_items": [],
"effective_tags": [
"Business mix"
],
"content": "* HDI Versicherung AG continuously improves products and services, reflected in product ratings, awards, and seals of approval.\n* Examples of positive ratings are found across all private non-life segments.\n* Stiftung Warentest rated the private liability insurance (Premium product line (Business mix)) with 'Sehr gut (0.7)'.\n* Stiftung Warentest also rated the residential building insurance (Premium product line) with 'Sehr gut (0.7)'.\n* Franke \u0026 Bornberg Research GmbH awarded the HDI private liability insurance (Premium product line, Single and Premium product line, Family) with 'FFF+' (excellent) in the HUS-Privat segment.\n* Franke \u0026 Bornberg Research GmbH also awarded the residential building insurance (Premium product line / Multi-family house Premium product) with 'FFF+' (excellent).\n* The HDI accident insurance (Premium, 100% contribution, protection letter) and HDI household insurance were also recognized.\n\n=== Sustainability ==="
},
{
"id": "9fth4kgfqj-c26",
"chunk": 26,
"pages": [
9
],
"heading": "Sustainability strategy and net-zero targets",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Talanx Group, as an international insurance group and long-term investor, has long been committed to responsible corporate governance focused on sustainable value creation.\n* The sustainability strategy is an integral part of the corporate strategy, based on the targeted implementation of ESG-specific aspects (Environmental, Social, Governance) across the entire value chain.\n* The sustainability strategy focuses on environmental aspects in investments, underwriting, and own operations, the social focus of the Group, and ensuring adequate governance.\n* Talanx Group is committed to supporting the transformation to a low-carbon economy.\n* Talanx Group aims to achieve net-zero emissions by 2050 for its insurance and investment portfolios(1)."
},
{
"id": "9fth4kgfqj-c27",
"chunk": 27,
"pages": [
9
],
"heading": "Thermal coal and fossil fuel exclusions",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* An exit path for thermal coal risks in underwriting was defined until 2038.\n* Exclusions for conventional oil and gas projects in underwriting came into effect in July 2023, including a general exclusion of new greenfield oil and gas projects.\n* Further restrictions were defined, and the phase-out of all existing oil sands risks was brought forward to the end of 2025.\n* Project policies in deep-sea mining are excluded.\n* To advance the decarbonization of the investment portfolio, the focus was recently on refining the positioning towards fossil fuels on the investment side.\n* Since 2024, exclusions for fracking of shale gas and oil in the Arctic apply, in addition to existing exclusions for oil and tar sands and for oil and gas drilling.\n* Since 2025, there will be a systematic reduction of exposure along the entire value chain of the oil and gas sector.\n* The share of oil and gas in the total portfolio of liquid corporate bonds is to be reduced by 20% from the current 5.7% to 4.5% over the next five years.\n* The existing thermal coal exclusion in investments was tightened in 2024."
},
{
"id": "9fth4kgfqj-c28",
"chunk": 28,
"pages": [
9
],
"heading": "Social engagement and governance",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* In 2022, a unified framework for the largely decentralized social and community engagement was created and embedded in the corporate strategy.\n* Four strategic fields of action were defined for the Talanx Group:\n** Diversity, equal opportunities, and inclusion\n** Employee's Journey\n** Ensuring access to education\n** Promoting access to infrastructure\n* The Group's governance is a significant topic for the capital market and a key focus of the sustainability strategy.\n* The Group regularly addresses and implements governance requirements.\n\n=== Performance indicators ==="
},
{
"id": "9fth4kgfqj-c29",
"chunk": 29,
"pages": [
9
],
"heading": "financial performance indicators",
"tags": [],
"links": [
"Gross written premiums"
],
"data_items": [],
"effective_tags": [
"Gross written premiums"
],
"content": "* The company has defined only financial key performance indicators (KPIs) for the 2025 financial year.\n* These KPIs include gross written premiums, gross expenses for insurance claims, gross expenses for insurance operations, investment income, and net profit before profit transfer.\n* The development of these and other key figures will be explained in subsequent chapters."
},
{
"id": "9fth4kgfqj-c30",
"chunk": 30,
"pages": [
9
],
"heading": "product ratings",
"tags": [],
"links": [
"Business mix"
],
"data_items": [],
"effective_tags": [
"Business mix"
],
"content": "* The HDI Versicherung (Premium product line (Business mix)) was rated \"FFF\" (very good).\n* The HDI Kfz-Versicherung (Motor Premium product line) maintained its top rating of \"FFF+\" (excellent) from the independent analysis firm Franke \u0026 Bornberg Research GmbH.\n* In the \"Firmen und Freie Berufe\" (Companies and Freelancers) segment, AssCompact awarded the commercial property insurance \"Beste Produktqualität\" (Best Product Quality) and \"Bestes Preis-Leistungs-Verhältnis\" (Best Price-Performance Ratio).\n* Franke \u0026 Bornberg Research GmbH rated the \"Inhaltsversicherung Sach Allgefahren\" (Property All-Risk Contents Insurance) with modules for Gastronomy, Flood, and Backwater as \"FFF\" (very good).\n* The \"Betriebshaftpflichtversicherung\" (Business Liability Insurance) with modules for Construction, Services, Trade, Crafts (Ancillary Construction Trades), and Ancillary Medical Professions received an \"FFF+\" (excellent) rating.\n* The commercial cyber insurance (Cyber Insurance for Companies and Freelancers, Business Interruption due to Cloud Outage) was also rated \"FFF\" (very good)."
},
{
"id": "9fth4kgfqj-c31",
"chunk": 31,
"pages": [
9
],
"heading": "Performance indicators",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "(1) The Talanx Group always makes decisions based on the current data situation and existing regulations. Should conditions change, the Talanx Group reserves the right to update the corresponding decisions"
},
{
"id": "9fth4kgfqj-c32",
"chunk": 32,
"pages": [
10
],
"heading": "Performance indicators",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The performance indicators are based on the HDI VVG Group, which includes HDI VVG and its subsidiaries, and are prepared in accordance with IFRS.\n* The HDI VVG Group is a sub-group of Talanx AG.\n* The performance indicators are derived from the consolidated financial statements of the HDI VVG Group.\n\n== Earnings performance of HDI Versicherung AG ==\n\n=== Business performance: Insurance business total ==="
},
{
"id": "9fth4kgfqj-c33",
"chunk": 33,
"pages": [
10
],
"heading": "Business performance: Insurance business total",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Business performance: Insurance business total**\n\n| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |\n| --- | --- | --- | --- | --- |\n| Written premiums | 1,564.8 | 1,495.5 | 1,588.3 | 1,513.5 |\n| Earned premiums | 1,559.8 | 1,489.9 | 1,579.5 | 1,504.8 |\n| Incurred claims | 1,006.0 | 996.0 | 1,045.4 | 1,042.3 |\n| Operating expenses | 486.4 | 477.3 | 506.7 | 496.2 |\n| Technical result f. e. R. | — | 20.1 | — | -30.7 |\n| In % — Loss ratio(1)) | 64.5 | 66.9 | 66.2 | 69.3 |\n| In % — Expense ratio(2)) | 31.2 | 32.0 | 32.1 | 33.0 |\n| In % — Combined ratio(3)) | 95.7 | 98.9 | 98.3 | 102.2 |\n\n(1)) Incurred claims in relation to earned premiums\n(2)) Operating expenses in relation to earned premiums\n(3)) Sum of incurred claims and operating expenses in relation to earned premiums"
},
{
"id": "9fth4kgfqj-c34",
"chunk": 34,
"pages": [
10
],
"heading": "Gross written premiums and reinsurance premiums",
"tags": [],
"links": [
"Gross written premiums"
],
"data_items": [],
"effective_tags": [
"Gross written premiums"
],
"content": "* Gross written premiums decreased by EUR 23.5m to EUR 1,564.8m (prior: EUR 1,588.3m).\n* Positive development in corporate lines did not fully offset declines in motor insurance due to portfolio reductions.\n* Freelance professions and private lines also saw slight declines in gross written premiums due to portfolio reductions.\n* Reinsurance premiums decreased by EUR 5.5m to EUR 69.4m (prior: EUR 74.9m) due to lower reinsurance costs and a higher retention rate in the cyber segment.\n* Net earned premiums decreased by EUR 14.9m to EUR 1,489.9m (prior: EUR 1,504.8m)."
},
{
"id": "9fth4kgfqj-c35",
"chunk": 35,
"pages": [
10
],
"heading": "Gross and net claims expenses",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Gross claims expenses decreased by EUR 39.4m to EUR 1,006.0m (prior: EUR 1,045.4m) YoY.\n* Gross current year claims expenses decreased by EUR 172.4m to EUR 1,071.8m (prior: EUR 1,244.1m) due to a reduction in frequency claims, primarily in the motor insurance segment.\n* Increased expenses for large claims, mainly in motor and multi-risk segments, were largely offset by decreasing expenses from natural catastrophes, particularly in comprehensive and building insurance.\n* Gross run-off gain decreased by EUR 133.0m to EUR 65.8m (prior: EUR 198.7m), mainly in liability and motor liability segments due to reserve adjustments for prior year claims.\n* Gross loss ratio decreased by 1.7pts to 64.5% (prior: 66.2%) YoY.\n* Net claims expenses decreased by EUR 46.3m to EUR 996.0m (prior: EUR 1,042.3m).\n* Net current year claims expenses decreased by EUR 165.6m to EUR 1,067.0m (prior: EUR 1,232.6m).\n* Net run-off gain decreased by EUR 119.2m to EUR 71.0m (prior: EUR 190.2m).\n* Net loss ratio decreased from 69.3% to 66.9%."
},
{
"id": "9fth4kgfqj-c36",
"chunk": 36,
"pages": [
10
],
"heading": "Operating expenses and cost ratios",
"tags": [],
"links": [
"Business mix"
],
"data_items": [],
"effective_tags": [
"Business mix"
],
"content": "* Gross operating expenses decreased by EUR 20.3m to EUR 486.4m (prior: EUR 506.7m).\n* Administration costs significantly decreased due to the success of the SBSTNZ strategic program and a special write-down in the previous year.\n* Commissions increased due to changes in the business mix.\n* Net operating expenses decreased by EUR 19.0m to EUR 477.3m (prior: EUR 496.2m).\n* Gross cost ratio slightly decreased to 31.2% (prior: 32.1%) despite lower premium levels.\n* Net cost ratio decreased to 32.0% (prior: 33.0%).\n* Gross combined ratio decreased from 98.3% to 95.7%.\n* Net combined ratio decreased from 102.2% to 98.9%."
},
{
"id": "9fth4kgfqj-c37",
"chunk": 37,
"pages": [
10
],
"heading": "Technical result",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* EUR 14.4m (prior: EUR 9.0m) was withdrawn from the fluctuation reserve.\n* Net technical result after fluctuation reserve improved by EUR 50.8m to EUR 20.1m (prior: -EUR 30.7m).\n\n=== Insurance business ===\n\n==== Self-concluded insurance business ===="
},
{
"id": "9fth4kgfqj-c38",
"chunk": 38,
"pages": [
10
],
"heading": "Self-concluded insurance business",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Self-concluded insurance business**\n\n| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |\n| --- | --- | --- | --- | --- |\n| Written premiums | 1,564.8 | 1,495.4 | 1,588.3 | 1,513.4 |\n| Earned premiums | 1,559.8 | 1,489.8 | 1,579.5 | 1,504.8 |\n| Incurred claims | 1,006.0 | 996.0 | 1,045.5 | 1,042.3 |\n| Operating expenses | 486.4 | 477.3 | 506.7 | 496.2 |\n| Technical result f. e. R. | — | 20.1 | — | -30.7 |\n| In % — Loss ratio | 64.5 | 66.9 | 66.2 | 69.3 |\n| In % — Expense ratio | 31.2 | 32.0 | 32.1 | 33.0 |\n| In % — Combined ratio | 95.7 | 98.9 | 98.3 | 102.2 |\n\n=== Motor insurance ==="
},
{
"id": "9fth4kgfqj-c39",
"chunk": 39,
"pages": [
11
],
"heading": "Motor insurance",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Motor insurance**\n\n| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |\n| --- | --- | --- | --- | --- |\n| Written premiums | 521.6 | 518.4 | 577.6 | 572.1 |\n| Earned premiums | 520.7 | 517.5 | 573.4 | 568.0 |\n| Incurred claims | 366.3 | 363.8 | 482.7 | 481.1 |\n| Operating expenses | 107.4 | 107.4 | 124.9 | 124.9 |\n| Technical result f. e. R. | — | -2.6 | — | -39.0 |\n| In % — Loss ratio | 70.4 | 70.3 | 84.2 | 84.7 |\n| In % — Expense ratio | 20.6 | 20.8 | 21.8 | 22.0 |\n| Combined loss / — Expense ratio | 91.0 | 91.0 | 106.0 | 106.7 |"
},
{
"id": "9fth4kgfqj-c40",
"chunk": 40,
"pages": [
11
],
"heading": "Motor insurance performance",
"tags": [],
"links": [
"Gross written premiums"
],
"data_items": [],
"effective_tags": [
"Gross written premiums"
],
"content": "* Gross written premiums in the Motor division decreased by EUR 56.0m to EUR 521.6m (prior: EUR 577.6m).\n* This decline was primarily due to portfolio reductions following the application of premium adjustment clauses and the cessation of new business in selected sales channels.\n* Reinsurance premiums decreased to EUR 3.2m (prior: EUR 5.5m).\n* Earned net premiums decreased by EUR 50.4m to EUR 517.5m (prior: EUR 568.0m).\n* Gross expenses for insurance benefits significantly decreased by EUR 116.3m from EUR 482.7m to EUR 366.3m.\n* This reduction was driven by a decrease in gross current year claims expenses by EUR 148.4m to EUR 428.5m (prior: EUR 576.9m).\n* The decrease in current year claims expenses was due to lower frequency claims and the absence of cumulative expenses for natural catastrophes.\n* Conversely, the gross run-off gain decreased by EUR 32.1m to EUR 62.2m (prior: EUR 94.3m), resulting from necessary reserve adjustments in motor liability insurance.\n* The gross loss ratio decreased to 70.4% (prior: 84.2%).\n* Net expenses for insurance benefits decreased by EUR 117.3m to EUR 363.8m (prior: EUR 481.1m).\n* This was caused by a decrease in net current year claims expenses by EUR 148.4m to EUR 428.5m (prior: EUR 576.9m), mirroring the gross development.\n* The net run-off gain decreased by EUR 31.1m to EUR 64.7m (prior: EUR 95.8m).\n* The net loss ratio decreased by 14.4 percentage points from 84.7% to 70.3%.\n* Gross and net expenses for insurance operations decreased to EUR 107.4m (prior: EUR 124.9m), mainly due to declining administrative expenses.\n* Consequently, the gross expense ratio decreased from 21.8% to 20.6%, and the net expense ratio decreased from 22.0% to 20.8%.\n* The combined loss/cost ratios were lower than the previous year, with gross at 91.0% (prior: 106.0%) and net at 91.0% (prior: 106.7%).\n* EUR 50.2m (prior: EUR 0.0m) was allocated to the fluctuation reserve.\n* Overall, the Motor insurance division reported a net technical result of EUR -2.6m (prior: EUR -39.0m).\n\n=== Liability insurance ==="
},
{
"id": "9fth4kgfqj-c41",
"chunk": 41,
"pages": [
12
],
"heading": "Liability insurance",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Liability insurance**\n\n| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |\n| --- | --- | --- | --- | --- |\n| Written premiums | 355.1 | 350.8 | 357.2 | 353.7 |\n| Earned premiums | 353.9 | 349.7 | 357.6 | 354.0 |\n| Incurred claims | 277.4 | 267.9 | 182.6 | 177.2 |\n| Operating expenses | 131.5 | 131.5 | 137.9 | 137.9 |\n| Technical result f. e. R. | — | 6.8 | — | 26.7 |\n| In % — Loss ratio | 78.4 | 76.6 | 51.1 | 50.0 |\n| In % — Expense ratio | 37.2 | 37.6 | 38.6 | 38.9 |\n| In % — Combined ratio | 115.5 | 114.2 | 89.6 | 89.0 |"
},
{
"id": "9fth4kgfqj-c42",
"chunk": 42,
"pages": [
12
],
"heading": "Liability insurance performance",
"tags": [],
"links": [
"Gross written premiums"
],
"data_items": [],
"effective_tags": [
"Gross written premiums"
],
"content": "* Gross written premiums in liability insurance decreased by EUR 2.2m to EUR 355.1m (prior: EUR 357.2m).\n* The corporate division's business liability segment showed positive effects on gross written premiums from sustained portfolio growth.\n* Premiums in the liberal professions' medical liability segment remained stable with slight portfolio growth.\n* Premiums in private liability, planning liability, and financial loss liability insurance segments slightly declined, following portfolio development.\n* Reinsurance premiums slightly increased to EUR 4.2m (prior: EUR 3.6m).\n* Net earned premiums decreased by EUR 4.4m to EUR 349.7m (prior: EUR 354.0m).\n* Gross expenses for insurance claims significantly increased by EUR 94.8m to EUR 277.4m (prior: EUR 182.6m).\n* This increase was due to a decrease in gross settlement results by EUR 92.0m to EUR -55.8m (prior: EUR 36.2m), resulting from necessary reserve adjustments for major claims from older years and an increase in the late claims reserve.\n* Gross claims expenses for the financial year rose to EUR 221.6m (prior: EUR 218.8m), particularly in the corporate division's business liability segment, following portfolio development.\n* The gross loss ratio increased by 27.3 percentage points to 78.4% (prior: 51.1%).\n* Net expenses for insurance claims increased by EUR 90.8m to EUR 267.9m (prior: EUR 177.2m).\n* The increase in net expenses was primarily due to the decrease in net settlement results to EUR -46.3m (prior: EUR 41.7m).\n* Net claims expenses for the financial year increased from EUR 218.8m to EUR 221.6m.\n* The net loss ratio increased by 26.6 percentage points to 76.6% (prior: 50.0%).\n* Gross and net expenses for insurance operations decreased to EUR 131.5m (prior: EUR 137.9m) due to lower administrative costs, especially after considering a special write-down in the previous year.\n* The gross cost ratio slightly decreased to 37.2% (prior: 38.6%) and the net cost ratio to 37.6% (prior: 38.9%).\n* Combined loss and expense ratios increased to 115.5% gross (prior: 89.6%) and 114.2% net (prior: 89.0%).\n* The liability insurance segment recorded a net underwriting result of EUR 6.8m (prior: EUR 26.7m) after the fluctuation reserve.\n* EUR 56.6m was withdrawn from the fluctuation reserve, following an allocation of EUR 12.9m in the previous year.\n\n=== Accident insurance ==="
},
{
"id": "9fth4kgfqj-c43",
"chunk": 43,
"pages": [
13
],
"heading": "Accident insurance",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Accident insurance**\n\n| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |\n| --- | --- | --- | --- | --- |\n| Written premiums | 60.2 | 60.2 | 61.9 | 61.9 |\n| Earned premiums | 60.6 | 60.6 | 62.3 | 62.3 |\n| Incurred claims | 29.8 | 29.8 | 26.6 | 26.6 |\n| Operating expenses | 22.3 | 22.3 | 23.5 | 23.5 |\n| Technical result f. e. R. | — | 14.6 | — | 15.8 |\n| In % — Loss ratio | 49.2 | 49.2 | 42.7 | 42.7 |\n| In % — Expense ratio | 36.8 | 36.8 | 37.7 | 37.7 |\n| In % — Combined ratio | 86.0 | 86.0 | 80.4 | 80.4 |"
},
{
"id": "9fth4kgfqj-c44",
"chunk": 44,
"pages": [
13
],
"heading": "Accident insurance premiums and claims",
"tags": [],
"links": [
"Gross written premiums"
],
"data_items": [],
"effective_tags": [
"Gross written premiums"
],
"content": "* Gross written premiums in accident insurance decreased by EUR 1.7m to EUR 60.2m (prior: EUR 61.9m).\n* The decrease in gross written premiums was due to a slight decline in the number of insurance policies in force.\n* Net earned premiums decreased to EUR 60.6m (prior: EUR 62.3m).\n* Gross and net expenses for insurance claims increased by EUR 3.2m to EUR 29.8m (prior: EUR 26.6m).\n* This increase was due to higher financial year expenses resulting from increased large loss burdens, both gross and net, to EUR 46.9m (prior: EUR 42.8m).\n* The gross and net settlement result increased to EUR 17.1m (prior: EUR 16.2m).\n* The gross and net loss ratios increased to 49.2% (prior: 42.7%)."
},
{
"id": "9fth4kgfqj-c45",
"chunk": 45,
"pages": [
13
],
"heading": "Accident insurance operating expenses and combined ratio",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Gross and net operating expenses for insurance business decreased by EUR 1.2m to EUR 22.3m (prior: EUR 23.5m).\n* This reduction was primarily due to a decrease in administrative costs, which positively impacted the expense ratio.\n* Despite the slightly declining premium development, the gross and net expense ratios decreased to 36.8% (prior: 37.7%).\n* The combined gross and net loss/expense ratios increased to 86.0% (prior: 80.4%)."
},
{
"id": "9fth4kgfqj-c46",
"chunk": 46,
"pages": [
13
],
"heading": "Accident insurance underwriting result",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The accident insurance segment achieved a net technical underwriting result of EUR 14.6m (prior: EUR 15.8m) after the fluctuation reserve.\n* EUR 6.0m (prior: EUR 3.4m) was withdrawn from the fluctuation reserve.\n\n=== Multi-risk ==="
},
{
"id": "9fth4kgfqj-c47",
"chunk": 47,
"pages": [
14
],
"heading": "Multi-risk",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Multi-risk**\n\n| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |\n| --- | --- | --- | --- | --- |\n| Written premiums | 168.1 | 148.1 | 166.5 | 141.2 |\n| Earned premiums | 168.0 | 148.0 | 166.3 | 141.0 |\n| Incurred claims | 116.2 | 117.2 | 92.6 | 100.0 |\n| Operating expenses | 63.6 | 60.2 | 64.6 | 61.3 |\n| Technical result f. e. R. | — | -29.6 | — | -20.1 |\n| In % — Loss ratio | 69.2 | 79.2 | 55.7 | 70.9 |\n| In % — Expense ratio | 37.8 | 40.7 | 38.9 | 43.5 |\n| In % — Combined ratio | 107.0 | 119.9 | 94.6 | 114.4 |"
},
{
"id": "9fth4kgfqj-c48",
"chunk": 48,
"pages": [
14
],
"heading": "Multi-risk segment performance",
"tags": [],
"links": [
"Gross written premiums"
],
"data_items": [],
"effective_tags": [
"Gross written premiums"
],
"content": "* Gross written premiums in Multi Risk increased by EUR 1.6m to EUR 168.1m (prior: EUR 166.5m).\n* Premium adjustments had a positive effect on premium growth.\n* Reinsurance premiums decreased by EUR 5.3m to EUR 20.0m (prior: EUR 25.3m), mainly due to lower payable reinsurance costs from a reduction in the replenishment premium reserve.\n* Net earned premiums rose by EUR 7.0m to EUR 148.0m (prior: EUR 141.0m).\n* Gross expenses for insurance benefits increased by EUR 23.6m to EUR 116.2m (prior: EUR 92.6m).\n* This increase was driven by a EUR 30.7m decrease in gross run-off gains to EUR 3.3m (prior: EUR 34.0m), following exceptionally high run-off gains from reserve reductions for major claims in the previous year.\n* Conversely, current year claims expenses decreased by EUR 7.1m to EUR 119.5m (prior: EUR 126.6m) due to the absence of accumulation expenses, which overcompensated for the increased burden from major claims.\n* The gross loss ratio increased by 13.5 percentage points to 69.2% (prior: 55.7%).\n* Net expenses for insurance benefits rose by EUR 17.3m to EUR 117.2m (prior: EUR 100.0m).\n* Net run-off gains decreased by EUR 19.6m to EUR 0.9m (prior: EUR 20.4m), following the decline in gross run-off.\n* Net current year claims expenses decreased by EUR 2.3m to EUR 118.1m (prior: EUR 120.4m).\n* The net loss ratio increased by 8.3 percentage points to 79.2% (prior: 70.9%).\n* Gross expenses for insurance operations decreased to EUR 63.6m (prior: EUR 64.6m).\n* This decrease was due to lower administrative costs after accounting for a special write-down in the previous year.\n* Net expenses for insurance operations decreased by EUR 1.0m to EUR 60.2m (prior: EUR 61.3m).\n* The gross expense ratio decreased from 38.9% to 37.8%.\n* The net expense ratio decreased from 43.5% to 40.7%.\n* The combined ratios reflected these developments, with gross at 107.0% (prior: 94.6%) and net at 119.9% (prior: 114.4%), both higher than the previous year.\n* The net technical result was EUR -29.6m (prior: EUR -20.1m).\n\n=== Combined residential building insurance ==="
},
{
"id": "9fth4kgfqj-c49",
"chunk": 49,
"pages": [
15
],
"heading": "Combined residential building insurance",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Combined residential building insurance**\n\n| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |\n| --- | --- | --- | --- | --- |\n| Written premiums | 166.6 | 154.0 | 168.0 | 152.1 |\n| Earned premiums | 164.0 | 151.4 | 163.6 | 147.8 |\n| Incurred claims | 74.0 | 75.0 | 103.1 | 102.4 |\n| Operating expenses | 53.8 | 51.9 | 58.0 | 56.3 |\n| Technical result f. e. R. | — | 18.6 | — | -3.0 |\n| In % — Loss ratio | 45.1 | 49.5 | 63.0 | 69.3 |\n| In % — Expense ratio | 32.8 | 34.3 | 35.4 | 38.1 |\n| In % — Combined ratio | 77.9 | 83.8 | 98.5 | 107.4 |"
},
{
"id": "9fth4kgfqj-c50",
"chunk": 50,
"pages": [
15
],
"heading": "Combined residential building insurance performance",
"tags": [],
"links": [
"Gross written premiums"
],
"data_items": [],
"effective_tags": [
"Gross written premiums"
],
"content": "* Gross written premiums in combined residential building insurance decreased by EUR 1.4m to EUR 166.6m (prior: EUR 168.0m) due to a portfolio transfer to commercial fire insurance.\n* Reinsurance premiums decreased to EUR 12.6m (prior: EUR 15.8m).\n* Net earned premiums increased by EUR 3.7m to EUR 151.4m (prior: EUR 147.8m).\n* Gross claims expenses decreased by EUR 29.1m to EUR 74.0m (prior: EUR 103.1m).\n* This decrease was due to lower claims expenses for the financial year of EUR 89.0m (prior: EUR 101.8m), primarily from declining frequency claims and no accumulation of natural catastrophe claims.\n* The gross settlement result improved by EUR 16.3m YoY to EUR 15.0m (prior: EUR -1.3m) following reviews of reserves from older accident years.\n* The gross loss ratio decreased by 17.9 percentage points to 45.1% (prior: 63.0%).\n* Net claims expenses decreased by EUR 27.4m to EUR 75.0m (prior: EUR 102.4m).\n* Net claims expenses for the financial year decreased by EUR 12.2m to EUR 89.0m (prior: EUR 101.2m).\n* The net settlement result increased by EUR 15.1m to EUR 14.0m (prior: EUR -1.2m).\n* The net loss ratio decreased by 19.7 percentage points to 49.5% (prior: 69.3%).\n* Gross operating expenses decreased to EUR 53.8m (prior: EUR 58.0m) due to lower administrative costs.\n* Net operating expenses decreased to EUR 51.9m (prior: EUR 56.3m).\n* The gross expense ratio decreased to 32.8% (prior: 35.4%).\n* The net expense ratio decreased to 34.3% (prior: 38.1%).\n* The combined gross loss/expense ratio was 77.9% (prior: 98.5%).\n* The combined net loss/expense ratio was 83.8% (prior: 107.4%).\n* The net underwriting result improved by EUR 21.6m YoY to EUR 18.6m (prior: EUR -3.0m) after the fluctuation reserve.\n* EUR 1.5m was added to the fluctuation reserve, following a withdrawal of EUR 12.6m in the previous year.\n\n=== Combined household insurance ==="
},
{
"id": "9fth4kgfqj-c51",
"chunk": 51,
"pages": [
16
],
"heading": "Combined household insurance",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Combined household insurance**\n\n| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |\n| --- | --- | --- | --- | --- |\n| Written premiums | 72.4 | 69.2 | 75.2 | 70.7 |\n| Earned premiums | 72.8 | 69.6 | 75.1 | 70.7 |\n| Incurred claims | 26.3 | 26.5 | 33.2 | 33.0 |\n| Operating expenses | 26.0 | 25.5 | 27.3 | 26.9 |\n| Technical result f. e. R. | — | 18.2 | — | 13.6 |\n| In % — Loss ratio | 36.1 | 38.1 | 44.2 | 46.8 |\n| In % — Expense ratio | 35.7 | 36.6 | 36.3 | 38.1 |\n| In % — Combined ratio | 71.8 | 74.7 | 80.5 | 84.8 |"
},
{
"id": "9fth4kgfqj-c52",
"chunk": 52,
"pages": [
16
],
"heading": "Gross and net premiums",
"tags": [],
"links": [
"Gross written premiums"
],
"data_items": [],
"effective_tags": [
"Gross written premiums"
],
"content": "* Gross written premiums in combined household insurance decreased to EUR 72.4m (prior: EUR 75.2m) due to a decline in portfolio.\n* Reinsurance premiums slightly decreased to EUR 3.2m (prior: EUR 4.5m).\n* Earned net premiums decreased accordingly to EUR 69.6m (prior: EUR 70.7m)."
},
{
"id": "9fth4kgfqj-c53",
"chunk": 53,
"pages": [
16
],
"heading": "Claims expenses and loss ratios",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Gross claims expenses reduced to EUR 26.3m (prior: EUR 33.2m).\n* Gross claims expenses for the financial year decreased by EUR 2.8m to EUR 32.9m (prior: EUR 35.7m).\n* This reduction was due to the absence of cumulative expenses from natural catastrophes and declining expenses for both frequency and large claims.\n* Gross settlement gains increased to EUR 6.6m (prior: EUR 2.5m).\n* The premium and claims development led to an 8.1 percentage point reduction in the gross loss ratio to 36.1% (prior: 44.2%).\n* Net claims expenses decreased to EUR 26.5m (prior: EUR 33.0m).\n* Net claims expenses for the financial year decreased by EUR 2.7m to EUR 32.9m (prior: EUR 35.6m), similar to the gross figures.\n* Net settlement gains increased to EUR 6.4m (prior: EUR 2.6m).\n* The net loss ratio decreased by 8.7 percentage points to 38.1% (prior: 46.8%)."
},
{
"id": "9fth4kgfqj-c54",
"chunk": 54,
"pages": [
16
],
"heading": "Operating expenses and combined ratios",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Gross operating expenses decreased to EUR 26.0m (prior: EUR 27.3m) due to lower administrative costs.\n* Net operating expenses decreased to EUR 25.5m (prior: EUR 26.9m) due to lower administrative costs.\n* The gross cost ratio reduced to 35.7% (prior: 36.3%).\n* The net cost ratio reduced to 36.6% (prior: 38.1%).\n* Gross combined ratio decreased from 80.5% to 71.8%.\n* Net combined ratio decreased from 84.8% to 74.7%."
},
{
"id": "9fth4kgfqj-c55",
"chunk": 55,
"pages": [
16
],
"heading": "Underwriting result",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The net underwriting result after fluctuation reserve was EUR 18.2m (prior: EUR 13.6m).\n* EUR 1.6m (prior: EUR 3.5m) was allocated to the fluctuation reserve.\n\n=== Other insurance ==="
},
{
"id": "9fth4kgfqj-c56",
"chunk": 56,
"pages": [
17
],
"heading": "Other insurance",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Other insurance**\n\n| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |\n| --- | --- | --- | --- | --- |\n| Written premiums | 220.8 | 194.7 | 181.9 | 161.7 |\n| Earned premiums | 219.8 | 193.0 | 181.2 | 161.1 |\n| Incurred claims | 115.9 | 115.7 | 124.7 | 122.1 |\n| Operating expenses | 81.8 | 78.4 | 70.5 | 65.5 |\n| Technical result f. e. R. | — | -6.0 | — | -24.7 |\n| In % — Loss ratio | 52.8 | 59.9 | 68.8 | 75.8 |\n| In % — Expense ratio | 37.2 | 40.6 | 38.9 | 40.7 |\n| In % — Combined ratio | 90.0 | 100.5 | 107.7 | 116.5 |"
},
{
"id": "9fth4kgfqj-c57",
"chunk": 57,
"pages": [
17
],
"heading": "Other insurance lines performance",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Other insurance lines include fire insurance, transport insurance, assistance insurance, cyber insurance, and technical insurance.\n* Gross premiums for other insurance lines increased by EUR 38.9m to EUR 220.8m (prior: EUR 181.9m).\n* The main driver for gross premium growth was the Fire segment due to an internal portfolio transfer from the residential building segment and additional premiums from contract renewals.\n* The Cyber segment also showed positive development due to portfolio growth from new business.\n* Technical Insurance and Transport Insurance segments showed a slight premium increase YoY.\n* Reinsurance premiums increased by EUR 5.9m to EUR 26.2m (prior: EUR 20.2m) due to the internal portfolio transfer, mirroring gross premiums.\n* Earned net premiums increased by EUR 32.0m to EUR 193.0m (prior: EUR 161.1m).\n* Gross claims expenses decreased by EUR 8.8m to EUR 115.9m (prior: EUR 124.7m) YoY.\n* The decrease in gross claims expenses was driven by an EUR 8.2m reduction in gross current year claims expenses to EUR 133.3m (prior: EUR 141.5m), primarily due to the absence of natural catastrophe accumulation expenses and a decline in large claims in the Fire segment.\n* Gross settlement gains increased to EUR 17.4m (prior: EUR 16.8m), mainly due to increased settlement in the Cyber segment.\n* The gross loss ratio for other insurance lines decreased by 16.1 percentage points to 52.8% (prior: 68.8%).\n* Net claims expenses decreased by EUR 6.4m to EUR 115.7m (prior: EUR 122.1m).\n* This reduction was partly driven by a decrease in net current year claims expenses of EUR 6.8m to EUR 130.0m (prior: EUR 136.8m).\n* Net settlement gains decreased by EUR 0.4m to EUR 14.3m (prior: EUR 14.7m).\n* The net loss ratio for other insurance lines decreased to 59.9% (prior: 75.8%).\n* Gross operating expenses increased to EUR 81.8m (prior: EUR 70.5m).\n* Net operating expenses increased to EUR 78.4m (prior: EUR 65.5m).\n* The increase in operating expenses was primarily due to higher commissions related to the premium growth in the Fire segment.\n* The gross expense ratio decreased to 37.2% (prior: 38.9%).\n* The net expense ratio decreased to 40.6% (prior: 40.7%).\n* The combined ratio improved to 90.0% gross (prior: 107.7%) and 100.5% net (prior: 116.5%).\n* The net underwriting result after fluctuation reserve was -EUR 6.0m (prior: -EUR 24.7m).\n* A withdrawal of EUR 1.9m (prior: EUR 2.4m) was made from the fluctuation reserve.\n\n=== Investment result ==="
},
{
"id": "9fth4kgfqj-c58",
"chunk": 58,
"pages": [
18
],
"heading": "Investment income and results",
"tags": [],
"links": [
"Net investment income"
],
"data_items": [],
"effective_tags": [
"Net investment income"
],
"content": "* Current income, primarily from coupon payments on fixed-income investments, was EUR 95.9m (prior: EUR 118.7m).\n* Distributions from equity funds were significantly lower at EUR 1.3m (prior: EUR 20.0m) YoY, due to the sale of all equity holdings in the previous year.\n* Lower income was generated from participations.\n* The asset class \"shares in affiliated companies and participations\" contributed EUR 4.3m (prior: EUR 17.2m) to the result.\n* Slightly higher income was generated in directly held fixed-income asset classes due to an increased reinvestment rate for the full year.\n* Current expenses (including scheduled depreciation) amounted to EUR 8.1m (prior: EUR 7.5m).\n* Current result was EUR 87.8m (prior: EUR 111.3m).\n* An average current return(1) of 3.0% (prior: 3.0%) was achieved for the full year.\n* Extraordinary gains and losses from the disposal of investments amounted to -EUR 101.8m (prior: EUR 4.4m).\n* These extraordinary gains and losses primarily resulted from the sale of a property and various debt securities.\n* Extraordinary additions and write-downs amounted to -EUR 17.7m (prior: -EUR 3.7m), driven by extraordinary write-downs on equity investments.\n* The total extraordinary result was -EUR 119.5m (prior: EUR 0.6m).\n* Investment result (Net investment income) before deduction of technical interest income totaled -EUR 31.7m (prior: EUR 111.9m).\n* A net return(2)(footnote: All income less all expenses for investments in relation to the average investment portfolio as of 1.1. and 31.12. of the respective fiscal year) of -0.8% (prior: 3.0%) was achieved for the reporting year.\n\n=== Other income ==="
},
{
"id": "9fth4kgfqj-c59",
"chunk": 59,
"pages": [
18
],
"heading": "Other result",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Other result: EUR 122.2m (prior: EUR -62.5m)\n* Other income: EUR 144.8m (prior: EUR 18.2m)\n* Other expenses: EUR 22.6m (prior: EUR 80.7m)\n** Expenses for the company as a whole: EUR 17.8m (prior: EUR 77.4m)\n* HDI Versicherung AG realized investment losses as part of the group-wide investment strategy\n* Talanx AG offset these losses with an income-effective subsidy of EUR 132.7m\n* This income was reported in the other result"
},
{
"id": "9fth4kgfqj-c60",
"chunk": 60,
"pages": [
18
],
"heading": "Other income",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "(1) Gross current income less expenses for the administration of investments less scheduled depreciation in relation to the average investment portfolio as of 1.1. and 31.12. of the respective fiscal year"
},
{
"id": "9fth4kgfqj-c61",
"chunk": 61,
"pages": [
18
],
"heading": "Other income",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "(2) All income less all expenses for investments in relation to the average investment portfolio as of 1.1. and 31.12. of the respective fiscal year\n\n== Total comprehensive income of HDI Versicherung AG =="
},
{
"id": "9fth4kgfqj-c62",
"chunk": 62,
"pages": [
18
],
"heading": "Total comprehensive income of HDI Versicherung AG",
"tags": [],
"links": [
"Net investment income"
],
"data_items": [],
"effective_tags": [
"Net investment income"
],
"content": "**Total comprehensive income of HDI Versicherung AG**\n\n| In EUR million | 2025 | 2024 |\n| --- | --- | --- |\n| Technical result f. e. R. | 20.1 | -30.7 |\n| Investment result (Net investment income) after deduction of technical interest | -32.8 | 111.0 |\n| Other income | 122.2 | -62.5 |\n| Income from ordinary activities | 109.5 | 17.8 |\n| Taxes | 0.0 | 0.1 |\n| Profit transferred to HDI Deutschland AG | 109.5 | 17.6 |"
},
{
"id": "9fth4kgfqj-c63",
"chunk": 63,
"pages": [
18
],
"heading": "Profit transfer to parent company",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* A profit of EUR 109.5m (prior year: EUR 17.6m) was transferred to the parent company, HDI Deutschland AG, due to the existing control and profit transfer agreement.\n\n== Financial position ==\n\n=== Shareholders' equity ==="
},
{
"id": "9fth4kgfqj-c64",
"chunk": 64,
"pages": [
18
],
"heading": "Equity",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Equity: EUR 57.1m (unchanged YoY)\n\n=== Liquidity position ==="
},
{
"id": "9fth4kgfqj-c65",
"chunk": 65,
"pages": [
18
],
"heading": "Liquidity and cash flow",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The company receives liquid funds from ongoing premium income, capital gains, and returns from capital investments.\n* Liquidity required for current payment obligations is ensured by ongoing liquidity planning, which considers the expected liquidity development for the next twelve months.\n* As of the balance sheet date, liquid funds in the form of deposits and current balances with credit institutions amounted to EUR 88.1m (prior: EUR 51.3m).\n\n=== Asset position ===\n\n==== Investments ===="
},
{
"id": "9fth4kgfqj-c66",
"chunk": 66,
"pages": [
18
],
"heading": "Investment portfolio composition",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Investment volume of HDI Versicherung AG was EUR 3,763.9m (prior year: EUR 3,760.8m) at year-end 2025, slightly above the previous year's level.\n* Investments were primarily in fixed-income securities held directly.\n* Fixed-income securities comprised 66.7% (prior year: 70.9%) of total investments at the end of 2025.\n* Investments were mainly in bonds, promissory note loans, and registered bonds of good credit quality.\n* Other significant asset classes included bond funds at 17.5% (prior year: 15.7%) and participations and shares in affiliated companies at 6.9% (prior year: 7.2%).\n* The average rating of fixed-income investments, determined by the linear method, was AA (prior year: AA)."
},
{
"id": "9fth4kgfqj-c67",
"chunk": 67,
"pages": [
19
],
"heading": "Investment portfolio changes by asset class",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Loans to affiliated companies and companies with an equity interest remained at the previous year's level, totaling EUR 223.2m (prior year: EUR 172.8m).\n* Shares and participations slightly decreased YoY to EUR 258.4m (prior year: EUR 269.7m).\n* Real estate funds remained constant at EUR 34.1m (prior year: EUR 35.3m).\n* Other funds slightly increased to EUR 39.8m (prior year: EUR 38.0m).\n* Equity funds were continuously rebuilt after a reduction at the beginning of 2025, reaching approximately EUR 39.8m (prior year: EUR 147.8m) at year-end.\n* Market values of capitalized investments totaled EUR 3,835.1m (prior year: EUR 3,701.4m).\n* Valuation differences amounted to EUR 71.2m (prior year: -EUR 59.5m).\n\n== Technical provisions =="
},
{
"id": "9fth4kgfqj-c68",
"chunk": 68,
"pages": [
19
],
"heading": "Technical provisions",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Technical provisions, net, increased by EUR 83.7m to EUR 3,761.9m (prior: EUR 3,678.1m).\n* This item primarily includes provisions for outstanding claims.\n* Net provisions for outstanding claims are largely unaffected by currency fluctuations because HDI Versicherung AG operates exclusively in the German market.\n\n== Overall statement on the economic situation =="
},
{
"id": "9fth4kgfqj-c69",
"chunk": 69,
"pages": [
19
],
"heading": "Operating performance and net premium volume",
"tags": [],
"links": [
"Net written premiums"
],
"data_items": [],
"effective_tags": [
"Net written premiums"
],
"content": "* HDI Versicherung AG's operating business was influenced by transformation and restructuring in the past fiscal year.\n* The company significantly improved its net technical insurance result before fluctuation reserves.\n* Net written premiums for the company showed a slight decline.\n* Negative effects from continued claims inflation were overcompensated by a continued decrease in frequency claims.\n* An increased net burden from large claims was offset by a decrease in claims expenses for natural catastrophes in motor and building lines due to the absence of cumulative events.\n* The company's result after fluctuation reserves increased as planned compared to the previous year.\n* This increase was due to positive operating development and a higher withdrawal from fluctuation reserves compared to the previous year.\n* The company's net premium volume declined slightly YoY, as expected.\n* The decline in motor insurance premiums due to portfolio reductions was not fully offset by positive effects from premium adjustments and restructuring measures in corporate lines.\n* Net claims expenses were also below the previous year's level, as expected.\n* The main driver for lower net claims expenses was the decrease in claims expenses for the business year, resulting from reduced frequency claims in motor and private lines.\n* A decrease in claims expenses for natural catastrophes in motor and building lines due to the absence of cumulative events was offset by an increase in the burden from large claims.\n* Claims settlement developed negatively due to increased expenses for necessary reserve adjustments for large claims from previous years, particularly in corporate and freelance professional lines.\n* Expenses for insurance operations decreased YoY due to lower administrative costs, as forecasted.\n* This led to a significantly improved technical insurance result, in line with expectations."
},
{
"id": "9fth4kgfqj-c70",
"chunk": 70,
"pages": [
19
],
"heading": "Investment income and overall financial result",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Investment income was significantly below expectations and the previous year's level.\n* This was caused by one-off effects from loss realizations in extraordinary investment income.\n* These losses were offset by an income subsidy in other non-technical insurance results, as HDI Versicherung AG realized investment losses within the group-wide investment strategy, which were compensated by Talanx AG with an income-effective subsidy of EUR 132.7m.\n* These developments collectively led to the expected increase in the annual result.\n* As of the date of the management report, the economic situation of HDI Versicherung AG is considered to be unchanged and stable.\n\n== Risk report ==\n\n=== Summary of the risk situation ==="
},
{
"id": "9fth4kgfqj-c71",
"chunk": 71,
"pages": [
20
],
"heading": "Risk management and solvency",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The company's risk management regularly examines risks.\n* Established risk management systems and control bodies support early identification, assessment, and management of risks that could significantly impact the company's earnings, financial, and asset position.\n* The company currently considers itself able to permanently meet all obligations from existing insurance contracts.\n* Risks threatening the company's existence (material risks with existential loss potential) could arise from systemic risks, such as a collapse of the financial system.\n* No company-specific risks threatening the company's existence are currently apparent."
},
{
"id": "9fth4kgfqj-c72",
"chunk": 72,
"pages": [
20
],
"heading": "Risk profile and influencing factors",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The company's risk profile is strongly influenced by underwriting risks and market risks.\n* Significant risk-relevant influencing factors in the reporting year include the continued subdued economic situation in Germany.\n* International trade policy is likely to increase risks for the global economy.\n* The geopolitical situation remains tense and is worsening in some aspects.\n* Various legal requirements continue to pose substantial challenges and risks."
},
{
"id": "9fth4kgfqj-c73",
"chunk": 73,
"pages": [
20
],
"heading": "Strategic measures and regulatory capital",
"tags": [],
"links": [
"Year 2026"
],
"data_items": [],
"effective_tags": [
"Year 2026"
],
"content": "* Intensive strategic considerations and measures in the reporting year created the conditions for focused capital accumulation to strengthen risk resilience.\n* The company meets regulatory capital requirements.\n* Specific capital ratios will be published in April 2026 (Year 2026) in the Solvency and Financial Condition Report (SFCR) for December 31, 2025.\n* The SFCR is not subject to the audit.\n\n=== Fundamentals of risk management ==="
},
{
"id": "9fth4kgfqj-c74",
"chunk": 74,
"pages": [
20
],
"heading": "Risk management compliance and reporting",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The company's risk management fulfills the requirements of the German Stock Corporation Act (§ 91 Abs. 2 AktG).\n* This report fulfills the company's obligation to report on the significant risks of its prospective development (§ 289 Abs. 1 HGB).\n\n=== Risk management system ==="
},
{
"id": "9fth4kgfqj-c75",
"chunk": 75,
"pages": [
20
],
"heading": "Risk management strategy and system",
"tags": [],
"links": [
"Business mix"
],
"data_items": [],
"effective_tags": [
"Business mix"
],
"content": "* The risk management is based on an annually approved risk strategy by the Management Board, derived from the business strategy.\n* The risk strategy is a binding, integral part of business operations.\n* The company uses an internal control system to implement and monitor the risk strategy.\n* Risk understanding is holistic, covering opportunities and risks, with a focus on negative target deviations and risks in the narrower sense.\n* Strategic risk objectives include adherence to defined risk tolerance and risk budget.\n* The company's risk management is integrated into the risk management of the HDI Deutschland business unit (Business mix) and the Group, and considers Group guidelines.\n* A supervisory-approved Internal Model according to Solvency II is used for risk quantification.\n* The model's time horizon is one calendar year.\n* The company's risk management system is continuously developed to adapt to factual and legal requirements and Group specifications.\n* The risk management system is closely linked to the company's central control system."
},
{
"id": "9fth4kgfqj-c76",
"chunk": 76,
"pages": [
20
],
"heading": "Risk assessment and monitoring",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Significant quantifiable risks are regularly assessed using the risk model, systematically analyzed, and backed by solvency capital.\n* Strategic risks, project risks, reputation risks, and emerging risks resulting from target deviations are also considered.\n* Identified risks are managed through coordinated measures, and quantifiable risks are monitored via a limit and threshold system.\n* The Management Board is regularly informed about the current risk situation through risk reporting.\n* Immediate reporting to the Management Board is ensured for acute risks.\n* The company conducts an Own Risk and Solvency Assessment (ORSA) at least annually, which reviews the overall solvency needs considering the company's specific risk profile.\n* In capital investments, the risk management system includes specific instruments for ongoing monitoring of current risk positions and risk-bearing capacity.\n* All capital investments are under constant observation and analysis by the Capital Investments division and operational capital investment controlling.\n* Scenario analyses and stress tests simulate the effects of capital market fluctuations to enable early reaction if needed.\n* Extensive reporting ensures transparency of all developments concerning capital investments."
},
{
"id": "9fth4kgfqj-c77",
"chunk": 77,
"pages": [
21,
22
],
"heading": "Risk organization and future risks",
"tags": [],
"links": [
"Business mix"
],
"data_items": [],
"effective_tags": [
"Business mix"
],
"content": "* The company uses Ampega Asset Management GmbH for trading and settlement activities in capital investments.\n* The organizational structure in risk management ensures segregation of duties between active risk-taking and independent risk monitoring.\n* Key bodies include the entire Management Board and key functions as per § 7 No. 9 VAG: Independent Risk Controlling Function, Compliance Function, Internal Audit, Actuarial Function, and Risk Officers.\n* The Management Board holds non-delegable responsibility for implementing and developing risk management and sets the risk strategy and derived key risk management decisions.\n* The Independent Risk Controlling Function is outsourced to HDI AG based on existing outsourcing agreements and is managed by an organizational unit led by the Chief Risk Officer.\n* An outsourcing officer within the company monitors the outsourcing.\n* The Independent Risk Controlling Function is primarily responsible for identifying, assessing, and analyzing the risk profile, and for monitoring limits and risk mitigation measures at an aggregated level.\n* This task is performed by the Chief Risk Officer with support from risk management and the Risk Committee of the HDI Deutschland business unit (Business mix), which makes recommendations to the Management Board.\n* Risk Officers are responsible for identifying and assessing significant risks in their areas, proposing risk reduction measures, and implementing appropriate risk control measures.\n* Knowledge exchange between Risk Officers and the Independent Risk Controlling Function occurs through regular risk steering committee meetings and risk discussions.\n* Internal Audit is responsible for process-independent auditing of business areas, including risk management.\n* The head of Internal Audit attends the Risk Committee as a guest to discuss risk-relevant topics.\n* The company is integrated into the Compliance organization of the HDI Deutschland business unit to ensure proper business organization and compliance with legal and regulatory requirements.\n* Compliance sends a representative to the Risk Committee.\n* The Actuarial Function contributes to the effective implementation of the risk management system and risk and solvency assessment, particularly regarding the calculation of technical provisions, underwriting and acceptance policy, and the adequacy of reinsurance agreements.\n* The Actuarial Function is also represented in the Risk Committee.\n* Internal Audit, Compliance, and the Actuarial Function are also outsourced to HDI AG.\n* Future development risks are discussed based on described risk categories.\n* Underwriting risk refers to the danger that actual expenses for claims and benefits deviate from expected expenses due to chance, error, or change.\n* Premium risk, or premium/claims risk, arises because fixed insurance premiums must later cover claims of initially unknown amounts, potentially leading to premiums not covering actual claims.\n* The company uses actuarial models for tariff setting and continuously monitors claims development.\n* Portfolio analyses are conducted for key lines of business, allowing profitability assessments of individual segments within a line.\n* Claims departments have extensive claims controlling.\n* The portfolio is also covered by reinsurance.\n\n==== Reserve risks ===="
},
{
"id": "9fth4kgfqj-c78",
"chunk": 78,
"pages": [
22
],
"heading": "Reserve risk management",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Reserve risk is the danger that technical provisions are insufficient to fully settle claims that have already occurred but are not yet settled or known, potentially leading to a need for additional reserves.\n* The company addresses premium and reserve risk by using conservative assumptions in calculations.\n* The level of provisions is regularly reviewed by internal and external actuaries, with reserve reports provided to the company.\n* The company manages the potential impact of simultaneous natural catastrophes and cumulative losses from technical risks by securing peak loads through adequate reinsurance protection.\n* Risk management and reduction also involve claims analyses, natural catastrophe modeling, selective underwriting, and regular monitoring of claims development.\n\n==== Lapse risks ===="
},
{
"id": "9fth4kgfqj-c79",
"chunk": 79,
"pages": [
22
],
"heading": "Lapse risk definition and management",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Lapse risk describes the danger of a loss or adverse change in the value of insurance liabilities resulting from changes in the level or volatility of lapse, termination, renewal, and surrender rates of insurance contracts.\n* The company regularly analyzes the lapse situation and implements appropriate control measures as needed.\n\n=== Market risks ==="
},
{
"id": "9fth4kgfqj-c80",
"chunk": 80,
"pages": [
22
],
"heading": "Market risk definition and management",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Market risk is the danger arising from fluctuations in the amount or volatility of financial market data, which affects the value of assets and liabilities.\n* The company has detailed capital investment guidelines that define the investment universe, specific quality characteristics, issuer limits, and investment limits.\n* These guidelines are based on legal and supervisory requirements, as well as the company's internal policies, to ensure maximum security and profitability with constant liquidity, while maintaining an appropriate mix and diversification.\n* A clear separation of functions between the operational management of capital investment risk and risk controlling is ensured.\n* Parametric stress tests are calculated as part of the monthly reporting to determine how sensitively the portfolio reacts to significant changes in market data.\n\n==== Equity and participation risks ===="
},
{
"id": "9fth4kgfqj-c81",
"chunk": 81,
"pages": [
22
],
"heading": "Equity risk definition and impact",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Equity risk refers to the risk arising from changes in equity price levels.\n* Potential changes in equity price levels affect the valuation of equities and asset positions modeled as equities in the risk model, particularly any investments held by the company.\n* Equity risk has limited hazard potential due to the company's low equity ratio.\n* A sensitivity analysis shows percentage changes in the market value of investments for a hypothetical loss/gain in equity investments, calculated as of the balance sheet date."
},
{
"id": "9fth4kgfqj-c82",
"chunk": 82,
"pages": [
22
],
"heading": "Percentage change in market value of investments by assumed change in equity investments",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Percentage change in market value of investments by assumed change in equity investments**\n\n| Assumed change in equity investments: | -10% | +10% |\n| --- | --- | --- |\n| Percentage change in market value of investments: | -0.1% | 0.1% |\n\n==== Interest rate risks ===="
},
{
"id": "9fth4kgfqj-c83",
"chunk": 83,
"pages": [
22
],
"heading": "Interest rate risk management",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Interest rate risk describes the sensitivity of assets, liabilities, and financial instruments to changes in the interest rate curve or interest rate volatility.\n* Interest rate risk is managed through regular Asset-Liability analyses, continuous monitoring of investments and capital markets, and implementation of appropriate measures.\n* Suitable capital market instruments, such as derivatives, are used as needed.\n* The following section provides percentage changes in the market value of investments for a hypothetical decrease/increase in interest rates (parallel shift of the interest rate curve, calculated at the balance sheet date) as part of a sensitivity analysis."
},
{
"id": "9fth4kgfqj-c84",
"chunk": 84,
"pages": [
22
],
"heading": "Percentage change in market value of investments by assumed shift in interest rate curve",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Percentage change in market value of investments by assumed shift in interest rate curve**\n\n| Assumed shift in interest rate curve: | -50bp | +50bp |\n| --- | --- | --- |\n| Percentage change in market value of investments: | 2.1% | -2.0% |\n\n== Currency risks =="
},
{
"id": "9fth4kgfqj-c85",
"chunk": 85,
"pages": [
23
],
"heading": "Currency risk management",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Currency risk, defined as the sensitivity of assets, liabilities, and financial instruments to changes in exchange rate levels or volatility, plays a minor role for the company.\n* The company's capital investments are almost exclusively denominated in euros.\n\n== Real estate risks =="
},
{
"id": "9fth4kgfqj-c86",
"chunk": 86,
"pages": [
23
],
"heading": "Real estate risk management and sensitivity",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Real estate risk is defined as the risk from fluctuations in the value of real estate held in investments.\n* This includes both real estate in the narrower sense (e.g., land and buildings) and real estate funds.\n* For direct real estate investments, yield and other key performance indicators (e.g., vacancies or arrears) are regularly measured at the property and portfolio levels.\n* For indirect real estate investments, risk is controlled by regularly observing fund development and performance.\n* A sensitivity analysis shows the percentage changes in the market value of investments given a hypothetical loss in value of real estate investments (calculated at the balance sheet date).\n\n== Credit risks from investments =="
},
{
"id": "9fth4kgfqj-c87",
"chunk": 87,
"pages": [
23
],
"heading": "Credit risk management and fixed-income investments",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Credit risks describe the risks of loss or adverse changes in financial position resulting from fluctuations in the creditworthiness of securities issuers, counterparties, and other debtors against whom the company has claims.\n* Credit risks manifest as counterparty default risks, spread risks, or market risk concentrations.\n* The company regularly conducts credit assessments of existing debtors.\n* Credit risks below investment grade and without a rating are only undertaken to a limited extent.\n* Rating categories and hedging instruments are considered for managing default and credit risk.\n* The creditworthiness of debtors is continuously monitored.\n* Ratings from external agencies such as Standard \u0026 Poor's, Moody's, Fitch, or Scope Analysis are key indicators for investment decisions by portfolio management.\n* To mitigate concentration risk, a broad mix and diversification of investments are observed.\n* Dependencies on individual debtors are avoided where possible.\n\n== Infrastructure investment risks =="
},
{
"id": "9fth4kgfqj-c88",
"chunk": 88,
"pages": [
23
],
"heading": "Infrastructure investment risks",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Risks from infrastructure investments relate to changes in value and fluctuations in returns of corresponding infrastructure assets.\n* Management of these risks involves careful due diligence checks in advance and ongoing monitoring measures.\n* Specialized expertise is maintained for this purpose.\n\n== Derivatives and structured products =="
},
{
"id": "9fth4kgfqj-c89",
"chunk": 89,
"pages": [
23
],
"heading": "Derivatives and structured products overview",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Derivative transactions for yield enhancement, acquisition preparation, and portfolio hedging, as well as structured product transactions, are conducted within the company's internal guidelines.\n* Derivative positions and transactions are detailed in reporting.\n* Derivatives are efficient and flexible portfolio management instruments due to low transaction costs, high market liquidity, and transparency.\n* The use of derivatives involves additional risks that are closely monitored and managed."
},
{
"id": "9fth4kgfqj-c90",
"chunk": 90,
"pages": [
24,
25,
26
],
"heading": "Structured products and risk management",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The company's inflation-swap portfolio (inflation receivers) was further expanded to hedge inflation risk.\n* Structured products had a total book value of EUR 547.2m (prior: EUR 306.9m) in the direct portfolio as of December 31, 2025.\n* Value at Risk (VaR) is used to monitor market risks, representing the maximum expected loss within a defined period at a given probability.\n* VaR is measured as a percentage of the market values of the capital investments under consideration.\n* An Asset Management VaR (AMVaR) is calculated to measure asset-side risks in capital investments, considering risks from rating migrations, credit defaults, credit spread widening, and equity risks (including alternative investments).\n* AMVaR measures the company's risk contribution to the Talanx Group risk over a 1-year horizon with a 99.5% confidence level.\n* The AMVaR as of December 31, 2025, was 7.38%.\n* The ALM-VaR considers capital investments and projected cash flows of technical provisions, measuring potential losses from interest rate, currency, and inflation risks relevant for ALM management.\n* ALM-VaR measures the company's isolated risk over a 1-year horizon with a 99.5% confidence level.\n* The ALM-VaR as of December 31, 2025, was 2.16%.\n* Counterparty default risk covers risk-reducing contracts (e.g., reinsurance agreements, securitizations) and claims against intermediaries and other credit risks not otherwise included in risk measurement.\n* Information on default risks in capital investments is found under credit risks.\n* The risk of default on claims against reinsurers is the possibility of default on reinsurers' shares of insurance liabilities, minus reinsurance deposits or other collateral.\n* To mitigate risk, the creditworthiness of reinsurance partners is considered during selection and monitored throughout the contract.\n* Default risk on claims from reinsurance business is low due to the favorable credit assessment of reinsurance partners.\n* Claims against reinsurers amounted to EUR 1.7m (prior: EUR 14.6m) as of the balance sheet date.\n* As of December 31, 2025, the breakdown of claims against reinsurers by rating was: AA (47.1%), A (39.7%), and Unrated (13.2%).\n* The risk of default on claims against insurance intermediaries primarily involves the possibility that commission clawbacks may not be sufficiently valuable in the event of increased policy cancellations.\n* The company addresses this risk through intensive monitoring of intermediary creditworthiness using a detailed control system.\n* The risk of default on claims against policyholders is mitigated by the diversification of these claims.\n* Liquidity risk is the risk that the company cannot realize assets to meet financial obligations at maturity, potentially due to illiquid markets or price discounts.\n* To monitor liquidity risks, each security type is assigned a liquidity indicator reflecting its marketability at fair prices.\n* These indicators are regularly reviewed by Ampega Asset Management GmbH's risk controlling, validated with market data and portfolio management assessment, and modified if necessary.\n* This data is then incorporated into standardized reports for the company's CFO.\n* The liquidity structure of capital investments as of December 31, 2025, was: Cash and equivalents (3%), readily marketable without significant discount (26%), marketable with discount (42%), and difficult/not marketable (29%).\n* Liquidity risks are managed by continuously aligning the maturities of capital investments and financial obligations.\n* Minimum limits exist for highly liquid securities, and maximum limits for less liquid securities.\n* Minimum limits are derived from the timing of technical insurance payment obligations.\n* A sufficiently liquid investment structure ensures the company can make required payments at all times.\n* Operational risk is the risk of loss from inadequate or failed internal processes, people, or systems, or from external events.\n* Business Continuity and IT Service Continuity risks refer to the threat, damage, or disruption of business operations due to natural or human-made hazards.\n* This includes losses and additional costs from IT system failures or technical problems, destruction or damage to buildings/utilities, or other work environment impairments.\n* The company reduces risks from building infrastructure disruptions through effective risk management measures, including adherence to safety, maintenance, and fire protection regulations, and widespread mobile working options.\n* A crisis management system is established to address business interruption risks from crises or emergencies, ensuring a rapid return to normal operations.\n* Emergency preparedness includes an emergency manual, business impact analyses to determine process criticality, and the establishment of a crisis team and emergency team.\n* IT infrastructure failure risk is reduced through regular controls, redundant systems, backup and recovery procedures, and on-call services.\n* Targeted investments in IT security and availability maintain and enhance the high existing security level.\n* Process risks describe the risk of loss from inadequate or failed internal processes, including data quality weaknesses.\n* The company has an Internal Control System (ICS) to systematically identify process risks and implement control measures.\n* The necessity, completeness, and effectiveness of control measures are regularly assessed by process owners through process reviews.\n* Internal Audit periodically assesses the adequacy and effectiveness of controls from an objective standpoint.\n* Compliance, legal, and tax risks describe the risk of non-compliance with legal or regulatory requirements and internal company guidelines, which could lead to lawsuits or administrative proceedings.\n* Compliance risks include legal risks and risks from changes in legislation, including tax legislation and statutory reporting obligations.\n* Legal risks arise from contracts and general legal frameworks, such as business-specific uncertainties in commercial and tax law.\n* Compliance risks in sales are regularly monitored, also with regard to the GDV Code of Conduct for Sales, for which a Compliance Steering Committee HDI Germany has been established.\n* Current relevant legal requirements arise from the Digital Operational Resilience Act (DORA) or from conduct requirements of the insurance supervisory authority.\n* Potential developments in supreme court rulings or legislative changes, particularly in corporate, product, or tax law, are identified early and closely monitored.\n\n===== Fraud risks ====="
},
{
"id": "9fth4kgfqj-c91",
"chunk": 91,
"pages": [
26
],
"heading": "Fraud Risk Definition and Mitigation",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Fraud risks include the risk of intentional violation of laws or rules by internal employees (internal fraud risks) and/or by third parties (external fraud risks) to gain personal advantage.\n* Fraud risks are broadly defined to include not only fraud but also other property offenses.\n* The company addresses the risk of fraudulent acts through regulations and internal controls within departments.\n* Payment flows and declarations of commitment are subject to strict authorization and approval regulations.\n* Segregation of duties in workflows, the four-eyes principle for important decisions, and random checks for serial business transactions make fraudulent acts more difficult.\n* Internal Audit reviews systems, processes, and individual cases across the company.\n\n===== Personnel risks ====="
},
{
"id": "9fth4kgfqj-c92",
"chunk": 92,
"pages": [
26
],
"heading": "Personnel risk management",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Personnel risks are defined as risks arising from insufficient staffing or inadequate employee behavior.\n* Qualified employees are essential for customer-oriented business and the implementation of key projects.\n* The company prioritizes training and professional development to mitigate personnel risks.\n* Employees can adapt to current market requirements through individual development plans and appropriate qualification programs.\n* Modern management tools and adequate monetary and non-monetary incentive systems promote high employee commitment.\n* Measures for employee health promotion, process documentation, and representation rules also contribute to reducing personnel risks.\n\n===== Information and IT security risks ====="
},
{
"id": "9fth4kgfqj-c93",
"chunk": 93,
"pages": [
26
],
"heading": "Information and IT Security Risks",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Information and IT security risks describe risks that could potentially jeopardize the completeness, confidentiality, or availability of information or IT systems.\n* IT security risk includes cybersecurity risk.\n* The availability of applications, the security and confidentiality, and the integrity of the data used are crucial for the company.\n* IT security is ensured through access controls, access authorization systems, and security systems for programs and data storage.\n* A protective firewall technology is installed for connecting internal and external networks, which is regularly reviewed and continuously developed.\n\n===== Outsourcing risks ====="
},
{
"id": "9fth4kgfqj-c94",
"chunk": 94,
"pages": [
26
],
"heading": "Outsourcing risk management",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Outsourcing risks refer to risks arising from outsourcing functions or insurance activities, either directly or through further outsourcing, that could otherwise be performed by the company itself.\n* Outsourcing risks are differentiated by the outsourcing of tasks up to sales and the outsourcing of sales services.\n* Risks from outsourced functions or services are integrated into the risk management process and are identified, evaluated, managed, and monitored, even if the service is provided within the group.\n* Initial risk analyses are conducted before outsourcing activities/areas.\n* The company contractually secures necessary information and instruction rights from the service provider, allowing the Management Board to issue individual instructions at any time and influence outsourced areas.\n* Adequate and continuous control and assessment of service providers are ensured through various evaluation measures, including defining product catalogs with Service Level Agreements and conducting customer satisfaction surveys to verify compliance with agreed performance and quality criteria.\n\n=== ICT risks ==="
},
{
"id": "9fth4kgfqj-c95",
"chunk": 95,
"pages": [
27
],
"heading": "ICT risk management",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* ICT risks manifest as operational risks across various subcategories.\n* An ICT risk control function was established in the reporting year in the context of the EU Digital Operational Resilience Act (DORA).\n* The Group Security function performs the ICT risk control function for the company.\n* The operational integration of ICT risk management into the overarching risk management system occurred in the reporting year and is continuously being expanded.\n\n=== Other significant risks ==="
},
{
"id": "9fth4kgfqj-c96",
"chunk": 96,
"pages": [
27
],
"heading": "Other significant risks",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Other significant risks are described in the risk report in the combined separate and consolidated financial statements.\n\n==== Strategic risks ===="
},
{
"id": "9fth4kgfqj-c97",
"chunk": 97,
"pages": [
27
],
"heading": "Strategic risks management",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Strategic risks are defined as risks arising from strategic business decisions.\n* This includes the risk that business decisions are not adapted to a changed economic environment.\n* The company reviews its business and risk strategy at least annually for consistency and adjusts processes and structures as needed.\n* Strategic risks are addressed through planning and control processes.\n* Intensive strategic work in the reporting year established the conditions for focused organic growth.\n* Sales performance is a central success factor, so sales risks are given appropriate importance within the company.\n\n==== Project risks ===="
},
{
"id": "9fth4kgfqj-c98",
"chunk": 98,
"pages": [
27
],
"heading": "Project risks and management",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Project risks describe risks that endanger the intended course or non-achievement of project goals, including strategic and IT-related projects.\n* Project risks and their effects are systematically identified within project management.\n* Project progress is regularly reviewed and evaluated.\n* The company uses established processes and measures for controlling and managing the project portfolio and individual projects.\n* This ensures that countermeasures can be taken in a timely manner if difficulties arise in achieving time and quality goals.\n\n==== Reputation risks ===="
},
{
"id": "9fth4kgfqj-c99",
"chunk": 99,
"pages": [
27
],
"heading": "reputation risk management",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Reputation risks are defined as risks arising from potential damage to the company's reputation due to negative public perception.\n* Reputation risks are closely monitored.\n* A professional complaint management system is in place to reduce reputation risks.\n* The risk of reputation damage is limited by quality requirements for products, continuous quality management of essential business processes, anti-money laundering measures, and strict data protection and compliance guidelines.\n* Crisis communication management is regulated.\n\n==== Emerging Risks ===="
},
{
"id": "9fth4kgfqj-c100",
"chunk": 100,
"pages": [
27
],
"heading": "Emerging risks definition and management",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Emerging Risks are potential threats or hazards resulting from new developments or factors that are changing, complex, or uncertain, difficult to predict, or hard to assess.\n* Emerging Risks often stem from trends or structural long-term developments that can have indirect impacts on the political, social, technological, ecological, and/or economic environment.\n* Emerging Risks are identified and managed annually within the company's risk management framework through a group-wide coordinated process.\n* The results and insights from the Emerging Risk process are incorporated into risk reporting and the risk management process to enable early detection of potential vulnerabilities and, if necessary, mitigation through risk reduction measures.\n\n==== Sustainability risks ===="
},
{
"id": "9fth4kgfqj-c101",
"chunk": 101,
"pages": [
27
],
"heading": "Sustainability risks overview",
"tags": [],
"links": [],
"data_items": [],
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"content": "* Sustainability risks are events or conditions from the Environment, Social, or Governance (ESG) areas that can have significant negative actual or potential impacts on the earnings, financial, and asset situation, as well as the reputation of the company.\n* These risks include climate-related risks such as physical risks and transition risks associated with transformation processes, as well as risks of potential greenwashing allegations.\n* Sustainability risks can materialize as a meta-risk across all risk categories, so the company monitors these risks within its risk management system.\n* The company also considers sustainability aspects in its business activities, such as in capital investments.\n\n== Forecast and Opportunity Report =="
},
{
"id": "9fth4kgfqj-c102",
"chunk": 102,
"pages": [
28
],
"heading": "Forward-looking statement",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The following statements are based on expert assessments from third parties and on plans and forecasts considered conclusive by the company, but represent a subjective assessment.\n* Actual developments may differ from the expected developments presented.\n\n=== Economic Environment ==="
},
{
"id": "9fth4kgfqj-c103",
"chunk": 103,
"pages": [
28
],
"heading": "Global economic outlook and drivers",
"tags": [],
"links": [
"Year 2026",
"Headwind"
],
"data_items": [],
"effective_tags": [
"Headwind",
"Year 2026"
],
"content": "* Global economic growth slightly cooled in 2025 due to escalating tariff disputes and geopolitical conflicts, but did not collapse.\n* Global economic growth is expected to continue this trend in 2026 (Year 2026), with a forecast of +2.7% YoY.\n* Stable growth is supported by the delayed effect of central bank interest rate cut cycles and persistently high or rising fiscal stimulus.\n* The global economy is gradually adapting to the new global trade order, with no expectation of further escalation of US-initiated trade conflicts or a collapse in increased AI investments.\n* In the Eurozone, higher fiscal stimulus, particularly rising government investments in infrastructure and defense in Germany, is expected to slightly accelerate growth dynamics during the year.\n* Solid purchasing power from lower inflation and stable growth should support private consumption in the Eurozone.\n* External trade in the Eurozone faces headwinds from global trade reordering, including weak exports and rising (cheap) imports from China due to trade diversion away from the US.\n* Lower energy prices YoY and a stronger Euro, alongside increased imports from China, are expected to contribute to a further declining inflation rate in the Eurozone.\n* US economic growth is expected to stabilize at the previous year's level.\n* Consumer restraint in lower and middle-income households in the US, due to a weaker labor market and increased price levels (partly tariff-related), may be partially offset by wealthy households, but no further acceleration is expected.\n* Investments in AI are expected to continue providing tailwinds in the US, though it remains to be seen if announced high investments by large tech companies fully materialize.\n* Very expansive fiscal policy, including tax cuts, should also support the US economy.\n* A significant increase in the US unemployment rate in 2026 is expected to be avoided due to a simultaneously lower labor supply (less migration).\n* The US inflation rate is expected to reach its tariff-related peak by mid-year but will exceed the Fed's 2% target for the sixth consecutive year on average."
},
{
"id": "9fth4kgfqj-c104",
"chunk": 104,
"pages": [
28
],
"heading": "Global economic risks",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Upside risks to the global economic outlook include stronger fiscal support, a potential ceasefire in the war in Ukraine, or an AI-driven productivity boost.\n* Risks to the global economic outlook are predominantly on the downside.\n* Primary downside risks include various geopolitical conflicts (e.g., Venezuela, Greenland, Iran, Taiwan, Ukraine), which could lead to significant deterioration at any time.\n* Potentially unstable government constellations in many countries (e.g., US Midterms, German state elections, France, Japan) pose additional risks.\n* Political attacks on the Fed and other institutions in the US represent a significant risk to political and economic stability.\n* Increased politicization of the Fed, combined with the sharply increased US national debt, could lead to a serious crisis of confidence with repercussions on international capital markets.\n* A potential AI crash is another risk; if confidence in the technology and its potential returns wanes given immense capital requirements, it could worsen investment activity in the sector and the overall investment climate.\n* The sustainability of high government debt outside the US remains a recurring question.\n* Structural risks include climate change, demographic developments, and de-globalization, which could increase inflation risk in the medium term and lead central banks to a sustainably more restrictive monetary policy.\n\n=== Capital markets ==="
},
{
"id": "9fth4kgfqj-c105",
"chunk": 105,
"pages": [
28
],
"heading": "Interest rate outlook",
"tags": [],
"links": [
"Year 2026"
],
"data_items": [],
"effective_tags": [
"Year 2026"
],
"content": "* The ECB is expected to maintain its deposit rate at 2.00% by the end of 2026 (Year 2026), due to inflation slightly below its 2% target and subdued positive economic momentum.\n* The Fed's flexibility is limited by persistent US inflation above 2%.\n* The US policy rate is projected to be 3.25% by year-end, following two additional interest rate cuts of 0.25 percentage points each, driven by a weakening US labor market and political pressure."
},
{
"id": "9fth4kgfqj-c106",
"chunk": 106,
"pages": [
29
],
"heading": "Bond yields and equity market outlook",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The yield on 10-year German Bunds is expected to rise towards 3.00% during the year, due to increased issuance activity for additional expenditures.\n* The yield on 10-year US Treasuries is projected to be 4.25% by year-end, only slightly above its 2025 year-end value.\n* Slight further price gains for equities are anticipated, provided the mentioned risks do not materialize significantly.\n\n=== Future Industry Situation ==="
},
{
"id": "9fth4kgfqj-c107",
"chunk": 107,
"pages": [
29
],
"heading": "Macroeconomic environment and growth outlook",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The macroeconomic environment continues to be characterized by significant risk factors and uncertainty, affecting both national and international insurance markets.\n* Growth prospects for the national market in the coming years are primarily supported by announced fiscal spending.\n\n==== German Insurance Industry ===="
},
{
"id": "9fth4kgfqj-c108",
"chunk": 108,
"pages": [
29
],
"heading": "German insurance market outlook",
"tags": [],
"links": [
"Year 2026"
],
"data_items": [],
"effective_tags": [
"Year 2026"
],
"content": "* The German insurance market is expected to continue growing in 2026 (Year 2026), but with less momentum compared to the strong premium growth in the past fiscal year.\n\n===== Property and Casualty Insurance ====="
},
{
"id": "9fth4kgfqj-c109",
"chunk": 109,
"pages": [
29
],
"heading": "German P\u0026C outlook",
"tags": [],
"links": [
"Year 2026",
"Property \u0026 casualty"
],
"data_items": [],
"effective_tags": [
"Property \u0026 casualty",
"Year 2026"
],
"content": "* For 2026 (Year 2026), slight follow-up effects are expected in sum insured and premium adjustments in German P\u0026C (Property \u0026 casualty) insurance.\n* These effects are driven by cost increases and inflation from recent years.\n* Premium income growth is expected to approach the long-term average again.\n\n==== Opportunities from the Development of the Framework Conditions ====\n\n===== Digitalization ====="
},
{
"id": "9fth4kgfqj-c110",
"chunk": 110,
"pages": [
29
],
"heading": "digitalization and AI strategy",
"tags": [],
"links": [
"Year 2026"
],
"data_items": [],
"effective_tags": [
"Year 2026"
],
"content": "* Digitalization is significantly changing the insurance industry by reshaping business processes and models through digital technologies.\n* This development is crucial for the competitiveness of insurance companies, creating new opportunities in customer communication, claims processing, data analysis, and new business development.\n* The Talanx Group is undertaking numerous projects to manage digital transformation, including creating added value through artificial intelligence (AI).\n* The Group has implemented its own generative AI solution, Chat@HDI, and integrated Microsoft Copilot to gain real-time insights from unstructured text or image data to support employees.\n* These AI initiatives are already showing benefits for customers and employees, primarily through time savings from optimized processes, while adhering to data protection and compliance regulations.\n* This includes the European Union's (EU) Artificial Intelligence Act (AI Act), which came into force on August 1, 2024, with most regulations to be implemented by August 2, 2026 (Year 2026).\n* The AI Act aims to regulate the development and use of AI in the EU, protect fundamental rights, strengthen trust in the technology, and promote innovation through clear guidelines.\n* Faster-than-expected implementation and customer adoption of digitalization projects could positively impact premium development and earnings, potentially leading to exceeding current forecasts.\n\n===== Knowledge Management ====="
},
{
"id": "9fth4kgfqj-c111",
"chunk": 111,
"pages": [
29
],
"heading": "knowledge and innovation management",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Knowledge and innovation management are gaining importance in the insurance industry.\n* Talanx Group established a Best Practice Lab to promote targeted exchange of knowledge and innovation.\n* International experts in Excellence Teams exchange ideas on specialized topics and develop new solutions, including pricing, sales, marketing, claims, fraud management, customer service centers, and digitalization.\n* Results and solutions from the Best Practice Lab are provided to Talanx Group companies to continuously improve their processes and methods.\n* Faster generation and implementation of new solutions and ideas through the Best Practice Lab could positively impact premium development and earnings, potentially exceeding forecasts.\n\n===== Agility ====="
},
{
"id": "9fth4kgfqj-c112",
"chunk": 112,
"pages": [
29
],
"heading": "Agile transformation and benefits",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The globalized world in the information age is characterized by volatility, uncertainty, complexity, and ambiguity (VUCA).\n* To keep pace with change, HDI Versicherung is transforming into an agile organization.\n* An agile organization for HDI means being a learning organization focused on customer benefit to increase company profit.\n* HDI uses interdisciplinary and creative teams, open and direct communication, flat hierarchies, and a culture that embraces mistakes.\n* Initiatives support the shift to an agile organization by shortening communication channels and fostering cross-departmental exchange.\n* HDI supports hybrid work, allowing employees to work remotely up to 60% of the time, balancing work and family while maintaining direct colleague interaction.\n* Agility offers opportunities for customers, employees, and investors.\n* Customers benefit from new, tailored insurance solutions.\n* Employees gain more autonomy and growth opportunities through agile work.\n* Investors benefit from increased company profit when customers are satisfied and employees reach their full potential."
},
{
"id": "9fth4kgfqj-c113",
"chunk": 113,
"pages": [
30
],
"heading": "2026 outlook and financial stability",
"tags": [],
"links": [
"Year 2026"
],
"data_items": [],
"effective_tags": [
"Year 2026"
],
"content": "* Faster-than-expected implementation of agile transformation could positively impact earnings and exceed forecasts.\n* HDI Versicherung AG has high financial stability, providing a good basis to capitalize on competitive opportunities.\n* For fiscal year 2026, HDI expects a challenging market environment with continued inflation in spare parts and artisan costs.\n* Premium adjustments are anticipated in motor and building insurance segments due to inflation.\n* For corporate segments, HDI plans to continue portfolio review in commercial customer business and reduce loss-making portfolios.\n* A moderate decline in premium volume is expected for fiscal year 2026.\n* A slight decrease in claims expenses is expected, despite anticipating a normalization of natural catastrophe claims in the coming year.\n* A moderate reduction in insurance operating expenses is projected due to continued cost discipline.\n* A slight decrease in the underwriting result after fluctuation provision is expected for fiscal year 2026.\n* A significant increase in investment income is anticipated, driven by higher extraordinary investment income following loss realizations in the current reporting year.\n* The non-underwriting result is expected to decline slightly overall.\n* The net income for the coming year is expected to be slightly below the previous year's level.\n\n== Types of Insurance (Appendix 1 to the Management Report) =="
},
{
"id": "9fth4kgfqj-c114",
"chunk": 114,
"pages": [
31
],
"heading": "Insurance types operated in 2025",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The following types of insurance were operated in the 2025 financial year as individual, group, or collective insurance policies against single or ongoing contributions:\n** General liability insurance\n** Private liability insurance\n** Financial loss liability insurance\n** Cyber insurance\n** Medical professional liability insurance\n** Planning liability insurance\n** Motor vehicle liability insurance\n** Other motor vehicle insurance\n** General accident insurance\n** Multi-risk insurance\n** Transport insurance\n** Technical insurance\n** Fire insurance\n** Combined residential building insurance\n** Combined household contents insurance"
},
{
"id": "9fth4kgfqj-c115",
"chunk": 115,
"pages": [
32,
33
],
"heading": "Brazil financial report",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Financial report Brazil\n* Financial report Brazil\n\n== Annual Financial Statements =="
},
{
"id": "9fth4kgfqj-c116",
"chunk": 116,
"pages": [
33
],
"heading": "Financial statement components",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Balance Sheet\n* Income Statement\n* Notes\n* Information on the Company\n* Accounting and Valuation Methods\n* Notes to the Balance Sheet - Assets\n* Notes to the Balance Sheet - Liabilities\n* Notes to the Income Statement\n* Other Information\n\n=== Balance Sheet as of December 31, 2025 ==="
},
{
"id": "9fth4kgfqj-c117",
"chunk": 117,
"pages": [
34
],
"heading": "Balance Sheet as of December 31, 2025",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Balance Sheet as of December 31, 2025**\n\n| Assets In EUR thousand A. Intangible assets | A. Intangible assets | A. Intangible assets | 31.12.2025 A. Intangible assets | 31.12.2024 A. Intangible assets |\n| --- | --- | --- | --- | --- |\n| Acquired concessions, industrial property rights and similar rights and values, and licenses for such rights and values | — | — | 2,153 | 3,953 |\n| B. Investments | B. Investments | B. Investments | B. Investments | B. Investments |\n| I. Land, rights equivalent to land, and buildings, including buildings on third-party land | — | 0 | — | 217 |\n| II. Investments in affiliated companies and participations | II. Investments in affiliated companies and participations | II. Investments in affiliated companies and participations | II. Investments in affiliated companies and participations | II. Investments in affiliated companies and participations |\n| 1. Shares in affiliated companies | 256,451 | — | — | 267,706 |\n| 2. Loans to affiliated companies | 203,261 | — | — | 153,261 |\n| 3. Participations | 1,964 | — | — | 1,965 |\n| 4. Loans to companies with which there is a participation relationship | 19,939 | — | — | 19,575 |\n| — | — | 481,615 | — | 442,508 |\n| III. Other investments | III. Other investments | III. Other investments | III. Other investments | III. Other investments |\n| 1. Shares, units or shares in investment funds and other non-fixed-income securities | 772,675 | — | — | 822,816 |\n| 2. Bearer bonds and other fixed-income securities | 1,870,241 | — | — | 1,553,894 |\n| 3. Other loans | — | — | — | 782,990 |\n| a) Registered bonds | 473,581 | — | — | — |\n| b) Promissory note receivables and loans | 165,763 | — | — | 158,387 |\n| — | — | 639,344 | — | 941,377 |\n| — | — | 3,282,259 | — | 3,318,087 |\n| — | — | — | 3,763,874 | 3,760,811 |\n| C. Receivables | C. Receivables | C. Receivables | C. Receivables | C. Receivables |\n| I. Receivables from direct insurance business from: — 1. Policyholders | 77,529 | — | — | 107,925 |\n| I. Receivables from direct insurance business from: — 2. Insurance intermediaries | 7,194 | — | — | 9,854 |\n| I. Receivables from direct insurance business from: — — | — | 84,723 | — | 117,779 |\n| I. Receivables from direct insurance business from: — II. Settlement receivables from reinsurance business – thereof from affiliated companies: 292 TEUR (11,543 TEUR) | — | 1,737 | — | 14,593 |\n| I. Receivables from direct insurance business from: — III. Other receivables – thereof from affiliated companies: 147,670 TEUR (497,557 TEUR) | — | 172,845 | — | 522,299 |\n| I. Receivables from direct insurance business from: — — | — | — | 259,305 | 654,671 |\n| I. Receivables from direct insurance business from: — D. Other assets | D. Other assets | D. Other assets | D. Other assets | D. Other assets |\n| I. Receivables from direct insurance business from: — I. Current balances with credit institutions, checks and cash on hand | — | 88,055 | — | 51,289 |\n| I. Receivables from direct insurance business from: — — | — | — | 88,055 | 51,289 |\n| I. Receivables from direct insurance business from: — E. Prepaid expenses and accrued income | E. Prepaid expenses and accrued income | E. Prepaid expenses and accrued income | E. Prepaid expenses and accrued income | E. Prepaid expenses and accrued income |\n| I. Receivables from direct insurance business from: — I. Accrued interest and rents | — | 36,129 | — | 32,597 |\n| I. Receivables from direct insurance business from: — II. Other prepaid expenses and accrued income | — | 1,345 | — | 4 |\n| I. Receivables from direct insurance business from: — — | — | — | 37,475 | 32,601 |\n| I. Receivables from direct insurance business from: — F. Active difference from asset netting | — | — | 0 | 6 |\n| I. Receivables from direct insurance business from: — Total Assets | — | — | 4,150,862 | 4,503,332 |\n\n== Financial report Brazil Balance Sheet =="
},
{
"id": "9fth4kgfqj-c118",
"chunk": 118,
"pages": [
35
],
"heading": "Financial report Brazil Balance Sheet",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Financial report Brazil Balance Sheet (A. Shareholders' equity)**\n\n| Liabilities In EUR thousand | 31.12.2025 | 31.12.2025 | 31.12.2024 | 31.12.2024 |\n| --- | --- | --- | --- | --- |\n| I. Subscribed capital | 51,000 | — | 51,000 | — |\n| II. Capital reserves | 6,100 | — | 6,100 | — |\n| — | — | 57,100 | — | 57,100 |\n| B. Technical provisions | B. Technical provisions | B. Technical provisions | B. Technical provisions | B. Technical provisions |\n| I. Unearned premiums | I. Unearned premiums | I. Unearned premiums | I. Unearned premiums | I. Unearned premiums |\n| 1. Gross amount | 225,520 | — | 220,539 | — |\n| 2. thereof: share for reinsurance ceded | 1,179 | — | 1,790 | — |\n| — | — | 224,341 | — | 218,748 |\n| II. Technical provisions for life insurance | II. Technical provisions for life insurance | II. Technical provisions for life insurance | II. Technical provisions for life insurance | II. Technical provisions for life insurance |\n| 1. Gross amount | 8,905 | — | 9,342 | — |\n| 2. thereof: share for reinsurance ceded | 0 | — | 3 | — |\n| — | — | 8,905 | — | 9,339 |\n| III. Provision for outstanding claims | III. Provision for outstanding claims | III. Provision for outstanding claims | III. Provision for outstanding claims | III. Provision for outstanding claims |\n| 1. Gross amount | 3,383,083 | — | 3,298,028 | — |\n| 2. thereof: share for reinsurance ceded | 121,637 | — | 129,715 | — |\n| — | — | 3,261,447 | — | 3,168,313 |\n| IV. Provision for premium refunds, profit-dependent and profit-independent | IV. Provision for premium refunds, profit-dependent and profit-independent | IV. Provision for premium refunds, profit-dependent and profit-independent | IV. Provision for premium refunds, profit-dependent and profit-independent | IV. Provision for premium refunds, profit-dependent and profit-independent |\n| 1. Gross amount | 900 | — | 2,500 | — |\n| 2. thereof: share for reinsurance ceded | 0 | — | 0 | — |\n| — | — | 900 | — | 2,500 |\n| V. Equalization provision and similar provisions | — | 252,856 | — | 267,266 |\n| VI. Other technical provisions | VI. Other technical provisions | VI. Other technical provisions | VI. Other technical provisions | VI. Other technical provisions |\n| 1. Gross amount | 13,439 | — | 11,981 | — |\n| 2. thereof: share for reinsurance ceded | 0 | — | 0 | — |\n| — | — | 13,439 | — | 11,981 |\n| — | — | — | 3,761,887 | 3,678,147 |\n| C. Other provisions | C. Other provisions | C. Other provisions | C. Other provisions | C. Other provisions |\n| I. Provisions for pensions and similar obligations | — | 847 | — | 785 |\n| II. Other provisions | — | 20,763 | — | 19,930 |\n| — | — | — | 21,610 | 20,715 |\n| D. Other liabilities | D. Other liabilities | D. Other liabilities | D. Other liabilities | D. Other liabilities |\n| I. Liabilities from direct insurance business to | I. Liabilities from direct insurance business to | I. Liabilities from direct insurance business to | I. Liabilities from direct insurance business to | I. Liabilities from direct insurance business to |\n| 1. Policyholders | 100,391 | — | 571,021 | — |\n| 2. Insurance intermediaries | 13,505 | — | 15,526 | — |\n| — | — | 113,897 | — | 586,547 |\n| II. Settlement liabilities from reinsurance business - thereof to affiliated companies: 16,354 TEUR (11,153 TEUR) | — | 22,634 | — | 17,901 |\n| III. Other liabilities - thereof from taxes: 12,098 TEUR (12,573 TEUR) - thereof to affiliated companies: 148,923 TEUR (118,065 TEUR) | — | 173,294 | — | 142,272 |\n| — | — | — | 309,825 | 746,720 |\n| E. Prepaid expenses and accrued income | — | — | 440 | 651 |\n| Total liabilities | | | 4,150,862 | 4,503,332 |"
},
{
"id": "9fth4kgfqj-c119",
"chunk": 119,
"pages": [
35
],
"heading": "Pension provision",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The pension provision included in the balance sheet under liabilities B.III. for the end of the 2025 financial year, including uncollected pensions, amounts to EUR 63,698.\n* The pension provision under item B.III. of the liabilities in the balance sheet has been calculated in accordance with § 341f and § 341g HGB and the legal ordinance issued pursuant to § 88 para. 3 VAG.\n\n=== Income Statement for the period from January 1 to December 31, 2025 ==="
},
{
"id": "9fth4kgfqj-c120",
"chunk": 120,
"pages": [
36,
37
],
"heading": "Income Statement for the period from January 1 to December 31, 2025",
"tags": [],
"links": [
"Gross written premiums"
],
"data_items": [],
"effective_tags": [
"Gross written premiums"
],
"content": "**Income Statement for the period from January 1 to December 31, 2025 (I. Technical account 1. Earned premiums for own account)**\n\n| In EUR thousand | | | | 2025 | 2024 |\n| --- | --- | --- | --- | --- | --- |\n| a) Gross written premiums | 1,564,825 | — | — | — | 1,588,316 |\n| b) Reinsurance premiums ceded | -69,365 | — | — | — | -74,861 |\n| — | — | 1,495,460 | — | — | 1,513,455 |\n| c) Change in gross unearned premiums | -4,982 | — | — | — | -8,784 |\n| d) Change in reinsurers' share of gross unearned premiums | -611 | — | — | — | 92 |\n| — | — | -5,593 | — | — | -8,692 |\n| — | — | — | 1,489,867 | — | 1,504,763 |\n| 2. Technical interest income for own account | 2. Technical interest income for own account | 2. Technical interest income for own account | 2. Technical interest income for own account | 1,020 | 1,052 |\n| 3. Other technical income for own account | 3. Other technical income for own account | 3. Other technical income for own account | 3. Other technical income for own account | 360 | 1,679 |\n| 4. Claims incurred for own account | 4. Claims incurred for own account | 4. Claims incurred for own account | 4. Claims incurred for own account | 4. Claims incurred for own account | 4. Claims incurred for own account |\n| a) Claims paid | a) Claims paid | a) Claims paid | a) Claims paid | a) Claims paid | a) Claims paid |\n| aa) Gross amount | -920,737 | — | — | — | -1,111,769 |\n| bb) Reinsurers' share | 17,877 | — | — | — | 41,572 |\n| — | — | -902,861 | — | — | -1,070,197 |\n| b) Change in provision for outstanding claims | b) Change in provision for outstanding claims | b) Change in provision for outstanding claims | b) Change in provision for outstanding claims | b) Change in provision for outstanding claims | b) Change in provision for outstanding claims |\n| aa) Gross amount | -85,282 | — | — | — | 66,347 |\n| bb) Reinsurers' share | -7,852 | — | — | — | -38,486 |\n| — | — | -93,134 | — | — | 27,862 |\n| — | — | — | -995,994 | — | -1,042,335 |\n| 5. Change in other net technical provisions | 5. Change in other net technical provisions | 5. Change in other net technical provisions | 5. Change in other net technical provisions | 5. Change in other net technical provisions | 5. Change in other net technical provisions |\n| a) Technical provisions for life insurance | a) Technical provisions for life insurance | a) Technical provisions for life insurance | a) Technical provisions for life insurance | a) Technical provisions for life insurance | a) Technical provisions for life insurance |\n| aa) Gross amount | 437 | — | — | — | 836 |\n| bb) Reinsurers' share | -3 | — | — | — | -12 |\n| — | — | 433 | — | — | 823 |\n| b) Other net technical provisions | — | -1,458 | — | — | 3,236 |\n| — | — | — | -1,025 | — | 4,059 |\n| 6. Expenses for premium refunds, profit-dependent and profit-independent, for own account | 6. Expenses for premium refunds, profit-dependent and profit-independent, for own account | 6. Expenses for premium refunds, profit-dependent and profit-independent, for own account | 6. Expenses for premium refunds, profit-dependent and profit-independent, for own account | -7 | -2,008 |\n| 7. Operating expenses for own account | 7. Operating expenses for own account | 7. Operating expenses for own account | 7. Operating expenses for own account | 7. Operating expenses for own account | 7. Operating expenses for own account |\n| a) Gross operating expenses | — | -486,415 | — | — | -506,721 |\n| b) thereof: commissions received and profit participation from reinsurance ceded | — | 9,142 | — | — | 10,484 |\n| — | — | — | -477,273 | — | -496,237 |\n| 8. Other technical expenses for own account | 8. Other technical expenses for own account | 8. Other technical expenses for own account | 8. Other technical expenses for own account | -11,229 | -10,709 |\n| 9. Subtotal | 9. Subtotal | 9. Subtotal | 9. Subtotal | 5,719 | -39,736 |\n| 10. Change in equalization provision and similar provisions | 10. Change in equalization provision and similar provisions | 10. Change in equalization provision and similar provisions | 10. Change in equalization provision and similar provisions | 14,410 | 9,026 |\n| 11. Underwriting result for own account | 11. Underwriting result for own account | 11. Underwriting result for own account | 11. Underwriting result for own account | 20,130 | -30,710 |\n\n**Investment income**\n\n| II. Non-underwriting account In EUR thousand 1. | II. Non-underwriting account | II. Non-underwriting account | II. Non-underwriting account | 2025 | 2024 |\n| --- | --- | --- | --- | --- | --- |\n| — | a) Income from participating interests – thereof from affiliated undertakings: 4,325 TEUR (17,108 TEUR) | a) Income from participating interests – thereof from affiliated undertakings: 4,325 TEUR (17,108 TEUR) | 4,325 | — | 17,224 |\n| — | b) Income from other investments – thereof from affiliated undertakings: 21,905 TEUR (35,520 TEUR) | b) Income from other investments – thereof from affiliated undertakings: 21,905 TEUR (35,520 TEUR) | b) Income from other investments – thereof from affiliated undertakings: 21,905 TEUR (35,520 TEUR) | — | — |\n| — | aa) Income from land, rights equivalent to land and buildings including buildings on third-party land | aa) Income from land, rights equivalent to land and buildings including buildings on third-party land | 361 | — | 1,066 |\n| — | bb) Income from other investments | bb) Income from other investments | 91,084 | — | 100,444 |\n| — | c) Income from write-ups | c) Income from write-ups | 0 | — | 75 |\n| d) | Gains from the disposal of investments | Gains from the disposal of investments | 23,819 | — | 4,420 |\n| e) | Income from profit-sharing agreements, profit and partial profit transfer agreements | Income from profit-sharing agreements, profit and partial profit transfer agreements | 2 | — | 82 |\n| — | — | — | — | 119,591 | 123,310 |\n| 2. | Investment expenses | Investment expenses | Investment expenses | | |\n| a) | Expenses for the administration of investments, interest expenses and other investment expenses | Expenses for the administration of investments, interest expenses and other investment expenses | -8,082 | — | -7,427 |\n| — | b) Depreciation on investments | b) Depreciation on investments | -17,734 | — | -3,718 |\n| c) | Losses from the disposal of investments | Losses from the disposal of investments | -125,585 | — | -158 |\n| — | — | — | — | -151,400 | -11,303 |\n| — | — | — | — | -31,809 | 112,008 |\n| 3. | Technical interest income | Technical interest income | — | -1,020 | -1,052 |\n| — | — | — | — | -32,830 | 110,956 |\n| 4. | Other income | Other income | — | 144,773 | 18,208 |\n| 5. | Other expenses | Other expenses | — | -22,581 | -80,700 |\n| — | — | — | — | 122,193 | -62,492 |\n| 6. | Income from ordinary activities | Income from ordinary activities | Income from ordinary activities | 109,493 | 17,754 |\n| 7. | Taxes on income and earnings | Taxes on income and earnings | — | -15 | -5 |\n| 8. | Other taxes | Other taxes | — | -7 | -105 |\n| — | — | — | — | -23 | -110 |\n| 9. | Profits transferred due to a profit-sharing agreement, a profit transfer agreement or a partial profit transfer agreement | Profits transferred due to a profit-sharing agreement, a profit transfer agreement or a partial profit transfer agreement | Profits transferred due to a profit-sharing agreement, a profit transfer agreement or a partial profit transfer agreement | -109,470 | -17,644 |\n| 10. | Net income/net loss for the year or retained earnings | Net income/net loss for the year or retained earnings | Net income/net loss for the year or retained earnings | 0 | 0 |"
},
{
"id": "9fth4kgfqj-c121",
"chunk": 121,
"pages": [
37
],
"heading": "Accounting note",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Note: Expense items are marked with a minus sign before the corresponding amount.\n\n== Notes ==\n\n=== Company Information ==="
},
{
"id": "9fth4kgfqj-c122",
"chunk": 122,
"pages": [
38
],
"heading": "company registration details",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* HDI Versicherung AG is headquartered in Hanover.\n* HDI Versicherung AG is registered with the Hanover District Court under commercial register number HRB 58934.\n\n=== Accounting and Valuation Methods ==="
},
{
"id": "9fth4kgfqj-c123",
"chunk": 123,
"pages": [
38
],
"heading": "Financial statement preparation basis",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The annual financial statements and management report of the company are prepared in accordance with the provisions of the German Commercial Code (HGB), the German Stock Corporation Act (AktG), the German Insurance Supervision Act (VAG), and relevant ordinances, particularly the German Accounting Regulations for Insurance Undertakings (RechVersV), in their version valid at the balance sheet date.\n\n==== Assets ===="
},
{
"id": "9fth4kgfqj-c124",
"chunk": 124,
"pages": [
38
],
"heading": "Intangible assets and equity investments",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Intangible assets are recognized at acquisition cost less scheduled, straight-line depreciation over an estimated useful life of five years.\n* Self-created intangible assets of fixed assets are not capitalized per § 248 Abs. 2 Satz 1 HGB.\n* Shares in affiliated companies and equity investments are recognized at acquisition cost, reduced by any depreciation according to the softened lower of cost or market principle (§ 341b Abs. 1 Satz 2 HGB in conjunction with § 253 Abs. 1 Satz 1, Abs. 3 Satz 5 HGB)."
},
{
"id": "9fth4kgfqj-c125",
"chunk": 125,
"pages": [
38,
39
],
"heading": "Loans and debt securities valuation",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Loans to affiliated companies and companies with which an equity relationship exists are recognized at amortized cost using the effective interest method, per § 341c Abs. 3 HGB.\n* Capital investments are recognized at the purchase price upon acquisition.\n* The difference to the repayment amount is amortized using the effective interest method.\n* Necessary depreciations are made according to the softened lower of cost or market principle.\n* Shares, units or shares in investment funds, as well as bearer bonds and other fixed-interest securities, if held as current assets, are recognized at acquisition cost or the lower stock exchange or market values on the balance sheet date, according to the strict lower of cost or market principle.\n* The requirement to write up assets is observed (§ 341b Abs. 2 HGB in conjunction with §§ 255 Abs. 1 and 253 Abs. 1 Satz 1, Abs. 4 and Abs. 5 HGB).\n* Securities intended to serve the business permanently are valued according to the softened lower of cost or market principle, as per the regulations for fixed assets (§ 341b Abs. 2 zweiter Halbsatz HGB in conjunction with § 253 Abs. 1 Satz 1, Abs. 3 Satz 5 HGB).\n* Permanent impairments are expensed.\n* To assess the existence of a permanent impairment for bearer bonds, other fixed-interest securities, and debt instruments held through funds and recognized as fixed assets, credit checks of the issuers and rating developments are considered.\n* For publicly traded shares, the criteria recommended by the Insurance Expert Committee of the IDW are used to determine the existence of a probable permanent impairment.\n* A permanent impairment may exist if the fair value of a security has been consistently more than 20% below its book value for the six months preceding the balance sheet date, or if the average daily stock exchange price over the last 12 months is more than 10% below its book value.\n* The assessment of the probable permanence of an impairment for units or shares in investment funds with an unrealized loss on the investment unit at the balance sheet date is based on the assets held in the fund (look-through-approach).\n* For securities acquired above or below par, the difference is amortized over the term using the effective interest method.\n* Registered bonds, promissory note receivables, and loans are recognized at amortized cost (§ 341c Abs. 3 HGB).\n* Capital investments are recognized at the acquisition price upon acquisition.\n* The difference to the repayment amount is amortized using the effective interest method.\n* Necessary depreciations are made according to the softened lower of cost or market principle (§ 341b Abs. 2 zweiter Halbsatz HGB in conjunction with § 253 Abs. 1 Satz 1, Abs. 3 Satz 5 HGB).\n* Structured products in the form of bearer bonds, registered bonds, promissory note receivables, loans, and loans to affiliated companies and companies with which an equity relationship exists are held in the portfolio.\n* These structured products are recognized and valued according to the balance sheet item in which they are held.\n* Structured products in the portfolio are financial instruments where the underlying instrument, a fixed-income cash instrument, is contractually linked with one or more derivatives.\n* If the conditions according to IDW RS HFA 22 are met, these are uniformly recognized at amortized cost according to the regulations for capital investments recognized as fixed assets, applying the softened lower of cost or market principle (§ 341b Abs. 1 Satz 2 HGB in conjunction with § 253 Abs. 3 Satz 5 HGB).\n* In accordance with the requirement to write up assets (§ 253 Abs. 5 Satz 1 HGB), assets that were depreciated in previous years are written up to the amount of the amortized acquisition costs or a lower fair or market value, if the reasons for the permanent impairment have ceased to exist and a recovery in value has occurred."
},
{
"id": "9fth4kgfqj-c126",
"chunk": 126,
"pages": [
39
],
"heading": "Receivables and cash",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Receivables from direct insurance business are recognized at nominal amounts.\n* The general valuation allowance for receivables from policyholders is determined for the reporting year based on historical experience (past defaults).\n* A flat rate of 1% is applied for receivables from intermediaries.\n* Accrued receivables and other receivables are recognized at nominal amounts.\n* Due to the cost cut-off before the balance sheet date, cost bookings incurred after the cut-off date are recorded under other receivables.\n* This position is offset by cost estimates for the period between the cost cut-off and the balance sheet date, which are shown in other provisions.\n* Current balances with credit institutions, checks, and cash on hand are recognized at nominal value."
},
{
"id": "9fth4kgfqj-c127",
"chunk": 127,
"pages": [
39
],
"heading": "Accruals and deferred items",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Items to be included in active accruals are recognized at nominal value.\n* The item 'Active difference from asset netting' represents the excess amount remaining after individual contractual netting of pension obligations with the assets covering them (primarily reinsurance life insurance policies).\n\n==== Liabilities ===="
},
{
"id": "9fth4kgfqj-c128",
"chunk": 128,
"pages": [
40
],
"heading": "Equity and reinsurance accounting",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Subscribed capital, capital reserves, and retained earnings in equity are recognized at nominal value.\n* Contractual shares of reinsurers in relevant gross positions are determined and booked for material reinsurance contracts as of the current reporting date.\n* For selected reinsurance contracts, a one-month time lag to gross is used, with separate estimated bookings for large losses, for example, if material movements occur, and these are considered up to the current reporting date.\n* Unearned premiums are calculated for directly written business using the 1/360 system or on a daily basis (pro rata temporis), in accordance with regulatory requirements and the letter from the Federal Minister of Finance dated April 30, 1974.\n* Reinsured shares are accrued in accordance with contractual agreements."
},
{
"id": "9fth4kgfqj-c129",
"chunk": 129,
"pages": [
40
],
"heading": "Technical provisions for claims",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The premium reserve for lifetime household insurance policies is calculated using the prospective method, on an individual contract basis, considering future costs, and in compliance with § 341f HGB and the legal ordinance issued under § 65 Abs. 1 VAG.\n* The technical interest rate valid at the time of contract inception is used.\n* The reserve for outstanding claims in directly written business is determined individually for each claim.\n* In participatory business, data from leading insurance companies is adopted.\n* If data from leading insurers was not available by the balance sheet date, reserves per business relationship are estimated based on past experience.\n* For unsettled small claims in motor liability, comprehensive, and partial comprehensive insurance, group valuation is utilized.\n* A reserve for incurred but not reported (IBNR) claims is calculated based on historical data for claims not yet known by the balance sheet date.\n* Actuarial methods are used to determine the number of expected IBNR claims and the average expected claim amount.\n* Since the standard method is not suitable for long-tail lines, the HGB IBNR reserve in these cases is derived from the actuarially determined IFRS reserve, including a surcharge.\n* In individual cases, if current information is available, an appropriate amount is reserved based on this information.\n* The pension reserve calculated according to § 65 VAG and the reserve for expected claims handling expenses are also reported.\n* The reserve for claims handling costs consists of external and internal cost components.\n* The external claims handling cost reserve is specifically formed for each individual claim.\n* The internal claims handling cost reserve is determined using a factor-based approximation method.\n* This method uses paid claims as a volume measure for incurred costs and determines future internal claims handling costs as a percentage of the current claims reserve for compensation.\n* The corresponding percentage/factor is calculated as the average of historical observation years.\n* A reduction of the determined factor is applied based on line-of-business-specific experience, assuming that a portion of claims handling has already been performed for known claims."
},
{
"id": "9fth4kgfqj-c130",
"chunk": 130,
"pages": [
40,
41
],
"heading": "Pension and other technical provisions",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The gross pension reserve included in the reserve for outstanding claims is calculated according to actuarial principles.\n* The calculation is based on the German Actuarial Association (DAV) 2006 HUR mortality tables for women and men.\n* The technical interest rate is determined according to § 5 Abs. 4 of the Reserve Regulation as the minimum of the originally valid maximum technical interest rate and the reference interest rate.\n* Technical interest rates for pension obligations: 1.57% for entry before 2015; 1.25% for 2015 to 2016; 0.90% for 2017 to 2021; 0.25% for 2022 to 2024; 1.00% for 2025.\n* Claims from recourse, salvage, and sharing agreements for already settled claims are recognized as deductions within the claims reserve.\n* The formation of the reserve for premium refunds complies with contractual provisions.\n* The calculation of the fluctuation reserve applies the provisions of § 29 and the appendix to § 29 RechVersV, as well as the provisions of the Insurance Reporting Ordinance (BerVersV).\n* Other technical provisions are determined as follows: the lapse reserve was calculated by determining an average lapse rate for the last three years and multiplying it by the current year's premiums.\n* The reserve due to the obligation from membership in Verkehrsopferhilfe e.V. is formed according to the association's notification.\n* The reserve for impending losses from directly written or reinsured insurance business, reported under other technical provisions according to § 31 Abs. 1 Nr. 2 RechVersV, is formed as a negative balance between expected income for contracts with a legal obligation at the balance sheet date and expected expenses.\n* Income includes expected premiums and interest effects thereon.\n* Expenses include claims expenses and administrative costs.\n* Expense items are derived from past data and adjusted if the forecast of future development would be distorted by effects from previous claims years.\n* For technical provisions from reinsured business, the reserves reported by the ceding insurers are generally recognized, unless better internal information is available.\n* If information is not available at the time of financial statement preparation, claims reserves are estimated based on the previous year's data.\n* Pension obligations are recognized at the necessary fulfillment amount according to reasonable judgment, as per § 253 Abs. 1 Satz 2 HGB.\n* These obligations are discounted according to § 253 Abs. 2 Satz 2 HGB using the average interest rate over the last ten years, published by the Bundesbank according to the Reserve Discounting Ordinance (RückAbzinsV) as of September 30, 2025, and projected for December 31, 2025, with an assumed remaining term of 15 years.\n* The principles of IDW RH FAB 1.021 apply to the valuation of reserves for reinsured direct commitments.\n* Pension provisions for non-reinsured employer-financed commitments were determined using the projected unit credit method.\n* Pension provisions for non-securities-linked employee-financed commitments were determined using the projected unit credit method, unless benefits are covered by reinsurance.\n* For reinsured benefits, the fulfillment amount corresponds to the fair value of the coverage capital of the life insurance contract plus profit participation."
},
{
"id": "9fth4kgfqj-c131",
"chunk": 131,
"pages": [
42
],
"heading": "Valuation assumptions and other liabilities",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The valuation is based on the HEUBECK-RICHTTAFELN 2018 G withdrawal probabilities, which have been strengthened according to the risk profile observed in the portfolio.\n* Other assumptions used for the calculation include: salary dynamics of 3.25% (prior: 3.50%); pension dynamics of 2.08% (prior: 2.14%); interest rate of 2.06% (prior: 1.90%).\n* The total expected return required for the valuation of reinsured direct commitments ranges from 3.30% to 3.60%, depending on the life insurer.\n* The considered fluctuation corresponds to company-specific probabilities diversified by age and gender.\n* Securities-linked employee-financed commitments exclusively consist of benefit-congruently reinsured pension commitments, which must be valued according to IDW RS HFA 30 Rz. 74 in conjunction with § 253 Abs. 1 Satz 3 HGB.\n* For these commitments, the fulfillment amount is at least the fair value of the coverage capital of the life insurance contract plus profit participation.\n* Other provisions are recognized at their probable necessary fulfillment amount based on prudent commercial valuation.\n* If expected maturities exceed one year, these provisions are discounted according to § 253 Abs. 2 Satz 1 HGB using the average interest rate (spot rate as of December 31, 2025) over the last seven years, published by the Bundesbank according to the Reserve Discounting Ordinance (RückAbzinsV).\n* Other liabilities are recognized at their fulfillment amounts.\n* Deferred income includes revenues received before the balance sheet date that represent income for a specific period thereafter.\n* Foreign currency positions are translated at the balance sheet date using the spot rate (middle exchange rate) for balance sheet items and the average rate for profit and loss statement items.\n* For monthly foreign currency valuation, inventory positions are translated at the respective spot rate at month-end.\n* The exchange rate for the monthly valuation of profit and loss statement items is the respective closing rate of the previous month.\n* These positions are valued using a rolling procedure.\n* The sum of the translated individual values effectively results in a translation at average rates.\n* To improve clarity, the financial statements, income statement, and notes are prepared in thousands of Euros.\n* Individual items, subtotals, and totals are commercially rounded.\n* The sum of individual values may therefore differ from subtotals and totals due to rounding differences.\n\n=== Notes to the Balance Sheet - Assets ===\n\n==== Development of asset items A. and B.I. to B.III. in fiscal year 2025 ===="
},
{
"id": "9fth4kgfqj-c132",
"chunk": 132,
"pages": [
44
],
"heading": "Development of asset items A. and B.I. to B.III. in fiscal year 2025",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "\u003Ctable id=\"25\"\u003E\n\u003Ccaption\u003EDevelopment of asset items A. and B.I. to B.III. in fiscal year 2025\u003C/caption\u003E\n\u003Ctr\u003E\u003Cth\u003E\u003C/th\u003E\u003Cth\u003EPrior year carrying amounts\u003C/th\u003E\u003Cth\u003EAdditions\u003C/th\u003E\u003Cth\u003EReclassification\u003C/th\u003E\u003Cth\u003EDisposals\u003C/th\u003E\u003Cth\u003EWrite-ups\u003C/th\u003E\u003Cth\u003EDepreciation\u003C/th\u003E\u003Cth\u003ECurrent fiscal year carrying amounts\u003C/th\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Cth\u003EIn EUR thousand\u003C/th\u003E\u003Cth\u003E\u003C/th\u003E\u003Cth\u003E\u003C/th\u003E\u003Cth\u003E\u003C/th\u003E\u003Cth\u003E\u003C/th\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Cth\u003EA. Intangible assets\u003C/th\u003E\u003Cth\u003E\u003C/th\u003E\u003Cth\u003E\u003C/th\u003E\u003Cth\u003E\u003C/th\u003E\u003Cth\u003E\u003C/th\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003EAcquired concessions, industrial property rights and similar rights and values, and licenses for such rights and values\u003C/td\u003E\u003Ctd\u003E3,953\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E1,800\u003C/td\u003E\u003Ctd\u003E2,153\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Cth\u003EB. Investments\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003EI. Land, rights equivalent to land, and buildings, including buildings on third-party land\u003C/td\u003E\u003Ctd\u003E217\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E216\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Cth\u003EII. Investments in affiliated companies and participations\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003E1. Shares in affiliated companies\u003C/td\u003E\u003Ctd\u003E267,706\u003C/td\u003E\u003Ctd\u003E765\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E12,020\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E256,451\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003E2. Loans to affiliated companies\u003C/td\u003E\u003Ctd\u003E153,261\u003C/td\u003E\u003Ctd\u003E50,000\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E203,261\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003E3. Participations\u003C/td\u003E\u003Ctd\u003E1,965\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E2\u003C/td\u003E\u003Ctd\u003E1,964\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003E4. Loans to companies with which there is a participation relationship\u003C/td\u003E\u003Ctd\u003E19,575\u003C/td\u003E\u003Ctd\u003E750\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E365\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E21\u003C/td\u003E\u003Ctd\u003E19,939\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003ETotal B.II.\u003C/td\u003E\u003Ctd\u003E442,508\u003C/td\u003E\u003Ctd\u003E51,515\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E12,385\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E23\u003C/td\u003E\u003Ctd\u003E481,615\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Cth\u003EIII. Other investments\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003E1. Shares, units or shares in investment funds and other non-fixed-income securities\u003C/td\u003E\u003Ctd\u003E822,816\u003C/td\u003E\u003Ctd\u003E72,987\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E111,636\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E11,492\u003C/td\u003E\u003Ctd\u003E772,675\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003E2. Bearer bonds and other fixed-income securities\u003C/td\u003E\u003Ctd\u003E1,553,894\u003C/td\u003E\u003Ctd\u003E1,527,331\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E1,210,939\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E45\u003C/td\u003E\u003Ctd\u003E1,870,241\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Cth\u003E3. Other loans\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003Ea) Registered bonds\u003C/td\u003E\u003Ctd\u003E782,990\u003C/td\u003E\u003Ctd\u003E89,480\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E398,889\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E473,581\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003Eb) Promissory note receivables and loans\u003C/td\u003E\u003Ctd\u003E158,387\u003C/td\u003E\u003Ctd\u003E30,605\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E17,055\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E6,174\u003C/td\u003E\u003Ctd\u003E165,763\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003ETotal B.III.\u003C/td\u003E\u003Ctd\u003E3,318,087\u003C/td\u003E\u003Ctd\u003E1,720,402\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E1,738,520\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E17,711\u003C/td\u003E\u003Ctd\u003E3,282,259\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003ETotal B.\u003C/td\u003E\u003Ctd\u003E3,760,811\u003C/td\u003E\u003Ctd\u003E1,771,917\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E1,751,121\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E17,734\u003C/td\u003E\u003Ctd\u003E3,763,874\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003ETotal\u003C/td\u003E\u003Ctd\u003E3,764,764\u003C/td\u003E\u003Ctd\u003E1,771,917\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E1,751,121\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E19,534\u003C/td\u003E\u003Ctd\u003E3,766,027\u003C/td\u003E\u003C/tr\u003E\n\u003C/table\u003E"
},
{
"id": "9fth4kgfqj-c133",
"chunk": 133,
"pages": [
44
],
"heading": "Currency exchange differences",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Additions and disposals include currency exchange differences on prior year balance sheet values.\n\n=== To B. Investments ===\n\n==== Determination of fair values of investments ===="
},
{
"id": "9fth4kgfqj-c134",
"chunk": 134,
"pages": [
46
],
"heading": "Valuation of investments in affiliated companies and participations",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The fair values of shares in affiliated companies and participations are determined differently based on the company's purpose and size.\n* Companies valued using the income approach are generally set at the present value of future distributable financial surpluses (income value).\n* For companies that subscribe to equity instruments not traded on the capital market (investment vehicles for Private Equity, Real Estate funds, and other alternative investments), valuation is analogous to comparable directly held instruments using the Net Asset Value method.\n* The fair values of loans to affiliated companies and companies with which an equity relationship exists, registered bonds, promissory note receivables, and loans are determined using a present value method with product- and rating-specific yield curves.\n* Special features such as deposit insurance, guarantor liability, or subordination are considered in the spread surcharges used."
},
{
"id": "9fth4kgfqj-c135",
"chunk": 135,
"pages": [
46
],
"heading": "Valuation of other investments",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The fair value of other investments is generally determined based on the over-the-counter value according to § 56 RechVersV.\n* For investments with a market or exchange price (shares, units or shares in investment funds, bearer bonds, and other fixed-income securities), the fair value is the value at the balance sheet date or the last preceding day for which a market or exchange price could be determined.\n* In cases where no stock exchange listings are available, yield curves based on pricing methods established in financial markets are used.\n* Investments are valued at most at their expected realizable value, considering the principle of prudence.\n* The fair values of special funds held in the portfolio correspond to the determined redemption price.\n* The fair value of publicly traded shares and equity funds recognized as fixed assets is determined using the EPS method (earnings per share), an income approach per share based on annual earnings expectations estimated by independent analysts or the higher market values.\n* If the EPS value is more than 120% of the market value, it is capped at 120%.\n* For fixed-income securities held via special funds and recognized as fixed assets, the fair value is determined at amortized cost, provided there are no indications of an expected permanent impairment.\n* The creditworthiness of the issuer and the development of ratings are used for this purpose.\n* For default securities and securities whose market value is less than 50% of the nominal value, the lower market value is generally used."
},
{
"id": "9fth4kgfqj-c136",
"chunk": 136,
"pages": [
46
],
"heading": "Valuation of alternative investments and derivatives",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The fair value of Private Equity, Infrastructure, and Real Estate funds held in the portfolio is determined based on the last Net Asset Value (Capital Account) reported by the General Partner, which is updated to the reporting date for interim calls and distributions.\n* For the fair value determination of swaps, the Discounted Cash Flow method is applied separately for both legs of a swap.\n* For the fixed-rate leg, the entire cash flow is rolled out until maturity.\n* For the variable-rate leg, the cash flow is rolled out until the next interest rate adjustment date.\n* The sum of the present values (considering the sign for the long/short position) results in the theoretical price or the current receivable and payable position of the entire swap transaction."
},
{
"id": "9fth4kgfqj-c137",
"chunk": 137,
"pages": [
47
],
"heading": "Fair values below carrying amounts",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* For the following investments recognized at acquisition cost, the fair values are below the carrying amounts.\n\n=== Investments with hidden liabilities ==="
},
{
"id": "9fth4kgfqj-c138",
"chunk": 138,
"pages": [
47
],
"heading": "Carrying amounts, Fair values, Balance by In EUR thousand",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Carrying amounts, Fair values, Balance by In EUR thousand**\n\n| In EUR thousand | Carrying amounts | Fair values | Balance |\n| --- | --- | --- | --- |\n| Shares in affiliated undertakings | 9,416 | 7,743 | -1,673 |\n| Loans to affiliated companies | 104,696 | 99,516 | -5,180 |\n| Loans to companies in which an equity interest exists | 3,471 | 3,171 | -300 |\n| Shares or units in investment funds | 159,472 | 144,298 | -15,175 |\n| Bearer bonds and other fixed-interest securities | 1,335,690 | 1,315,553 | -20,137 |\n| Other loans Loans to companies in which an equity interest exists Bearer bonds | 451,127 6,727 1,335,690 | 436,112 6,317 1,315,553 | -15,015 6,317 1,315,553 |\n| Total | 2,063,873 | 2,006,393 | -57,480 |"
},
{
"id": "9fth4kgfqj-c139",
"chunk": 139,
"pages": [
47
],
"heading": "Avoided depreciation on investments",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Depreciation of EUR 35,313k (prior: EUR 111,638k) was avoided on investments recognized as fixed assets, applying § 341b Abs. 2 HGB.\n* These are considered temporary impairments.\n* For fixed-interest securities, creditworthiness checks of issuers and rating developments are used to assess permanent impairment.\n* These hidden burdens were not written off as extraordinary depreciation under § 253 Abs. 3 Satz 5 HGB, as they are primarily interest-induced and not considered permanent.\n* Payment defaults are not expected due to the issuers' creditworthiness.\n* The IDW Insurance Committee's recommended criteria are used to determine if a permanent impairment of shares or stocks in investment funds is likely.\n* A permanent impairment may exist if the fair value of a security has been consistently more than 20% below the book value for the six months preceding the balance sheet date.\n* A permanent impairment may also exist if the average daily stock exchange price over the last 12 months is more than 10% below the book value.\n* If a look-through approach is possible, the assessment of the likely permanence of an impairment for shares or stocks in investment funds with a hidden burden at the balance sheet date is based on the assets held in the fund.\n\n=== Extraordinary depreciation according to § 277 (3) HGB: ==="
},
{
"id": "9fth4kgfqj-c140",
"chunk": 140,
"pages": [
47
],
"heading": "Impairments on investments",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Impairments on investments include unscheduled impairments of EUR 11,492k (prior: EUR 794k) in accordance with § 277 (3) sentence 1 HGB.\n\n=== To B.II. Investments in affiliated companies and participations ==="
},
{
"id": "9fth4kgfqj-c141",
"chunk": 141,
"pages": [
48
],
"heading": "Significant investments in affiliated companies and participations",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Significant investments in affiliated companies and participations that are material to the company are listed below.\n* Companies of minor economic importance without significant impact on the asset, financial, and earnings position are not presented, in accordance with § 286 No. 3 Sentence 1 HGB."
},
{
"id": "9fth4kgfqj-c142",
"chunk": 142,
"pages": [
48
],
"heading": "Shareholders' equity, net income \u0026amp; share of capital by name, registered office",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Shareholders' equity, net income \u0026 share of capital by name, registered office**\n\n| Name, registered office In EUR thousand | Shareholders' equity(1)) prior to profit transfer and distribution, information based on the latest available audited annual financial statements) | Net income(1)) prior to profit transfer and distribution, information based on the latest available audited annual financial statements) | Share of capital(2)) The shareholding ratio results from the addition of all directly and indirectly held shares in accordance with § 16 para. 2 and 4 AktG) |\n| --- | --- | --- | --- |\n| Domestic: — Enhanced Sustainable Power Fund Nr. 3 GmbH \u0026 Co. KG geschlossene Investment KG, Grünwald(3)) Information on equity and annual results relates to the fiscal year from 30.9.2021 to 30.9.2022) | 187,778 | 11,679 | 2.0% |\n| Domestic: — Fair Claims GmbH, Hannover | 4,025 | 546 | 100.0% |\n| Domestic: — GDV Dienstleistungs-GmbH, Hamburg | 29,653 | 983 | 3.0% |\n| Domestic: — hector digital GmbH, Marpingen(4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 119 | -4 | 19.0% |\n| Domestic: — Infrastruktur Ludwigsau GmbH \u0026 Co KG, Köln(4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 21,353 | 1,126 | 100.0% |\n| Domestic: — Infrastruktur Windpark Vier Fichten GbR, Bremen(4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 8 | 4 | 41.7% |\n| Domestic: — KOP4 GmbH \u0026 Co. KG, München | 45,942 | 2,962 | 7.2% |\n| Domestic: — MachDigital GmbH, Neunkirchen | 539 | -1,461 | 49.0% |\n| Domestic: — Neodigital Versicherung AG, Neunkirchen | 8,158 | -19,531 | 5.5% |\n| Domestic: — Riethorst Grundstücksgesellschaft AG \u0026 Co. KG, Hannover | 133,025 | 6,607 | 50.0% |\n| Domestic: — SSV Schadenschutzverband GmbH, Hannover | 200 | 591 | 100.0% |\n| Domestic: — Talanx Infrastructure France 2 GmbH, Köln(4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 79,180 | 6,315 | 100.0% |\n| Domestic: — Talanx Infrastructure Portugal 2 GmbH, Köln | 32,460 | 3,047 | 50.0% |\n| Domestic: — Talanx Infrastructure Portugal GmbH, Köln(4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 731 | -0 | 70.0% |\n| Domestic: — TD Real Assets GmbH \u0026 Co. KG, Köln | 582,933 | 15,285 | 17.0% |\n| Domestic: — TD Sach Private Equity GmbH \u0026 Co. KG, Köln | 94,254 | 9,434 | 100.0% |\n| Domestic: — Windfarm Bellheim GmbH \u0026 Co. KG, Köln(4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 38,825 | 1,459 | 85.0% |\n| Domestic: — Windpark Mittleres Mecklenburg GmbH \u0026 Co. KG, Köln(4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 13,379 | 3,007 | 100.0% |\n| Domestic: — Windpark Parchim GmbH \u0026 Co. KG, Köln(4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 12,765 | 1,680 | 51.0% |\n| Domestic: — Windpark Rehain GmbH \u0026 Co. KG, Köln(4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 21,958 | 677 | 100.0% |\n| Domestic: — Windpark Sandstruth GmbH \u0026 Co. KG, Köln(4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 4,252 | 62,961 | 100.0% |\n| Domestic: — Zweite Riethorst Grundstücksgesellschaft mbH | 123,915 | 1,742 | 50.0% |\n| Foreign: — Augusta Ireland 2 Limited Partnership, Ireland, Dublin | -540 | -385 | 100% |\n| Foreign: — CEF BKR03 NL B.V., Netherlands, Amsterdam(4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 55,039 | -1,090 | 5.2% |\n| Foreign: — EIP Gas Transit Switzerland SCS, Luxembourg, Luxembourg(5)) Information on equity and net income relates to the fiscal year from 30.6.2024 to 30.6.2025) | 141,838 | -6,222 | 2.8% |\n| Foreign: — EIP Wind Power Central Norway SCS, Luxembourg, Luxembourg(4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 88,335 | -36,888 | 10.9% |\n| Foreign: — Escala Braga - Sociedade Gestora do Edificio S.A., Portugal, Braga(4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 5,829 | 1,774 | 49.0% |\n| Foreign: — Escala Parque - Gestao de Estacionamento S.A., Portugal, Linhó(4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 1,588 | 1,527 | 49.0% |\n| Foreign: — Escala Vila Franca - Sociedade Gestora do Edificio S.A., Portugal, Linhó(4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 15,427 | 2,283 | 49.0% |\n| Foreign: — Ferme Eolienne du Confolentais SNC, Frankreich, Toulouse(4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 12,847 | 708 | 100.0% |\n| Foreign: — Iberia Termosolar 1, S.L.U., Spanien, Sevilla(4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 45,559 | 626 | 33.4% |\n| Foreign: — Infrastorm Co-Invest 1 SCA, Luxemburg, Luxemburg(4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 11,342 | -60 | 45.0% |\n| Foreign: — Le Chemin de La Milaine S.N.C., Frankreich, Lille(4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 16,451 | 1,706 | 100.0% |\n| Foreign: — Le Louveng S.A.S, Frankreich, Lille(4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 12,282 | 753 | 100.0% |\n| Foreign: — Les Vents de Malet S.N.C., Frankreich, Lille(4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 16,625 | 1,907 | 100.0% |\n| Foreign: — PNH - Parque do Novo Hospital S.A., Portugal, Linhó(4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 546 | 486 | 49.0% |\n\n(1)) 1) prior to profit transfer and distribution, information based on the latest available audited annual financial statements\n(2)) 2) The shareholding ratio results from the addition of all directly and indirectly held shares in accordance with § 16 para. 2 and 4 AktG\n(3)) 3) Information on equity and annual results relates to the fiscal year from 30.9.2021 to 30.9.2022\n(4)) 4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG\n(5)) 5) Information on equity and net income relates to the fiscal year from 30.6.2024 to 30.6.2025\n\n== To B.III. Other investments =="
},
{
"id": "9fth4kgfqj-c143",
"chunk": 143,
"pages": [
49
],
"heading": "Other investments",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Item B.III. 1. Shares, units or shares in investment funds and other non-fixed-interest securities includes shares in EU/domestic investment funds where the company holds more than 10% of the shares.\n* There are no restrictions on the daily redemption of these shares."
},
{
"id": "9fth4kgfqj-c144",
"chunk": 144,
"pages": [
49
],
"heading": "To B.III. Other investments",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**To B.III. Other investments (Bond funds:)**\n\n| In EUR thousand | Carrying amounts | Fair values | Balance | Distribution |\n| --- | --- | --- | --- | --- |\n| HDI Gerling Sach Industrials Master | 487,697 | 498,340 | 10,643 | 15,700 |\n| BeGo Corp. Direct Lend. Debt Fund III (close-end) | 77,569 | 79,844 | 2,275 | 4,279 |\n| Equity funds: | Equity funds: | Equity funds: | Equity funds: | Equity funds: |\n| HV Aktien | 39,348 | 40,503 | 1,155 | 1,315 |\n| Real estate funds: | Real estate funds: | Real estate funds: | Real estate funds: | Real estate funds: |\n| Talanx Deutschland Real Estate Value | 28,518 | 28,007 | -510 | 0 |\n| Total | 633,131 | 646,694 | 13,563 | 21,294 |"
},
{
"id": "9fth4kgfqj-c145",
"chunk": 145,
"pages": [
49
],
"heading": "Depreciation of special funds",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Depreciation according to § 253 para. 3 sentence 5 HGB was not fully recognized for special funds showing hidden burdens, as these are considered temporary impairments.\n\n== To C.III. Other receivables =="
},
{
"id": "9fth4kgfqj-c146",
"chunk": 146,
"pages": [
49
],
"heading": "To C.III. Other receivables",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**To C.III. Other receivables**\n\n| In EUR thousand | 31.12.2025 | 31.12.2024 |\n| --- | --- | --- |\n| Receivables from affiliated companies (1)) Receivables mainly result from investment income and service transactions.) | 147,670 | 497,557 |\n| Receivables from syndicated business | 14,731 | 15,172 |\n| Receivables from cash collaterals | 3,600 | 3,490 |\n| Receivables from the sale of investments | 3,393 | 3,825 |\n| Receivables from interest and rents | 1,443 | 149 |\n| Receivables from debit deliveries and services | 0 | 1,238 |\n| Miscellaneous | 2,007 | 868 |\n| Total | 172,845 | 522,299 |\n\n(1)) 1) Receivables mainly result from investment income and service transactions.\n\n== To D.I. Current balances with credit institutions, checks and cash on hand =="
},
{
"id": "9fth4kgfqj-c147",
"chunk": 147,
"pages": [
49
],
"heading": "Current balances with credit institutions",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Current balances with credit institutions totaled EUR 88,055k (prior: EUR 51,289k).\n\n== To E. Accruals and deferred items =="
},
{
"id": "9fth4kgfqj-c148",
"chunk": 148,
"pages": [
49
],
"heading": "Accrued interest",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The total amount of EUR 37,475k (prior year: EUR 32,601k) primarily consists of accrued interest.\n\n===== To F. Active difference from asset offsetting ====="
},
{
"id": "9fth4kgfqj-c149",
"chunk": 149,
"pages": [
50
],
"heading": "Active difference from asset offsetting",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* This item includes the amount of cover assets exceeding the corresponding liabilities as defined in § 246 para. 2 sentence 3 HGB."
},
{
"id": "9fth4kgfqj-c150",
"chunk": 150,
"pages": [
50
],
"heading": "To F. Active difference from asset offsetting",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**To F. Active difference from asset offsetting**\n\n| In EUR thousand | 31.12.2025 | 31.12.2024 |\n| --- | --- | --- |\n| Receivables from reinsurance policies | 1,312 | 1,573 |\n| Fulfillment amount of netted liabilities from employee-financed commitments | -1,312 | -1,567 |\n| Total | 0 | 6 |"
},
{
"id": "9fth4kgfqj-c151",
"chunk": 151,
"pages": [
50
],
"heading": "Pension commitments",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Life insurance contracts concluded for pension commitments from deferred compensation are fully pledged to beneficiaries.\n\n== Notes to the Balance Sheet - Liabilities ==\n\n===== To A.I. Subscribed capital ====="
},
{
"id": "9fth4kgfqj-c152",
"chunk": 152,
"pages": [
50
],
"heading": "Subscribed capital by fiscal year end",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Subscribed capital by fiscal year end**\n\n| In EUR thousand | 31.12.2025 | 31.12.2024 |\n| --- | --- | --- |\n| Balance at the beginning of the fiscal year | 51,000 | 51,000 |\n| Balance at the end of the fiscal year | 51,000 | 51,000 |"
},
{
"id": "9fth4kgfqj-c153",
"chunk": 153,
"pages": [
50
],
"heading": "Share capital structure",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The capital is divided into 51,000 registered no-par value shares and is fully paid in.\n\n===== To A.II. Capital reserve ====="
},
{
"id": "9fth4kgfqj-c154",
"chunk": 154,
"pages": [
50
],
"heading": "Capital reserve by fiscal year",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Capital reserve by fiscal year**\n\n| In EUR thousand | 31.12.2025 | 31.12.2024 |\n| --- | --- | --- |\n| Balance at the beginning of the fiscal year | 6,100 | 6,100 |\n| Balance at the end of the fiscal year | 6,100 | 6,100 |"
},
{
"id": "9fth4kgfqj-c155",
"chunk": 155,
"pages": [
50
],
"heading": "Legal reserve requirements",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The formation of a legal reserve is not required because § 150 para. 2 AktG (\"statutory reserve fund\") is already fulfilled by the formation of the capital reserve according to § 272 para. 2 no. 1 HGB.\n\n== To B. Technical provisions =="
},
{
"id": "9fth4kgfqj-c156",
"chunk": 156,
"pages": [
51
],
"heading": "Gross values presentation",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Gross values are presented below."
},
{
"id": "9fth4kgfqj-c157",
"chunk": 157,
"pages": [
51
],
"heading": "Technical provisions by lines of business",
"tags": [],
"links": [
"Business mix"
],
"data_items": [],
"effective_tags": [
"Business mix"
],
"content": "**Technical provisions by lines of business (Business mix)**\n\n| In EUR thousand | 31.12.2025 | 31.12.2024 |\n| --- | --- | --- |\n| Accident insurance | 108,210 | 112,318 |\n| Liability insurance | 1,865,072 | 1,780,426 |\n| Motor vehicle liability insurance | 1,099,476 | 1,106,022 |\n| Other motor vehicle insurance | 165,646 | 157,827 |\n| Fire and property insurance | 420,211 | 444,037 |\n| thereof a) Fire insurance | 144,604 | 148,092 |\n| b) Combined household insurance | 51,153 | 54,194 |\n| c) Combined residential building insurance | 212,770 | 227,203 |\n| d) Other property insurance | 11,684 | 14,548 |\n| Assistance insurance | 217 | 218 |\n| Other insurance | 225,870 | 208,807 |\n| Total | 3,884,703 | 3,809,655 |"
},
{
"id": "9fth4kgfqj-c158",
"chunk": 158,
"pages": [
51
],
"heading": "Technical provisions by type",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Gross technical provisions for outstanding claims: EUR 3,383,083k (prior year: EUR 3,298,028k)\n* Fluctuation provisions and similar provisions: EUR 252,856k (prior year: EUR 267,266k)\n\n== To B.III. Provision for outstanding claims =="
},
{
"id": "9fth4kgfqj-c159",
"chunk": 159,
"pages": [
51
],
"heading": "Gross values presentation",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Gross values are presented below."
},
{
"id": "9fth4kgfqj-c160",
"chunk": 160,
"pages": [
51
],
"heading": "Provision for outstanding claims by lines of business",
"tags": [],
"links": [
"Business mix"
],
"data_items": [],
"effective_tags": [
"Business mix"
],
"content": "**Provision for outstanding claims by lines of business (Business mix)**\n\n| In EUR thousand | 31.12.2025 | 31.12.2024 |\n| --- | --- | --- |\n| Accident insurance | 96,491 | 94,261 |\n| Liability insurance | 1,694,273 | 1,554,466 |\n| Motor vehicle liability insurance | 1,049,583 | 1,060,562 |\n| Other motor vehicle insurance | 77,216 | 113,484 |\n| Fire and property insurance | 251,560 | 277,309 |\n| thereof a) Fire insurance | 129,613 | 133,247 |\n| b) Combined household insurance | 22,923 | 23,548 |\n| c) Combined residential building insurance | 89,316 | 107,810 |\n| d) Other property insurance | 9,709 | 12,704 |\n| Assistance insurance | 38 | 26 |\n| Other insurance | 213,921 | 197,920 |\n| Total | 3,383,083 | 3,298,028 |\n\n== To B.IV. Provision for profit-dependent and profit-independent premium refunds =="
},
{
"id": "9fth4kgfqj-c161",
"chunk": 161,
"pages": [
51
],
"heading": "Provision for premium refunds",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The provision for premium refunds reported in the financial year was EUR 900k (prior: EUR 2,500k) and exclusively concerns success-independent premium refunds.\n\n=== To B.V. Fluctuation provision and similar provisions ==="
},
{
"id": "9fth4kgfqj-c162",
"chunk": 162,
"pages": [
52
],
"heading": "Fluctuation provision and similar provisions by lines of business",
"tags": [],
"links": [
"Business mix"
],
"data_items": [],
"effective_tags": [
"Business mix"
],
"content": "**Fluctuation provision and similar provisions by lines of business (Business mix)**\n\n| In EUR thousand | 31.12.2025 | 31.12.2024 |\n| --- | --- | --- |\n| Accident insurance | 1,515 | 7,510 |\n| Liability insurance | 111,286 | 167,862 |\n| Motor vehicle liability insurance | 0 | 0 |\n| Other motor vehicle insurance | 50,212 | 0 |\n| Fire and property insurance | 88,259 | 90,788 |\n| thereof a) Fire insurance | 7,237 | 9,649 |\n| b) Combined household insurance | 0 | 1,632 |\n| c) Combined residential building insurance | 81,022 | 79,507 |\n| Assistance insurance | 0 | 0 |\n| Other insurance | 1,584 | 1,105 |\n| Total | 252,856 | 267,266 |\n\n=== To B.VI. Other technical provisions ==="
},
{
"id": "9fth4kgfqj-c163",
"chunk": 163,
"pages": [
52
],
"heading": "Other technical provisions",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Other technical provisions totaled EUR 13,439k (prior year: EUR 11,981k).\n* This includes a cancellation reserve of EUR 12,512k (prior year: EUR 11,054k).\n* This also includes a provision for traffic victim assistance of EUR 926k (prior year: EUR 926k).\n\n=== To C.I. Provisions for pensions and similar obligations ==="
},
{
"id": "9fth4kgfqj-c164",
"chunk": 164,
"pages": [
52
],
"heading": "To C.I. Provisions for pensions and similar obligations",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**To C.I. Provisions for pensions and similar obligations**\n\n| In EUR thousand | 31.12.2025 | 31.12.2024 |\n| --- | --- | --- |\n| Fulfillment amount of pension obligations | 2,159 | 2,352 |\n| less plan assets | 1,312 | 1,567 |\n| Total | 847 | 785 |"
},
{
"id": "9fth4kgfqj-c165",
"chunk": 165,
"pages": [
52
],
"heading": "Pension provisions valuation",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Coverage assets are recognized at fair value according to § 253 Abs. 1 Satz 4 HGB.\n* This fair value corresponds to the coverage capital of the insurance contract, including the actuarial bases of premium calculation and already allocated profit participations, thus representing the amortized cost.\n* The difference amount subject to distribution restrictions according to § 253 Abs. 6 Satz 1 is EUR -5k (prior: EUR -5k).\n* This difference amount was determined by comparing the discounted and recognized obligation amount (using the average interest rate of the last ten years) with the amount that would have resulted from discounting with the average interest rate of the last seven years.\n* The deficit due to unrecorded pension obligations as per Art. 28 Abs. 1 EGHGB amounts to EUR 482k (prior: EUR 475k).\n\n=== To C.II. Other provisions ==="
},
{
"id": "9fth4kgfqj-c166",
"chunk": 166,
"pages": [
53
],
"heading": "To C.II. Other provisions",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**To C.II. Other provisions**\n\n| In EUR thousand | 31.12.2025 | 31.12.2024 |\n| --- | --- | --- |\n| a) Remuneration still to be paid | 6,523 | 5,398 |\n| b) Outstanding commissions | 5,520 | 4,850 |\n| c) Other provisions from investments | 4,680 | 4,495 |\n| d) Provisions for impending losses | 2,425 | 4,340 |\n| e) Provisions for administration and consulting | 1,258 | 0 |\n| f) Annual financial statement costs | 346 | 279 |\n| g) Other provisions | 11 | 568 |\n| Total | 20,763 | 19,930 |\n\n=== To D.III. Other liabilities ==="
},
{
"id": "9fth4kgfqj-c167",
"chunk": 167,
"pages": [
53
],
"heading": "To D.III. Other liabilities",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**To D.III. Other liabilities**\n\n| In EUR thousand | Term \u003C 1 year 31.12.2025 | Term \u003C 1 year 31.12.2024 | Term \u003E 1 year 31.12.2025 | Term \u003E 1 year 31.12.2024 | Total 31.12.2025 | Total 31.12.2024 |\n| --- | --- | --- | --- | --- | --- | --- |\n| Liabilities to affiliated companies(1)) The liabilities mainly result from service transactions.) | 148,923 | 118,065 | 0 | 0 | 148,923 | 118,065 |\n| Liabilities to tax authorities | 12,098 | 12,573 | 0 | 0 | 12,098 | 12,573 |\n| Liabilities from third-party business management | 6,556 | 7,254 | 0 | 0 | 6,556 | 7,254 |\n| Miscellaneous | 5,697 | 4,368 | 19 | 12 | 5,717 | 4,380 |\n| Total | 173,274 | 142,260 | 19 | 12 | 173,294 | 142,272 |\n\n(1)) 1) The liabilities mainly result from service transactions."
},
{
"id": "9fth4kgfqj-c168",
"chunk": 168,
"pages": [
53
],
"heading": "Other liabilities maturity",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Other liabilities do not include liabilities with a remaining maturity of more than five years.\n\n=== To E. Accruals and deferred items ==="
},
{
"id": "9fth4kgfqj-c169",
"chunk": 169,
"pages": [
53
],
"heading": "Other deferred income and expenses",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Other deferred income and expenses totaled EUR 440k (prior: EUR 651k).\n\n=== Notes to the income statement ==="
},
{
"id": "9fth4kgfqj-c170",
"chunk": 170,
"pages": [
53
],
"heading": "Insurance business reporting",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The self-written and assumed reinsurance business is reported in total.\n* A separate presentation of the assumed reinsurance business is omitted because it is 100% retroceded and is of minor importance for the earnings situation of HDI Versicherung AG.\n\n==== To I.1.a) Gross written premiums ===="
},
{
"id": "9fth4kgfqj-c171",
"chunk": 171,
"pages": [
54
],
"heading": "Gross written premiums by lines of business",
"tags": [],
"links": [
"Gross written premiums",
"Business mix"
],
"data_items": [],
"effective_tags": [
"Business mix",
"Gross written premiums"
],
"content": "**Gross written premiums by lines of business (Business mix)**\n\n| In EUR thousand | 2025 | 2024 |\n| --- | --- | --- |\n| Accident insurance | 60,222 | 61,896 |\n| Liability insurance | 355,069 | 357,250 |\n| Motor vehicle liability insurance | 305,413 | 331,878 |\n| Other motor vehicle insurance | 216,185 | 245,743 |\n| Fire and property insurance | 425,823 | 394,877 |\n| thereof a) Fire insurance | 164,923 | 130,446 |\n| b) Combined household insurance | 72,422 | 75,186 |\n| c) Combined residential building insurance | 166,564 | 167,951 |\n| d) Other property insurance | 21,914 | 21,294 |\n| Assistance insurance | 417 | 446 |\n| Other insurance | 201,696 | 196,227 |\n| Total | 1,564,825 | 1,588,316 |\n\n==== To I.1. Earned gross premiums ===="
},
{
"id": "9fth4kgfqj-c172",
"chunk": 172,
"pages": [
54
],
"heading": "Earned gross premiums by lines of business",
"tags": [],
"links": [
"Business mix"
],
"data_items": [],
"effective_tags": [
"Business mix"
],
"content": "**Earned gross premiums by lines of business (Business mix)**\n\n| In EUR thousand | 2025 | 2024 |\n| --- | --- | --- |\n| Accident insurance | 60,587 | 62,275 |\n| Liability insurance | 353,947 | 357,562 |\n| Motor vehicle liability insurance | 299,769 | 332,462 |\n| Other motor vehicle insurance | 220,951 | 240,985 |\n| Fire and property insurance | 422,913 | 389,871 |\n| thereof a) Fire insurance | 164,123 | 129,761 |\n| b) Combined household insurance | 72,792 | 75,129 |\n| c) Combined residential building insurance | 164,043 | 163,589 |\n| d) Other property insurance | 21,955 | 21,391 |\n| Assistance insurance | 430 | 460 |\n| Other insurance | 201,247 | 195,917 |\n| Total | 1,559,843 | 1,579,531 |\n\n==== To I.1. Earned net premiums ===="
},
{
"id": "9fth4kgfqj-c173",
"chunk": 173,
"pages": [
54
],
"heading": "Earned net premiums by lines of business",
"tags": [],
"links": [
"Business mix"
],
"data_items": [],
"effective_tags": [
"Business mix"
],
"content": "**Earned net premiums by lines of business (Business mix)**\n\n| In EUR thousand | 2025 | 2024 |\n| --- | --- | --- |\n| Accident insurance | 60,587 | 62,275 |\n| Liability insurance | 349,665 | 354,036 |\n| Motor vehicle liability insurance | 299,398 | 330,662 |\n| Other motor vehicle insurance | 218,150 | 237,301 |\n| Fire and property insurance | 386,268 | 358,151 |\n| thereof a) Fire insurance | 164,124 | 129,632 |\n| b) Combined household insurance | 69,572 | 70,658 |\n| c) Combined residential building insurance | 151,443 | 147,783 |\n| d) Other property insurance | 1,129 | 10,078 |\n| Assistance insurance | 430 | 460 |\n| Other insurance | 175,369 | 161,876 |\n| Total | 1,489,867 | 1,504,763 |\n\n== To I.2. Technical interest income =="
},
{
"id": "9fth4kgfqj-c174",
"chunk": 174,
"pages": [
55
],
"heading": "Technical interest income calculation",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Technical interest income in the directly written gross insurance business was calculated on the pension provision and the premium provision.\n* The income was determined monthly based on the previous month's provision balance using the associated actuarial interest rate.\n\n== To I.4. Gross expenses for claims =="
},
{
"id": "9fth4kgfqj-c175",
"chunk": 175,
"pages": [
55
],
"heading": "Gross expenses for claims by lines of business",
"tags": [],
"links": [
"Business mix"
],
"data_items": [],
"effective_tags": [
"Business mix"
],
"content": "**Gross expenses for claims by lines of business (Business mix)**\n\n| In EUR thousand | 2025 | 2024 |\n| --- | --- | --- |\n| Accident insurance | 29,808 | 26,573 |\n| Liability insurance | 277,405 | 182,616 |\n| Motor vehicle liability insurance | 224,057 | 231,050 |\n| Other motor vehicle insurance | 142,288 | 251,613 |\n| Fire and property insurance | 200,999 | 245,948 |\n| thereof a) Fire insurance | 98,470 | 103,876 |\n| b) Combined household insurance | 26,274 | 33,194 |\n| c) Combined residential building insurance | 74,046 | 103,106 |\n| d) Other property insurance | 2,210 | 5,772 |\n| Assistance insurance | 462 | 312 |\n| Other insurance | 131,000 | 107,311 |\n| Total | 1,006,019 | 1,045,422 |\n\n== To I.7.a) Gross expenses for insurance operations =="
},
{
"id": "9fth4kgfqj-c176",
"chunk": 176,
"pages": [
55
],
"heading": "Gross expenses for insurance operations by lines of business",
"tags": [],
"links": [
"Business mix"
],
"data_items": [],
"effective_tags": [
"Business mix"
],
"content": "**Gross expenses for insurance operations by lines of business (Business mix)**\n\n| In EUR thousand | 2025 | 2024 |\n| --- | --- | --- |\n| Accident insurance | 22,322 | 23,486 |\n| Liability insurance | 131,529 | 137,891 |\n| Motor vehicle liability insurance | 61,606 | 73,770 |\n| Other motor vehicle insurance | 45,802 | 51,167 |\n| Fire and property insurance | 147,080 | 140,714 |\n| thereof a) Fire insurance | 60,731 | 48,314 |\n| b) Combined household insurance | 25,981 | 27,287 |\n| c) Combined residential building insurance | 53,750 | 57,976 |\n| d) Other property insurance | 6,617 | 7,137 |\n| Assistance insurance | 122 | 128 |\n| Other insurance | 77,954 | 79,566 |\n| Total | 486,415 | 506,721 |"
},
{
"id": "9fth4kgfqj-c177",
"chunk": 177,
"pages": [
55
],
"heading": "Gross expenses for insurance operations",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Gross expenses for insurance operations include EUR 52,675k (prior: EUR 58,128k) for acquisition expenses and EUR 433,739k (prior: EUR 448,594k) for administrative expenses.\n\n==== Reinsurance balance ===="
},
{
"id": "9fth4kgfqj-c178",
"chunk": 178,
"pages": [
56
],
"heading": "Reinsurance balance by lines of business",
"tags": [],
"links": [
"Business mix"
],
"data_items": [],
"effective_tags": [
"Business mix"
],
"content": "**Reinsurance balance by lines of business (Business mix)**\n\n| In EUR thousand | 2025 | 2024 |\n| --- | --- | --- |\n| Accident insurance | 0 | 0 |\n| Liability insurance | 5,212 | 1,934 |\n| Motor vehicle liability insurance | 2,100 | -1,667 |\n| Other motor vehicle insurance | -2,723 | -2,245 |\n| Fire and property insurance | -35,533 | -26,982 |\n| thereof a) Fire insurance | 1 | -54 |\n| b) Combined household insurance | -2,926 | -3,936 |\n| c) Combined residential building insurance | -11,786 | -13,395 |\n| d) Other property insurance | -20,821 | -9,597 |\n| Other insurance | -19,865 | -32,237 |\n| Total | -50,809 | -61,198 |"
},
{
"id": "9fth4kgfqj-c179",
"chunk": 179,
"pages": [
56
],
"heading": "Reinsurance balance components",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The reinsurance balance is composed of earned premiums from the reinsurer, the reinsurer's share of gross claims expenses, and gross insurance operating expenses.\n* A negative sign (–) indicates a benefit for reinsurers.\n\n==== Run-off result for own account ===="
},
{
"id": "9fth4kgfqj-c180",
"chunk": 180,
"pages": [
56
],
"heading": "Run-off result for own account",
"tags": [],
"links": [
"Business mix"
],
"data_items": [],
"effective_tags": [
"Business mix"
],
"content": "* HDI Versicherung AG achieved a run-off profit for its own account of EUR 71k (prior year: EUR 190,228k) in the financial year.\n* Information on the run-off results of individual lines of business (Business mix) is explained in the management report under the earnings position.\n\n==== To I.11. Technical result for own account ===="
},
{
"id": "9fth4kgfqj-c181",
"chunk": 181,
"pages": [
56
],
"heading": "Technical result for own account by lines of business",
"tags": [],
"links": [
"Business mix"
],
"data_items": [],
"effective_tags": [
"Business mix"
],
"content": "**Technical result for own account by lines of business (Business mix)**\n\n| In EUR thousand | 2025 | 2024 |\n| --- | --- | --- |\n| Accident insurance | 14,649 | 15,846 |\n| Liability insurance | 6,839 | 26,704 |\n| Motor vehicle liability insurance | 17,150 | 26,002 |\n| Other motor vehicle insurance | -19,767 | -64,960 |\n| Fire and property insurance | 29,547 | -11,269 |\n| thereof a) Fire insurance | 593 | -22,114 |\n| b) Combined household insurance | 18,193 | 13,556 |\n| c) Combined residential building insurance | 18,624 | -3,021 |\n| d) Other property insurance | -7,863 | 310 |\n| Assistance insurance | -152 | 20 |\n| Other insurance | -28,137 | -23,054 |\n| Total | 20,130 | -30,710 |\n\n==== Commissions and other remuneration for insurance agents, personnel expenses ===="
},
{
"id": "9fth4kgfqj-c182",
"chunk": 182,
"pages": [
57
],
"heading": "Commissions and other remuneration for insurance agents, personnel expenses",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Commissions and other remuneration for insurance agents, personnel expenses**\n\n| In EUR thousand | 2025 | 2024 |\n| --- | --- | --- |\n| 1. Commissions of any kind of insurance agents within the meaning of § 92 HGB for self-concluded insurance business | 258,909 | 274,730 |\n| 2. Other remuneration of insurance agents within the meaning of § 92 HGB | 0 | 0 |\n| 3. Wages and salaries | 3,045 | 4,213 |\n| 4. Social security contributions and expenses for support | 0 | 0 |\n| 5. Expenses for old-age provision | 111 | 444 |\n| Total | 262,065 | 279,387 |\n\n==== Number of insurance contracts with a term of at least one year ===="
},
{
"id": "9fth4kgfqj-c183",
"chunk": 183,
"pages": [
57
],
"heading": "Number of insurance contracts with a term of at least one year by Units",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Number of insurance contracts with a term of at least one year by Units**\n\n| Units | 2025 | 2024 |\n| --- | --- | --- |\n| Self-concluded insurance business — Accident insurance | 333,287 | 348,545 |\n| Self-concluded insurance business — Liability insurance | 1,075,441 | 1,102,391 |\n| Self-concluded insurance business — Motor vehicle liability insurance (1)) In motor vehicle insurance, the number of risks was taken into account here.) | 849,190 | 1,072,894 |\n| Self-concluded insurance business — Other motor vehicle insurance (1)) In motor vehicle insurance, the number of risks was taken into account here.) | 676,394 | 862,196 |\n| Self-concluded insurance business — Fire and property insurance | 823,197 | 863,717 |\n| Self-concluded insurance business — thereof a) Fire insurance | 47,988 | 48,351 |\n| Self-concluded insurance business — b) Combined household insurance | 497,236 | 520,441 |\n| Self-concluded insurance business — c) Combined residential building insurance | 214,128 | 224,090 |\n| Self-concluded insurance business — d) Other property insurance | 63,845 | 70,835 |\n| Self-concluded insurance business — Assistance insurance | 0 | 2,558 |\n| Self-concluded insurance business — Other insurance | 56,165 | 57,264 |\n| Self-concluded insurance business — Total | 3,813,674 | 4,309,565 |\n| Self-concluded insurance business — Total number of contracts | 3,137,971 | 3,445,203 |\n| Self-concluded insurance business — Change due to consideration of risks in motor vehicle insurance | 675,703 | 864,362 |\n| Self-concluded insurance business — Total | 3,813,674 | 4,309,565 |\n\n(1)) 1) In motor vehicle insurance, the number of risks was taken into account here.\n\n==== To II.4. Other income ===="
},
{
"id": "9fth4kgfqj-c184",
"chunk": 184,
"pages": [
57
],
"heading": "To II.4. Other income",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**To II.4. Other income**\n\n| In EUR thousand | 2025 | 2024 |\n| --- | --- | --- |\n| Talanx earnings subsidies | 132,735 | 0 |\n| Income from services rendered | 6,680 | 6,370 |\n| Interest and similar income (1)) Interest income includes 1,203 (2,283) TEUR income from affiliated companies. No income from discounting is included.) | 5,223 | 8,326 |\n| Miscellaneous | 136 | 3,512 |\n| Total | 144,773 | 18,208 |\n\n(1)) 1) Interest income includes 1,203 (2,283) TEUR income from affiliated companies. No income from discounting is included."
},
{
"id": "9fth4kgfqj-c185",
"chunk": 185,
"pages": [
57
],
"heading": "To II.4. Other income",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Income from plan assets for pension obligations was EUR 38k (prior year: EUR 44k).\n* This income was offset by expenses from the interest accretion of provisions for pension obligations of EUR 55k (prior year: EUR 54k).\n\n== To II.5. Other expenses =="
},
{
"id": "9fth4kgfqj-c186",
"chunk": 186,
"pages": [
58
],
"heading": "To II.5. Other expenses",
"tags": [],
"links": [
"Foreign exchange"
],
"data_items": [],
"effective_tags": [
"Foreign exchange"
],
"content": "**To II.5. Other expenses**\n\n| In EUR thousand | 2025 | 2024 |\n| --- | --- | --- |\n| Expenses for the company as a whole | 17,770 | 77,399 |\n| Individual value adjustment on agent receivables | 2,000 | -3 |\n| Depreciation | 1,863 | 2,059 |\n| Interest and similar expenses (1)) Interest expenses include 55 (60) TEUR expenses from interest capitalization.) | 623 | 1,002 |\n| Foreign exchange losses | 14 | 10 |\n| Miscellaneous | 311 | 233 |\n| Total | 22,581 | 80,700 |\n\n(1)) 1) Interest expenses include 55 (60) TEUR expenses from interest capitalization.\n\n== To II.7. Income and earnings taxes =="
},
{
"id": "9fth4kgfqj-c187",
"chunk": 187,
"pages": [
58
],
"heading": "Tax on income and earnings",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The reported amount of EUR 15k (prior: EUR 5k) is attributable to creditable withholding tax.\n\n== To II.8. Other taxes =="
},
{
"id": "9fth4kgfqj-c188",
"chunk": 188,
"pages": [
58
],
"heading": "Other taxes",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Other taxes amounted to EUR 7k (prior: EUR 105k).\n* Other taxes include taxes that are part of the insurance company's expenses.\n\n== Company bodies ==\n\n=== Supervisory board ==="
},
{
"id": "9fth4kgfqj-c189",
"chunk": 189,
"pages": [
59
],
"heading": "Supervisory board",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "\u003Ctable id=\"51\"\u003E\n\u003Ccaption\u003ESupervisory board\u003C/caption\u003E\n\u003Ctr\u003E\u003Cth\u003EMember\u003C/th\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003E\u003Cstrong\u003EDr. Jan-Philipp Lüdtke\u003C/strong\u003E\u003Cbr/\u003EChairman\u003Cbr/\u003ESenior Manager of HDI AG\u003Cbr/\u003EIsernhagen\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003E\u003Cstrong\u003EBarbara Riebeling\u003C/strong\u003E\u003Cbr/\u003E(Deputy Chairwoman)\u003Cbr/\u003EChairwoman of the Supervisory Board of neue leben Unfallversicherung AG\u003Cbr/\u003ECologne\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003E\u003Cstrong\u003ENicolas Heine\u003C/strong\u003E\u003Cbr/\u003E(seit 1.8.2025)\u003Cbr/\u003ELeitender Angestellter der HDI AG\u003Cbr/\u003ELeverkusen\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003E\u003Cstrong\u003EJohanna Weigand\u003C/strong\u003E\u003Cbr/\u003E(seit 1.1.2025; bis 31.7.2025)\u003Cbr/\u003ELeitende Angestellte der HDI AG\u003Cbr/\u003EKöln\u003C/td\u003E\u003C/tr\u003E\n\u003C/table\u003E\n\n=== Management board ==="
},
{
"id": "9fth4kgfqj-c190",
"chunk": 190,
"pages": [
59
],
"heading": "Member by Executive Board Departments",
"tags": [],
"links": [
"Year 2026"
],
"data_items": [],
"effective_tags": [
"Year 2026"
],
"content": "**Member by Executive Board Departments**\n\n| Member | Executive Board Departments |\n| --- | --- |\n| Dr. Daniel Schulze Lammers Vorsitzender Hannover | ■ IT ■ Product Management (Private) (formerly SHUK) ■ Product Technology and Legacy Systems Property ■ Operations Property ■ Claims ■ Investment and Asset Management ■ Anti-Money Laundering ■ Actuarial and Business Steering Property (incl. Reinsurance) |\n| Norbert Eickermann Hannover | ■ Sales EVT |\n| Dr. Philipp Horsch (seit 1.4.2025) Hannover | ■ Product Management Corporate/Freelance Professions ■ Operations Corporate/Freelance Professions |\n| Thorsten Jahnke (seit 1.1.2026 (Year 2026)) Hannover | ■ Broker Sales / Cooperations |\n| Thomas Lüer Hannover | ■ HDI Sales ■ Sales Management ■ Marketing |\n| Jens Warkentin Hannover | ■ Controlling ■ Risk Management ■ Actuarial Function ■ Accounting, Financial Reporting and Taxes ■ Data Protection ■ Legal ■ Internal Audit ■ Compliance |\n\n== Executive bodies' compensation =="
},
{
"id": "9fth4kgfqj-c191",
"chunk": 191,
"pages": [
60
],
"heading": "Executive and Supervisory Board compensation",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Total compensation for active Management Board members for their work at the company was EUR 2,071k (prior: EUR 2,443k).\n* Management Board members also received compensation for their work in other Talanx Group companies if they served on those boards.\n* Virtual shares allocated to the Management Board for the reporting year under the share-based compensation system totaled 7,989 (prior: 10,103) from the Talanx Performance Share Award Program, with a fair value of EUR 744k (prior: EUR 704k).\n* Provisions for current pensions and entitlements for former Management Board members or their surviving dependents, for their previous work at the company, amounted to EUR 147k (prior: EUR 149k).\n* Supervisory Board members received EUR 6k (prior: EUR 6k) for their work at the company.\n\n== Other financial obligations and contingent liabilities =="
},
{
"id": "9fth4kgfqj-c192",
"chunk": 192,
"pages": [
60
],
"heading": "Guarantees and contingent liabilities",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Talanx AG, Hannover, and HDI Global SE, Hannover, have assumed the fulfillment of the company's obligations for former employees' and board members' pensions, both internally and externally.\n* The company has joint liability for these pension commitments, amounting to EUR 47,686k (prior: EUR 58,542k) to Talanx AG and EUR 22,679k (prior: EUR 24,472k) to HDI Global SE at year-end.\n* HDI Versicherung AG is a member of Verkehrsopferhilfe e.V., Berlin, and is obligated to contribute to the association's services and administrative costs based on its share of premium income from motor third-party liability insurance in the penultimate calendar year.\n* The management board assesses the likelihood of claims arising from these liabilities as improbable."
},
{
"id": "9fth4kgfqj-c193",
"chunk": 193,
"pages": [
60
],
"heading": "Membership obligations",
"tags": [],
"links": [
"Gross written premiums"
],
"data_items": [],
"effective_tags": [
"Gross written premiums"
],
"content": "* The company is a member of Versicherungsombudsmann e.V., Berlin, with membership costs covered by contributions based on gross written premiums from directly underwritten domestic business."
},
{
"id": "9fth4kgfqj-c194",
"chunk": 194,
"pages": [
60
],
"heading": "Financial commitments from investment programs",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* HDI Versicherung AG has other financial commitments from open payment obligations (\"Commitment\") totaling EUR 109,434k, stemming from an investment program with a total subscription volume of EUR 302,208k.\n* This includes remaining open payment obligations of EUR 79,141k to affiliated and associated companies from a subscription volume of EUR 222,885k.\n* Payment obligations to affiliated companies include: TD Sach Private Equity GmbH \u0026 Co. KG (EUR 59,414k), TD Real Assets GmbH \u0026 Co. KG (EUR 18,547k), and Talanx Infrastructure Portugal 2 GmbH (EUR 1,179k).\n* There are no payment obligations to associated companies.\n* Other payment obligations include: NRD Frankfurt TERRA (FOUR) MC (Nachrang) (EUR 11,225k), Ardian Private Credit V S.C.S., SICAV-RAIF (Fund) (EUR 9,606k), Barings Europ Private Loan Fund III SCSp SICAV-SIF (EUR 3,742k), BeGo Corp. Direct Lend. Debt Fund III (close-end) (EUR 3,498k), Enhanced Sustainable Power Fund Nr. 3 GmbH \u0026 Co. KG (EUR 941k), WindPV Operation GmbH-Projekt Tomorrow (EUR 874k), and CEF BKR03 NL BV (Darwin-Borkum Rifg 3) SHL 2 (sub.) (EUR 407k)."
},
{
"id": "9fth4kgfqj-c195",
"chunk": 195,
"pages": [
60,
61
],
"heading": "Other contractual and financial obligations",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* No other contractual obligations exist.\n* No further payment obligations from shares, bills of exchange, or other liabilities of any kind exist.\n* Aval credits amount to EUR 1,850k (prior: EUR 1,850k).\n\n== Significant contracts =="
},
{
"id": "9fth4kgfqj-c196",
"chunk": 196,
"pages": [
61
],
"heading": "Control and profit transfer agreements",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The control and profit transfer agreement between HDI Deutschland AG (controlling company) and HDI Versicherung AG remains in effect.\n* The control and profit transfer agreement between HDI Versicherung AG (controlling company) and HDI next GmbH (controlled company) was terminated effective March 31, 2025, via a termination agreement dated February 17, 2025.\n\n== Shareholdings in the company =="
},
{
"id": "9fth4kgfqj-c197",
"chunk": 197,
"pages": [
61
],
"heading": "Shareholder structure",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The sole shareholder of HDI Versicherung AG is HDI Deutschland AG, which holds 100% of the share capital.\n* HDI Deutschland AG directly holds a majority stake in HDI Versicherung AG, Hannover (notification according to § 20 para. 4 AktG).\n* HDI Deutschland AG directly holds more than one-quarter of the shares in HDI Versicherung AG (notifications according to § 20 para. 1 and 3 AktG).\n\n== Relationships with related companies and persons =="
},
{
"id": "9fth4kgfqj-c198",
"chunk": 198,
"pages": [
61
],
"heading": "Related party transactions",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The company maintains extensive reinsurance relationships with Talanx AG companies.\n* Appropriate consideration is paid and received for reinsurance coverage and related services, ensuring no impact on the company's financial position or earnings compared to using non-related parties.\n* Essential services from cross-functional areas like Finance, HR, IT, Operations, and Sales are provided by HDI AG to the domestic companies of the Talanx Group, including HDI Versicherung AG.\n* HDI Versicherung AG also utilizes central services from Ampega Asset Management GmbH, which manages assets for the insurance companies within the Group.\n\n== Total auditor fees =="
},
{
"id": "9fth4kgfqj-c199",
"chunk": 199,
"pages": [
61
],
"heading": "Auditor remuneration and services",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Auditor remuneration is included proportionally in the consolidated financial statements of HDI Haftpflichtverband der Deutschen Industrie V.a.G and Talanx AG, broken down by expenses for audit services, other assurance services, and other services.\n* The auditor audited the annual financial statements and management report as of December 31, 2025, and the reporting package prepared according to International Financial Reporting Standards (IFRS).\n* The quarterly reporting packages prepared according to IFRS were subject to a review.\n* The auditor also audited the solvency overview as of December 31, 2025.\n\n== Consolidated financial statements =="
},
{
"id": "9fth4kgfqj-c200",
"chunk": 200,
"pages": [
61,
62
],
"heading": "Group consolidation and reporting requirements",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The company is a group company of HDI Haftpflichtverband der Deutschen Industrie Versicherungsverein auf Gegenseitigkeit, Hannover, and Talanx AG, Hannover.\n* HDI Haftpflichtverband der Deutschen Industrie Versicherungsverein auf Gegenseitigkeit (parent company of the HDI Group) prepares consolidated financial statements (largest group) in accordance with § 341i in conjunction with § 290 HGB, which include the company.\n* Talanx AG, as the parent company of the Talanx Group, is also required to prepare consolidated financial statements (smallest group) in accordance with § 341i in conjunction with § 290 HGB.\n* The Talanx AG consolidated financial statements are prepared according to International Financial Reporting Standards (IFRS) as adopted by the European Union (EU), based on § 315e para. 1 HGB in conjunction with Article 4 of Regulation (EC) No. 1606/2002.\n* The consolidated financial statements are published in the company register.\n* The inclusion of HDI Versicherung AG in the consolidated financial statements of HDI Haftpflichtverband der Deutschen Industrie Versicherungsverein auf Gegenseitigkeit and Talanx AG exempts the company from preparing its own consolidated financial statements, according to § 291 para. 1 HGB.\n\n== Subsequent events report =="
},
{
"id": "9fth4kgfqj-c201",
"chunk": 201,
"pages": [
62
],
"heading": "Post-balance sheet events",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* No events of particular significance occurred after the balance sheet date that would sustainably influence the earnings, financial, and asset position of the company."
},
{
"id": "9fth4kgfqj-c202",
"chunk": 202,
"pages": [
62
],
"heading": "Board of Management signatures",
"tags": [],
"links": [
"Year 2026"
],
"data_items": [],
"effective_tags": [
"Year 2026"
],
"content": "* Hannover, February 25, 2026 (Year 2026).\n* The Board of Management:\n** Dr. Daniel Schulze Lammers (Chairman)\n** Norbert Eickermann\n** Dr. Philipp Horsch\n** Thorsten Jahnke\n** Thomas Lüer\n** Jens Warkentin\n\n== Independent auditor's report =="
},
{
"id": "9fth4kgfqj-c203",
"chunk": 203,
"pages": [
63
],
"heading": "Auditor's address",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Addressed to HDI Versicherung AG, Hannover.\n\n=== Report on the audit of the financial statements and the management report ===\n\n==== Audit opinions ===="
},
{
"id": "9fth4kgfqj-c204",
"chunk": 204,
"pages": [
63
],
"heading": "Audit opinion on financial statements and management report",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The audit covered the financial statements of HDI Versicherung AG, Hannover, for the fiscal year January 1 to December 31, 2025, including the balance sheet as of December 31, 2025, the income statement, and the notes to the financial statements (including accounting and valuation methods).\n* The audit also covered the management report of HDI Versicherung AG for the fiscal year January 1 to December 31, 2025.\n* The financial statements, based on the audit findings, comply in all material respects with German commercial law provisions and, in accordance with German generally accepted accounting principles, present a true and fair view of the company's assets, liabilities, financial position, and profit or loss as of December 31, 2025, and for the fiscal year January 1, 2025, to December 31, 2025.\n* The management report provides an accurate overall picture of the company's situation.\n* The management report is consistent in all material respects with the financial statements, complies with German legal requirements, and accurately presents the opportunities and risks of future development.\n* In accordance with § 322 Abs. 3 Satz 1 HGB, the audit did not lead to any objections regarding the regularity of the financial statements and the management report.\n\n==== Basis for the audit opinions ===="
},
{
"id": "9fth4kgfqj-c205",
"chunk": 205,
"pages": [
63
],
"heading": "Audit basis and auditor independence",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The audit of the annual financial statements and management report was conducted in accordance with § 317 HGB and the EU Auditor Regulation (No. 537/2014; \"EU-APrVO\"), observing German generally accepted auditing standards established by the Institute of Public Auditors in Germany (IDW).\n* The auditor's responsibility is further described in the \"Auditor's Responsibility for the Audit of the Annual Financial Statements and Management Report\" section of the audit opinion.\n* The auditor is independent of the company in accordance with European, German commercial, and professional regulations.\n* Other German professional obligations were fulfilled in accordance with these requirements.\n* In accordance with Article 10 (2) (f) EU-APrVO, no prohibited non-audit services under Article 5 (1) EU-APrVO were provided.\n* The audit evidence obtained is considered sufficient and appropriate to serve as a basis for the audit opinions on the annual financial statements and management report.\n\n==== Key audit matters in the audit of the financial statements ===="
},
{
"id": "9fth4kgfqj-c206",
"chunk": 206,
"pages": [
63,
64
],
"heading": "significant audit matters",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Particularly important audit matters are those that were most significant in the audit of the annual financial statements for the financial year from January 1 to December 31, 2025.\n* These matters were considered in the context of the audit of the financial statements as a whole and in forming the audit opinion; no separate audit opinion is issued on these matters.\n* The most significant matters in the audit were: valuation of investments and valuation of loss reserves.\n* The presentation of these particularly important audit matters is structured as follows: matter and problem, audit approach and findings, and reference to further information.\n* Investments are reported on the balance sheet at EUR 3,763,874k (90.7% of total assets).\n* The commercial law valuation of individual investments is based on acquisition costs and the lower fair value or their fair value.\n* According to § 341b para. 2 sentence 1 HGB, certain investments of insurance companies intended to serve the business permanently can be valued according to the provisions applicable to fixed assets.\n* In this case, unscheduled write-downs to the lower fair value are only made for permanent impairment, and only temporary impairments are carried forward as hidden burdens to subsequent years (mitigated lower-of-cost-or-market principle).\n* Classification as serving the business permanently requires an intention and ability to hold these investments permanently.\n* The market price of the respective investment is used to determine the fair value or current value, if available.\n* For investments not valued based on stock exchange prices or other market prices (e.g., shares in affiliated companies, alternative investment funds, registered bonds, and promissory note receivables and loans), there is an increased valuation risk due to the necessity of using model calculations.\n* Management must make discretionary decisions, estimates, and assumptions, including regarding the potential effects of macroeconomic and geopolitical factors, including interest rate developments, on the valuation of investments.\n* Minor changes to these assumptions and methods can have a significant impact on the valuation of investments.\n* The valuation of investments was particularly important in the audit due to their material significance for the company's financial position and earnings, the extent of hidden burdens carried forward under the mitigated lower-of-cost-or-market principle, and the discretionary scope of management and associated estimation uncertainties.\n* The audit assessed the models used by the company and the assumptions made by management, together with internal investment specialists, given the importance of investments for the company's overall business.\n* This assessment was based on investment valuation expertise, industry knowledge, and industry experience.\n* The design and effectiveness of the company's controls for valuing investments and recording investment income were evaluated.\n* Based on this, individual audit procedures were performed regarding the valuation of investments.\n* The audit also assessed management's evaluation of the effects of macroeconomic and geopolitical factors, including interest rate developments, on the valuation of investments.\n* The underlying valuations and their recoverability were reviewed based on the provided documents, and the consistent application of valuation methods and period demarcation was checked."
},
{
"id": "9fth4kgfqj-c207",
"chunk": 207,
"pages": [
65
],
"heading": "valuation of investments",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Regarding the assessment of existing hidden burdens, the audit evaluated whether the conditions for the intention and ability to hold permanently were met and whether existing impairments were not permanent.\n* The audit also assessed the valuation reports prepared or obtained by the company (including the valuation parameters applied and assumptions made) for the significant shares in affiliated companies.\n* Based on the audit procedures, it was confirmed that management's assessments and assumptions for the valuation of investments are justified and sufficiently documented.\n* The company's information on investments is included in the \"Accounting and Valuation Methods\" section and the notes to \"Balance Sheet - Assets\" in the appendix.\n\n===== ❷ Valuation of claims provisions ====="
},
{
"id": "9fth4kgfqj-c208",
"chunk": 208,
"pages": [
65
],
"heading": "Valuation of claims provisions",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The company's financial statements show technical provisions (claims provisions) of EUR 3,261,447k, representing 78.5% of the balance sheet total, under the balance sheet item \"Provision for outstanding claims\".\n* Insurance companies must form technical provisions as necessary, based on sound commercial judgment, to ensure the continuous fulfillment of obligations from insurance contracts.\n* Determining assumptions for valuing technical provisions requires management to consider commercial and regulatory requirements, assess future events, and apply suitable valuation methods.\n* This includes the expected impact of increased inflation rates on claims provisions in affected segments.\n* The methods and calculation parameters used to determine claims provisions are based on management's discretion and assumptions.\n* Minor changes to these assumptions and methods can significantly impact the valuation of claims provisions.\n* Due to the material significance of these provisions for the company's financial position and earnings, as well as the considerable discretion of management and associated estimation uncertainties, the valuation of claims provisions was particularly important for the audit.\n* The audit assessed the methods used by the company and the assumptions made by management, utilizing industry knowledge, experience, and recognized methods.\n* The audit also evaluated the design and effectiveness of the company's controls for determining and recording claims provisions.\n* Further analytical and individual case audit procedures were performed regarding the valuation of claims provisions.\n* Data underlying the calculation of the fulfillment amount was reconciled with basic documents.\n* The audit verified the company's calculated provision amounts against applicable legal regulations and checked the consistent application of valuation methods and period-end cut-offs.\n* Management's assessment of increased inflation rates on affected segments was also evaluated.\n* Based on the audit procedures, the assessments and assumptions made by management for the valuation of claims provisions were found to be justified and sufficiently documented."
},
{
"id": "9fth4kgfqj-c209",
"chunk": 209,
"pages": [
66
],
"heading": "Disclosure of claims provisions",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Information on the company's claims provisions is included in the \"Accounting and Valuation Methods\" section of the notes.\n\n== Other information =="
},
{
"id": "9fth4kgfqj-c210",
"chunk": 210,
"pages": [
66
],
"heading": "Auditor responsibility for other information",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Legal representatives are responsible for other information.\n* Other information includes the management report (excluding further cross-references to external information), with the exception of the audited annual financial statements, the audited management report, and the auditor's confirmation.\n* The auditor's opinions on the annual financial statements and the management report do not extend to other information, and therefore no audit opinion or any other form of audit conclusion is issued on this information.\n* In connection with the audit, the auditor is responsible for reading the aforementioned other information and assessing whether it contains material inconsistencies with the annual financial statements, the content-audited management report disclosures, or knowledge obtained during the audit.\n* The auditor also assesses whether the other information otherwise appears materially misstated.\n\n== Responsibility of the legal representatives and the Supervisory Board for the financial statements and the management report =="
},
{
"id": "9fth4kgfqj-c211",
"chunk": 211,
"pages": [
66
],
"heading": "Management responsibilities for financial reporting",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Management is responsible for preparing financial statements that comply with German commercial law and accurately reflect the company's assets, financial position, and earnings.\n* Management is responsible for internal controls deemed necessary to ensure financial statements are free from material misstatement due to fraud or error.\n* Management is responsible for assessing the company's ability to continue as a going concern and disclosing relevant facts.\n* Management is responsible for preparing financial statements based on the going concern principle, unless actual or legal circumstances prevent it.\n* Management is responsible for preparing the management report, ensuring it provides an accurate picture of the company's situation, aligns with the financial statements, complies with German legal requirements, and accurately presents future opportunities and risks.\n* Management is responsible for the systems and measures deemed necessary to prepare the management report in accordance with applicable German legal requirements and to provide sufficient evidence for its statements."
},
{
"id": "9fth4kgfqj-c212",
"chunk": 212,
"pages": [
66
],
"heading": "Supervisory Board responsibilities",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The Supervisory Board is responsible for overseeing the company's accounting process for preparing the financial statements and the management report.\n\n==== Auditor's responsibility for the audit of the financial statements and the management report ===="
},
{
"id": "9fth4kgfqj-c213",
"chunk": 213,
"pages": [
67,
68
],
"heading": "Auditor's responsibility for the audit of the financial statements and the management report",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The auditor's objective is to obtain reasonable assurance that the financial statements are free from material misstatement due to fraud or error, and that the management report provides a true and fair view of the company's situation, complies with German legal requirements, and accurately presents future development opportunities and risks.\n* The auditor issues an audit opinion on the financial statements and management report.\n* Reasonable assurance is a high level of assurance, but not a guarantee that an audit conducted in accordance with § 317 HGB and EU-APrVO, and German auditing standards (IDW), will always detect a material misstatement.\n* Misstatements can result from fraud or error and are considered material if they could reasonably be expected to influence the economic decisions of users based on the financial statements and management report.\n* Information on capital investments is included in the \"Accounting and Valuation Methods\" section and the \"Balance Sheet - Assets\" notes of the appendix.\n* The company's financial statements report technical provisions (loss provisions) of EUR 3,261,447k under the balance sheet item \"Provision for unsettled insurance claims\".\n* These loss provisions represent 78.5% of the balance sheet total.\n* Insurance companies must form technical provisions to the extent necessary, based on sound commercial judgment, to ensure the long-term fulfillment of obligations from insurance contracts.\n* Determining assumptions for the valuation of technical provisions requires management to consider commercial and supervisory requirements, assess future events, and apply appropriate valuation methods.\n* This includes the expected impact of increased inflation rates on the formation of loss provisions in affected segments.\n* The methods and calculation parameters used to determine loss provisions are based on management's discretionary decisions and assumptions.\n* Minor changes to these assumptions and methods can have a material impact on the valuation of loss provisions.\n* The valuation of loss provisions was of particular importance during the audit due to their material significance for the company's financial position and earnings, and the considerable discretion of management and associated estimation uncertainties.\n* The risk of not detecting a material misstatement resulting from fraudulent acts is higher than the risk of not detecting one resulting from errors, as fraudulent acts can involve collusion, forgery, intentional omissions, misleading representations, or the circumvention of internal controls.\n* The auditor, together with internal valuation specialists, assessed the methods used by the company and the assumptions made by management, considering industry knowledge and experience, and recognized methods.\n* The auditor evaluated the design and effectiveness of the company's controls for determining and recording loss provisions.\n* Further analytical and individual case audit procedures were performed regarding the valuation of loss provisions.\n* Data underlying the calculation of the fulfillment amount was reconciled with basic documents.\n* The company's calculated results for the amount of provisions were verified against applicable legal regulations, and the consistent application of valuation methods and period cut-offs were reviewed.\n* Management's assessment of increased inflation rates on affected segments was also evaluated.\n* Based on audit procedures, the auditor was satisfied that management's assessments and assumptions for valuing loss provisions are justified and sufficiently documented.\n* The auditor assesses the overall presentation, structure, and content of the financial statements, including disclosures, and whether the financial statements present the underlying business transactions and events in a way that provides a true and fair view of the company's assets, financial position, and earnings in accordance with German generally accepted accounting principles.\n* The auditor assesses the consistency of the management report with the financial statements, its legal compliance, and the picture it conveys of the company's situation.\n* Audit procedures are performed on the forward-looking information presented by management in the management report.\n* Based on sufficient appropriate audit evidence, the auditor verifies the significant assumptions underlying the forward-looking information and assesses the appropriate derivation of the forward-looking information from these assumptions.\n* No separate audit opinion is issued on the forward-looking information or the underlying assumptions.\n* There is a significant unavoidable risk that future events may differ materially from the forward-looking information.\n* The auditor discusses with those charged with governance, among other things, the planned scope and timing of the audit, and significant audit findings, including any significant deficiencies in internal controls identified during the audit.\n* The auditor provides a declaration to those charged with governance that relevant independence requirements have been met, and discusses all relationships and other matters that could reasonably be assumed to affect independence, and, if applicable, actions taken or safeguards implemented to eliminate threats to independence.\n* From the matters discussed with those charged with governance, the auditor determines those that were most significant in the audit of the financial statements for the current reporting period and are therefore the key audit matters.\n* These matters are described in the audit opinion, unless laws or other regulations prohibit public disclosure of the matter.\n\n=== Other legal and regulatory requirements ===\n\n==== Other information pursuant to Article 10 EU-APrVO ===="
},
{
"id": "9fth4kgfqj-c214",
"chunk": 214,
"pages": [
68
],
"heading": "Other information pursuant to Article 10 EU-APrVO",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The auditor was elected by the Annual General Meeting on March 13, 2025.\n* The auditor was commissioned by the Supervisory Board on March 17, 2025.\n* The auditor has been continuously active as the auditor of HDI Versicherung AG, Hanover, since the 2018 financial year.\n* The audit opinions in this confirmation note are consistent with the additional report to the audit committee according to Article 11 EU-APrVO (audit report).\n\n==== Responsible auditor ===="
},
{
"id": "9fth4kgfqj-c215",
"chunk": 215,
"pages": [
69
],
"heading": "Responsible auditor",
"tags": [],
"links": [
"Year 2026"
],
"data_items": [],
"effective_tags": [
"Year 2026"
],
"content": "* The auditor responsible for the audit is Christian Sack.\n* Hannover, March 10, 2026 (Year 2026).\n* PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft.\n* Christian Sack, Wirtschaftsprüfer; ppa. Frédéric Esser, Wirtschaftsprüfer.\n\n== Report of the Supervisory Board. =="
},
{
"id": "9fth4kgfqj-c216",
"chunk": 216,
"pages": [
70
],
"heading": "Supervisory Board oversight and decision-making",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The Supervisory Board regularly monitored the Management Board of HDI Versicherung AG during the reporting year through detailed written and oral reports.\n* The Supervisory Board held two ordinary meetings to review business development and the company's situation, and to pass resolutions.\n* The Supervisory Board was informed about the company's situation, strategic direction, business performance, and risk management through regular submission of documents.\n* The Supervisory Board intensively questioned, discussed, and, where required by law, articles of association, or rules of procedure, voted on individual topics after thorough review and consultation.\n* Four resolutions were passed outside of meetings via circular procedure for topics requiring short-term attention between meetings.\n\n=== Key areas of discussion in the plenary ==="
},
{
"id": "9fth4kgfqj-c217",
"chunk": 217,
"pages": [
70
],
"heading": "HDI Germany Strategy and Operations",
"tags": [],
"links": [
"Business mix",
"Property \u0026 casualty"
],
"data_items": [],
"effective_tags": [
"Business mix",
"Property \u0026 casualty"
],
"content": "* The new \"SBSTNZ.\" strategy was developed for the HDI Germany business unit (Business mix) and will be implemented in the next strategy cycle.\n* The \"SBSTNZ.\" strategy aims for sustainable growth, strong market positioning, and long-term stability within the Talanx Group.\n* The strategy bundles departmental strategies, including high-performing sales, a focused property and casualty (Property \u0026 casualty) insurer, a lean life insurance group, and concentrated portfolio management, all based on integrated IT and stable finances.\n* The goal is to drive the implementation of defined objectives and milestones.\n* HDI Versicherung AG is a key component of the focused property and casualty insurer.\n* The turnaround for HDI Versicherung AG was successfully completed in 2025, with the next phase focusing on building excellence.\n* The objective is to ensure functioning portfolio management processes and profitability across all existing portfolios.\n* For new business, viable actuarial sales prices, functional offering processes, and marketable products are essential."
},
{
"id": "9fth4kgfqj-c218",
"chunk": 218,
"pages": [
70
],
"heading": "Supervisory Board Decisions and Disposals",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The Supervisory Board was fully informed about the dissolution of the joint venture and the sale of all shares in MachDigital GmbH at its meeting on March 13, 2025.\n* Effective December 31, 2025, the Supervisory Board decided to sell all shares held in SSV Schadenschutzverband GmbH.\n* This decision also included approving the termination of the existing control and profit and loss transfer agreement between HDI Deutschland AG (controlling company) and SSV Schadenschutzverband GmbH (controlled company).\n* A cooperation agreement for long-term collaboration with the buyer was simultaneously concluded.\n* The Supervisory Board was fully informed and passed the necessary resolutions regarding this matter."
},
{
"id": "9fth4kgfqj-c219",
"chunk": 219,
"pages": [
70,
71
],
"heading": "Supervisory Board Self-Assessment and Training",
"tags": [],
"links": [
"Property \u0026 casualty"
],
"data_items": [],
"effective_tags": [
"Property \u0026 casualty"
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"content": "* The results of the annual self-assessment by Supervisory Board members were reported at the meeting on November 6, 2025, and were satisfactory.\n* The Supervisory Board has not yet decided on any adjustments to the thematic areas for the next self-assessment in mid-2026.\n* In the 2025 financial year, three digital training programs were conducted for the Supervisory Board.\n* These programs continuously strengthened the expertise of Supervisory Board members, as required by BaFin's governance requirements and EIOPA guidelines.\n* All training sessions were recorded and made available to Supervisory Board members for self-study.\n* Training topics included:\n** Conduct and Customer Benefit (regulatory requirements from VAG and IDD, and current BaFin expectations).\n** DORA@HD Awareness-Training 2025 (introduction to Digital Operational Resilience Act (DORA) requirements and their implementation).\n** Actuarial Science and Capital Investment for Life and Property \u0026 Casualty (deepening fundamentals and current developments).\n* Due to the increasing importance of Artificial Intelligence (AI), the Supervisory Board will continuously and more intensively address technological and regulatory developments.\n* In-depth training programs for the Supervisory Board are planned for AI."
},
{
"id": "9fth4kgfqj-c220",
"chunk": 220,
"pages": [
71
],
"heading": "Supervisory Board Information and Oversight",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The Supervisory Board approved an adjustment to the company's information policy during its spring 2025 meeting.\n* Key updates included regulations for the results and forecast process, and streamlined reporting on governance functions.\n* The Supervisory Board was regularly informed about the company's situation in 2025, particularly regarding finances, capital investments, and solvency.\n* Reporting in 2025 considered current economic, financial, and political developments.\n* Annual reporting is required for non-audit services provided by the auditor for PIEs and the utilization of defined caps; the Supervisory Board was informed on November 6, 2025.\n* As the statutory maximum term for the appointment of the same auditor ends with the audit for the 2027 financial year, the Supervisory Board decided to publicly tender the audit for the 2028 financial year onwards, in accordance with legal requirements for external rotation.\n* The tender will be for a comprehensive offer to audit all Public Interest Entities (PIEs) within the HDI, Talanx, and Hannover Rück Groups, as well as their consolidated subsidiaries and branches.\n* The Management Board submitted transactions requiring approval to the Supervisory Board, and the Supervisory Board granted all necessary approvals as per the articles of association or rules of procedure.\n* Quarterly reports under § 90 AktG detailed and explained new business development, premiums, profitability, costs, and capital investments.\n* The Chairman of the Supervisory Board was continuously informed by the CEO about important developments and upcoming decisions."
},
{
"id": "9fth4kgfqj-c221",
"chunk": 221,
"pages": [
71,
72
],
"heading": "Risk Management and Governance Functions",
"tags": [],
"links": [
"Year 2026"
],
"data_items": [],
"effective_tags": [
"Year 2026"
],
"content": "* The entire Management Board decides on the creation and annual review of the business and risk strategy, as per its rules of procedure.\n* The Supervisory Board discussed the risk strategy for the 2025 financial year at its meeting on March 13, 2025.\n* The Supervisory Board was informed about the current status of risk management in its meetings and confirmed the effectiveness of the risk management system.\n* Quarterly risk reports were provided to the Supervisory Board for comprehensive information.\n* The Supervisory Board received detailed information on the company's risk situation and planned measures by the Management Board when needed.\n* Questions regarding Artificial Intelligence (AI) were included in the scheduled review of the business organization.\n* The use of AI applications is already considered in risk assessment and further development regarding use cases and governance within risk reporting.\n* The ORSA report was submitted to the Supervisory Board with the meeting documents for the autumn 2025 Supervisory Board meeting for complete information.\n* These measures collectively meet supervisory requirements for risk management within good and responsible corporate governance and oversight.\n* In the spring 2025 meeting, the Supervisory Board was informed about the current status of other governance functions, including the actuarial function, compliance, and internal audit, in addition to risk management, confirming the effectiveness of all governance functions.\n* A detailed report on the actuarial function was provided in autumn 2025, alongside the risk management report.\n* There were no current issues regarding compliance and internal audit, so reporting for these functions will occur as scheduled in spring 2026 (Year 2026)."
},
{
"id": "9fth4kgfqj-c222",
"chunk": 222,
"pages": [
72
],
"heading": "Supervisory Board Oversight Conclusion",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The Supervisory Board did not find it necessary to take audit measures under § 111 Abs. 2 AktG in the 2025 financial year.\n* The Supervisory Board confirmed that the Management Board had correctly set its operational priorities and taken appropriate measures.\n* Overall, the Supervisory Board confirmed the legality, appropriateness, regularity, and economic efficiency of the company's management within its statutory and constitutional responsibilities.\n\n=== Annual financial statement audit ==="
},
{
"id": "9fth4kgfqj-c223",
"chunk": 223,
"pages": [
72,
73
],
"heading": "annual financial statement audit",
"tags": [],
"links": [
"Year 2026"
],
"data_items": [],
"effective_tags": [
"Year 2026"
],
"content": "* The annual financial statements and management report of the company, as well as the auditor's report, were submitted to the Supervisory Board.\n* The annual financial statements as of December 31, 2025, and the management report, submitted by the Management Board, were audited by PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft, Hannover, including the accounting records.\n* The audit found no grounds for objection.\n* The unqualified audit opinion states that the annual financial statements comply in all material respects with German commercial law provisions and, in accordance with German generally accepted accounting principles, present a true and fair view of the company's assets, financial position as of December 31, 2025, and its results of operations for the fiscal year from January 1 to December 31, 2025.\n* The management report provides an accurate overall picture of the company's situation.\n* In all material respects, the management report is consistent with the annual financial statements, complies with German legal provisions, and accurately presents the opportunities and risks of future development.\n* The auditor declared, in accordance with § 322 Abs. 3 Satz 1 HGB, that the audit did not lead to any objections regarding the regularity of the annual financial statements and the management report.\n* The audit documents and the auditor's reports were provided to all Supervisory Board members in a timely manner before the meeting.\n* The auditor was present at the Supervisory Board meeting on March 11, 2026 (Year 2026), during the discussion of the annual financial statements and management report.\n* The auditor reported on the conduct and quality of the audit and was available to the Supervisory Board for additional information regarding the annual financial statements, management report, and audit report.\n* The Supervisory Board discussed the annual financial statements prepared by the Management Board, reviewed the auditor's report, and directed inquiries to the auditor on specific points.\n* The Supervisory Board concluded that the audit report complies with §§ 317 and 321 HGB and raises no concerns.\n* The Supervisory Board also concluded that the management report fulfills the requirements of § 289 HGB and is consistent with the statements in the reports to the Supervisory Board according to § 90 AktG.\n* The management report is consistent with the Supervisory Board's own assessment of the company's situation.\n* The Supervisory Board agrees with the management report, particularly with the statements made therein regarding the company's future development.\n* The Supervisory Board also assessed the quality of the audit based on the submitted reports.\n* Following the final review of the annual financial statements and management report by the Supervisory Board itself, no objections were raised.\n* The Supervisory Board concurred with the auditor's judgment and approved the annual financial statements prepared by the Management Board on March 11, 2026.\n* The annual financial statements are thus adopted.\n\n=== Appointment of the Management Board and Supervisory Board and other mandates ==="
},
{
"id": "9fth4kgfqj-c224",
"chunk": 224,
"pages": [
73
],
"heading": "Management Board appointments",
"tags": [],
"links": [
"Year 2026"
],
"data_items": [],
"effective_tags": [
"Year 2026"
],
"content": "* Norbert Eickermann was reappointed to the Management Board with effect from February 1, 2026 (Year 2026), during the Supervisory Board meeting on March 13, 2025.\n* Dr. Philipp Horsch was appointed to the Management Board with effect from April 1, 2025, during the Supervisory Board meeting on March 13, 2025.\n* Dr. Horsch is responsible for the Product Management Corporate/Freelancers and Operations Corporate/Freelancers departments.\n* Thorsten Jahnke was appointed as an additional member of the Management Board with effect from January 1, 2026, during the Supervisory Board meeting on November 6, 2025.\n* Thorsten Jahnke assumed departmental responsibility for Broker Sales and Cooperations from Thomas Lüer.\n* Thomas Lüer is responsible for the HDI Sales, Sales Management, and Marketing departments with effect from January 1, 2026."
},
{
"id": "9fth4kgfqj-c225",
"chunk": 225,
"pages": [
73
],
"heading": "Supervisory Board appointments",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Johanna Weigand resigned her mandate as a member of the Supervisory Board with effect from July 31, 2025.\n* Nicolas Heine was elected as her successor to the Supervisory Board by the extraordinary general meeting on July 17, 2025, with effect from August 1, 2025.\n* Nicolas Heine's term is for the remainder of the period until the end of the general meeting that resolves on the discharge for the 2027 financial year.\n\n=== Appreciation to the Management Board and employees ==="
},
{
"id": "9fth4kgfqj-c226",
"chunk": 226,
"pages": [
73
],
"heading": "Appreciation and Signatories",
"tags": [],
"links": [
"Year 2026"
],
"data_items": [],
"effective_tags": [
"Year 2026"
],
"content": "* The Supervisory Board thanks the members of the Management Board and all employees for their commitment and successful work in the 2025 financial year.\n* Hannover, March 11, 2026 (Year 2026).\n* For the Supervisory Board: Dr. Jan-Philipp Lüdtke, Chairman.\n* Barbara Riebeling and Nicolas Heine are Deputy Chairpersons.\n\n== Imprint ==\n\n=== HDI Versicherung AG ==="
},
{
"id": "9fth4kgfqj-c227",
"chunk": 227,
"pages": [
74
],
"heading": "Contact information",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* HDI-Platz 1, 30659 Hannover\n* Telephone: +49 511 645-0\n* Telefax: +49 511 645-4545\n* Website: www.hdi.de\n* Website: www.talanx.com\n\n=== Group Communications ==="
},
{
"id": "9fth4kgfqj-c228",
"chunk": 228,
"pages": [
74
],
"heading": "Contact information",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Telefon: +49 511 3747-2022\n* Telefax: +49 511 3747-2525\n* E-Mail: gc@talanx.com"
},
{
"id": "9fth4kgfqj-c229",
"chunk": 229,
"pages": [
75
],
"heading": "Group Communications",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "[Chart/image description:]\nThe image displays an organizational chart titled \"Talanx AG\" at the top. Below this, five main vertical columns represent different business areas or group functions, each with a colored header and a list of subsidiary companies beneath it."
},
{
"id": "9fth4kgfqj-c230",
"chunk": 230,
"pages": [
75
],
"heading": "Group structure by division",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Corporate \u0026 Specialty Division includes: HDI Global SE, HDI Global Specialty SE, HDI Versicherung AG (Austria), HDI Global Seguros S.A. (Mexico), HDI Global SA Ltd. (South Africa), HDI Global Insurance Company (USA), HDI Global Network AG, and HDI Reinsurance (Ireland) SE.\n* International Retail Division includes: HDI International AG, HDI Seguros S.A. (Brazil), Yelum Seguros S.A. (Brazil), HDI Seguros S.A. (Chile), HDI Seguros Colombia S.A., HDI Seguros S.A. de C.V. (Mexico), TUİR WARTA S.A. (Poland), TU Europa S.A. (Poland), HDI Assicurazioni S.p.A. (Italy), and HDI Sigorta A.Ş. (Türkiye).\n* Retail Germany Division includes: HDI Deutschland AG, HDI Lebensversicherung AG, HDI Pensionsfonds AG, HDI Pensionskasse AG, HDI Pensionsmanagement AG, HDI Versicherung AG, HDI Vorsorge Lebensversicherung AG, Lifestyle Protection Lebensversicherung AG, Lifestyle Protection AG, LPV Lebensversicherung AG, NEH Neue Hildener Versicherung AG, neue leben Lebensversicherung AG, and neue leben Unfallversicherung AG.\n* Reinsurance Division includes:\n** Property/Casualty Reinsurance: Hannover Rück SE, E+S Rückversicherung AG, Argenta Holdings Limited, Hannover ReTakaful B.S.C. (c) (Bahrain), Hannover Re (Bermuda) Ltd., Hannover Life Re of Australasia Ltd, Hannover Re (Ireland) DAC, Hannover Re South Africa Limited, and Hannover Life Reassurance Company of America.\n** Life/Health Reinsurance: no subsidiaries listed in the chart.\n* Group Operations includes: HDI AG, Ampega Asset Management GmbH, Ampega Investment GmbH, and Talanx Reinsurance Broker GmbH."
},
{
"id": "9fth4kgfqj-c231",
"chunk": 231,
"pages": [
75,
76
],
"heading": "General information",
"tags": [],
"links": [
"Year 2026"
],
"data_items": [],
"effective_tags": [
"Year 2026"
],
"content": "* The listed participations are the main participations only.\n* The information on participations is as of January 1, 2026 (Year 2026).\n* HDI Versicherung AG is located at HDI-Platz 1, 30659 Hannover, with telephone +49 511 645-0 and telefax +49 511 645-4545.\n* The company websites are www.hdi.de and www.talanx.com."
}
],
"title": "HDI Versicherung/2025/FY/Annual report",
"source_url": "https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf"
}

HDI Versicherung/2025/FY/Annual report

2026-07-27T13:52:47Z

Wikilah admin: doc_archive: publish 9fth4kgfqj (.md link)

{{Infobox doc_archive
| organization = HDI Versicherung
| year = 2025
| period = FY
| period_label = FY25
| document_category = Annual report
| document_name = HDI Versicherung AG Geschäftsbericht 2025
| publication_date = 2026-03
| language = German
| pages = 76
| source_url = https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf
| summary_md = File:HDI_Versicherung-2025-FY-Annual_report.md
| intro_sentence = This article summarizes HDI Versicherung's Annual report published on 2026-03 (76 pages).
| wide = yes
| document = Document:HDI Versicherung/2025/FY/Annual report
| doc_id = 9fth4kgfqj
}}

''This article summarizes HDI Versicherung's Annual report published on 2026-03 (76 pages). Translated from German.''

{{chunk|doc=9fth4kgfqj|c=1|p=1}}
'''Document identification'''

* HDI Versicherung AG
* Geschäftsbericht 2025

== HDI Versicherung AG at a glance. ==

{{chunk|doc=9fth4kgfqj|c=2|p=2}}

<div style="overflow-x:auto">
{| id="t1" class="wikitable fintable"
|+ HDI Versicherung AG at a glance.
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
! class="col-s" style="text-align:right" | +/-%
|-
| style="text-align:left" | [[Definition:Gross written premiums|Gross written premiums]]
| style="text-align:right" | 1,564.8
| style="text-align:right" | 1,588.3
| style="text-align:right" | -1.5
|-
| style="text-align:left" | Gross incurred claims
| style="text-align:right" | 1,006.0
| style="text-align:right" | 1,045.4
| style="text-align:right" | -3.8
|-
| style="text-align:left" | Gross operating expenses
| style="text-align:right" | 486.4
| style="text-align:right" | 506.7
| style="text-align:right" | -4.0
|-
| style="text-align:left" | Gross combined ratio (in %)
| style="text-align:right" | 95.7
| style="text-align:right" | 98.3
| style="text-align:right" | —
|-
| style="text-align:left" | Net technical provisions
| style="text-align:right" | 3,761.9
| style="text-align:right" | 3,678.1
| style="text-align:right" | 2.3
|-
| style="text-align:left" | Investments
| style="text-align:right" | 3,763.9
| style="text-align:right" | 3,760.8
| style="text-align:right" | 0.1
|-
| style="text-align:left" | Income from investments
| style="text-align:right" | -31.8
| style="text-align:right" | 112.0
| style="text-align:right" | -128.4
|-
| style="text-align:left" | Net investment yield (in %)
| style="text-align:right" | -0.8
| style="text-align:right" | 3.0
| style="text-align:right" | —
|-
| style="text-align:left" | Earnings before profit transfer
| style="text-align:right" | 109.5
| style="text-align:right" | 17.6
| style="text-align:right" | 520.4
|}
</div>

== Content ==

{{chunk|doc=9fth4kgfqj|c=3|p=3}}
'''Report sections'''

* Section 2: Lagebericht
* Section 2: Geschäftstätigkeit, Organisation und Struktur
* Section 3: Wirtschaftsbericht
* Section 18: Risikobericht
* Section 26: Prognose- und Chancenbericht
* Section 29: Versicherungsarten

{{chunk|doc=9fth4kgfqj|c=4|p=3}}
'''Appendix and financial statements'''

* Anlage 1 zum Lagebericht (Appendix 1 to the Management Report)
* Section 32: Jahresabschluss (Annual Financial Statements)
* Section 32: Bilanz (Balance Sheet)
* Section 34: Gewinn- und Verlustrechnung (Income Statement)
* Section 36: Anhang (Notes)

{{chunk|doc=9fth4kgfqj|c=5|p=3}}
'''Audit and supervisory board reports'''

* Section 61: Bestätigungsvermerk des unabhängigen Abschlussprüfers (Independent Auditor's Report)
* Section 68: Bericht des Aufsichtsrats (Report of the Supervisory Board)

== Management Report. ==

=== Business Activities, Organization and Structure ===

==== Corporate Policy Background ====

{{chunk|doc=9fth4kgfqj|c=6|p=4}}
'''HDI Versicherung AG overview'''

* HDI Versicherung AG is part of the Talanx business division Private and Corporate Insurance Germany (HDI Deutschland).
* HDI Deutschland bundles the activities of private and corporate customer companies in [[Definition:Property & casualty|property and casualty]] insurance, life insurance, and bancassurance in Germany.
* HDI Deutschland AG manages the HDI Deutschland business division.
* The registered office of HDI Versicherung AG is Hannover.
* The company offers broad insurance coverage for private individuals, sole proprietors, freelancers, and small and medium-sized enterprises in liability, accident, property, and motor vehicle insurance.
* HDI Versicherung AG provides comprehensive insurance coverage for companies in trade, services, and crafts through industry-specific solutions and modular insurance packages.
* HDI Versicherung AG positions itself as a provider of affordable and transparent insurance products for private and corporate customers.
* The focus is on price- and performance-conscious customers who independently seek market solutions, as well as consultation-oriented customers who desire customized insurance products.
* The company uses its in-house sales force organization to provide a holistic support approach for its customers.
* In addition to its own [[Definition:Property & casualty|property and casualty]] insurance, legal protection, credit, life, and health insurance products from other companies are also offered through this channel.
* Another distribution channel is the company-mediated employee benefits business.

{{chunk|doc=9fth4kgfqj|c=7|p=4}}
'''Credit rating'''

* In February 2025, Standard & Poor's upgraded the financial strength rating for HDI Versicherung AG from A+ to AA-.
* The outlook for HDI Versicherung AG's rating is 'stable'.
* The rating confirms that the company has a particularly strong financial profile.

=== Our Sales Partners ===

{{chunk|doc=9fth4kgfqj|c=8|p=4}}
'''Distribution strategy and channels'''

* HDI aims to provide customers with easy access to its insurance products and diverse consulting and service offerings.
* This is achieved by maintaining and expanding cooperation with carefully selected distribution partners across all relevant sales channels.
* Relevant sales channels for HDI include its own exclusive sales organization, distribution through independent intermediaries and multi-agents, and various cooperation partners.
* The functional organization ensures clear responsibilities and establishes the basis for cross-segment work in property and life insurance.
* This cross-segment perspective is crucial for improving processes and services for the benefit of customers and distribution partners.
* With the increasing importance of online sales, HDI also aims to optimize interfaces with its distribution partners and offer them digitally contractible products.

=== Group Services ===

{{chunk|doc=9fth4kgfqj|c=9|p=4}}
'''Group-wide services and synergies'''

* HDI Versicherung AG does not employ its own staff.
* Its integration into a large insurance group allows for cross-company organized functions, enabling the efficient use of synergies and resources.
* This structure allows for cost advantages from standardized processing within the group and better conditions with service providers.
* Essential services from cross-functional areas (e.g., Finance, HR, IT, Operations, and Sales) are provided by HDI AG for the domestic companies of the Talanx Group, including HDI Versicherung AG.
* HDI Versicherung AG also utilizes central services from Ampega Asset Management GmbH, which manages assets for the insurance companies within the group.

== Economic Report ==

=== Overall Economic and Industry-Specific Framework Conditions ===

==== Economic Development ====

{{chunk|doc=9fth4kgfqj|c=10|p=5}}
'''Global economic development and trade policy'''

* Global economic growth remained at 3.3% YoY in 2025, the weakest value since the COVID year 2020, influenced by the start of US President Trump's second term and his administration's trade policy.
* The "Liberation Day" in April and subsequent policy reversals in US trade policy impacted global economic development.

{{chunk|doc=9fth4kgfqj|c=11|p=5}}
'''German and Eurozone economic performance'''

* The German economy recorded a +0.2% YoY growth in 2025 after two consecutive recession years.
* Germany's GDP was only 0.1% above its pre-COVID level at the end of 2019.
* Growth in Germany was driven by private and government consumption.
* Declining construction and equipment investments in Germany were not offset by an increase in the defense sector.
* External trade disputes created [[Definition:Headwind|headwinds]] for the German economy.
* The special fund for infrastructure announced in March and higher defense spending are expected to take full effect in the coming years.
* Germany and France lagged behind their European peers economically; France experienced political instability and government changes in 2025 due to budget disputes.
* Eurozone growth accelerated from 0.9% to 1.4% YoY in 2025.
* Excluding Ireland, which saw double-digit GDP growth in 2025 due to rising pharmaceutical exports, Eurozone growth would have been only 0.9% YoY.

{{chunk|doc=9fth4kgfqj|c=12|p=5}}
'''US economic performance'''

* The US economy grew by 2.2% YoY in 2025 despite uncertainties from the new administration.
* Growth was primarily driven by private consumption, though its momentum cooled compared to H2 2024 due to a weaker labor market, increased price pressure (partly from tariffs), and a government shutdown in October/November.
* Only 181,000 new jobs were created in the US labor market in 2025 (prior: 1,459,000).
* The unemployment rate in the US rose slightly from 4.1% to 4.4% over the year, as the labor supply decreased due to anti-migration measures.
* Equipment investments were a growth driver, achieving the strongest increase since 2014 due to the AI boom.
* A significant reduction in the foreign trade deficit, resulting from trade restrictions, also contributed to growth.

{{chunk|doc=9fth4kgfqj|c=13|p=5}}
'''China and Latin America economic performance'''

* China's economic growth was 5.0% YoY in 2025, despite US tariffs (reaching almost 140%) and structural weaknesses in domestic consumption and the real estate sector.
* China's government growth target was met for the third consecutive year, partly due to state-supported industries like robotics and electromobility.
* Latin American economies increased their growth in 2025 despite the challenging international environment, partly due to central bank interest rate cuts (excluding Brazil).
* Latin America's growth rate of 2.8% YoY in 2025 was back to its 2000-2019 average for the first time since the post-COVID rebound.

{{chunk|doc=9fth4kgfqj|c=14|p=5}}
'''Global inflation and interest rates'''

* The global economy largely overcame the fiscal policy and energy price-induced inflation shock following the COVID-19 pandemic and the war in Ukraine.
* Eurozone inflation decreased from 2.4% to 2.0% YoY in 2025, reaching the European Central Bank (ECB) target, driven by falling energy prices and a stronger Euro.
* The ECB cut its key interest rate from 3.00% to 2.00% in several steps during H1 2025.
* US inflation slightly decreased from 2.9% to 2.7% YoY in 2025, as anticipated strong price effects from US tariff barriers did not fully materialize.
* US inflation remained above the Federal Reserve's (Fed) target, leading the Fed to react cautiously to the weakening labor market and cut its key interest rate from 4.50% to 3.75%.

==== Capital markets ====

{{chunk|doc=9fth4kgfqj|c=15|p=5}}
'''International equity markets performance'''

* International equity markets reached new records in 2025 despite geopolitical and trade tensions.
* This performance was driven by a stable economic environment, falling key interest rates, positive corporate earnings development, and strong performance of technology and AI stocks.
* The US S&P 500 recorded numerous new record highs after a correction following the 'Liberation Day' shock in April.
{{chunk|doc=9fth4kgfqj|c=15|p=6|cont=1}}
* The S&P 500 ended 2025 with a price increase of +16.8% (all performance figures in USD).
* This was the sixth double-digit increase for the S&P 500 in the last seven years.
* In 2025, the S&P 500 lagged behind other international markets after its tech-driven rally in the previous year.
* The S&P 500 was behind industrialised countries overall (MSCI World: +19.9%) and significantly behind emerging market stocks (MSCI EM: +30.1%).
* Eurozone stocks led in 2025 (EURO STOXX: +37.9%), with Germany (DAX: +39.1%) at the forefront.
* This was the first time since 2022 that Germany outperformed the USA.
* The yield on 10-year US Treasuries decreased by 0.40 percentage points to 4.17% in 2025 due to Fed interest rate cuts, despite political attacks on the Fed's independence and rising national debt.
* The yield on German government bonds of the same maturity rose sharply from 2.41% to 2.90% following the announcement of Germany's special fund for infrastructure and increased defense spending in March.
* Doubts about rapid implementation caused the German bond yield to fall back below 2.50% within a few weeks.
* With the new federal budget in the autumn and the prospect of increased issuance activity to finance additional expenditures, the 10-year German bond yield ended the year near its annual high at 2.86% (+0.49 percentage points).
* A stronger-than-expected increase in oil supply from OPEC+ pushed Brent crude oil prices down from USD 75 to USD 61 per barrel in 2025.
* The conflict between Israel and Iran caused only a brief increase in oil prices towards USD 80 per barrel.
* Doubts about US debt sustainability and tariff escalation led to a significant appreciation of the Euro against the US Dollar from 1.04 to 1.18 in the first half of 2025.
* In the second half of the year, the Euro consolidated slightly below this level due to political attacks on the Fed's independence.

==== Prevention of money laundering and terrorist financing ====

{{chunk|doc=9fth4kgfqj|c=16|p=7}}
'''Anti-money laundering and terrorism financing compliance'''

* Insurance companies, as per Art. 13 No. 1 Directive 2009/138/EC, are obligated under § 2 Abs. 1 No. 7 of the Money Laundering Act (GwG) in conjunction with § 6 GwG to implement internal safeguards against money laundering if they conduct life insurance activities, offer accident insurance with premium refunds, or grant loans as defined in § 1 Abs. 1 Satz 2 No. 2 KWG.
* The company is therefore obligated to comply with the provisions of the GwG and §§ 52 to 55 VAG regarding the prevention of money laundering, terrorism financing, and other criminal acts, due to its loan granting activities as defined in § 1 Abs. 1 Satz 2 No. 2 KWG.
* The company has established regulations and initiated organizational measures to fulfill these statutory obligations.
* A Money Laundering Officer and a deputy have been appointed.
* Loan granting occurs within the scope of capital investment by Ampega Asset Management GmbH, with a process established for control by the Money Laundering Officer.
* Changes to applicable legal regulations will result from Regulation (EU) 2024/1624 of the European Parliament and of the Council of May 31, 2024, on the prevention of the use of the financial system for money laundering or terrorist financing, which will largely apply from July 10, 2027.
* Drafts for a few Regulatory Technical Standards (RTS) are already available, including the practically very important RTS on Customer Due Diligence (CDD).
* Preparations for the implementation of these changes are underway.

==== Digitalization ====

{{chunk|doc=9fth4kgfqj|c=17|p=7}}
'''Digitalization'''

* Digitalization has gained increasing importance in recent years, leading to a transition to digital, data-based business models.
* Legal questions and challenges related to IT security are becoming more important for HDI Group companies.
* The EU's Digital Operational Resilience Act (DORA) introduces new requirements for insurance companies, effective January 17, 2025, to strengthen the European financial market against cyber risks and ICT incidents.
* The EU also enacted the Artificial Intelligence Act (Regulation (EU) 2024/1689) in 2024, which affects the insurance industry and will have specific implications for the HDI Group.

==== Data protection ====

{{chunk|doc=9fth4kgfqj|c=18|p=7}}
'''Data protection'''

* Talanx Group insurance companies process extensive personal data for application, contract, and claims handling.
* The data protection management system ensures compliance with data protection requirements, including the EU General Data Protection Regulation (GDPR) and the German Federal Data Protection Act.
* Employees are trained and contractually obligated to handle data carefully and comply with data protection requirements.
* Centralized procedures are in place for process-independent data protection requirements, such as commissioning service providers.
* Data protection rights of customers, shareholders, and employees are also covered by these procedures.
* Compliance with applicable law is essential for the Talanx Group companies' long-term business success.
* The Group focuses on adapting its business and products to legal, supervisory, and tax regulations.
* Mechanisms are in place to identify and assess future legal developments and their impact on business operations early, allowing for timely adjustments.

== Business performance and situation ==

{{chunk|doc=9fth4kgfqj|c=19|p=7}}
'''Business performance and situation'''

* This section describes the business performance and situation of HDI Versicherung AG and its consolidated subsidiaries (HDI Versicherung AG Group).
* The HDI Versicherung AG Group is part of the Talanx Group.
* The Talanx Group's annual report provides a comprehensive overview of the business performance and situation of the entire Talanx Group.
* The Talanx Group's annual report is available on its website.

=== Reporting year topics ===

{{chunk|doc=9fth4kgfqj|c=20|p=7}}
'''Reporting year topics'''

* This section covers topics from the reporting year.

==== Future viability of the HDI Germany segment ====

{{chunk|doc=9fth4kgfqj|c=21|p=7}}
'''HDI Germany "Substanz" Strategic Program'''

* HDI Germany is continuing its business planning under the new strategic program "Substanz" (SBSTNZ.).
* The guidelines of the new strategy program are: Simple - Focused - Successful.
* The program aims to promote sustainable growth, strengthen market position, and contribute to long-term stability within the Group.
* The core of the new strategy is a targeted build-up of excellence along the value chain.
* Key aspects include reducing complexity and increasing efficiency in internal processes.
{{chunk|doc=9fth4kgfqj|c=21|p=8|cont=1}}
* HDI Germany aims to become more profitable in the medium term by focusing on core competencies and a streamlined product portfolio.
* The company intends to distinguish itself through high-quality service offerings and reliable collaboration with sales partners.
* Comprehensive support for existing customers and ensuring the long-term fulfillment of obligations are also crucial.
* Important progress was made in the strategic program last year, with the company responding to central challenges by sharpening its strategic direction.
* Initial positive developments towards clearly focused business models and performance-oriented management have been achieved.
* Operational and financial stability was ensured despite profound changes.
* The targeted profit improvement was achieved early in some [[Definition:Business mix|business segments]].
* Transformation, key restructuring measures, and cultural development were significantly advanced.

{{chunk|doc=9fth4kgfqj|c=22|p=8}}
'''HDI Germany Strategic Focus Areas'''

* HDI Versicherung AG focuses on its strengths within the "Substanz" strategic program: exclusive sales, corporate and freelance professions, and selected business models in other important sales channels.
* In motor insurance, the focus is on securing a profitable portfolio in a competitive market driven by high claims inflation and associated high claims costs.
* Emphasis is placed on consistent alignment with market requirements and customer needs for simple products and digital processes.
* Implementation of the "Substanz" program shows noticeable efficiency gains through the development of operations and claims, particularly via business model focus, automation, and AI use.
* The corporate and freelance professions [[Definition:Business mix|business segment]] is being expanded through competitive, proven market and business expertise and systematic portfolio management for profitability.
* Profitability of the portfolio and professionalization/efficiency of processes are consistently and successfully driven in fire and multi-risk products.
* Average premium income increased due to targeted premium adjustments and restructuring.
* Risk-limiting measures such as cancellations, more intensive inspections, and new underwriting limits led to a sustainable improvement in the risk portfolio.

{{chunk|doc=9fth4kgfqj|c=23|p=8}}
'''AI and Agility Initiatives'''

* The use of generative artificial intelligence is planned for the company's future viability and is currently in a testing phase across various departments.
* Agility is an overarching goal, enabling the organization to react flexibly to changes and act proactively.
* This includes early identification and adoption of changing economic conditions to make necessary adjustments and respond to market developments.
* The Agile Delivery Organization (ALO) is continuously reviewed and further developed.

=== IT strategy ===

{{chunk|doc=9fth4kgfqj|c=24|p=8}}
'''IT strategy and objectives'''

* The IT strategy for the Private and Corporate Insurance Germany division covers all essential IT aspects for the risk carriers of HDI Germany.
* The IT strategy incorporates the requirements of the business strategy of all risk carriers.
* Digitization of processes and service offerings, along with the modernization of IT infrastructure, shape HDI Germany's business activities.
* The IT strategy aims to transform the application landscape, aligned with the "Substanz" business strategy and considering innovative technologies like artificial intelligence.
* Sustainable implementation of IT compliance and regulatory requirements under the Digital Operational Resilience Act (DORA) is essential.
* Continuous improvement of the security protection level is also essential.

=== Product ratings ===

{{chunk|doc=9fth4kgfqj|c=25|p=8}}
'''Product ratings and awards'''

* HDI Versicherung AG continuously improves products and services, reflected in product ratings, awards, and seals of approval.
* Examples of positive ratings are found across all private non-life segments.
* Stiftung Warentest rated the private liability insurance (Premium [[Definition:Business mix|product line]]) with 'Sehr gut (0.7)'.
* Stiftung Warentest also rated the residential building insurance (Premium [[Definition:Business mix|product line]]) with 'Sehr gut (0.7)'.
* Franke & Bornberg Research GmbH awarded the HDI private liability insurance (Premium [[Definition:Business mix|product line]], Single and Premium [[Definition:Business mix|product line]], Family) with 'FFF+' (excellent) in the HUS-Privat segment.
* Franke & Bornberg Research GmbH also awarded the residential building insurance (Premium [[Definition:Business mix|product line]] / Multi-family house Premium product) with 'FFF+' (excellent).
* The HDI accident insurance (Premium, 100% contribution, protection letter) and HDI household insurance were also recognized.

=== Sustainability ===

{{chunk|doc=9fth4kgfqj|c=26|p=9}}
'''Sustainability strategy and net-zero targets'''

* Talanx Group, as an international insurance group and long-term investor, has long been committed to responsible corporate governance focused on sustainable value creation.
* The sustainability strategy is an integral part of the corporate strategy, based on the targeted implementation of ESG-specific aspects (Environmental, Social, Governance) across the entire value chain.
* The sustainability strategy focuses on environmental aspects in investments, underwriting, and own operations, the social focus of the Group, and ensuring adequate governance.
* Talanx Group is committed to supporting the transformation to a low-carbon economy.
* Talanx Group aims to achieve net-zero emissions by 2050 for its insurance and investment portfolios{{fn ref|1}}.

{{chunk|doc=9fth4kgfqj|c=27|p=9}}
'''Thermal coal and fossil fuel exclusions'''

* An exit path for thermal coal risks in underwriting was defined until 2038.
* Exclusions for conventional oil and gas projects in underwriting came into effect in July 2023, including a general exclusion of new greenfield oil and gas projects.
* Further restrictions were defined, and the phase-out of all existing oil sands risks was brought forward to the end of 2025.
* Project policies in deep-sea mining are excluded.
* To advance the decarbonization of the investment portfolio, the focus was recently on refining the positioning towards fossil fuels on the investment side.
* Since 2024, exclusions for fracking of shale gas and oil in the Arctic apply, in addition to existing exclusions for oil and tar sands and for oil and gas drilling.
* Since 2025, there will be a systematic reduction of exposure along the entire value chain of the oil and gas sector.
* The share of oil and gas in the total portfolio of liquid corporate bonds is to be reduced by 20% from the current 5.7% to 4.5% over the next five years.
* The existing thermal coal exclusion in investments was tightened in 2024.

{{chunk|doc=9fth4kgfqj|c=28|p=9}}
'''Social engagement and governance'''

* In 2022, a unified framework for the largely decentralized social and community engagement was created and embedded in the corporate strategy.
* Four strategic fields of action were defined for the Talanx Group:
** Diversity, equal opportunities, and inclusion
** Employee's Journey
** Ensuring access to education
** Promoting access to infrastructure
* The Group's governance is a significant topic for the capital market and a key focus of the sustainability strategy.
* The Group regularly addresses and implements governance requirements.

=== Performance indicators ===

{{chunk|doc=9fth4kgfqj|c=29|p=9}}
'''financial performance indicators'''

* The company has defined only financial key performance indicators (KPIs) for the 2025 financial year.
* These KPIs include [[Definition:Gross written premiums|gross written premiums]], gross expenses for insurance claims, gross expenses for insurance operations, investment income, and net profit before profit transfer.
* The development of these and other key figures will be explained in subsequent chapters.

{{chunk|doc=9fth4kgfqj|c=30|p=9}}
'''product ratings'''

* The HDI Versicherung (Premium [[Definition:Business mix|product line]]) was rated "FFF" (very good).
* The HDI Kfz-Versicherung (Motor Premium [[Definition:Business mix|product line]]) maintained its top rating of "FFF+" (excellent) from the independent analysis firm Franke & Bornberg Research GmbH.
* In the "Firmen und Freie Berufe" (Companies and Freelancers) segment, AssCompact awarded the commercial property insurance "Beste Produktqualität" (Best Product Quality) and "Bestes Preis-Leistungs-Verhältnis" (Best Price-Performance Ratio).
* Franke & Bornberg Research GmbH rated the "Inhaltsversicherung Sach Allgefahren" (Property All-Risk Contents Insurance) with modules for Gastronomy, Flood, and Backwater as "FFF" (very good).
* The "Betriebshaftpflichtversicherung" (Business Liability Insurance) with modules for Construction, Services, Trade, Crafts (Ancillary Construction Trades), and Ancillary Medical Professions received an "FFF+" (excellent) rating.
* The commercial cyber insurance (Cyber Insurance for Companies and Freelancers, Business Interruption due to Cloud Outage) was also rated "FFF" (very good).

{{chunk|doc=9fth4kgfqj|c=31|p=9}}
'''Performance indicators'''

{{fn note|1=1|2=The Talanx Group always makes decisions based on the current data situation and existing regulations. Should conditions change, the Talanx Group reserves the right to update the corresponding decisions}}

{{chunk|doc=9fth4kgfqj|c=32|p=10}}
'''Performance indicators'''

* The performance indicators are based on the HDI VVG Group, which includes HDI VVG and its subsidiaries, and are prepared in accordance with IFRS.
* The HDI VVG Group is a sub-group of Talanx AG.
* The performance indicators are derived from the consolidated financial statements of the HDI VVG Group.

== Earnings performance of HDI Versicherung AG ==

=== Business performance: Insurance business total ===

{{chunk|doc=9fth4kgfqj|c=33|p=10}}

<div style="overflow-x:auto">
{| id="t2" class="wikitable fintable"
|+ Business performance: Insurance business total
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 2025 Gross
! class="col-s" style="text-align:right" | 2025 Net
! class="col-s" style="text-align:right" | 2024 Gross
! class="col-s" style="text-align:right" | 2024 Net
|-
| style="text-align:left" | Written premiums
| style="text-align:right" | 1,564.8
| style="text-align:right" | 1,495.5
| style="text-align:right" | 1,588.3
| style="text-align:right" | 1,513.5
|-
| style="text-align:left" | Earned premiums
| style="text-align:right" | 1,559.8
| style="text-align:right" | 1,489.9
| style="text-align:right" | 1,579.5
| style="text-align:right" | 1,504.8
|-
| style="text-align:left" | Incurred claims
| style="text-align:right" | 1,006.0
| style="text-align:right" | 996.0
| style="text-align:right" | 1,045.4
| style="text-align:right" | 1,042.3
|-
| style="text-align:left" | Operating expenses
| style="text-align:right" | 486.4
| style="text-align:right" | 477.3
| style="text-align:right" | 506.7
| style="text-align:right" | 496.2
|-
| style="text-align:left" | Technical result f. e. R.
| style="text-align:right" | —
| style="text-align:right" | 20.1
| style="text-align:right" | —
| style="text-align:right" | -30.7
|-
| style="text-align:left" | In %
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Loss ratio{{fn ref|1)|2=Incurred claims in relation to earned premiums}}
| style="text-align:right" | 64.5
| style="text-align:right" | 66.9
| style="text-align:right" | 66.2
| style="text-align:right" | 69.3
|-
| style="text-align:left" | Expense ratio{{fn ref|2)|2=Operating expenses in relation to earned premiums}}
| style="text-align:right" | 31.2
| style="text-align:right" | 32.0
| style="text-align:right" | 32.1
| style="text-align:right" | 33.0
|-
| style="text-align:left" | Combined ratio{{fn ref|3)|2=Sum of incurred claims and operating expenses in relation to earned premiums}}
| style="text-align:right" | 95.7
| style="text-align:right" | 98.9
| style="text-align:right" | 98.3
| style="text-align:right" | 102.2
|}
</div>

{{fn note|1=1)|2=Incurred claims in relation to earned premiums}}
{{fn note|1=2)|2=Operating expenses in relation to earned premiums}}
{{fn note|1=3)|2=Sum of incurred claims and operating expenses in relation to earned premiums}}

{{chunk|doc=9fth4kgfqj|c=34|p=10}}
'''[[Definition:Gross written premiums|Gross written premiums]] and reinsurance premiums'''

* [[Definition:Gross written premiums|Gross written premiums]] decreased by EUR 23.5m to EUR 1,564.8m (prior: EUR 1,588.3m).
* Positive development in corporate lines did not fully offset declines in motor insurance due to portfolio reductions.
* Freelance professions and private lines also saw slight declines in [[Definition:Gross written premiums|gross written premiums]] due to portfolio reductions.
* Reinsurance premiums decreased by EUR 5.5m to EUR 69.4m (prior: EUR 74.9m) due to lower reinsurance costs and a higher retention rate in the cyber segment.
* Net earned premiums decreased by EUR 14.9m to EUR 1,489.9m (prior: EUR 1,504.8m).

{{chunk|doc=9fth4kgfqj|c=35|p=10}}
'''Gross and net claims expenses'''

* Gross claims expenses decreased by EUR 39.4m to EUR 1,006.0m (prior: EUR 1,045.4m) YoY.
* Gross current year claims expenses decreased by EUR 172.4m to EUR 1,071.8m (prior: EUR 1,244.1m) due to a reduction in frequency claims, primarily in the motor insurance segment.
* Increased expenses for large claims, mainly in motor and multi-risk segments, were largely offset by decreasing expenses from natural catastrophes, particularly in comprehensive and building insurance.
* Gross run-off gain decreased by EUR 133.0m to EUR 65.8m (prior: EUR 198.7m), mainly in liability and motor liability segments due to reserve adjustments for prior year claims.
* Gross loss ratio decreased by 1.7pts to 64.5% (prior: 66.2%) YoY.
* Net claims expenses decreased by EUR 46.3m to EUR 996.0m (prior: EUR 1,042.3m).
* Net current year claims expenses decreased by EUR 165.6m to EUR 1,067.0m (prior: EUR 1,232.6m).
* Net run-off gain decreased by EUR 119.2m to EUR 71.0m (prior: EUR 190.2m).
* Net loss ratio decreased from 69.3% to 66.9%.

{{chunk|doc=9fth4kgfqj|c=36|p=10}}
'''Operating expenses and cost ratios'''

* Gross operating expenses decreased by EUR 20.3m to EUR 486.4m (prior: EUR 506.7m).
* Administration costs significantly decreased due to the success of the SBSTNZ strategic program and a special write-down in the previous year.
* Commissions increased due to changes in the [[Definition:Business mix|business mix]].
* Net operating expenses decreased by EUR 19.0m to EUR 477.3m (prior: EUR 496.2m).
* Gross cost ratio slightly decreased to 31.2% (prior: 32.1%) despite lower premium levels.
* Net cost ratio decreased to 32.0% (prior: 33.0%).
* Gross combined ratio decreased from 98.3% to 95.7%.
* Net combined ratio decreased from 102.2% to 98.9%.

{{chunk|doc=9fth4kgfqj|c=37|p=10}}
'''Technical result'''

* EUR 14.4m (prior: EUR 9.0m) was withdrawn from the fluctuation reserve.
* Net technical result after fluctuation reserve improved by EUR 50.8m to EUR 20.1m (prior: -EUR 30.7m).

=== Insurance business ===

==== Self-concluded insurance business ====

{{chunk|doc=9fth4kgfqj|c=38|p=10}}

<div style="overflow-x:auto">
{| id="t3" class="wikitable fintable"
|+ Self-concluded insurance business
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 2025 Gross
! class="col-s" style="text-align:right" | 2025 Net
! class="col-s" style="text-align:right" | 2024 Gross
! class="col-s" style="text-align:right" | 2024 Net
|-
| style="text-align:left" | Written premiums
| style="text-align:right" | 1,564.8
| style="text-align:right" | 1,495.4
| style="text-align:right" | 1,588.3
| style="text-align:right" | 1,513.4
|-
| style="text-align:left" | Earned premiums
| style="text-align:right" | 1,559.8
| style="text-align:right" | 1,489.8
| style="text-align:right" | 1,579.5
| style="text-align:right" | 1,504.8
|-
| style="text-align:left" | Incurred claims
| style="text-align:right" | 1,006.0
| style="text-align:right" | 996.0
| style="text-align:right" | 1,045.5
| style="text-align:right" | 1,042.3
|-
| style="text-align:left" | Operating expenses
| style="text-align:right" | 486.4
| style="text-align:right" | 477.3
| style="text-align:right" | 506.7
| style="text-align:right" | 496.2
|-
| style="text-align:left" | Technical result f. e. R.
| style="text-align:right" | —
| style="text-align:right" | 20.1
| style="text-align:right" | —
| style="text-align:right" | -30.7
|-
| style="text-align:left" | In %
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Loss ratio
| style="text-align:right" | 64.5
| style="text-align:right" | 66.9
| style="text-align:right" | 66.2
| style="text-align:right" | 69.3
|-
| style="text-align:left" | Expense ratio
| style="text-align:right" | 31.2
| style="text-align:right" | 32.0
| style="text-align:right" | 32.1
| style="text-align:right" | 33.0
|-
| style="text-align:left" | Combined ratio
| style="text-align:right" | 95.7
| style="text-align:right" | 98.9
| style="text-align:right" | 98.3
| style="text-align:right" | 102.2
|}
</div>

=== Motor insurance ===

{{chunk|doc=9fth4kgfqj|c=39|p=11}}

<div style="overflow-x:auto">
{| id="t4" class="wikitable fintable"
|+ Motor insurance
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 2025 Gross
! class="col-s" style="text-align:right" | 2025 Net
! class="col-s" style="text-align:right" | 2024 Gross
! class="col-s" style="text-align:right" | 2024 Net
|-
| style="text-align:left" | Written premiums
| style="text-align:right" | 521.6
| style="text-align:right" | 518.4
| style="text-align:right" | 577.6
| style="text-align:right" | 572.1
|-
| style="text-align:left" | Earned premiums
| style="text-align:right" | 520.7
| style="text-align:right" | 517.5
| style="text-align:right" | 573.4
| style="text-align:right" | 568.0
|-
| style="text-align:left" | Incurred claims
| style="text-align:right" | 366.3
| style="text-align:right" | 363.8
| style="text-align:right" | 482.7
| style="text-align:right" | 481.1
|-
| style="text-align:left" | Operating expenses
| style="text-align:right" | 107.4
| style="text-align:right" | 107.4
| style="text-align:right" | 124.9
| style="text-align:right" | 124.9
|-
| style="text-align:left" | Technical result f. e. R.
| style="text-align:right" | —
| style="text-align:right" | -2.6
| style="text-align:right" | —
| style="text-align:right" | -39.0
|-
| style="text-align:left" | In %
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Loss ratio
| style="text-align:right" | 70.4
| style="text-align:right" | 70.3
| style="text-align:right" | 84.2
| style="text-align:right" | 84.7
|-
| style="text-align:left" | Expense ratio
| style="text-align:right" | 20.6
| style="text-align:right" | 20.8
| style="text-align:right" | 21.8
| style="text-align:right" | 22.0
|-
| style="text-align:left" | Combined loss /
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Expense ratio
| style="text-align:right" | 91.0
| style="text-align:right" | 91.0
| style="text-align:right" | 106.0
| style="text-align:right" | 106.7
|}
</div>

{{chunk|doc=9fth4kgfqj|c=40|p=11}}
'''Motor insurance performance'''

* [[Definition:Gross written premiums|Gross written premiums]] in the Motor division decreased by EUR 56.0m to EUR 521.6m (prior: EUR 577.6m).
* This decline was primarily due to portfolio reductions following the application of premium adjustment clauses and the cessation of new business in selected sales channels.
* Reinsurance premiums decreased to EUR 3.2m (prior: EUR 5.5m).
* Earned net premiums decreased by EUR 50.4m to EUR 517.5m (prior: EUR 568.0m).
* Gross expenses for insurance benefits significantly decreased by EUR 116.3m from EUR 482.7m to EUR 366.3m.
* This reduction was driven by a decrease in gross current year claims expenses by EUR 148.4m to EUR 428.5m (prior: EUR 576.9m).
* The decrease in current year claims expenses was due to lower frequency claims and the absence of cumulative expenses for natural catastrophes.
* Conversely, the gross run-off gain decreased by EUR 32.1m to EUR 62.2m (prior: EUR 94.3m), resulting from necessary reserve adjustments in motor liability insurance.
* The gross loss ratio decreased to 70.4% (prior: 84.2%).
* Net expenses for insurance benefits decreased by EUR 117.3m to EUR 363.8m (prior: EUR 481.1m).
* This was caused by a decrease in net current year claims expenses by EUR 148.4m to EUR 428.5m (prior: EUR 576.9m), mirroring the gross development.
* The net run-off gain decreased by EUR 31.1m to EUR 64.7m (prior: EUR 95.8m).
* The net loss ratio decreased by 14.4 percentage points from 84.7% to 70.3%.
* Gross and net expenses for insurance operations decreased to EUR 107.4m (prior: EUR 124.9m), mainly due to declining administrative expenses.
* Consequently, the gross expense ratio decreased from 21.8% to 20.6%, and the net expense ratio decreased from 22.0% to 20.8%.
* The combined loss/cost ratios were lower than the previous year, with gross at 91.0% (prior: 106.0%) and net at 91.0% (prior: 106.7%).
* EUR 50.2m (prior: EUR 0.0m) was allocated to the fluctuation reserve.
* Overall, the Motor insurance division reported a net technical result of EUR -2.6m (prior: EUR -39.0m).

=== Liability insurance ===

{{chunk|doc=9fth4kgfqj|c=41|p=12}}

<div style="overflow-x:auto">
{| id="t5" class="wikitable fintable"
|+ Liability insurance
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 2025 Gross
! class="col-s" style="text-align:right" | 2025 Net
! class="col-s" style="text-align:right" | 2024 Gross
! class="col-s" style="text-align:right" | 2024 Net
|-
| style="text-align:left" | Written premiums
| style="text-align:right" | 355.1
| style="text-align:right" | 350.8
| style="text-align:right" | 357.2
| style="text-align:right" | 353.7
|-
| style="text-align:left" | Earned premiums
| style="text-align:right" | 353.9
| style="text-align:right" | 349.7
| style="text-align:right" | 357.6
| style="text-align:right" | 354.0
|-
| style="text-align:left" | Incurred claims
| style="text-align:right" | 277.4
| style="text-align:right" | 267.9
| style="text-align:right" | 182.6
| style="text-align:right" | 177.2
|-
| style="text-align:left" | Operating expenses
| style="text-align:right" | 131.5
| style="text-align:right" | 131.5
| style="text-align:right" | 137.9
| style="text-align:right" | 137.9
|-
| style="text-align:left" | Technical result f. e. R.
| style="text-align:right" | —
| style="text-align:right" | 6.8
| style="text-align:right" | —
| style="text-align:right" | 26.7
|-
| style="text-align:left" | In %
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Loss ratio
| style="text-align:right" | 78.4
| style="text-align:right" | 76.6
| style="text-align:right" | 51.1
| style="text-align:right" | 50.0
|-
| style="text-align:left" | Expense ratio
| style="text-align:right" | 37.2
| style="text-align:right" | 37.6
| style="text-align:right" | 38.6
| style="text-align:right" | 38.9
|-
| style="text-align:left" | Combined ratio
| style="text-align:right" | 115.5
| style="text-align:right" | 114.2
| style="text-align:right" | 89.6
| style="text-align:right" | 89.0
|}
</div>

{{chunk|doc=9fth4kgfqj|c=42|p=12}}
'''Liability insurance performance'''

* [[Definition:Gross written premiums|Gross written premiums]] in liability insurance decreased by EUR 2.2m to EUR 355.1m (prior: EUR 357.2m).
* The corporate division's business liability segment showed positive effects on [[Definition:Gross written premiums|gross written premiums]] from sustained portfolio growth.
* Premiums in the liberal professions' medical liability segment remained stable with slight portfolio growth.
* Premiums in private liability, planning liability, and financial loss liability insurance segments slightly declined, following portfolio development.
* Reinsurance premiums slightly increased to EUR 4.2m (prior: EUR 3.6m).
* Net earned premiums decreased by EUR 4.4m to EUR 349.7m (prior: EUR 354.0m).
* Gross expenses for insurance claims significantly increased by EUR 94.8m to EUR 277.4m (prior: EUR 182.6m).
* This increase was due to a decrease in gross settlement results by EUR 92.0m to EUR -55.8m (prior: EUR 36.2m), resulting from necessary reserve adjustments for major claims from older years and an increase in the late claims reserve.
* Gross claims expenses for the financial year rose to EUR 221.6m (prior: EUR 218.8m), particularly in the corporate division's business liability segment, following portfolio development.
* The gross loss ratio increased by 27.3 percentage points to 78.4% (prior: 51.1%).
* Net expenses for insurance claims increased by EUR 90.8m to EUR 267.9m (prior: EUR 177.2m).
* The increase in net expenses was primarily due to the decrease in net settlement results to EUR -46.3m (prior: EUR 41.7m).
* Net claims expenses for the financial year increased from EUR 218.8m to EUR 221.6m.
* The net loss ratio increased by 26.6 percentage points to 76.6% (prior: 50.0%).
* Gross and net expenses for insurance operations decreased to EUR 131.5m (prior: EUR 137.9m) due to lower administrative costs, especially after considering a special write-down in the previous year.
* The gross cost ratio slightly decreased to 37.2% (prior: 38.6%) and the net cost ratio to 37.6% (prior: 38.9%).
* Combined loss and expense ratios increased to 115.5% gross (prior: 89.6%) and 114.2% net (prior: 89.0%).
* The liability insurance segment recorded a net underwriting result of EUR 6.8m (prior: EUR 26.7m) after the fluctuation reserve.
* EUR 56.6m was withdrawn from the fluctuation reserve, following an allocation of EUR 12.9m in the previous year.

=== Accident insurance ===

{{chunk|doc=9fth4kgfqj|c=43|p=13}}

<div style="overflow-x:auto">
{| id="t6" class="wikitable fintable"
|+ Accident insurance
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 2025 Gross
! class="col-s" style="text-align:right" | 2025 Net
! class="col-s" style="text-align:right" | 2024 Gross
! class="col-s" style="text-align:right" | 2024 Net
|-
| style="text-align:left" | Written premiums
| style="text-align:right" | 60.2
| style="text-align:right" | 60.2
| style="text-align:right" | 61.9
| style="text-align:right" | 61.9
|-
| style="text-align:left" | Earned premiums
| style="text-align:right" | 60.6
| style="text-align:right" | 60.6
| style="text-align:right" | 62.3
| style="text-align:right" | 62.3
|-
| style="text-align:left" | Incurred claims
| style="text-align:right" | 29.8
| style="text-align:right" | 29.8
| style="text-align:right" | 26.6
| style="text-align:right" | 26.6
|-
| style="text-align:left" | Operating expenses
| style="text-align:right" | 22.3
| style="text-align:right" | 22.3
| style="text-align:right" | 23.5
| style="text-align:right" | 23.5
|-
| style="text-align:left" | Technical result f. e. R.
| style="text-align:right" | —
| style="text-align:right" | 14.6
| style="text-align:right" | —
| style="text-align:right" | 15.8
|-
| style="text-align:left" | In %
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Loss ratio
| style="text-align:right" | 49.2
| style="text-align:right" | 49.2
| style="text-align:right" | 42.7
| style="text-align:right" | 42.7
|-
| style="text-align:left" | Expense ratio
| style="text-align:right" | 36.8
| style="text-align:right" | 36.8
| style="text-align:right" | 37.7
| style="text-align:right" | 37.7
|-
| style="text-align:left" | Combined ratio
| style="text-align:right" | 86.0
| style="text-align:right" | 86.0
| style="text-align:right" | 80.4
| style="text-align:right" | 80.4
|}
</div>

{{chunk|doc=9fth4kgfqj|c=44|p=13}}
'''Accident insurance premiums and claims'''

* [[Definition:Gross written premiums|Gross written premiums]] in accident insurance decreased by EUR 1.7m to EUR 60.2m (prior: EUR 61.9m).
* The decrease in [[Definition:Gross written premiums|gross written premiums]] was due to a slight decline in the number of insurance policies in force.
* Net earned premiums decreased to EUR 60.6m (prior: EUR 62.3m).
* Gross and net expenses for insurance claims increased by EUR 3.2m to EUR 29.8m (prior: EUR 26.6m).
* This increase was due to higher financial year expenses resulting from increased large loss burdens, both gross and net, to EUR 46.9m (prior: EUR 42.8m).
* The gross and net settlement result increased to EUR 17.1m (prior: EUR 16.2m).
* The gross and net loss ratios increased to 49.2% (prior: 42.7%).

{{chunk|doc=9fth4kgfqj|c=45|p=13}}
'''Accident insurance operating expenses and combined ratio'''

* Gross and net operating expenses for insurance business decreased by EUR 1.2m to EUR 22.3m (prior: EUR 23.5m).
* This reduction was primarily due to a decrease in administrative costs, which positively impacted the expense ratio.
* Despite the slightly declining premium development, the gross and net expense ratios decreased to 36.8% (prior: 37.7%).
* The combined gross and net loss/expense ratios increased to 86.0% (prior: 80.4%).

{{chunk|doc=9fth4kgfqj|c=46|p=13}}
'''Accident insurance underwriting result'''

* The accident insurance segment achieved a net technical underwriting result of EUR 14.6m (prior: EUR 15.8m) after the fluctuation reserve.
* EUR 6.0m (prior: EUR 3.4m) was withdrawn from the fluctuation reserve.

=== Multi-risk ===

{{chunk|doc=9fth4kgfqj|c=47|p=14}}

<div style="overflow-x:auto">
{| id="t7" class="wikitable fintable"
|+ Multi-risk
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 2025 Gross
! class="col-s" style="text-align:right" | 2025 Net
! class="col-s" style="text-align:right" | 2024 Gross
! class="col-s" style="text-align:right" | 2024 Net
|-
| style="text-align:left" | Written premiums
| style="text-align:right" | 168.1
| style="text-align:right" | 148.1
| style="text-align:right" | 166.5
| style="text-align:right" | 141.2
|-
| style="text-align:left" | Earned premiums
| style="text-align:right" | 168.0
| style="text-align:right" | 148.0
| style="text-align:right" | 166.3
| style="text-align:right" | 141.0
|-
| style="text-align:left" | Incurred claims
| style="text-align:right" | 116.2
| style="text-align:right" | 117.2
| style="text-align:right" | 92.6
| style="text-align:right" | 100.0
|-
| style="text-align:left" | Operating expenses
| style="text-align:right" | 63.6
| style="text-align:right" | 60.2
| style="text-align:right" | 64.6
| style="text-align:right" | 61.3
|-
| style="text-align:left" | Technical result f. e. R.
| style="text-align:right" | —
| style="text-align:right" | -29.6
| style="text-align:right" | —
| style="text-align:right" | -20.1
|-
| style="text-align:left" | In %
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Loss ratio
| style="text-align:right" | 69.2
| style="text-align:right" | 79.2
| style="text-align:right" | 55.7
| style="text-align:right" | 70.9
|-
| style="text-align:left" | Expense ratio
| style="text-align:right" | 37.8
| style="text-align:right" | 40.7
| style="text-align:right" | 38.9
| style="text-align:right" | 43.5
|-
| style="text-align:left" | Combined ratio
| style="text-align:right" | 107.0
| style="text-align:right" | 119.9
| style="text-align:right" | 94.6
| style="text-align:right" | 114.4
|}
</div>

{{chunk|doc=9fth4kgfqj|c=48|p=14}}
'''Multi-risk segment performance'''

* [[Definition:Gross written premiums|Gross written premiums]] in Multi Risk increased by EUR 1.6m to EUR 168.1m (prior: EUR 166.5m).
* Premium adjustments had a positive effect on premium growth.
* Reinsurance premiums decreased by EUR 5.3m to EUR 20.0m (prior: EUR 25.3m), mainly due to lower payable reinsurance costs from a reduction in the replenishment premium reserve.
* Net earned premiums rose by EUR 7.0m to EUR 148.0m (prior: EUR 141.0m).
* Gross expenses for insurance benefits increased by EUR 23.6m to EUR 116.2m (prior: EUR 92.6m).
* This increase was driven by a EUR 30.7m decrease in gross run-off gains to EUR 3.3m (prior: EUR 34.0m), following exceptionally high run-off gains from reserve reductions for major claims in the previous year.
* Conversely, current year claims expenses decreased by EUR 7.1m to EUR 119.5m (prior: EUR 126.6m) due to the absence of accumulation expenses, which overcompensated for the increased burden from major claims.
* The gross loss ratio increased by 13.5 percentage points to 69.2% (prior: 55.7%).
* Net expenses for insurance benefits rose by EUR 17.3m to EUR 117.2m (prior: EUR 100.0m).
* Net run-off gains decreased by EUR 19.6m to EUR 0.9m (prior: EUR 20.4m), following the decline in gross run-off.
* Net current year claims expenses decreased by EUR 2.3m to EUR 118.1m (prior: EUR 120.4m).
* The net loss ratio increased by 8.3 percentage points to 79.2% (prior: 70.9%).
* Gross expenses for insurance operations decreased to EUR 63.6m (prior: EUR 64.6m).
* This decrease was due to lower administrative costs after accounting for a special write-down in the previous year.
* Net expenses for insurance operations decreased by EUR 1.0m to EUR 60.2m (prior: EUR 61.3m).
* The gross expense ratio decreased from 38.9% to 37.8%.
* The net expense ratio decreased from 43.5% to 40.7%.
* The combined ratios reflected these developments, with gross at 107.0% (prior: 94.6%) and net at 119.9% (prior: 114.4%), both higher than the previous year.
* The net technical result was EUR -29.6m (prior: EUR -20.1m).

=== Combined residential building insurance ===

{{chunk|doc=9fth4kgfqj|c=49|p=15}}

<div style="overflow-x:auto">
{| id="t8" class="wikitable fintable"
|+ Combined residential building insurance
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 2025 Gross
! class="col-s" style="text-align:right" | 2025 Net
! class="col-s" style="text-align:right" | 2024 Gross
! class="col-s" style="text-align:right" | 2024 Net
|-
| style="text-align:left" | Written premiums
| style="text-align:right" | 166.6
| style="text-align:right" | 154.0
| style="text-align:right" | 168.0
| style="text-align:right" | 152.1
|-
| style="text-align:left" | Earned premiums
| style="text-align:right" | 164.0
| style="text-align:right" | 151.4
| style="text-align:right" | 163.6
| style="text-align:right" | 147.8
|-
| style="text-align:left" | Incurred claims
| style="text-align:right" | 74.0
| style="text-align:right" | 75.0
| style="text-align:right" | 103.1
| style="text-align:right" | 102.4
|-
| style="text-align:left" | Operating expenses
| style="text-align:right" | 53.8
| style="text-align:right" | 51.9
| style="text-align:right" | 58.0
| style="text-align:right" | 56.3
|-
| style="text-align:left" | Technical result f. e. R.
| style="text-align:right" | —
| style="text-align:right" | 18.6
| style="text-align:right" | —
| style="text-align:right" | -3.0
|-
| style="text-align:left" | In %
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Loss ratio
| style="text-align:right" | 45.1
| style="text-align:right" | 49.5
| style="text-align:right" | 63.0
| style="text-align:right" | 69.3
|-
| style="text-align:left" | Expense ratio
| style="text-align:right" | 32.8
| style="text-align:right" | 34.3
| style="text-align:right" | 35.4
| style="text-align:right" | 38.1
|-
| style="text-align:left" | Combined ratio
| style="text-align:right" | 77.9
| style="text-align:right" | 83.8
| style="text-align:right" | 98.5
| style="text-align:right" | 107.4
|}
</div>

{{chunk|doc=9fth4kgfqj|c=50|p=15}}
'''Combined residential building insurance performance'''

* [[Definition:Gross written premiums|Gross written premiums]] in combined residential building insurance decreased by EUR 1.4m to EUR 166.6m (prior: EUR 168.0m) due to a portfolio transfer to commercial fire insurance.
* Reinsurance premiums decreased to EUR 12.6m (prior: EUR 15.8m).
* Net earned premiums increased by EUR 3.7m to EUR 151.4m (prior: EUR 147.8m).
* Gross claims expenses decreased by EUR 29.1m to EUR 74.0m (prior: EUR 103.1m).
* This decrease was due to lower claims expenses for the financial year of EUR 89.0m (prior: EUR 101.8m), primarily from declining frequency claims and no accumulation of natural catastrophe claims.
* The gross settlement result improved by EUR 16.3m YoY to EUR 15.0m (prior: EUR -1.3m) following reviews of reserves from older accident years.
* The gross loss ratio decreased by 17.9 percentage points to 45.1% (prior: 63.0%).
* Net claims expenses decreased by EUR 27.4m to EUR 75.0m (prior: EUR 102.4m).
* Net claims expenses for the financial year decreased by EUR 12.2m to EUR 89.0m (prior: EUR 101.2m).
* The net settlement result increased by EUR 15.1m to EUR 14.0m (prior: EUR -1.2m).
* The net loss ratio decreased by 19.7 percentage points to 49.5% (prior: 69.3%).
* Gross operating expenses decreased to EUR 53.8m (prior: EUR 58.0m) due to lower administrative costs.
* Net operating expenses decreased to EUR 51.9m (prior: EUR 56.3m).
* The gross expense ratio decreased to 32.8% (prior: 35.4%).
* The net expense ratio decreased to 34.3% (prior: 38.1%).
* The combined gross loss/expense ratio was 77.9% (prior: 98.5%).
* The combined net loss/expense ratio was 83.8% (prior: 107.4%).
* The net underwriting result improved by EUR 21.6m YoY to EUR 18.6m (prior: EUR -3.0m) after the fluctuation reserve.
* EUR 1.5m was added to the fluctuation reserve, following a withdrawal of EUR 12.6m in the previous year.

=== Combined household insurance ===

{{chunk|doc=9fth4kgfqj|c=51|p=16}}

<div style="overflow-x:auto">
{| id="t9" class="wikitable fintable"
|+ Combined household insurance
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 2025 Gross
! class="col-s" style="text-align:right" | 2025 Net
! class="col-s" style="text-align:right" | 2024 Gross
! class="col-s" style="text-align:right" | 2024 Net
|-
| style="text-align:left" | Written premiums
| style="text-align:right" | 72.4
| style="text-align:right" | 69.2
| style="text-align:right" | 75.2
| style="text-align:right" | 70.7
|-
| style="text-align:left" | Earned premiums
| style="text-align:right" | 72.8
| style="text-align:right" | 69.6
| style="text-align:right" | 75.1
| style="text-align:right" | 70.7
|-
| style="text-align:left" | Incurred claims
| style="text-align:right" | 26.3
| style="text-align:right" | 26.5
| style="text-align:right" | 33.2
| style="text-align:right" | 33.0
|-
| style="text-align:left" | Operating expenses
| style="text-align:right" | 26.0
| style="text-align:right" | 25.5
| style="text-align:right" | 27.3
| style="text-align:right" | 26.9
|-
| style="text-align:left" | Technical result f. e. R.
| style="text-align:right" | —
| style="text-align:right" | 18.2
| style="text-align:right" | —
| style="text-align:right" | 13.6
|-
| style="text-align:left" | In %
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Loss ratio
| style="text-align:right" | 36.1
| style="text-align:right" | 38.1
| style="text-align:right" | 44.2
| style="text-align:right" | 46.8
|-
| style="text-align:left" | Expense ratio
| style="text-align:right" | 35.7
| style="text-align:right" | 36.6
| style="text-align:right" | 36.3
| style="text-align:right" | 38.1
|-
| style="text-align:left" | Combined ratio
| style="text-align:right" | 71.8
| style="text-align:right" | 74.7
| style="text-align:right" | 80.5
| style="text-align:right" | 84.8
|}
</div>

{{chunk|doc=9fth4kgfqj|c=52|p=16}}
'''Gross and net premiums'''

* [[Definition:Gross written premiums|Gross written premiums]] in combined household insurance decreased to EUR 72.4m (prior: EUR 75.2m) due to a decline in portfolio.
* Reinsurance premiums slightly decreased to EUR 3.2m (prior: EUR 4.5m).
* Earned net premiums decreased accordingly to EUR 69.6m (prior: EUR 70.7m).

{{chunk|doc=9fth4kgfqj|c=53|p=16}}
'''Claims expenses and loss ratios'''

* Gross claims expenses reduced to EUR 26.3m (prior: EUR 33.2m).
* Gross claims expenses for the financial year decreased by EUR 2.8m to EUR 32.9m (prior: EUR 35.7m).
* This reduction was due to the absence of cumulative expenses from natural catastrophes and declining expenses for both frequency and large claims.
* Gross settlement gains increased to EUR 6.6m (prior: EUR 2.5m).
* The premium and claims development led to an 8.1 percentage point reduction in the gross loss ratio to 36.1% (prior: 44.2%).
* Net claims expenses decreased to EUR 26.5m (prior: EUR 33.0m).
* Net claims expenses for the financial year decreased by EUR 2.7m to EUR 32.9m (prior: EUR 35.6m), similar to the gross figures.
* Net settlement gains increased to EUR 6.4m (prior: EUR 2.6m).
* The net loss ratio decreased by 8.7 percentage points to 38.1% (prior: 46.8%).

{{chunk|doc=9fth4kgfqj|c=54|p=16}}
'''Operating expenses and combined ratios'''

* Gross operating expenses decreased to EUR 26.0m (prior: EUR 27.3m) due to lower administrative costs.
* Net operating expenses decreased to EUR 25.5m (prior: EUR 26.9m) due to lower administrative costs.
* The gross cost ratio reduced to 35.7% (prior: 36.3%).
* The net cost ratio reduced to 36.6% (prior: 38.1%).
* Gross combined ratio decreased from 80.5% to 71.8%.
* Net combined ratio decreased from 84.8% to 74.7%.

{{chunk|doc=9fth4kgfqj|c=55|p=16}}
'''Underwriting result'''

* The net underwriting result after fluctuation reserve was EUR 18.2m (prior: EUR 13.6m).
* EUR 1.6m (prior: EUR 3.5m) was allocated to the fluctuation reserve.

=== Other insurance ===

{{chunk|doc=9fth4kgfqj|c=56|p=17}}

<div style="overflow-x:auto">
{| id="t10" class="wikitable fintable"
|+ Other insurance
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 2025 Gross
! class="col-s" style="text-align:right" | 2025 Net
! class="col-s" style="text-align:right" | 2024 Gross
! class="col-s" style="text-align:right" | 2024 Net
|-
| style="text-align:left" | Written premiums
| style="text-align:right" | 220.8
| style="text-align:right" | 194.7
| style="text-align:right" | 181.9
| style="text-align:right" | 161.7
|-
| style="text-align:left" | Earned premiums
| style="text-align:right" | 219.8
| style="text-align:right" | 193.0
| style="text-align:right" | 181.2
| style="text-align:right" | 161.1
|-
| style="text-align:left" | Incurred claims
| style="text-align:right" | 115.9
| style="text-align:right" | 115.7
| style="text-align:right" | 124.7
| style="text-align:right" | 122.1
|-
| style="text-align:left" | Operating expenses
| style="text-align:right" | 81.8
| style="text-align:right" | 78.4
| style="text-align:right" | 70.5
| style="text-align:right" | 65.5
|-
| style="text-align:left" | Technical result f. e. R.
| style="text-align:right" | —
| style="text-align:right" | -6.0
| style="text-align:right" | —
| style="text-align:right" | -24.7
|-
| style="text-align:left" | In %
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Loss ratio
| style="text-align:right" | 52.8
| style="text-align:right" | 59.9
| style="text-align:right" | 68.8
| style="text-align:right" | 75.8
|-
| style="text-align:left" | Expense ratio
| style="text-align:right" | 37.2
| style="text-align:right" | 40.6
| style="text-align:right" | 38.9
| style="text-align:right" | 40.7
|-
| style="text-align:left" | Combined ratio
| style="text-align:right" | 90.0
| style="text-align:right" | 100.5
| style="text-align:right" | 107.7
| style="text-align:right" | 116.5
|}
</div>

{{chunk|doc=9fth4kgfqj|c=57|p=17}}
'''Other insurance lines performance'''

* Other insurance lines include fire insurance, transport insurance, assistance insurance, cyber insurance, and technical insurance.
* Gross premiums for other insurance lines increased by EUR 38.9m to EUR 220.8m (prior: EUR 181.9m).
* The main driver for gross premium growth was the Fire segment due to an internal portfolio transfer from the residential building segment and additional premiums from contract renewals.
* The Cyber segment also showed positive development due to portfolio growth from new business.
* Technical Insurance and Transport Insurance segments showed a slight premium increase YoY.
* Reinsurance premiums increased by EUR 5.9m to EUR 26.2m (prior: EUR 20.2m) due to the internal portfolio transfer, mirroring gross premiums.
* Earned net premiums increased by EUR 32.0m to EUR 193.0m (prior: EUR 161.1m).
* Gross claims expenses decreased by EUR 8.8m to EUR 115.9m (prior: EUR 124.7m) YoY.
* The decrease in gross claims expenses was driven by an EUR 8.2m reduction in gross current year claims expenses to EUR 133.3m (prior: EUR 141.5m), primarily due to the absence of natural catastrophe accumulation expenses and a decline in large claims in the Fire segment.
* Gross settlement gains increased to EUR 17.4m (prior: EUR 16.8m), mainly due to increased settlement in the Cyber segment.
* The gross loss ratio for other insurance lines decreased by 16.1 percentage points to 52.8% (prior: 68.8%).
* Net claims expenses decreased by EUR 6.4m to EUR 115.7m (prior: EUR 122.1m).
* This reduction was partly driven by a decrease in net current year claims expenses of EUR 6.8m to EUR 130.0m (prior: EUR 136.8m).
* Net settlement gains decreased by EUR 0.4m to EUR 14.3m (prior: EUR 14.7m).
* The net loss ratio for other insurance lines decreased to 59.9% (prior: 75.8%).
* Gross operating expenses increased to EUR 81.8m (prior: EUR 70.5m).
* Net operating expenses increased to EUR 78.4m (prior: EUR 65.5m).
* The increase in operating expenses was primarily due to higher commissions related to the premium growth in the Fire segment.
* The gross expense ratio decreased to 37.2% (prior: 38.9%).
* The net expense ratio decreased to 40.6% (prior: 40.7%).
* The combined ratio improved to 90.0% gross (prior: 107.7%) and 100.5% net (prior: 116.5%).
* The net underwriting result after fluctuation reserve was -EUR 6.0m (prior: -EUR 24.7m).
* A withdrawal of EUR 1.9m (prior: EUR 2.4m) was made from the fluctuation reserve.

=== Investment result ===

{{chunk|doc=9fth4kgfqj|c=58|p=18}}
'''Investment income and results'''

* Current income, primarily from coupon payments on fixed-income investments, was EUR 95.9m (prior: EUR 118.7m).
* Distributions from equity funds were significantly lower at EUR 1.3m (prior: EUR 20.0m) YoY, due to the sale of all equity holdings in the previous year.
* Lower income was generated from participations.
* The asset class "shares in affiliated companies and participations" contributed EUR 4.3m (prior: EUR 17.2m) to the result.
* Slightly higher income was generated in directly held fixed-income asset classes due to an increased reinvestment rate for the full year.
* Current expenses (including scheduled depreciation) amounted to EUR 8.1m (prior: EUR 7.5m).
* Current result was EUR 87.8m (prior: EUR 111.3m).
* An average current return{{fn ref|1}} of 3.0% (prior: 3.0%) was achieved for the full year.
* Extraordinary gains and losses from the disposal of investments amounted to -EUR 101.8m (prior: EUR 4.4m).
* These extraordinary gains and losses primarily resulted from the sale of a property and various debt securities.
* Extraordinary additions and write-downs amounted to -EUR 17.7m (prior: -EUR 3.7m), driven by extraordinary write-downs on equity investments.
* The total extraordinary result was -EUR 119.5m (prior: EUR 0.6m).
* [[Definition:Net investment income|Investment result]] before deduction of technical interest income totaled -EUR 31.7m (prior: EUR 111.9m).
* A net return{{fn ref|2|2=All income less all expenses for investments in relation to the average investment portfolio as of 1.1. and 31.12. of the respective fiscal year}} of -0.8% (prior: 3.0%) was achieved for the reporting year.

=== Other income ===

{{chunk|doc=9fth4kgfqj|c=59|p=18}}
'''Other result'''

* Other result: EUR 122.2m (prior: EUR -62.5m)
* Other income: EUR 144.8m (prior: EUR 18.2m)
* Other expenses: EUR 22.6m (prior: EUR 80.7m)
** Expenses for the company as a whole: EUR 17.8m (prior: EUR 77.4m)
* HDI Versicherung AG realized investment losses as part of the group-wide investment strategy
* Talanx AG offset these losses with an income-effective subsidy of EUR 132.7m
* This income was reported in the other result

{{chunk|doc=9fth4kgfqj|c=60|p=18}}
'''Other income'''

{{fn note|1=1|2=Gross current income less expenses for the administration of investments less scheduled depreciation in relation to the average investment portfolio as of 1.1. and 31.12. of the respective fiscal year}}

{{chunk|doc=9fth4kgfqj|c=61|p=18}}
'''Other income'''

{{fn note|1=2|2=All income less all expenses for investments in relation to the average investment portfolio as of 1.1. and 31.12. of the respective fiscal year}}

== Total comprehensive income of HDI Versicherung AG ==

{{chunk|doc=9fth4kgfqj|c=62|p=18}}

<div style="overflow-x:auto">
{| id="t11" class="wikitable fintable"
|+ Total comprehensive income of HDI Versicherung AG
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
| style="text-align:left" | Technical result f. e. R.
| style="text-align:right" | 20.1
| style="text-align:right" | -30.7
|-
| style="text-align:left" | [[Definition:Net investment income|Investment result]] after deduction of technical interest
| style="text-align:right" | -32.8
| style="text-align:right" | 111.0
|-
| style="text-align:left" | Other income
| style="text-align:right" | 122.2
| style="text-align:right" | -62.5
|-
| style="text-align:left" | Income from ordinary activities
| style="text-align:right" | 109.5
| style="text-align:right" | 17.8
|-
| style="text-align:left" | Taxes
| style="text-align:right" | 0.0
| style="text-align:right" | 0.1
|-
| style="text-align:left" | Profit transferred to HDI Deutschland AG
| style="text-align:right" | 109.5
| style="text-align:right" | 17.6
|}
</div>

{{chunk|doc=9fth4kgfqj|c=63|p=18}}
'''Profit transfer to parent company'''

* A profit of EUR 109.5m (prior year: EUR 17.6m) was transferred to the parent company, HDI Deutschland AG, due to the existing control and profit transfer agreement.

== Financial position ==

=== Shareholders' equity ===

{{chunk|doc=9fth4kgfqj|c=64|p=18}}
'''Equity'''

* Equity: EUR 57.1m (unchanged YoY)

=== Liquidity position ===

{{chunk|doc=9fth4kgfqj|c=65|p=18}}
'''Liquidity and cash flow'''

* The company receives liquid funds from ongoing premium income, capital gains, and returns from capital investments.
* Liquidity required for current payment obligations is ensured by ongoing liquidity planning, which considers the expected liquidity development for the next twelve months.
* As of the balance sheet date, liquid funds in the form of deposits and current balances with credit institutions amounted to EUR 88.1m (prior: EUR 51.3m).

=== Asset position ===

==== Investments ====

{{chunk|doc=9fth4kgfqj|c=66|p=18}}
'''Investment portfolio composition'''

* Investment volume of HDI Versicherung AG was EUR 3,763.9m (prior year: EUR 3,760.8m) at year-end 2025, slightly above the previous year's level.
* Investments were primarily in fixed-income securities held directly.
* Fixed-income securities comprised 66.7% (prior year: 70.9%) of total investments at the end of 2025.
* Investments were mainly in bonds, promissory note loans, and registered bonds of good credit quality.
* Other significant asset classes included bond funds at 17.5% (prior year: 15.7%) and participations and shares in affiliated companies at 6.9% (prior year: 7.2%).
* The average rating of fixed-income investments, determined by the linear method, was AA (prior year: AA).

{{chunk|doc=9fth4kgfqj|c=67|p=19}}
'''Investment portfolio changes by asset class'''

* Loans to affiliated companies and companies with an equity interest remained at the previous year's level, totaling EUR 223.2m (prior year: EUR 172.8m).
* Shares and participations slightly decreased YoY to EUR 258.4m (prior year: EUR 269.7m).
* Real estate funds remained constant at EUR 34.1m (prior year: EUR 35.3m).
* Other funds slightly increased to EUR 39.8m (prior year: EUR 38.0m).
* Equity funds were continuously rebuilt after a reduction at the beginning of 2025, reaching approximately EUR 39.8m (prior year: EUR 147.8m) at year-end.
* Market values of capitalized investments totaled EUR 3,835.1m (prior year: EUR 3,701.4m).
* Valuation differences amounted to EUR 71.2m (prior year: -EUR 59.5m).

== Technical provisions ==

{{chunk|doc=9fth4kgfqj|c=68|p=19}}
'''Technical provisions'''

* Technical provisions, net, increased by EUR 83.7m to EUR 3,761.9m (prior: EUR 3,678.1m).
* This item primarily includes provisions for outstanding claims.
* Net provisions for outstanding claims are largely unaffected by currency fluctuations because HDI Versicherung AG operates exclusively in the German market.

== Overall statement on the economic situation ==

{{chunk|doc=9fth4kgfqj|c=69|p=19}}
'''Operating performance and net premium volume'''

* HDI Versicherung AG's operating business was influenced by transformation and restructuring in the past fiscal year.
* The company significantly improved its net technical insurance result before fluctuation reserves.
* [[Definition:Net written premiums|Net written premiums]] for the company showed a slight decline.
* Negative effects from continued claims inflation were overcompensated by a continued decrease in frequency claims.
* An increased net burden from large claims was offset by a decrease in claims expenses for natural catastrophes in motor and building lines due to the absence of cumulative events.
* The company's result after fluctuation reserves increased as planned compared to the previous year.
* This increase was due to positive operating development and a higher withdrawal from fluctuation reserves compared to the previous year.
* The company's net premium volume declined slightly YoY, as expected.
* The decline in motor insurance premiums due to portfolio reductions was not fully offset by positive effects from premium adjustments and restructuring measures in corporate lines.
* Net claims expenses were also below the previous year's level, as expected.
* The main driver for lower net claims expenses was the decrease in claims expenses for the business year, resulting from reduced frequency claims in motor and private lines.
* A decrease in claims expenses for natural catastrophes in motor and building lines due to the absence of cumulative events was offset by an increase in the burden from large claims.
* Claims settlement developed negatively due to increased expenses for necessary reserve adjustments for large claims from previous years, particularly in corporate and freelance professional lines.
* Expenses for insurance operations decreased YoY due to lower administrative costs, as forecasted.
* This led to a significantly improved technical insurance result, in line with expectations.

{{chunk|doc=9fth4kgfqj|c=70|p=19}}
'''Investment income and overall financial result'''

* Investment income was significantly below expectations and the previous year's level.
* This was caused by one-off effects from loss realizations in extraordinary investment income.
* These losses were offset by an income subsidy in other non-technical insurance results, as HDI Versicherung AG realized investment losses within the group-wide investment strategy, which were compensated by Talanx AG with an income-effective subsidy of EUR 132.7m.
* These developments collectively led to the expected increase in the annual result.
* As of the date of the management report, the economic situation of HDI Versicherung AG is considered to be unchanged and stable.

== Risk report ==

=== Summary of the risk situation ===

{{chunk|doc=9fth4kgfqj|c=71|p=20}}
'''Risk management and solvency'''

* The company's risk management regularly examines risks.
* Established risk management systems and control bodies support early identification, assessment, and management of risks that could significantly impact the company's earnings, financial, and asset position.
* The company currently considers itself able to permanently meet all obligations from existing insurance contracts.
* Risks threatening the company's existence (material risks with existential loss potential) could arise from systemic risks, such as a collapse of the financial system.
* No company-specific risks threatening the company's existence are currently apparent.

{{chunk|doc=9fth4kgfqj|c=72|p=20}}
'''Risk profile and influencing factors'''

* The company's risk profile is strongly influenced by underwriting risks and market risks.
* Significant risk-relevant influencing factors in the reporting year include the continued subdued economic situation in Germany.
* International trade policy is likely to increase risks for the global economy.
* The geopolitical situation remains tense and is worsening in some aspects.
* Various legal requirements continue to pose substantial challenges and risks.

{{chunk|doc=9fth4kgfqj|c=73|p=20}}
'''Strategic measures and regulatory capital'''

* Intensive strategic considerations and measures in the reporting year created the conditions for focused capital accumulation to strengthen risk resilience.
* The company meets regulatory capital requirements.
* Specific capital ratios will be published in April [[Definition:Year 2026|2026]] in the Solvency and Financial Condition Report (SFCR) for December 31, 2025.
* The SFCR is not subject to the audit.

=== Fundamentals of risk management ===

{{chunk|doc=9fth4kgfqj|c=74|p=20}}
'''Risk management compliance and reporting'''

* The company's risk management fulfills the requirements of the German Stock Corporation Act (§ 91 Abs. 2 AktG).
* This report fulfills the company's obligation to report on the significant risks of its prospective development (§ 289 Abs. 1 HGB).

=== Risk management system ===

{{chunk|doc=9fth4kgfqj|c=75|p=20}}
'''Risk management strategy and system'''

* The risk management is based on an annually approved risk strategy by the Management Board, derived from the business strategy.
* The risk strategy is a binding, integral part of business operations.
* The company uses an internal control system to implement and monitor the risk strategy.
* Risk understanding is holistic, covering opportunities and risks, with a focus on negative target deviations and risks in the narrower sense.
* Strategic risk objectives include adherence to defined risk tolerance and risk budget.
* The company's risk management is integrated into the risk management of the HDI Deutschland [[Definition:Business mix|business unit]] and the Group, and considers Group guidelines.
* A supervisory-approved Internal Model according to Solvency II is used for risk quantification.
* The model's time horizon is one calendar year.
* The company's risk management system is continuously developed to adapt to factual and legal requirements and Group specifications.
* The risk management system is closely linked to the company's central control system.

{{chunk|doc=9fth4kgfqj|c=76|p=20}}
'''Risk assessment and monitoring'''

* Significant quantifiable risks are regularly assessed using the risk model, systematically analyzed, and backed by solvency capital.
* Strategic risks, project risks, reputation risks, and emerging risks resulting from target deviations are also considered.
* Identified risks are managed through coordinated measures, and quantifiable risks are monitored via a limit and threshold system.
* The Management Board is regularly informed about the current risk situation through risk reporting.
* Immediate reporting to the Management Board is ensured for acute risks.
* The company conducts an Own Risk and Solvency Assessment (ORSA) at least annually, which reviews the overall solvency needs considering the company's specific risk profile.
* In capital investments, the risk management system includes specific instruments for ongoing monitoring of current risk positions and risk-bearing capacity.
* All capital investments are under constant observation and analysis by the Capital Investments division and operational capital investment controlling.
* Scenario analyses and stress tests simulate the effects of capital market fluctuations to enable early reaction if needed.
* Extensive reporting ensures transparency of all developments concerning capital investments.

{{chunk|doc=9fth4kgfqj|c=77|p=21}}
'''Risk organization and future risks'''

* The company uses Ampega Asset Management GmbH for trading and settlement activities in capital investments.
* The organizational structure in risk management ensures segregation of duties between active risk-taking and independent risk monitoring.
* Key bodies include the entire Management Board and key functions as per § 7 No. 9 VAG: Independent Risk Controlling Function, Compliance Function, Internal Audit, Actuarial Function, and Risk Officers.
* The Management Board holds non-delegable responsibility for implementing and developing risk management and sets the risk strategy and derived key risk management decisions.
* The Independent Risk Controlling Function is outsourced to HDI AG based on existing outsourcing agreements and is managed by an organizational unit led by the Chief Risk Officer.
* An outsourcing officer within the company monitors the outsourcing.
* The Independent Risk Controlling Function is primarily responsible for identifying, assessing, and analyzing the risk profile, and for monitoring limits and risk mitigation measures at an aggregated level.
* This task is performed by the Chief Risk Officer with support from risk management and the Risk Committee of the HDI Deutschland [[Definition:Business mix|business unit]], which makes recommendations to the Management Board.
* Risk Officers are responsible for identifying and assessing significant risks in their areas, proposing risk reduction measures, and implementing appropriate risk control measures.
* Knowledge exchange between Risk Officers and the Independent Risk Controlling Function occurs through regular risk steering committee meetings and risk discussions.
* Internal Audit is responsible for process-independent auditing of business areas, including risk management.
* The head of Internal Audit attends the Risk Committee as a guest to discuss risk-relevant topics.
* The company is integrated into the Compliance organization of the HDI Deutschland [[Definition:Business mix|business unit]] to ensure proper business organization and compliance with legal and regulatory requirements.
* Compliance sends a representative to the Risk Committee.
* The Actuarial Function contributes to the effective implementation of the risk management system and risk and solvency assessment, particularly regarding the calculation of technical provisions, underwriting and acceptance policy, and the adequacy of reinsurance agreements.
* The Actuarial Function is also represented in the Risk Committee.
* Internal Audit, Compliance, and the Actuarial Function are also outsourced to HDI AG.
* Future development risks are discussed based on described risk categories.
* Underwriting risk refers to the danger that actual expenses for claims and benefits deviate from expected expenses due to chance, error, or change.
* Premium risk, or premium/claims risk, arises because fixed insurance premiums must later cover claims of initially unknown amounts, potentially leading to premiums not covering actual claims.
{{chunk|doc=9fth4kgfqj|c=77|p=22|cont=1}}
* The company uses actuarial models for tariff setting and continuously monitors claims development.
* Portfolio analyses are conducted for key [[Definition:Business mix|lines of business]], allowing profitability assessments of individual segments within a line.
* Claims departments have extensive claims controlling.
* The portfolio is also covered by reinsurance.

==== Reserve risks ====

{{chunk|doc=9fth4kgfqj|c=78|p=22}}
'''Reserve risk management'''

* Reserve risk is the danger that technical provisions are insufficient to fully settle claims that have already occurred but are not yet settled or known, potentially leading to a need for additional reserves.
* The company addresses premium and reserve risk by using conservative assumptions in calculations.
* The level of provisions is regularly reviewed by internal and external actuaries, with reserve reports provided to the company.
* The company manages the potential impact of simultaneous natural catastrophes and cumulative losses from technical risks by securing peak loads through adequate reinsurance protection.
* Risk management and reduction also involve claims analyses, natural catastrophe modeling, selective underwriting, and regular monitoring of claims development.

==== Lapse risks ====

{{chunk|doc=9fth4kgfqj|c=79|p=22}}
'''Lapse risk definition and management'''

* Lapse risk describes the danger of a loss or adverse change in the value of insurance liabilities resulting from changes in the level or volatility of lapse, termination, renewal, and surrender rates of insurance contracts.
* The company regularly analyzes the lapse situation and implements appropriate control measures as needed.

=== Market risks ===

{{chunk|doc=9fth4kgfqj|c=80|p=22}}
'''Market risk definition and management'''

* Market risk is the danger arising from fluctuations in the amount or volatility of financial market data, which affects the value of assets and liabilities.
* The company has detailed capital investment guidelines that define the investment universe, specific quality characteristics, issuer limits, and investment limits.
* These guidelines are based on legal and supervisory requirements, as well as the company's internal policies, to ensure maximum security and profitability with constant liquidity, while maintaining an appropriate mix and diversification.
* A clear separation of functions between the operational management of capital investment risk and risk controlling is ensured.
* Parametric stress tests are calculated as part of the monthly reporting to determine how sensitively the portfolio reacts to significant changes in market data.

==== Equity and participation risks ====

{{chunk|doc=9fth4kgfqj|c=81|p=22}}
'''Equity risk definition and impact'''

* Equity risk refers to the risk arising from changes in equity price levels.
* Potential changes in equity price levels affect the valuation of equities and asset positions modeled as equities in the risk model, particularly any investments held by the company.
* Equity risk has limited hazard potential due to the company's low equity ratio.
* A sensitivity analysis shows percentage changes in the market value of investments for a hypothetical loss/gain in equity investments, calculated as of the balance sheet date.

{{chunk|doc=9fth4kgfqj|c=82|p=22}}

<div style="overflow-x:auto">
{| id="t12" class="wikitable fintable"
|+ Percentage change in market value of investments by assumed change in equity investments
|-
! style="text-align:left" | Assumed change in equity investments:
! class="col-s" style="text-align:right" | -10%
! class="col-s" style="text-align:right" | +10%
|-
| style="text-align:left" | Percentage change in market value of investments:
| style="text-align:right" | -0.1%
| style="text-align:right" | 0.1%
|}
</div>

==== Interest rate risks ====

{{chunk|doc=9fth4kgfqj|c=83|p=22}}
'''Interest rate risk management'''

* Interest rate risk describes the sensitivity of assets, liabilities, and financial instruments to changes in the interest rate curve or interest rate volatility.
* Interest rate risk is managed through regular Asset-Liability analyses, continuous monitoring of investments and capital markets, and implementation of appropriate measures.
* Suitable capital market instruments, such as derivatives, are used as needed.
* The following section provides percentage changes in the market value of investments for a hypothetical decrease/increase in interest rates (parallel shift of the interest rate curve, calculated at the balance sheet date) as part of a sensitivity analysis.

{{chunk|doc=9fth4kgfqj|c=84|p=22}}

<div style="overflow-x:auto">
{| id="t13" class="wikitable fintable"
|+ Percentage change in market value of investments by assumed shift in interest rate curve
|-
! style="text-align:left" | Assumed shift in interest rate curve:
! class="col-s" style="text-align:right" | -50bp
! class="col-s" style="text-align:right" | +50bp
|-
| style="text-align:left" | Percentage change in market value of investments:
| style="text-align:right" | 2.1%
| style="text-align:right" | -2.0%
|}
</div>

== Currency risks ==

{{chunk|doc=9fth4kgfqj|c=85|p=23}}
'''Currency risk management'''

* Currency risk, defined as the sensitivity of assets, liabilities, and financial instruments to changes in exchange rate levels or volatility, plays a minor role for the company.
* The company's capital investments are almost exclusively denominated in euros.

== Real estate risks ==

{{chunk|doc=9fth4kgfqj|c=86|p=23}}
'''Real estate risk management and sensitivity'''

* Real estate risk is defined as the risk from fluctuations in the value of real estate held in investments.
* This includes both real estate in the narrower sense (e.g., land and buildings) and real estate funds.
* For direct real estate investments, yield and other key performance indicators (e.g., vacancies or arrears) are regularly measured at the property and portfolio levels.
* For indirect real estate investments, risk is controlled by regularly observing fund development and performance.
* A sensitivity analysis shows the percentage changes in the market value of investments given a hypothetical loss in value of real estate investments (calculated at the balance sheet date).

== Credit risks from investments ==

{{chunk|doc=9fth4kgfqj|c=87|p=23}}
'''Credit risk management and fixed-income investments'''

* Credit risks describe the risks of loss or adverse changes in financial position resulting from fluctuations in the creditworthiness of securities issuers, counterparties, and other debtors against whom the company has claims.
* Credit risks manifest as counterparty default risks, spread risks, or market risk concentrations.
* The company regularly conducts credit assessments of existing debtors.
* Credit risks below investment grade and without a rating are only undertaken to a limited extent.
* Rating categories and hedging instruments are considered for managing default and credit risk.
* The creditworthiness of debtors is continuously monitored.
* Ratings from external agencies such as Standard & Poor's, Moody's, Fitch, or Scope Analysis are key indicators for investment decisions by portfolio management.
* To mitigate concentration risk, a broad mix and diversification of investments are observed.
* Dependencies on individual debtors are avoided where possible.

== Infrastructure investment risks ==

{{chunk|doc=9fth4kgfqj|c=88|p=23}}
'''Infrastructure investment risks'''

* Risks from infrastructure investments relate to changes in value and fluctuations in returns of corresponding infrastructure assets.
* Management of these risks involves careful due diligence checks in advance and ongoing monitoring measures.
* Specialized expertise is maintained for this purpose.

== Derivatives and structured products ==

{{chunk|doc=9fth4kgfqj|c=89|p=23}}
'''Derivatives and structured products overview'''

* Derivative transactions for yield enhancement, acquisition preparation, and portfolio hedging, as well as structured product transactions, are conducted within the company's internal guidelines.
* Derivative positions and transactions are detailed in reporting.
* Derivatives are efficient and flexible portfolio management instruments due to low transaction costs, high market liquidity, and transparency.
* The use of derivatives involves additional risks that are closely monitored and managed.

{{chunk|doc=9fth4kgfqj|c=90|p=24}}
'''Structured products and risk management'''

* The company's inflation-swap portfolio (inflation receivers) was further expanded to hedge inflation risk.
* Structured products had a total book value of EUR 547.2m (prior: EUR 306.9m) in the direct portfolio as of December 31, 2025.
* Value at Risk (VaR) is used to monitor market risks, representing the maximum expected loss within a defined period at a given probability.
* VaR is measured as a percentage of the market values of the capital investments under consideration.
* An Asset Management VaR (AMVaR) is calculated to measure asset-side risks in capital investments, considering risks from rating migrations, credit defaults, credit spread widening, and equity risks (including alternative investments).
* AMVaR measures the company's risk contribution to the Talanx Group risk over a 1-year horizon with a 99.5% confidence level.
* The AMVaR as of December 31, 2025, was 7.38%.
* The ALM-VaR considers capital investments and projected cash flows of technical provisions, measuring potential losses from interest rate, currency, and inflation risks relevant for ALM management.
* ALM-VaR measures the company's isolated risk over a 1-year horizon with a 99.5% confidence level.
* The ALM-VaR as of December 31, 2025, was 2.16%.
* Counterparty default risk covers risk-reducing contracts (e.g., reinsurance agreements, securitizations) and claims against intermediaries and other credit risks not otherwise included in risk measurement.
* Information on default risks in capital investments is found under credit risks.
* The risk of default on claims against reinsurers is the possibility of default on reinsurers' shares of insurance liabilities, minus reinsurance deposits or other collateral.
* To mitigate risk, the creditworthiness of reinsurance partners is considered during selection and monitored throughout the contract.
* Default risk on claims from reinsurance business is low due to the favorable credit assessment of reinsurance partners.
* Claims against reinsurers amounted to EUR 1.7m (prior: EUR 14.6m) as of the balance sheet date.
* As of December 31, 2025, the breakdown of claims against reinsurers by rating was: AA (47.1%), A (39.7%), and Unrated (13.2%).
* The risk of default on claims against insurance intermediaries primarily involves the possibility that commission clawbacks may not be sufficiently valuable in the event of increased policy cancellations.
* The company addresses this risk through intensive monitoring of intermediary creditworthiness using a detailed control system.
* The risk of default on claims against policyholders is mitigated by the diversification of these claims.
* Liquidity risk is the risk that the company cannot realize assets to meet financial obligations at maturity, potentially due to illiquid markets or price discounts.
{{chunk|doc=9fth4kgfqj|c=90|p=25|cont=1}}
* To monitor liquidity risks, each security type is assigned a liquidity indicator reflecting its marketability at fair prices.
* These indicators are regularly reviewed by Ampega Asset Management GmbH's risk controlling, validated with market data and portfolio management assessment, and modified if necessary.
* This data is then incorporated into standardized reports for the company's CFO.
* The liquidity structure of capital investments as of December 31, 2025, was: Cash and equivalents (3%), readily marketable without significant discount (26%), marketable with discount (42%), and difficult/not marketable (29%).
* Liquidity risks are managed by continuously aligning the maturities of capital investments and financial obligations.
* Minimum limits exist for highly liquid securities, and maximum limits for less liquid securities.
* Minimum limits are derived from the timing of technical insurance payment obligations.
* A sufficiently liquid investment structure ensures the company can make required payments at all times.
* Operational risk is the risk of loss from inadequate or failed internal processes, people, or systems, or from external events.
* Business Continuity and IT Service Continuity risks refer to the threat, damage, or disruption of business operations due to natural or human-made hazards.
* This includes losses and additional costs from IT system failures or technical problems, destruction or damage to buildings/utilities, or other work environment impairments.
* The company reduces risks from building infrastructure disruptions through effective risk management measures, including adherence to safety, maintenance, and fire protection regulations, and widespread mobile working options.
* A crisis management system is established to address business interruption risks from crises or emergencies, ensuring a rapid return to normal operations.
* Emergency preparedness includes an emergency manual, business impact analyses to determine process criticality, and the establishment of a crisis team and emergency team.
* IT infrastructure failure risk is reduced through regular controls, redundant systems, backup and recovery procedures, and on-call services.
* Targeted investments in IT security and availability maintain and enhance the high existing security level.
* Process risks describe the risk of loss from inadequate or failed internal processes, including data quality weaknesses.
* The company has an Internal Control System (ICS) to systematically identify process risks and implement control measures.
* The necessity, completeness, and effectiveness of control measures are regularly assessed by process owners through process reviews.
* Internal Audit periodically assesses the adequacy and effectiveness of controls from an objective standpoint.
* Compliance, legal, and tax risks describe the risk of non-compliance with legal or regulatory requirements and internal company guidelines, which could lead to lawsuits or administrative proceedings.
* Compliance risks include legal risks and risks from changes in legislation, including tax legislation and statutory reporting obligations.
* Legal risks arise from contracts and general legal frameworks, such as business-specific uncertainties in commercial and tax law.
{{chunk|doc=9fth4kgfqj|c=90|p=26|cont=1}}
* Compliance risks in sales are regularly monitored, also with regard to the GDV Code of Conduct for Sales, for which a Compliance Steering Committee HDI Germany has been established.
* Current relevant legal requirements arise from the Digital Operational Resilience Act (DORA) or from conduct requirements of the insurance supervisory authority.
* Potential developments in supreme court rulings or legislative changes, particularly in corporate, product, or tax law, are identified early and closely monitored.

===== Fraud risks =====

{{chunk|doc=9fth4kgfqj|c=91|p=26}}
'''Fraud Risk Definition and Mitigation'''

* Fraud risks include the risk of intentional violation of laws or rules by internal employees (internal fraud risks) and/or by third parties (external fraud risks) to gain personal advantage.
* Fraud risks are broadly defined to include not only fraud but also other property offenses.
* The company addresses the risk of fraudulent acts through regulations and internal controls within departments.
* Payment flows and declarations of commitment are subject to strict authorization and approval regulations.
* Segregation of duties in workflows, the four-eyes principle for important decisions, and random checks for serial business transactions make fraudulent acts more difficult.
* Internal Audit reviews systems, processes, and individual cases across the company.

===== Personnel risks =====

{{chunk|doc=9fth4kgfqj|c=92|p=26}}
'''Personnel risk management'''

* Personnel risks are defined as risks arising from insufficient staffing or inadequate employee behavior.
* Qualified employees are essential for customer-oriented business and the implementation of key projects.
* The company prioritizes training and professional development to mitigate personnel risks.
* Employees can adapt to current market requirements through individual development plans and appropriate qualification programs.
* Modern management tools and adequate monetary and non-monetary incentive systems promote high employee commitment.
* Measures for employee health promotion, process documentation, and representation rules also contribute to reducing personnel risks.

===== Information and IT security risks =====

{{chunk|doc=9fth4kgfqj|c=93|p=26}}
'''Information and IT Security Risks'''

* Information and IT security risks describe risks that could potentially jeopardize the completeness, confidentiality, or availability of information or IT systems.
* IT security risk includes cybersecurity risk.
* The availability of applications, the security and confidentiality, and the integrity of the data used are crucial for the company.
* IT security is ensured through access controls, access authorization systems, and security systems for programs and data storage.
* A protective firewall technology is installed for connecting internal and external networks, which is regularly reviewed and continuously developed.

===== Outsourcing risks =====

{{chunk|doc=9fth4kgfqj|c=94|p=26}}
'''Outsourcing risk management'''

* Outsourcing risks refer to risks arising from outsourcing functions or insurance activities, either directly or through further outsourcing, that could otherwise be performed by the company itself.
* Outsourcing risks are differentiated by the outsourcing of tasks up to sales and the outsourcing of sales services.
* Risks from outsourced functions or services are integrated into the risk management process and are identified, evaluated, managed, and monitored, even if the service is provided within the group.
* Initial risk analyses are conducted before outsourcing activities/areas.
* The company contractually secures necessary information and instruction rights from the service provider, allowing the Management Board to issue individual instructions at any time and influence outsourced areas.
* Adequate and continuous control and assessment of service providers are ensured through various evaluation measures, including defining product catalogs with Service Level Agreements and conducting customer satisfaction surveys to verify compliance with agreed performance and quality criteria.

=== ICT risks ===

{{chunk|doc=9fth4kgfqj|c=95|p=27}}
'''ICT risk management'''

* ICT risks manifest as operational risks across various subcategories.
* An ICT risk control function was established in the reporting year in the context of the EU Digital Operational Resilience Act (DORA).
* The Group Security function performs the ICT risk control function for the company.
* The operational integration of ICT risk management into the overarching risk management system occurred in the reporting year and is continuously being expanded.

=== Other significant risks ===

{{chunk|doc=9fth4kgfqj|c=96|p=27}}
'''Other significant risks'''

* Other significant risks are described in the risk report in the combined separate and consolidated financial statements.

==== Strategic risks ====

{{chunk|doc=9fth4kgfqj|c=97|p=27}}
'''Strategic risks management'''

* Strategic risks are defined as risks arising from strategic business decisions.
* This includes the risk that business decisions are not adapted to a changed economic environment.
* The company reviews its business and risk strategy at least annually for consistency and adjusts processes and structures as needed.
* Strategic risks are addressed through planning and control processes.
* Intensive strategic work in the reporting year established the conditions for focused organic growth.
* Sales performance is a central success factor, so sales risks are given appropriate importance within the company.

==== Project risks ====

{{chunk|doc=9fth4kgfqj|c=98|p=27}}
'''Project risks and management'''

* Project risks describe risks that endanger the intended course or non-achievement of project goals, including strategic and IT-related projects.
* Project risks and their effects are systematically identified within project management.
* Project progress is regularly reviewed and evaluated.
* The company uses established processes and measures for controlling and managing the project portfolio and individual projects.
* This ensures that countermeasures can be taken in a timely manner if difficulties arise in achieving time and quality goals.

==== Reputation risks ====

{{chunk|doc=9fth4kgfqj|c=99|p=27}}
'''reputation risk management'''

* Reputation risks are defined as risks arising from potential damage to the company's reputation due to negative public perception.
* Reputation risks are closely monitored.
* A professional complaint management system is in place to reduce reputation risks.
* The risk of reputation damage is limited by quality requirements for products, continuous quality management of essential business processes, anti-money laundering measures, and strict data protection and compliance guidelines.
* Crisis communication management is regulated.

==== Emerging Risks ====

{{chunk|doc=9fth4kgfqj|c=100|p=27}}
'''Emerging risks definition and management'''

* Emerging Risks are potential threats or hazards resulting from new developments or factors that are changing, complex, or uncertain, difficult to predict, or hard to assess.
* Emerging Risks often stem from trends or structural long-term developments that can have indirect impacts on the political, social, technological, ecological, and/or economic environment.
* Emerging Risks are identified and managed annually within the company's risk management framework through a group-wide coordinated process.
* The results and insights from the Emerging Risk process are incorporated into risk reporting and the risk management process to enable early detection of potential vulnerabilities and, if necessary, mitigation through risk reduction measures.

==== Sustainability risks ====

{{chunk|doc=9fth4kgfqj|c=101|p=27}}
'''Sustainability risks overview'''

* Sustainability risks are events or conditions from the Environment, Social, or Governance (ESG) areas that can have significant negative actual or potential impacts on the earnings, financial, and asset situation, as well as the reputation of the company.
* These risks include climate-related risks such as physical risks and transition risks associated with transformation processes, as well as risks of potential greenwashing allegations.
* Sustainability risks can materialize as a meta-risk across all risk categories, so the company monitors these risks within its risk management system.
* The company also considers sustainability aspects in its business activities, such as in capital investments.

== Forecast and Opportunity Report ==

{{chunk|doc=9fth4kgfqj|c=102|p=28}}
'''Forward-looking statement'''

* The following statements are based on expert assessments from third parties and on plans and forecasts considered conclusive by the company, but represent a subjective assessment.
* Actual developments may differ from the expected developments presented.

=== Economic Environment ===

{{chunk|doc=9fth4kgfqj|c=103|p=28}}
'''Global economic outlook and drivers'''

* Global economic growth slightly cooled in 2025 due to escalating tariff disputes and geopolitical conflicts, but did not collapse.
* Global economic growth is expected to continue this trend in [[Definition:Year 2026|2026]], with a forecast of +2.7% YoY.
* Stable growth is supported by the delayed effect of central bank interest rate cut cycles and persistently high or rising fiscal stimulus.
* The global economy is gradually adapting to the new global trade order, with no expectation of further escalation of US-initiated trade conflicts or a collapse in increased AI investments.
* In the Eurozone, higher fiscal stimulus, particularly rising government investments in infrastructure and defense in Germany, is expected to slightly accelerate growth dynamics during the year.
* Solid purchasing power from lower inflation and stable growth should support private consumption in the Eurozone.
* External trade in the Eurozone faces [[Definition:Headwind|headwinds]] from global trade reordering, including weak exports and rising (cheap) imports from China due to trade diversion away from the US.
* Lower energy prices YoY and a stronger Euro, alongside increased imports from China, are expected to contribute to a further declining inflation rate in the Eurozone.
* US economic growth is expected to stabilize at the previous year's level.
* Consumer restraint in lower and middle-income households in the US, due to a weaker labor market and increased price levels (partly tariff-related), may be partially offset by wealthy households, but no further acceleration is expected.
* Investments in AI are expected to continue providing tailwinds in the US, though it remains to be seen if announced high investments by large tech companies fully materialize.
* Very expansive fiscal policy, including tax cuts, should also support the US economy.
* A significant increase in the US unemployment rate in [[Definition:Year 2026|2026]] is expected to be avoided due to a simultaneously lower labor supply (less migration).
* The US inflation rate is expected to reach its tariff-related peak by mid-year but will exceed the Fed's 2% target for the sixth consecutive year on average.

{{chunk|doc=9fth4kgfqj|c=104|p=28}}
'''Global economic risks'''

* Upside risks to the global economic outlook include stronger fiscal support, a potential ceasefire in the war in Ukraine, or an AI-driven productivity boost.
* Risks to the global economic outlook are predominantly on the downside.
* Primary downside risks include various geopolitical conflicts (e.g., Venezuela, Greenland, Iran, Taiwan, Ukraine), which could lead to significant deterioration at any time.
* Potentially unstable government constellations in many countries (e.g., US Midterms, German state elections, France, Japan) pose additional risks.
* Political attacks on the Fed and other institutions in the US represent a significant risk to political and economic stability.
* Increased politicization of the Fed, combined with the sharply increased US national debt, could lead to a serious crisis of confidence with repercussions on international capital markets.
* A potential AI crash is another risk; if confidence in the technology and its potential returns wanes given immense capital requirements, it could worsen investment activity in the sector and the overall investment climate.
* The sustainability of high government debt outside the US remains a recurring question.
* Structural risks include climate change, demographic developments, and de-globalization, which could increase inflation risk in the medium term and lead central banks to a sustainably more restrictive monetary policy.

=== Capital markets ===

{{chunk|doc=9fth4kgfqj|c=105|p=28}}
'''Interest rate outlook'''

* The ECB is expected to maintain its deposit rate at 2.00% by the end of [[Definition:Year 2026|2026]], due to inflation slightly below its 2% target and subdued positive economic momentum.
* The Fed's flexibility is limited by persistent US inflation above 2%.
* The US policy rate is projected to be 3.25% by year-end, following two additional interest rate cuts of 0.25 percentage points each, driven by a weakening US labor market and political pressure.

{{chunk|doc=9fth4kgfqj|c=106|p=29}}
'''Bond yields and equity market outlook'''

* The yield on 10-year German Bunds is expected to rise towards 3.00% during the year, due to increased issuance activity for additional expenditures.
* The yield on 10-year US Treasuries is projected to be 4.25% by year-end, only slightly above its 2025 year-end value.
* Slight further price gains for equities are anticipated, provided the mentioned risks do not materialize significantly.

=== Future Industry Situation ===

{{chunk|doc=9fth4kgfqj|c=107|p=29}}
'''Macroeconomic environment and growth outlook'''

* The macroeconomic environment continues to be characterized by significant risk factors and uncertainty, affecting both national and international insurance markets.
* Growth prospects for the national market in the coming years are primarily supported by announced fiscal spending.

==== German Insurance Industry ====

{{chunk|doc=9fth4kgfqj|c=108|p=29}}
'''German insurance market outlook'''

* The German insurance market is expected to continue growing in [[Definition:Year 2026|2026]], but with less momentum compared to the strong premium growth in the past fiscal year.

===== Property and Casualty Insurance =====

{{chunk|doc=9fth4kgfqj|c=109|p=29}}
'''German [[Definition:Property & casualty|P&C]] outlook'''

* For [[Definition:Year 2026|2026]], slight follow-up effects are expected in sum insured and premium adjustments in German [[Definition:Property & casualty|P&C]] insurance.
* These effects are driven by cost increases and inflation from recent years.
* Premium income growth is expected to approach the long-term average again.

==== Opportunities from the Development of the Framework Conditions ====

===== Digitalization =====

{{chunk|doc=9fth4kgfqj|c=110|p=29}}
'''digitalization and AI strategy'''

* Digitalization is significantly changing the insurance industry by reshaping business processes and models through digital technologies.
* This development is crucial for the competitiveness of insurance companies, creating new opportunities in customer communication, claims processing, data analysis, and new business development.
* The Talanx Group is undertaking numerous projects to manage digital transformation, including creating added value through artificial intelligence (AI).
* The Group has implemented its own generative AI solution, Chat@HDI, and integrated Microsoft Copilot to gain real-time insights from unstructured text or image data to support employees.
* These AI initiatives are already showing benefits for customers and employees, primarily through time savings from optimized processes, while adhering to data protection and compliance regulations.
* This includes the European Union's (EU) Artificial Intelligence Act (AI Act), which came into force on August 1, 2024, with most regulations to be implemented by August 2, [[Definition:Year 2026|2026]].
* The AI Act aims to regulate the development and use of AI in the EU, protect fundamental rights, strengthen trust in the technology, and promote innovation through clear guidelines.
* Faster-than-expected implementation and customer adoption of digitalization projects could positively impact premium development and earnings, potentially leading to exceeding current forecasts.

===== Knowledge Management =====

{{chunk|doc=9fth4kgfqj|c=111|p=29}}
'''knowledge and innovation management'''

* Knowledge and innovation management are gaining importance in the insurance industry.
* Talanx Group established a Best Practice Lab to promote targeted exchange of knowledge and innovation.
* International experts in Excellence Teams exchange ideas on specialized topics and develop new solutions, including pricing, sales, marketing, claims, fraud management, customer service centers, and digitalization.
* Results and solutions from the Best Practice Lab are provided to Talanx Group companies to continuously improve their processes and methods.
* Faster generation and implementation of new solutions and ideas through the Best Practice Lab could positively impact premium development and earnings, potentially exceeding forecasts.

===== Agility =====

{{chunk|doc=9fth4kgfqj|c=112|p=29}}
'''Agile transformation and benefits'''

* The globalized world in the information age is characterized by volatility, uncertainty, complexity, and ambiguity (VUCA).
* To keep pace with change, HDI Versicherung is transforming into an agile organization.
* An agile organization for HDI means being a learning organization focused on customer benefit to increase company profit.
* HDI uses interdisciplinary and creative teams, open and direct communication, flat hierarchies, and a culture that embraces mistakes.
* Initiatives support the shift to an agile organization by shortening communication channels and fostering cross-departmental exchange.
* HDI supports hybrid work, allowing employees to work remotely up to 60% of the time, balancing work and family while maintaining direct colleague interaction.
* Agility offers opportunities for customers, employees, and investors.
* Customers benefit from new, tailored insurance solutions.
* Employees gain more autonomy and growth opportunities through agile work.
* Investors benefit from increased company profit when customers are satisfied and employees reach their full potential.

{{chunk|doc=9fth4kgfqj|c=113|p=30}}
'''[[Definition:Year 2026|2026]] outlook and financial stability'''

* Faster-than-expected implementation of agile transformation could positively impact earnings and exceed forecasts.
* HDI Versicherung AG has high financial stability, providing a good basis to capitalize on competitive opportunities.
* For fiscal [[Definition:Year 2026|year 2026]], HDI expects a challenging market environment with continued inflation in spare parts and artisan costs.
* Premium adjustments are anticipated in motor and building insurance segments due to inflation.
* For corporate segments, HDI plans to continue portfolio review in commercial customer business and reduce loss-making portfolios.
* A moderate decline in premium volume is expected for fiscal [[Definition:Year 2026|year 2026]].
* A slight decrease in claims expenses is expected, despite anticipating a normalization of natural catastrophe claims in the coming year.
* A moderate reduction in insurance operating expenses is projected due to continued cost discipline.
* A slight decrease in the underwriting result after fluctuation provision is expected for fiscal [[Definition:Year 2026|year 2026]].
* A significant increase in investment income is anticipated, driven by higher extraordinary investment income following loss realizations in the current reporting year.
* The non-underwriting result is expected to decline slightly overall.
* The net income for the coming year is expected to be slightly below the previous year's level.

== Types of Insurance (Appendix 1 to the Management Report) ==

{{chunk|doc=9fth4kgfqj|c=114|p=31}}
'''Insurance types operated in 2025'''

* The following types of insurance were operated in the 2025 financial year as individual, group, or collective insurance policies against single or ongoing contributions:
** General liability insurance
** Private liability insurance
** Financial loss liability insurance
** Cyber insurance
** Medical professional liability insurance
** Planning liability insurance
** Motor vehicle liability insurance
** Other motor vehicle insurance
** General accident insurance
** Multi-risk insurance
** Transport insurance
** Technical insurance
** Fire insurance
** Combined residential building insurance
** Combined household contents insurance

{{chunk|doc=9fth4kgfqj|c=115|p=32}}
'''Brazil financial report'''

* Financial report Brazil
{{chunk|doc=9fth4kgfqj|c=115|p=33|cont=1}}
* Financial report Brazil

== Annual Financial Statements ==

{{chunk|doc=9fth4kgfqj|c=116|p=33}}
'''Financial statement components'''

* Balance Sheet
* Income Statement
* Notes
* Information on the Company
* Accounting and Valuation Methods
* Notes to the Balance Sheet - Assets
* Notes to the Balance Sheet - Liabilities
* Notes to the Income Statement
* Other Information

=== Balance Sheet as of December 31, 2025 ===

{{chunk|doc=9fth4kgfqj|c=117|p=34}}

<div style="overflow-x:auto">
{| id="t19" class="wikitable fintable"
|+ Balance Sheet as of December 31, 2025
|-
! style="text-align:left" | Assets In EUR thousand
! style="text-align:left" |
! style="text-align:left" |
! style="text-align:left" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
|-
! colspan="5" style="text-align:left" | A. Intangible assets
|-
| style="text-align:left" | Acquired concessions, industrial property rights and similar rights and values, and licenses for such rights and values
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | 2,153
| style="text-align:right" | 3,953
|-
! colspan="5" style="text-align:left" | B. Investments
|-
| style="text-align:left" | I. Land, rights equivalent to land, and buildings, including buildings on third-party land
| style="text-align:left" | —
| style="text-align:left" | 0
| style="text-align:left" | —
| style="text-align:right" | 217
|-
! colspan="5" style="text-align:left" | II. Investments in affiliated companies and participations
|-
| style="text-align:left" | 1. Shares in affiliated companies
| style="text-align:left" | 256,451
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 267,706
|-
| style="text-align:left" | 2. Loans to affiliated companies
| style="text-align:left" | 203,261
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 153,261
|-
| style="text-align:left" | 3. Participations
| style="text-align:left" | 1,964
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 1,965
|-
| style="text-align:left" | 4. Loans to companies with which there is a participation relationship
| style="text-align:left" | 19,939
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 19,575
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | 481,615
| style="text-align:left" | —
| style="text-align:right" | 442,508
|-
! colspan="5" style="text-align:left" | III. Other investments
|-
| style="text-align:left" | 1. Shares, units or shares in investment funds and other non-fixed-income securities
| style="text-align:left" | 772,675
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 822,816
|-
| style="text-align:left" | 2. Bearer bonds and other fixed-income securities
| style="text-align:left" | 1,870,241
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 1,553,894
|-
| style="text-align:left" | 3. Other loans
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 782,990
|-
| style="text-align:left" | a) Registered bonds
| style="text-align:left" | 473,581
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | —
|-
| style="text-align:left" | b) Promissory note receivables and loans
| style="text-align:left" | 165,763
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 158,387
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | 639,344
| style="text-align:left" | —
| style="text-align:right" | 941,377
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | 3,282,259
| style="text-align:left" | —
| style="text-align:right" | 3,318,087
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | 3,763,874
| style="text-align:right" | 3,760,811
|-
! colspan="5" style="text-align:left" | C. Receivables
|-
| style="text-align:left" | I. Receivables from direct insurance business from:
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | —
|-
| style="text-align:left" | 1. Policyholders
| style="text-align:left" | 77,529
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 107,925
|-
| style="text-align:left" | 2. Insurance intermediaries
| style="text-align:left" | 7,194
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 9,854
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | 84,723
| style="text-align:left" | —
| style="text-align:right" | 117,779
|-
| style="text-align:left" | II. Settlement receivables from reinsurance business – thereof from affiliated companies: 292 TEUR (11,543 TEUR)
| style="text-align:left" | —
| style="text-align:left" | 1,737
| style="text-align:left" | —
| style="text-align:right" | 14,593
|-
| style="text-align:left" | III. Other receivables – thereof from affiliated companies: 147,670 TEUR (497,557 TEUR)
| style="text-align:left" | —
| style="text-align:left" | 172,845
| style="text-align:left" | —
| style="text-align:right" | 522,299
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | 259,305
| style="text-align:right" | 654,671
|-
! colspan="5" style="text-align:left" | D. Other assets
|-
| style="text-align:left" | I. Current balances with credit institutions, checks and cash on hand
| style="text-align:left" | —
| style="text-align:left" | 88,055
| style="text-align:left" | —
| style="text-align:right" | 51,289
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | 88,055
| style="text-align:right" | 51,289
|-
! colspan="5" style="text-align:left" | E. Prepaid expenses and accrued income
|-
| style="text-align:left" | I. Accrued interest and rents
| style="text-align:left" | —
| style="text-align:left" | 36,129
| style="text-align:left" | —
| style="text-align:right" | 32,597
|-
| style="text-align:left" | II. Other prepaid expenses and accrued income
| style="text-align:left" | —
| style="text-align:left" | 1,345
| style="text-align:left" | —
| style="text-align:right" | 4
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | 37,475
| style="text-align:right" | 32,601
|-
| style="text-align:left" | F. Active difference from asset netting
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | 0
| style="text-align:right" | 6
|-
| style="text-align:left" | Total Assets
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | 4,150,862
| style="text-align:right" | 4,503,332
|}
</div>

== Financial report Brazil Balance Sheet ==

{{chunk|doc=9fth4kgfqj|c=118|p=35}}

<div style="overflow-x:auto">
{| id="t20" class="wikitable fintable"
|+ Financial report Brazil Balance Sheet
|-
! style="text-align:left" | Liabilities In EUR thousand
! class="col-s" style="text-align:right" | 31.12.2025
! style="text-align:left" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
! class="col-s" style="text-align:right" | 31.12.2024
|-
! colspan="5" style="text-align:left" | A. Shareholders' equity
|-
| style="text-align:left" | I. Subscribed capital
| style="text-align:right" | 51,000
| style="text-align:left" | —
| style="text-align:right" | 51,000
| style="text-align:right" | —
|-
| style="text-align:left" | II. Capital reserves
| style="text-align:right" | 6,100
| style="text-align:left" | —
| style="text-align:right" | 6,100
| style="text-align:right" | —
|-
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:left" | 57,100
| style="text-align:right" | —
| style="text-align:right" | 57,100
|-
! colspan="5" style="text-align:left" | B. Technical provisions
|-
! colspan="5" style="text-align:left" | I. Unearned premiums
|-
| style="text-align:left" | 1. Gross amount
| style="text-align:right" | 225,520
| style="text-align:left" | —
| style="text-align:right" | 220,539
| style="text-align:right" | —
|-
| style="text-align:left" | 2. thereof: share for reinsurance ceded
| style="text-align:right" | 1,179
| style="text-align:left" | —
| style="text-align:right" | 1,790
| style="text-align:right" | —
|-
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:left" | 224,341
| style="text-align:right" | —
| style="text-align:right" | 218,748
|-
! colspan="5" style="text-align:left" | II. Technical provisions for life insurance
|-
| style="text-align:left" | 1. Gross amount
| style="text-align:right" | 8,905
| style="text-align:left" | —
| style="text-align:right" | 9,342
| style="text-align:right" | —
|-
| style="text-align:left" | 2. thereof: share for reinsurance ceded
| style="text-align:right" | 0
| style="text-align:left" | —
| style="text-align:right" | 3
| style="text-align:right" | —
|-
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:left" | 8,905
| style="text-align:right" | —
| style="text-align:right" | 9,339
|-
! colspan="5" style="text-align:left" | III. Provision for outstanding claims
|-
| style="text-align:left" | 1. Gross amount
| style="text-align:right" | 3,383,083
| style="text-align:left" | —
| style="text-align:right" | 3,298,028
| style="text-align:right" | —
|-
| style="text-align:left" | 2. thereof: share for reinsurance ceded
| style="text-align:right" | 121,637
| style="text-align:left" | —
| style="text-align:right" | 129,715
| style="text-align:right" | —
|-
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:left" | 3,261,447
| style="text-align:right" | —
| style="text-align:right" | 3,168,313
|-
! colspan="5" style="text-align:left" | IV. Provision for premium refunds, profit-dependent and profit-independent
|-
| style="text-align:left" | 1. Gross amount
| style="text-align:right" | 900
| style="text-align:left" | —
| style="text-align:right" | 2,500
| style="text-align:right" | —
|-
| style="text-align:left" | 2. thereof: share for reinsurance ceded
| style="text-align:right" | 0
| style="text-align:left" | —
| style="text-align:right" | 0
| style="text-align:right" | —
|-
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:left" | 900
| style="text-align:right" | —
| style="text-align:right" | 2,500
|-
| style="text-align:left" | V. Equalization provision and similar provisions
| style="text-align:right" | —
| style="text-align:left" | 252,856
| style="text-align:right" | —
| style="text-align:right" | 267,266
|-
! colspan="5" style="text-align:left" | VI. Other technical provisions
|-
| style="text-align:left" | 1. Gross amount
| style="text-align:right" | 13,439
| style="text-align:left" | —
| style="text-align:right" | 11,981
| style="text-align:right" | —
|-
| style="text-align:left" | 2. thereof: share for reinsurance ceded
| style="text-align:right" | 0
| style="text-align:left" | —
| style="text-align:right" | 0
| style="text-align:right" | —
|-
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:left" | 13,439
| style="text-align:right" | —
| style="text-align:right" | 11,981
|-
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:left" | —
| style="text-align:right" | 3,761,887
| style="text-align:right" | 3,678,147
|-
! colspan="5" style="text-align:left" | C. Other provisions
|-
| style="text-align:left" | I. Provisions for pensions and similar obligations
| style="text-align:right" | —
| style="text-align:left" | 847
| style="text-align:right" | —
| style="text-align:right" | 785
|-
| style="text-align:left" | II. Other provisions
| style="text-align:right" | —
| style="text-align:left" | 20,763
| style="text-align:right" | —
| style="text-align:right" | 19,930
|-
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:left" | —
| style="text-align:right" | 21,610
| style="text-align:right" | 20,715
|-
! colspan="5" style="text-align:left" | D. Other liabilities
|-
! colspan="5" style="text-align:left" | I. Liabilities from direct insurance business to
|-
| style="text-align:left" | 1. Policyholders
| style="text-align:right" | 100,391
| style="text-align:left" | —
| style="text-align:right" | 571,021
| style="text-align:right" | —
|-
| style="text-align:left" | 2. Insurance intermediaries
| style="text-align:right" | 13,505
| style="text-align:left" | —
| style="text-align:right" | 15,526
| style="text-align:right" | —
|-
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:left" | 113,897
| style="text-align:right" | —
| style="text-align:right" | 586,547
|-
| style="text-align:left" | II. Settlement liabilities from reinsurance business - thereof to affiliated companies: 16,354 TEUR (11,153 TEUR)
| style="text-align:right" | —
| style="text-align:left" | 22,634
| style="text-align:right" | —
| style="text-align:right" | 17,901
|-
| style="text-align:left" | III. Other liabilities - thereof from taxes: 12,098 TEUR (12,573 TEUR) - thereof to affiliated companies: 148,923 TEUR (118,065 TEUR)
| style="text-align:right" | —
| style="text-align:left" | 173,294
| style="text-align:right" | —
| style="text-align:right" | 142,272
|-
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:left" | —
| style="text-align:right" | 309,825
| style="text-align:right" | 746,720
|-
| style="text-align:left" | E. Prepaid expenses and accrued income
| style="text-align:right" | —
| style="text-align:left" | —
| style="text-align:right" | 440
| style="text-align:right" | 651
|-
! style="text-align:left" | Total liabilities
! class="col-s" style="text-align:right" |
! style="text-align:left" |
! class="col-s" style="text-align:right" | 4,150,862
! class="col-s" style="text-align:right" | 4,503,332
|}
</div>

{{chunk|doc=9fth4kgfqj|c=119|p=35}}
'''Pension provision'''

* The pension provision included in the balance sheet under liabilities B.III. for the end of the 2025 financial year, including uncollected pensions, amounts to EUR 63,698.
* The pension provision under item B.III. of the liabilities in the balance sheet has been calculated in accordance with § 341f and § 341g HGB and the legal ordinance issued pursuant to § 88 para. 3 VAG.

=== Income Statement for the period from January 1 to December 31, 2025 ===

{{chunk|doc=9fth4kgfqj|c=120|p=36}}

<div style="overflow-x:auto">
{| id="t21" class="wikitable fintable"
|+ Income Statement for the period from January 1 to December 31, 2025
|-
! style="text-align:left" | In EUR thousand
! style="text-align:left" |
! style="text-align:left" |
! style="text-align:left" |
! style="text-align:left" | 2025
! class="col-s" style="text-align:right" | 2024
|-
! colspan="6" style="text-align:left" | I. Technical account
|-
! colspan="6" style="text-align:left" | 1. Earned premiums for own account
|-
| style="text-align:left" | a) [[Definition:Gross written premiums|Gross written premiums]]
| style="text-align:left" | 1,564,825
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 1,588,316
|-
| style="text-align:left" | b) Reinsurance premiums ceded
| style="text-align:left" | -69,365
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | -74,861
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | 1,495,460
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 1,513,455
|-
| style="text-align:left" | c) Change in gross unearned premiums
| style="text-align:left" | -4,982
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | -8,784
|-
| style="text-align:left" | d) Change in reinsurers' share of gross unearned premiums
| style="text-align:left" | -611
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 92
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | -5,593
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | -8,692
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | 1,489,867
| style="text-align:left" | —
| style="text-align:right" | 1,504,763
|-
! colspan="4" style="text-align:left" | 2. Technical interest income for own account
! style="text-align:left" | 1,020
! class="col-s" style="text-align:right" | 1,052
|-
! colspan="4" style="text-align:left" | 3. Other technical income for own account
! style="text-align:left" | 360
! class="col-s" style="text-align:right" | 1,679
|-
! colspan="6" style="text-align:left" | 4. Claims incurred for own account
|-
! colspan="6" style="text-align:left" | a) Claims paid
|-
| style="text-align:left" | aa) Gross amount
| style="text-align:left" | -920,737
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | -1,111,769
|-
| style="text-align:left" | bb) Reinsurers' share
| style="text-align:left" | 17,877
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 41,572
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | -902,861
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | -1,070,197
|-
! colspan="6" style="text-align:left" | b) Change in provision for outstanding claims
|-
| style="text-align:left" | aa) Gross amount
| style="text-align:left" | -85,282
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 66,347
|-
| style="text-align:left" | bb) Reinsurers' share
| style="text-align:left" | -7,852
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | -38,486
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | -93,134
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 27,862
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | -995,994
| style="text-align:left" | —
| style="text-align:right" | -1,042,335
|-
! colspan="6" style="text-align:left" | 5. Change in other net technical provisions
|-
! colspan="6" style="text-align:left" | a) Technical provisions for life insurance
|-
| style="text-align:left" | aa) Gross amount
| style="text-align:left" | 437
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 836
|-
| style="text-align:left" | bb) Reinsurers' share
| style="text-align:left" | -3
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | -12
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | 433
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 823
|-
| style="text-align:left" | b) Other net technical provisions
| style="text-align:left" | —
| style="text-align:left" | -1,458
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 3,236
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | -1,025
| style="text-align:left" | —
| style="text-align:right" | 4,059
|-
! colspan="4" style="text-align:left" | 6. Expenses for premium refunds, profit-dependent and profit-independent, for own account
! style="text-align:left" | -7
! class="col-s" style="text-align:right" | -2,008
|-
! colspan="6" style="text-align:left" | 7. Operating expenses for own account
|-
| style="text-align:left" | a) Gross operating expenses
| style="text-align:left" | —
| style="text-align:left" | -486,415
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | -506,721
|-
| style="text-align:left" | b) thereof: commissions received and profit participation from reinsurance ceded
| style="text-align:left" | —
| style="text-align:left" | 9,142
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 10,484
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | -477,273
| style="text-align:left" | —
| style="text-align:right" | -496,237
|-
! colspan="4" style="text-align:left" | 8. Other technical expenses for own account
! style="text-align:left" | -11,229
! class="col-s" style="text-align:right" | -10,709
|-
! colspan="4" style="text-align:left" | 9. Subtotal
! style="text-align:left" | 5,719
! class="col-s" style="text-align:right" | -39,736
|-
! colspan="4" style="text-align:left" | 10. Change in equalization provision and similar provisions
! style="text-align:left" | 14,410
! class="col-s" style="text-align:right" | 9,026
|-
! colspan="4" style="text-align:left" | 11. Underwriting result for own account
! style="text-align:left" | 20,130
! class="col-s" style="text-align:right" | -30,710
|}
</div>

{{chunk|doc=9fth4kgfqj|c=120|p=37|cont=1}}

<div style="overflow-x:auto">
{| id="t22" class="wikitable"
|-
! style="text-align:left" | II. Non-underwriting account In EUR thousand
! style="text-align:left" | II. Non-underwriting account
! style="text-align:left" | II. Non-underwriting account
! style="text-align:left" | II. Non-underwriting account
! style="text-align:right" | 2025
! style="text-align:right" | 2024
|-
! style="text-align:left" | 1.
! colspan="3" style="text-align:left" | Investment income
! style="text-align:right" |
! style="text-align:right" |
|-
| style="text-align:left" | —
| colspan="2" style="text-align:left" | a) Income from participating interests – thereof from affiliated undertakings: 4,325 TEUR (17,108 TEUR)
| style="text-align:left" | 4,325
| style="text-align:right" | —
| style="text-align:right" | 17,224
|-
| style="text-align:left" | —
| colspan="3" style="text-align:left" | b) Income from other investments – thereof from affiliated undertakings: 21,905 TEUR (35,520 TEUR)
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | —
| colspan="2" style="text-align:left" | aa) Income from land, rights equivalent to land and buildings including buildings on third-party land
| style="text-align:left" | 361
| style="text-align:right" | —
| style="text-align:right" | 1,066
|-
| style="text-align:left" | —
| colspan="2" style="text-align:left" | bb) Income from other investments
| style="text-align:left" | 91,084
| style="text-align:right" | —
| style="text-align:right" | 100,444
|-
| style="text-align:left" | —
| colspan="2" style="text-align:left" | c) Income from write-ups
| style="text-align:left" | 0
| style="text-align:right" | —
| style="text-align:right" | 75
|-
| style="text-align:left" | d)
| colspan="2" style="text-align:left" | Gains from the disposal of investments
| style="text-align:left" | 23,819
| style="text-align:right" | —
| style="text-align:right" | 4,420
|-
| style="text-align:left" | e)
| colspan="2" style="text-align:left" | Income from profit-sharing agreements, profit and partial profit transfer agreements
| style="text-align:left" | 2
| style="text-align:right" | —
| style="text-align:right" | 82
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 119,591
| style="text-align:right" | 123,310
|-
! style="text-align:left" | 2.
! colspan="3" style="text-align:left" | Investment expenses
! style="text-align:right" |
! style="text-align:right" |
|-
| style="text-align:left" | a)
| colspan="2" style="text-align:left" | Expenses for the administration of investments, interest expenses and other investment expenses
| style="text-align:left" | -8,082
| style="text-align:right" | —
| style="text-align:right" | -7,427
|-
| style="text-align:left" | —
| colspan="2" style="text-align:left" | b) Depreciation on investments
| style="text-align:left" | -17,734
| style="text-align:right" | —
| style="text-align:right" | -3,718
|-
| style="text-align:left" | c)
| colspan="2" style="text-align:left" | Losses from the disposal of investments
| style="text-align:left" | -125,585
| style="text-align:right" | —
| style="text-align:right" | -158
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | -151,400
| style="text-align:right" | -11,303
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | -31,809
| style="text-align:right" | 112,008
|-
| style="text-align:left" | 3.
| colspan="2" style="text-align:left" | Technical interest income
| style="text-align:left" | —
| style="text-align:right" | -1,020
| style="text-align:right" | -1,052
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | -32,830
| style="text-align:right" | 110,956
|-
| style="text-align:left" | 4.
| colspan="2" style="text-align:left" | Other income
| style="text-align:left" | —
| style="text-align:right" | 144,773
| style="text-align:right" | 18,208
|-
| style="text-align:left" | 5.
| colspan="2" style="text-align:left" | Other expenses
| style="text-align:left" | —
| style="text-align:right" | -22,581
| style="text-align:right" | -80,700
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 122,193
| style="text-align:right" | -62,492
|-
! style="text-align:left" | 6.
! colspan="3" style="text-align:left" | Income from ordinary activities
! style="text-align:right" | 109,493
! style="text-align:right" | 17,754
|-
| style="text-align:left" | 7.
| colspan="2" style="text-align:left" | Taxes on income and earnings
| style="text-align:left" | —
| style="text-align:right" | -15
| style="text-align:right" | -5
|-
| style="text-align:left" | 8.
| colspan="2" style="text-align:left" | Other taxes
| style="text-align:left" | —
| style="text-align:right" | -7
| style="text-align:right" | -105
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | -23
| style="text-align:right" | -110
|-
! style="text-align:left" | 9.
! colspan="3" style="text-align:left" | Profits transferred due to a profit-sharing agreement, a profit transfer agreement or a partial profit transfer agreement
! style="text-align:right" | -109,470
! style="text-align:right" | -17,644
|-
! style="text-align:left" | 10.
! colspan="3" style="text-align:left" | Net income/net loss for the year or retained earnings
! style="text-align:right" | 0
! style="text-align:right" | 0
|}
</div>

{{chunk|doc=9fth4kgfqj|c=121|p=37}}
'''Accounting note'''

* Note: Expense items are marked with a minus sign before the corresponding amount.

== Notes ==

=== Company Information ===

{{chunk|doc=9fth4kgfqj|c=122|p=38}}
'''company registration details'''

* HDI Versicherung AG is headquartered in Hanover.
* HDI Versicherung AG is registered with the Hanover District Court under commercial register number HRB 58934.

=== Accounting and Valuation Methods ===

{{chunk|doc=9fth4kgfqj|c=123|p=38}}
'''Financial statement preparation basis'''

* The annual financial statements and management report of the company are prepared in accordance with the provisions of the German Commercial Code (HGB), the German Stock Corporation Act (AktG), the German Insurance Supervision Act (VAG), and relevant ordinances, particularly the German Accounting Regulations for Insurance Undertakings (RechVersV), in their version valid at the balance sheet date.

==== Assets ====

{{chunk|doc=9fth4kgfqj|c=124|p=38}}
'''Intangible assets and equity investments'''

* Intangible assets are recognized at acquisition cost less scheduled, straight-line depreciation over an estimated useful life of five years.
* Self-created intangible assets of fixed assets are not capitalized per § 248 Abs. 2 Satz 1 HGB.
* Shares in affiliated companies and equity investments are recognized at acquisition cost, reduced by any depreciation according to the softened lower of cost or market principle (§ 341b Abs. 1 Satz 2 HGB in conjunction with § 253 Abs. 1 Satz 1, Abs. 3 Satz 5 HGB).

{{chunk|doc=9fth4kgfqj|c=125|p=38}}
'''Loans and debt securities valuation'''

* Loans to affiliated companies and companies with which an equity relationship exists are recognized at amortized cost using the effective interest method, per § 341c Abs. 3 HGB.
* Capital investments are recognized at the purchase price upon acquisition.
* The difference to the repayment amount is amortized using the effective interest method.
* Necessary depreciations are made according to the softened lower of cost or market principle.
* Shares, units or shares in investment funds, as well as bearer bonds and other fixed-interest securities, if held as current assets, are recognized at acquisition cost or the lower stock exchange or market values on the balance sheet date, according to the strict lower of cost or market principle.
* The requirement to write up assets is observed (§ 341b Abs. 2 HGB in conjunction with §§ 255 Abs. 1 and 253 Abs. 1 Satz 1, Abs. 4 and Abs. 5 HGB).
* Securities intended to serve the business permanently are valued according to the softened lower of cost or market principle, as per the regulations for fixed assets (§ 341b Abs. 2 zweiter Halbsatz HGB in conjunction with § 253 Abs. 1 Satz 1, Abs. 3 Satz 5 HGB).
* Permanent impairments are expensed.
* To assess the existence of a permanent impairment for bearer bonds, other fixed-interest securities, and debt instruments held through funds and recognized as fixed assets, credit checks of the issuers and rating developments are considered.
* For publicly traded shares, the criteria recommended by the Insurance Expert Committee of the IDW are used to determine the existence of a probable permanent impairment.
* A permanent impairment may exist if the fair value of a security has been consistently more than 20% below its book value for the six months preceding the balance sheet date, or if the average daily stock exchange price over the last 12 months is more than 10% below its book value.
* The assessment of the probable permanence of an impairment for units or shares in investment funds with an unrealized loss on the investment unit at the balance sheet date is based on the assets held in the fund (look-through-approach).
{{chunk|doc=9fth4kgfqj|c=125|p=39|cont=1}}
* For securities acquired above or below par, the difference is amortized over the term using the effective interest method.
* Registered bonds, promissory note receivables, and loans are recognized at amortized cost (§ 341c Abs. 3 HGB).
* Capital investments are recognized at the acquisition price upon acquisition.
* The difference to the repayment amount is amortized using the effective interest method.
* Necessary depreciations are made according to the softened lower of cost or market principle (§ 341b Abs. 2 zweiter Halbsatz HGB in conjunction with § 253 Abs. 1 Satz 1, Abs. 3 Satz 5 HGB).
* Structured products in the form of bearer bonds, registered bonds, promissory note receivables, loans, and loans to affiliated companies and companies with which an equity relationship exists are held in the portfolio.
* These structured products are recognized and valued according to the balance sheet item in which they are held.
* Structured products in the portfolio are financial instruments where the underlying instrument, a fixed-income cash instrument, is contractually linked with one or more derivatives.
* If the conditions according to IDW RS HFA 22 are met, these are uniformly recognized at amortized cost according to the regulations for capital investments recognized as fixed assets, applying the softened lower of cost or market principle (§ 341b Abs. 1 Satz 2 HGB in conjunction with § 253 Abs. 3 Satz 5 HGB).
* In accordance with the requirement to write up assets (§ 253 Abs. 5 Satz 1 HGB), assets that were depreciated in previous years are written up to the amount of the amortized acquisition costs or a lower fair or market value, if the reasons for the permanent impairment have ceased to exist and a recovery in value has occurred.

{{chunk|doc=9fth4kgfqj|c=126|p=39}}
'''Receivables and cash'''

* Receivables from direct insurance business are recognized at nominal amounts.
* The general valuation allowance for receivables from policyholders is determined for the reporting year based on historical experience (past defaults).
* A flat rate of 1% is applied for receivables from intermediaries.
* Accrued receivables and other receivables are recognized at nominal amounts.
* Due to the cost cut-off before the balance sheet date, cost bookings incurred after the cut-off date are recorded under other receivables.
* This position is offset by cost estimates for the period between the cost cut-off and the balance sheet date, which are shown in other provisions.
* Current balances with credit institutions, checks, and cash on hand are recognized at nominal value.

{{chunk|doc=9fth4kgfqj|c=127|p=39}}
'''Accruals and deferred items'''

* Items to be included in active accruals are recognized at nominal value.
* The item 'Active difference from asset netting' represents the excess amount remaining after individual contractual netting of pension obligations with the assets covering them (primarily reinsurance life insurance policies).

==== Liabilities ====

{{chunk|doc=9fth4kgfqj|c=128|p=40}}
'''Equity and reinsurance accounting'''

* Subscribed capital, capital reserves, and retained earnings in equity are recognized at nominal value.
* Contractual shares of reinsurers in relevant gross positions are determined and booked for material reinsurance contracts as of the current reporting date.
* For selected reinsurance contracts, a one-month time lag to gross is used, with separate estimated bookings for large losses, for example, if material movements occur, and these are considered up to the current reporting date.
* Unearned premiums are calculated for directly written business using the 1/360 system or on a daily basis (pro rata temporis), in accordance with regulatory requirements and the letter from the Federal Minister of Finance dated April 30, 1974.
* Reinsured shares are accrued in accordance with contractual agreements.

{{chunk|doc=9fth4kgfqj|c=129|p=40}}
'''Technical provisions for claims'''

* The premium reserve for lifetime household insurance policies is calculated using the prospective method, on an individual contract basis, considering future costs, and in compliance with § 341f HGB and the legal ordinance issued under § 65 Abs. 1 VAG.
* The technical interest rate valid at the time of contract inception is used.
* The reserve for outstanding claims in directly written business is determined individually for each claim.
* In participatory business, data from leading insurance companies is adopted.
* If data from leading insurers was not available by the balance sheet date, reserves per business relationship are estimated based on past experience.
* For unsettled small claims in motor liability, comprehensive, and partial comprehensive insurance, group valuation is utilized.
* A reserve for incurred but not reported (IBNR) claims is calculated based on historical data for claims not yet known by the balance sheet date.
* Actuarial methods are used to determine the number of expected IBNR claims and the average expected claim amount.
* Since the standard method is not suitable for long-tail lines, the HGB IBNR reserve in these cases is derived from the actuarially determined IFRS reserve, including a surcharge.
* In individual cases, if current information is available, an appropriate amount is reserved based on this information.
* The pension reserve calculated according to § 65 VAG and the reserve for expected claims handling expenses are also reported.
* The reserve for claims handling costs consists of external and internal cost components.
* The external claims handling cost reserve is specifically formed for each individual claim.
* The internal claims handling cost reserve is determined using a factor-based approximation method.
* This method uses paid claims as a volume measure for incurred costs and determines future internal claims handling costs as a percentage of the current claims reserve for compensation.
* The corresponding percentage/factor is calculated as the average of historical observation years.
* A reduction of the determined factor is applied based on line-of-business-specific experience, assuming that a portion of claims handling has already been performed for known claims.

{{chunk|doc=9fth4kgfqj|c=130|p=40}}
'''Pension and other technical provisions'''

* The gross pension reserve included in the reserve for outstanding claims is calculated according to actuarial principles.
* The calculation is based on the German Actuarial Association (DAV) 2006 HUR mortality tables for women and men.
* The technical interest rate is determined according to § 5 Abs. 4 of the Reserve Regulation as the minimum of the originally valid maximum technical interest rate and the reference interest rate.
{{chunk|doc=9fth4kgfqj|c=130|p=41|cont=1}}
* Technical interest rates for pension obligations: 1.57% for entry before 2015; 1.25% for 2015 to 2016; 0.90% for 2017 to 2021; 0.25% for 2022 to 2024; 1.00% for 2025.
* Claims from recourse, salvage, and sharing agreements for already settled claims are recognized as deductions within the claims reserve.
* The formation of the reserve for premium refunds complies with contractual provisions.
* The calculation of the fluctuation reserve applies the provisions of § 29 and the appendix to § 29 RechVersV, as well as the provisions of the Insurance Reporting Ordinance (BerVersV).
* Other technical provisions are determined as follows: the lapse reserve was calculated by determining an average lapse rate for the last three years and multiplying it by the current year's premiums.
* The reserve due to the obligation from membership in Verkehrsopferhilfe e.V. is formed according to the association's notification.
* The reserve for impending losses from directly written or reinsured insurance business, reported under other technical provisions according to § 31 Abs. 1 Nr. 2 RechVersV, is formed as a negative balance between expected income for contracts with a legal obligation at the balance sheet date and expected expenses.
* Income includes expected premiums and interest effects thereon.
* Expenses include claims expenses and administrative costs.
* Expense items are derived from past data and adjusted if the forecast of future development would be distorted by effects from previous claims years.
* For technical provisions from reinsured business, the reserves reported by the ceding insurers are generally recognized, unless better internal information is available.
* If information is not available at the time of financial statement preparation, claims reserves are estimated based on the previous year's data.
* Pension obligations are recognized at the necessary fulfillment amount according to reasonable judgment, as per § 253 Abs. 1 Satz 2 HGB.
* These obligations are discounted according to § 253 Abs. 2 Satz 2 HGB using the average interest rate over the last ten years, published by the Bundesbank according to the Reserve Discounting Ordinance (RückAbzinsV) as of September 30, 2025, and projected for December 31, 2025, with an assumed remaining term of 15 years.
* The principles of IDW RH FAB 1.021 apply to the valuation of reserves for reinsured direct commitments.
* Pension provisions for non-reinsured employer-financed commitments were determined using the projected unit credit method.
* Pension provisions for non-securities-linked employee-financed commitments were determined using the projected unit credit method, unless benefits are covered by reinsurance.
* For reinsured benefits, the fulfillment amount corresponds to the fair value of the coverage capital of the life insurance contract plus profit participation.

{{chunk|doc=9fth4kgfqj|c=131|p=42}}
'''Valuation assumptions and other liabilities'''

* The valuation is based on the HEUBECK-RICHTTAFELN 2018 G withdrawal probabilities, which have been strengthened according to the risk profile observed in the portfolio.
* Other assumptions used for the calculation include: salary dynamics of 3.25% (prior: 3.50%); pension dynamics of 2.08% (prior: 2.14%); interest rate of 2.06% (prior: 1.90%).
* The total expected return required for the valuation of reinsured direct commitments ranges from 3.30% to 3.60%, depending on the life insurer.
* The considered fluctuation corresponds to company-specific probabilities diversified by age and gender.
* Securities-linked employee-financed commitments exclusively consist of benefit-congruently reinsured pension commitments, which must be valued according to IDW RS HFA 30 Rz. 74 in conjunction with § 253 Abs. 1 Satz 3 HGB.
* For these commitments, the fulfillment amount is at least the fair value of the coverage capital of the life insurance contract plus profit participation.
* Other provisions are recognized at their probable necessary fulfillment amount based on prudent commercial valuation.
* If expected maturities exceed one year, these provisions are discounted according to § 253 Abs. 2 Satz 1 HGB using the average interest rate (spot rate as of December 31, 2025) over the last seven years, published by the Bundesbank according to the Reserve Discounting Ordinance (RückAbzinsV).
* Other liabilities are recognized at their fulfillment amounts.
* Deferred income includes revenues received before the balance sheet date that represent income for a specific period thereafter.
* Foreign currency positions are translated at the balance sheet date using the spot rate (middle exchange rate) for balance sheet items and the average rate for profit and loss statement items.
* For monthly foreign currency valuation, inventory positions are translated at the respective spot rate at month-end.
* The exchange rate for the monthly valuation of profit and loss statement items is the respective closing rate of the previous month.
* These positions are valued using a rolling procedure.
* The sum of the translated individual values effectively results in a translation at average rates.
* To improve clarity, the financial statements, income statement, and notes are prepared in thousands of Euros.
* Individual items, subtotals, and totals are commercially rounded.
* The sum of individual values may therefore differ from subtotals and totals due to rounding differences.

=== Notes to the Balance Sheet - Assets ===

==== Development of asset items A. and B.I. to B.III. in fiscal year 2025 ====

{{chunk|doc=9fth4kgfqj|c=132|p=44}}

<div style="overflow-x:auto">
{| id="t25" class="wikitable fintable"
|+ Development of asset items A. and B.I. to B.III. in fiscal year 2025
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | Prior year carrying amounts
! class="col-s" style="text-align:right" | Additions
! class="col-s" style="text-align:right" | Reclassification
! class="col-s" style="text-align:right" | Disposals
! class="col-s" style="text-align:right" | Write-ups
! class="col-s" style="text-align:right" | Depreciation
! class="col-s" style="text-align:right" | Current fiscal year carrying amounts
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
|-
! style="text-align:left" | A. Intangible assets
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
|-
| style="text-align:left" | Acquired concessions, industrial property rights and similar rights and values, and licenses for such rights and values
| style="text-align:right" | 3,953
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 1,800
| style="text-align:right" | 2,153
|-
! style="text-align:left" | B. Investments
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
|-
| style="text-align:left" | I. Land, rights equivalent to land, and buildings, including buildings on third-party land
| style="text-align:right" | 217
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 216
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
! style="text-align:left" | II. Investments in affiliated companies and participations
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
|-
| style="text-align:left" | 1. Shares in affiliated companies
| style="text-align:right" | 267,706
| style="text-align:right" | 765
| style="text-align:right" | 0
| style="text-align:right" | 12,020
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 256,451
|-
| style="text-align:left" | 2. Loans to affiliated companies
| style="text-align:right" | 153,261
| style="text-align:right" | 50,000
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 203,261
|-
| style="text-align:left" | 3. Participations
| style="text-align:right" | 1,965
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 2
| style="text-align:right" | 1,964
|-
| style="text-align:left" | 4. Loans to companies with which there is a participation relationship
| style="text-align:right" | 19,575
| style="text-align:right" | 750
| style="text-align:right" | 0
| style="text-align:right" | 365
| style="text-align:right" | 0
| style="text-align:right" | 21
| style="text-align:right" | 19,939
|-
| style="text-align:left" | Total B.II.
| style="text-align:right" | 442,508
| style="text-align:right" | 51,515
| style="text-align:right" | 0
| style="text-align:right" | 12,385
| style="text-align:right" | 0
| style="text-align:right" | 23
| style="text-align:right" | 481,615
|-
! style="text-align:left" | III. Other investments
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
|-
| style="text-align:left" | 1. Shares, units or shares in investment funds and other non-fixed-income securities
| style="text-align:right" | 822,816
| style="text-align:right" | 72,987
| style="text-align:right" | 0
| style="text-align:right" | 111,636
| style="text-align:right" | 0
| style="text-align:right" | 11,492
| style="text-align:right" | 772,675
|-
| style="text-align:left" | 2. Bearer bonds and other fixed-income securities
| style="text-align:right" | 1,553,894
| style="text-align:right" | 1,527,331
| style="text-align:right" | 0
| style="text-align:right" | 1,210,939
| style="text-align:right" | 0
| style="text-align:right" | 45
| style="text-align:right" | 1,870,241
|-
! style="text-align:left" | 3. Other loans
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
|-
| style="text-align:left" | a) Registered bonds
| style="text-align:right" | 782,990
| style="text-align:right" | 89,480
| style="text-align:right" | 0
| style="text-align:right" | 398,889
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 473,581
|-
| style="text-align:left" | b) Promissory note receivables and loans
| style="text-align:right" | 158,387
| style="text-align:right" | 30,605
| style="text-align:right" | 0
| style="text-align:right" | 17,055
| style="text-align:right" | 0
| style="text-align:right" | 6,174
| style="text-align:right" | 165,763
|-
| style="text-align:left" | Total B.III.
| style="text-align:right" | 3,318,087
| style="text-align:right" | 1,720,402
| style="text-align:right" | 0
| style="text-align:right" | 1,738,520
| style="text-align:right" | 0
| style="text-align:right" | 17,711
| style="text-align:right" | 3,282,259
|-
| style="text-align:left" | Total B.
| style="text-align:right" | 3,760,811
| style="text-align:right" | 1,771,917
| style="text-align:right" | 0
| style="text-align:right" | 1,751,121
| style="text-align:right" | 0
| style="text-align:right" | 17,734
| style="text-align:right" | 3,763,874
|-
| style="text-align:left" | Total
| style="text-align:right" | 3,764,764
| style="text-align:right" | 1,771,917
| style="text-align:right" | 0
| style="text-align:right" | 1,751,121
| style="text-align:right" | 0
| style="text-align:right" | 19,534
| style="text-align:right" | 3,766,027
|}
</div>

{{chunk|doc=9fth4kgfqj|c=133|p=44}}
'''Currency exchange differences'''

* Additions and disposals include currency exchange differences on prior year balance sheet values.

=== To B. Investments ===

==== Determination of fair values of investments ====

{{chunk|doc=9fth4kgfqj|c=134|p=46}}
'''Valuation of investments in affiliated companies and participations'''

* The fair values of shares in affiliated companies and participations are determined differently based on the company's purpose and size.
* Companies valued using the income approach are generally set at the present value of future distributable financial surpluses (income value).
* For companies that subscribe to equity instruments not traded on the capital market (investment vehicles for Private Equity, Real Estate funds, and other alternative investments), valuation is analogous to comparable directly held instruments using the Net Asset Value method.
* The fair values of loans to affiliated companies and companies with which an equity relationship exists, registered bonds, promissory note receivables, and loans are determined using a present value method with product- and rating-specific yield curves.
* Special features such as deposit insurance, guarantor liability, or subordination are considered in the spread surcharges used.

{{chunk|doc=9fth4kgfqj|c=135|p=46}}
'''Valuation of other investments'''

* The fair value of other investments is generally determined based on the over-the-counter value according to § 56 RechVersV.
* For investments with a market or exchange price (shares, units or shares in investment funds, bearer bonds, and other fixed-income securities), the fair value is the value at the balance sheet date or the last preceding day for which a market or exchange price could be determined.
* In cases where no stock exchange listings are available, yield curves based on pricing methods established in financial markets are used.
* Investments are valued at most at their expected realizable value, considering the principle of prudence.
* The fair values of special funds held in the portfolio correspond to the determined redemption price.
* The fair value of publicly traded shares and equity funds recognized as fixed assets is determined using the EPS method (earnings per share), an income approach per share based on annual earnings expectations estimated by independent analysts or the higher market values.
* If the EPS value is more than 120% of the market value, it is capped at 120%.
* For fixed-income securities held via special funds and recognized as fixed assets, the fair value is determined at amortized cost, provided there are no indications of an expected permanent impairment.
* The creditworthiness of the issuer and the development of ratings are used for this purpose.
* For default securities and securities whose market value is less than 50% of the nominal value, the lower market value is generally used.

{{chunk|doc=9fth4kgfqj|c=136|p=46}}
'''Valuation of alternative investments and derivatives'''

* The fair value of Private Equity, Infrastructure, and Real Estate funds held in the portfolio is determined based on the last Net Asset Value (Capital Account) reported by the General Partner, which is updated to the reporting date for interim calls and distributions.
* For the fair value determination of swaps, the Discounted Cash Flow method is applied separately for both legs of a swap.
* For the fixed-rate leg, the entire cash flow is rolled out until maturity.
* For the variable-rate leg, the cash flow is rolled out until the next interest rate adjustment date.
* The sum of the present values (considering the sign for the long/short position) results in the theoretical price or the current receivable and payable position of the entire swap transaction.

{{chunk|doc=9fth4kgfqj|c=137|p=47}}
'''Fair values below carrying amounts'''

* For the following investments recognized at acquisition cost, the fair values are below the carrying amounts.

=== Investments with hidden liabilities ===

{{chunk|doc=9fth4kgfqj|c=138|p=47}}

<div style="overflow-x:auto">
{| id="t27" class="wikitable fintable"
|+ Carrying amounts, Fair values, Balance by In EUR thousand
|-
! style="text-align:left" | In EUR thousand
! class="col-m" style="text-align:right" | Carrying amounts
! class="col-m" style="text-align:right" | Fair values
! class="col-m" style="text-align:right" | Balance
|-
| style="text-align:left" | Shares in affiliated undertakings
| style="text-align:right" | 9,416
| style="text-align:right" | 7,743
| style="text-align:right" | -1,673
|-
| style="text-align:left" | Loans to affiliated companies
| style="text-align:right" | 104,696
| style="text-align:right" | 99,516
| style="text-align:right" | -5,180
|-
| style="text-align:left" | Loans to companies in which an equity interest exists
| style="text-align:right" | 3,471
| style="text-align:right" | 3,171
| style="text-align:right" | -300
|-
| style="text-align:left" | Shares or units in investment funds
| style="text-align:right" | 159,472
| style="text-align:right" | 144,298
| style="text-align:right" | -15,175
|-
| style="text-align:left" | Bearer bonds and other fixed-interest securities
| style="text-align:right" | 1,335,690
| style="text-align:right" | 1,315,553
| style="text-align:right" | -20,137
|-
| style="text-align:left" | Other loans Loans to companies in which an equity interest exists Bearer bonds
| style="text-align:right" | 451,127 6,727 1,335,690
| style="text-align:right" | 436,112 6,317 1,315,553
| style="text-align:right" | -15,015 6,317 1,315,553
|-
| style="text-align:left" | Total
| style="text-align:right" | 2,063,873
| style="text-align:right" | 2,006,393
| style="text-align:right" | -57,480
|}
</div>

{{chunk|doc=9fth4kgfqj|c=139|p=47}}
'''Avoided depreciation on investments'''

* Depreciation of EUR 35,313k (prior: EUR 111,638k) was avoided on investments recognized as fixed assets, applying § 341b Abs. 2 HGB.
* These are considered temporary impairments.
* For fixed-interest securities, creditworthiness checks of issuers and rating developments are used to assess permanent impairment.
* These hidden burdens were not written off as extraordinary depreciation under § 253 Abs. 3 Satz 5 HGB, as they are primarily interest-induced and not considered permanent.
* Payment defaults are not expected due to the issuers' creditworthiness.
* The IDW Insurance Committee's recommended criteria are used to determine if a permanent impairment of shares or stocks in investment funds is likely.
* A permanent impairment may exist if the fair value of a security has been consistently more than 20% below the book value for the six months preceding the balance sheet date.
* A permanent impairment may also exist if the average daily stock exchange price over the last 12 months is more than 10% below the book value.
* If a look-through approach is possible, the assessment of the likely permanence of an impairment for shares or stocks in investment funds with a hidden burden at the balance sheet date is based on the assets held in the fund.

=== Extraordinary depreciation according to § 277 (3) HGB: ===

{{chunk|doc=9fth4kgfqj|c=140|p=47}}
'''Impairments on investments'''

* Impairments on investments include unscheduled impairments of EUR 11,492k (prior: EUR 794k) in accordance with § 277 (3) sentence 1 HGB.

=== To B.II. Investments in affiliated companies and participations ===

{{chunk|doc=9fth4kgfqj|c=141|p=48}}
'''Significant investments in affiliated companies and participations'''

* Significant investments in affiliated companies and participations that are material to the company are listed below.
* Companies of minor economic importance without significant impact on the asset, financial, and earnings position are not presented, in accordance with § 286 No. 3 Sentence 1 HGB.

{{chunk|doc=9fth4kgfqj|c=142|p=48}}

<div style="overflow-x:auto">
{| id="t28" class="wikitable fintable"
|+ Shareholders' equity, net income & share of capital by name, registered office
|-
! style="text-align:left" | Name, registered office In EUR thousand
! class="col-s" style="text-align:right" | Shareholders' equity{{fn ref|1)|2=1) prior to profit transfer and distribution, information based on the latest available audited annual financial statements}}
! class="col-s" style="text-align:right" | Net income{{fn ref|1)|2=1) prior to profit transfer and distribution, information based on the latest available audited annual financial statements}}
! class="col-s" style="text-align:right" | Share of capital{{fn ref|2)|2=2) The shareholding ratio results from the addition of all directly and indirectly held shares in accordance with § 16 para. 2 and 4 AktG}}
|-
| style="text-align:left" | Domestic:
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Enhanced Sustainable Power Fund Nr. 3 GmbH & Co. KG geschlossene Investment KG, Grünwald{{fn ref|3)|2=3) Information on equity and annual results relates to the fiscal year from 30.9.2021 to 30.9.2022}}
| style="text-align:right" | 187,778
| style="text-align:right" | 11,679
| style="text-align:right" | 2.0%
|-
| style="text-align:left" | Fair Claims GmbH, Hannover
| style="text-align:right" | 4,025
| style="text-align:right" | 546
| style="text-align:right" | 100.0%
|-
| style="text-align:left" | GDV Dienstleistungs-GmbH, Hamburg
| style="text-align:right" | 29,653
| style="text-align:right" | 983
| style="text-align:right" | 3.0%
|-
| style="text-align:left" | hector digital GmbH, Marpingen{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 119
| style="text-align:right" | -4
| style="text-align:right" | 19.0%
|-
| style="text-align:left" | Infrastruktur Ludwigsau GmbH & Co KG, Köln{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 21,353
| style="text-align:right" | 1,126
| style="text-align:right" | 100.0%
|-
| style="text-align:left" | Infrastruktur Windpark Vier Fichten GbR, Bremen{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 8
| style="text-align:right" | 4
| style="text-align:right" | 41.7%
|-
| style="text-align:left" | KOP4 GmbH & Co. KG, München
| style="text-align:right" | 45,942
| style="text-align:right" | 2,962
| style="text-align:right" | 7.2%
|-
| style="text-align:left" | MachDigital GmbH, Neunkirchen
| style="text-align:right" | 539
| style="text-align:right" | -1,461
| style="text-align:right" | 49.0%
|-
| style="text-align:left" | Neodigital Versicherung AG, Neunkirchen
| style="text-align:right" | 8,158
| style="text-align:right" | -19,531
| style="text-align:right" | 5.5%
|-
| style="text-align:left" | Riethorst Grundstücksgesellschaft AG & Co. KG, Hannover
| style="text-align:right" | 133,025
| style="text-align:right" | 6,607
| style="text-align:right" | 50.0%
|-
| style="text-align:left" | SSV Schadenschutzverband GmbH, Hannover
| style="text-align:right" | 200
| style="text-align:right" | 591
| style="text-align:right" | 100.0%
|-
| style="text-align:left" | Talanx Infrastructure France 2 GmbH, Köln{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 79,180
| style="text-align:right" | 6,315
| style="text-align:right" | 100.0%
|-
| style="text-align:left" | Talanx Infrastructure Portugal 2 GmbH, Köln
| style="text-align:right" | 32,460
| style="text-align:right" | 3,047
| style="text-align:right" | 50.0%
|-
| style="text-align:left" | Talanx Infrastructure Portugal GmbH, Köln{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 731
| style="text-align:right" | -0
| style="text-align:right" | 70.0%
|-
| style="text-align:left" | TD Real Assets GmbH & Co. KG, Köln
| style="text-align:right" | 582,933
| style="text-align:right" | 15,285
| style="text-align:right" | 17.0%
|-
| style="text-align:left" | TD Sach Private Equity GmbH & Co. KG, Köln
| style="text-align:right" | 94,254
| style="text-align:right" | 9,434
| style="text-align:right" | 100.0%
|-
| style="text-align:left" | Windfarm Bellheim GmbH & Co. KG, Köln{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 38,825
| style="text-align:right" | 1,459
| style="text-align:right" | 85.0%
|-
| style="text-align:left" | Windpark Mittleres Mecklenburg GmbH & Co. KG, Köln{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 13,379
| style="text-align:right" | 3,007
| style="text-align:right" | 100.0%
|-
| style="text-align:left" | Windpark Parchim GmbH & Co. KG, Köln{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 12,765
| style="text-align:right" | 1,680
| style="text-align:right" | 51.0%
|-
| style="text-align:left" | Windpark Rehain GmbH & Co. KG, Köln{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 21,958
| style="text-align:right" | 677
| style="text-align:right" | 100.0%
|-
| style="text-align:left" | Windpark Sandstruth GmbH & Co. KG, Köln{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 4,252
| style="text-align:right" | 62,961
| style="text-align:right" | 100.0%
|-
| style="text-align:left" | Zweite Riethorst Grundstücksgesellschaft mbH
| style="text-align:right" | 123,915
| style="text-align:right" | 1,742
| style="text-align:right" | 50.0%
|-
| style="text-align:left" | Foreign:
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Augusta Ireland 2 Limited Partnership, Ireland, Dublin
| style="text-align:right" | -540
| style="text-align:right" | -385
| style="text-align:right" | 100%
|-
| style="text-align:left" | CEF BKR03 NL B.V., Netherlands, Amsterdam{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 55,039
| style="text-align:right" | -1,090
| style="text-align:right" | 5.2%
|-
| style="text-align:left" | EIP Gas Transit Switzerland SCS, Luxembourg, Luxembourg{{fn ref|5)|2=5) Information on equity and net income relates to the fiscal year from 30.6.2024 to 30.6.2025}}
| style="text-align:right" | 141,838
| style="text-align:right" | -6,222
| style="text-align:right" | 2.8%
|-
| style="text-align:left" | EIP Wind Power Central Norway SCS, Luxembourg, Luxembourg{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 88,335
| style="text-align:right" | -36,888
| style="text-align:right" | 10.9%
|-
| style="text-align:left" | Escala Braga - Sociedade Gestora do Edificio S.A., Portugal, Braga{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 5,829
| style="text-align:right" | 1,774
| style="text-align:right" | 49.0%
|-
| style="text-align:left" | Escala Parque - Gestao de Estacionamento S.A., Portugal, Linhó{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 1,588
| style="text-align:right" | 1,527
| style="text-align:right" | 49.0%
|-
| style="text-align:left" | Escala Vila Franca - Sociedade Gestora do Edificio S.A., Portugal, Linhó{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 15,427
| style="text-align:right" | 2,283
| style="text-align:right" | 49.0%
|-
| style="text-align:left" | Ferme Eolienne du Confolentais SNC, Frankreich, Toulouse{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 12,847
| style="text-align:right" | 708
| style="text-align:right" | 100.0%
|-
| style="text-align:left" | Iberia Termosolar 1, S.L.U., Spanien, Sevilla{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 45,559
| style="text-align:right" | 626
| style="text-align:right" | 33.4%
|-
| style="text-align:left" | Infrastorm Co-Invest 1 SCA, Luxemburg, Luxemburg{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 11,342
| style="text-align:right" | -60
| style="text-align:right" | 45.0%
|-
| style="text-align:left" | Le Chemin de La Milaine S.N.C., Frankreich, Lille{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 16,451
| style="text-align:right" | 1,706
| style="text-align:right" | 100.0%
|-
| style="text-align:left" | Le Louveng S.A.S, Frankreich, Lille{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 12,282
| style="text-align:right" | 753
| style="text-align:right" | 100.0%
|-
| style="text-align:left" | Les Vents de Malet S.N.C., Frankreich, Lille{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 16,625
| style="text-align:right" | 1,907
| style="text-align:right" | 100.0%
|-
| style="text-align:left" | PNH - Parque do Novo Hospital S.A., Portugal, Linhó{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 546
| style="text-align:right" | 486
| style="text-align:right" | 49.0%
|}
</div>

{{fn note|1=1)|2=1) prior to profit transfer and distribution, information based on the latest available audited annual financial statements}}
{{fn note|1=2)|2=2) The shareholding ratio results from the addition of all directly and indirectly held shares in accordance with § 16 para. 2 and 4 AktG}}
{{fn note|1=3)|2=3) Information on equity and annual results relates to the fiscal year from 30.9.2021 to 30.9.2022}}
{{fn note|1=4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
{{fn note|1=5)|2=5) Information on equity and net income relates to the fiscal year from 30.6.2024 to 30.6.2025}}

== To B.III. Other investments ==

{{chunk|doc=9fth4kgfqj|c=143|p=49}}
'''Other investments'''

* Item B.III. 1. Shares, units or shares in investment funds and other non-fixed-interest securities includes shares in EU/domestic investment funds where the company holds more than 10% of the shares.
* There are no restrictions on the daily redemption of these shares.

{{chunk|doc=9fth4kgfqj|c=144|p=49}}

<div style="overflow-x:auto">
{| id="t29" class="wikitable fintable"
|+ To B.III. Other investments
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | Carrying amounts
! class="col-s" style="text-align:right" | Fair values
! class="col-s" style="text-align:right" | Balance
! class="col-s" style="text-align:right" | Distribution
|-
! colspan="5" style="text-align:left" | Bond funds:
|-
| style="text-align:left" | HDI Gerling Sach Industrials Master
| style="text-align:right" | 487,697
| style="text-align:right" | 498,340
| style="text-align:right" | 10,643
| style="text-align:right" | 15,700
|-
| style="text-align:left" | BeGo Corp. Direct Lend. Debt Fund III (close-end)
| style="text-align:right" | 77,569
| style="text-align:right" | 79,844
| style="text-align:right" | 2,275
| style="text-align:right" | 4,279
|-
! colspan="5" style="text-align:left" | Equity funds:
|-
| style="text-align:left" | HV Aktien
| style="text-align:right" | 39,348
| style="text-align:right" | 40,503
| style="text-align:right" | 1,155
| style="text-align:right" | 1,315
|-
! colspan="5" style="text-align:left" | Real estate funds:
|-
| style="text-align:left" | Talanx Deutschland Real Estate Value
| style="text-align:right" | 28,518
| style="text-align:right" | 28,007
| style="text-align:right" | -510
| style="text-align:right" | 0
|-
| style="text-align:left" | Total
| style="text-align:right" | 633,131
| style="text-align:right" | 646,694
| style="text-align:right" | 13,563
| style="text-align:right" | 21,294
|}
</div>

{{chunk|doc=9fth4kgfqj|c=145|p=49}}
'''Depreciation of special funds'''

* Depreciation according to § 253 para. 3 sentence 5 HGB was not fully recognized for special funds showing hidden burdens, as these are considered temporary impairments.

== To C.III. Other receivables ==

{{chunk|doc=9fth4kgfqj|c=146|p=49}}

<div style="overflow-x:auto">
{| id="t30" class="wikitable fintable"
|+ To C.III. Other receivables
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
|-
| style="text-align:left" | Receivables from affiliated companies {{fn ref|1)|2=1) Receivables mainly result from investment income and service transactions.}}
| style="text-align:right" | 147,670
| style="text-align:right" | 497,557
|-
| style="text-align:left" | Receivables from syndicated business
| style="text-align:right" | 14,731
| style="text-align:right" | 15,172
|-
| style="text-align:left" | Receivables from cash collaterals
| style="text-align:right" | 3,600
| style="text-align:right" | 3,490
|-
| style="text-align:left" | Receivables from the sale of investments
| style="text-align:right" | 3,393
| style="text-align:right" | 3,825
|-
| style="text-align:left" | Receivables from interest and rents
| style="text-align:right" | 1,443
| style="text-align:right" | 149
|-
| style="text-align:left" | Receivables from debit deliveries and services
| style="text-align:right" | 0
| style="text-align:right" | 1,238
|-
| style="text-align:left" | Miscellaneous
| style="text-align:right" | 2,007
| style="text-align:right" | 868
|-
| style="text-align:left" | Total
| style="text-align:right" | 172,845
| style="text-align:right" | 522,299
|}
</div>

{{fn note|1=1)|2=1) Receivables mainly result from investment income and service transactions.}}

== To D.I. Current balances with credit institutions, checks and cash on hand ==

{{chunk|doc=9fth4kgfqj|c=147|p=49}}
'''Current balances with credit institutions'''

* Current balances with credit institutions totaled EUR 88,055k (prior: EUR 51,289k).

== To E. Accruals and deferred items ==

{{chunk|doc=9fth4kgfqj|c=148|p=49}}
'''Accrued interest'''

* The total amount of EUR 37,475k (prior year: EUR 32,601k) primarily consists of accrued interest.

===== To F. Active difference from asset offsetting =====

{{chunk|doc=9fth4kgfqj|c=149|p=50}}
'''Active difference from asset offsetting'''

* This item includes the amount of cover assets exceeding the corresponding liabilities as defined in § 246 para. 2 sentence 3 HGB.

{{chunk|doc=9fth4kgfqj|c=150|p=50}}

<div style="overflow-x:auto">
{| id="t31" class="wikitable fintable"
|+ To F. Active difference from asset offsetting
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
|-
| style="text-align:left" | Receivables from reinsurance policies
| style="text-align:right" | 1,312
| style="text-align:right" | 1,573
|-
| style="text-align:left" | Fulfillment amount of netted liabilities from employee-financed commitments
| style="text-align:right" | -1,312
| style="text-align:right" | -1,567
|-
| style="text-align:left" | Total
| style="text-align:right" | 0
| style="text-align:right" | 6
|}
</div>

{{chunk|doc=9fth4kgfqj|c=151|p=50}}
'''Pension commitments'''

* Life insurance contracts concluded for pension commitments from deferred compensation are fully pledged to beneficiaries.

== Notes to the Balance Sheet - Liabilities ==

===== To A.I. Subscribed capital =====

{{chunk|doc=9fth4kgfqj|c=152|p=50}}

<div style="overflow-x:auto">
{| id="t32" class="wikitable fintable"
|+ Subscribed capital by fiscal year end
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
|-
| style="text-align:left" | Balance at the beginning of the fiscal year
| style="text-align:right" | 51,000
| style="text-align:right" | 51,000
|-
| style="text-align:left" | Balance at the end of the fiscal year
| style="text-align:right" | 51,000
| style="text-align:right" | 51,000
|}
</div>

{{chunk|doc=9fth4kgfqj|c=153|p=50}}
'''Share capital structure'''

* The capital is divided into 51,000 registered no-par value shares and is fully paid in.

===== To A.II. Capital reserve =====

{{chunk|doc=9fth4kgfqj|c=154|p=50}}

<div style="overflow-x:auto">
{| id="t33" class="wikitable fintable"
|+ Capital reserve by fiscal year
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
|-
| style="text-align:left" | Balance at the beginning of the fiscal year
| style="text-align:right" | 6,100
| style="text-align:right" | 6,100
|-
| style="text-align:left" | Balance at the end of the fiscal year
| style="text-align:right" | 6,100
| style="text-align:right" | 6,100
|}
</div>

{{chunk|doc=9fth4kgfqj|c=155|p=50}}
'''Legal reserve requirements'''

* The formation of a legal reserve is not required because § 150 para. 2 AktG ("statutory reserve fund") is already fulfilled by the formation of the capital reserve according to § 272 para. 2 no. 1 HGB.

== To B. Technical provisions ==

{{chunk|doc=9fth4kgfqj|c=156|p=51}}
'''Gross values presentation'''

* Gross values are presented below.

{{chunk|doc=9fth4kgfqj|c=157|p=51}}

<div style="overflow-x:auto">
{| id="t34" class="wikitable fintable"
|+ Technical provisions by [[Definition:Business mix|lines of business]]
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
|-
| style="text-align:left" | Accident insurance
| style="text-align:right" | 108,210
| style="text-align:right" | 112,318
|-
| style="text-align:left" | Liability insurance
| style="text-align:right" | 1,865,072
| style="text-align:right" | 1,780,426
|-
| style="text-align:left" | Motor vehicle liability insurance
| style="text-align:right" | 1,099,476
| style="text-align:right" | 1,106,022
|-
| style="text-align:left" | Other motor vehicle insurance
| style="text-align:right" | 165,646
| style="text-align:right" | 157,827
|-
| style="text-align:left" | Fire and property insurance
| style="text-align:right" | 420,211
| style="text-align:right" | 444,037
|-
| style="text-align:left" | thereof a) Fire insurance
| style="text-align:right" | 144,604
| style="text-align:right" | 148,092
|-
| style="text-align:left" | b) Combined household insurance
| style="text-align:right" | 51,153
| style="text-align:right" | 54,194
|-
| style="text-align:left" | c) Combined residential building insurance
| style="text-align:right" | 212,770
| style="text-align:right" | 227,203
|-
| style="text-align:left" | d) Other property insurance
| style="text-align:right" | 11,684
| style="text-align:right" | 14,548
|-
| style="text-align:left" | Assistance insurance
| style="text-align:right" | 217
| style="text-align:right" | 218
|-
| style="text-align:left" | Other insurance
| style="text-align:right" | 225,870
| style="text-align:right" | 208,807
|-
| style="text-align:left" | Total
| style="text-align:right" | 3,884,703
| style="text-align:right" | 3,809,655
|}
</div>

{{chunk|doc=9fth4kgfqj|c=158|p=51}}
'''Technical provisions by type'''

* Gross technical provisions for outstanding claims: EUR 3,383,083k (prior year: EUR 3,298,028k)
* Fluctuation provisions and similar provisions: EUR 252,856k (prior year: EUR 267,266k)

== To B.III. Provision for outstanding claims ==

{{chunk|doc=9fth4kgfqj|c=159|p=51}}
'''Gross values presentation'''

* Gross values are presented below.

{{chunk|doc=9fth4kgfqj|c=160|p=51}}

<div style="overflow-x:auto">
{| id="t35" class="wikitable fintable"
|+ Provision for outstanding claims by [[Definition:Business mix|lines of business]]
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
|-
| style="text-align:left" | Accident insurance
| style="text-align:right" | 96,491
| style="text-align:right" | 94,261
|-
| style="text-align:left" | Liability insurance
| style="text-align:right" | 1,694,273
| style="text-align:right" | 1,554,466
|-
| style="text-align:left" | Motor vehicle liability insurance
| style="text-align:right" | 1,049,583
| style="text-align:right" | 1,060,562
|-
| style="text-align:left" | Other motor vehicle insurance
| style="text-align:right" | 77,216
| style="text-align:right" | 113,484
|-
| style="text-align:left" | Fire and property insurance
| style="text-align:right" | 251,560
| style="text-align:right" | 277,309
|-
| style="text-align:left" | thereof a) Fire insurance
| style="text-align:right" | 129,613
| style="text-align:right" | 133,247
|-
| style="text-align:left" | b) Combined household insurance
| style="text-align:right" | 22,923
| style="text-align:right" | 23,548
|-
| style="text-align:left" | c) Combined residential building insurance
| style="text-align:right" | 89,316
| style="text-align:right" | 107,810
|-
| style="text-align:left" | d) Other property insurance
| style="text-align:right" | 9,709
| style="text-align:right" | 12,704
|-
| style="text-align:left" | Assistance insurance
| style="text-align:right" | 38
| style="text-align:right" | 26
|-
| style="text-align:left" | Other insurance
| style="text-align:right" | 213,921
| style="text-align:right" | 197,920
|-
| style="text-align:left" | Total
| style="text-align:right" | 3,383,083
| style="text-align:right" | 3,298,028
|}
</div>

== To B.IV. Provision for profit-dependent and profit-independent premium refunds ==

{{chunk|doc=9fth4kgfqj|c=161|p=51}}
'''Provision for premium refunds'''

* The provision for premium refunds reported in the financial year was EUR 900k (prior: EUR 2,500k) and exclusively concerns success-independent premium refunds.

=== To B.V. Fluctuation provision and similar provisions ===

{{chunk|doc=9fth4kgfqj|c=162|p=52}}

<div style="overflow-x:auto">
{| id="t36" class="wikitable fintable"
|+ Fluctuation provision and similar provisions by [[Definition:Business mix|lines of business]]
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
|-
| style="text-align:left" | Accident insurance
| style="text-align:right" | 1,515
| style="text-align:right" | 7,510
|-
| style="text-align:left" | Liability insurance
| style="text-align:right" | 111,286
| style="text-align:right" | 167,862
|-
| style="text-align:left" | Motor vehicle liability insurance
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Other motor vehicle insurance
| style="text-align:right" | 50,212
| style="text-align:right" | 0
|-
| style="text-align:left" | Fire and property insurance
| style="text-align:right" | 88,259
| style="text-align:right" | 90,788
|-
| style="text-align:left" | thereof a) Fire insurance
| style="text-align:right" | 7,237
| style="text-align:right" | 9,649
|-
| style="text-align:left" | b) Combined household insurance
| style="text-align:right" | 0
| style="text-align:right" | 1,632
|-
| style="text-align:left" | c) Combined residential building insurance
| style="text-align:right" | 81,022
| style="text-align:right" | 79,507
|-
| style="text-align:left" | Assistance insurance
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Other insurance
| style="text-align:right" | 1,584
| style="text-align:right" | 1,105
|-
| style="text-align:left" | Total
| style="text-align:right" | 252,856
| style="text-align:right" | 267,266
|}
</div>

=== To B.VI. Other technical provisions ===

{{chunk|doc=9fth4kgfqj|c=163|p=52}}
'''Other technical provisions'''

* Other technical provisions totaled EUR 13,439k (prior year: EUR 11,981k).
* This includes a cancellation reserve of EUR 12,512k (prior year: EUR 11,054k).
* This also includes a provision for traffic victim assistance of EUR 926k (prior year: EUR 926k).

=== To C.I. Provisions for pensions and similar obligations ===

{{chunk|doc=9fth4kgfqj|c=164|p=52}}

<div style="overflow-x:auto">
{| id="t37" class="wikitable fintable"
|+ To C.I. Provisions for pensions and similar obligations
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
|-
| style="text-align:left" | Fulfillment amount of pension obligations
| style="text-align:right" | 2,159
| style="text-align:right" | 2,352
|-
| style="text-align:left" | less plan assets
| style="text-align:right" | 1,312
| style="text-align:right" | 1,567
|-
| style="text-align:left" | Total
| style="text-align:right" | 847
| style="text-align:right" | 785
|}
</div>

{{chunk|doc=9fth4kgfqj|c=165|p=52}}
'''Pension provisions valuation'''

* Coverage assets are recognized at fair value according to § 253 Abs. 1 Satz 4 HGB.
* This fair value corresponds to the coverage capital of the insurance contract, including the actuarial bases of premium calculation and already allocated profit participations, thus representing the amortized cost.
* The difference amount subject to distribution restrictions according to § 253 Abs. 6 Satz 1 is EUR -5k (prior: EUR -5k).
* This difference amount was determined by comparing the discounted and recognized obligation amount (using the average interest rate of the last ten years) with the amount that would have resulted from discounting with the average interest rate of the last seven years.
* The deficit due to unrecorded pension obligations as per Art. 28 Abs. 1 EGHGB amounts to EUR 482k (prior: EUR 475k).

=== To C.II. Other provisions ===

{{chunk|doc=9fth4kgfqj|c=166|p=53}}

<div style="overflow-x:auto">
{| id="t38" class="wikitable fintable"
|+ To C.II. Other provisions
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
|-
| style="text-align:left" | a) Remuneration still to be paid
| style="text-align:right" | 6,523
| style="text-align:right" | 5,398
|-
| style="text-align:left" | b) Outstanding commissions
| style="text-align:right" | 5,520
| style="text-align:right" | 4,850
|-
| style="text-align:left" | c) Other provisions from investments
| style="text-align:right" | 4,680
| style="text-align:right" | 4,495
|-
| style="text-align:left" | d) Provisions for impending losses
| style="text-align:right" | 2,425
| style="text-align:right" | 4,340
|-
| style="text-align:left" | e) Provisions for administration and consulting
| style="text-align:right" | 1,258
| style="text-align:right" | 0
|-
| style="text-align:left" | f) Annual financial statement costs
| style="text-align:right" | 346
| style="text-align:right" | 279
|-
| style="text-align:left" | g) Other provisions
| style="text-align:right" | 11
| style="text-align:right" | 568
|-
| style="text-align:left" | Total
| style="text-align:right" | 20,763
| style="text-align:right" | 19,930
|}
</div>

=== To D.III. Other liabilities ===

{{chunk|doc=9fth4kgfqj|c=167|p=53}}

<div style="overflow-x:auto">
{| id="t39" class="wikitable fintable"
|+ To D.III. Other liabilities
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | Term < 1 year 31.12.2025
! class="col-s" style="text-align:right" | Term < 1 year 31.12.2024
! class="col-s" style="text-align:right" | Term > 1 year 31.12.2025
! class="col-s" style="text-align:right" | Term > 1 year 31.12.2024
! class="col-s" style="text-align:right" | Total 31.12.2025
! class="col-s" style="text-align:right" | Total 31.12.2024
|-
| style="text-align:left" | Liabilities to affiliated companies{{fn ref|1)|2=1) The liabilities mainly result from service transactions.}}
| style="text-align:right" | 148,923
| style="text-align:right" | 118,065
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 148,923
| style="text-align:right" | 118,065
|-
| style="text-align:left" | Liabilities to tax authorities
| style="text-align:right" | 12,098
| style="text-align:right" | 12,573
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 12,098
| style="text-align:right" | 12,573
|-
| style="text-align:left" | Liabilities from third-party business management
| style="text-align:right" | 6,556
| style="text-align:right" | 7,254
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 6,556
| style="text-align:right" | 7,254
|-
| style="text-align:left" | Miscellaneous
| style="text-align:right" | 5,697
| style="text-align:right" | 4,368
| style="text-align:right" | 19
| style="text-align:right" | 12
| style="text-align:right" | 5,717
| style="text-align:right" | 4,380
|-
| style="text-align:left" | Total
| style="text-align:right" | 173,274
| style="text-align:right" | 142,260
| style="text-align:right" | 19
| style="text-align:right" | 12
| style="text-align:right" | 173,294
| style="text-align:right" | 142,272
|}
</div>

{{fn note|1=1)|2=1) The liabilities mainly result from service transactions.}}

{{chunk|doc=9fth4kgfqj|c=168|p=53}}
'''Other liabilities maturity'''

* Other liabilities do not include liabilities with a remaining maturity of more than five years.

=== To E. Accruals and deferred items ===

{{chunk|doc=9fth4kgfqj|c=169|p=53}}
'''Other deferred income and expenses'''

* Other deferred income and expenses totaled EUR 440k (prior: EUR 651k).

=== Notes to the income statement ===

{{chunk|doc=9fth4kgfqj|c=170|p=53}}
'''Insurance business reporting'''

* The self-written and assumed reinsurance business is reported in total.
* A separate presentation of the assumed reinsurance business is omitted because it is 100% retroceded and is of minor importance for the earnings situation of HDI Versicherung AG.

==== To I.1.a) Gross written premiums ====

{{chunk|doc=9fth4kgfqj|c=171|p=54}}

<div style="overflow-x:auto">
{| id="t40" class="wikitable fintable"
|+ [[Definition:Gross written premiums|Gross written premiums]] by [[Definition:Business mix|lines of business]]
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
| style="text-align:left" | Accident insurance
| style="text-align:right" | 60,222
| style="text-align:right" | 61,896
|-
| style="text-align:left" | Liability insurance
| style="text-align:right" | 355,069
| style="text-align:right" | 357,250
|-
| style="text-align:left" | Motor vehicle liability insurance
| style="text-align:right" | 305,413
| style="text-align:right" | 331,878
|-
| style="text-align:left" | Other motor vehicle insurance
| style="text-align:right" | 216,185
| style="text-align:right" | 245,743
|-
| style="text-align:left" | Fire and property insurance
| style="text-align:right" | 425,823
| style="text-align:right" | 394,877
|-
| style="text-align:left" | thereof a) Fire insurance
| style="text-align:right" | 164,923
| style="text-align:right" | 130,446
|-
| style="text-align:left" | b) Combined household insurance
| style="text-align:right" | 72,422
| style="text-align:right" | 75,186
|-
| style="text-align:left" | c) Combined residential building insurance
| style="text-align:right" | 166,564
| style="text-align:right" | 167,951
|-
| style="text-align:left" | d) Other property insurance
| style="text-align:right" | 21,914
| style="text-align:right" | 21,294
|-
| style="text-align:left" | Assistance insurance
| style="text-align:right" | 417
| style="text-align:right" | 446
|-
| style="text-align:left" | Other insurance
| style="text-align:right" | 201,696
| style="text-align:right" | 196,227
|-
| style="text-align:left" | Total
| style="text-align:right" | 1,564,825
| style="text-align:right" | 1,588,316
|}
</div>

==== To I.1. Earned gross premiums ====

{{chunk|doc=9fth4kgfqj|c=172|p=54}}

<div style="overflow-x:auto">
{| id="t41" class="wikitable fintable"
|+ Earned gross premiums by [[Definition:Business mix|lines of business]]
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
| style="text-align:left" | Accident insurance
| style="text-align:right" | 60,587
| style="text-align:right" | 62,275
|-
| style="text-align:left" | Liability insurance
| style="text-align:right" | 353,947
| style="text-align:right" | 357,562
|-
| style="text-align:left" | Motor vehicle liability insurance
| style="text-align:right" | 299,769
| style="text-align:right" | 332,462
|-
| style="text-align:left" | Other motor vehicle insurance
| style="text-align:right" | 220,951
| style="text-align:right" | 240,985
|-
| style="text-align:left" | Fire and property insurance
| style="text-align:right" | 422,913
| style="text-align:right" | 389,871
|-
| style="text-align:left" | thereof a) Fire insurance
| style="text-align:right" | 164,123
| style="text-align:right" | 129,761
|-
| style="text-align:left" | b) Combined household insurance
| style="text-align:right" | 72,792
| style="text-align:right" | 75,129
|-
| style="text-align:left" | c) Combined residential building insurance
| style="text-align:right" | 164,043
| style="text-align:right" | 163,589
|-
| style="text-align:left" | d) Other property insurance
| style="text-align:right" | 21,955
| style="text-align:right" | 21,391
|-
| style="text-align:left" | Assistance insurance
| style="text-align:right" | 430
| style="text-align:right" | 460
|-
| style="text-align:left" | Other insurance
| style="text-align:right" | 201,247
| style="text-align:right" | 195,917
|-
| style="text-align:left" | Total
| style="text-align:right" | 1,559,843
| style="text-align:right" | 1,579,531
|}
</div>

==== To I.1. Earned net premiums ====

{{chunk|doc=9fth4kgfqj|c=173|p=54}}

<div style="overflow-x:auto">
{| id="t42" class="wikitable fintable"
|+ Earned net premiums by [[Definition:Business mix|lines of business]]
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
| style="text-align:left" | Accident insurance
| style="text-align:right" | 60,587
| style="text-align:right" | 62,275
|-
| style="text-align:left" | Liability insurance
| style="text-align:right" | 349,665
| style="text-align:right" | 354,036
|-
| style="text-align:left" | Motor vehicle liability insurance
| style="text-align:right" | 299,398
| style="text-align:right" | 330,662
|-
| style="text-align:left" | Other motor vehicle insurance
| style="text-align:right" | 218,150
| style="text-align:right" | 237,301
|-
| style="text-align:left" | Fire and property insurance
| style="text-align:right" | 386,268
| style="text-align:right" | 358,151
|-
| style="text-align:left" | thereof a) Fire insurance
| style="text-align:right" | 164,124
| style="text-align:right" | 129,632
|-
| style="text-align:left" | b) Combined household insurance
| style="text-align:right" | 69,572
| style="text-align:right" | 70,658
|-
| style="text-align:left" | c) Combined residential building insurance
| style="text-align:right" | 151,443
| style="text-align:right" | 147,783
|-
| style="text-align:left" | d) Other property insurance
| style="text-align:right" | 1,129
| style="text-align:right" | 10,078
|-
| style="text-align:left" | Assistance insurance
| style="text-align:right" | 430
| style="text-align:right" | 460
|-
| style="text-align:left" | Other insurance
| style="text-align:right" | 175,369
| style="text-align:right" | 161,876
|-
| style="text-align:left" | Total
| style="text-align:right" | 1,489,867
| style="text-align:right" | 1,504,763
|}
</div>

== To I.2. Technical interest income ==

{{chunk|doc=9fth4kgfqj|c=174|p=55}}
'''Technical interest income calculation'''

* Technical interest income in the directly written gross insurance business was calculated on the pension provision and the premium provision.
* The income was determined monthly based on the previous month's provision balance using the associated actuarial interest rate.

== To I.4. Gross expenses for claims ==

{{chunk|doc=9fth4kgfqj|c=175|p=55}}

<div style="overflow-x:auto">
{| id="t43" class="wikitable fintable"
|+ Gross expenses for claims by [[Definition:Business mix|lines of business]]
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
| style="text-align:left" | Accident insurance
| style="text-align:right" | 29,808
| style="text-align:right" | 26,573
|-
| style="text-align:left" | Liability insurance
| style="text-align:right" | 277,405
| style="text-align:right" | 182,616
|-
| style="text-align:left" | Motor vehicle liability insurance
| style="text-align:right" | 224,057
| style="text-align:right" | 231,050
|-
| style="text-align:left" | Other motor vehicle insurance
| style="text-align:right" | 142,288
| style="text-align:right" | 251,613
|-
| style="text-align:left" | Fire and property insurance
| style="text-align:right" | 200,999
| style="text-align:right" | 245,948
|-
| style="text-align:left" | thereof a) Fire insurance
| style="text-align:right" | 98,470
| style="text-align:right" | 103,876
|-
| style="text-align:left" | b) Combined household insurance
| style="text-align:right" | 26,274
| style="text-align:right" | 33,194
|-
| style="text-align:left" | c) Combined residential building insurance
| style="text-align:right" | 74,046
| style="text-align:right" | 103,106
|-
| style="text-align:left" | d) Other property insurance
| style="text-align:right" | 2,210
| style="text-align:right" | 5,772
|-
| style="text-align:left" | Assistance insurance
| style="text-align:right" | 462
| style="text-align:right" | 312
|-
| style="text-align:left" | Other insurance
| style="text-align:right" | 131,000
| style="text-align:right" | 107,311
|-
| style="text-align:left" | Total
| style="text-align:right" | 1,006,019
| style="text-align:right" | 1,045,422
|}
</div>

== To I.7.a) Gross expenses for insurance operations ==

{{chunk|doc=9fth4kgfqj|c=176|p=55}}

<div style="overflow-x:auto">
{| id="t44" class="wikitable fintable"
|+ Gross expenses for insurance operations by [[Definition:Business mix|lines of business]]
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
| style="text-align:left" | Accident insurance
| style="text-align:right" | 22,322
| style="text-align:right" | 23,486
|-
| style="text-align:left" | Liability insurance
| style="text-align:right" | 131,529
| style="text-align:right" | 137,891
|-
| style="text-align:left" | Motor vehicle liability insurance
| style="text-align:right" | 61,606
| style="text-align:right" | 73,770
|-
| style="text-align:left" | Other motor vehicle insurance
| style="text-align:right" | 45,802
| style="text-align:right" | 51,167
|-
| style="text-align:left" | Fire and property insurance
| style="text-align:right" | 147,080
| style="text-align:right" | 140,714
|-
| style="text-align:left" | thereof a) Fire insurance
| style="text-align:right" | 60,731
| style="text-align:right" | 48,314
|-
| style="text-align:left" | b) Combined household insurance
| style="text-align:right" | 25,981
| style="text-align:right" | 27,287
|-
| style="text-align:left" | c) Combined residential building insurance
| style="text-align:right" | 53,750
| style="text-align:right" | 57,976
|-
| style="text-align:left" | d) Other property insurance
| style="text-align:right" | 6,617
| style="text-align:right" | 7,137
|-
| style="text-align:left" | Assistance insurance
| style="text-align:right" | 122
| style="text-align:right" | 128
|-
| style="text-align:left" | Other insurance
| style="text-align:right" | 77,954
| style="text-align:right" | 79,566
|-
| style="text-align:left" | Total
| style="text-align:right" | 486,415
| style="text-align:right" | 506,721
|}
</div>

{{chunk|doc=9fth4kgfqj|c=177|p=55}}
'''Gross expenses for insurance operations'''

* Gross expenses for insurance operations include EUR 52,675k (prior: EUR 58,128k) for acquisition expenses and EUR 433,739k (prior: EUR 448,594k) for administrative expenses.

==== Reinsurance balance ====

{{chunk|doc=9fth4kgfqj|c=178|p=56}}

<div style="overflow-x:auto">
{| id="t45" class="wikitable fintable"
|+ Reinsurance balance by [[Definition:Business mix|lines of business]]
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
| style="text-align:left" | Accident insurance
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Liability insurance
| style="text-align:right" | 5,212
| style="text-align:right" | 1,934
|-
| style="text-align:left" | Motor vehicle liability insurance
| style="text-align:right" | 2,100
| style="text-align:right" | -1,667
|-
| style="text-align:left" | Other motor vehicle insurance
| style="text-align:right" | -2,723
| style="text-align:right" | -2,245
|-
| style="text-align:left" | Fire and property insurance
| style="text-align:right" | -35,533
| style="text-align:right" | -26,982
|-
| style="text-align:left" | thereof a) Fire insurance
| style="text-align:right" | 1
| style="text-align:right" | -54
|-
| style="text-align:left" | b) Combined household insurance
| style="text-align:right" | -2,926
| style="text-align:right" | -3,936
|-
| style="text-align:left" | c) Combined residential building insurance
| style="text-align:right" | -11,786
| style="text-align:right" | -13,395
|-
| style="text-align:left" | d) Other property insurance
| style="text-align:right" | -20,821
| style="text-align:right" | -9,597
|-
| style="text-align:left" | Other insurance
| style="text-align:right" | -19,865
| style="text-align:right" | -32,237
|-
| style="text-align:left" | Total
| style="text-align:right" | -50,809
| style="text-align:right" | -61,198
|}
</div>

{{chunk|doc=9fth4kgfqj|c=179|p=56}}
'''Reinsurance balance components'''

* The reinsurance balance is composed of earned premiums from the reinsurer, the reinsurer's share of gross claims expenses, and gross insurance operating expenses.
* A negative sign (–) indicates a benefit for reinsurers.

==== Run-off result for own account ====

{{chunk|doc=9fth4kgfqj|c=180|p=56}}
'''Run-off result for own account'''

* HDI Versicherung AG achieved a run-off profit for its own account of EUR 71k (prior year: EUR 190,228k) in the financial year.
* Information on the run-off results of individual [[Definition:Business mix|lines of business]] is explained in the management report under the earnings position.

==== To I.11. Technical result for own account ====

{{chunk|doc=9fth4kgfqj|c=181|p=56}}

<div style="overflow-x:auto">
{| id="t46" class="wikitable fintable"
|+ Technical result for own account by [[Definition:Business mix|lines of business]]
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
| style="text-align:left" | Accident insurance
| style="text-align:right" | 14,649
| style="text-align:right" | 15,846
|-
| style="text-align:left" | Liability insurance
| style="text-align:right" | 6,839
| style="text-align:right" | 26,704
|-
| style="text-align:left" | Motor vehicle liability insurance
| style="text-align:right" | 17,150
| style="text-align:right" | 26,002
|-
| style="text-align:left" | Other motor vehicle insurance
| style="text-align:right" | -19,767
| style="text-align:right" | -64,960
|-
| style="text-align:left" | Fire and property insurance
| style="text-align:right" | 29,547
| style="text-align:right" | -11,269
|-
| style="text-align:left" | thereof a) Fire insurance
| style="text-align:right" | 593
| style="text-align:right" | -22,114
|-
| style="text-align:left" | b) Combined household insurance
| style="text-align:right" | 18,193
| style="text-align:right" | 13,556
|-
| style="text-align:left" | c) Combined residential building insurance
| style="text-align:right" | 18,624
| style="text-align:right" | -3,021
|-
| style="text-align:left" | d) Other property insurance
| style="text-align:right" | -7,863
| style="text-align:right" | 310
|-
| style="text-align:left" | Assistance insurance
| style="text-align:right" | -152
| style="text-align:right" | 20
|-
| style="text-align:left" | Other insurance
| style="text-align:right" | -28,137
| style="text-align:right" | -23,054
|-
| style="text-align:left" | Total
| style="text-align:right" | 20,130
| style="text-align:right" | -30,710
|}
</div>

==== Commissions and other remuneration for insurance agents, personnel expenses ====

{{chunk|doc=9fth4kgfqj|c=182|p=57}}

<div style="overflow-x:auto">
{| id="t47" class="wikitable fintable"
|+ Commissions and other remuneration for insurance agents, personnel expenses
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
| style="text-align:left" | 1. Commissions of any kind of insurance agents within the meaning of § 92 HGB for self-concluded insurance business
| style="text-align:right" | 258,909
| style="text-align:right" | 274,730
|-
| style="text-align:left" | 2. Other remuneration of insurance agents within the meaning of § 92 HGB
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | 3. Wages and salaries
| style="text-align:right" | 3,045
| style="text-align:right" | 4,213
|-
| style="text-align:left" | 4. Social security contributions and expenses for support
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | 5. Expenses for old-age provision
| style="text-align:right" | 111
| style="text-align:right" | 444
|-
| style="text-align:left" | Total
| style="text-align:right" | 262,065
| style="text-align:right" | 279,387
|}
</div>

==== Number of insurance contracts with a term of at least one year ====

{{chunk|doc=9fth4kgfqj|c=183|p=57}}

<div style="overflow-x:auto">
{| id="t48" class="wikitable fintable"
|+ Number of insurance contracts with a term of at least one year by Units
|-
! style="text-align:left" | Units
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
| style="text-align:left" | Self-concluded insurance business
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Accident insurance
| style="text-align:right" | 333,287
| style="text-align:right" | 348,545
|-
| style="text-align:left" | Liability insurance
| style="text-align:right" | 1,075,441
| style="text-align:right" | 1,102,391
|-
| style="text-align:left" | Motor vehicle liability insurance {{fn ref|1)|2=1) In motor vehicle insurance, the number of risks was taken into account here.}}
| style="text-align:right" | 849,190
| style="text-align:right" | 1,072,894
|-
| style="text-align:left" | Other motor vehicle insurance {{fn ref|1)|2=1) In motor vehicle insurance, the number of risks was taken into account here.}}
| style="text-align:right" | 676,394
| style="text-align:right" | 862,196
|-
| style="text-align:left" | Fire and property insurance
| style="text-align:right" | 823,197
| style="text-align:right" | 863,717
|-
| style="text-align:left" | thereof a) Fire insurance
| style="text-align:right" | 47,988
| style="text-align:right" | 48,351
|-
| style="text-align:left" | b) Combined household insurance
| style="text-align:right" | 497,236
| style="text-align:right" | 520,441
|-
| style="text-align:left" | c) Combined residential building insurance
| style="text-align:right" | 214,128
| style="text-align:right" | 224,090
|-
| style="text-align:left" | d) Other property insurance
| style="text-align:right" | 63,845
| style="text-align:right" | 70,835
|-
| style="text-align:left" | Assistance insurance
| style="text-align:right" | 0
| style="text-align:right" | 2,558
|-
| style="text-align:left" | Other insurance
| style="text-align:right" | 56,165
| style="text-align:right" | 57,264
|-
| style="text-align:left" | Total
| style="text-align:right" | 3,813,674
| style="text-align:right" | 4,309,565
|-
| style="text-align:left" | Total number of contracts
| style="text-align:right" | 3,137,971
| style="text-align:right" | 3,445,203
|-
| style="text-align:left" | Change due to consideration of risks in motor vehicle insurance
| style="text-align:right" | 675,703
| style="text-align:right" | 864,362
|-
| style="text-align:left" | Total
| style="text-align:right" | 3,813,674
| style="text-align:right" | 4,309,565
|}
</div>

{{fn note|1=1)|2=1) In motor vehicle insurance, the number of risks was taken into account here.}}

==== To II.4. Other income ====

{{chunk|doc=9fth4kgfqj|c=184|p=57}}

<div style="overflow-x:auto">
{| id="t49" class="wikitable fintable"
|+ To II.4. Other income
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
| style="text-align:left" | Talanx earnings subsidies
| style="text-align:right" | 132,735
| style="text-align:right" | 0
|-
| style="text-align:left" | Income from services rendered
| style="text-align:right" | 6,680
| style="text-align:right" | 6,370
|-
| style="text-align:left" | Interest and similar income {{fn ref|1)|2=1) Interest income includes 1,203 (2,283) TEUR income from affiliated companies. No income from discounting is included.}}
| style="text-align:right" | 5,223
| style="text-align:right" | 8,326
|-
| style="text-align:left" | Miscellaneous
| style="text-align:right" | 136
| style="text-align:right" | 3,512
|-
| style="text-align:left" | Total
| style="text-align:right" | 144,773
| style="text-align:right" | 18,208
|}
</div>

{{fn note|1=1)|2=1) Interest income includes 1,203 (2,283) TEUR income from affiliated companies. No income from discounting is included.}}

{{chunk|doc=9fth4kgfqj|c=185|p=57}}
'''To II.4. Other income'''

* Income from plan assets for pension obligations was EUR 38k (prior year: EUR 44k).
* This income was offset by expenses from the interest accretion of provisions for pension obligations of EUR 55k (prior year: EUR 54k).

== To II.5. Other expenses ==

{{chunk|doc=9fth4kgfqj|c=186|p=58}}

<div style="overflow-x:auto">
{| id="t50" class="wikitable fintable"
|+ To II.5. Other expenses
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
| style="text-align:left" | Expenses for the company as a whole
| style="text-align:right" | 17,770
| style="text-align:right" | 77,399
|-
| style="text-align:left" | Individual value adjustment on agent receivables
| style="text-align:right" | 2,000
| style="text-align:right" | -3
|-
| style="text-align:left" | Depreciation
| style="text-align:right" | 1,863
| style="text-align:right" | 2,059
|-
| style="text-align:left" | Interest and similar expenses {{fn ref|1)|2=1) Interest expenses include 55 (60) TEUR expenses from interest capitalization.}}
| style="text-align:right" | 623
| style="text-align:right" | 1,002
|-
| style="text-align:left" | [[Definition:Foreign exchange|Foreign exchange]] losses
| style="text-align:right" | 14
| style="text-align:right" | 10
|-
| style="text-align:left" | Miscellaneous
| style="text-align:right" | 311
| style="text-align:right" | 233
|-
| style="text-align:left" | Total
| style="text-align:right" | 22,581
| style="text-align:right" | 80,700
|}
</div>

{{fn note|1=1)|2=1) Interest expenses include 55 (60) TEUR expenses from interest capitalization.}}

== To II.7. Income and earnings taxes ==

{{chunk|doc=9fth4kgfqj|c=187|p=58}}
'''Tax on income and earnings'''

* The reported amount of EUR 15k (prior: EUR 5k) is attributable to creditable withholding tax.

== To II.8. Other taxes ==

{{chunk|doc=9fth4kgfqj|c=188|p=58}}
'''Other taxes'''

* Other taxes amounted to EUR 7k (prior: EUR 105k).
* Other taxes include taxes that are part of the insurance company's expenses.

== Company bodies ==

=== Supervisory board ===

{{chunk|doc=9fth4kgfqj|c=189|p=59}}

<div style="overflow-x:auto">
{| id="t51" class="wikitable"
|+ Supervisory board
|-
! style="text-align:left" | Member
|-
| style="text-align:left" | Dr. Jan-Philipp Lüdtke Chairman Senior Manager of HDI AG Isernhagen
|-
| style="text-align:left" | Barbara Riebeling (Deputy Chairwoman) Chairwoman of the Supervisory Board of neue leben Unfallversicherung AG Cologne
|-
| style="text-align:left" | Nicolas Heine (seit 1.8.2025) Leitender Angestellter der HDI AG Leverkusen
|-
| style="text-align:left" | Johanna Weigand (seit 1.1.2025; bis 31.7.2025) Leitende Angestellte der HDI AG Köln
|}
</div>

=== Management board ===

{{chunk|doc=9fth4kgfqj|c=190|p=59}}

<div style="overflow-x:auto">
{| id="t52" class="wikitable"
|+ Member by Executive Board Departments
|-
! style="text-align:left" | Member
! style="text-align:left" | Executive Board Departments
|-
| style="text-align:left" | Dr. Daniel Schulze Lammers Vorsitzender Hannover
| style="text-align:left" | ■ IT ■ Product Management (Private) (formerly SHUK) ■ Product Technology and Legacy Systems Property ■ Operations Property ■ Claims ■ Investment and Asset Management ■ Anti-Money Laundering ■ Actuarial and Business Steering Property (incl. Reinsurance)
|-
| style="text-align:left" | Norbert Eickermann Hannover
| style="text-align:left" | ■ Sales EVT
|-
| style="text-align:left" | Dr. Philipp Horsch (seit 1.4.2025) Hannover
| style="text-align:left" | ■ Product Management Corporate/Freelance Professions ■ Operations Corporate/Freelance Professions
|-
| style="text-align:left" | Thorsten Jahnke (seit 1.1.[[Definition:Year 2026|2026]]) Hannover
| style="text-align:left" | ■ Broker Sales / Cooperations
|-
| style="text-align:left" | Thomas Lüer Hannover
| style="text-align:left" | ■ HDI Sales ■ Sales Management ■ Marketing
|-
| style="text-align:left" | Jens Warkentin Hannover
| style="text-align:left" | ■ Controlling ■ Risk Management ■ Actuarial Function ■ Accounting, Financial Reporting and Taxes ■ Data Protection ■ Legal ■ Internal Audit ■ Compliance
|}
</div>

== Executive bodies' compensation ==

{{chunk|doc=9fth4kgfqj|c=191|p=60}}
'''Executive and Supervisory Board compensation'''

* Total compensation for active Management Board members for their work at the company was EUR 2,071k (prior: EUR 2,443k).
* Management Board members also received compensation for their work in other Talanx Group companies if they served on those boards.
* Virtual shares allocated to the Management Board for the reporting year under the share-based compensation system totaled 7,989 (prior: 10,103) from the Talanx Performance Share Award Program, with a fair value of EUR 744k (prior: EUR 704k).
* Provisions for current pensions and entitlements for former Management Board members or their surviving dependents, for their previous work at the company, amounted to EUR 147k (prior: EUR 149k).
* Supervisory Board members received EUR 6k (prior: EUR 6k) for their work at the company.

== Other financial obligations and contingent liabilities ==

{{chunk|doc=9fth4kgfqj|c=192|p=60}}
'''Guarantees and contingent liabilities'''

* Talanx AG, Hannover, and HDI Global SE, Hannover, have assumed the fulfillment of the company's obligations for former employees' and board members' pensions, both internally and externally.
* The company has joint liability for these pension commitments, amounting to EUR 47,686k (prior: EUR 58,542k) to Talanx AG and EUR 22,679k (prior: EUR 24,472k) to HDI Global SE at year-end.
* HDI Versicherung AG is a member of Verkehrsopferhilfe e.V., Berlin, and is obligated to contribute to the association's services and administrative costs based on its share of premium income from motor third-party liability insurance in the penultimate calendar year.
* The management board assesses the likelihood of claims arising from these liabilities as improbable.

{{chunk|doc=9fth4kgfqj|c=193|p=60}}
'''Membership obligations'''

* The company is a member of Versicherungsombudsmann e.V., Berlin, with membership costs covered by contributions based on [[Definition:Gross written premiums|gross written premiums]] from directly underwritten domestic business.

{{chunk|doc=9fth4kgfqj|c=194|p=60}}
'''Financial commitments from investment programs'''

* HDI Versicherung AG has other financial commitments from open payment obligations ("Commitment") totaling EUR 109,434k, stemming from an investment program with a total subscription volume of EUR 302,208k.
* This includes remaining open payment obligations of EUR 79,141k to affiliated and associated companies from a subscription volume of EUR 222,885k.
* Payment obligations to affiliated companies include: TD Sach Private Equity GmbH & Co. KG (EUR 59,414k), TD Real Assets GmbH & Co. KG (EUR 18,547k), and Talanx Infrastructure Portugal 2 GmbH (EUR 1,179k).
* There are no payment obligations to associated companies.
* Other payment obligations include: NRD Frankfurt TERRA (FOUR) MC (Nachrang) (EUR 11,225k), Ardian Private Credit V S.C.S., SICAV-RAIF (Fund) (EUR 9,606k), Barings Europ Private Loan Fund III SCSp SICAV-SIF (EUR 3,742k), BeGo Corp. Direct Lend. Debt Fund III (close-end) (EUR 3,498k), Enhanced Sustainable Power Fund Nr. 3 GmbH & Co. KG (EUR 941k), WindPV Operation GmbH-Projekt Tomorrow (EUR 874k), and CEF BKR03 NL BV (Darwin-Borkum Rifg 3) SHL 2 (sub.) (EUR 407k).

{{chunk|doc=9fth4kgfqj|c=195|p=60}}
'''Other contractual and financial obligations'''

{{chunk|doc=9fth4kgfqj|c=195|p=61|cont=1}}
* No other contractual obligations exist.
* No further payment obligations from shares, bills of exchange, or other liabilities of any kind exist.
* Aval credits amount to EUR 1,850k (prior: EUR 1,850k).

== Significant contracts ==

{{chunk|doc=9fth4kgfqj|c=196|p=61}}
'''Control and profit transfer agreements'''

* The control and profit transfer agreement between HDI Deutschland AG (controlling company) and HDI Versicherung AG remains in effect.
* The control and profit transfer agreement between HDI Versicherung AG (controlling company) and HDI next GmbH (controlled company) was terminated effective March 31, 2025, via a termination agreement dated February 17, 2025.

== Shareholdings in the company ==

{{chunk|doc=9fth4kgfqj|c=197|p=61}}
'''Shareholder structure'''

* The sole shareholder of HDI Versicherung AG is HDI Deutschland AG, which holds 100% of the share capital.
* HDI Deutschland AG directly holds a majority stake in HDI Versicherung AG, Hannover (notification according to § 20 para. 4 AktG).
* HDI Deutschland AG directly holds more than one-quarter of the shares in HDI Versicherung AG (notifications according to § 20 para. 1 and 3 AktG).

== Relationships with related companies and persons ==

{{chunk|doc=9fth4kgfqj|c=198|p=61}}
'''Related party transactions'''

* The company maintains extensive reinsurance relationships with Talanx AG companies.
* Appropriate consideration is paid and received for reinsurance coverage and related services, ensuring no impact on the company's financial position or earnings compared to using non-related parties.
* Essential services from cross-functional areas like Finance, HR, IT, Operations, and Sales are provided by HDI AG to the domestic companies of the Talanx Group, including HDI Versicherung AG.
* HDI Versicherung AG also utilizes central services from Ampega Asset Management GmbH, which manages assets for the insurance companies within the Group.

== Total auditor fees ==

{{chunk|doc=9fth4kgfqj|c=199|p=61}}
'''Auditor remuneration and services'''

* Auditor remuneration is included proportionally in the consolidated financial statements of HDI Haftpflichtverband der Deutschen Industrie V.a.G and Talanx AG, broken down by expenses for audit services, other assurance services, and other services.
* The auditor audited the annual financial statements and management report as of December 31, 2025, and the reporting package prepared according to International Financial Reporting Standards (IFRS).
* The quarterly reporting packages prepared according to IFRS were subject to a review.
* The auditor also audited the solvency overview as of December 31, 2025.

== Consolidated financial statements ==

{{chunk|doc=9fth4kgfqj|c=200|p=61}}
'''Group consolidation and reporting requirements'''

* The company is a group company of HDI Haftpflichtverband der Deutschen Industrie Versicherungsverein auf Gegenseitigkeit, Hannover, and Talanx AG, Hannover.
* HDI Haftpflichtverband der Deutschen Industrie Versicherungsverein auf Gegenseitigkeit (parent company of the HDI Group) prepares consolidated financial statements (largest group) in accordance with § 341i in conjunction with § 290 HGB, which include the company.
* Talanx AG, as the parent company of the Talanx Group, is also required to prepare consolidated financial statements (smallest group) in accordance with § 341i in conjunction with § 290 HGB.
* The Talanx AG consolidated financial statements are prepared according to International Financial Reporting Standards (IFRS) as adopted by the European Union (EU), based on § 315e para. 1 HGB in conjunction with Article 4 of Regulation (EC) No. 1606/2002.
* The consolidated financial statements are published in the company register.
{{chunk|doc=9fth4kgfqj|c=200|p=62|cont=1}}
* The inclusion of HDI Versicherung AG in the consolidated financial statements of HDI Haftpflichtverband der Deutschen Industrie Versicherungsverein auf Gegenseitigkeit and Talanx AG exempts the company from preparing its own consolidated financial statements, according to § 291 para. 1 HGB.

== Subsequent events report ==

{{chunk|doc=9fth4kgfqj|c=201|p=62}}
'''Post-balance sheet events'''

* No events of particular significance occurred after the balance sheet date that would sustainably influence the earnings, financial, and asset position of the company.

{{chunk|doc=9fth4kgfqj|c=202|p=62}}
'''Board of Management signatures'''

* Hannover, February 25, [[Definition:Year 2026|2026]].
* The Board of Management:
** Dr. Daniel Schulze Lammers (Chairman)
** Norbert Eickermann
** Dr. Philipp Horsch
** Thorsten Jahnke
** Thomas Lüer
** Jens Warkentin

== Independent auditor's report ==

{{chunk|doc=9fth4kgfqj|c=203|p=63}}
'''Auditor's address'''

* Addressed to HDI Versicherung AG, Hannover.

=== Report on the audit of the financial statements and the management report ===

==== Audit opinions ====

{{chunk|doc=9fth4kgfqj|c=204|p=63}}
'''Audit opinion on financial statements and management report'''

* The audit covered the financial statements of HDI Versicherung AG, Hannover, for the fiscal year January 1 to December 31, 2025, including the balance sheet as of December 31, 2025, the income statement, and the notes to the financial statements (including accounting and valuation methods).
* The audit also covered the management report of HDI Versicherung AG for the fiscal year January 1 to December 31, 2025.
* The financial statements, based on the audit findings, comply in all material respects with German commercial law provisions and, in accordance with German generally accepted accounting principles, present a true and fair view of the company's assets, liabilities, financial position, and profit or loss as of December 31, 2025, and for the fiscal year January 1, 2025, to December 31, 2025.
* The management report provides an accurate overall picture of the company's situation.
* The management report is consistent in all material respects with the financial statements, complies with German legal requirements, and accurately presents the opportunities and risks of future development.
* In accordance with § 322 Abs. 3 Satz 1 HGB, the audit did not lead to any objections regarding the regularity of the financial statements and the management report.

==== Basis for the audit opinions ====

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'''Audit basis and auditor independence'''

* The audit of the annual financial statements and management report was conducted in accordance with § 317 HGB and the EU Auditor Regulation (No. 537/2014; "EU-APrVO"), observing German generally accepted auditing standards established by the Institute of Public Auditors in Germany (IDW).
* The auditor's responsibility is further described in the "Auditor's Responsibility for the Audit of the Annual Financial Statements and Management Report" section of the audit opinion.
* The auditor is independent of the company in accordance with European, German commercial, and professional regulations.
* Other German professional obligations were fulfilled in accordance with these requirements.
* In accordance with Article 10 (2) (f) EU-APrVO, no prohibited non-audit services under Article 5 (1) EU-APrVO were provided.
* The audit evidence obtained is considered sufficient and appropriate to serve as a basis for the audit opinions on the annual financial statements and management report.

==== Key audit matters in the audit of the financial statements ====

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'''significant audit matters'''

* Particularly important audit matters are those that were most significant in the audit of the annual financial statements for the financial year from January 1 to December 31, 2025.
* These matters were considered in the context of the audit of the financial statements as a whole and in forming the audit opinion; no separate audit opinion is issued on these matters.
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* The most significant matters in the audit were: valuation of investments and valuation of loss reserves.
* The presentation of these particularly important audit matters is structured as follows: matter and problem, audit approach and findings, and reference to further information.
* Investments are reported on the balance sheet at EUR 3,763,874k (90.7% of total assets).
* The commercial law valuation of individual investments is based on acquisition costs and the lower fair value or their fair value.
* According to § 341b para. 2 sentence 1 HGB, certain investments of insurance companies intended to serve the business permanently can be valued according to the provisions applicable to fixed assets.
* In this case, unscheduled write-downs to the lower fair value are only made for permanent impairment, and only temporary impairments are carried forward as hidden burdens to subsequent years (mitigated lower-of-cost-or-market principle).
* Classification as serving the business permanently requires an intention and ability to hold these investments permanently.
* The market price of the respective investment is used to determine the fair value or current value, if available.
* For investments not valued based on stock exchange prices or other market prices (e.g., shares in affiliated companies, alternative investment funds, registered bonds, and promissory note receivables and loans), there is an increased valuation risk due to the necessity of using model calculations.
* Management must make discretionary decisions, estimates, and assumptions, including regarding the potential effects of macroeconomic and geopolitical factors, including interest rate developments, on the valuation of investments.
* Minor changes to these assumptions and methods can have a significant impact on the valuation of investments.
* The valuation of investments was particularly important in the audit due to their material significance for the company's financial position and earnings, the extent of hidden burdens carried forward under the mitigated lower-of-cost-or-market principle, and the discretionary scope of management and associated estimation uncertainties.
* The audit assessed the models used by the company and the assumptions made by management, together with internal investment specialists, given the importance of investments for the company's overall business.
* This assessment was based on investment valuation expertise, industry knowledge, and industry experience.
* The design and effectiveness of the company's controls for valuing investments and recording investment income were evaluated.
* Based on this, individual audit procedures were performed regarding the valuation of investments.
* The audit also assessed management's evaluation of the effects of macroeconomic and geopolitical factors, including interest rate developments, on the valuation of investments.
* The underlying valuations and their recoverability were reviewed based on the provided documents, and the consistent application of valuation methods and period demarcation was checked.

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'''valuation of investments'''

* Regarding the assessment of existing hidden burdens, the audit evaluated whether the conditions for the intention and ability to hold permanently were met and whether existing impairments were not permanent.
* The audit also assessed the valuation reports prepared or obtained by the company (including the valuation parameters applied and assumptions made) for the significant shares in affiliated companies.
* Based on the audit procedures, it was confirmed that management's assessments and assumptions for the valuation of investments are justified and sufficiently documented.
* The company's information on investments is included in the "Accounting and Valuation Methods" section and the notes to "Balance Sheet - Assets" in the appendix.

===== ❷ Valuation of claims provisions =====

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'''Valuation of claims provisions'''

* The company's financial statements show technical provisions (claims provisions) of EUR 3,261,447k, representing 78.5% of the balance sheet total, under the balance sheet item "Provision for outstanding claims".
* Insurance companies must form technical provisions as necessary, based on sound commercial judgment, to ensure the continuous fulfillment of obligations from insurance contracts.
* Determining assumptions for valuing technical provisions requires management to consider commercial and regulatory requirements, assess future events, and apply suitable valuation methods.
* This includes the expected impact of increased inflation rates on claims provisions in affected segments.
* The methods and calculation parameters used to determine claims provisions are based on management's discretion and assumptions.
* Minor changes to these assumptions and methods can significantly impact the valuation of claims provisions.
* Due to the material significance of these provisions for the company's financial position and earnings, as well as the considerable discretion of management and associated estimation uncertainties, the valuation of claims provisions was particularly important for the audit.
* The audit assessed the methods used by the company and the assumptions made by management, utilizing industry knowledge, experience, and recognized methods.
* The audit also evaluated the design and effectiveness of the company's controls for determining and recording claims provisions.
* Further analytical and individual case audit procedures were performed regarding the valuation of claims provisions.
* Data underlying the calculation of the fulfillment amount was reconciled with basic documents.
* The audit verified the company's calculated provision amounts against applicable legal regulations and checked the consistent application of valuation methods and period-end cut-offs.
* Management's assessment of increased inflation rates on affected segments was also evaluated.
* Based on the audit procedures, the assessments and assumptions made by management for the valuation of claims provisions were found to be justified and sufficiently documented.

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'''Disclosure of claims provisions'''

* Information on the company's claims provisions is included in the "Accounting and Valuation Methods" section of the notes.

== Other information ==

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'''Auditor responsibility for other information'''

* Legal representatives are responsible for other information.
* Other information includes the management report (excluding further cross-references to external information), with the exception of the audited annual financial statements, the audited management report, and the auditor's confirmation.
* The auditor's opinions on the annual financial statements and the management report do not extend to other information, and therefore no audit opinion or any other form of audit conclusion is issued on this information.
* In connection with the audit, the auditor is responsible for reading the aforementioned other information and assessing whether it contains material inconsistencies with the annual financial statements, the content-audited management report disclosures, or knowledge obtained during the audit.
* The auditor also assesses whether the other information otherwise appears materially misstated.

== Responsibility of the legal representatives and the Supervisory Board for the financial statements and the management report ==

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'''Management responsibilities for financial reporting'''

* Management is responsible for preparing financial statements that comply with German commercial law and accurately reflect the company's assets, financial position, and earnings.
* Management is responsible for internal controls deemed necessary to ensure financial statements are free from material misstatement due to fraud or error.
* Management is responsible for assessing the company's ability to continue as a going concern and disclosing relevant facts.
* Management is responsible for preparing financial statements based on the going concern principle, unless actual or legal circumstances prevent it.
* Management is responsible for preparing the management report, ensuring it provides an accurate picture of the company's situation, aligns with the financial statements, complies with German legal requirements, and accurately presents future opportunities and risks.
* Management is responsible for the systems and measures deemed necessary to prepare the management report in accordance with applicable German legal requirements and to provide sufficient evidence for its statements.

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'''Supervisory Board responsibilities'''

* The Supervisory Board is responsible for overseeing the company's accounting process for preparing the financial statements and the management report.

==== Auditor's responsibility for the audit of the financial statements and the management report ====

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'''Auditor's responsibility for the audit of the financial statements and the management report'''

* The auditor's objective is to obtain reasonable assurance that the financial statements are free from material misstatement due to fraud or error, and that the management report provides a true and fair view of the company's situation, complies with German legal requirements, and accurately presents future development opportunities and risks.
* The auditor issues an audit opinion on the financial statements and management report.
* Reasonable assurance is a high level of assurance, but not a guarantee that an audit conducted in accordance with § 317 HGB and EU-APrVO, and German auditing standards (IDW), will always detect a material misstatement.
* Misstatements can result from fraud or error and are considered material if they could reasonably be expected to influence the economic decisions of users based on the financial statements and management report.
* Information on capital investments is included in the "Accounting and Valuation Methods" section and the "Balance Sheet - Assets" notes of the appendix.
* The company's financial statements report technical provisions (loss provisions) of EUR 3,261,447k under the balance sheet item "Provision for unsettled insurance claims".
* These loss provisions represent 78.5% of the balance sheet total.
* Insurance companies must form technical provisions to the extent necessary, based on sound commercial judgment, to ensure the long-term fulfillment of obligations from insurance contracts.
* Determining assumptions for the valuation of technical provisions requires management to consider commercial and supervisory requirements, assess future events, and apply appropriate valuation methods.
* This includes the expected impact of increased inflation rates on the formation of loss provisions in affected segments.
* The methods and calculation parameters used to determine loss provisions are based on management's discretionary decisions and assumptions.
* Minor changes to these assumptions and methods can have a material impact on the valuation of loss provisions.
* The valuation of loss provisions was of particular importance during the audit due to their material significance for the company's financial position and earnings, and the considerable discretion of management and associated estimation uncertainties.
* The risk of not detecting a material misstatement resulting from fraudulent acts is higher than the risk of not detecting one resulting from errors, as fraudulent acts can involve collusion, forgery, intentional omissions, misleading representations, or the circumvention of internal controls.
* The auditor, together with internal valuation specialists, assessed the methods used by the company and the assumptions made by management, considering industry knowledge and experience, and recognized methods.
* The auditor evaluated the design and effectiveness of the company's controls for determining and recording loss provisions.
* Further analytical and individual case audit procedures were performed regarding the valuation of loss provisions.
* Data underlying the calculation of the fulfillment amount was reconciled with basic documents.
* The company's calculated results for the amount of provisions were verified against applicable legal regulations, and the consistent application of valuation methods and period cut-offs were reviewed.
* Management's assessment of increased inflation rates on affected segments was also evaluated.
* Based on audit procedures, the auditor was satisfied that management's assessments and assumptions for valuing loss provisions are justified and sufficiently documented.
* The auditor assesses the overall presentation, structure, and content of the financial statements, including disclosures, and whether the financial statements present the underlying business transactions and events in a way that provides a true and fair view of the company's assets, financial position, and earnings in accordance with German generally accepted accounting principles.
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* The auditor assesses the consistency of the management report with the financial statements, its legal compliance, and the picture it conveys of the company's situation.
* Audit procedures are performed on the forward-looking information presented by management in the management report.
* Based on sufficient appropriate audit evidence, the auditor verifies the significant assumptions underlying the forward-looking information and assesses the appropriate derivation of the forward-looking information from these assumptions.
* No separate audit opinion is issued on the forward-looking information or the underlying assumptions.
* There is a significant unavoidable risk that future events may differ materially from the forward-looking information.
* The auditor discusses with those charged with governance, among other things, the planned scope and timing of the audit, and significant audit findings, including any significant deficiencies in internal controls identified during the audit.
* The auditor provides a declaration to those charged with governance that relevant independence requirements have been met, and discusses all relationships and other matters that could reasonably be assumed to affect independence, and, if applicable, actions taken or safeguards implemented to eliminate threats to independence.
* From the matters discussed with those charged with governance, the auditor determines those that were most significant in the audit of the financial statements for the current reporting period and are therefore the key audit matters.
* These matters are described in the audit opinion, unless laws or other regulations prohibit public disclosure of the matter.

=== Other legal and regulatory requirements ===

==== Other information pursuant to Article 10 EU-APrVO ====

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'''Other information pursuant to Article 10 EU-APrVO'''

* The auditor was elected by the Annual General Meeting on March 13, 2025.
* The auditor was commissioned by the Supervisory Board on March 17, 2025.
* The auditor has been continuously active as the auditor of HDI Versicherung AG, Hanover, since the 2018 financial year.
* The audit opinions in this confirmation note are consistent with the additional report to the audit committee according to Article 11 EU-APrVO (audit report).

==== Responsible auditor ====

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'''Responsible auditor'''

* The auditor responsible for the audit is Christian Sack.
* Hannover, March 10, [[Definition:Year 2026|2026]].
* PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft.
* Christian Sack, Wirtschaftsprüfer; ppa. Frédéric Esser, Wirtschaftsprüfer.

== Report of the Supervisory Board. ==

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'''Supervisory Board oversight and decision-making'''

* The Supervisory Board regularly monitored the Management Board of HDI Versicherung AG during the reporting year through detailed written and oral reports.
* The Supervisory Board held two ordinary meetings to review business development and the company's situation, and to pass resolutions.
* The Supervisory Board was informed about the company's situation, strategic direction, business performance, and risk management through regular submission of documents.
* The Supervisory Board intensively questioned, discussed, and, where required by law, articles of association, or rules of procedure, voted on individual topics after thorough review and consultation.
* Four resolutions were passed outside of meetings via circular procedure for topics requiring short-term attention between meetings.

=== Key areas of discussion in the plenary ===

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'''HDI Germany Strategy and Operations'''

* The new "SBSTNZ." strategy was developed for the HDI Germany [[Definition:Business mix|business unit]] and will be implemented in the next strategy cycle.
* The "SBSTNZ." strategy aims for sustainable growth, strong market positioning, and long-term stability within the Talanx Group.
* The strategy bundles departmental strategies, including high-performing sales, a focused [[Definition:Property & casualty|property and casualty]] insurer, a lean life insurance group, and concentrated portfolio management, all based on integrated IT and stable finances.
* The goal is to drive the implementation of defined objectives and milestones.
* HDI Versicherung AG is a key component of the focused [[Definition:Property & casualty|property and casualty]] insurer.
* The turnaround for HDI Versicherung AG was successfully completed in 2025, with the next phase focusing on building excellence.
* The objective is to ensure functioning portfolio management processes and profitability across all existing portfolios.
* For new business, viable actuarial sales prices, functional offering processes, and marketable products are essential.

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'''Supervisory Board Decisions and Disposals'''

* The Supervisory Board was fully informed about the dissolution of the joint venture and the sale of all shares in MachDigital GmbH at its meeting on March 13, 2025.
* Effective December 31, 2025, the Supervisory Board decided to sell all shares held in SSV Schadenschutzverband GmbH.
* This decision also included approving the termination of the existing control and profit and loss transfer agreement between HDI Deutschland AG (controlling company) and SSV Schadenschutzverband GmbH (controlled company).
* A cooperation agreement for long-term collaboration with the buyer was simultaneously concluded.
* The Supervisory Board was fully informed and passed the necessary resolutions regarding this matter.

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'''Supervisory Board Self-Assessment and Training'''

* The results of the annual self-assessment by Supervisory Board members were reported at the meeting on November 6, 2025, and were satisfactory.
* The Supervisory Board has not yet decided on any adjustments to the thematic areas for the next self-assessment in mid-2026.
* In the 2025 financial year, three digital training programs were conducted for the Supervisory Board.
* These programs continuously strengthened the expertise of Supervisory Board members, as required by BaFin's governance requirements and EIOPA guidelines.
* All training sessions were recorded and made available to Supervisory Board members for self-study.
* Training topics included:
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** Conduct and Customer Benefit (regulatory requirements from VAG and IDD, and current BaFin expectations).
** DORA@HD Awareness-Training 2025 (introduction to Digital Operational Resilience Act (DORA) requirements and their implementation).
** Actuarial Science and Capital Investment for Life and [[Definition:Property & casualty|Property & Casualty]] (deepening fundamentals and current developments).
* Due to the increasing importance of Artificial Intelligence (AI), the Supervisory Board will continuously and more intensively address technological and regulatory developments.
* In-depth training programs for the Supervisory Board are planned for AI.

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'''Supervisory Board Information and Oversight'''

* The Supervisory Board approved an adjustment to the company's information policy during its spring 2025 meeting.
* Key updates included regulations for the results and forecast process, and streamlined reporting on governance functions.
* The Supervisory Board was regularly informed about the company's situation in 2025, particularly regarding finances, capital investments, and solvency.
* Reporting in 2025 considered current economic, financial, and political developments.
* Annual reporting is required for non-audit services provided by the auditor for PIEs and the utilization of defined caps; the Supervisory Board was informed on November 6, 2025.
* As the statutory maximum term for the appointment of the same auditor ends with the audit for the 2027 financial year, the Supervisory Board decided to publicly tender the audit for the 2028 financial year onwards, in accordance with legal requirements for external rotation.
* The tender will be for a comprehensive offer to audit all Public Interest Entities (PIEs) within the HDI, Talanx, and Hannover Rück Groups, as well as their consolidated subsidiaries and branches.
* The Management Board submitted transactions requiring approval to the Supervisory Board, and the Supervisory Board granted all necessary approvals as per the articles of association or rules of procedure.
* Quarterly reports under § 90 AktG detailed and explained new business development, premiums, profitability, costs, and capital investments.
* The Chairman of the Supervisory Board was continuously informed by the CEO about important developments and upcoming decisions.

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'''Risk Management and Governance Functions'''

* The entire Management Board decides on the creation and annual review of the business and risk strategy, as per its rules of procedure.
* The Supervisory Board discussed the risk strategy for the 2025 financial year at its meeting on March 13, 2025.
* The Supervisory Board was informed about the current status of risk management in its meetings and confirmed the effectiveness of the risk management system.
* Quarterly risk reports were provided to the Supervisory Board for comprehensive information.
* The Supervisory Board received detailed information on the company's risk situation and planned measures by the Management Board when needed.
* Questions regarding Artificial Intelligence (AI) were included in the scheduled review of the business organization.
* The use of AI applications is already considered in risk assessment and further development regarding use cases and governance within risk reporting.
* The ORSA report was submitted to the Supervisory Board with the meeting documents for the autumn 2025 Supervisory Board meeting for complete information.
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* These measures collectively meet supervisory requirements for risk management within good and responsible corporate governance and oversight.
* In the spring 2025 meeting, the Supervisory Board was informed about the current status of other governance functions, including the actuarial function, compliance, and internal audit, in addition to risk management, confirming the effectiveness of all governance functions.
* A detailed report on the actuarial function was provided in autumn 2025, alongside the risk management report.
* There were no current issues regarding compliance and internal audit, so reporting for these functions will occur as scheduled in spring [[Definition:Year 2026|2026]].

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'''Supervisory Board Oversight Conclusion'''

* The Supervisory Board did not find it necessary to take audit measures under § 111 Abs. 2 AktG in the 2025 financial year.
* The Supervisory Board confirmed that the Management Board had correctly set its operational priorities and taken appropriate measures.
* Overall, the Supervisory Board confirmed the legality, appropriateness, regularity, and economic efficiency of the company's management within its statutory and constitutional responsibilities.

=== Annual financial statement audit ===

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'''annual financial statement audit'''

* The annual financial statements and management report of the company, as well as the auditor's report, were submitted to the Supervisory Board.
* The annual financial statements as of December 31, 2025, and the management report, submitted by the Management Board, were audited by PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft, Hannover, including the accounting records.
* The audit found no grounds for objection.
* The unqualified audit opinion states that the annual financial statements comply in all material respects with German commercial law provisions and, in accordance with German generally accepted accounting principles, present a true and fair view of the company's assets, financial position as of December 31, 2025, and its results of operations for the fiscal year from January 1 to December 31, 2025.
* The management report provides an accurate overall picture of the company's situation.
* In all material respects, the management report is consistent with the annual financial statements, complies with German legal provisions, and accurately presents the opportunities and risks of future development.
* The auditor declared, in accordance with § 322 Abs. 3 Satz 1 HGB, that the audit did not lead to any objections regarding the regularity of the annual financial statements and the management report.
* The audit documents and the auditor's reports were provided to all Supervisory Board members in a timely manner before the meeting.
* The auditor was present at the Supervisory Board meeting on March 11, [[Definition:Year 2026|2026]], during the discussion of the annual financial statements and management report.
* The auditor reported on the conduct and quality of the audit and was available to the Supervisory Board for additional information regarding the annual financial statements, management report, and audit report.
* The Supervisory Board discussed the annual financial statements prepared by the Management Board, reviewed the auditor's report, and directed inquiries to the auditor on specific points.
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* The Supervisory Board concluded that the audit report complies with §§ 317 and 321 HGB and raises no concerns.
* The Supervisory Board also concluded that the management report fulfills the requirements of § 289 HGB and is consistent with the statements in the reports to the Supervisory Board according to § 90 AktG.
* The management report is consistent with the Supervisory Board's own assessment of the company's situation.
* The Supervisory Board agrees with the management report, particularly with the statements made therein regarding the company's future development.
* The Supervisory Board also assessed the quality of the audit based on the submitted reports.
* Following the final review of the annual financial statements and management report by the Supervisory Board itself, no objections were raised.
* The Supervisory Board concurred with the auditor's judgment and approved the annual financial statements prepared by the Management Board on March 11, [[Definition:Year 2026|2026]].
* The annual financial statements are thus adopted.

=== Appointment of the Management Board and Supervisory Board and other mandates ===

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'''Management Board appointments'''

* Norbert Eickermann was reappointed to the Management Board with effect from February 1, [[Definition:Year 2026|2026]], during the Supervisory Board meeting on March 13, 2025.
* Dr. Philipp Horsch was appointed to the Management Board with effect from April 1, 2025, during the Supervisory Board meeting on March 13, 2025.
* Dr. Horsch is responsible for the Product Management Corporate/Freelancers and Operations Corporate/Freelancers departments.
* Thorsten Jahnke was appointed as an additional member of the Management Board with effect from January 1, [[Definition:Year 2026|2026]], during the Supervisory Board meeting on November 6, 2025.
* Thorsten Jahnke assumed departmental responsibility for Broker Sales and Cooperations from Thomas Lüer.
* Thomas Lüer is responsible for the HDI Sales, Sales Management, and Marketing departments with effect from January 1, [[Definition:Year 2026|2026]].

{{chunk|doc=9fth4kgfqj|c=225|p=73}}
'''Supervisory Board appointments'''

* Johanna Weigand resigned her mandate as a member of the Supervisory Board with effect from July 31, 2025.
* Nicolas Heine was elected as her successor to the Supervisory Board by the extraordinary general meeting on July 17, 2025, with effect from August 1, 2025.
* Nicolas Heine's term is for the remainder of the period until the end of the general meeting that resolves on the discharge for the 2027 financial year.

=== Appreciation to the Management Board and employees ===

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'''Appreciation and Signatories'''

* The Supervisory Board thanks the members of the Management Board and all employees for their commitment and successful work in the 2025 financial year.
* Hannover, March 11, [[Definition:Year 2026|2026]].
* For the Supervisory Board: Dr. Jan-Philipp Lüdtke, Chairman.
* Barbara Riebeling and Nicolas Heine are Deputy Chairpersons.

== Imprint ==

=== HDI Versicherung AG ===

{{chunk|doc=9fth4kgfqj|c=227|p=74}}
'''Contact information'''

* HDI-Platz 1, 30659 Hannover
* Telephone: +49 511 645-0
* Telefax: +49 511 645-4545
* Website: www.hdi.de
* Website: www.talanx.com

=== Group Communications ===

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'''Contact information'''

* Telefon: +49 511 3747-2022
* Telefax: +49 511 3747-2525
* E-Mail: gc@talanx.com

{{chunk|doc=9fth4kgfqj|c=229|p=75}}
'''Group Communications'''

<div class="ed-chart-desc">
[Chart/image description:]
The image displays an organizational chart titled "Talanx AG" at the top. Below this, five main vertical columns represent different business areas or group functions, each with a colored header and a list of subsidiary companies beneath it.
</div>

{{chunk|doc=9fth4kgfqj|c=230|p=75}}
'''Group structure by division'''

* Corporate & Specialty Division includes: HDI Global SE, HDI Global Specialty SE, HDI Versicherung AG (Austria), HDI Global Seguros S.A. (Mexico), HDI Global SA Ltd. (South Africa), HDI Global Insurance Company (USA), HDI Global Network AG, and HDI Reinsurance (Ireland) SE.
* International Retail Division includes: HDI International AG, HDI Seguros S.A. (Brazil), Yelum Seguros S.A. (Brazil), HDI Seguros S.A. (Chile), HDI Seguros Colombia S.A., HDI Seguros S.A. de C.V. (Mexico), TUİR WARTA S.A. (Poland), TU Europa S.A. (Poland), HDI Assicurazioni S.p.A. (Italy), and HDI Sigorta A.Ş. (Türkiye).
* Retail Germany Division includes: HDI Deutschland AG, HDI Lebensversicherung AG, HDI Pensionsfonds AG, HDI Pensionskasse AG, HDI Pensionsmanagement AG, HDI Versicherung AG, HDI Vorsorge Lebensversicherung AG, Lifestyle Protection Lebensversicherung AG, Lifestyle Protection AG, LPV Lebensversicherung AG, NEH Neue Hildener Versicherung AG, neue leben Lebensversicherung AG, and neue leben Unfallversicherung AG.
* Reinsurance Division includes:
** Property/Casualty Reinsurance: Hannover Rück SE, E+S Rückversicherung AG, Argenta Holdings Limited, Hannover ReTakaful B.S.C. (c) (Bahrain), Hannover Re (Bermuda) Ltd., Hannover Life Re of Australasia Ltd, Hannover Re (Ireland) DAC, Hannover Re South Africa Limited, and Hannover Life Reassurance Company of America.
** Life/Health Reinsurance: no subsidiaries listed in the chart.
* Group Operations includes: HDI AG, Ampega Asset Management GmbH, Ampega Investment GmbH, and Talanx Reinsurance Broker GmbH.

{{chunk|doc=9fth4kgfqj|c=231|p=75}}
'''General information'''

* The listed participations are the main participations only.
* The information on participations is as of January 1, [[Definition:Year 2026|2026]].
{{chunk|doc=9fth4kgfqj|c=231|p=76|cont=1}}
* HDI Versicherung AG is located at HDI-Platz 1, 30659 Hannover, with telephone +49 511 645-0 and telefax +49 511 645-4545.
* The company websites are www.hdi.de and www.talanx.com.

File:HDI Versicherung-2025-FY-Annual report.md

2026-07-27T13:52:45Z

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HDI Versicherung/2025/FY/Annual report

2026-07-27T13:52:43Z

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{{Infobox doc_archive
| organization = HDI Versicherung
| year = 2025
| period = FY
| period_label = FY25
| document_category = Annual report
| document_name = HDI Versicherung AG Geschäftsbericht 2025
| publication_date = 2026-03
| language = German
| pages = 76
| source_url = https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf
| summary_md = 
| intro_sentence = This article summarizes HDI Versicherung's Annual report published on 2026-03 (76 pages).
| wide = yes
| document = Document:HDI Versicherung/2025/FY/Annual report
| doc_id = 9fth4kgfqj
}}

''This article summarizes HDI Versicherung's Annual report published on 2026-03 (76 pages). Translated from German.''

{{chunk|doc=9fth4kgfqj|c=1|p=1}}
'''Document identification'''

* HDI Versicherung AG
* Geschäftsbericht 2025

== HDI Versicherung AG at a glance. ==

{{chunk|doc=9fth4kgfqj|c=2|p=2}}

<div style="overflow-x:auto">
{| id="t1" class="wikitable fintable"
|+ HDI Versicherung AG at a glance.
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
! class="col-s" style="text-align:right" | +/-%
|-
| style="text-align:left" | [[Definition:Gross written premiums|Gross written premiums]]
| style="text-align:right" | 1,564.8
| style="text-align:right" | 1,588.3
| style="text-align:right" | -1.5
|-
| style="text-align:left" | Gross incurred claims
| style="text-align:right" | 1,006.0
| style="text-align:right" | 1,045.4
| style="text-align:right" | -3.8
|-
| style="text-align:left" | Gross operating expenses
| style="text-align:right" | 486.4
| style="text-align:right" | 506.7
| style="text-align:right" | -4.0
|-
| style="text-align:left" | Gross combined ratio (in %)
| style="text-align:right" | 95.7
| style="text-align:right" | 98.3
| style="text-align:right" | —
|-
| style="text-align:left" | Net technical provisions
| style="text-align:right" | 3,761.9
| style="text-align:right" | 3,678.1
| style="text-align:right" | 2.3
|-
| style="text-align:left" | Investments
| style="text-align:right" | 3,763.9
| style="text-align:right" | 3,760.8
| style="text-align:right" | 0.1
|-
| style="text-align:left" | Income from investments
| style="text-align:right" | -31.8
| style="text-align:right" | 112.0
| style="text-align:right" | -128.4
|-
| style="text-align:left" | Net investment yield (in %)
| style="text-align:right" | -0.8
| style="text-align:right" | 3.0
| style="text-align:right" | —
|-
| style="text-align:left" | Earnings before profit transfer
| style="text-align:right" | 109.5
| style="text-align:right" | 17.6
| style="text-align:right" | 520.4
|}
</div>

== Content ==

{{chunk|doc=9fth4kgfqj|c=3|p=3}}
'''Report sections'''

* Section 2: Lagebericht
* Section 2: Geschäftstätigkeit, Organisation und Struktur
* Section 3: Wirtschaftsbericht
* Section 18: Risikobericht
* Section 26: Prognose- und Chancenbericht
* Section 29: Versicherungsarten

{{chunk|doc=9fth4kgfqj|c=4|p=3}}
'''Appendix and financial statements'''

* Anlage 1 zum Lagebericht (Appendix 1 to the Management Report)
* Section 32: Jahresabschluss (Annual Financial Statements)
* Section 32: Bilanz (Balance Sheet)
* Section 34: Gewinn- und Verlustrechnung (Income Statement)
* Section 36: Anhang (Notes)

{{chunk|doc=9fth4kgfqj|c=5|p=3}}
'''Audit and supervisory board reports'''

* Section 61: Bestätigungsvermerk des unabhängigen Abschlussprüfers (Independent Auditor's Report)
* Section 68: Bericht des Aufsichtsrats (Report of the Supervisory Board)

== Management Report. ==

=== Business Activities, Organization and Structure ===

==== Corporate Policy Background ====

{{chunk|doc=9fth4kgfqj|c=6|p=4}}
'''HDI Versicherung AG overview'''

* HDI Versicherung AG is part of the Talanx business division Private and Corporate Insurance Germany (HDI Deutschland).
* HDI Deutschland bundles the activities of private and corporate customer companies in [[Definition:Property & casualty|property and casualty]] insurance, life insurance, and bancassurance in Germany.
* HDI Deutschland AG manages the HDI Deutschland business division.
* The registered office of HDI Versicherung AG is Hannover.
* The company offers broad insurance coverage for private individuals, sole proprietors, freelancers, and small and medium-sized enterprises in liability, accident, property, and motor vehicle insurance.
* HDI Versicherung AG provides comprehensive insurance coverage for companies in trade, services, and crafts through industry-specific solutions and modular insurance packages.
* HDI Versicherung AG positions itself as a provider of affordable and transparent insurance products for private and corporate customers.
* The focus is on price- and performance-conscious customers who independently seek market solutions, as well as consultation-oriented customers who desire customized insurance products.
* The company uses its in-house sales force organization to provide a holistic support approach for its customers.
* In addition to its own [[Definition:Property & casualty|property and casualty]] insurance, legal protection, credit, life, and health insurance products from other companies are also offered through this channel.
* Another distribution channel is the company-mediated employee benefits business.

{{chunk|doc=9fth4kgfqj|c=7|p=4}}
'''Credit rating'''

* In February 2025, Standard & Poor's upgraded the financial strength rating for HDI Versicherung AG from A+ to AA-.
* The outlook for HDI Versicherung AG's rating is 'stable'.
* The rating confirms that the company has a particularly strong financial profile.

=== Our Sales Partners ===

{{chunk|doc=9fth4kgfqj|c=8|p=4}}
'''Distribution strategy and channels'''

* HDI aims to provide customers with easy access to its insurance products and diverse consulting and service offerings.
* This is achieved by maintaining and expanding cooperation with carefully selected distribution partners across all relevant sales channels.
* Relevant sales channels for HDI include its own exclusive sales organization, distribution through independent intermediaries and multi-agents, and various cooperation partners.
* The functional organization ensures clear responsibilities and establishes the basis for cross-segment work in property and life insurance.
* This cross-segment perspective is crucial for improving processes and services for the benefit of customers and distribution partners.
* With the increasing importance of online sales, HDI also aims to optimize interfaces with its distribution partners and offer them digitally contractible products.

=== Group Services ===

{{chunk|doc=9fth4kgfqj|c=9|p=4}}
'''Group-wide services and synergies'''

* HDI Versicherung AG does not employ its own staff.
* Its integration into a large insurance group allows for cross-company organized functions, enabling the efficient use of synergies and resources.
* This structure allows for cost advantages from standardized processing within the group and better conditions with service providers.
* Essential services from cross-functional areas (e.g., Finance, HR, IT, Operations, and Sales) are provided by HDI AG for the domestic companies of the Talanx Group, including HDI Versicherung AG.
* HDI Versicherung AG also utilizes central services from Ampega Asset Management GmbH, which manages assets for the insurance companies within the group.

== Economic Report ==

=== Overall Economic and Industry-Specific Framework Conditions ===

==== Economic Development ====

{{chunk|doc=9fth4kgfqj|c=10|p=5}}
'''Global economic development and trade policy'''

* Global economic growth remained at 3.3% YoY in 2025, the weakest value since the COVID year 2020, influenced by the start of US President Trump's second term and his administration's trade policy.
* The "Liberation Day" in April and subsequent policy reversals in US trade policy impacted global economic development.

{{chunk|doc=9fth4kgfqj|c=11|p=5}}
'''German and Eurozone economic performance'''

* The German economy recorded a +0.2% YoY growth in 2025 after two consecutive recession years.
* Germany's GDP was only 0.1% above its pre-COVID level at the end of 2019.
* Growth in Germany was driven by private and government consumption.
* Declining construction and equipment investments in Germany were not offset by an increase in the defense sector.
* External trade disputes created [[Definition:Headwind|headwinds]] for the German economy.
* The special fund for infrastructure announced in March and higher defense spending are expected to take full effect in the coming years.
* Germany and France lagged behind their European peers economically; France experienced political instability and government changes in 2025 due to budget disputes.
* Eurozone growth accelerated from 0.9% to 1.4% YoY in 2025.
* Excluding Ireland, which saw double-digit GDP growth in 2025 due to rising pharmaceutical exports, Eurozone growth would have been only 0.9% YoY.

{{chunk|doc=9fth4kgfqj|c=12|p=5}}
'''US economic performance'''

* The US economy grew by 2.2% YoY in 2025 despite uncertainties from the new administration.
* Growth was primarily driven by private consumption, though its momentum cooled compared to H2 2024 due to a weaker labor market, increased price pressure (partly from tariffs), and a government shutdown in October/November.
* Only 181,000 new jobs were created in the US labor market in 2025 (prior: 1,459,000).
* The unemployment rate in the US rose slightly from 4.1% to 4.4% over the year, as the labor supply decreased due to anti-migration measures.
* Equipment investments were a growth driver, achieving the strongest increase since 2014 due to the AI boom.
* A significant reduction in the foreign trade deficit, resulting from trade restrictions, also contributed to growth.

{{chunk|doc=9fth4kgfqj|c=13|p=5}}
'''China and Latin America economic performance'''

* China's economic growth was 5.0% YoY in 2025, despite US tariffs (reaching almost 140%) and structural weaknesses in domestic consumption and the real estate sector.
* China's government growth target was met for the third consecutive year, partly due to state-supported industries like robotics and electromobility.
* Latin American economies increased their growth in 2025 despite the challenging international environment, partly due to central bank interest rate cuts (excluding Brazil).
* Latin America's growth rate of 2.8% YoY in 2025 was back to its 2000-2019 average for the first time since the post-COVID rebound.

{{chunk|doc=9fth4kgfqj|c=14|p=5}}
'''Global inflation and interest rates'''

* The global economy largely overcame the fiscal policy and energy price-induced inflation shock following the COVID-19 pandemic and the war in Ukraine.
* Eurozone inflation decreased from 2.4% to 2.0% YoY in 2025, reaching the European Central Bank (ECB) target, driven by falling energy prices and a stronger Euro.
* The ECB cut its key interest rate from 3.00% to 2.00% in several steps during H1 2025.
* US inflation slightly decreased from 2.9% to 2.7% YoY in 2025, as anticipated strong price effects from US tariff barriers did not fully materialize.
* US inflation remained above the Federal Reserve's (Fed) target, leading the Fed to react cautiously to the weakening labor market and cut its key interest rate from 4.50% to 3.75%.

==== Capital markets ====

{{chunk|doc=9fth4kgfqj|c=15|p=5}}
'''International equity markets performance'''

* International equity markets reached new records in 2025 despite geopolitical and trade tensions.
* This performance was driven by a stable economic environment, falling key interest rates, positive corporate earnings development, and strong performance of technology and AI stocks.
* The US S&P 500 recorded numerous new record highs after a correction following the 'Liberation Day' shock in April.
{{chunk|doc=9fth4kgfqj|c=15|p=6|cont=1}}
* The S&P 500 ended 2025 with a price increase of +16.8% (all performance figures in USD).
* This was the sixth double-digit increase for the S&P 500 in the last seven years.
* In 2025, the S&P 500 lagged behind other international markets after its tech-driven rally in the previous year.
* The S&P 500 was behind industrialised countries overall (MSCI World: +19.9%) and significantly behind emerging market stocks (MSCI EM: +30.1%).
* Eurozone stocks led in 2025 (EURO STOXX: +37.9%), with Germany (DAX: +39.1%) at the forefront.
* This was the first time since 2022 that Germany outperformed the USA.
* The yield on 10-year US Treasuries decreased by 0.40 percentage points to 4.17% in 2025 due to Fed interest rate cuts, despite political attacks on the Fed's independence and rising national debt.
* The yield on German government bonds of the same maturity rose sharply from 2.41% to 2.90% following the announcement of Germany's special fund for infrastructure and increased defense spending in March.
* Doubts about rapid implementation caused the German bond yield to fall back below 2.50% within a few weeks.
* With the new federal budget in the autumn and the prospect of increased issuance activity to finance additional expenditures, the 10-year German bond yield ended the year near its annual high at 2.86% (+0.49 percentage points).
* A stronger-than-expected increase in oil supply from OPEC+ pushed Brent crude oil prices down from USD 75 to USD 61 per barrel in 2025.
* The conflict between Israel and Iran caused only a brief increase in oil prices towards USD 80 per barrel.
* Doubts about US debt sustainability and tariff escalation led to a significant appreciation of the Euro against the US Dollar from 1.04 to 1.18 in the first half of 2025.
* In the second half of the year, the Euro consolidated slightly below this level due to political attacks on the Fed's independence.

==== Prevention of money laundering and terrorist financing ====

{{chunk|doc=9fth4kgfqj|c=16|p=7}}
'''Anti-money laundering and terrorism financing compliance'''

* Insurance companies, as per Art. 13 No. 1 Directive 2009/138/EC, are obligated under § 2 Abs. 1 No. 7 of the Money Laundering Act (GwG) in conjunction with § 6 GwG to implement internal safeguards against money laundering if they conduct life insurance activities, offer accident insurance with premium refunds, or grant loans as defined in § 1 Abs. 1 Satz 2 No. 2 KWG.
* The company is therefore obligated to comply with the provisions of the GwG and §§ 52 to 55 VAG regarding the prevention of money laundering, terrorism financing, and other criminal acts, due to its loan granting activities as defined in § 1 Abs. 1 Satz 2 No. 2 KWG.
* The company has established regulations and initiated organizational measures to fulfill these statutory obligations.
* A Money Laundering Officer and a deputy have been appointed.
* Loan granting occurs within the scope of capital investment by Ampega Asset Management GmbH, with a process established for control by the Money Laundering Officer.
* Changes to applicable legal regulations will result from Regulation (EU) 2024/1624 of the European Parliament and of the Council of May 31, 2024, on the prevention of the use of the financial system for money laundering or terrorist financing, which will largely apply from July 10, 2027.
* Drafts for a few Regulatory Technical Standards (RTS) are already available, including the practically very important RTS on Customer Due Diligence (CDD).
* Preparations for the implementation of these changes are underway.

==== Digitalization ====

{{chunk|doc=9fth4kgfqj|c=17|p=7}}
'''Digitalization'''

* Digitalization has gained increasing importance in recent years, leading to a transition to digital, data-based business models.
* Legal questions and challenges related to IT security are becoming more important for HDI Group companies.
* The EU's Digital Operational Resilience Act (DORA) introduces new requirements for insurance companies, effective January 17, 2025, to strengthen the European financial market against cyber risks and ICT incidents.
* The EU also enacted the Artificial Intelligence Act (Regulation (EU) 2024/1689) in 2024, which affects the insurance industry and will have specific implications for the HDI Group.

==== Data protection ====

{{chunk|doc=9fth4kgfqj|c=18|p=7}}
'''Data protection'''

* Talanx Group insurance companies process extensive personal data for application, contract, and claims handling.
* The data protection management system ensures compliance with data protection requirements, including the EU General Data Protection Regulation (GDPR) and the German Federal Data Protection Act.
* Employees are trained and contractually obligated to handle data carefully and comply with data protection requirements.
* Centralized procedures are in place for process-independent data protection requirements, such as commissioning service providers.
* Data protection rights of customers, shareholders, and employees are also covered by these procedures.
* Compliance with applicable law is essential for the Talanx Group companies' long-term business success.
* The Group focuses on adapting its business and products to legal, supervisory, and tax regulations.
* Mechanisms are in place to identify and assess future legal developments and their impact on business operations early, allowing for timely adjustments.

== Business performance and situation ==

{{chunk|doc=9fth4kgfqj|c=19|p=7}}
'''Business performance and situation'''

* This section describes the business performance and situation of HDI Versicherung AG and its consolidated subsidiaries (HDI Versicherung AG Group).
* The HDI Versicherung AG Group is part of the Talanx Group.
* The Talanx Group's annual report provides a comprehensive overview of the business performance and situation of the entire Talanx Group.
* The Talanx Group's annual report is available on its website.

=== Reporting year topics ===

{{chunk|doc=9fth4kgfqj|c=20|p=7}}
'''Reporting year topics'''

* This section covers topics from the reporting year.

==== Future viability of the HDI Germany segment ====

{{chunk|doc=9fth4kgfqj|c=21|p=7}}
'''HDI Germany "Substanz" Strategic Program'''

* HDI Germany is continuing its business planning under the new strategic program "Substanz" (SBSTNZ.).
* The guidelines of the new strategy program are: Simple - Focused - Successful.
* The program aims to promote sustainable growth, strengthen market position, and contribute to long-term stability within the Group.
* The core of the new strategy is a targeted build-up of excellence along the value chain.
* Key aspects include reducing complexity and increasing efficiency in internal processes.
{{chunk|doc=9fth4kgfqj|c=21|p=8|cont=1}}
* HDI Germany aims to become more profitable in the medium term by focusing on core competencies and a streamlined product portfolio.
* The company intends to distinguish itself through high-quality service offerings and reliable collaboration with sales partners.
* Comprehensive support for existing customers and ensuring the long-term fulfillment of obligations are also crucial.
* Important progress was made in the strategic program last year, with the company responding to central challenges by sharpening its strategic direction.
* Initial positive developments towards clearly focused business models and performance-oriented management have been achieved.
* Operational and financial stability was ensured despite profound changes.
* The targeted profit improvement was achieved early in some [[Definition:Business mix|business segments]].
* Transformation, key restructuring measures, and cultural development were significantly advanced.

{{chunk|doc=9fth4kgfqj|c=22|p=8}}
'''HDI Germany Strategic Focus Areas'''

* HDI Versicherung AG focuses on its strengths within the "Substanz" strategic program: exclusive sales, corporate and freelance professions, and selected business models in other important sales channels.
* In motor insurance, the focus is on securing a profitable portfolio in a competitive market driven by high claims inflation and associated high claims costs.
* Emphasis is placed on consistent alignment with market requirements and customer needs for simple products and digital processes.
* Implementation of the "Substanz" program shows noticeable efficiency gains through the development of operations and claims, particularly via business model focus, automation, and AI use.
* The corporate and freelance professions [[Definition:Business mix|business segment]] is being expanded through competitive, proven market and business expertise and systematic portfolio management for profitability.
* Profitability of the portfolio and professionalization/efficiency of processes are consistently and successfully driven in fire and multi-risk products.
* Average premium income increased due to targeted premium adjustments and restructuring.
* Risk-limiting measures such as cancellations, more intensive inspections, and new underwriting limits led to a sustainable improvement in the risk portfolio.

{{chunk|doc=9fth4kgfqj|c=23|p=8}}
'''AI and Agility Initiatives'''

* The use of generative artificial intelligence is planned for the company's future viability and is currently in a testing phase across various departments.
* Agility is an overarching goal, enabling the organization to react flexibly to changes and act proactively.
* This includes early identification and adoption of changing economic conditions to make necessary adjustments and respond to market developments.
* The Agile Delivery Organization (ALO) is continuously reviewed and further developed.

=== IT strategy ===

{{chunk|doc=9fth4kgfqj|c=24|p=8}}
'''IT strategy and objectives'''

* The IT strategy for the Private and Corporate Insurance Germany division covers all essential IT aspects for the risk carriers of HDI Germany.
* The IT strategy incorporates the requirements of the business strategy of all risk carriers.
* Digitization of processes and service offerings, along with the modernization of IT infrastructure, shape HDI Germany's business activities.
* The IT strategy aims to transform the application landscape, aligned with the "Substanz" business strategy and considering innovative technologies like artificial intelligence.
* Sustainable implementation of IT compliance and regulatory requirements under the Digital Operational Resilience Act (DORA) is essential.
* Continuous improvement of the security protection level is also essential.

=== Product ratings ===

{{chunk|doc=9fth4kgfqj|c=25|p=8}}
'''Product ratings and awards'''

* HDI Versicherung AG continuously improves products and services, reflected in product ratings, awards, and seals of approval.
* Examples of positive ratings are found across all private non-life segments.
* Stiftung Warentest rated the private liability insurance (Premium [[Definition:Business mix|product line]]) with 'Sehr gut (0.7)'.
* Stiftung Warentest also rated the residential building insurance (Premium [[Definition:Business mix|product line]]) with 'Sehr gut (0.7)'.
* Franke & Bornberg Research GmbH awarded the HDI private liability insurance (Premium [[Definition:Business mix|product line]], Single and Premium [[Definition:Business mix|product line]], Family) with 'FFF+' (excellent) in the HUS-Privat segment.
* Franke & Bornberg Research GmbH also awarded the residential building insurance (Premium [[Definition:Business mix|product line]] / Multi-family house Premium product) with 'FFF+' (excellent).
* The HDI accident insurance (Premium, 100% contribution, protection letter) and HDI household insurance were also recognized.

=== Sustainability ===

{{chunk|doc=9fth4kgfqj|c=26|p=9}}
'''Sustainability strategy and net-zero targets'''

* Talanx Group, as an international insurance group and long-term investor, has long been committed to responsible corporate governance focused on sustainable value creation.
* The sustainability strategy is an integral part of the corporate strategy, based on the targeted implementation of ESG-specific aspects (Environmental, Social, Governance) across the entire value chain.
* The sustainability strategy focuses on environmental aspects in investments, underwriting, and own operations, the social focus of the Group, and ensuring adequate governance.
* Talanx Group is committed to supporting the transformation to a low-carbon economy.
* Talanx Group aims to achieve net-zero emissions by 2050 for its insurance and investment portfolios{{fn ref|1}}.

{{chunk|doc=9fth4kgfqj|c=27|p=9}}
'''Thermal coal and fossil fuel exclusions'''

* An exit path for thermal coal risks in underwriting was defined until 2038.
* Exclusions for conventional oil and gas projects in underwriting came into effect in July 2023, including a general exclusion of new greenfield oil and gas projects.
* Further restrictions were defined, and the phase-out of all existing oil sands risks was brought forward to the end of 2025.
* Project policies in deep-sea mining are excluded.
* To advance the decarbonization of the investment portfolio, the focus was recently on refining the positioning towards fossil fuels on the investment side.
* Since 2024, exclusions for fracking of shale gas and oil in the Arctic apply, in addition to existing exclusions for oil and tar sands and for oil and gas drilling.
* Since 2025, there will be a systematic reduction of exposure along the entire value chain of the oil and gas sector.
* The share of oil and gas in the total portfolio of liquid corporate bonds is to be reduced by 20% from the current 5.7% to 4.5% over the next five years.
* The existing thermal coal exclusion in investments was tightened in 2024.

{{chunk|doc=9fth4kgfqj|c=28|p=9}}
'''Social engagement and governance'''

* In 2022, a unified framework for the largely decentralized social and community engagement was created and embedded in the corporate strategy.
* Four strategic fields of action were defined for the Talanx Group:
** Diversity, equal opportunities, and inclusion
** Employee's Journey
** Ensuring access to education
** Promoting access to infrastructure
* The Group's governance is a significant topic for the capital market and a key focus of the sustainability strategy.
* The Group regularly addresses and implements governance requirements.

=== Performance indicators ===

{{chunk|doc=9fth4kgfqj|c=29|p=9}}
'''financial performance indicators'''

* The company has defined only financial key performance indicators (KPIs) for the 2025 financial year.
* These KPIs include [[Definition:Gross written premiums|gross written premiums]], gross expenses for insurance claims, gross expenses for insurance operations, investment income, and net profit before profit transfer.
* The development of these and other key figures will be explained in subsequent chapters.

{{chunk|doc=9fth4kgfqj|c=30|p=9}}
'''product ratings'''

* The HDI Versicherung (Premium [[Definition:Business mix|product line]]) was rated "FFF" (very good).
* The HDI Kfz-Versicherung (Motor Premium [[Definition:Business mix|product line]]) maintained its top rating of "FFF+" (excellent) from the independent analysis firm Franke & Bornberg Research GmbH.
* In the "Firmen und Freie Berufe" (Companies and Freelancers) segment, AssCompact awarded the commercial property insurance "Beste Produktqualität" (Best Product Quality) and "Bestes Preis-Leistungs-Verhältnis" (Best Price-Performance Ratio).
* Franke & Bornberg Research GmbH rated the "Inhaltsversicherung Sach Allgefahren" (Property All-Risk Contents Insurance) with modules for Gastronomy, Flood, and Backwater as "FFF" (very good).
* The "Betriebshaftpflichtversicherung" (Business Liability Insurance) with modules for Construction, Services, Trade, Crafts (Ancillary Construction Trades), and Ancillary Medical Professions received an "FFF+" (excellent) rating.
* The commercial cyber insurance (Cyber Insurance for Companies and Freelancers, Business Interruption due to Cloud Outage) was also rated "FFF" (very good).

{{chunk|doc=9fth4kgfqj|c=31|p=9}}
'''Performance indicators'''

{{fn note|1=1|2=The Talanx Group always makes decisions based on the current data situation and existing regulations. Should conditions change, the Talanx Group reserves the right to update the corresponding decisions}}

{{chunk|doc=9fth4kgfqj|c=32|p=10}}
'''Performance indicators'''

* The performance indicators are based on the HDI VVG Group, which includes HDI VVG and its subsidiaries, and are prepared in accordance with IFRS.
* The HDI VVG Group is a sub-group of Talanx AG.
* The performance indicators are derived from the consolidated financial statements of the HDI VVG Group.

== Earnings performance of HDI Versicherung AG ==

=== Business performance: Insurance business total ===

{{chunk|doc=9fth4kgfqj|c=33|p=10}}

<div style="overflow-x:auto">
{| id="t2" class="wikitable fintable"
|+ Business performance: Insurance business total
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 2025 Gross
! class="col-s" style="text-align:right" | 2025 Net
! class="col-s" style="text-align:right" | 2024 Gross
! class="col-s" style="text-align:right" | 2024 Net
|-
| style="text-align:left" | Written premiums
| style="text-align:right" | 1,564.8
| style="text-align:right" | 1,495.5
| style="text-align:right" | 1,588.3
| style="text-align:right" | 1,513.5
|-
| style="text-align:left" | Earned premiums
| style="text-align:right" | 1,559.8
| style="text-align:right" | 1,489.9
| style="text-align:right" | 1,579.5
| style="text-align:right" | 1,504.8
|-
| style="text-align:left" | Incurred claims
| style="text-align:right" | 1,006.0
| style="text-align:right" | 996.0
| style="text-align:right" | 1,045.4
| style="text-align:right" | 1,042.3
|-
| style="text-align:left" | Operating expenses
| style="text-align:right" | 486.4
| style="text-align:right" | 477.3
| style="text-align:right" | 506.7
| style="text-align:right" | 496.2
|-
| style="text-align:left" | Technical result f. e. R.
| style="text-align:right" | —
| style="text-align:right" | 20.1
| style="text-align:right" | —
| style="text-align:right" | -30.7
|-
| style="text-align:left" | In %
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Loss ratio{{fn ref|1)|2=Incurred claims in relation to earned premiums}}
| style="text-align:right" | 64.5
| style="text-align:right" | 66.9
| style="text-align:right" | 66.2
| style="text-align:right" | 69.3
|-
| style="text-align:left" | Expense ratio{{fn ref|2)|2=Operating expenses in relation to earned premiums}}
| style="text-align:right" | 31.2
| style="text-align:right" | 32.0
| style="text-align:right" | 32.1
| style="text-align:right" | 33.0
|-
| style="text-align:left" | Combined ratio{{fn ref|3)|2=Sum of incurred claims and operating expenses in relation to earned premiums}}
| style="text-align:right" | 95.7
| style="text-align:right" | 98.9
| style="text-align:right" | 98.3
| style="text-align:right" | 102.2
|}
</div>

{{fn note|1=1)|2=Incurred claims in relation to earned premiums}}
{{fn note|1=2)|2=Operating expenses in relation to earned premiums}}
{{fn note|1=3)|2=Sum of incurred claims and operating expenses in relation to earned premiums}}

{{chunk|doc=9fth4kgfqj|c=34|p=10}}
'''[[Definition:Gross written premiums|Gross written premiums]] and reinsurance premiums'''

* [[Definition:Gross written premiums|Gross written premiums]] decreased by EUR 23.5m to EUR 1,564.8m (prior: EUR 1,588.3m).
* Positive development in corporate lines did not fully offset declines in motor insurance due to portfolio reductions.
* Freelance professions and private lines also saw slight declines in [[Definition:Gross written premiums|gross written premiums]] due to portfolio reductions.
* Reinsurance premiums decreased by EUR 5.5m to EUR 69.4m (prior: EUR 74.9m) due to lower reinsurance costs and a higher retention rate in the cyber segment.
* Net earned premiums decreased by EUR 14.9m to EUR 1,489.9m (prior: EUR 1,504.8m).

{{chunk|doc=9fth4kgfqj|c=35|p=10}}
'''Gross and net claims expenses'''

* Gross claims expenses decreased by EUR 39.4m to EUR 1,006.0m (prior: EUR 1,045.4m) YoY.
* Gross current year claims expenses decreased by EUR 172.4m to EUR 1,071.8m (prior: EUR 1,244.1m) due to a reduction in frequency claims, primarily in the motor insurance segment.
* Increased expenses for large claims, mainly in motor and multi-risk segments, were largely offset by decreasing expenses from natural catastrophes, particularly in comprehensive and building insurance.
* Gross run-off gain decreased by EUR 133.0m to EUR 65.8m (prior: EUR 198.7m), mainly in liability and motor liability segments due to reserve adjustments for prior year claims.
* Gross loss ratio decreased by 1.7pts to 64.5% (prior: 66.2%) YoY.
* Net claims expenses decreased by EUR 46.3m to EUR 996.0m (prior: EUR 1,042.3m).
* Net current year claims expenses decreased by EUR 165.6m to EUR 1,067.0m (prior: EUR 1,232.6m).
* Net run-off gain decreased by EUR 119.2m to EUR 71.0m (prior: EUR 190.2m).
* Net loss ratio decreased from 69.3% to 66.9%.

{{chunk|doc=9fth4kgfqj|c=36|p=10}}
'''Operating expenses and cost ratios'''

* Gross operating expenses decreased by EUR 20.3m to EUR 486.4m (prior: EUR 506.7m).
* Administration costs significantly decreased due to the success of the SBSTNZ strategic program and a special write-down in the previous year.
* Commissions increased due to changes in the [[Definition:Business mix|business mix]].
* Net operating expenses decreased by EUR 19.0m to EUR 477.3m (prior: EUR 496.2m).
* Gross cost ratio slightly decreased to 31.2% (prior: 32.1%) despite lower premium levels.
* Net cost ratio decreased to 32.0% (prior: 33.0%).
* Gross combined ratio decreased from 98.3% to 95.7%.
* Net combined ratio decreased from 102.2% to 98.9%.

{{chunk|doc=9fth4kgfqj|c=37|p=10}}
'''Technical result'''

* EUR 14.4m (prior: EUR 9.0m) was withdrawn from the fluctuation reserve.
* Net technical result after fluctuation reserve improved by EUR 50.8m to EUR 20.1m (prior: -EUR 30.7m).

=== Insurance business ===

==== Self-concluded insurance business ====

{{chunk|doc=9fth4kgfqj|c=38|p=10}}

<div style="overflow-x:auto">
{| id="t3" class="wikitable fintable"
|+ Self-concluded insurance business
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 2025 Gross
! class="col-s" style="text-align:right" | 2025 Net
! class="col-s" style="text-align:right" | 2024 Gross
! class="col-s" style="text-align:right" | 2024 Net
|-
| style="text-align:left" | Written premiums
| style="text-align:right" | 1,564.8
| style="text-align:right" | 1,495.4
| style="text-align:right" | 1,588.3
| style="text-align:right" | 1,513.4
|-
| style="text-align:left" | Earned premiums
| style="text-align:right" | 1,559.8
| style="text-align:right" | 1,489.8
| style="text-align:right" | 1,579.5
| style="text-align:right" | 1,504.8
|-
| style="text-align:left" | Incurred claims
| style="text-align:right" | 1,006.0
| style="text-align:right" | 996.0
| style="text-align:right" | 1,045.5
| style="text-align:right" | 1,042.3
|-
| style="text-align:left" | Operating expenses
| style="text-align:right" | 486.4
| style="text-align:right" | 477.3
| style="text-align:right" | 506.7
| style="text-align:right" | 496.2
|-
| style="text-align:left" | Technical result f. e. R.
| style="text-align:right" | —
| style="text-align:right" | 20.1
| style="text-align:right" | —
| style="text-align:right" | -30.7
|-
| style="text-align:left" | In %
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Loss ratio
| style="text-align:right" | 64.5
| style="text-align:right" | 66.9
| style="text-align:right" | 66.2
| style="text-align:right" | 69.3
|-
| style="text-align:left" | Expense ratio
| style="text-align:right" | 31.2
| style="text-align:right" | 32.0
| style="text-align:right" | 32.1
| style="text-align:right" | 33.0
|-
| style="text-align:left" | Combined ratio
| style="text-align:right" | 95.7
| style="text-align:right" | 98.9
| style="text-align:right" | 98.3
| style="text-align:right" | 102.2
|}
</div>

=== Motor insurance ===

{{chunk|doc=9fth4kgfqj|c=39|p=11}}

<div style="overflow-x:auto">
{| id="t4" class="wikitable fintable"
|+ Motor insurance
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 2025 Gross
! class="col-s" style="text-align:right" | 2025 Net
! class="col-s" style="text-align:right" | 2024 Gross
! class="col-s" style="text-align:right" | 2024 Net
|-
| style="text-align:left" | Written premiums
| style="text-align:right" | 521.6
| style="text-align:right" | 518.4
| style="text-align:right" | 577.6
| style="text-align:right" | 572.1
|-
| style="text-align:left" | Earned premiums
| style="text-align:right" | 520.7
| style="text-align:right" | 517.5
| style="text-align:right" | 573.4
| style="text-align:right" | 568.0
|-
| style="text-align:left" | Incurred claims
| style="text-align:right" | 366.3
| style="text-align:right" | 363.8
| style="text-align:right" | 482.7
| style="text-align:right" | 481.1
|-
| style="text-align:left" | Operating expenses
| style="text-align:right" | 107.4
| style="text-align:right" | 107.4
| style="text-align:right" | 124.9
| style="text-align:right" | 124.9
|-
| style="text-align:left" | Technical result f. e. R.
| style="text-align:right" | —
| style="text-align:right" | -2.6
| style="text-align:right" | —
| style="text-align:right" | -39.0
|-
| style="text-align:left" | In %
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Loss ratio
| style="text-align:right" | 70.4
| style="text-align:right" | 70.3
| style="text-align:right" | 84.2
| style="text-align:right" | 84.7
|-
| style="text-align:left" | Expense ratio
| style="text-align:right" | 20.6
| style="text-align:right" | 20.8
| style="text-align:right" | 21.8
| style="text-align:right" | 22.0
|-
| style="text-align:left" | Combined loss /
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Expense ratio
| style="text-align:right" | 91.0
| style="text-align:right" | 91.0
| style="text-align:right" | 106.0
| style="text-align:right" | 106.7
|}
</div>

{{chunk|doc=9fth4kgfqj|c=40|p=11}}
'''Motor insurance performance'''

* [[Definition:Gross written premiums|Gross written premiums]] in the Motor division decreased by EUR 56.0m to EUR 521.6m (prior: EUR 577.6m).
* This decline was primarily due to portfolio reductions following the application of premium adjustment clauses and the cessation of new business in selected sales channels.
* Reinsurance premiums decreased to EUR 3.2m (prior: EUR 5.5m).
* Earned net premiums decreased by EUR 50.4m to EUR 517.5m (prior: EUR 568.0m).
* Gross expenses for insurance benefits significantly decreased by EUR 116.3m from EUR 482.7m to EUR 366.3m.
* This reduction was driven by a decrease in gross current year claims expenses by EUR 148.4m to EUR 428.5m (prior: EUR 576.9m).
* The decrease in current year claims expenses was due to lower frequency claims and the absence of cumulative expenses for natural catastrophes.
* Conversely, the gross run-off gain decreased by EUR 32.1m to EUR 62.2m (prior: EUR 94.3m), resulting from necessary reserve adjustments in motor liability insurance.
* The gross loss ratio decreased to 70.4% (prior: 84.2%).
* Net expenses for insurance benefits decreased by EUR 117.3m to EUR 363.8m (prior: EUR 481.1m).
* This was caused by a decrease in net current year claims expenses by EUR 148.4m to EUR 428.5m (prior: EUR 576.9m), mirroring the gross development.
* The net run-off gain decreased by EUR 31.1m to EUR 64.7m (prior: EUR 95.8m).
* The net loss ratio decreased by 14.4 percentage points from 84.7% to 70.3%.
* Gross and net expenses for insurance operations decreased to EUR 107.4m (prior: EUR 124.9m), mainly due to declining administrative expenses.
* Consequently, the gross expense ratio decreased from 21.8% to 20.6%, and the net expense ratio decreased from 22.0% to 20.8%.
* The combined loss/cost ratios were lower than the previous year, with gross at 91.0% (prior: 106.0%) and net at 91.0% (prior: 106.7%).
* EUR 50.2m (prior: EUR 0.0m) was allocated to the fluctuation reserve.
* Overall, the Motor insurance division reported a net technical result of EUR -2.6m (prior: EUR -39.0m).

=== Liability insurance ===

{{chunk|doc=9fth4kgfqj|c=41|p=12}}

<div style="overflow-x:auto">
{| id="t5" class="wikitable fintable"
|+ Liability insurance
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 2025 Gross
! class="col-s" style="text-align:right" | 2025 Net
! class="col-s" style="text-align:right" | 2024 Gross
! class="col-s" style="text-align:right" | 2024 Net
|-
| style="text-align:left" | Written premiums
| style="text-align:right" | 355.1
| style="text-align:right" | 350.8
| style="text-align:right" | 357.2
| style="text-align:right" | 353.7
|-
| style="text-align:left" | Earned premiums
| style="text-align:right" | 353.9
| style="text-align:right" | 349.7
| style="text-align:right" | 357.6
| style="text-align:right" | 354.0
|-
| style="text-align:left" | Incurred claims
| style="text-align:right" | 277.4
| style="text-align:right" | 267.9
| style="text-align:right" | 182.6
| style="text-align:right" | 177.2
|-
| style="text-align:left" | Operating expenses
| style="text-align:right" | 131.5
| style="text-align:right" | 131.5
| style="text-align:right" | 137.9
| style="text-align:right" | 137.9
|-
| style="text-align:left" | Technical result f. e. R.
| style="text-align:right" | —
| style="text-align:right" | 6.8
| style="text-align:right" | —
| style="text-align:right" | 26.7
|-
| style="text-align:left" | In %
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Loss ratio
| style="text-align:right" | 78.4
| style="text-align:right" | 76.6
| style="text-align:right" | 51.1
| style="text-align:right" | 50.0
|-
| style="text-align:left" | Expense ratio
| style="text-align:right" | 37.2
| style="text-align:right" | 37.6
| style="text-align:right" | 38.6
| style="text-align:right" | 38.9
|-
| style="text-align:left" | Combined ratio
| style="text-align:right" | 115.5
| style="text-align:right" | 114.2
| style="text-align:right" | 89.6
| style="text-align:right" | 89.0
|}
</div>

{{chunk|doc=9fth4kgfqj|c=42|p=12}}
'''Liability insurance performance'''

* [[Definition:Gross written premiums|Gross written premiums]] in liability insurance decreased by EUR 2.2m to EUR 355.1m (prior: EUR 357.2m).
* The corporate division's business liability segment showed positive effects on [[Definition:Gross written premiums|gross written premiums]] from sustained portfolio growth.
* Premiums in the liberal professions' medical liability segment remained stable with slight portfolio growth.
* Premiums in private liability, planning liability, and financial loss liability insurance segments slightly declined, following portfolio development.
* Reinsurance premiums slightly increased to EUR 4.2m (prior: EUR 3.6m).
* Net earned premiums decreased by EUR 4.4m to EUR 349.7m (prior: EUR 354.0m).
* Gross expenses for insurance claims significantly increased by EUR 94.8m to EUR 277.4m (prior: EUR 182.6m).
* This increase was due to a decrease in gross settlement results by EUR 92.0m to EUR -55.8m (prior: EUR 36.2m), resulting from necessary reserve adjustments for major claims from older years and an increase in the late claims reserve.
* Gross claims expenses for the financial year rose to EUR 221.6m (prior: EUR 218.8m), particularly in the corporate division's business liability segment, following portfolio development.
* The gross loss ratio increased by 27.3 percentage points to 78.4% (prior: 51.1%).
* Net expenses for insurance claims increased by EUR 90.8m to EUR 267.9m (prior: EUR 177.2m).
* The increase in net expenses was primarily due to the decrease in net settlement results to EUR -46.3m (prior: EUR 41.7m).
* Net claims expenses for the financial year increased from EUR 218.8m to EUR 221.6m.
* The net loss ratio increased by 26.6 percentage points to 76.6% (prior: 50.0%).
* Gross and net expenses for insurance operations decreased to EUR 131.5m (prior: EUR 137.9m) due to lower administrative costs, especially after considering a special write-down in the previous year.
* The gross cost ratio slightly decreased to 37.2% (prior: 38.6%) and the net cost ratio to 37.6% (prior: 38.9%).
* Combined loss and expense ratios increased to 115.5% gross (prior: 89.6%) and 114.2% net (prior: 89.0%).
* The liability insurance segment recorded a net underwriting result of EUR 6.8m (prior: EUR 26.7m) after the fluctuation reserve.
* EUR 56.6m was withdrawn from the fluctuation reserve, following an allocation of EUR 12.9m in the previous year.

=== Accident insurance ===

{{chunk|doc=9fth4kgfqj|c=43|p=13}}

<div style="overflow-x:auto">
{| id="t6" class="wikitable fintable"
|+ Accident insurance
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 2025 Gross
! class="col-s" style="text-align:right" | 2025 Net
! class="col-s" style="text-align:right" | 2024 Gross
! class="col-s" style="text-align:right" | 2024 Net
|-
| style="text-align:left" | Written premiums
| style="text-align:right" | 60.2
| style="text-align:right" | 60.2
| style="text-align:right" | 61.9
| style="text-align:right" | 61.9
|-
| style="text-align:left" | Earned premiums
| style="text-align:right" | 60.6
| style="text-align:right" | 60.6
| style="text-align:right" | 62.3
| style="text-align:right" | 62.3
|-
| style="text-align:left" | Incurred claims
| style="text-align:right" | 29.8
| style="text-align:right" | 29.8
| style="text-align:right" | 26.6
| style="text-align:right" | 26.6
|-
| style="text-align:left" | Operating expenses
| style="text-align:right" | 22.3
| style="text-align:right" | 22.3
| style="text-align:right" | 23.5
| style="text-align:right" | 23.5
|-
| style="text-align:left" | Technical result f. e. R.
| style="text-align:right" | —
| style="text-align:right" | 14.6
| style="text-align:right" | —
| style="text-align:right" | 15.8
|-
| style="text-align:left" | In %
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Loss ratio
| style="text-align:right" | 49.2
| style="text-align:right" | 49.2
| style="text-align:right" | 42.7
| style="text-align:right" | 42.7
|-
| style="text-align:left" | Expense ratio
| style="text-align:right" | 36.8
| style="text-align:right" | 36.8
| style="text-align:right" | 37.7
| style="text-align:right" | 37.7
|-
| style="text-align:left" | Combined ratio
| style="text-align:right" | 86.0
| style="text-align:right" | 86.0
| style="text-align:right" | 80.4
| style="text-align:right" | 80.4
|}
</div>

{{chunk|doc=9fth4kgfqj|c=44|p=13}}
'''Accident insurance premiums and claims'''

* [[Definition:Gross written premiums|Gross written premiums]] in accident insurance decreased by EUR 1.7m to EUR 60.2m (prior: EUR 61.9m).
* The decrease in [[Definition:Gross written premiums|gross written premiums]] was due to a slight decline in the number of insurance policies in force.
* Net earned premiums decreased to EUR 60.6m (prior: EUR 62.3m).
* Gross and net expenses for insurance claims increased by EUR 3.2m to EUR 29.8m (prior: EUR 26.6m).
* This increase was due to higher financial year expenses resulting from increased large loss burdens, both gross and net, to EUR 46.9m (prior: EUR 42.8m).
* The gross and net settlement result increased to EUR 17.1m (prior: EUR 16.2m).
* The gross and net loss ratios increased to 49.2% (prior: 42.7%).

{{chunk|doc=9fth4kgfqj|c=45|p=13}}
'''Accident insurance operating expenses and combined ratio'''

* Gross and net operating expenses for insurance business decreased by EUR 1.2m to EUR 22.3m (prior: EUR 23.5m).
* This reduction was primarily due to a decrease in administrative costs, which positively impacted the expense ratio.
* Despite the slightly declining premium development, the gross and net expense ratios decreased to 36.8% (prior: 37.7%).
* The combined gross and net loss/expense ratios increased to 86.0% (prior: 80.4%).

{{chunk|doc=9fth4kgfqj|c=46|p=13}}
'''Accident insurance underwriting result'''

* The accident insurance segment achieved a net technical underwriting result of EUR 14.6m (prior: EUR 15.8m) after the fluctuation reserve.
* EUR 6.0m (prior: EUR 3.4m) was withdrawn from the fluctuation reserve.

=== Multi-risk ===

{{chunk|doc=9fth4kgfqj|c=47|p=14}}

<div style="overflow-x:auto">
{| id="t7" class="wikitable fintable"
|+ Multi-risk
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 2025 Gross
! class="col-s" style="text-align:right" | 2025 Net
! class="col-s" style="text-align:right" | 2024 Gross
! class="col-s" style="text-align:right" | 2024 Net
|-
| style="text-align:left" | Written premiums
| style="text-align:right" | 168.1
| style="text-align:right" | 148.1
| style="text-align:right" | 166.5
| style="text-align:right" | 141.2
|-
| style="text-align:left" | Earned premiums
| style="text-align:right" | 168.0
| style="text-align:right" | 148.0
| style="text-align:right" | 166.3
| style="text-align:right" | 141.0
|-
| style="text-align:left" | Incurred claims
| style="text-align:right" | 116.2
| style="text-align:right" | 117.2
| style="text-align:right" | 92.6
| style="text-align:right" | 100.0
|-
| style="text-align:left" | Operating expenses
| style="text-align:right" | 63.6
| style="text-align:right" | 60.2
| style="text-align:right" | 64.6
| style="text-align:right" | 61.3
|-
| style="text-align:left" | Technical result f. e. R.
| style="text-align:right" | —
| style="text-align:right" | -29.6
| style="text-align:right" | —
| style="text-align:right" | -20.1
|-
| style="text-align:left" | In %
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Loss ratio
| style="text-align:right" | 69.2
| style="text-align:right" | 79.2
| style="text-align:right" | 55.7
| style="text-align:right" | 70.9
|-
| style="text-align:left" | Expense ratio
| style="text-align:right" | 37.8
| style="text-align:right" | 40.7
| style="text-align:right" | 38.9
| style="text-align:right" | 43.5
|-
| style="text-align:left" | Combined ratio
| style="text-align:right" | 107.0
| style="text-align:right" | 119.9
| style="text-align:right" | 94.6
| style="text-align:right" | 114.4
|}
</div>

{{chunk|doc=9fth4kgfqj|c=48|p=14}}
'''Multi-risk segment performance'''

* [[Definition:Gross written premiums|Gross written premiums]] in Multi Risk increased by EUR 1.6m to EUR 168.1m (prior: EUR 166.5m).
* Premium adjustments had a positive effect on premium growth.
* Reinsurance premiums decreased by EUR 5.3m to EUR 20.0m (prior: EUR 25.3m), mainly due to lower payable reinsurance costs from a reduction in the replenishment premium reserve.
* Net earned premiums rose by EUR 7.0m to EUR 148.0m (prior: EUR 141.0m).
* Gross expenses for insurance benefits increased by EUR 23.6m to EUR 116.2m (prior: EUR 92.6m).
* This increase was driven by a EUR 30.7m decrease in gross run-off gains to EUR 3.3m (prior: EUR 34.0m), following exceptionally high run-off gains from reserve reductions for major claims in the previous year.
* Conversely, current year claims expenses decreased by EUR 7.1m to EUR 119.5m (prior: EUR 126.6m) due to the absence of accumulation expenses, which overcompensated for the increased burden from major claims.
* The gross loss ratio increased by 13.5 percentage points to 69.2% (prior: 55.7%).
* Net expenses for insurance benefits rose by EUR 17.3m to EUR 117.2m (prior: EUR 100.0m).
* Net run-off gains decreased by EUR 19.6m to EUR 0.9m (prior: EUR 20.4m), following the decline in gross run-off.
* Net current year claims expenses decreased by EUR 2.3m to EUR 118.1m (prior: EUR 120.4m).
* The net loss ratio increased by 8.3 percentage points to 79.2% (prior: 70.9%).
* Gross expenses for insurance operations decreased to EUR 63.6m (prior: EUR 64.6m).
* This decrease was due to lower administrative costs after accounting for a special write-down in the previous year.
* Net expenses for insurance operations decreased by EUR 1.0m to EUR 60.2m (prior: EUR 61.3m).
* The gross expense ratio decreased from 38.9% to 37.8%.
* The net expense ratio decreased from 43.5% to 40.7%.
* The combined ratios reflected these developments, with gross at 107.0% (prior: 94.6%) and net at 119.9% (prior: 114.4%), both higher than the previous year.
* The net technical result was EUR -29.6m (prior: EUR -20.1m).

=== Combined residential building insurance ===

{{chunk|doc=9fth4kgfqj|c=49|p=15}}

<div style="overflow-x:auto">
{| id="t8" class="wikitable fintable"
|+ Combined residential building insurance
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 2025 Gross
! class="col-s" style="text-align:right" | 2025 Net
! class="col-s" style="text-align:right" | 2024 Gross
! class="col-s" style="text-align:right" | 2024 Net
|-
| style="text-align:left" | Written premiums
| style="text-align:right" | 166.6
| style="text-align:right" | 154.0
| style="text-align:right" | 168.0
| style="text-align:right" | 152.1
|-
| style="text-align:left" | Earned premiums
| style="text-align:right" | 164.0
| style="text-align:right" | 151.4
| style="text-align:right" | 163.6
| style="text-align:right" | 147.8
|-
| style="text-align:left" | Incurred claims
| style="text-align:right" | 74.0
| style="text-align:right" | 75.0
| style="text-align:right" | 103.1
| style="text-align:right" | 102.4
|-
| style="text-align:left" | Operating expenses
| style="text-align:right" | 53.8
| style="text-align:right" | 51.9
| style="text-align:right" | 58.0
| style="text-align:right" | 56.3
|-
| style="text-align:left" | Technical result f. e. R.
| style="text-align:right" | —
| style="text-align:right" | 18.6
| style="text-align:right" | —
| style="text-align:right" | -3.0
|-
| style="text-align:left" | In %
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Loss ratio
| style="text-align:right" | 45.1
| style="text-align:right" | 49.5
| style="text-align:right" | 63.0
| style="text-align:right" | 69.3
|-
| style="text-align:left" | Expense ratio
| style="text-align:right" | 32.8
| style="text-align:right" | 34.3
| style="text-align:right" | 35.4
| style="text-align:right" | 38.1
|-
| style="text-align:left" | Combined ratio
| style="text-align:right" | 77.9
| style="text-align:right" | 83.8
| style="text-align:right" | 98.5
| style="text-align:right" | 107.4
|}
</div>

{{chunk|doc=9fth4kgfqj|c=50|p=15}}
'''Combined residential building insurance performance'''

* [[Definition:Gross written premiums|Gross written premiums]] in combined residential building insurance decreased by EUR 1.4m to EUR 166.6m (prior: EUR 168.0m) due to a portfolio transfer to commercial fire insurance.
* Reinsurance premiums decreased to EUR 12.6m (prior: EUR 15.8m).
* Net earned premiums increased by EUR 3.7m to EUR 151.4m (prior: EUR 147.8m).
* Gross claims expenses decreased by EUR 29.1m to EUR 74.0m (prior: EUR 103.1m).
* This decrease was due to lower claims expenses for the financial year of EUR 89.0m (prior: EUR 101.8m), primarily from declining frequency claims and no accumulation of natural catastrophe claims.
* The gross settlement result improved by EUR 16.3m YoY to EUR 15.0m (prior: EUR -1.3m) following reviews of reserves from older accident years.
* The gross loss ratio decreased by 17.9 percentage points to 45.1% (prior: 63.0%).
* Net claims expenses decreased by EUR 27.4m to EUR 75.0m (prior: EUR 102.4m).
* Net claims expenses for the financial year decreased by EUR 12.2m to EUR 89.0m (prior: EUR 101.2m).
* The net settlement result increased by EUR 15.1m to EUR 14.0m (prior: EUR -1.2m).
* The net loss ratio decreased by 19.7 percentage points to 49.5% (prior: 69.3%).
* Gross operating expenses decreased to EUR 53.8m (prior: EUR 58.0m) due to lower administrative costs.
* Net operating expenses decreased to EUR 51.9m (prior: EUR 56.3m).
* The gross expense ratio decreased to 32.8% (prior: 35.4%).
* The net expense ratio decreased to 34.3% (prior: 38.1%).
* The combined gross loss/expense ratio was 77.9% (prior: 98.5%).
* The combined net loss/expense ratio was 83.8% (prior: 107.4%).
* The net underwriting result improved by EUR 21.6m YoY to EUR 18.6m (prior: EUR -3.0m) after the fluctuation reserve.
* EUR 1.5m was added to the fluctuation reserve, following a withdrawal of EUR 12.6m in the previous year.

=== Combined household insurance ===

{{chunk|doc=9fth4kgfqj|c=51|p=16}}

<div style="overflow-x:auto">
{| id="t9" class="wikitable fintable"
|+ Combined household insurance
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 2025 Gross
! class="col-s" style="text-align:right" | 2025 Net
! class="col-s" style="text-align:right" | 2024 Gross
! class="col-s" style="text-align:right" | 2024 Net
|-
| style="text-align:left" | Written premiums
| style="text-align:right" | 72.4
| style="text-align:right" | 69.2
| style="text-align:right" | 75.2
| style="text-align:right" | 70.7
|-
| style="text-align:left" | Earned premiums
| style="text-align:right" | 72.8
| style="text-align:right" | 69.6
| style="text-align:right" | 75.1
| style="text-align:right" | 70.7
|-
| style="text-align:left" | Incurred claims
| style="text-align:right" | 26.3
| style="text-align:right" | 26.5
| style="text-align:right" | 33.2
| style="text-align:right" | 33.0
|-
| style="text-align:left" | Operating expenses
| style="text-align:right" | 26.0
| style="text-align:right" | 25.5
| style="text-align:right" | 27.3
| style="text-align:right" | 26.9
|-
| style="text-align:left" | Technical result f. e. R.
| style="text-align:right" | —
| style="text-align:right" | 18.2
| style="text-align:right" | —
| style="text-align:right" | 13.6
|-
| style="text-align:left" | In %
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Loss ratio
| style="text-align:right" | 36.1
| style="text-align:right" | 38.1
| style="text-align:right" | 44.2
| style="text-align:right" | 46.8
|-
| style="text-align:left" | Expense ratio
| style="text-align:right" | 35.7
| style="text-align:right" | 36.6
| style="text-align:right" | 36.3
| style="text-align:right" | 38.1
|-
| style="text-align:left" | Combined ratio
| style="text-align:right" | 71.8
| style="text-align:right" | 74.7
| style="text-align:right" | 80.5
| style="text-align:right" | 84.8
|}
</div>

{{chunk|doc=9fth4kgfqj|c=52|p=16}}
'''Gross and net premiums'''

* [[Definition:Gross written premiums|Gross written premiums]] in combined household insurance decreased to EUR 72.4m (prior: EUR 75.2m) due to a decline in portfolio.
* Reinsurance premiums slightly decreased to EUR 3.2m (prior: EUR 4.5m).
* Earned net premiums decreased accordingly to EUR 69.6m (prior: EUR 70.7m).

{{chunk|doc=9fth4kgfqj|c=53|p=16}}
'''Claims expenses and loss ratios'''

* Gross claims expenses reduced to EUR 26.3m (prior: EUR 33.2m).
* Gross claims expenses for the financial year decreased by EUR 2.8m to EUR 32.9m (prior: EUR 35.7m).
* This reduction was due to the absence of cumulative expenses from natural catastrophes and declining expenses for both frequency and large claims.
* Gross settlement gains increased to EUR 6.6m (prior: EUR 2.5m).
* The premium and claims development led to an 8.1 percentage point reduction in the gross loss ratio to 36.1% (prior: 44.2%).
* Net claims expenses decreased to EUR 26.5m (prior: EUR 33.0m).
* Net claims expenses for the financial year decreased by EUR 2.7m to EUR 32.9m (prior: EUR 35.6m), similar to the gross figures.
* Net settlement gains increased to EUR 6.4m (prior: EUR 2.6m).
* The net loss ratio decreased by 8.7 percentage points to 38.1% (prior: 46.8%).

{{chunk|doc=9fth4kgfqj|c=54|p=16}}
'''Operating expenses and combined ratios'''

* Gross operating expenses decreased to EUR 26.0m (prior: EUR 27.3m) due to lower administrative costs.
* Net operating expenses decreased to EUR 25.5m (prior: EUR 26.9m) due to lower administrative costs.
* The gross cost ratio reduced to 35.7% (prior: 36.3%).
* The net cost ratio reduced to 36.6% (prior: 38.1%).
* Gross combined ratio decreased from 80.5% to 71.8%.
* Net combined ratio decreased from 84.8% to 74.7%.

{{chunk|doc=9fth4kgfqj|c=55|p=16}}
'''Underwriting result'''

* The net underwriting result after fluctuation reserve was EUR 18.2m (prior: EUR 13.6m).
* EUR 1.6m (prior: EUR 3.5m) was allocated to the fluctuation reserve.

=== Other insurance ===

{{chunk|doc=9fth4kgfqj|c=56|p=17}}

<div style="overflow-x:auto">
{| id="t10" class="wikitable fintable"
|+ Other insurance
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 2025 Gross
! class="col-s" style="text-align:right" | 2025 Net
! class="col-s" style="text-align:right" | 2024 Gross
! class="col-s" style="text-align:right" | 2024 Net
|-
| style="text-align:left" | Written premiums
| style="text-align:right" | 220.8
| style="text-align:right" | 194.7
| style="text-align:right" | 181.9
| style="text-align:right" | 161.7
|-
| style="text-align:left" | Earned premiums
| style="text-align:right" | 219.8
| style="text-align:right" | 193.0
| style="text-align:right" | 181.2
| style="text-align:right" | 161.1
|-
| style="text-align:left" | Incurred claims
| style="text-align:right" | 115.9
| style="text-align:right" | 115.7
| style="text-align:right" | 124.7
| style="text-align:right" | 122.1
|-
| style="text-align:left" | Operating expenses
| style="text-align:right" | 81.8
| style="text-align:right" | 78.4
| style="text-align:right" | 70.5
| style="text-align:right" | 65.5
|-
| style="text-align:left" | Technical result f. e. R.
| style="text-align:right" | —
| style="text-align:right" | -6.0
| style="text-align:right" | —
| style="text-align:right" | -24.7
|-
| style="text-align:left" | In %
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Loss ratio
| style="text-align:right" | 52.8
| style="text-align:right" | 59.9
| style="text-align:right" | 68.8
| style="text-align:right" | 75.8
|-
| style="text-align:left" | Expense ratio
| style="text-align:right" | 37.2
| style="text-align:right" | 40.6
| style="text-align:right" | 38.9
| style="text-align:right" | 40.7
|-
| style="text-align:left" | Combined ratio
| style="text-align:right" | 90.0
| style="text-align:right" | 100.5
| style="text-align:right" | 107.7
| style="text-align:right" | 116.5
|}
</div>

{{chunk|doc=9fth4kgfqj|c=57|p=17}}
'''Other insurance lines performance'''

* Other insurance lines include fire insurance, transport insurance, assistance insurance, cyber insurance, and technical insurance.
* Gross premiums for other insurance lines increased by EUR 38.9m to EUR 220.8m (prior: EUR 181.9m).
* The main driver for gross premium growth was the Fire segment due to an internal portfolio transfer from the residential building segment and additional premiums from contract renewals.
* The Cyber segment also showed positive development due to portfolio growth from new business.
* Technical Insurance and Transport Insurance segments showed a slight premium increase YoY.
* Reinsurance premiums increased by EUR 5.9m to EUR 26.2m (prior: EUR 20.2m) due to the internal portfolio transfer, mirroring gross premiums.
* Earned net premiums increased by EUR 32.0m to EUR 193.0m (prior: EUR 161.1m).
* Gross claims expenses decreased by EUR 8.8m to EUR 115.9m (prior: EUR 124.7m) YoY.
* The decrease in gross claims expenses was driven by an EUR 8.2m reduction in gross current year claims expenses to EUR 133.3m (prior: EUR 141.5m), primarily due to the absence of natural catastrophe accumulation expenses and a decline in large claims in the Fire segment.
* Gross settlement gains increased to EUR 17.4m (prior: EUR 16.8m), mainly due to increased settlement in the Cyber segment.
* The gross loss ratio for other insurance lines decreased by 16.1 percentage points to 52.8% (prior: 68.8%).
* Net claims expenses decreased by EUR 6.4m to EUR 115.7m (prior: EUR 122.1m).
* This reduction was partly driven by a decrease in net current year claims expenses of EUR 6.8m to EUR 130.0m (prior: EUR 136.8m).
* Net settlement gains decreased by EUR 0.4m to EUR 14.3m (prior: EUR 14.7m).
* The net loss ratio for other insurance lines decreased to 59.9% (prior: 75.8%).
* Gross operating expenses increased to EUR 81.8m (prior: EUR 70.5m).
* Net operating expenses increased to EUR 78.4m (prior: EUR 65.5m).
* The increase in operating expenses was primarily due to higher commissions related to the premium growth in the Fire segment.
* The gross expense ratio decreased to 37.2% (prior: 38.9%).
* The net expense ratio decreased to 40.6% (prior: 40.7%).
* The combined ratio improved to 90.0% gross (prior: 107.7%) and 100.5% net (prior: 116.5%).
* The net underwriting result after fluctuation reserve was -EUR 6.0m (prior: -EUR 24.7m).
* A withdrawal of EUR 1.9m (prior: EUR 2.4m) was made from the fluctuation reserve.

=== Investment result ===

{{chunk|doc=9fth4kgfqj|c=58|p=18}}
'''Investment income and results'''

* Current income, primarily from coupon payments on fixed-income investments, was EUR 95.9m (prior: EUR 118.7m).
* Distributions from equity funds were significantly lower at EUR 1.3m (prior: EUR 20.0m) YoY, due to the sale of all equity holdings in the previous year.
* Lower income was generated from participations.
* The asset class "shares in affiliated companies and participations" contributed EUR 4.3m (prior: EUR 17.2m) to the result.
* Slightly higher income was generated in directly held fixed-income asset classes due to an increased reinvestment rate for the full year.
* Current expenses (including scheduled depreciation) amounted to EUR 8.1m (prior: EUR 7.5m).
* Current result was EUR 87.8m (prior: EUR 111.3m).
* An average current return{{fn ref|1}} of 3.0% (prior: 3.0%) was achieved for the full year.
* Extraordinary gains and losses from the disposal of investments amounted to -EUR 101.8m (prior: EUR 4.4m).
* These extraordinary gains and losses primarily resulted from the sale of a property and various debt securities.
* Extraordinary additions and write-downs amounted to -EUR 17.7m (prior: -EUR 3.7m), driven by extraordinary write-downs on equity investments.
* The total extraordinary result was -EUR 119.5m (prior: EUR 0.6m).
* [[Definition:Net investment income|Investment result]] before deduction of technical interest income totaled -EUR 31.7m (prior: EUR 111.9m).
* A net return{{fn ref|2|2=All income less all expenses for investments in relation to the average investment portfolio as of 1.1. and 31.12. of the respective fiscal year}} of -0.8% (prior: 3.0%) was achieved for the reporting year.

=== Other income ===

{{chunk|doc=9fth4kgfqj|c=59|p=18}}
'''Other result'''

* Other result: EUR 122.2m (prior: EUR -62.5m)
* Other income: EUR 144.8m (prior: EUR 18.2m)
* Other expenses: EUR 22.6m (prior: EUR 80.7m)
** Expenses for the company as a whole: EUR 17.8m (prior: EUR 77.4m)
* HDI Versicherung AG realized investment losses as part of the group-wide investment strategy
* Talanx AG offset these losses with an income-effective subsidy of EUR 132.7m
* This income was reported in the other result

{{chunk|doc=9fth4kgfqj|c=60|p=18}}
'''Other income'''

{{fn note|1=1|2=Gross current income less expenses for the administration of investments less scheduled depreciation in relation to the average investment portfolio as of 1.1. and 31.12. of the respective fiscal year}}

{{chunk|doc=9fth4kgfqj|c=61|p=18}}
'''Other income'''

{{fn note|1=2|2=All income less all expenses for investments in relation to the average investment portfolio as of 1.1. and 31.12. of the respective fiscal year}}

== Total comprehensive income of HDI Versicherung AG ==

{{chunk|doc=9fth4kgfqj|c=62|p=18}}

<div style="overflow-x:auto">
{| id="t11" class="wikitable fintable"
|+ Total comprehensive income of HDI Versicherung AG
|-
! style="text-align:left" | In EUR million
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
| style="text-align:left" | Technical result f. e. R.
| style="text-align:right" | 20.1
| style="text-align:right" | -30.7
|-
| style="text-align:left" | [[Definition:Net investment income|Investment result]] after deduction of technical interest
| style="text-align:right" | -32.8
| style="text-align:right" | 111.0
|-
| style="text-align:left" | Other income
| style="text-align:right" | 122.2
| style="text-align:right" | -62.5
|-
| style="text-align:left" | Income from ordinary activities
| style="text-align:right" | 109.5
| style="text-align:right" | 17.8
|-
| style="text-align:left" | Taxes
| style="text-align:right" | 0.0
| style="text-align:right" | 0.1
|-
| style="text-align:left" | Profit transferred to HDI Deutschland AG
| style="text-align:right" | 109.5
| style="text-align:right" | 17.6
|}
</div>

{{chunk|doc=9fth4kgfqj|c=63|p=18}}
'''Profit transfer to parent company'''

* A profit of EUR 109.5m (prior year: EUR 17.6m) was transferred to the parent company, HDI Deutschland AG, due to the existing control and profit transfer agreement.

== Financial position ==

=== Shareholders' equity ===

{{chunk|doc=9fth4kgfqj|c=64|p=18}}
'''Equity'''

* Equity: EUR 57.1m (unchanged YoY)

=== Liquidity position ===

{{chunk|doc=9fth4kgfqj|c=65|p=18}}
'''Liquidity and cash flow'''

* The company receives liquid funds from ongoing premium income, capital gains, and returns from capital investments.
* Liquidity required for current payment obligations is ensured by ongoing liquidity planning, which considers the expected liquidity development for the next twelve months.
* As of the balance sheet date, liquid funds in the form of deposits and current balances with credit institutions amounted to EUR 88.1m (prior: EUR 51.3m).

=== Asset position ===

==== Investments ====

{{chunk|doc=9fth4kgfqj|c=66|p=18}}
'''Investment portfolio composition'''

* Investment volume of HDI Versicherung AG was EUR 3,763.9m (prior year: EUR 3,760.8m) at year-end 2025, slightly above the previous year's level.
* Investments were primarily in fixed-income securities held directly.
* Fixed-income securities comprised 66.7% (prior year: 70.9%) of total investments at the end of 2025.
* Investments were mainly in bonds, promissory note loans, and registered bonds of good credit quality.
* Other significant asset classes included bond funds at 17.5% (prior year: 15.7%) and participations and shares in affiliated companies at 6.9% (prior year: 7.2%).
* The average rating of fixed-income investments, determined by the linear method, was AA (prior year: AA).

{{chunk|doc=9fth4kgfqj|c=67|p=19}}
'''Investment portfolio changes by asset class'''

* Loans to affiliated companies and companies with an equity interest remained at the previous year's level, totaling EUR 223.2m (prior year: EUR 172.8m).
* Shares and participations slightly decreased YoY to EUR 258.4m (prior year: EUR 269.7m).
* Real estate funds remained constant at EUR 34.1m (prior year: EUR 35.3m).
* Other funds slightly increased to EUR 39.8m (prior year: EUR 38.0m).
* Equity funds were continuously rebuilt after a reduction at the beginning of 2025, reaching approximately EUR 39.8m (prior year: EUR 147.8m) at year-end.
* Market values of capitalized investments totaled EUR 3,835.1m (prior year: EUR 3,701.4m).
* Valuation differences amounted to EUR 71.2m (prior year: -EUR 59.5m).

== Technical provisions ==

{{chunk|doc=9fth4kgfqj|c=68|p=19}}
'''Technical provisions'''

* Technical provisions, net, increased by EUR 83.7m to EUR 3,761.9m (prior: EUR 3,678.1m).
* This item primarily includes provisions for outstanding claims.
* Net provisions for outstanding claims are largely unaffected by currency fluctuations because HDI Versicherung AG operates exclusively in the German market.

== Overall statement on the economic situation ==

{{chunk|doc=9fth4kgfqj|c=69|p=19}}
'''Operating performance and net premium volume'''

* HDI Versicherung AG's operating business was influenced by transformation and restructuring in the past fiscal year.
* The company significantly improved its net technical insurance result before fluctuation reserves.
* [[Definition:Net written premiums|Net written premiums]] for the company showed a slight decline.
* Negative effects from continued claims inflation were overcompensated by a continued decrease in frequency claims.
* An increased net burden from large claims was offset by a decrease in claims expenses for natural catastrophes in motor and building lines due to the absence of cumulative events.
* The company's result after fluctuation reserves increased as planned compared to the previous year.
* This increase was due to positive operating development and a higher withdrawal from fluctuation reserves compared to the previous year.
* The company's net premium volume declined slightly YoY, as expected.
* The decline in motor insurance premiums due to portfolio reductions was not fully offset by positive effects from premium adjustments and restructuring measures in corporate lines.
* Net claims expenses were also below the previous year's level, as expected.
* The main driver for lower net claims expenses was the decrease in claims expenses for the business year, resulting from reduced frequency claims in motor and private lines.
* A decrease in claims expenses for natural catastrophes in motor and building lines due to the absence of cumulative events was offset by an increase in the burden from large claims.
* Claims settlement developed negatively due to increased expenses for necessary reserve adjustments for large claims from previous years, particularly in corporate and freelance professional lines.
* Expenses for insurance operations decreased YoY due to lower administrative costs, as forecasted.
* This led to a significantly improved technical insurance result, in line with expectations.

{{chunk|doc=9fth4kgfqj|c=70|p=19}}
'''Investment income and overall financial result'''

* Investment income was significantly below expectations and the previous year's level.
* This was caused by one-off effects from loss realizations in extraordinary investment income.
* These losses were offset by an income subsidy in other non-technical insurance results, as HDI Versicherung AG realized investment losses within the group-wide investment strategy, which were compensated by Talanx AG with an income-effective subsidy of EUR 132.7m.
* These developments collectively led to the expected increase in the annual result.
* As of the date of the management report, the economic situation of HDI Versicherung AG is considered to be unchanged and stable.

== Risk report ==

=== Summary of the risk situation ===

{{chunk|doc=9fth4kgfqj|c=71|p=20}}
'''Risk management and solvency'''

* The company's risk management regularly examines risks.
* Established risk management systems and control bodies support early identification, assessment, and management of risks that could significantly impact the company's earnings, financial, and asset position.
* The company currently considers itself able to permanently meet all obligations from existing insurance contracts.
* Risks threatening the company's existence (material risks with existential loss potential) could arise from systemic risks, such as a collapse of the financial system.
* No company-specific risks threatening the company's existence are currently apparent.

{{chunk|doc=9fth4kgfqj|c=72|p=20}}
'''Risk profile and influencing factors'''

* The company's risk profile is strongly influenced by underwriting risks and market risks.
* Significant risk-relevant influencing factors in the reporting year include the continued subdued economic situation in Germany.
* International trade policy is likely to increase risks for the global economy.
* The geopolitical situation remains tense and is worsening in some aspects.
* Various legal requirements continue to pose substantial challenges and risks.

{{chunk|doc=9fth4kgfqj|c=73|p=20}}
'''Strategic measures and regulatory capital'''

* Intensive strategic considerations and measures in the reporting year created the conditions for focused capital accumulation to strengthen risk resilience.
* The company meets regulatory capital requirements.
* Specific capital ratios will be published in April [[Definition:Year 2026|2026]] in the Solvency and Financial Condition Report (SFCR) for December 31, 2025.
* The SFCR is not subject to the audit.

=== Fundamentals of risk management ===

{{chunk|doc=9fth4kgfqj|c=74|p=20}}
'''Risk management compliance and reporting'''

* The company's risk management fulfills the requirements of the German Stock Corporation Act (§ 91 Abs. 2 AktG).
* This report fulfills the company's obligation to report on the significant risks of its prospective development (§ 289 Abs. 1 HGB).

=== Risk management system ===

{{chunk|doc=9fth4kgfqj|c=75|p=20}}
'''Risk management strategy and system'''

* The risk management is based on an annually approved risk strategy by the Management Board, derived from the business strategy.
* The risk strategy is a binding, integral part of business operations.
* The company uses an internal control system to implement and monitor the risk strategy.
* Risk understanding is holistic, covering opportunities and risks, with a focus on negative target deviations and risks in the narrower sense.
* Strategic risk objectives include adherence to defined risk tolerance and risk budget.
* The company's risk management is integrated into the risk management of the HDI Deutschland [[Definition:Business mix|business unit]] and the Group, and considers Group guidelines.
* A supervisory-approved Internal Model according to Solvency II is used for risk quantification.
* The model's time horizon is one calendar year.
* The company's risk management system is continuously developed to adapt to factual and legal requirements and Group specifications.
* The risk management system is closely linked to the company's central control system.

{{chunk|doc=9fth4kgfqj|c=76|p=20}}
'''Risk assessment and monitoring'''

* Significant quantifiable risks are regularly assessed using the risk model, systematically analyzed, and backed by solvency capital.
* Strategic risks, project risks, reputation risks, and emerging risks resulting from target deviations are also considered.
* Identified risks are managed through coordinated measures, and quantifiable risks are monitored via a limit and threshold system.
* The Management Board is regularly informed about the current risk situation through risk reporting.
* Immediate reporting to the Management Board is ensured for acute risks.
* The company conducts an Own Risk and Solvency Assessment (ORSA) at least annually, which reviews the overall solvency needs considering the company's specific risk profile.
* In capital investments, the risk management system includes specific instruments for ongoing monitoring of current risk positions and risk-bearing capacity.
* All capital investments are under constant observation and analysis by the Capital Investments division and operational capital investment controlling.
* Scenario analyses and stress tests simulate the effects of capital market fluctuations to enable early reaction if needed.
* Extensive reporting ensures transparency of all developments concerning capital investments.

{{chunk|doc=9fth4kgfqj|c=77|p=21}}
'''Risk organization and future risks'''

* The company uses Ampega Asset Management GmbH for trading and settlement activities in capital investments.
* The organizational structure in risk management ensures segregation of duties between active risk-taking and independent risk monitoring.
* Key bodies include the entire Management Board and key functions as per § 7 No. 9 VAG: Independent Risk Controlling Function, Compliance Function, Internal Audit, Actuarial Function, and Risk Officers.
* The Management Board holds non-delegable responsibility for implementing and developing risk management and sets the risk strategy and derived key risk management decisions.
* The Independent Risk Controlling Function is outsourced to HDI AG based on existing outsourcing agreements and is managed by an organizational unit led by the Chief Risk Officer.
* An outsourcing officer within the company monitors the outsourcing.
* The Independent Risk Controlling Function is primarily responsible for identifying, assessing, and analyzing the risk profile, and for monitoring limits and risk mitigation measures at an aggregated level.
* This task is performed by the Chief Risk Officer with support from risk management and the Risk Committee of the HDI Deutschland [[Definition:Business mix|business unit]], which makes recommendations to the Management Board.
* Risk Officers are responsible for identifying and assessing significant risks in their areas, proposing risk reduction measures, and implementing appropriate risk control measures.
* Knowledge exchange between Risk Officers and the Independent Risk Controlling Function occurs through regular risk steering committee meetings and risk discussions.
* Internal Audit is responsible for process-independent auditing of business areas, including risk management.
* The head of Internal Audit attends the Risk Committee as a guest to discuss risk-relevant topics.
* The company is integrated into the Compliance organization of the HDI Deutschland [[Definition:Business mix|business unit]] to ensure proper business organization and compliance with legal and regulatory requirements.
* Compliance sends a representative to the Risk Committee.
* The Actuarial Function contributes to the effective implementation of the risk management system and risk and solvency assessment, particularly regarding the calculation of technical provisions, underwriting and acceptance policy, and the adequacy of reinsurance agreements.
* The Actuarial Function is also represented in the Risk Committee.
* Internal Audit, Compliance, and the Actuarial Function are also outsourced to HDI AG.
* Future development risks are discussed based on described risk categories.
* Underwriting risk refers to the danger that actual expenses for claims and benefits deviate from expected expenses due to chance, error, or change.
* Premium risk, or premium/claims risk, arises because fixed insurance premiums must later cover claims of initially unknown amounts, potentially leading to premiums not covering actual claims.
{{chunk|doc=9fth4kgfqj|c=77|p=22|cont=1}}
* The company uses actuarial models for tariff setting and continuously monitors claims development.
* Portfolio analyses are conducted for key [[Definition:Business mix|lines of business]], allowing profitability assessments of individual segments within a line.
* Claims departments have extensive claims controlling.
* The portfolio is also covered by reinsurance.

==== Reserve risks ====

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'''Reserve risk management'''

* Reserve risk is the danger that technical provisions are insufficient to fully settle claims that have already occurred but are not yet settled or known, potentially leading to a need for additional reserves.
* The company addresses premium and reserve risk by using conservative assumptions in calculations.
* The level of provisions is regularly reviewed by internal and external actuaries, with reserve reports provided to the company.
* The company manages the potential impact of simultaneous natural catastrophes and cumulative losses from technical risks by securing peak loads through adequate reinsurance protection.
* Risk management and reduction also involve claims analyses, natural catastrophe modeling, selective underwriting, and regular monitoring of claims development.

==== Lapse risks ====

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'''Lapse risk definition and management'''

* Lapse risk describes the danger of a loss or adverse change in the value of insurance liabilities resulting from changes in the level or volatility of lapse, termination, renewal, and surrender rates of insurance contracts.
* The company regularly analyzes the lapse situation and implements appropriate control measures as needed.

=== Market risks ===

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'''Market risk definition and management'''

* Market risk is the danger arising from fluctuations in the amount or volatility of financial market data, which affects the value of assets and liabilities.
* The company has detailed capital investment guidelines that define the investment universe, specific quality characteristics, issuer limits, and investment limits.
* These guidelines are based on legal and supervisory requirements, as well as the company's internal policies, to ensure maximum security and profitability with constant liquidity, while maintaining an appropriate mix and diversification.
* A clear separation of functions between the operational management of capital investment risk and risk controlling is ensured.
* Parametric stress tests are calculated as part of the monthly reporting to determine how sensitively the portfolio reacts to significant changes in market data.

==== Equity and participation risks ====

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'''Equity risk definition and impact'''

* Equity risk refers to the risk arising from changes in equity price levels.
* Potential changes in equity price levels affect the valuation of equities and asset positions modeled as equities in the risk model, particularly any investments held by the company.
* Equity risk has limited hazard potential due to the company's low equity ratio.
* A sensitivity analysis shows percentage changes in the market value of investments for a hypothetical loss/gain in equity investments, calculated as of the balance sheet date.

{{chunk|doc=9fth4kgfqj|c=82|p=22}}

<div style="overflow-x:auto">
{| id="t12" class="wikitable fintable"
|+ Percentage change in market value of investments by assumed change in equity investments
|-
! style="text-align:left" | Assumed change in equity investments:
! class="col-s" style="text-align:right" | -10%
! class="col-s" style="text-align:right" | +10%
|-
| style="text-align:left" | Percentage change in market value of investments:
| style="text-align:right" | -0.1%
| style="text-align:right" | 0.1%
|}
</div>

==== Interest rate risks ====

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'''Interest rate risk management'''

* Interest rate risk describes the sensitivity of assets, liabilities, and financial instruments to changes in the interest rate curve or interest rate volatility.
* Interest rate risk is managed through regular Asset-Liability analyses, continuous monitoring of investments and capital markets, and implementation of appropriate measures.
* Suitable capital market instruments, such as derivatives, are used as needed.
* The following section provides percentage changes in the market value of investments for a hypothetical decrease/increase in interest rates (parallel shift of the interest rate curve, calculated at the balance sheet date) as part of a sensitivity analysis.

{{chunk|doc=9fth4kgfqj|c=84|p=22}}

<div style="overflow-x:auto">
{| id="t13" class="wikitable fintable"
|+ Percentage change in market value of investments by assumed shift in interest rate curve
|-
! style="text-align:left" | Assumed shift in interest rate curve:
! class="col-s" style="text-align:right" | -50bp
! class="col-s" style="text-align:right" | +50bp
|-
| style="text-align:left" | Percentage change in market value of investments:
| style="text-align:right" | 2.1%
| style="text-align:right" | -2.0%
|}
</div>

== Currency risks ==

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'''Currency risk management'''

* Currency risk, defined as the sensitivity of assets, liabilities, and financial instruments to changes in exchange rate levels or volatility, plays a minor role for the company.
* The company's capital investments are almost exclusively denominated in euros.

== Real estate risks ==

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'''Real estate risk management and sensitivity'''

* Real estate risk is defined as the risk from fluctuations in the value of real estate held in investments.
* This includes both real estate in the narrower sense (e.g., land and buildings) and real estate funds.
* For direct real estate investments, yield and other key performance indicators (e.g., vacancies or arrears) are regularly measured at the property and portfolio levels.
* For indirect real estate investments, risk is controlled by regularly observing fund development and performance.
* A sensitivity analysis shows the percentage changes in the market value of investments given a hypothetical loss in value of real estate investments (calculated at the balance sheet date).

== Credit risks from investments ==

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'''Credit risk management and fixed-income investments'''

* Credit risks describe the risks of loss or adverse changes in financial position resulting from fluctuations in the creditworthiness of securities issuers, counterparties, and other debtors against whom the company has claims.
* Credit risks manifest as counterparty default risks, spread risks, or market risk concentrations.
* The company regularly conducts credit assessments of existing debtors.
* Credit risks below investment grade and without a rating are only undertaken to a limited extent.
* Rating categories and hedging instruments are considered for managing default and credit risk.
* The creditworthiness of debtors is continuously monitored.
* Ratings from external agencies such as Standard & Poor's, Moody's, Fitch, or Scope Analysis are key indicators for investment decisions by portfolio management.
* To mitigate concentration risk, a broad mix and diversification of investments are observed.
* Dependencies on individual debtors are avoided where possible.

== Infrastructure investment risks ==

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'''Infrastructure investment risks'''

* Risks from infrastructure investments relate to changes in value and fluctuations in returns of corresponding infrastructure assets.
* Management of these risks involves careful due diligence checks in advance and ongoing monitoring measures.
* Specialized expertise is maintained for this purpose.

== Derivatives and structured products ==

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'''Derivatives and structured products overview'''

* Derivative transactions for yield enhancement, acquisition preparation, and portfolio hedging, as well as structured product transactions, are conducted within the company's internal guidelines.
* Derivative positions and transactions are detailed in reporting.
* Derivatives are efficient and flexible portfolio management instruments due to low transaction costs, high market liquidity, and transparency.
* The use of derivatives involves additional risks that are closely monitored and managed.

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'''Structured products and risk management'''

* The company's inflation-swap portfolio (inflation receivers) was further expanded to hedge inflation risk.
* Structured products had a total book value of EUR 547.2m (prior: EUR 306.9m) in the direct portfolio as of December 31, 2025.
* Value at Risk (VaR) is used to monitor market risks, representing the maximum expected loss within a defined period at a given probability.
* VaR is measured as a percentage of the market values of the capital investments under consideration.
* An Asset Management VaR (AMVaR) is calculated to measure asset-side risks in capital investments, considering risks from rating migrations, credit defaults, credit spread widening, and equity risks (including alternative investments).
* AMVaR measures the company's risk contribution to the Talanx Group risk over a 1-year horizon with a 99.5% confidence level.
* The AMVaR as of December 31, 2025, was 7.38%.
* The ALM-VaR considers capital investments and projected cash flows of technical provisions, measuring potential losses from interest rate, currency, and inflation risks relevant for ALM management.
* ALM-VaR measures the company's isolated risk over a 1-year horizon with a 99.5% confidence level.
* The ALM-VaR as of December 31, 2025, was 2.16%.
* Counterparty default risk covers risk-reducing contracts (e.g., reinsurance agreements, securitizations) and claims against intermediaries and other credit risks not otherwise included in risk measurement.
* Information on default risks in capital investments is found under credit risks.
* The risk of default on claims against reinsurers is the possibility of default on reinsurers' shares of insurance liabilities, minus reinsurance deposits or other collateral.
* To mitigate risk, the creditworthiness of reinsurance partners is considered during selection and monitored throughout the contract.
* Default risk on claims from reinsurance business is low due to the favorable credit assessment of reinsurance partners.
* Claims against reinsurers amounted to EUR 1.7m (prior: EUR 14.6m) as of the balance sheet date.
* As of December 31, 2025, the breakdown of claims against reinsurers by rating was: AA (47.1%), A (39.7%), and Unrated (13.2%).
* The risk of default on claims against insurance intermediaries primarily involves the possibility that commission clawbacks may not be sufficiently valuable in the event of increased policy cancellations.
* The company addresses this risk through intensive monitoring of intermediary creditworthiness using a detailed control system.
* The risk of default on claims against policyholders is mitigated by the diversification of these claims.
* Liquidity risk is the risk that the company cannot realize assets to meet financial obligations at maturity, potentially due to illiquid markets or price discounts.
{{chunk|doc=9fth4kgfqj|c=90|p=25|cont=1}}
* To monitor liquidity risks, each security type is assigned a liquidity indicator reflecting its marketability at fair prices.
* These indicators are regularly reviewed by Ampega Asset Management GmbH's risk controlling, validated with market data and portfolio management assessment, and modified if necessary.
* This data is then incorporated into standardized reports for the company's CFO.
* The liquidity structure of capital investments as of December 31, 2025, was: Cash and equivalents (3%), readily marketable without significant discount (26%), marketable with discount (42%), and difficult/not marketable (29%).
* Liquidity risks are managed by continuously aligning the maturities of capital investments and financial obligations.
* Minimum limits exist for highly liquid securities, and maximum limits for less liquid securities.
* Minimum limits are derived from the timing of technical insurance payment obligations.
* A sufficiently liquid investment structure ensures the company can make required payments at all times.
* Operational risk is the risk of loss from inadequate or failed internal processes, people, or systems, or from external events.
* Business Continuity and IT Service Continuity risks refer to the threat, damage, or disruption of business operations due to natural or human-made hazards.
* This includes losses and additional costs from IT system failures or technical problems, destruction or damage to buildings/utilities, or other work environment impairments.
* The company reduces risks from building infrastructure disruptions through effective risk management measures, including adherence to safety, maintenance, and fire protection regulations, and widespread mobile working options.
* A crisis management system is established to address business interruption risks from crises or emergencies, ensuring a rapid return to normal operations.
* Emergency preparedness includes an emergency manual, business impact analyses to determine process criticality, and the establishment of a crisis team and emergency team.
* IT infrastructure failure risk is reduced through regular controls, redundant systems, backup and recovery procedures, and on-call services.
* Targeted investments in IT security and availability maintain and enhance the high existing security level.
* Process risks describe the risk of loss from inadequate or failed internal processes, including data quality weaknesses.
* The company has an Internal Control System (ICS) to systematically identify process risks and implement control measures.
* The necessity, completeness, and effectiveness of control measures are regularly assessed by process owners through process reviews.
* Internal Audit periodically assesses the adequacy and effectiveness of controls from an objective standpoint.
* Compliance, legal, and tax risks describe the risk of non-compliance with legal or regulatory requirements and internal company guidelines, which could lead to lawsuits or administrative proceedings.
* Compliance risks include legal risks and risks from changes in legislation, including tax legislation and statutory reporting obligations.
* Legal risks arise from contracts and general legal frameworks, such as business-specific uncertainties in commercial and tax law.
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* Compliance risks in sales are regularly monitored, also with regard to the GDV Code of Conduct for Sales, for which a Compliance Steering Committee HDI Germany has been established.
* Current relevant legal requirements arise from the Digital Operational Resilience Act (DORA) or from conduct requirements of the insurance supervisory authority.
* Potential developments in supreme court rulings or legislative changes, particularly in corporate, product, or tax law, are identified early and closely monitored.

===== Fraud risks =====

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'''Fraud Risk Definition and Mitigation'''

* Fraud risks include the risk of intentional violation of laws or rules by internal employees (internal fraud risks) and/or by third parties (external fraud risks) to gain personal advantage.
* Fraud risks are broadly defined to include not only fraud but also other property offenses.
* The company addresses the risk of fraudulent acts through regulations and internal controls within departments.
* Payment flows and declarations of commitment are subject to strict authorization and approval regulations.
* Segregation of duties in workflows, the four-eyes principle for important decisions, and random checks for serial business transactions make fraudulent acts more difficult.
* Internal Audit reviews systems, processes, and individual cases across the company.

===== Personnel risks =====

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'''Personnel risk management'''

* Personnel risks are defined as risks arising from insufficient staffing or inadequate employee behavior.
* Qualified employees are essential for customer-oriented business and the implementation of key projects.
* The company prioritizes training and professional development to mitigate personnel risks.
* Employees can adapt to current market requirements through individual development plans and appropriate qualification programs.
* Modern management tools and adequate monetary and non-monetary incentive systems promote high employee commitment.
* Measures for employee health promotion, process documentation, and representation rules also contribute to reducing personnel risks.

===== Information and IT security risks =====

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'''Information and IT Security Risks'''

* Information and IT security risks describe risks that could potentially jeopardize the completeness, confidentiality, or availability of information or IT systems.
* IT security risk includes cybersecurity risk.
* The availability of applications, the security and confidentiality, and the integrity of the data used are crucial for the company.
* IT security is ensured through access controls, access authorization systems, and security systems for programs and data storage.
* A protective firewall technology is installed for connecting internal and external networks, which is regularly reviewed and continuously developed.

===== Outsourcing risks =====

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'''Outsourcing risk management'''

* Outsourcing risks refer to risks arising from outsourcing functions or insurance activities, either directly or through further outsourcing, that could otherwise be performed by the company itself.
* Outsourcing risks are differentiated by the outsourcing of tasks up to sales and the outsourcing of sales services.
* Risks from outsourced functions or services are integrated into the risk management process and are identified, evaluated, managed, and monitored, even if the service is provided within the group.
* Initial risk analyses are conducted before outsourcing activities/areas.
* The company contractually secures necessary information and instruction rights from the service provider, allowing the Management Board to issue individual instructions at any time and influence outsourced areas.
* Adequate and continuous control and assessment of service providers are ensured through various evaluation measures, including defining product catalogs with Service Level Agreements and conducting customer satisfaction surveys to verify compliance with agreed performance and quality criteria.

=== ICT risks ===

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'''ICT risk management'''

* ICT risks manifest as operational risks across various subcategories.
* An ICT risk control function was established in the reporting year in the context of the EU Digital Operational Resilience Act (DORA).
* The Group Security function performs the ICT risk control function for the company.
* The operational integration of ICT risk management into the overarching risk management system occurred in the reporting year and is continuously being expanded.

=== Other significant risks ===

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'''Other significant risks'''

* Other significant risks are described in the risk report in the combined separate and consolidated financial statements.

==== Strategic risks ====

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'''Strategic risks management'''

* Strategic risks are defined as risks arising from strategic business decisions.
* This includes the risk that business decisions are not adapted to a changed economic environment.
* The company reviews its business and risk strategy at least annually for consistency and adjusts processes and structures as needed.
* Strategic risks are addressed through planning and control processes.
* Intensive strategic work in the reporting year established the conditions for focused organic growth.
* Sales performance is a central success factor, so sales risks are given appropriate importance within the company.

==== Project risks ====

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'''Project risks and management'''

* Project risks describe risks that endanger the intended course or non-achievement of project goals, including strategic and IT-related projects.
* Project risks and their effects are systematically identified within project management.
* Project progress is regularly reviewed and evaluated.
* The company uses established processes and measures for controlling and managing the project portfolio and individual projects.
* This ensures that countermeasures can be taken in a timely manner if difficulties arise in achieving time and quality goals.

==== Reputation risks ====

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'''reputation risk management'''

* Reputation risks are defined as risks arising from potential damage to the company's reputation due to negative public perception.
* Reputation risks are closely monitored.
* A professional complaint management system is in place to reduce reputation risks.
* The risk of reputation damage is limited by quality requirements for products, continuous quality management of essential business processes, anti-money laundering measures, and strict data protection and compliance guidelines.
* Crisis communication management is regulated.

==== Emerging Risks ====

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'''Emerging risks definition and management'''

* Emerging Risks are potential threats or hazards resulting from new developments or factors that are changing, complex, or uncertain, difficult to predict, or hard to assess.
* Emerging Risks often stem from trends or structural long-term developments that can have indirect impacts on the political, social, technological, ecological, and/or economic environment.
* Emerging Risks are identified and managed annually within the company's risk management framework through a group-wide coordinated process.
* The results and insights from the Emerging Risk process are incorporated into risk reporting and the risk management process to enable early detection of potential vulnerabilities and, if necessary, mitigation through risk reduction measures.

==== Sustainability risks ====

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'''Sustainability risks overview'''

* Sustainability risks are events or conditions from the Environment, Social, or Governance (ESG) areas that can have significant negative actual or potential impacts on the earnings, financial, and asset situation, as well as the reputation of the company.
* These risks include climate-related risks such as physical risks and transition risks associated with transformation processes, as well as risks of potential greenwashing allegations.
* Sustainability risks can materialize as a meta-risk across all risk categories, so the company monitors these risks within its risk management system.
* The company also considers sustainability aspects in its business activities, such as in capital investments.

== Forecast and Opportunity Report ==

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'''Forward-looking statement'''

* The following statements are based on expert assessments from third parties and on plans and forecasts considered conclusive by the company, but represent a subjective assessment.
* Actual developments may differ from the expected developments presented.

=== Economic Environment ===

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'''Global economic outlook and drivers'''

* Global economic growth slightly cooled in 2025 due to escalating tariff disputes and geopolitical conflicts, but did not collapse.
* Global economic growth is expected to continue this trend in [[Definition:Year 2026|2026]], with a forecast of +2.7% YoY.
* Stable growth is supported by the delayed effect of central bank interest rate cut cycles and persistently high or rising fiscal stimulus.
* The global economy is gradually adapting to the new global trade order, with no expectation of further escalation of US-initiated trade conflicts or a collapse in increased AI investments.
* In the Eurozone, higher fiscal stimulus, particularly rising government investments in infrastructure and defense in Germany, is expected to slightly accelerate growth dynamics during the year.
* Solid purchasing power from lower inflation and stable growth should support private consumption in the Eurozone.
* External trade in the Eurozone faces [[Definition:Headwind|headwinds]] from global trade reordering, including weak exports and rising (cheap) imports from China due to trade diversion away from the US.
* Lower energy prices YoY and a stronger Euro, alongside increased imports from China, are expected to contribute to a further declining inflation rate in the Eurozone.
* US economic growth is expected to stabilize at the previous year's level.
* Consumer restraint in lower and middle-income households in the US, due to a weaker labor market and increased price levels (partly tariff-related), may be partially offset by wealthy households, but no further acceleration is expected.
* Investments in AI are expected to continue providing tailwinds in the US, though it remains to be seen if announced high investments by large tech companies fully materialize.
* Very expansive fiscal policy, including tax cuts, should also support the US economy.
* A significant increase in the US unemployment rate in [[Definition:Year 2026|2026]] is expected to be avoided due to a simultaneously lower labor supply (less migration).
* The US inflation rate is expected to reach its tariff-related peak by mid-year but will exceed the Fed's 2% target for the sixth consecutive year on average.

{{chunk|doc=9fth4kgfqj|c=104|p=28}}
'''Global economic risks'''

* Upside risks to the global economic outlook include stronger fiscal support, a potential ceasefire in the war in Ukraine, or an AI-driven productivity boost.
* Risks to the global economic outlook are predominantly on the downside.
* Primary downside risks include various geopolitical conflicts (e.g., Venezuela, Greenland, Iran, Taiwan, Ukraine), which could lead to significant deterioration at any time.
* Potentially unstable government constellations in many countries (e.g., US Midterms, German state elections, France, Japan) pose additional risks.
* Political attacks on the Fed and other institutions in the US represent a significant risk to political and economic stability.
* Increased politicization of the Fed, combined with the sharply increased US national debt, could lead to a serious crisis of confidence with repercussions on international capital markets.
* A potential AI crash is another risk; if confidence in the technology and its potential returns wanes given immense capital requirements, it could worsen investment activity in the sector and the overall investment climate.
* The sustainability of high government debt outside the US remains a recurring question.
* Structural risks include climate change, demographic developments, and de-globalization, which could increase inflation risk in the medium term and lead central banks to a sustainably more restrictive monetary policy.

=== Capital markets ===

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'''Interest rate outlook'''

* The ECB is expected to maintain its deposit rate at 2.00% by the end of [[Definition:Year 2026|2026]], due to inflation slightly below its 2% target and subdued positive economic momentum.
* The Fed's flexibility is limited by persistent US inflation above 2%.
* The US policy rate is projected to be 3.25% by year-end, following two additional interest rate cuts of 0.25 percentage points each, driven by a weakening US labor market and political pressure.

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'''Bond yields and equity market outlook'''

* The yield on 10-year German Bunds is expected to rise towards 3.00% during the year, due to increased issuance activity for additional expenditures.
* The yield on 10-year US Treasuries is projected to be 4.25% by year-end, only slightly above its 2025 year-end value.
* Slight further price gains for equities are anticipated, provided the mentioned risks do not materialize significantly.

=== Future Industry Situation ===

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'''Macroeconomic environment and growth outlook'''

* The macroeconomic environment continues to be characterized by significant risk factors and uncertainty, affecting both national and international insurance markets.
* Growth prospects for the national market in the coming years are primarily supported by announced fiscal spending.

==== German Insurance Industry ====

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'''German insurance market outlook'''

* The German insurance market is expected to continue growing in [[Definition:Year 2026|2026]], but with less momentum compared to the strong premium growth in the past fiscal year.

===== Property and Casualty Insurance =====

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'''German [[Definition:Property & casualty|P&C]] outlook'''

* For [[Definition:Year 2026|2026]], slight follow-up effects are expected in sum insured and premium adjustments in German [[Definition:Property & casualty|P&C]] insurance.
* These effects are driven by cost increases and inflation from recent years.
* Premium income growth is expected to approach the long-term average again.

==== Opportunities from the Development of the Framework Conditions ====

===== Digitalization =====

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'''digitalization and AI strategy'''

* Digitalization is significantly changing the insurance industry by reshaping business processes and models through digital technologies.
* This development is crucial for the competitiveness of insurance companies, creating new opportunities in customer communication, claims processing, data analysis, and new business development.
* The Talanx Group is undertaking numerous projects to manage digital transformation, including creating added value through artificial intelligence (AI).
* The Group has implemented its own generative AI solution, Chat@HDI, and integrated Microsoft Copilot to gain real-time insights from unstructured text or image data to support employees.
* These AI initiatives are already showing benefits for customers and employees, primarily through time savings from optimized processes, while adhering to data protection and compliance regulations.
* This includes the European Union's (EU) Artificial Intelligence Act (AI Act), which came into force on August 1, 2024, with most regulations to be implemented by August 2, [[Definition:Year 2026|2026]].
* The AI Act aims to regulate the development and use of AI in the EU, protect fundamental rights, strengthen trust in the technology, and promote innovation through clear guidelines.
* Faster-than-expected implementation and customer adoption of digitalization projects could positively impact premium development and earnings, potentially leading to exceeding current forecasts.

===== Knowledge Management =====

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'''knowledge and innovation management'''

* Knowledge and innovation management are gaining importance in the insurance industry.
* Talanx Group established a Best Practice Lab to promote targeted exchange of knowledge and innovation.
* International experts in Excellence Teams exchange ideas on specialized topics and develop new solutions, including pricing, sales, marketing, claims, fraud management, customer service centers, and digitalization.
* Results and solutions from the Best Practice Lab are provided to Talanx Group companies to continuously improve their processes and methods.
* Faster generation and implementation of new solutions and ideas through the Best Practice Lab could positively impact premium development and earnings, potentially exceeding forecasts.

===== Agility =====

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'''Agile transformation and benefits'''

* The globalized world in the information age is characterized by volatility, uncertainty, complexity, and ambiguity (VUCA).
* To keep pace with change, HDI Versicherung is transforming into an agile organization.
* An agile organization for HDI means being a learning organization focused on customer benefit to increase company profit.
* HDI uses interdisciplinary and creative teams, open and direct communication, flat hierarchies, and a culture that embraces mistakes.
* Initiatives support the shift to an agile organization by shortening communication channels and fostering cross-departmental exchange.
* HDI supports hybrid work, allowing employees to work remotely up to 60% of the time, balancing work and family while maintaining direct colleague interaction.
* Agility offers opportunities for customers, employees, and investors.
* Customers benefit from new, tailored insurance solutions.
* Employees gain more autonomy and growth opportunities through agile work.
* Investors benefit from increased company profit when customers are satisfied and employees reach their full potential.

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'''[[Definition:Year 2026|2026]] outlook and financial stability'''

* Faster-than-expected implementation of agile transformation could positively impact earnings and exceed forecasts.
* HDI Versicherung AG has high financial stability, providing a good basis to capitalize on competitive opportunities.
* For fiscal [[Definition:Year 2026|year 2026]], HDI expects a challenging market environment with continued inflation in spare parts and artisan costs.
* Premium adjustments are anticipated in motor and building insurance segments due to inflation.
* For corporate segments, HDI plans to continue portfolio review in commercial customer business and reduce loss-making portfolios.
* A moderate decline in premium volume is expected for fiscal [[Definition:Year 2026|year 2026]].
* A slight decrease in claims expenses is expected, despite anticipating a normalization of natural catastrophe claims in the coming year.
* A moderate reduction in insurance operating expenses is projected due to continued cost discipline.
* A slight decrease in the underwriting result after fluctuation provision is expected for fiscal [[Definition:Year 2026|year 2026]].
* A significant increase in investment income is anticipated, driven by higher extraordinary investment income following loss realizations in the current reporting year.
* The non-underwriting result is expected to decline slightly overall.
* The net income for the coming year is expected to be slightly below the previous year's level.

== Types of Insurance (Appendix 1 to the Management Report) ==

{{chunk|doc=9fth4kgfqj|c=114|p=31}}
'''Insurance types operated in 2025'''

* The following types of insurance were operated in the 2025 financial year as individual, group, or collective insurance policies against single or ongoing contributions:
** General liability insurance
** Private liability insurance
** Financial loss liability insurance
** Cyber insurance
** Medical professional liability insurance
** Planning liability insurance
** Motor vehicle liability insurance
** Other motor vehicle insurance
** General accident insurance
** Multi-risk insurance
** Transport insurance
** Technical insurance
** Fire insurance
** Combined residential building insurance
** Combined household contents insurance

{{chunk|doc=9fth4kgfqj|c=115|p=32}}
'''Brazil financial report'''

* Financial report Brazil
{{chunk|doc=9fth4kgfqj|c=115|p=33|cont=1}}
* Financial report Brazil

== Annual Financial Statements ==

{{chunk|doc=9fth4kgfqj|c=116|p=33}}
'''Financial statement components'''

* Balance Sheet
* Income Statement
* Notes
* Information on the Company
* Accounting and Valuation Methods
* Notes to the Balance Sheet - Assets
* Notes to the Balance Sheet - Liabilities
* Notes to the Income Statement
* Other Information

=== Balance Sheet as of December 31, 2025 ===

{{chunk|doc=9fth4kgfqj|c=117|p=34}}

<div style="overflow-x:auto">
{| id="t19" class="wikitable fintable"
|+ Balance Sheet as of December 31, 2025
|-
! style="text-align:left" | Assets In EUR thousand
! style="text-align:left" |
! style="text-align:left" |
! style="text-align:left" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
|-
! colspan="5" style="text-align:left" | A. Intangible assets
|-
| style="text-align:left" | Acquired concessions, industrial property rights and similar rights and values, and licenses for such rights and values
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | 2,153
| style="text-align:right" | 3,953
|-
! colspan="5" style="text-align:left" | B. Investments
|-
| style="text-align:left" | I. Land, rights equivalent to land, and buildings, including buildings on third-party land
| style="text-align:left" | —
| style="text-align:left" | 0
| style="text-align:left" | —
| style="text-align:right" | 217
|-
! colspan="5" style="text-align:left" | II. Investments in affiliated companies and participations
|-
| style="text-align:left" | 1. Shares in affiliated companies
| style="text-align:left" | 256,451
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 267,706
|-
| style="text-align:left" | 2. Loans to affiliated companies
| style="text-align:left" | 203,261
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 153,261
|-
| style="text-align:left" | 3. Participations
| style="text-align:left" | 1,964
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 1,965
|-
| style="text-align:left" | 4. Loans to companies with which there is a participation relationship
| style="text-align:left" | 19,939
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 19,575
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | 481,615
| style="text-align:left" | —
| style="text-align:right" | 442,508
|-
! colspan="5" style="text-align:left" | III. Other investments
|-
| style="text-align:left" | 1. Shares, units or shares in investment funds and other non-fixed-income securities
| style="text-align:left" | 772,675
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 822,816
|-
| style="text-align:left" | 2. Bearer bonds and other fixed-income securities
| style="text-align:left" | 1,870,241
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 1,553,894
|-
| style="text-align:left" | 3. Other loans
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 782,990
|-
| style="text-align:left" | a) Registered bonds
| style="text-align:left" | 473,581
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | —
|-
| style="text-align:left" | b) Promissory note receivables and loans
| style="text-align:left" | 165,763
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 158,387
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | 639,344
| style="text-align:left" | —
| style="text-align:right" | 941,377
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | 3,282,259
| style="text-align:left" | —
| style="text-align:right" | 3,318,087
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | 3,763,874
| style="text-align:right" | 3,760,811
|-
! colspan="5" style="text-align:left" | C. Receivables
|-
| style="text-align:left" | I. Receivables from direct insurance business from:
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | —
|-
| style="text-align:left" | 1. Policyholders
| style="text-align:left" | 77,529
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 107,925
|-
| style="text-align:left" | 2. Insurance intermediaries
| style="text-align:left" | 7,194
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 9,854
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | 84,723
| style="text-align:left" | —
| style="text-align:right" | 117,779
|-
| style="text-align:left" | II. Settlement receivables from reinsurance business – thereof from affiliated companies: 292 TEUR (11,543 TEUR)
| style="text-align:left" | —
| style="text-align:left" | 1,737
| style="text-align:left" | —
| style="text-align:right" | 14,593
|-
| style="text-align:left" | III. Other receivables – thereof from affiliated companies: 147,670 TEUR (497,557 TEUR)
| style="text-align:left" | —
| style="text-align:left" | 172,845
| style="text-align:left" | —
| style="text-align:right" | 522,299
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | 259,305
| style="text-align:right" | 654,671
|-
! colspan="5" style="text-align:left" | D. Other assets
|-
| style="text-align:left" | I. Current balances with credit institutions, checks and cash on hand
| style="text-align:left" | —
| style="text-align:left" | 88,055
| style="text-align:left" | —
| style="text-align:right" | 51,289
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | 88,055
| style="text-align:right" | 51,289
|-
! colspan="5" style="text-align:left" | E. Prepaid expenses and accrued income
|-
| style="text-align:left" | I. Accrued interest and rents
| style="text-align:left" | —
| style="text-align:left" | 36,129
| style="text-align:left" | —
| style="text-align:right" | 32,597
|-
| style="text-align:left" | II. Other prepaid expenses and accrued income
| style="text-align:left" | —
| style="text-align:left" | 1,345
| style="text-align:left" | —
| style="text-align:right" | 4
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | 37,475
| style="text-align:right" | 32,601
|-
| style="text-align:left" | F. Active difference from asset netting
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | 0
| style="text-align:right" | 6
|-
| style="text-align:left" | Total Assets
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | 4,150,862
| style="text-align:right" | 4,503,332
|}
</div>

== Financial report Brazil Balance Sheet ==

{{chunk|doc=9fth4kgfqj|c=118|p=35}}

<div style="overflow-x:auto">
{| id="t20" class="wikitable fintable"
|+ Financial report Brazil Balance Sheet
|-
! style="text-align:left" | Liabilities In EUR thousand
! class="col-s" style="text-align:right" | 31.12.2025
! style="text-align:left" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
! class="col-s" style="text-align:right" | 31.12.2024
|-
! colspan="5" style="text-align:left" | A. Shareholders' equity
|-
| style="text-align:left" | I. Subscribed capital
| style="text-align:right" | 51,000
| style="text-align:left" | —
| style="text-align:right" | 51,000
| style="text-align:right" | —
|-
| style="text-align:left" | II. Capital reserves
| style="text-align:right" | 6,100
| style="text-align:left" | —
| style="text-align:right" | 6,100
| style="text-align:right" | —
|-
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:left" | 57,100
| style="text-align:right" | —
| style="text-align:right" | 57,100
|-
! colspan="5" style="text-align:left" | B. Technical provisions
|-
! colspan="5" style="text-align:left" | I. Unearned premiums
|-
| style="text-align:left" | 1. Gross amount
| style="text-align:right" | 225,520
| style="text-align:left" | —
| style="text-align:right" | 220,539
| style="text-align:right" | —
|-
| style="text-align:left" | 2. thereof: share for reinsurance ceded
| style="text-align:right" | 1,179
| style="text-align:left" | —
| style="text-align:right" | 1,790
| style="text-align:right" | —
|-
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:left" | 224,341
| style="text-align:right" | —
| style="text-align:right" | 218,748
|-
! colspan="5" style="text-align:left" | II. Technical provisions for life insurance
|-
| style="text-align:left" | 1. Gross amount
| style="text-align:right" | 8,905
| style="text-align:left" | —
| style="text-align:right" | 9,342
| style="text-align:right" | —
|-
| style="text-align:left" | 2. thereof: share for reinsurance ceded
| style="text-align:right" | 0
| style="text-align:left" | —
| style="text-align:right" | 3
| style="text-align:right" | —
|-
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:left" | 8,905
| style="text-align:right" | —
| style="text-align:right" | 9,339
|-
! colspan="5" style="text-align:left" | III. Provision for outstanding claims
|-
| style="text-align:left" | 1. Gross amount
| style="text-align:right" | 3,383,083
| style="text-align:left" | —
| style="text-align:right" | 3,298,028
| style="text-align:right" | —
|-
| style="text-align:left" | 2. thereof: share for reinsurance ceded
| style="text-align:right" | 121,637
| style="text-align:left" | —
| style="text-align:right" | 129,715
| style="text-align:right" | —
|-
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:left" | 3,261,447
| style="text-align:right" | —
| style="text-align:right" | 3,168,313
|-
! colspan="5" style="text-align:left" | IV. Provision for premium refunds, profit-dependent and profit-independent
|-
| style="text-align:left" | 1. Gross amount
| style="text-align:right" | 900
| style="text-align:left" | —
| style="text-align:right" | 2,500
| style="text-align:right" | —
|-
| style="text-align:left" | 2. thereof: share for reinsurance ceded
| style="text-align:right" | 0
| style="text-align:left" | —
| style="text-align:right" | 0
| style="text-align:right" | —
|-
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:left" | 900
| style="text-align:right" | —
| style="text-align:right" | 2,500
|-
| style="text-align:left" | V. Equalization provision and similar provisions
| style="text-align:right" | —
| style="text-align:left" | 252,856
| style="text-align:right" | —
| style="text-align:right" | 267,266
|-
! colspan="5" style="text-align:left" | VI. Other technical provisions
|-
| style="text-align:left" | 1. Gross amount
| style="text-align:right" | 13,439
| style="text-align:left" | —
| style="text-align:right" | 11,981
| style="text-align:right" | —
|-
| style="text-align:left" | 2. thereof: share for reinsurance ceded
| style="text-align:right" | 0
| style="text-align:left" | —
| style="text-align:right" | 0
| style="text-align:right" | —
|-
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:left" | 13,439
| style="text-align:right" | —
| style="text-align:right" | 11,981
|-
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:left" | —
| style="text-align:right" | 3,761,887
| style="text-align:right" | 3,678,147
|-
! colspan="5" style="text-align:left" | C. Other provisions
|-
| style="text-align:left" | I. Provisions for pensions and similar obligations
| style="text-align:right" | —
| style="text-align:left" | 847
| style="text-align:right" | —
| style="text-align:right" | 785
|-
| style="text-align:left" | II. Other provisions
| style="text-align:right" | —
| style="text-align:left" | 20,763
| style="text-align:right" | —
| style="text-align:right" | 19,930
|-
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:left" | —
| style="text-align:right" | 21,610
| style="text-align:right" | 20,715
|-
! colspan="5" style="text-align:left" | D. Other liabilities
|-
! colspan="5" style="text-align:left" | I. Liabilities from direct insurance business to
|-
| style="text-align:left" | 1. Policyholders
| style="text-align:right" | 100,391
| style="text-align:left" | —
| style="text-align:right" | 571,021
| style="text-align:right" | —
|-
| style="text-align:left" | 2. Insurance intermediaries
| style="text-align:right" | 13,505
| style="text-align:left" | —
| style="text-align:right" | 15,526
| style="text-align:right" | —
|-
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:left" | 113,897
| style="text-align:right" | —
| style="text-align:right" | 586,547
|-
| style="text-align:left" | II. Settlement liabilities from reinsurance business - thereof to affiliated companies: 16,354 TEUR (11,153 TEUR)
| style="text-align:right" | —
| style="text-align:left" | 22,634
| style="text-align:right" | —
| style="text-align:right" | 17,901
|-
| style="text-align:left" | III. Other liabilities - thereof from taxes: 12,098 TEUR (12,573 TEUR) - thereof to affiliated companies: 148,923 TEUR (118,065 TEUR)
| style="text-align:right" | —
| style="text-align:left" | 173,294
| style="text-align:right" | —
| style="text-align:right" | 142,272
|-
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:left" | —
| style="text-align:right" | 309,825
| style="text-align:right" | 746,720
|-
| style="text-align:left" | E. Prepaid expenses and accrued income
| style="text-align:right" | —
| style="text-align:left" | —
| style="text-align:right" | 440
| style="text-align:right" | 651
|-
! style="text-align:left" | Total liabilities
! class="col-s" style="text-align:right" |
! style="text-align:left" |
! class="col-s" style="text-align:right" | 4,150,862
! class="col-s" style="text-align:right" | 4,503,332
|}
</div>

{{chunk|doc=9fth4kgfqj|c=119|p=35}}
'''Pension provision'''

* The pension provision included in the balance sheet under liabilities B.III. for the end of the 2025 financial year, including uncollected pensions, amounts to EUR 63,698.
* The pension provision under item B.III. of the liabilities in the balance sheet has been calculated in accordance with § 341f and § 341g HGB and the legal ordinance issued pursuant to § 88 para. 3 VAG.

=== Income Statement for the period from January 1 to December 31, 2025 ===

{{chunk|doc=9fth4kgfqj|c=120|p=36}}

<div style="overflow-x:auto">
{| id="t21" class="wikitable fintable"
|+ Income Statement for the period from January 1 to December 31, 2025
|-
! style="text-align:left" | In EUR thousand
! style="text-align:left" |
! style="text-align:left" |
! style="text-align:left" |
! style="text-align:left" | 2025
! class="col-s" style="text-align:right" | 2024
|-
! colspan="6" style="text-align:left" | I. Technical account
|-
! colspan="6" style="text-align:left" | 1. Earned premiums for own account
|-
| style="text-align:left" | a) [[Definition:Gross written premiums|Gross written premiums]]
| style="text-align:left" | 1,564,825
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 1,588,316
|-
| style="text-align:left" | b) Reinsurance premiums ceded
| style="text-align:left" | -69,365
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | -74,861
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | 1,495,460
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 1,513,455
|-
| style="text-align:left" | c) Change in gross unearned premiums
| style="text-align:left" | -4,982
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | -8,784
|-
| style="text-align:left" | d) Change in reinsurers' share of gross unearned premiums
| style="text-align:left" | -611
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 92
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | -5,593
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | -8,692
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | 1,489,867
| style="text-align:left" | —
| style="text-align:right" | 1,504,763
|-
! colspan="4" style="text-align:left" | 2. Technical interest income for own account
! style="text-align:left" | 1,020
! class="col-s" style="text-align:right" | 1,052
|-
! colspan="4" style="text-align:left" | 3. Other technical income for own account
! style="text-align:left" | 360
! class="col-s" style="text-align:right" | 1,679
|-
! colspan="6" style="text-align:left" | 4. Claims incurred for own account
|-
! colspan="6" style="text-align:left" | a) Claims paid
|-
| style="text-align:left" | aa) Gross amount
| style="text-align:left" | -920,737
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | -1,111,769
|-
| style="text-align:left" | bb) Reinsurers' share
| style="text-align:left" | 17,877
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 41,572
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | -902,861
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | -1,070,197
|-
! colspan="6" style="text-align:left" | b) Change in provision for outstanding claims
|-
| style="text-align:left" | aa) Gross amount
| style="text-align:left" | -85,282
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 66,347
|-
| style="text-align:left" | bb) Reinsurers' share
| style="text-align:left" | -7,852
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | -38,486
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | -93,134
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 27,862
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | -995,994
| style="text-align:left" | —
| style="text-align:right" | -1,042,335
|-
! colspan="6" style="text-align:left" | 5. Change in other net technical provisions
|-
! colspan="6" style="text-align:left" | a) Technical provisions for life insurance
|-
| style="text-align:left" | aa) Gross amount
| style="text-align:left" | 437
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 836
|-
| style="text-align:left" | bb) Reinsurers' share
| style="text-align:left" | -3
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | -12
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | 433
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 823
|-
| style="text-align:left" | b) Other net technical provisions
| style="text-align:left" | —
| style="text-align:left" | -1,458
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 3,236
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | -1,025
| style="text-align:left" | —
| style="text-align:right" | 4,059
|-
! colspan="4" style="text-align:left" | 6. Expenses for premium refunds, profit-dependent and profit-independent, for own account
! style="text-align:left" | -7
! class="col-s" style="text-align:right" | -2,008
|-
! colspan="6" style="text-align:left" | 7. Operating expenses for own account
|-
| style="text-align:left" | a) Gross operating expenses
| style="text-align:left" | —
| style="text-align:left" | -486,415
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | -506,721
|-
| style="text-align:left" | b) thereof: commissions received and profit participation from reinsurance ceded
| style="text-align:left" | —
| style="text-align:left" | 9,142
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 10,484
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | -477,273
| style="text-align:left" | —
| style="text-align:right" | -496,237
|-
! colspan="4" style="text-align:left" | 8. Other technical expenses for own account
! style="text-align:left" | -11,229
! class="col-s" style="text-align:right" | -10,709
|-
! colspan="4" style="text-align:left" | 9. Subtotal
! style="text-align:left" | 5,719
! class="col-s" style="text-align:right" | -39,736
|-
! colspan="4" style="text-align:left" | 10. Change in equalization provision and similar provisions
! style="text-align:left" | 14,410
! class="col-s" style="text-align:right" | 9,026
|-
! colspan="4" style="text-align:left" | 11. Underwriting result for own account
! style="text-align:left" | 20,130
! class="col-s" style="text-align:right" | -30,710
|}
</div>

{{chunk|doc=9fth4kgfqj|c=120|p=37|cont=1}}

<div style="overflow-x:auto">
{| id="t22" class="wikitable"
|-
! style="text-align:left" | II. Non-underwriting account In EUR thousand
! style="text-align:left" | II. Non-underwriting account
! style="text-align:left" | II. Non-underwriting account
! style="text-align:left" | II. Non-underwriting account
! style="text-align:right" | 2025
! style="text-align:right" | 2024
|-
! style="text-align:left" | 1.
! colspan="3" style="text-align:left" | Investment income
! style="text-align:right" |
! style="text-align:right" |
|-
| style="text-align:left" | —
| colspan="2" style="text-align:left" | a) Income from participating interests – thereof from affiliated undertakings: 4,325 TEUR (17,108 TEUR)
| style="text-align:left" | 4,325
| style="text-align:right" | —
| style="text-align:right" | 17,224
|-
| style="text-align:left" | —
| colspan="3" style="text-align:left" | b) Income from other investments – thereof from affiliated undertakings: 21,905 TEUR (35,520 TEUR)
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | —
| colspan="2" style="text-align:left" | aa) Income from land, rights equivalent to land and buildings including buildings on third-party land
| style="text-align:left" | 361
| style="text-align:right" | —
| style="text-align:right" | 1,066
|-
| style="text-align:left" | —
| colspan="2" style="text-align:left" | bb) Income from other investments
| style="text-align:left" | 91,084
| style="text-align:right" | —
| style="text-align:right" | 100,444
|-
| style="text-align:left" | —
| colspan="2" style="text-align:left" | c) Income from write-ups
| style="text-align:left" | 0
| style="text-align:right" | —
| style="text-align:right" | 75
|-
| style="text-align:left" | d)
| colspan="2" style="text-align:left" | Gains from the disposal of investments
| style="text-align:left" | 23,819
| style="text-align:right" | —
| style="text-align:right" | 4,420
|-
| style="text-align:left" | e)
| colspan="2" style="text-align:left" | Income from profit-sharing agreements, profit and partial profit transfer agreements
| style="text-align:left" | 2
| style="text-align:right" | —
| style="text-align:right" | 82
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 119,591
| style="text-align:right" | 123,310
|-
! style="text-align:left" | 2.
! colspan="3" style="text-align:left" | Investment expenses
! style="text-align:right" |
! style="text-align:right" |
|-
| style="text-align:left" | a)
| colspan="2" style="text-align:left" | Expenses for the administration of investments, interest expenses and other investment expenses
| style="text-align:left" | -8,082
| style="text-align:right" | —
| style="text-align:right" | -7,427
|-
| style="text-align:left" | —
| colspan="2" style="text-align:left" | b) Depreciation on investments
| style="text-align:left" | -17,734
| style="text-align:right" | —
| style="text-align:right" | -3,718
|-
| style="text-align:left" | c)
| colspan="2" style="text-align:left" | Losses from the disposal of investments
| style="text-align:left" | -125,585
| style="text-align:right" | —
| style="text-align:right" | -158
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | -151,400
| style="text-align:right" | -11,303
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | -31,809
| style="text-align:right" | 112,008
|-
| style="text-align:left" | 3.
| colspan="2" style="text-align:left" | Technical interest income
| style="text-align:left" | —
| style="text-align:right" | -1,020
| style="text-align:right" | -1,052
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | -32,830
| style="text-align:right" | 110,956
|-
| style="text-align:left" | 4.
| colspan="2" style="text-align:left" | Other income
| style="text-align:left" | —
| style="text-align:right" | 144,773
| style="text-align:right" | 18,208
|-
| style="text-align:left" | 5.
| colspan="2" style="text-align:left" | Other expenses
| style="text-align:left" | —
| style="text-align:right" | -22,581
| style="text-align:right" | -80,700
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 122,193
| style="text-align:right" | -62,492
|-
! style="text-align:left" | 6.
! colspan="3" style="text-align:left" | Income from ordinary activities
! style="text-align:right" | 109,493
! style="text-align:right" | 17,754
|-
| style="text-align:left" | 7.
| colspan="2" style="text-align:left" | Taxes on income and earnings
| style="text-align:left" | —
| style="text-align:right" | -15
| style="text-align:right" | -5
|-
| style="text-align:left" | 8.
| colspan="2" style="text-align:left" | Other taxes
| style="text-align:left" | —
| style="text-align:right" | -7
| style="text-align:right" | -105
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | -23
| style="text-align:right" | -110
|-
! style="text-align:left" | 9.
! colspan="3" style="text-align:left" | Profits transferred due to a profit-sharing agreement, a profit transfer agreement or a partial profit transfer agreement
! style="text-align:right" | -109,470
! style="text-align:right" | -17,644
|-
! style="text-align:left" | 10.
! colspan="3" style="text-align:left" | Net income/net loss for the year or retained earnings
! style="text-align:right" | 0
! style="text-align:right" | 0
|}
</div>

{{chunk|doc=9fth4kgfqj|c=121|p=37}}
'''Accounting note'''

* Note: Expense items are marked with a minus sign before the corresponding amount.

== Notes ==

=== Company Information ===

{{chunk|doc=9fth4kgfqj|c=122|p=38}}
'''company registration details'''

* HDI Versicherung AG is headquartered in Hanover.
* HDI Versicherung AG is registered with the Hanover District Court under commercial register number HRB 58934.

=== Accounting and Valuation Methods ===

{{chunk|doc=9fth4kgfqj|c=123|p=38}}
'''Financial statement preparation basis'''

* The annual financial statements and management report of the company are prepared in accordance with the provisions of the German Commercial Code (HGB), the German Stock Corporation Act (AktG), the German Insurance Supervision Act (VAG), and relevant ordinances, particularly the German Accounting Regulations for Insurance Undertakings (RechVersV), in their version valid at the balance sheet date.

==== Assets ====

{{chunk|doc=9fth4kgfqj|c=124|p=38}}
'''Intangible assets and equity investments'''

* Intangible assets are recognized at acquisition cost less scheduled, straight-line depreciation over an estimated useful life of five years.
* Self-created intangible assets of fixed assets are not capitalized per § 248 Abs. 2 Satz 1 HGB.
* Shares in affiliated companies and equity investments are recognized at acquisition cost, reduced by any depreciation according to the softened lower of cost or market principle (§ 341b Abs. 1 Satz 2 HGB in conjunction with § 253 Abs. 1 Satz 1, Abs. 3 Satz 5 HGB).

{{chunk|doc=9fth4kgfqj|c=125|p=38}}
'''Loans and debt securities valuation'''

* Loans to affiliated companies and companies with which an equity relationship exists are recognized at amortized cost using the effective interest method, per § 341c Abs. 3 HGB.
* Capital investments are recognized at the purchase price upon acquisition.
* The difference to the repayment amount is amortized using the effective interest method.
* Necessary depreciations are made according to the softened lower of cost or market principle.
* Shares, units or shares in investment funds, as well as bearer bonds and other fixed-interest securities, if held as current assets, are recognized at acquisition cost or the lower stock exchange or market values on the balance sheet date, according to the strict lower of cost or market principle.
* The requirement to write up assets is observed (§ 341b Abs. 2 HGB in conjunction with §§ 255 Abs. 1 and 253 Abs. 1 Satz 1, Abs. 4 and Abs. 5 HGB).
* Securities intended to serve the business permanently are valued according to the softened lower of cost or market principle, as per the regulations for fixed assets (§ 341b Abs. 2 zweiter Halbsatz HGB in conjunction with § 253 Abs. 1 Satz 1, Abs. 3 Satz 5 HGB).
* Permanent impairments are expensed.
* To assess the existence of a permanent impairment for bearer bonds, other fixed-interest securities, and debt instruments held through funds and recognized as fixed assets, credit checks of the issuers and rating developments are considered.
* For publicly traded shares, the criteria recommended by the Insurance Expert Committee of the IDW are used to determine the existence of a probable permanent impairment.
* A permanent impairment may exist if the fair value of a security has been consistently more than 20% below its book value for the six months preceding the balance sheet date, or if the average daily stock exchange price over the last 12 months is more than 10% below its book value.
* The assessment of the probable permanence of an impairment for units or shares in investment funds with an unrealized loss on the investment unit at the balance sheet date is based on the assets held in the fund (look-through-approach).
{{chunk|doc=9fth4kgfqj|c=125|p=39|cont=1}}
* For securities acquired above or below par, the difference is amortized over the term using the effective interest method.
* Registered bonds, promissory note receivables, and loans are recognized at amortized cost (§ 341c Abs. 3 HGB).
* Capital investments are recognized at the acquisition price upon acquisition.
* The difference to the repayment amount is amortized using the effective interest method.
* Necessary depreciations are made according to the softened lower of cost or market principle (§ 341b Abs. 2 zweiter Halbsatz HGB in conjunction with § 253 Abs. 1 Satz 1, Abs. 3 Satz 5 HGB).
* Structured products in the form of bearer bonds, registered bonds, promissory note receivables, loans, and loans to affiliated companies and companies with which an equity relationship exists are held in the portfolio.
* These structured products are recognized and valued according to the balance sheet item in which they are held.
* Structured products in the portfolio are financial instruments where the underlying instrument, a fixed-income cash instrument, is contractually linked with one or more derivatives.
* If the conditions according to IDW RS HFA 22 are met, these are uniformly recognized at amortized cost according to the regulations for capital investments recognized as fixed assets, applying the softened lower of cost or market principle (§ 341b Abs. 1 Satz 2 HGB in conjunction with § 253 Abs. 3 Satz 5 HGB).
* In accordance with the requirement to write up assets (§ 253 Abs. 5 Satz 1 HGB), assets that were depreciated in previous years are written up to the amount of the amortized acquisition costs or a lower fair or market value, if the reasons for the permanent impairment have ceased to exist and a recovery in value has occurred.

{{chunk|doc=9fth4kgfqj|c=126|p=39}}
'''Receivables and cash'''

* Receivables from direct insurance business are recognized at nominal amounts.
* The general valuation allowance for receivables from policyholders is determined for the reporting year based on historical experience (past defaults).
* A flat rate of 1% is applied for receivables from intermediaries.
* Accrued receivables and other receivables are recognized at nominal amounts.
* Due to the cost cut-off before the balance sheet date, cost bookings incurred after the cut-off date are recorded under other receivables.
* This position is offset by cost estimates for the period between the cost cut-off and the balance sheet date, which are shown in other provisions.
* Current balances with credit institutions, checks, and cash on hand are recognized at nominal value.

{{chunk|doc=9fth4kgfqj|c=127|p=39}}
'''Accruals and deferred items'''

* Items to be included in active accruals are recognized at nominal value.
* The item 'Active difference from asset netting' represents the excess amount remaining after individual contractual netting of pension obligations with the assets covering them (primarily reinsurance life insurance policies).

==== Liabilities ====

{{chunk|doc=9fth4kgfqj|c=128|p=40}}
'''Equity and reinsurance accounting'''

* Subscribed capital, capital reserves, and retained earnings in equity are recognized at nominal value.
* Contractual shares of reinsurers in relevant gross positions are determined and booked for material reinsurance contracts as of the current reporting date.
* For selected reinsurance contracts, a one-month time lag to gross is used, with separate estimated bookings for large losses, for example, if material movements occur, and these are considered up to the current reporting date.
* Unearned premiums are calculated for directly written business using the 1/360 system or on a daily basis (pro rata temporis), in accordance with regulatory requirements and the letter from the Federal Minister of Finance dated April 30, 1974.
* Reinsured shares are accrued in accordance with contractual agreements.

{{chunk|doc=9fth4kgfqj|c=129|p=40}}
'''Technical provisions for claims'''

* The premium reserve for lifetime household insurance policies is calculated using the prospective method, on an individual contract basis, considering future costs, and in compliance with § 341f HGB and the legal ordinance issued under § 65 Abs. 1 VAG.
* The technical interest rate valid at the time of contract inception is used.
* The reserve for outstanding claims in directly written business is determined individually for each claim.
* In participatory business, data from leading insurance companies is adopted.
* If data from leading insurers was not available by the balance sheet date, reserves per business relationship are estimated based on past experience.
* For unsettled small claims in motor liability, comprehensive, and partial comprehensive insurance, group valuation is utilized.
* A reserve for incurred but not reported (IBNR) claims is calculated based on historical data for claims not yet known by the balance sheet date.
* Actuarial methods are used to determine the number of expected IBNR claims and the average expected claim amount.
* Since the standard method is not suitable for long-tail lines, the HGB IBNR reserve in these cases is derived from the actuarially determined IFRS reserve, including a surcharge.
* In individual cases, if current information is available, an appropriate amount is reserved based on this information.
* The pension reserve calculated according to § 65 VAG and the reserve for expected claims handling expenses are also reported.
* The reserve for claims handling costs consists of external and internal cost components.
* The external claims handling cost reserve is specifically formed for each individual claim.
* The internal claims handling cost reserve is determined using a factor-based approximation method.
* This method uses paid claims as a volume measure for incurred costs and determines future internal claims handling costs as a percentage of the current claims reserve for compensation.
* The corresponding percentage/factor is calculated as the average of historical observation years.
* A reduction of the determined factor is applied based on line-of-business-specific experience, assuming that a portion of claims handling has already been performed for known claims.

{{chunk|doc=9fth4kgfqj|c=130|p=40}}
'''Pension and other technical provisions'''

* The gross pension reserve included in the reserve for outstanding claims is calculated according to actuarial principles.
* The calculation is based on the German Actuarial Association (DAV) 2006 HUR mortality tables for women and men.
* The technical interest rate is determined according to § 5 Abs. 4 of the Reserve Regulation as the minimum of the originally valid maximum technical interest rate and the reference interest rate.
{{chunk|doc=9fth4kgfqj|c=130|p=41|cont=1}}
* Technical interest rates for pension obligations: 1.57% for entry before 2015; 1.25% for 2015 to 2016; 0.90% for 2017 to 2021; 0.25% for 2022 to 2024; 1.00% for 2025.
* Claims from recourse, salvage, and sharing agreements for already settled claims are recognized as deductions within the claims reserve.
* The formation of the reserve for premium refunds complies with contractual provisions.
* The calculation of the fluctuation reserve applies the provisions of § 29 and the appendix to § 29 RechVersV, as well as the provisions of the Insurance Reporting Ordinance (BerVersV).
* Other technical provisions are determined as follows: the lapse reserve was calculated by determining an average lapse rate for the last three years and multiplying it by the current year's premiums.
* The reserve due to the obligation from membership in Verkehrsopferhilfe e.V. is formed according to the association's notification.
* The reserve for impending losses from directly written or reinsured insurance business, reported under other technical provisions according to § 31 Abs. 1 Nr. 2 RechVersV, is formed as a negative balance between expected income for contracts with a legal obligation at the balance sheet date and expected expenses.
* Income includes expected premiums and interest effects thereon.
* Expenses include claims expenses and administrative costs.
* Expense items are derived from past data and adjusted if the forecast of future development would be distorted by effects from previous claims years.
* For technical provisions from reinsured business, the reserves reported by the ceding insurers are generally recognized, unless better internal information is available.
* If information is not available at the time of financial statement preparation, claims reserves are estimated based on the previous year's data.
* Pension obligations are recognized at the necessary fulfillment amount according to reasonable judgment, as per § 253 Abs. 1 Satz 2 HGB.
* These obligations are discounted according to § 253 Abs. 2 Satz 2 HGB using the average interest rate over the last ten years, published by the Bundesbank according to the Reserve Discounting Ordinance (RückAbzinsV) as of September 30, 2025, and projected for December 31, 2025, with an assumed remaining term of 15 years.
* The principles of IDW RH FAB 1.021 apply to the valuation of reserves for reinsured direct commitments.
* Pension provisions for non-reinsured employer-financed commitments were determined using the projected unit credit method.
* Pension provisions for non-securities-linked employee-financed commitments were determined using the projected unit credit method, unless benefits are covered by reinsurance.
* For reinsured benefits, the fulfillment amount corresponds to the fair value of the coverage capital of the life insurance contract plus profit participation.

{{chunk|doc=9fth4kgfqj|c=131|p=42}}
'''Valuation assumptions and other liabilities'''

* The valuation is based on the HEUBECK-RICHTTAFELN 2018 G withdrawal probabilities, which have been strengthened according to the risk profile observed in the portfolio.
* Other assumptions used for the calculation include: salary dynamics of 3.25% (prior: 3.50%); pension dynamics of 2.08% (prior: 2.14%); interest rate of 2.06% (prior: 1.90%).
* The total expected return required for the valuation of reinsured direct commitments ranges from 3.30% to 3.60%, depending on the life insurer.
* The considered fluctuation corresponds to company-specific probabilities diversified by age and gender.
* Securities-linked employee-financed commitments exclusively consist of benefit-congruently reinsured pension commitments, which must be valued according to IDW RS HFA 30 Rz. 74 in conjunction with § 253 Abs. 1 Satz 3 HGB.
* For these commitments, the fulfillment amount is at least the fair value of the coverage capital of the life insurance contract plus profit participation.
* Other provisions are recognized at their probable necessary fulfillment amount based on prudent commercial valuation.
* If expected maturities exceed one year, these provisions are discounted according to § 253 Abs. 2 Satz 1 HGB using the average interest rate (spot rate as of December 31, 2025) over the last seven years, published by the Bundesbank according to the Reserve Discounting Ordinance (RückAbzinsV).
* Other liabilities are recognized at their fulfillment amounts.
* Deferred income includes revenues received before the balance sheet date that represent income for a specific period thereafter.
* Foreign currency positions are translated at the balance sheet date using the spot rate (middle exchange rate) for balance sheet items and the average rate for profit and loss statement items.
* For monthly foreign currency valuation, inventory positions are translated at the respective spot rate at month-end.
* The exchange rate for the monthly valuation of profit and loss statement items is the respective closing rate of the previous month.
* These positions are valued using a rolling procedure.
* The sum of the translated individual values effectively results in a translation at average rates.
* To improve clarity, the financial statements, income statement, and notes are prepared in thousands of Euros.
* Individual items, subtotals, and totals are commercially rounded.
* The sum of individual values may therefore differ from subtotals and totals due to rounding differences.

=== Notes to the Balance Sheet - Assets ===

==== Development of asset items A. and B.I. to B.III. in fiscal year 2025 ====

{{chunk|doc=9fth4kgfqj|c=132|p=44}}

<div style="overflow-x:auto">
{| id="t25" class="wikitable fintable"
|+ Development of asset items A. and B.I. to B.III. in fiscal year 2025
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | Prior year carrying amounts
! class="col-s" style="text-align:right" | Additions
! class="col-s" style="text-align:right" | Reclassification
! class="col-s" style="text-align:right" | Disposals
! class="col-s" style="text-align:right" | Write-ups
! class="col-s" style="text-align:right" | Depreciation
! class="col-s" style="text-align:right" | Current fiscal year carrying amounts
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
|-
! style="text-align:left" | A. Intangible assets
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
|-
| style="text-align:left" | Acquired concessions, industrial property rights and similar rights and values, and licenses for such rights and values
| style="text-align:right" | 3,953
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 1,800
| style="text-align:right" | 2,153
|-
! style="text-align:left" | B. Investments
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
|-
| style="text-align:left" | I. Land, rights equivalent to land, and buildings, including buildings on third-party land
| style="text-align:right" | 217
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 216
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
! style="text-align:left" | II. Investments in affiliated companies and participations
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
|-
| style="text-align:left" | 1. Shares in affiliated companies
| style="text-align:right" | 267,706
| style="text-align:right" | 765
| style="text-align:right" | 0
| style="text-align:right" | 12,020
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 256,451
|-
| style="text-align:left" | 2. Loans to affiliated companies
| style="text-align:right" | 153,261
| style="text-align:right" | 50,000
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 203,261
|-
| style="text-align:left" | 3. Participations
| style="text-align:right" | 1,965
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 2
| style="text-align:right" | 1,964
|-
| style="text-align:left" | 4. Loans to companies with which there is a participation relationship
| style="text-align:right" | 19,575
| style="text-align:right" | 750
| style="text-align:right" | 0
| style="text-align:right" | 365
| style="text-align:right" | 0
| style="text-align:right" | 21
| style="text-align:right" | 19,939
|-
| style="text-align:left" | Total B.II.
| style="text-align:right" | 442,508
| style="text-align:right" | 51,515
| style="text-align:right" | 0
| style="text-align:right" | 12,385
| style="text-align:right" | 0
| style="text-align:right" | 23
| style="text-align:right" | 481,615
|-
! style="text-align:left" | III. Other investments
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
|-
| style="text-align:left" | 1. Shares, units or shares in investment funds and other non-fixed-income securities
| style="text-align:right" | 822,816
| style="text-align:right" | 72,987
| style="text-align:right" | 0
| style="text-align:right" | 111,636
| style="text-align:right" | 0
| style="text-align:right" | 11,492
| style="text-align:right" | 772,675
|-
| style="text-align:left" | 2. Bearer bonds and other fixed-income securities
| style="text-align:right" | 1,553,894
| style="text-align:right" | 1,527,331
| style="text-align:right" | 0
| style="text-align:right" | 1,210,939
| style="text-align:right" | 0
| style="text-align:right" | 45
| style="text-align:right" | 1,870,241
|-
! style="text-align:left" | 3. Other loans
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
! class="col-s" style="text-align:right" | —
|-
| style="text-align:left" | a) Registered bonds
| style="text-align:right" | 782,990
| style="text-align:right" | 89,480
| style="text-align:right" | 0
| style="text-align:right" | 398,889
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 473,581
|-
| style="text-align:left" | b) Promissory note receivables and loans
| style="text-align:right" | 158,387
| style="text-align:right" | 30,605
| style="text-align:right" | 0
| style="text-align:right" | 17,055
| style="text-align:right" | 0
| style="text-align:right" | 6,174
| style="text-align:right" | 165,763
|-
| style="text-align:left" | Total B.III.
| style="text-align:right" | 3,318,087
| style="text-align:right" | 1,720,402
| style="text-align:right" | 0
| style="text-align:right" | 1,738,520
| style="text-align:right" | 0
| style="text-align:right" | 17,711
| style="text-align:right" | 3,282,259
|-
| style="text-align:left" | Total B.
| style="text-align:right" | 3,760,811
| style="text-align:right" | 1,771,917
| style="text-align:right" | 0
| style="text-align:right" | 1,751,121
| style="text-align:right" | 0
| style="text-align:right" | 17,734
| style="text-align:right" | 3,763,874
|-
| style="text-align:left" | Total
| style="text-align:right" | 3,764,764
| style="text-align:right" | 1,771,917
| style="text-align:right" | 0
| style="text-align:right" | 1,751,121
| style="text-align:right" | 0
| style="text-align:right" | 19,534
| style="text-align:right" | 3,766,027
|}
</div>

{{chunk|doc=9fth4kgfqj|c=133|p=44}}
'''Currency exchange differences'''

* Additions and disposals include currency exchange differences on prior year balance sheet values.

=== To B. Investments ===

==== Determination of fair values of investments ====

{{chunk|doc=9fth4kgfqj|c=134|p=46}}
'''Valuation of investments in affiliated companies and participations'''

* The fair values of shares in affiliated companies and participations are determined differently based on the company's purpose and size.
* Companies valued using the income approach are generally set at the present value of future distributable financial surpluses (income value).
* For companies that subscribe to equity instruments not traded on the capital market (investment vehicles for Private Equity, Real Estate funds, and other alternative investments), valuation is analogous to comparable directly held instruments using the Net Asset Value method.
* The fair values of loans to affiliated companies and companies with which an equity relationship exists, registered bonds, promissory note receivables, and loans are determined using a present value method with product- and rating-specific yield curves.
* Special features such as deposit insurance, guarantor liability, or subordination are considered in the spread surcharges used.

{{chunk|doc=9fth4kgfqj|c=135|p=46}}
'''Valuation of other investments'''

* The fair value of other investments is generally determined based on the over-the-counter value according to § 56 RechVersV.
* For investments with a market or exchange price (shares, units or shares in investment funds, bearer bonds, and other fixed-income securities), the fair value is the value at the balance sheet date or the last preceding day for which a market or exchange price could be determined.
* In cases where no stock exchange listings are available, yield curves based on pricing methods established in financial markets are used.
* Investments are valued at most at their expected realizable value, considering the principle of prudence.
* The fair values of special funds held in the portfolio correspond to the determined redemption price.
* The fair value of publicly traded shares and equity funds recognized as fixed assets is determined using the EPS method (earnings per share), an income approach per share based on annual earnings expectations estimated by independent analysts or the higher market values.
* If the EPS value is more than 120% of the market value, it is capped at 120%.
* For fixed-income securities held via special funds and recognized as fixed assets, the fair value is determined at amortized cost, provided there are no indications of an expected permanent impairment.
* The creditworthiness of the issuer and the development of ratings are used for this purpose.
* For default securities and securities whose market value is less than 50% of the nominal value, the lower market value is generally used.

{{chunk|doc=9fth4kgfqj|c=136|p=46}}
'''Valuation of alternative investments and derivatives'''

* The fair value of Private Equity, Infrastructure, and Real Estate funds held in the portfolio is determined based on the last Net Asset Value (Capital Account) reported by the General Partner, which is updated to the reporting date for interim calls and distributions.
* For the fair value determination of swaps, the Discounted Cash Flow method is applied separately for both legs of a swap.
* For the fixed-rate leg, the entire cash flow is rolled out until maturity.
* For the variable-rate leg, the cash flow is rolled out until the next interest rate adjustment date.
* The sum of the present values (considering the sign for the long/short position) results in the theoretical price or the current receivable and payable position of the entire swap transaction.

{{chunk|doc=9fth4kgfqj|c=137|p=47}}
'''Fair values below carrying amounts'''

* For the following investments recognized at acquisition cost, the fair values are below the carrying amounts.

=== Investments with hidden liabilities ===

{{chunk|doc=9fth4kgfqj|c=138|p=47}}

<div style="overflow-x:auto">
{| id="t27" class="wikitable fintable"
|+ Carrying amounts, Fair values, Balance by In EUR thousand
|-
! style="text-align:left" | In EUR thousand
! class="col-m" style="text-align:right" | Carrying amounts
! class="col-m" style="text-align:right" | Fair values
! class="col-m" style="text-align:right" | Balance
|-
| style="text-align:left" | Shares in affiliated undertakings
| style="text-align:right" | 9,416
| style="text-align:right" | 7,743
| style="text-align:right" | -1,673
|-
| style="text-align:left" | Loans to affiliated companies
| style="text-align:right" | 104,696
| style="text-align:right" | 99,516
| style="text-align:right" | -5,180
|-
| style="text-align:left" | Loans to companies in which an equity interest exists
| style="text-align:right" | 3,471
| style="text-align:right" | 3,171
| style="text-align:right" | -300
|-
| style="text-align:left" | Shares or units in investment funds
| style="text-align:right" | 159,472
| style="text-align:right" | 144,298
| style="text-align:right" | -15,175
|-
| style="text-align:left" | Bearer bonds and other fixed-interest securities
| style="text-align:right" | 1,335,690
| style="text-align:right" | 1,315,553
| style="text-align:right" | -20,137
|-
| style="text-align:left" | Other loans Loans to companies in which an equity interest exists Bearer bonds
| style="text-align:right" | 451,127 6,727 1,335,690
| style="text-align:right" | 436,112 6,317 1,315,553
| style="text-align:right" | -15,015 6,317 1,315,553
|-
| style="text-align:left" | Total
| style="text-align:right" | 2,063,873
| style="text-align:right" | 2,006,393
| style="text-align:right" | -57,480
|}
</div>

{{chunk|doc=9fth4kgfqj|c=139|p=47}}
'''Avoided depreciation on investments'''

* Depreciation of EUR 35,313k (prior: EUR 111,638k) was avoided on investments recognized as fixed assets, applying § 341b Abs. 2 HGB.
* These are considered temporary impairments.
* For fixed-interest securities, creditworthiness checks of issuers and rating developments are used to assess permanent impairment.
* These hidden burdens were not written off as extraordinary depreciation under § 253 Abs. 3 Satz 5 HGB, as they are primarily interest-induced and not considered permanent.
* Payment defaults are not expected due to the issuers' creditworthiness.
* The IDW Insurance Committee's recommended criteria are used to determine if a permanent impairment of shares or stocks in investment funds is likely.
* A permanent impairment may exist if the fair value of a security has been consistently more than 20% below the book value for the six months preceding the balance sheet date.
* A permanent impairment may also exist if the average daily stock exchange price over the last 12 months is more than 10% below the book value.
* If a look-through approach is possible, the assessment of the likely permanence of an impairment for shares or stocks in investment funds with a hidden burden at the balance sheet date is based on the assets held in the fund.

=== Extraordinary depreciation according to § 277 (3) HGB: ===

{{chunk|doc=9fth4kgfqj|c=140|p=47}}
'''Impairments on investments'''

* Impairments on investments include unscheduled impairments of EUR 11,492k (prior: EUR 794k) in accordance with § 277 (3) sentence 1 HGB.

=== To B.II. Investments in affiliated companies and participations ===

{{chunk|doc=9fth4kgfqj|c=141|p=48}}
'''Significant investments in affiliated companies and participations'''

* Significant investments in affiliated companies and participations that are material to the company are listed below.
* Companies of minor economic importance without significant impact on the asset, financial, and earnings position are not presented, in accordance with § 286 No. 3 Sentence 1 HGB.

{{chunk|doc=9fth4kgfqj|c=142|p=48}}

<div style="overflow-x:auto">
{| id="t28" class="wikitable fintable"
|+ Shareholders' equity, net income & share of capital by name, registered office
|-
! style="text-align:left" | Name, registered office In EUR thousand
! class="col-s" style="text-align:right" | Shareholders' equity{{fn ref|1)|2=1) prior to profit transfer and distribution, information based on the latest available audited annual financial statements}}
! class="col-s" style="text-align:right" | Net income{{fn ref|1)|2=1) prior to profit transfer and distribution, information based on the latest available audited annual financial statements}}
! class="col-s" style="text-align:right" | Share of capital{{fn ref|2)|2=2) The shareholding ratio results from the addition of all directly and indirectly held shares in accordance with § 16 para. 2 and 4 AktG}}
|-
| style="text-align:left" | Domestic:
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Enhanced Sustainable Power Fund Nr. 3 GmbH & Co. KG geschlossene Investment KG, Grünwald{{fn ref|3)|2=3) Information on equity and annual results relates to the fiscal year from 30.9.2021 to 30.9.2022}}
| style="text-align:right" | 187,778
| style="text-align:right" | 11,679
| style="text-align:right" | 2.0%
|-
| style="text-align:left" | Fair Claims GmbH, Hannover
| style="text-align:right" | 4,025
| style="text-align:right" | 546
| style="text-align:right" | 100.0%
|-
| style="text-align:left" | GDV Dienstleistungs-GmbH, Hamburg
| style="text-align:right" | 29,653
| style="text-align:right" | 983
| style="text-align:right" | 3.0%
|-
| style="text-align:left" | hector digital GmbH, Marpingen{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 119
| style="text-align:right" | -4
| style="text-align:right" | 19.0%
|-
| style="text-align:left" | Infrastruktur Ludwigsau GmbH & Co KG, Köln{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 21,353
| style="text-align:right" | 1,126
| style="text-align:right" | 100.0%
|-
| style="text-align:left" | Infrastruktur Windpark Vier Fichten GbR, Bremen{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 8
| style="text-align:right" | 4
| style="text-align:right" | 41.7%
|-
| style="text-align:left" | KOP4 GmbH & Co. KG, München
| style="text-align:right" | 45,942
| style="text-align:right" | 2,962
| style="text-align:right" | 7.2%
|-
| style="text-align:left" | MachDigital GmbH, Neunkirchen
| style="text-align:right" | 539
| style="text-align:right" | -1,461
| style="text-align:right" | 49.0%
|-
| style="text-align:left" | Neodigital Versicherung AG, Neunkirchen
| style="text-align:right" | 8,158
| style="text-align:right" | -19,531
| style="text-align:right" | 5.5%
|-
| style="text-align:left" | Riethorst Grundstücksgesellschaft AG & Co. KG, Hannover
| style="text-align:right" | 133,025
| style="text-align:right" | 6,607
| style="text-align:right" | 50.0%
|-
| style="text-align:left" | SSV Schadenschutzverband GmbH, Hannover
| style="text-align:right" | 200
| style="text-align:right" | 591
| style="text-align:right" | 100.0%
|-
| style="text-align:left" | Talanx Infrastructure France 2 GmbH, Köln{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 79,180
| style="text-align:right" | 6,315
| style="text-align:right" | 100.0%
|-
| style="text-align:left" | Talanx Infrastructure Portugal 2 GmbH, Köln
| style="text-align:right" | 32,460
| style="text-align:right" | 3,047
| style="text-align:right" | 50.0%
|-
| style="text-align:left" | Talanx Infrastructure Portugal GmbH, Köln{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 731
| style="text-align:right" | -0
| style="text-align:right" | 70.0%
|-
| style="text-align:left" | TD Real Assets GmbH & Co. KG, Köln
| style="text-align:right" | 582,933
| style="text-align:right" | 15,285
| style="text-align:right" | 17.0%
|-
| style="text-align:left" | TD Sach Private Equity GmbH & Co. KG, Köln
| style="text-align:right" | 94,254
| style="text-align:right" | 9,434
| style="text-align:right" | 100.0%
|-
| style="text-align:left" | Windfarm Bellheim GmbH & Co. KG, Köln{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 38,825
| style="text-align:right" | 1,459
| style="text-align:right" | 85.0%
|-
| style="text-align:left" | Windpark Mittleres Mecklenburg GmbH & Co. KG, Köln{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 13,379
| style="text-align:right" | 3,007
| style="text-align:right" | 100.0%
|-
| style="text-align:left" | Windpark Parchim GmbH & Co. KG, Köln{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 12,765
| style="text-align:right" | 1,680
| style="text-align:right" | 51.0%
|-
| style="text-align:left" | Windpark Rehain GmbH & Co. KG, Köln{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 21,958
| style="text-align:right" | 677
| style="text-align:right" | 100.0%
|-
| style="text-align:left" | Windpark Sandstruth GmbH & Co. KG, Köln{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 4,252
| style="text-align:right" | 62,961
| style="text-align:right" | 100.0%
|-
| style="text-align:left" | Zweite Riethorst Grundstücksgesellschaft mbH
| style="text-align:right" | 123,915
| style="text-align:right" | 1,742
| style="text-align:right" | 50.0%
|-
| style="text-align:left" | Foreign:
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Augusta Ireland 2 Limited Partnership, Ireland, Dublin
| style="text-align:right" | -540
| style="text-align:right" | -385
| style="text-align:right" | 100%
|-
| style="text-align:left" | CEF BKR03 NL B.V., Netherlands, Amsterdam{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 55,039
| style="text-align:right" | -1,090
| style="text-align:right" | 5.2%
|-
| style="text-align:left" | EIP Gas Transit Switzerland SCS, Luxembourg, Luxembourg{{fn ref|5)|2=5) Information on equity and net income relates to the fiscal year from 30.6.2024 to 30.6.2025}}
| style="text-align:right" | 141,838
| style="text-align:right" | -6,222
| style="text-align:right" | 2.8%
|-
| style="text-align:left" | EIP Wind Power Central Norway SCS, Luxembourg, Luxembourg{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 88,335
| style="text-align:right" | -36,888
| style="text-align:right" | 10.9%
|-
| style="text-align:left" | Escala Braga - Sociedade Gestora do Edificio S.A., Portugal, Braga{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 5,829
| style="text-align:right" | 1,774
| style="text-align:right" | 49.0%
|-
| style="text-align:left" | Escala Parque - Gestao de Estacionamento S.A., Portugal, Linhó{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 1,588
| style="text-align:right" | 1,527
| style="text-align:right" | 49.0%
|-
| style="text-align:left" | Escala Vila Franca - Sociedade Gestora do Edificio S.A., Portugal, Linhó{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 15,427
| style="text-align:right" | 2,283
| style="text-align:right" | 49.0%
|-
| style="text-align:left" | Ferme Eolienne du Confolentais SNC, Frankreich, Toulouse{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 12,847
| style="text-align:right" | 708
| style="text-align:right" | 100.0%
|-
| style="text-align:left" | Iberia Termosolar 1, S.L.U., Spanien, Sevilla{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 45,559
| style="text-align:right" | 626
| style="text-align:right" | 33.4%
|-
| style="text-align:left" | Infrastorm Co-Invest 1 SCA, Luxemburg, Luxemburg{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 11,342
| style="text-align:right" | -60
| style="text-align:right" | 45.0%
|-
| style="text-align:left" | Le Chemin de La Milaine S.N.C., Frankreich, Lille{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 16,451
| style="text-align:right" | 1,706
| style="text-align:right" | 100.0%
|-
| style="text-align:left" | Le Louveng S.A.S, Frankreich, Lille{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 12,282
| style="text-align:right" | 753
| style="text-align:right" | 100.0%
|-
| style="text-align:left" | Les Vents de Malet S.N.C., Frankreich, Lille{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 16,625
| style="text-align:right" | 1,907
| style="text-align:right" | 100.0%
|-
| style="text-align:left" | PNH - Parque do Novo Hospital S.A., Portugal, Linhó{{fn ref|4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
| style="text-align:right" | 546
| style="text-align:right" | 486
| style="text-align:right" | 49.0%
|}
</div>

{{fn note|1=1)|2=1) prior to profit transfer and distribution, information based on the latest available audited annual financial statements}}
{{fn note|1=2)|2=2) The shareholding ratio results from the addition of all directly and indirectly held shares in accordance with § 16 para. 2 and 4 AktG}}
{{fn note|1=3)|2=3) Information on equity and annual results relates to the fiscal year from 30.9.2021 to 30.9.2022}}
{{fn note|1=4)|2=4) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG}}
{{fn note|1=5)|2=5) Information on equity and net income relates to the fiscal year from 30.6.2024 to 30.6.2025}}

== To B.III. Other investments ==

{{chunk|doc=9fth4kgfqj|c=143|p=49}}
'''Other investments'''

* Item B.III. 1. Shares, units or shares in investment funds and other non-fixed-interest securities includes shares in EU/domestic investment funds where the company holds more than 10% of the shares.
* There are no restrictions on the daily redemption of these shares.

{{chunk|doc=9fth4kgfqj|c=144|p=49}}

<div style="overflow-x:auto">
{| id="t29" class="wikitable fintable"
|+ To B.III. Other investments
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | Carrying amounts
! class="col-s" style="text-align:right" | Fair values
! class="col-s" style="text-align:right" | Balance
! class="col-s" style="text-align:right" | Distribution
|-
! colspan="5" style="text-align:left" | Bond funds:
|-
| style="text-align:left" | HDI Gerling Sach Industrials Master
| style="text-align:right" | 487,697
| style="text-align:right" | 498,340
| style="text-align:right" | 10,643
| style="text-align:right" | 15,700
|-
| style="text-align:left" | BeGo Corp. Direct Lend. Debt Fund III (close-end)
| style="text-align:right" | 77,569
| style="text-align:right" | 79,844
| style="text-align:right" | 2,275
| style="text-align:right" | 4,279
|-
! colspan="5" style="text-align:left" | Equity funds:
|-
| style="text-align:left" | HV Aktien
| style="text-align:right" | 39,348
| style="text-align:right" | 40,503
| style="text-align:right" | 1,155
| style="text-align:right" | 1,315
|-
! colspan="5" style="text-align:left" | Real estate funds:
|-
| style="text-align:left" | Talanx Deutschland Real Estate Value
| style="text-align:right" | 28,518
| style="text-align:right" | 28,007
| style="text-align:right" | -510
| style="text-align:right" | 0
|-
| style="text-align:left" | Total
| style="text-align:right" | 633,131
| style="text-align:right" | 646,694
| style="text-align:right" | 13,563
| style="text-align:right" | 21,294
|}
</div>

{{chunk|doc=9fth4kgfqj|c=145|p=49}}
'''Depreciation of special funds'''

* Depreciation according to § 253 para. 3 sentence 5 HGB was not fully recognized for special funds showing hidden burdens, as these are considered temporary impairments.

== To C.III. Other receivables ==

{{chunk|doc=9fth4kgfqj|c=146|p=49}}

<div style="overflow-x:auto">
{| id="t30" class="wikitable fintable"
|+ To C.III. Other receivables
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
|-
| style="text-align:left" | Receivables from affiliated companies {{fn ref|1)|2=1) Receivables mainly result from investment income and service transactions.}}
| style="text-align:right" | 147,670
| style="text-align:right" | 497,557
|-
| style="text-align:left" | Receivables from syndicated business
| style="text-align:right" | 14,731
| style="text-align:right" | 15,172
|-
| style="text-align:left" | Receivables from cash collaterals
| style="text-align:right" | 3,600
| style="text-align:right" | 3,490
|-
| style="text-align:left" | Receivables from the sale of investments
| style="text-align:right" | 3,393
| style="text-align:right" | 3,825
|-
| style="text-align:left" | Receivables from interest and rents
| style="text-align:right" | 1,443
| style="text-align:right" | 149
|-
| style="text-align:left" | Receivables from debit deliveries and services
| style="text-align:right" | 0
| style="text-align:right" | 1,238
|-
| style="text-align:left" | Miscellaneous
| style="text-align:right" | 2,007
| style="text-align:right" | 868
|-
| style="text-align:left" | Total
| style="text-align:right" | 172,845
| style="text-align:right" | 522,299
|}
</div>

{{fn note|1=1)|2=1) Receivables mainly result from investment income and service transactions.}}

== To D.I. Current balances with credit institutions, checks and cash on hand ==

{{chunk|doc=9fth4kgfqj|c=147|p=49}}
'''Current balances with credit institutions'''

* Current balances with credit institutions totaled EUR 88,055k (prior: EUR 51,289k).

== To E. Accruals and deferred items ==

{{chunk|doc=9fth4kgfqj|c=148|p=49}}
'''Accrued interest'''

* The total amount of EUR 37,475k (prior year: EUR 32,601k) primarily consists of accrued interest.

===== To F. Active difference from asset offsetting =====

{{chunk|doc=9fth4kgfqj|c=149|p=50}}
'''Active difference from asset offsetting'''

* This item includes the amount of cover assets exceeding the corresponding liabilities as defined in § 246 para. 2 sentence 3 HGB.

{{chunk|doc=9fth4kgfqj|c=150|p=50}}

<div style="overflow-x:auto">
{| id="t31" class="wikitable fintable"
|+ To F. Active difference from asset offsetting
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
|-
| style="text-align:left" | Receivables from reinsurance policies
| style="text-align:right" | 1,312
| style="text-align:right" | 1,573
|-
| style="text-align:left" | Fulfillment amount of netted liabilities from employee-financed commitments
| style="text-align:right" | -1,312
| style="text-align:right" | -1,567
|-
| style="text-align:left" | Total
| style="text-align:right" | 0
| style="text-align:right" | 6
|}
</div>

{{chunk|doc=9fth4kgfqj|c=151|p=50}}
'''Pension commitments'''

* Life insurance contracts concluded for pension commitments from deferred compensation are fully pledged to beneficiaries.

== Notes to the Balance Sheet - Liabilities ==

===== To A.I. Subscribed capital =====

{{chunk|doc=9fth4kgfqj|c=152|p=50}}

<div style="overflow-x:auto">
{| id="t32" class="wikitable fintable"
|+ Subscribed capital by fiscal year end
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
|-
| style="text-align:left" | Balance at the beginning of the fiscal year
| style="text-align:right" | 51,000
| style="text-align:right" | 51,000
|-
| style="text-align:left" | Balance at the end of the fiscal year
| style="text-align:right" | 51,000
| style="text-align:right" | 51,000
|}
</div>

{{chunk|doc=9fth4kgfqj|c=153|p=50}}
'''Share capital structure'''

* The capital is divided into 51,000 registered no-par value shares and is fully paid in.

===== To A.II. Capital reserve =====

{{chunk|doc=9fth4kgfqj|c=154|p=50}}

<div style="overflow-x:auto">
{| id="t33" class="wikitable fintable"
|+ Capital reserve by fiscal year
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
|-
| style="text-align:left" | Balance at the beginning of the fiscal year
| style="text-align:right" | 6,100
| style="text-align:right" | 6,100
|-
| style="text-align:left" | Balance at the end of the fiscal year
| style="text-align:right" | 6,100
| style="text-align:right" | 6,100
|}
</div>

{{chunk|doc=9fth4kgfqj|c=155|p=50}}
'''Legal reserve requirements'''

* The formation of a legal reserve is not required because § 150 para. 2 AktG ("statutory reserve fund") is already fulfilled by the formation of the capital reserve according to § 272 para. 2 no. 1 HGB.

== To B. Technical provisions ==

{{chunk|doc=9fth4kgfqj|c=156|p=51}}
'''Gross values presentation'''

* Gross values are presented below.

{{chunk|doc=9fth4kgfqj|c=157|p=51}}

<div style="overflow-x:auto">
{| id="t34" class="wikitable fintable"
|+ Technical provisions by [[Definition:Business mix|lines of business]]
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
|-
| style="text-align:left" | Accident insurance
| style="text-align:right" | 108,210
| style="text-align:right" | 112,318
|-
| style="text-align:left" | Liability insurance
| style="text-align:right" | 1,865,072
| style="text-align:right" | 1,780,426
|-
| style="text-align:left" | Motor vehicle liability insurance
| style="text-align:right" | 1,099,476
| style="text-align:right" | 1,106,022
|-
| style="text-align:left" | Other motor vehicle insurance
| style="text-align:right" | 165,646
| style="text-align:right" | 157,827
|-
| style="text-align:left" | Fire and property insurance
| style="text-align:right" | 420,211
| style="text-align:right" | 444,037
|-
| style="text-align:left" | thereof a) Fire insurance
| style="text-align:right" | 144,604
| style="text-align:right" | 148,092
|-
| style="text-align:left" | b) Combined household insurance
| style="text-align:right" | 51,153
| style="text-align:right" | 54,194
|-
| style="text-align:left" | c) Combined residential building insurance
| style="text-align:right" | 212,770
| style="text-align:right" | 227,203
|-
| style="text-align:left" | d) Other property insurance
| style="text-align:right" | 11,684
| style="text-align:right" | 14,548
|-
| style="text-align:left" | Assistance insurance
| style="text-align:right" | 217
| style="text-align:right" | 218
|-
| style="text-align:left" | Other insurance
| style="text-align:right" | 225,870
| style="text-align:right" | 208,807
|-
| style="text-align:left" | Total
| style="text-align:right" | 3,884,703
| style="text-align:right" | 3,809,655
|}
</div>

{{chunk|doc=9fth4kgfqj|c=158|p=51}}
'''Technical provisions by type'''

* Gross technical provisions for outstanding claims: EUR 3,383,083k (prior year: EUR 3,298,028k)
* Fluctuation provisions and similar provisions: EUR 252,856k (prior year: EUR 267,266k)

== To B.III. Provision for outstanding claims ==

{{chunk|doc=9fth4kgfqj|c=159|p=51}}
'''Gross values presentation'''

* Gross values are presented below.

{{chunk|doc=9fth4kgfqj|c=160|p=51}}

<div style="overflow-x:auto">
{| id="t35" class="wikitable fintable"
|+ Provision for outstanding claims by [[Definition:Business mix|lines of business]]
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
|-
| style="text-align:left" | Accident insurance
| style="text-align:right" | 96,491
| style="text-align:right" | 94,261
|-
| style="text-align:left" | Liability insurance
| style="text-align:right" | 1,694,273
| style="text-align:right" | 1,554,466
|-
| style="text-align:left" | Motor vehicle liability insurance
| style="text-align:right" | 1,049,583
| style="text-align:right" | 1,060,562
|-
| style="text-align:left" | Other motor vehicle insurance
| style="text-align:right" | 77,216
| style="text-align:right" | 113,484
|-
| style="text-align:left" | Fire and property insurance
| style="text-align:right" | 251,560
| style="text-align:right" | 277,309
|-
| style="text-align:left" | thereof a) Fire insurance
| style="text-align:right" | 129,613
| style="text-align:right" | 133,247
|-
| style="text-align:left" | b) Combined household insurance
| style="text-align:right" | 22,923
| style="text-align:right" | 23,548
|-
| style="text-align:left" | c) Combined residential building insurance
| style="text-align:right" | 89,316
| style="text-align:right" | 107,810
|-
| style="text-align:left" | d) Other property insurance
| style="text-align:right" | 9,709
| style="text-align:right" | 12,704
|-
| style="text-align:left" | Assistance insurance
| style="text-align:right" | 38
| style="text-align:right" | 26
|-
| style="text-align:left" | Other insurance
| style="text-align:right" | 213,921
| style="text-align:right" | 197,920
|-
| style="text-align:left" | Total
| style="text-align:right" | 3,383,083
| style="text-align:right" | 3,298,028
|}
</div>

== To B.IV. Provision for profit-dependent and profit-independent premium refunds ==

{{chunk|doc=9fth4kgfqj|c=161|p=51}}
'''Provision for premium refunds'''

* The provision for premium refunds reported in the financial year was EUR 900k (prior: EUR 2,500k) and exclusively concerns success-independent premium refunds.

=== To B.V. Fluctuation provision and similar provisions ===

{{chunk|doc=9fth4kgfqj|c=162|p=52}}

<div style="overflow-x:auto">
{| id="t36" class="wikitable fintable"
|+ Fluctuation provision and similar provisions by [[Definition:Business mix|lines of business]]
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
|-
| style="text-align:left" | Accident insurance
| style="text-align:right" | 1,515
| style="text-align:right" | 7,510
|-
| style="text-align:left" | Liability insurance
| style="text-align:right" | 111,286
| style="text-align:right" | 167,862
|-
| style="text-align:left" | Motor vehicle liability insurance
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Other motor vehicle insurance
| style="text-align:right" | 50,212
| style="text-align:right" | 0
|-
| style="text-align:left" | Fire and property insurance
| style="text-align:right" | 88,259
| style="text-align:right" | 90,788
|-
| style="text-align:left" | thereof a) Fire insurance
| style="text-align:right" | 7,237
| style="text-align:right" | 9,649
|-
| style="text-align:left" | b) Combined household insurance
| style="text-align:right" | 0
| style="text-align:right" | 1,632
|-
| style="text-align:left" | c) Combined residential building insurance
| style="text-align:right" | 81,022
| style="text-align:right" | 79,507
|-
| style="text-align:left" | Assistance insurance
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Other insurance
| style="text-align:right" | 1,584
| style="text-align:right" | 1,105
|-
| style="text-align:left" | Total
| style="text-align:right" | 252,856
| style="text-align:right" | 267,266
|}
</div>

=== To B.VI. Other technical provisions ===

{{chunk|doc=9fth4kgfqj|c=163|p=52}}
'''Other technical provisions'''

* Other technical provisions totaled EUR 13,439k (prior year: EUR 11,981k).
* This includes a cancellation reserve of EUR 12,512k (prior year: EUR 11,054k).
* This also includes a provision for traffic victim assistance of EUR 926k (prior year: EUR 926k).

=== To C.I. Provisions for pensions and similar obligations ===

{{chunk|doc=9fth4kgfqj|c=164|p=52}}

<div style="overflow-x:auto">
{| id="t37" class="wikitable fintable"
|+ To C.I. Provisions for pensions and similar obligations
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
|-
| style="text-align:left" | Fulfillment amount of pension obligations
| style="text-align:right" | 2,159
| style="text-align:right" | 2,352
|-
| style="text-align:left" | less plan assets
| style="text-align:right" | 1,312
| style="text-align:right" | 1,567
|-
| style="text-align:left" | Total
| style="text-align:right" | 847
| style="text-align:right" | 785
|}
</div>

{{chunk|doc=9fth4kgfqj|c=165|p=52}}
'''Pension provisions valuation'''

* Coverage assets are recognized at fair value according to § 253 Abs. 1 Satz 4 HGB.
* This fair value corresponds to the coverage capital of the insurance contract, including the actuarial bases of premium calculation and already allocated profit participations, thus representing the amortized cost.
* The difference amount subject to distribution restrictions according to § 253 Abs. 6 Satz 1 is EUR -5k (prior: EUR -5k).
* This difference amount was determined by comparing the discounted and recognized obligation amount (using the average interest rate of the last ten years) with the amount that would have resulted from discounting with the average interest rate of the last seven years.
* The deficit due to unrecorded pension obligations as per Art. 28 Abs. 1 EGHGB amounts to EUR 482k (prior: EUR 475k).

=== To C.II. Other provisions ===

{{chunk|doc=9fth4kgfqj|c=166|p=53}}

<div style="overflow-x:auto">
{| id="t38" class="wikitable fintable"
|+ To C.II. Other provisions
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
|-
| style="text-align:left" | a) Remuneration still to be paid
| style="text-align:right" | 6,523
| style="text-align:right" | 5,398
|-
| style="text-align:left" | b) Outstanding commissions
| style="text-align:right" | 5,520
| style="text-align:right" | 4,850
|-
| style="text-align:left" | c) Other provisions from investments
| style="text-align:right" | 4,680
| style="text-align:right" | 4,495
|-
| style="text-align:left" | d) Provisions for impending losses
| style="text-align:right" | 2,425
| style="text-align:right" | 4,340
|-
| style="text-align:left" | e) Provisions for administration and consulting
| style="text-align:right" | 1,258
| style="text-align:right" | 0
|-
| style="text-align:left" | f) Annual financial statement costs
| style="text-align:right" | 346
| style="text-align:right" | 279
|-
| style="text-align:left" | g) Other provisions
| style="text-align:right" | 11
| style="text-align:right" | 568
|-
| style="text-align:left" | Total
| style="text-align:right" | 20,763
| style="text-align:right" | 19,930
|}
</div>

=== To D.III. Other liabilities ===

{{chunk|doc=9fth4kgfqj|c=167|p=53}}

<div style="overflow-x:auto">
{| id="t39" class="wikitable fintable"
|+ To D.III. Other liabilities
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | Term < 1 year 31.12.2025
! class="col-s" style="text-align:right" | Term < 1 year 31.12.2024
! class="col-s" style="text-align:right" | Term > 1 year 31.12.2025
! class="col-s" style="text-align:right" | Term > 1 year 31.12.2024
! class="col-s" style="text-align:right" | Total 31.12.2025
! class="col-s" style="text-align:right" | Total 31.12.2024
|-
| style="text-align:left" | Liabilities to affiliated companies{{fn ref|1)|2=1) The liabilities mainly result from service transactions.}}
| style="text-align:right" | 148,923
| style="text-align:right" | 118,065
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 148,923
| style="text-align:right" | 118,065
|-
| style="text-align:left" | Liabilities to tax authorities
| style="text-align:right" | 12,098
| style="text-align:right" | 12,573
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 12,098
| style="text-align:right" | 12,573
|-
| style="text-align:left" | Liabilities from third-party business management
| style="text-align:right" | 6,556
| style="text-align:right" | 7,254
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 6,556
| style="text-align:right" | 7,254
|-
| style="text-align:left" | Miscellaneous
| style="text-align:right" | 5,697
| style="text-align:right" | 4,368
| style="text-align:right" | 19
| style="text-align:right" | 12
| style="text-align:right" | 5,717
| style="text-align:right" | 4,380
|-
| style="text-align:left" | Total
| style="text-align:right" | 173,274
| style="text-align:right" | 142,260
| style="text-align:right" | 19
| style="text-align:right" | 12
| style="text-align:right" | 173,294
| style="text-align:right" | 142,272
|}
</div>

{{fn note|1=1)|2=1) The liabilities mainly result from service transactions.}}

{{chunk|doc=9fth4kgfqj|c=168|p=53}}
'''Other liabilities maturity'''

* Other liabilities do not include liabilities with a remaining maturity of more than five years.

=== To E. Accruals and deferred items ===

{{chunk|doc=9fth4kgfqj|c=169|p=53}}
'''Other deferred income and expenses'''

* Other deferred income and expenses totaled EUR 440k (prior: EUR 651k).

=== Notes to the income statement ===

{{chunk|doc=9fth4kgfqj|c=170|p=53}}
'''Insurance business reporting'''

* The self-written and assumed reinsurance business is reported in total.
* A separate presentation of the assumed reinsurance business is omitted because it is 100% retroceded and is of minor importance for the earnings situation of HDI Versicherung AG.

==== To I.1.a) Gross written premiums ====

{{chunk|doc=9fth4kgfqj|c=171|p=54}}

<div style="overflow-x:auto">
{| id="t40" class="wikitable fintable"
|+ [[Definition:Gross written premiums|Gross written premiums]] by [[Definition:Business mix|lines of business]]
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
| style="text-align:left" | Accident insurance
| style="text-align:right" | 60,222
| style="text-align:right" | 61,896
|-
| style="text-align:left" | Liability insurance
| style="text-align:right" | 355,069
| style="text-align:right" | 357,250
|-
| style="text-align:left" | Motor vehicle liability insurance
| style="text-align:right" | 305,413
| style="text-align:right" | 331,878
|-
| style="text-align:left" | Other motor vehicle insurance
| style="text-align:right" | 216,185
| style="text-align:right" | 245,743
|-
| style="text-align:left" | Fire and property insurance
| style="text-align:right" | 425,823
| style="text-align:right" | 394,877
|-
| style="text-align:left" | thereof a) Fire insurance
| style="text-align:right" | 164,923
| style="text-align:right" | 130,446
|-
| style="text-align:left" | b) Combined household insurance
| style="text-align:right" | 72,422
| style="text-align:right" | 75,186
|-
| style="text-align:left" | c) Combined residential building insurance
| style="text-align:right" | 166,564
| style="text-align:right" | 167,951
|-
| style="text-align:left" | d) Other property insurance
| style="text-align:right" | 21,914
| style="text-align:right" | 21,294
|-
| style="text-align:left" | Assistance insurance
| style="text-align:right" | 417
| style="text-align:right" | 446
|-
| style="text-align:left" | Other insurance
| style="text-align:right" | 201,696
| style="text-align:right" | 196,227
|-
| style="text-align:left" | Total
| style="text-align:right" | 1,564,825
| style="text-align:right" | 1,588,316
|}
</div>

==== To I.1. Earned gross premiums ====

{{chunk|doc=9fth4kgfqj|c=172|p=54}}

<div style="overflow-x:auto">
{| id="t41" class="wikitable fintable"
|+ Earned gross premiums by [[Definition:Business mix|lines of business]]
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
| style="text-align:left" | Accident insurance
| style="text-align:right" | 60,587
| style="text-align:right" | 62,275
|-
| style="text-align:left" | Liability insurance
| style="text-align:right" | 353,947
| style="text-align:right" | 357,562
|-
| style="text-align:left" | Motor vehicle liability insurance
| style="text-align:right" | 299,769
| style="text-align:right" | 332,462
|-
| style="text-align:left" | Other motor vehicle insurance
| style="text-align:right" | 220,951
| style="text-align:right" | 240,985
|-
| style="text-align:left" | Fire and property insurance
| style="text-align:right" | 422,913
| style="text-align:right" | 389,871
|-
| style="text-align:left" | thereof a) Fire insurance
| style="text-align:right" | 164,123
| style="text-align:right" | 129,761
|-
| style="text-align:left" | b) Combined household insurance
| style="text-align:right" | 72,792
| style="text-align:right" | 75,129
|-
| style="text-align:left" | c) Combined residential building insurance
| style="text-align:right" | 164,043
| style="text-align:right" | 163,589
|-
| style="text-align:left" | d) Other property insurance
| style="text-align:right" | 21,955
| style="text-align:right" | 21,391
|-
| style="text-align:left" | Assistance insurance
| style="text-align:right" | 430
| style="text-align:right" | 460
|-
| style="text-align:left" | Other insurance
| style="text-align:right" | 201,247
| style="text-align:right" | 195,917
|-
| style="text-align:left" | Total
| style="text-align:right" | 1,559,843
| style="text-align:right" | 1,579,531
|}
</div>

==== To I.1. Earned net premiums ====

{{chunk|doc=9fth4kgfqj|c=173|p=54}}

<div style="overflow-x:auto">
{| id="t42" class="wikitable fintable"
|+ Earned net premiums by [[Definition:Business mix|lines of business]]
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
| style="text-align:left" | Accident insurance
| style="text-align:right" | 60,587
| style="text-align:right" | 62,275
|-
| style="text-align:left" | Liability insurance
| style="text-align:right" | 349,665
| style="text-align:right" | 354,036
|-
| style="text-align:left" | Motor vehicle liability insurance
| style="text-align:right" | 299,398
| style="text-align:right" | 330,662
|-
| style="text-align:left" | Other motor vehicle insurance
| style="text-align:right" | 218,150
| style="text-align:right" | 237,301
|-
| style="text-align:left" | Fire and property insurance
| style="text-align:right" | 386,268
| style="text-align:right" | 358,151
|-
| style="text-align:left" | thereof a) Fire insurance
| style="text-align:right" | 164,124
| style="text-align:right" | 129,632
|-
| style="text-align:left" | b) Combined household insurance
| style="text-align:right" | 69,572
| style="text-align:right" | 70,658
|-
| style="text-align:left" | c) Combined residential building insurance
| style="text-align:right" | 151,443
| style="text-align:right" | 147,783
|-
| style="text-align:left" | d) Other property insurance
| style="text-align:right" | 1,129
| style="text-align:right" | 10,078
|-
| style="text-align:left" | Assistance insurance
| style="text-align:right" | 430
| style="text-align:right" | 460
|-
| style="text-align:left" | Other insurance
| style="text-align:right" | 175,369
| style="text-align:right" | 161,876
|-
| style="text-align:left" | Total
| style="text-align:right" | 1,489,867
| style="text-align:right" | 1,504,763
|}
</div>

== To I.2. Technical interest income ==

{{chunk|doc=9fth4kgfqj|c=174|p=55}}
'''Technical interest income calculation'''

* Technical interest income in the directly written gross insurance business was calculated on the pension provision and the premium provision.
* The income was determined monthly based on the previous month's provision balance using the associated actuarial interest rate.

== To I.4. Gross expenses for claims ==

{{chunk|doc=9fth4kgfqj|c=175|p=55}}

<div style="overflow-x:auto">
{| id="t43" class="wikitable fintable"
|+ Gross expenses for claims by [[Definition:Business mix|lines of business]]
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
| style="text-align:left" | Accident insurance
| style="text-align:right" | 29,808
| style="text-align:right" | 26,573
|-
| style="text-align:left" | Liability insurance
| style="text-align:right" | 277,405
| style="text-align:right" | 182,616
|-
| style="text-align:left" | Motor vehicle liability insurance
| style="text-align:right" | 224,057
| style="text-align:right" | 231,050
|-
| style="text-align:left" | Other motor vehicle insurance
| style="text-align:right" | 142,288
| style="text-align:right" | 251,613
|-
| style="text-align:left" | Fire and property insurance
| style="text-align:right" | 200,999
| style="text-align:right" | 245,948
|-
| style="text-align:left" | thereof a) Fire insurance
| style="text-align:right" | 98,470
| style="text-align:right" | 103,876
|-
| style="text-align:left" | b) Combined household insurance
| style="text-align:right" | 26,274
| style="text-align:right" | 33,194
|-
| style="text-align:left" | c) Combined residential building insurance
| style="text-align:right" | 74,046
| style="text-align:right" | 103,106
|-
| style="text-align:left" | d) Other property insurance
| style="text-align:right" | 2,210
| style="text-align:right" | 5,772
|-
| style="text-align:left" | Assistance insurance
| style="text-align:right" | 462
| style="text-align:right" | 312
|-
| style="text-align:left" | Other insurance
| style="text-align:right" | 131,000
| style="text-align:right" | 107,311
|-
| style="text-align:left" | Total
| style="text-align:right" | 1,006,019
| style="text-align:right" | 1,045,422
|}
</div>

== To I.7.a) Gross expenses for insurance operations ==

{{chunk|doc=9fth4kgfqj|c=176|p=55}}

<div style="overflow-x:auto">
{| id="t44" class="wikitable fintable"
|+ Gross expenses for insurance operations by [[Definition:Business mix|lines of business]]
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
| style="text-align:left" | Accident insurance
| style="text-align:right" | 22,322
| style="text-align:right" | 23,486
|-
| style="text-align:left" | Liability insurance
| style="text-align:right" | 131,529
| style="text-align:right" | 137,891
|-
| style="text-align:left" | Motor vehicle liability insurance
| style="text-align:right" | 61,606
| style="text-align:right" | 73,770
|-
| style="text-align:left" | Other motor vehicle insurance
| style="text-align:right" | 45,802
| style="text-align:right" | 51,167
|-
| style="text-align:left" | Fire and property insurance
| style="text-align:right" | 147,080
| style="text-align:right" | 140,714
|-
| style="text-align:left" | thereof a) Fire insurance
| style="text-align:right" | 60,731
| style="text-align:right" | 48,314
|-
| style="text-align:left" | b) Combined household insurance
| style="text-align:right" | 25,981
| style="text-align:right" | 27,287
|-
| style="text-align:left" | c) Combined residential building insurance
| style="text-align:right" | 53,750
| style="text-align:right" | 57,976
|-
| style="text-align:left" | d) Other property insurance
| style="text-align:right" | 6,617
| style="text-align:right" | 7,137
|-
| style="text-align:left" | Assistance insurance
| style="text-align:right" | 122
| style="text-align:right" | 128
|-
| style="text-align:left" | Other insurance
| style="text-align:right" | 77,954
| style="text-align:right" | 79,566
|-
| style="text-align:left" | Total
| style="text-align:right" | 486,415
| style="text-align:right" | 506,721
|}
</div>

{{chunk|doc=9fth4kgfqj|c=177|p=55}}
'''Gross expenses for insurance operations'''

* Gross expenses for insurance operations include EUR 52,675k (prior: EUR 58,128k) for acquisition expenses and EUR 433,739k (prior: EUR 448,594k) for administrative expenses.

==== Reinsurance balance ====

{{chunk|doc=9fth4kgfqj|c=178|p=56}}

<div style="overflow-x:auto">
{| id="t45" class="wikitable fintable"
|+ Reinsurance balance by [[Definition:Business mix|lines of business]]
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
| style="text-align:left" | Accident insurance
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Liability insurance
| style="text-align:right" | 5,212
| style="text-align:right" | 1,934
|-
| style="text-align:left" | Motor vehicle liability insurance
| style="text-align:right" | 2,100
| style="text-align:right" | -1,667
|-
| style="text-align:left" | Other motor vehicle insurance
| style="text-align:right" | -2,723
| style="text-align:right" | -2,245
|-
| style="text-align:left" | Fire and property insurance
| style="text-align:right" | -35,533
| style="text-align:right" | -26,982
|-
| style="text-align:left" | thereof a) Fire insurance
| style="text-align:right" | 1
| style="text-align:right" | -54
|-
| style="text-align:left" | b) Combined household insurance
| style="text-align:right" | -2,926
| style="text-align:right" | -3,936
|-
| style="text-align:left" | c) Combined residential building insurance
| style="text-align:right" | -11,786
| style="text-align:right" | -13,395
|-
| style="text-align:left" | d) Other property insurance
| style="text-align:right" | -20,821
| style="text-align:right" | -9,597
|-
| style="text-align:left" | Other insurance
| style="text-align:right" | -19,865
| style="text-align:right" | -32,237
|-
| style="text-align:left" | Total
| style="text-align:right" | -50,809
| style="text-align:right" | -61,198
|}
</div>

{{chunk|doc=9fth4kgfqj|c=179|p=56}}
'''Reinsurance balance components'''

* The reinsurance balance is composed of earned premiums from the reinsurer, the reinsurer's share of gross claims expenses, and gross insurance operating expenses.
* A negative sign (–) indicates a benefit for reinsurers.

==== Run-off result for own account ====

{{chunk|doc=9fth4kgfqj|c=180|p=56}}
'''Run-off result for own account'''

* HDI Versicherung AG achieved a run-off profit for its own account of EUR 71k (prior year: EUR 190,228k) in the financial year.
* Information on the run-off results of individual [[Definition:Business mix|lines of business]] is explained in the management report under the earnings position.

==== To I.11. Technical result for own account ====

{{chunk|doc=9fth4kgfqj|c=181|p=56}}

<div style="overflow-x:auto">
{| id="t46" class="wikitable fintable"
|+ Technical result for own account by [[Definition:Business mix|lines of business]]
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
| style="text-align:left" | Accident insurance
| style="text-align:right" | 14,649
| style="text-align:right" | 15,846
|-
| style="text-align:left" | Liability insurance
| style="text-align:right" | 6,839
| style="text-align:right" | 26,704
|-
| style="text-align:left" | Motor vehicle liability insurance
| style="text-align:right" | 17,150
| style="text-align:right" | 26,002
|-
| style="text-align:left" | Other motor vehicle insurance
| style="text-align:right" | -19,767
| style="text-align:right" | -64,960
|-
| style="text-align:left" | Fire and property insurance
| style="text-align:right" | 29,547
| style="text-align:right" | -11,269
|-
| style="text-align:left" | thereof a) Fire insurance
| style="text-align:right" | 593
| style="text-align:right" | -22,114
|-
| style="text-align:left" | b) Combined household insurance
| style="text-align:right" | 18,193
| style="text-align:right" | 13,556
|-
| style="text-align:left" | c) Combined residential building insurance
| style="text-align:right" | 18,624
| style="text-align:right" | -3,021
|-
| style="text-align:left" | d) Other property insurance
| style="text-align:right" | -7,863
| style="text-align:right" | 310
|-
| style="text-align:left" | Assistance insurance
| style="text-align:right" | -152
| style="text-align:right" | 20
|-
| style="text-align:left" | Other insurance
| style="text-align:right" | -28,137
| style="text-align:right" | -23,054
|-
| style="text-align:left" | Total
| style="text-align:right" | 20,130
| style="text-align:right" | -30,710
|}
</div>

==== Commissions and other remuneration for insurance agents, personnel expenses ====

{{chunk|doc=9fth4kgfqj|c=182|p=57}}

<div style="overflow-x:auto">
{| id="t47" class="wikitable fintable"
|+ Commissions and other remuneration for insurance agents, personnel expenses
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
| style="text-align:left" | 1. Commissions of any kind of insurance agents within the meaning of § 92 HGB for self-concluded insurance business
| style="text-align:right" | 258,909
| style="text-align:right" | 274,730
|-
| style="text-align:left" | 2. Other remuneration of insurance agents within the meaning of § 92 HGB
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | 3. Wages and salaries
| style="text-align:right" | 3,045
| style="text-align:right" | 4,213
|-
| style="text-align:left" | 4. Social security contributions and expenses for support
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | 5. Expenses for old-age provision
| style="text-align:right" | 111
| style="text-align:right" | 444
|-
| style="text-align:left" | Total
| style="text-align:right" | 262,065
| style="text-align:right" | 279,387
|}
</div>

==== Number of insurance contracts with a term of at least one year ====

{{chunk|doc=9fth4kgfqj|c=183|p=57}}

<div style="overflow-x:auto">
{| id="t48" class="wikitable fintable"
|+ Number of insurance contracts with a term of at least one year by Units
|-
! style="text-align:left" | Units
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
| style="text-align:left" | Self-concluded insurance business
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Accident insurance
| style="text-align:right" | 333,287
| style="text-align:right" | 348,545
|-
| style="text-align:left" | Liability insurance
| style="text-align:right" | 1,075,441
| style="text-align:right" | 1,102,391
|-
| style="text-align:left" | Motor vehicle liability insurance {{fn ref|1)|2=1) In motor vehicle insurance, the number of risks was taken into account here.}}
| style="text-align:right" | 849,190
| style="text-align:right" | 1,072,894
|-
| style="text-align:left" | Other motor vehicle insurance {{fn ref|1)|2=1) In motor vehicle insurance, the number of risks was taken into account here.}}
| style="text-align:right" | 676,394
| style="text-align:right" | 862,196
|-
| style="text-align:left" | Fire and property insurance
| style="text-align:right" | 823,197
| style="text-align:right" | 863,717
|-
| style="text-align:left" | thereof a) Fire insurance
| style="text-align:right" | 47,988
| style="text-align:right" | 48,351
|-
| style="text-align:left" | b) Combined household insurance
| style="text-align:right" | 497,236
| style="text-align:right" | 520,441
|-
| style="text-align:left" | c) Combined residential building insurance
| style="text-align:right" | 214,128
| style="text-align:right" | 224,090
|-
| style="text-align:left" | d) Other property insurance
| style="text-align:right" | 63,845
| style="text-align:right" | 70,835
|-
| style="text-align:left" | Assistance insurance
| style="text-align:right" | 0
| style="text-align:right" | 2,558
|-
| style="text-align:left" | Other insurance
| style="text-align:right" | 56,165
| style="text-align:right" | 57,264
|-
| style="text-align:left" | Total
| style="text-align:right" | 3,813,674
| style="text-align:right" | 4,309,565
|-
| style="text-align:left" | Total number of contracts
| style="text-align:right" | 3,137,971
| style="text-align:right" | 3,445,203
|-
| style="text-align:left" | Change due to consideration of risks in motor vehicle insurance
| style="text-align:right" | 675,703
| style="text-align:right" | 864,362
|-
| style="text-align:left" | Total
| style="text-align:right" | 3,813,674
| style="text-align:right" | 4,309,565
|}
</div>

{{fn note|1=1)|2=1) In motor vehicle insurance, the number of risks was taken into account here.}}

==== To II.4. Other income ====

{{chunk|doc=9fth4kgfqj|c=184|p=57}}

<div style="overflow-x:auto">
{| id="t49" class="wikitable fintable"
|+ To II.4. Other income
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
| style="text-align:left" | Talanx earnings subsidies
| style="text-align:right" | 132,735
| style="text-align:right" | 0
|-
| style="text-align:left" | Income from services rendered
| style="text-align:right" | 6,680
| style="text-align:right" | 6,370
|-
| style="text-align:left" | Interest and similar income {{fn ref|1)|2=1) Interest income includes 1,203 (2,283) TEUR income from affiliated companies. No income from discounting is included.}}
| style="text-align:right" | 5,223
| style="text-align:right" | 8,326
|-
| style="text-align:left" | Miscellaneous
| style="text-align:right" | 136
| style="text-align:right" | 3,512
|-
| style="text-align:left" | Total
| style="text-align:right" | 144,773
| style="text-align:right" | 18,208
|}
</div>

{{fn note|1=1)|2=1) Interest income includes 1,203 (2,283) TEUR income from affiliated companies. No income from discounting is included.}}

{{chunk|doc=9fth4kgfqj|c=185|p=57}}
'''To II.4. Other income'''

* Income from plan assets for pension obligations was EUR 38k (prior year: EUR 44k).
* This income was offset by expenses from the interest accretion of provisions for pension obligations of EUR 55k (prior year: EUR 54k).

== To II.5. Other expenses ==

{{chunk|doc=9fth4kgfqj|c=186|p=58}}

<div style="overflow-x:auto">
{| id="t50" class="wikitable fintable"
|+ To II.5. Other expenses
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
| style="text-align:left" | Expenses for the company as a whole
| style="text-align:right" | 17,770
| style="text-align:right" | 77,399
|-
| style="text-align:left" | Individual value adjustment on agent receivables
| style="text-align:right" | 2,000
| style="text-align:right" | -3
|-
| style="text-align:left" | Depreciation
| style="text-align:right" | 1,863
| style="text-align:right" | 2,059
|-
| style="text-align:left" | Interest and similar expenses {{fn ref|1)|2=1) Interest expenses include 55 (60) TEUR expenses from interest capitalization.}}
| style="text-align:right" | 623
| style="text-align:right" | 1,002
|-
| style="text-align:left" | [[Definition:Foreign exchange|Foreign exchange]] losses
| style="text-align:right" | 14
| style="text-align:right" | 10
|-
| style="text-align:left" | Miscellaneous
| style="text-align:right" | 311
| style="text-align:right" | 233
|-
| style="text-align:left" | Total
| style="text-align:right" | 22,581
| style="text-align:right" | 80,700
|}
</div>

{{fn note|1=1)|2=1) Interest expenses include 55 (60) TEUR expenses from interest capitalization.}}

== To II.7. Income and earnings taxes ==

{{chunk|doc=9fth4kgfqj|c=187|p=58}}
'''Tax on income and earnings'''

* The reported amount of EUR 15k (prior: EUR 5k) is attributable to creditable withholding tax.

== To II.8. Other taxes ==

{{chunk|doc=9fth4kgfqj|c=188|p=58}}
'''Other taxes'''

* Other taxes amounted to EUR 7k (prior: EUR 105k).
* Other taxes include taxes that are part of the insurance company's expenses.

== Company bodies ==

=== Supervisory board ===

{{chunk|doc=9fth4kgfqj|c=189|p=59}}

<div style="overflow-x:auto">
{| id="t51" class="wikitable"
|+ Supervisory board
|-
! style="text-align:left" | Member
|-
| style="text-align:left" | Dr. Jan-Philipp Lüdtke Chairman Senior Manager of HDI AG Isernhagen
|-
| style="text-align:left" | Barbara Riebeling (Deputy Chairwoman) Chairwoman of the Supervisory Board of neue leben Unfallversicherung AG Cologne
|-
| style="text-align:left" | Nicolas Heine (seit 1.8.2025) Leitender Angestellter der HDI AG Leverkusen
|-
| style="text-align:left" | Johanna Weigand (seit 1.1.2025; bis 31.7.2025) Leitende Angestellte der HDI AG Köln
|}
</div>

=== Management board ===

{{chunk|doc=9fth4kgfqj|c=190|p=59}}

<div style="overflow-x:auto">
{| id="t52" class="wikitable"
|+ Member by Executive Board Departments
|-
! style="text-align:left" | Member
! style="text-align:left" | Executive Board Departments
|-
| style="text-align:left" | Dr. Daniel Schulze Lammers Vorsitzender Hannover
| style="text-align:left" | ■ IT ■ Product Management (Private) (formerly SHUK) ■ Product Technology and Legacy Systems Property ■ Operations Property ■ Claims ■ Investment and Asset Management ■ Anti-Money Laundering ■ Actuarial and Business Steering Property (incl. Reinsurance)
|-
| style="text-align:left" | Norbert Eickermann Hannover
| style="text-align:left" | ■ Sales EVT
|-
| style="text-align:left" | Dr. Philipp Horsch (seit 1.4.2025) Hannover
| style="text-align:left" | ■ Product Management Corporate/Freelance Professions ■ Operations Corporate/Freelance Professions
|-
| style="text-align:left" | Thorsten Jahnke (seit 1.1.[[Definition:Year 2026|2026]]) Hannover
| style="text-align:left" | ■ Broker Sales / Cooperations
|-
| style="text-align:left" | Thomas Lüer Hannover
| style="text-align:left" | ■ HDI Sales ■ Sales Management ■ Marketing
|-
| style="text-align:left" | Jens Warkentin Hannover
| style="text-align:left" | ■ Controlling ■ Risk Management ■ Actuarial Function ■ Accounting, Financial Reporting and Taxes ■ Data Protection ■ Legal ■ Internal Audit ■ Compliance
|}
</div>

== Executive bodies' compensation ==

{{chunk|doc=9fth4kgfqj|c=191|p=60}}
'''Executive and Supervisory Board compensation'''

* Total compensation for active Management Board members for their work at the company was EUR 2,071k (prior: EUR 2,443k).
* Management Board members also received compensation for their work in other Talanx Group companies if they served on those boards.
* Virtual shares allocated to the Management Board for the reporting year under the share-based compensation system totaled 7,989 (prior: 10,103) from the Talanx Performance Share Award Program, with a fair value of EUR 744k (prior: EUR 704k).
* Provisions for current pensions and entitlements for former Management Board members or their surviving dependents, for their previous work at the company, amounted to EUR 147k (prior: EUR 149k).
* Supervisory Board members received EUR 6k (prior: EUR 6k) for their work at the company.

== Other financial obligations and contingent liabilities ==

{{chunk|doc=9fth4kgfqj|c=192|p=60}}
'''Guarantees and contingent liabilities'''

* Talanx AG, Hannover, and HDI Global SE, Hannover, have assumed the fulfillment of the company's obligations for former employees' and board members' pensions, both internally and externally.
* The company has joint liability for these pension commitments, amounting to EUR 47,686k (prior: EUR 58,542k) to Talanx AG and EUR 22,679k (prior: EUR 24,472k) to HDI Global SE at year-end.
* HDI Versicherung AG is a member of Verkehrsopferhilfe e.V., Berlin, and is obligated to contribute to the association's services and administrative costs based on its share of premium income from motor third-party liability insurance in the penultimate calendar year.
* The management board assesses the likelihood of claims arising from these liabilities as improbable.

{{chunk|doc=9fth4kgfqj|c=193|p=60}}
'''Membership obligations'''

* The company is a member of Versicherungsombudsmann e.V., Berlin, with membership costs covered by contributions based on [[Definition:Gross written premiums|gross written premiums]] from directly underwritten domestic business.

{{chunk|doc=9fth4kgfqj|c=194|p=60}}
'''Financial commitments from investment programs'''

* HDI Versicherung AG has other financial commitments from open payment obligations ("Commitment") totaling EUR 109,434k, stemming from an investment program with a total subscription volume of EUR 302,208k.
* This includes remaining open payment obligations of EUR 79,141k to affiliated and associated companies from a subscription volume of EUR 222,885k.
* Payment obligations to affiliated companies include: TD Sach Private Equity GmbH & Co. KG (EUR 59,414k), TD Real Assets GmbH & Co. KG (EUR 18,547k), and Talanx Infrastructure Portugal 2 GmbH (EUR 1,179k).
* There are no payment obligations to associated companies.
* Other payment obligations include: NRD Frankfurt TERRA (FOUR) MC (Nachrang) (EUR 11,225k), Ardian Private Credit V S.C.S., SICAV-RAIF (Fund) (EUR 9,606k), Barings Europ Private Loan Fund III SCSp SICAV-SIF (EUR 3,742k), BeGo Corp. Direct Lend. Debt Fund III (close-end) (EUR 3,498k), Enhanced Sustainable Power Fund Nr. 3 GmbH & Co. KG (EUR 941k), WindPV Operation GmbH-Projekt Tomorrow (EUR 874k), and CEF BKR03 NL BV (Darwin-Borkum Rifg 3) SHL 2 (sub.) (EUR 407k).

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'''Other contractual and financial obligations'''

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* No other contractual obligations exist.
* No further payment obligations from shares, bills of exchange, or other liabilities of any kind exist.
* Aval credits amount to EUR 1,850k (prior: EUR 1,850k).

== Significant contracts ==

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'''Control and profit transfer agreements'''

* The control and profit transfer agreement between HDI Deutschland AG (controlling company) and HDI Versicherung AG remains in effect.
* The control and profit transfer agreement between HDI Versicherung AG (controlling company) and HDI next GmbH (controlled company) was terminated effective March 31, 2025, via a termination agreement dated February 17, 2025.

== Shareholdings in the company ==

{{chunk|doc=9fth4kgfqj|c=197|p=61}}
'''Shareholder structure'''

* The sole shareholder of HDI Versicherung AG is HDI Deutschland AG, which holds 100% of the share capital.
* HDI Deutschland AG directly holds a majority stake in HDI Versicherung AG, Hannover (notification according to § 20 para. 4 AktG).
* HDI Deutschland AG directly holds more than one-quarter of the shares in HDI Versicherung AG (notifications according to § 20 para. 1 and 3 AktG).

== Relationships with related companies and persons ==

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'''Related party transactions'''

* The company maintains extensive reinsurance relationships with Talanx AG companies.
* Appropriate consideration is paid and received for reinsurance coverage and related services, ensuring no impact on the company's financial position or earnings compared to using non-related parties.
* Essential services from cross-functional areas like Finance, HR, IT, Operations, and Sales are provided by HDI AG to the domestic companies of the Talanx Group, including HDI Versicherung AG.
* HDI Versicherung AG also utilizes central services from Ampega Asset Management GmbH, which manages assets for the insurance companies within the Group.

== Total auditor fees ==

{{chunk|doc=9fth4kgfqj|c=199|p=61}}
'''Auditor remuneration and services'''

* Auditor remuneration is included proportionally in the consolidated financial statements of HDI Haftpflichtverband der Deutschen Industrie V.a.G and Talanx AG, broken down by expenses for audit services, other assurance services, and other services.
* The auditor audited the annual financial statements and management report as of December 31, 2025, and the reporting package prepared according to International Financial Reporting Standards (IFRS).
* The quarterly reporting packages prepared according to IFRS were subject to a review.
* The auditor also audited the solvency overview as of December 31, 2025.

== Consolidated financial statements ==

{{chunk|doc=9fth4kgfqj|c=200|p=61}}
'''Group consolidation and reporting requirements'''

* The company is a group company of HDI Haftpflichtverband der Deutschen Industrie Versicherungsverein auf Gegenseitigkeit, Hannover, and Talanx AG, Hannover.
* HDI Haftpflichtverband der Deutschen Industrie Versicherungsverein auf Gegenseitigkeit (parent company of the HDI Group) prepares consolidated financial statements (largest group) in accordance with § 341i in conjunction with § 290 HGB, which include the company.
* Talanx AG, as the parent company of the Talanx Group, is also required to prepare consolidated financial statements (smallest group) in accordance with § 341i in conjunction with § 290 HGB.
* The Talanx AG consolidated financial statements are prepared according to International Financial Reporting Standards (IFRS) as adopted by the European Union (EU), based on § 315e para. 1 HGB in conjunction with Article 4 of Regulation (EC) No. 1606/2002.
* The consolidated financial statements are published in the company register.
{{chunk|doc=9fth4kgfqj|c=200|p=62|cont=1}}
* The inclusion of HDI Versicherung AG in the consolidated financial statements of HDI Haftpflichtverband der Deutschen Industrie Versicherungsverein auf Gegenseitigkeit and Talanx AG exempts the company from preparing its own consolidated financial statements, according to § 291 para. 1 HGB.

== Subsequent events report ==

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'''Post-balance sheet events'''

* No events of particular significance occurred after the balance sheet date that would sustainably influence the earnings, financial, and asset position of the company.

{{chunk|doc=9fth4kgfqj|c=202|p=62}}
'''Board of Management signatures'''

* Hannover, February 25, [[Definition:Year 2026|2026]].
* The Board of Management:
** Dr. Daniel Schulze Lammers (Chairman)
** Norbert Eickermann
** Dr. Philipp Horsch
** Thorsten Jahnke
** Thomas Lüer
** Jens Warkentin

== Independent auditor's report ==

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'''Auditor's address'''

* Addressed to HDI Versicherung AG, Hannover.

=== Report on the audit of the financial statements and the management report ===

==== Audit opinions ====

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'''Audit opinion on financial statements and management report'''

* The audit covered the financial statements of HDI Versicherung AG, Hannover, for the fiscal year January 1 to December 31, 2025, including the balance sheet as of December 31, 2025, the income statement, and the notes to the financial statements (including accounting and valuation methods).
* The audit also covered the management report of HDI Versicherung AG for the fiscal year January 1 to December 31, 2025.
* The financial statements, based on the audit findings, comply in all material respects with German commercial law provisions and, in accordance with German generally accepted accounting principles, present a true and fair view of the company's assets, liabilities, financial position, and profit or loss as of December 31, 2025, and for the fiscal year January 1, 2025, to December 31, 2025.
* The management report provides an accurate overall picture of the company's situation.
* The management report is consistent in all material respects with the financial statements, complies with German legal requirements, and accurately presents the opportunities and risks of future development.
* In accordance with § 322 Abs. 3 Satz 1 HGB, the audit did not lead to any objections regarding the regularity of the financial statements and the management report.

==== Basis for the audit opinions ====

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'''Audit basis and auditor independence'''

* The audit of the annual financial statements and management report was conducted in accordance with § 317 HGB and the EU Auditor Regulation (No. 537/2014; "EU-APrVO"), observing German generally accepted auditing standards established by the Institute of Public Auditors in Germany (IDW).
* The auditor's responsibility is further described in the "Auditor's Responsibility for the Audit of the Annual Financial Statements and Management Report" section of the audit opinion.
* The auditor is independent of the company in accordance with European, German commercial, and professional regulations.
* Other German professional obligations were fulfilled in accordance with these requirements.
* In accordance with Article 10 (2) (f) EU-APrVO, no prohibited non-audit services under Article 5 (1) EU-APrVO were provided.
* The audit evidence obtained is considered sufficient and appropriate to serve as a basis for the audit opinions on the annual financial statements and management report.

==== Key audit matters in the audit of the financial statements ====

{{chunk|doc=9fth4kgfqj|c=206|p=63}}
'''significant audit matters'''

* Particularly important audit matters are those that were most significant in the audit of the annual financial statements for the financial year from January 1 to December 31, 2025.
* These matters were considered in the context of the audit of the financial statements as a whole and in forming the audit opinion; no separate audit opinion is issued on these matters.
{{chunk|doc=9fth4kgfqj|c=206|p=64|cont=1}}
* The most significant matters in the audit were: valuation of investments and valuation of loss reserves.
* The presentation of these particularly important audit matters is structured as follows: matter and problem, audit approach and findings, and reference to further information.
* Investments are reported on the balance sheet at EUR 3,763,874k (90.7% of total assets).
* The commercial law valuation of individual investments is based on acquisition costs and the lower fair value or their fair value.
* According to § 341b para. 2 sentence 1 HGB, certain investments of insurance companies intended to serve the business permanently can be valued according to the provisions applicable to fixed assets.
* In this case, unscheduled write-downs to the lower fair value are only made for permanent impairment, and only temporary impairments are carried forward as hidden burdens to subsequent years (mitigated lower-of-cost-or-market principle).
* Classification as serving the business permanently requires an intention and ability to hold these investments permanently.
* The market price of the respective investment is used to determine the fair value or current value, if available.
* For investments not valued based on stock exchange prices or other market prices (e.g., shares in affiliated companies, alternative investment funds, registered bonds, and promissory note receivables and loans), there is an increased valuation risk due to the necessity of using model calculations.
* Management must make discretionary decisions, estimates, and assumptions, including regarding the potential effects of macroeconomic and geopolitical factors, including interest rate developments, on the valuation of investments.
* Minor changes to these assumptions and methods can have a significant impact on the valuation of investments.
* The valuation of investments was particularly important in the audit due to their material significance for the company's financial position and earnings, the extent of hidden burdens carried forward under the mitigated lower-of-cost-or-market principle, and the discretionary scope of management and associated estimation uncertainties.
* The audit assessed the models used by the company and the assumptions made by management, together with internal investment specialists, given the importance of investments for the company's overall business.
* This assessment was based on investment valuation expertise, industry knowledge, and industry experience.
* The design and effectiveness of the company's controls for valuing investments and recording investment income were evaluated.
* Based on this, individual audit procedures were performed regarding the valuation of investments.
* The audit also assessed management's evaluation of the effects of macroeconomic and geopolitical factors, including interest rate developments, on the valuation of investments.
* The underlying valuations and their recoverability were reviewed based on the provided documents, and the consistent application of valuation methods and period demarcation was checked.

{{chunk|doc=9fth4kgfqj|c=207|p=65}}
'''valuation of investments'''

* Regarding the assessment of existing hidden burdens, the audit evaluated whether the conditions for the intention and ability to hold permanently were met and whether existing impairments were not permanent.
* The audit also assessed the valuation reports prepared or obtained by the company (including the valuation parameters applied and assumptions made) for the significant shares in affiliated companies.
* Based on the audit procedures, it was confirmed that management's assessments and assumptions for the valuation of investments are justified and sufficiently documented.
* The company's information on investments is included in the "Accounting and Valuation Methods" section and the notes to "Balance Sheet - Assets" in the appendix.

===== ❷ Valuation of claims provisions =====

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'''Valuation of claims provisions'''

* The company's financial statements show technical provisions (claims provisions) of EUR 3,261,447k, representing 78.5% of the balance sheet total, under the balance sheet item "Provision for outstanding claims".
* Insurance companies must form technical provisions as necessary, based on sound commercial judgment, to ensure the continuous fulfillment of obligations from insurance contracts.
* Determining assumptions for valuing technical provisions requires management to consider commercial and regulatory requirements, assess future events, and apply suitable valuation methods.
* This includes the expected impact of increased inflation rates on claims provisions in affected segments.
* The methods and calculation parameters used to determine claims provisions are based on management's discretion and assumptions.
* Minor changes to these assumptions and methods can significantly impact the valuation of claims provisions.
* Due to the material significance of these provisions for the company's financial position and earnings, as well as the considerable discretion of management and associated estimation uncertainties, the valuation of claims provisions was particularly important for the audit.
* The audit assessed the methods used by the company and the assumptions made by management, utilizing industry knowledge, experience, and recognized methods.
* The audit also evaluated the design and effectiveness of the company's controls for determining and recording claims provisions.
* Further analytical and individual case audit procedures were performed regarding the valuation of claims provisions.
* Data underlying the calculation of the fulfillment amount was reconciled with basic documents.
* The audit verified the company's calculated provision amounts against applicable legal regulations and checked the consistent application of valuation methods and period-end cut-offs.
* Management's assessment of increased inflation rates on affected segments was also evaluated.
* Based on the audit procedures, the assessments and assumptions made by management for the valuation of claims provisions were found to be justified and sufficiently documented.

{{chunk|doc=9fth4kgfqj|c=209|p=66}}
'''Disclosure of claims provisions'''

* Information on the company's claims provisions is included in the "Accounting and Valuation Methods" section of the notes.

== Other information ==

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'''Auditor responsibility for other information'''

* Legal representatives are responsible for other information.
* Other information includes the management report (excluding further cross-references to external information), with the exception of the audited annual financial statements, the audited management report, and the auditor's confirmation.
* The auditor's opinions on the annual financial statements and the management report do not extend to other information, and therefore no audit opinion or any other form of audit conclusion is issued on this information.
* In connection with the audit, the auditor is responsible for reading the aforementioned other information and assessing whether it contains material inconsistencies with the annual financial statements, the content-audited management report disclosures, or knowledge obtained during the audit.
* The auditor also assesses whether the other information otherwise appears materially misstated.

== Responsibility of the legal representatives and the Supervisory Board for the financial statements and the management report ==

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'''Management responsibilities for financial reporting'''

* Management is responsible for preparing financial statements that comply with German commercial law and accurately reflect the company's assets, financial position, and earnings.
* Management is responsible for internal controls deemed necessary to ensure financial statements are free from material misstatement due to fraud or error.
* Management is responsible for assessing the company's ability to continue as a going concern and disclosing relevant facts.
* Management is responsible for preparing financial statements based on the going concern principle, unless actual or legal circumstances prevent it.
* Management is responsible for preparing the management report, ensuring it provides an accurate picture of the company's situation, aligns with the financial statements, complies with German legal requirements, and accurately presents future opportunities and risks.
* Management is responsible for the systems and measures deemed necessary to prepare the management report in accordance with applicable German legal requirements and to provide sufficient evidence for its statements.

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'''Supervisory Board responsibilities'''

* The Supervisory Board is responsible for overseeing the company's accounting process for preparing the financial statements and the management report.

==== Auditor's responsibility for the audit of the financial statements and the management report ====

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'''Auditor's responsibility for the audit of the financial statements and the management report'''

* The auditor's objective is to obtain reasonable assurance that the financial statements are free from material misstatement due to fraud or error, and that the management report provides a true and fair view of the company's situation, complies with German legal requirements, and accurately presents future development opportunities and risks.
* The auditor issues an audit opinion on the financial statements and management report.
* Reasonable assurance is a high level of assurance, but not a guarantee that an audit conducted in accordance with § 317 HGB and EU-APrVO, and German auditing standards (IDW), will always detect a material misstatement.
* Misstatements can result from fraud or error and are considered material if they could reasonably be expected to influence the economic decisions of users based on the financial statements and management report.
* Information on capital investments is included in the "Accounting and Valuation Methods" section and the "Balance Sheet - Assets" notes of the appendix.
* The company's financial statements report technical provisions (loss provisions) of EUR 3,261,447k under the balance sheet item "Provision for unsettled insurance claims".
* These loss provisions represent 78.5% of the balance sheet total.
* Insurance companies must form technical provisions to the extent necessary, based on sound commercial judgment, to ensure the long-term fulfillment of obligations from insurance contracts.
* Determining assumptions for the valuation of technical provisions requires management to consider commercial and supervisory requirements, assess future events, and apply appropriate valuation methods.
* This includes the expected impact of increased inflation rates on the formation of loss provisions in affected segments.
* The methods and calculation parameters used to determine loss provisions are based on management's discretionary decisions and assumptions.
* Minor changes to these assumptions and methods can have a material impact on the valuation of loss provisions.
* The valuation of loss provisions was of particular importance during the audit due to their material significance for the company's financial position and earnings, and the considerable discretion of management and associated estimation uncertainties.
* The risk of not detecting a material misstatement resulting from fraudulent acts is higher than the risk of not detecting one resulting from errors, as fraudulent acts can involve collusion, forgery, intentional omissions, misleading representations, or the circumvention of internal controls.
* The auditor, together with internal valuation specialists, assessed the methods used by the company and the assumptions made by management, considering industry knowledge and experience, and recognized methods.
* The auditor evaluated the design and effectiveness of the company's controls for determining and recording loss provisions.
* Further analytical and individual case audit procedures were performed regarding the valuation of loss provisions.
* Data underlying the calculation of the fulfillment amount was reconciled with basic documents.
* The company's calculated results for the amount of provisions were verified against applicable legal regulations, and the consistent application of valuation methods and period cut-offs were reviewed.
* Management's assessment of increased inflation rates on affected segments was also evaluated.
* Based on audit procedures, the auditor was satisfied that management's assessments and assumptions for valuing loss provisions are justified and sufficiently documented.
* The auditor assesses the overall presentation, structure, and content of the financial statements, including disclosures, and whether the financial statements present the underlying business transactions and events in a way that provides a true and fair view of the company's assets, financial position, and earnings in accordance with German generally accepted accounting principles.
{{chunk|doc=9fth4kgfqj|c=213|p=68|cont=1}}
* The auditor assesses the consistency of the management report with the financial statements, its legal compliance, and the picture it conveys of the company's situation.
* Audit procedures are performed on the forward-looking information presented by management in the management report.
* Based on sufficient appropriate audit evidence, the auditor verifies the significant assumptions underlying the forward-looking information and assesses the appropriate derivation of the forward-looking information from these assumptions.
* No separate audit opinion is issued on the forward-looking information or the underlying assumptions.
* There is a significant unavoidable risk that future events may differ materially from the forward-looking information.
* The auditor discusses with those charged with governance, among other things, the planned scope and timing of the audit, and significant audit findings, including any significant deficiencies in internal controls identified during the audit.
* The auditor provides a declaration to those charged with governance that relevant independence requirements have been met, and discusses all relationships and other matters that could reasonably be assumed to affect independence, and, if applicable, actions taken or safeguards implemented to eliminate threats to independence.
* From the matters discussed with those charged with governance, the auditor determines those that were most significant in the audit of the financial statements for the current reporting period and are therefore the key audit matters.
* These matters are described in the audit opinion, unless laws or other regulations prohibit public disclosure of the matter.

=== Other legal and regulatory requirements ===

==== Other information pursuant to Article 10 EU-APrVO ====

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'''Other information pursuant to Article 10 EU-APrVO'''

* The auditor was elected by the Annual General Meeting on March 13, 2025.
* The auditor was commissioned by the Supervisory Board on March 17, 2025.
* The auditor has been continuously active as the auditor of HDI Versicherung AG, Hanover, since the 2018 financial year.
* The audit opinions in this confirmation note are consistent with the additional report to the audit committee according to Article 11 EU-APrVO (audit report).

==== Responsible auditor ====

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'''Responsible auditor'''

* The auditor responsible for the audit is Christian Sack.
* Hannover, March 10, [[Definition:Year 2026|2026]].
* PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft.
* Christian Sack, Wirtschaftsprüfer; ppa. Frédéric Esser, Wirtschaftsprüfer.

== Report of the Supervisory Board. ==

{{chunk|doc=9fth4kgfqj|c=216|p=70}}
'''Supervisory Board oversight and decision-making'''

* The Supervisory Board regularly monitored the Management Board of HDI Versicherung AG during the reporting year through detailed written and oral reports.
* The Supervisory Board held two ordinary meetings to review business development and the company's situation, and to pass resolutions.
* The Supervisory Board was informed about the company's situation, strategic direction, business performance, and risk management through regular submission of documents.
* The Supervisory Board intensively questioned, discussed, and, where required by law, articles of association, or rules of procedure, voted on individual topics after thorough review and consultation.
* Four resolutions were passed outside of meetings via circular procedure for topics requiring short-term attention between meetings.

=== Key areas of discussion in the plenary ===

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'''HDI Germany Strategy and Operations'''

* The new "SBSTNZ." strategy was developed for the HDI Germany [[Definition:Business mix|business unit]] and will be implemented in the next strategy cycle.
* The "SBSTNZ." strategy aims for sustainable growth, strong market positioning, and long-term stability within the Talanx Group.
* The strategy bundles departmental strategies, including high-performing sales, a focused [[Definition:Property & casualty|property and casualty]] insurer, a lean life insurance group, and concentrated portfolio management, all based on integrated IT and stable finances.
* The goal is to drive the implementation of defined objectives and milestones.
* HDI Versicherung AG is a key component of the focused [[Definition:Property & casualty|property and casualty]] insurer.
* The turnaround for HDI Versicherung AG was successfully completed in 2025, with the next phase focusing on building excellence.
* The objective is to ensure functioning portfolio management processes and profitability across all existing portfolios.
* For new business, viable actuarial sales prices, functional offering processes, and marketable products are essential.

{{chunk|doc=9fth4kgfqj|c=218|p=70}}
'''Supervisory Board Decisions and Disposals'''

* The Supervisory Board was fully informed about the dissolution of the joint venture and the sale of all shares in MachDigital GmbH at its meeting on March 13, 2025.
* Effective December 31, 2025, the Supervisory Board decided to sell all shares held in SSV Schadenschutzverband GmbH.
* This decision also included approving the termination of the existing control and profit and loss transfer agreement between HDI Deutschland AG (controlling company) and SSV Schadenschutzverband GmbH (controlled company).
* A cooperation agreement for long-term collaboration with the buyer was simultaneously concluded.
* The Supervisory Board was fully informed and passed the necessary resolutions regarding this matter.

{{chunk|doc=9fth4kgfqj|c=219|p=70}}
'''Supervisory Board Self-Assessment and Training'''

* The results of the annual self-assessment by Supervisory Board members were reported at the meeting on November 6, 2025, and were satisfactory.
* The Supervisory Board has not yet decided on any adjustments to the thematic areas for the next self-assessment in mid-2026.
* In the 2025 financial year, three digital training programs were conducted for the Supervisory Board.
* These programs continuously strengthened the expertise of Supervisory Board members, as required by BaFin's governance requirements and EIOPA guidelines.
* All training sessions were recorded and made available to Supervisory Board members for self-study.
* Training topics included:
{{chunk|doc=9fth4kgfqj|c=219|p=71|cont=1}}
** Conduct and Customer Benefit (regulatory requirements from VAG and IDD, and current BaFin expectations).
** DORA@HD Awareness-Training 2025 (introduction to Digital Operational Resilience Act (DORA) requirements and their implementation).
** Actuarial Science and Capital Investment for Life and [[Definition:Property & casualty|Property & Casualty]] (deepening fundamentals and current developments).
* Due to the increasing importance of Artificial Intelligence (AI), the Supervisory Board will continuously and more intensively address technological and regulatory developments.
* In-depth training programs for the Supervisory Board are planned for AI.

{{chunk|doc=9fth4kgfqj|c=220|p=71}}
'''Supervisory Board Information and Oversight'''

* The Supervisory Board approved an adjustment to the company's information policy during its spring 2025 meeting.
* Key updates included regulations for the results and forecast process, and streamlined reporting on governance functions.
* The Supervisory Board was regularly informed about the company's situation in 2025, particularly regarding finances, capital investments, and solvency.
* Reporting in 2025 considered current economic, financial, and political developments.
* Annual reporting is required for non-audit services provided by the auditor for PIEs and the utilization of defined caps; the Supervisory Board was informed on November 6, 2025.
* As the statutory maximum term for the appointment of the same auditor ends with the audit for the 2027 financial year, the Supervisory Board decided to publicly tender the audit for the 2028 financial year onwards, in accordance with legal requirements for external rotation.
* The tender will be for a comprehensive offer to audit all Public Interest Entities (PIEs) within the HDI, Talanx, and Hannover Rück Groups, as well as their consolidated subsidiaries and branches.
* The Management Board submitted transactions requiring approval to the Supervisory Board, and the Supervisory Board granted all necessary approvals as per the articles of association or rules of procedure.
* Quarterly reports under § 90 AktG detailed and explained new business development, premiums, profitability, costs, and capital investments.
* The Chairman of the Supervisory Board was continuously informed by the CEO about important developments and upcoming decisions.

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'''Risk Management and Governance Functions'''

* The entire Management Board decides on the creation and annual review of the business and risk strategy, as per its rules of procedure.
* The Supervisory Board discussed the risk strategy for the 2025 financial year at its meeting on March 13, 2025.
* The Supervisory Board was informed about the current status of risk management in its meetings and confirmed the effectiveness of the risk management system.
* Quarterly risk reports were provided to the Supervisory Board for comprehensive information.
* The Supervisory Board received detailed information on the company's risk situation and planned measures by the Management Board when needed.
* Questions regarding Artificial Intelligence (AI) were included in the scheduled review of the business organization.
* The use of AI applications is already considered in risk assessment and further development regarding use cases and governance within risk reporting.
* The ORSA report was submitted to the Supervisory Board with the meeting documents for the autumn 2025 Supervisory Board meeting for complete information.
{{chunk|doc=9fth4kgfqj|c=221|p=72|cont=1}}
* These measures collectively meet supervisory requirements for risk management within good and responsible corporate governance and oversight.
* In the spring 2025 meeting, the Supervisory Board was informed about the current status of other governance functions, including the actuarial function, compliance, and internal audit, in addition to risk management, confirming the effectiveness of all governance functions.
* A detailed report on the actuarial function was provided in autumn 2025, alongside the risk management report.
* There were no current issues regarding compliance and internal audit, so reporting for these functions will occur as scheduled in spring [[Definition:Year 2026|2026]].

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'''Supervisory Board Oversight Conclusion'''

* The Supervisory Board did not find it necessary to take audit measures under § 111 Abs. 2 AktG in the 2025 financial year.
* The Supervisory Board confirmed that the Management Board had correctly set its operational priorities and taken appropriate measures.
* Overall, the Supervisory Board confirmed the legality, appropriateness, regularity, and economic efficiency of the company's management within its statutory and constitutional responsibilities.

=== Annual financial statement audit ===

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'''annual financial statement audit'''

* The annual financial statements and management report of the company, as well as the auditor's report, were submitted to the Supervisory Board.
* The annual financial statements as of December 31, 2025, and the management report, submitted by the Management Board, were audited by PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft, Hannover, including the accounting records.
* The audit found no grounds for objection.
* The unqualified audit opinion states that the annual financial statements comply in all material respects with German commercial law provisions and, in accordance with German generally accepted accounting principles, present a true and fair view of the company's assets, financial position as of December 31, 2025, and its results of operations for the fiscal year from January 1 to December 31, 2025.
* The management report provides an accurate overall picture of the company's situation.
* In all material respects, the management report is consistent with the annual financial statements, complies with German legal provisions, and accurately presents the opportunities and risks of future development.
* The auditor declared, in accordance with § 322 Abs. 3 Satz 1 HGB, that the audit did not lead to any objections regarding the regularity of the annual financial statements and the management report.
* The audit documents and the auditor's reports were provided to all Supervisory Board members in a timely manner before the meeting.
* The auditor was present at the Supervisory Board meeting on March 11, [[Definition:Year 2026|2026]], during the discussion of the annual financial statements and management report.
* The auditor reported on the conduct and quality of the audit and was available to the Supervisory Board for additional information regarding the annual financial statements, management report, and audit report.
* The Supervisory Board discussed the annual financial statements prepared by the Management Board, reviewed the auditor's report, and directed inquiries to the auditor on specific points.
{{chunk|doc=9fth4kgfqj|c=223|p=73|cont=1}}
* The Supervisory Board concluded that the audit report complies with §§ 317 and 321 HGB and raises no concerns.
* The Supervisory Board also concluded that the management report fulfills the requirements of § 289 HGB and is consistent with the statements in the reports to the Supervisory Board according to § 90 AktG.
* The management report is consistent with the Supervisory Board's own assessment of the company's situation.
* The Supervisory Board agrees with the management report, particularly with the statements made therein regarding the company's future development.
* The Supervisory Board also assessed the quality of the audit based on the submitted reports.
* Following the final review of the annual financial statements and management report by the Supervisory Board itself, no objections were raised.
* The Supervisory Board concurred with the auditor's judgment and approved the annual financial statements prepared by the Management Board on March 11, [[Definition:Year 2026|2026]].
* The annual financial statements are thus adopted.

=== Appointment of the Management Board and Supervisory Board and other mandates ===

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'''Management Board appointments'''

* Norbert Eickermann was reappointed to the Management Board with effect from February 1, [[Definition:Year 2026|2026]], during the Supervisory Board meeting on March 13, 2025.
* Dr. Philipp Horsch was appointed to the Management Board with effect from April 1, 2025, during the Supervisory Board meeting on March 13, 2025.
* Dr. Horsch is responsible for the Product Management Corporate/Freelancers and Operations Corporate/Freelancers departments.
* Thorsten Jahnke was appointed as an additional member of the Management Board with effect from January 1, [[Definition:Year 2026|2026]], during the Supervisory Board meeting on November 6, 2025.
* Thorsten Jahnke assumed departmental responsibility for Broker Sales and Cooperations from Thomas Lüer.
* Thomas Lüer is responsible for the HDI Sales, Sales Management, and Marketing departments with effect from January 1, [[Definition:Year 2026|2026]].

{{chunk|doc=9fth4kgfqj|c=225|p=73}}
'''Supervisory Board appointments'''

* Johanna Weigand resigned her mandate as a member of the Supervisory Board with effect from July 31, 2025.
* Nicolas Heine was elected as her successor to the Supervisory Board by the extraordinary general meeting on July 17, 2025, with effect from August 1, 2025.
* Nicolas Heine's term is for the remainder of the period until the end of the general meeting that resolves on the discharge for the 2027 financial year.

=== Appreciation to the Management Board and employees ===

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'''Appreciation and Signatories'''

* The Supervisory Board thanks the members of the Management Board and all employees for their commitment and successful work in the 2025 financial year.
* Hannover, March 11, [[Definition:Year 2026|2026]].
* For the Supervisory Board: Dr. Jan-Philipp Lüdtke, Chairman.
* Barbara Riebeling and Nicolas Heine are Deputy Chairpersons.

== Imprint ==

=== HDI Versicherung AG ===

{{chunk|doc=9fth4kgfqj|c=227|p=74}}
'''Contact information'''

* HDI-Platz 1, 30659 Hannover
* Telephone: +49 511 645-0
* Telefax: +49 511 645-4545
* Website: www.hdi.de
* Website: www.talanx.com

=== Group Communications ===

{{chunk|doc=9fth4kgfqj|c=228|p=74}}
'''Contact information'''

* Telefon: +49 511 3747-2022
* Telefax: +49 511 3747-2525
* E-Mail: gc@talanx.com

{{chunk|doc=9fth4kgfqj|c=229|p=75}}
'''Group Communications'''

<div class="ed-chart-desc">
[Chart/image description:]
The image displays an organizational chart titled "Talanx AG" at the top. Below this, five main vertical columns represent different business areas or group functions, each with a colored header and a list of subsidiary companies beneath it.
</div>

{{chunk|doc=9fth4kgfqj|c=230|p=75}}
'''Group structure by division'''

* Corporate & Specialty Division includes: HDI Global SE, HDI Global Specialty SE, HDI Versicherung AG (Austria), HDI Global Seguros S.A. (Mexico), HDI Global SA Ltd. (South Africa), HDI Global Insurance Company (USA), HDI Global Network AG, and HDI Reinsurance (Ireland) SE.
* International Retail Division includes: HDI International AG, HDI Seguros S.A. (Brazil), Yelum Seguros S.A. (Brazil), HDI Seguros S.A. (Chile), HDI Seguros Colombia S.A., HDI Seguros S.A. de C.V. (Mexico), TUİR WARTA S.A. (Poland), TU Europa S.A. (Poland), HDI Assicurazioni S.p.A. (Italy), and HDI Sigorta A.Ş. (Türkiye).
* Retail Germany Division includes: HDI Deutschland AG, HDI Lebensversicherung AG, HDI Pensionsfonds AG, HDI Pensionskasse AG, HDI Pensionsmanagement AG, HDI Versicherung AG, HDI Vorsorge Lebensversicherung AG, Lifestyle Protection Lebensversicherung AG, Lifestyle Protection AG, LPV Lebensversicherung AG, NEH Neue Hildener Versicherung AG, neue leben Lebensversicherung AG, and neue leben Unfallversicherung AG.
* Reinsurance Division includes:
** Property/Casualty Reinsurance: Hannover Rück SE, E+S Rückversicherung AG, Argenta Holdings Limited, Hannover ReTakaful B.S.C. (c) (Bahrain), Hannover Re (Bermuda) Ltd., Hannover Life Re of Australasia Ltd, Hannover Re (Ireland) DAC, Hannover Re South Africa Limited, and Hannover Life Reassurance Company of America.
** Life/Health Reinsurance: no subsidiaries listed in the chart.
* Group Operations includes: HDI AG, Ampega Asset Management GmbH, Ampega Investment GmbH, and Talanx Reinsurance Broker GmbH.

{{chunk|doc=9fth4kgfqj|c=231|p=75}}
'''General information'''

* The listed participations are the main participations only.
* The information on participations is as of January 1, [[Definition:Year 2026|2026]].
{{chunk|doc=9fth4kgfqj|c=231|p=76|cont=1}}
* HDI Versicherung AG is located at HDI-Platz 1, 30659 Hannover, with telephone +49 511 645-0 and telefax +49 511 645-4545.
* The company websites are www.hdi.de and www.talanx.com.

Document:HDI Versicherung/2025/FY/Annual report

2026-07-27T13:50:00Z

Wikilah admin: doc_archive: publish 9fth4kgfqj (original transcript) (.md link)

{{Infobox doc_archive
| organization = HDI Versicherung
| year = 2025
| period = FY
| period_label = FY25
| document_category = Annual report
| document_name = HDI Versicherung AG Geschäftsbericht 2025
| publication_date = 2026-03
| language = German
| pages = 76
| source_url = https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf
| wide = yes
| original_md = File:HDI_Versicherung-2025-FY-Annual_report-original.md
| docling_file = File:HDI Versicherung-2025-FY-Annual report-docling.txt
| article = HDI Versicherung/2025/FY/Annual report
| doc_id = 9fth4kgfqj
}}



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HDI Versicherung AG

Geschäftsbericht 2025

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== HDI Versicherung AG auf einen Blick. ==

<div style="overflow-x:auto">
{| id="t1" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
! class="col-s" style="text-align:right" | +/-%
|-
! style="text-align:left" | Mio. EUR
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
|-
| style="text-align:left" | Gebuchte Bruttobeiträge
| style="text-align:right" | 1.564,8
| style="text-align:right" | 1.588,3
| style="text-align:right" | -1,5
|-
| style="text-align:left" | Bruttoaufwendungen für Versicherungsfälle
| style="text-align:right" | 1.006,0
| style="text-align:right" | 1.045,4
| style="text-align:right" | -3,8
|-
| style="text-align:left" | Bruttoaufwendungen für den Versicherungsbetrieb
| style="text-align:right" | 486,4
| style="text-align:right" | 506,7
| style="text-align:right" | -4,0
|-
| style="text-align:left" | Kombinierte Schaden-/Kostenquote brutto (in %)
| style="text-align:right" | 95,7
| style="text-align:right" | 98,3
| style="text-align:right" |
|-
| style="text-align:left" | Versicherungstechnische Netto-Rückstellungen
| style="text-align:right" | 3.761,9
| style="text-align:right" | 3.678,1
| style="text-align:right" | 2,3
|-
| style="text-align:left" | Kapitalanlagen
| style="text-align:right" | 3.763,9
| style="text-align:right" | 3.760,8
| style="text-align:right" | 0,1
|-
| style="text-align:left" | Ergebnis aus Kapitalanlagen
| style="text-align:right" | -31,8
| style="text-align:right" | 112,0
| style="text-align:right" | -128,4
|-
| style="text-align:left" | Nettoverzinsung (in %)
| style="text-align:right" | -0,8
| style="text-align:right" | 3,0
| style="text-align:right" |
|-
| style="text-align:left" | Ergebnis vor Ergebnisabführung
| style="text-align:right" | 109,5
| style="text-align:right" | 17,6
| style="text-align:right" | 520,4
|}
</div>

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== Inhalt ==

* 2 Lagebericht

* 2 Geschäftstätigkeit, Organisation und Struktur

* 3 Wirtschaftsbericht

* 18 Risikobericht

* 26 Prognose- und Chancenbericht

* 29 Versicherungsarten

(Anlage 1 zum Lagebericht)

* 32 Jahresabschluss

* 32 Bilanz

* 34 Gewinn- und Verlustrechnung

* 36 Anhang

* 61 Bestätigungsvermerk des unabhängigen Abschlussprüfers

* 68 Bericht des Aufsichtsrats

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== Lagebericht. ==

=== Geschäftstätigkeit, Organisation und Struktur ===

==== Unternehmenspolitischer Hintergrund ====

Die HDI Versicherung AG ist Teil des Talanx Geschäftsbereichs Privat- und Firmenversicherung Deutschland (im Folgenden HDI Deutschland). Dieser Geschäftsbereich bündelt die Aktivitäten der Privat- und Firmenkunden-Gesellschaften der Sachversicherung, der Lebensversicherung und der Bancassurance im Inland und wird von der HDI Deutschland AG geführt. Sitz der HDI Versicherung AG ist Hannover.

Die Gesellschaft bietet Versicherungsschutz im Breitengeschäft für Privatpersonen, Einzelunternehmer und Freiberufler sowie für kleine und mittlere Unternehmen in den Sparten der Haftpflicht-, Unfall-, Sach- und Kraftfahrzeugversicherung. Mit Branchenlösungen und modular aufgebauten Versicherungspaketen bietet die HDI Versicherung AG Unternehmen aus Handel, Dienstleistung und Handwerk umfassenden Versicherungsschutz.

Die HDI Versicherung AG versteht sich als Anbieter günstiger und transparenter Versicherungsprodukte für Privat- und Firmenkunden. Im Fokus stehen dabei sowohl besonders preis- und leistungsbewusste Kunden, die sich selbstständig am Markt orientieren, als auch beratungsaffine Kunden, die maßgeschneiderte Versicherungsprodukte wünschen. Die Gesellschaft verfolgt mit der konzerneigenen Außendienstorganisation einen ganzheitlichen Betreuungsansatz für ihre Kunden. Neben den eigenen Sachversicherungen werden hierüber auch Rechtsschutz-, Kredit-, Lebens- und Krankenversicherungen anderer Gesellschaften angeboten. Ein weiterer Vertriebsweg ist das firmenvermittelte Belegschaftsgeschäft.

Im Februar 2025 hat die Ratingagentur Standard & Poor's das Finanzstärkerating für die HDI Versicherung AG von A+ auf AA-, Outlook 'stable' angehoben und bescheinigt der Gesellschaft ein besonders starkes Finanzprofil.

=== Unsere Vertriebspartner ===

HDI verfolgt das Ziel, den Kunden einen einfachen Zugang zu unseren Versicherungsprodukten und vielfältigen Beratungs- und Serviceleistungen zu bieten. Dies tun wir, indem wir die Zusammenarbeit mit sorgfältig ausgewählten Vertriebspartnern in allen relevanten Vertriebswegen pflegen und ausbauen.

Zu den relevanten Vertriebswegen zählt HDI unter anderem eine eigene Ausschließlichkeitsorganisation, den Vertrieb über ungebundene Vermittler und Mehrfachagenten sowie verschiedene Kooperationspartner.

Die funktionale Organisation sichert klare Verantwortlichkeiten und legt die Grundlagen für die Arbeit über Spartengrenzen der Sach- und Lebensversicherung hinweg. Dieser spartenübergreifende Blick ist eine wichtige Voraussetzung für Verbesserungen der Prozesse und Serviceleistungen zum Vorteil der Kunden und Vertriebspartner. Mit der zunehmenden Bedeutung des Online-Vertriebs streben wir zudem an, die Schnittstellen zu unseren Vertriebspartnern zu optimieren und ihnen digital abschließbare Produkte anzubieten.

=== Dienstleistungen im Konzernverbund ===

Die HDI Versicherung AG beschäftigt keine eigenen Mitarbeiter. Ihre Einbindung in eine große Versicherungsgruppe ermöglicht gesellschaftsübergreifend organisierte Funktionen und damit die sinnvolle Nutzung von Synergien und Ressourcen. Hierdurch können die Kostenvorteile einer einheitlichen Bearbeitung im Konzern genutzt und bessere Konditionen bei Dienstleistern erreicht werden.

Wesentliche Dienstleistungen übergreifend tätiger Funktionsbereiche - wie z. B. Finanzen, Personal, IT, Betrieb und Vertrieb - werden durch die HDI AG für die Inlandsgesellschaften des Talanx Konzerns erbracht, also auch für die HDI Versicherung AG. Darüber hinaus nutzt die HDI Versicherung AG die zentralen Dienstleistungen der Ampega Asset Management GmbH, die die Vermögensverwaltung für die Versicherungsgesellschaften im Konzern betreibt.

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== Wirtschaftsbericht ==

=== Gesamtwirtschaftliche und branchenbezogene Rahmenbedingungen ===

==== Volkswirtschaftliche Entwicklung ====

Der Beginn der zweiten Amtszeit von US-Präsident Trump und vor allem die Handelspolitik seiner Regierung prägten die weltwirtschaftliche Entwicklung im Jahr 2025 entscheidend. Unter dem Eindruck des sogenannten Liberation Day im April und darauffolgender, zahlreicher Kehrtwenden in der konkreten Ausgestaltung der neuen US-Handelspolitik verharrte das globale Wirtschaftswachstum bei 3,3 % gegenüber dem Vorjahr, der schwächste Wert seit dem Covid-Jahr 2020.

Nach zwei Rezessionsjahren in Folge konnte die deutsche Wirtschaft 2025 ein Plus in Höhe von 0,2 % gegenüber dem Vorjahr verzeichnen, was aber nicht darüber hinwegtäuschen kann, dass das Bruttoinlandsprodukt (BIP) zuletzt gerade einmal 0,1 % über seinem Prä-Covid-Niveau Ende 2019 lag. Getragen wurde das Wachstum im vergangenen Jahr vom privaten und staatlichen Konsum, während der Rückgang der Bau- und Ausrüstungsinvestitionen durch ein Plus im Verteidigungssektor nicht ausgeglichen werden konnte. Gegenwind kam auch von Seiten des Außenhandels im Zuge der Handelsstreitigkeiten. Unterdessen dürften das im März angekündigte Sondervermögen für Infrastruktur sowie höhere Verteidigungsausgaben erst im Laufe der kommenden Jahre ihre volle Wirkung entfalten. Die deutsche Wirtschaft hinkt damit ähnlich wie diejenige Frankreichs, das 2025 im Streit über den Haushalt erneut politische Instabilität und Regierungswechsel zu verkraften hatte, ihren europäischen Peers hinterher. In der Eurozone insgesamt beschleunigte sich das Wachstum 2025 von 0,9 % auf 1,4 % gegenüber dem Vorjahr. Ohne Irland, das im Zuge stark steigender (Pharma-)Exporte 2025 ein zweistelliges BIP-Wachstum verzeichnete, hätte das Wachstum hingegen nur 0,9 % gegenüber dem Vorjahr betragen.

Mit einem BIP-Wachstum von 2,2 % gegenüber dem Vorjahr hat sich die US-Wirtschaft aller Unsicherheit durch die neue Regierung zum Trotz 2025 abermals gut behauptet. Das Wachstum wurde wie üblich primär vom privaten Konsum getragen, dessen Dynamik sich jedoch vor dem Hintergrund eines schwächeren Arbeitsmarkts, der Belastungen durch einen anhaltend erhöhten Preisdruck (in Teilen infolge der Zölle) und des Regierungs-Shutdowns im Oktober/November im Vergleich zur zweiten Jahreshälfte 2024 abkühlte. So wurden am Arbeitsmarkt im vergangenen Jahr nur noch 181.000 neue Stellen geschaffen (nach 1.459.000 im Vorjahr). Dabei stieg die Arbeitslosenquote im Jahresverlauf jedoch nur leicht von 4,1 % auf 4,4 %, da infolge der Anti-Migrations-Maßnahmen zugleich das Arbeitsangebot zurückging. Als Wachstumstreiber erwiesen sich hingegen die Ausrüstungsinvestitionen, die im Zuge des KI-Booms den stärksten Zuwachs seit 2014 erzielten, sowie ein deutlicher Rückgang des Außenhandelsdefizits infolge der Handelsbeschränkungen.

Das Wirtschaftswachstum in China betrug 2025 erneut 5,0 % gegenüber dem Vorjahr und trotzte damit nicht nur dem Gegenwind durch die US-Zölle, die zwischenzeitlich fast 140 % erreicht hatten, sondern auch den anhaltenden strukturellen Schwächen beim inländischen Konsum sowie im Immobiliensektor. Das Wachstumsziel der Regierung wurde damit das dritte Jahr in Folge erreicht, was u. a. auf staatlich gestützte Industrien wie Robotik oder Elektromobilität zurückzuführen war.

Die Volkswirtschaften Lateinamerikas konnten ihr Wachstum trotz des herausfordernden internationalen Umfelds 2025 erneut steigern, u. a. begünstigt von Leitzinssenkungen der Notenbanken (außer Brasilien). Mit 2,8 % gegenüber dem Vorjahr lag die Wachstumsrate erstmals seit dem Post-Covid-Rebound wieder im Bereich ihres Durchschnitts der Jahre 2000 - 2019.

Die Weltwirtschaft hat den fiskalpolitik- und energiepreisbedingten Inflationsschock nach der Covid-Pandemie und dem Ausbruch des Kriegs in der Ukraine weitgehend überwunden. In der Eurozone ging die Inflation im Jahresverlauf 2025 u. a. dank sinkender Energiepreise und eines stärkeren Euros von 2,4 % auf 2,0 % und damit auf den Zielwert der Europäischen Zentralbank (EZB) zurück. Vor diesem Hintergrund senkte die Notenbank ihren Leitzins im ersten Halbjahr in mehreren Schritten von 3,00 % auf 2,00 %. In den USA sank die Inflation zwar im Jahresverlauf per Saldo ebenfalls leicht von 2,9 % auf 2,7 %, da die befürchteten starken Preiseffekte durch die US-Zollschranken sich nicht in vollem Umfang materialisierten. Sie blieb damit jedoch über dem Zielwert der US-Notenbank Fed, die infolgedessen verhalten auf den sich abschwächenden Arbeitsmarkt reagierte und den Leitzins von 4,50 % auf 3,75 % senkte.

==== Kapitalmärkte ====

Allen geo- und handelspolitischen Spannungen zum Trotz verzeichneten die internationalen Aktienmärkte auch 2025 neue Rekorde, wofür sich ein stabiles Konjunkturumfeld, sinkende Leitzinsen, eine im Zuge dessen positive Gewinnentwicklung der Unternehmen sowie die starke Performance von Technologie- und KI-Werten verantwortlich zeichneten. Im Anschluss an die Korrektur nach dem 'Liberation Day'-Schock im April verzeichnete der US-amerikanische S&P 500 im weiteren Jahresverlauf zahlreiche neue Rekordhochs

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und beendete 2025 mit einem Kursplus von 16,8 % (alle Wertentwicklungen in USD gerechnet) - der sechste zweistellige Zuwachs in den letzten sieben Jahren. Nach der alles überragenden, Tech-getriebenen Rallye des Vorjahrs musste der S&P 500 sich 2025 damit aber im internationalen Vergleich hintenanstellen. Er blieb nicht nur hinter Titeln aus Industrieländern insgesamt (MSCI World: +19,9 %), sondern insbesondere deutlich hinter Aktien aus Schwellenländern (MSCI EM: +30,1 %) zurück. An die Spitze setzten sich im vergangenen Jahr Titel aus der Eurozone (EURO STOXX: +37,9 %) und hier allen voran Deutschland (DAX: +39,1 %) - das erste Mal seit 2022 vor den USA.
Trotz der politischen Angriffe auf die Unabhängigkeit der Fed sowie der weiter steigenden Staatsverschuldung ging die Rendite 10-jähriger US-Treasuries 2025 im Zuge der Fed-Zinssenkungen um 0,40 Prozentpunkte auf 4,17 % zurück. Hingegen stieg die Rendite von Bundesanleihen gleicher Laufzeit mit der Ankündigung des deutschen Sondervermögens für Infrastruktur und steigender Verteidigungsausgaben im März sprunghaft von 2,41 % auf 2,90 %, bevor sie mit Zweifeln an einer schnellen Umsetzung zunächst binnen weniger Wochen wieder unter die Marke von 2,50 % zurückfiel. Mit dem neuen Bundeshaushalt im Herbst und der Aussicht auf zunehmende Emissionstätigkeit zur Finanzierung der Mehrausgaben beendete die 10-jährige Bundrendite das Jahr im Bereich ihres Jahreshochs bei 2,86 % (+0,49 Prozentpunkte). Ein stärker als erwartet steigendes Ölangebot seitens der OPEC+ drückte den Ölpreis (Brent) im Jahresverlauf 2025 von 75 USD auf 61 USD je Barrel, wobei der Konflikt zwischen Israel und dem Iran nur kurz für einen Anstieg in Richtung der Marke von 80 USD je Barrel sorgte. Zweifel an der Schuldentragfähigkeit der USA sowie die Zolleskalation sorgten im ersten Halbjahr 2025 für eine deutliche Aufwertung des Euro gegenüber dem US-Dollar von 1,04 auf 1,18. In der zweiten Jahreshälfte konsolidierte sich der Euro vor dem Hintergrund der politischen Angriffe auf die Unabhängigkeit der Fed etwas unterhalb dieses Niveaus.
== Deutsche Versicherungswirtschaft ==
Die Ausführungen zu den Versicherungsmärkten stützen sich auf Veröffentlichungen des Gesamtverbands der Deutschen Versicherungswirtschaft e. V. (GDV) und beinhalten vorläufige Daten.
Nach dem stabilen Verlauf der Vorjahre hatte die deutsche Versicherungswirtschaft im abgelaufenen Geschäftsjahr 2025 einen Anstieg ihrer Beitragseinnahmen zu verzeichnen. Laut Hochrechnung erhöhten sie sich um 6,6 % auf 253,6 Mrd. EUR.
Die Schaden- und Unfallversicherer dürften im Jahr 2025 ein Beitragswachstum von 7,7 % auf 99,7 Mrd. EUR erreicht haben.
=== Rechtliche und regulatorische Rahmenbedingungen ===
==== Aufsichtsrechtliche Anforderungen ====
Versicherungsunternehmen (Erst- und Rückversicherungsgesellschaften), Pensionsfonds und Kapitalverwaltungsgesellschaften unterliegen weltweit einer umfassenden Rechts- und Finanzaufsicht durch Aufsichtsbehörden. In der Bundesrepublik Deutschland obliegt diese Aufgabe der Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin). Hinzu kommen umfassende rechtliche Vorgaben für die Geschäftstätigkeit. In den vergangenen Jahren haben sich die regulatorischen Rahmenbedingungen weiter verschärft, was zu einer zunehmenden Komplexität führte. Dieser Trend setzte sich 2025 fort.
===== Richtlinie über den Versicherungsvertrieb =====
Der Vertrieb von Versicherungsprodukten ist umfangreichen rechtlichen Vorgaben unterworfen. Bei der Zusammenarbeit mit Vermittlern haben die Erstversicherer neben den gesetzlichen Vorgaben die Anforderungen des BaFin-Rundschreibens 11/2018 zur Zusammenarbeit mit Versicherungsvermittlern sowie zum Risikomanagement im Vertrieb zu beachten. Die Produktüberwachung und die Governance von Versicherungsprodukten werden unter anderem durch die Delegierte Verordnung (EU) 2017/2358 der Europäischen Kommission bestimmt. Am 1.1.2025 ist eine siebentägige Wartefrist für den Abschluss von Restkreditverträgen zu allgemeinen Verbraucherkreditverträgen eingeführt worden. Zum 28.6.2025 sind das Barrierefreiheitsstärkungsgesetz und die entsprechende Verordnung in Kraft getreten, wonach bestimmte Produkte und Dienstleistungen für Verbraucher barrierefrei erbracht und mit Barrierefreiheitsinformationen versehen werden müssen. Zu den im Gesetz genannten Dienstleistungen gehören unter anderem solche im elektronischen Geschäftsverkehr, sodass der Online-Verkauf von Versicherungsprodukten nunmehr den geltenden Barrierefreiheitsanforderungen entsprechen muss.
===== Mindestanforderungen an die Geschäftsorganisation =====
In dem überarbeiteten BaFin-Rundschreiben 09/2025 (VA) zur behördlichen Auslegung der Mindestanforderungen an die Geschäftsorganisation von Versicherungsunternehmen (MaGo) werden aus Sicht der Aufsichtsbehörde übergreifende Aspekte zur Geschäftsorganisation sowie zentrale Begriffe wie 'Proportionalität' oder 'Verwaltungs-, Management- oder Aufsichtsorgan' erläutert. Ungeachtet der fehlenden unmittelbaren Rechtsbindung dieses Schreibens wird auch die MaGo bei der Ausgestaltung der Geschäftsorganisation der HDI-Gruppe berücksichtigt, insbesondere in den Bereichen allgemeine Governance, Schlüsselfunktionen, Risikomanagement-Sys tem, Eigenmittelanforderungen, Internes Kontrollsystem, Ausgliederungen und Notfallmanagement.

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==== Prävention von Geldwäsche und Terrorismusfinanzierung ====
Versicherungsunternehmen gemäß Art. 13 Nr. 1 Richtlinie 2009/138/EG sind nach § 2 Abs. 1 Nr. 7 Geldwäschegesetz (GwG) in Verbindung mit § 6 GwG verpflichtet, interne Sicherungsmaßnahmen zur Verhinderung von Geldwäsche zu treffen, soweit sie Lebensversicherungstätigkeiten gemäß dieser Richtlinie betreiben, Unfallversicherungen mit Prämienrückgewähr anbieten oder Darlehen im Sinne von § 1 Abs. 1 Satz 2 Nr. 2 KWG vergeben.

Die Gesellschaft ist daher aufgrund der Darlehensvergabe im Sinne von § 1 Abs. 1 Satz 2 Nr. 2 KWG zur Einhaltung der im GwG und damit auch den §§ 52 bis 55 VAG enthaltenen Vorschriften zur Verhinderung von Geldwäsche und Terrorismusfinanzierung sowie von sonstigen strafbaren Handlungen verpflichtet.

Die Gesellschaft hat Regelungen getroffen und organisatorische Maßnahmen eingeleitet, um die genannten gesetzlichen Verpflichtungen zu erfüllen.

Ein Geldwäschebeauftragter und Stellvertreter sind bestellt.

Die Darlehensvergabe erfolgt im Rahmen der Kapitalanlage durch die Ampega Asset Management GmbH. Zur Kontrolle durch den Geldwäschebeauftragten ist ein Prozess etabliert.

Veränderungen der geltenden gesetzlichen Regelungen werden sich aus der Verordnung (EU) 2024/1624 des Europäischen Parlaments und des Rates vom 31.5.2024 zur Verhinderung der Nutzung des Finanzsystems für Zwecke der Geldwäsche oder der Terrorismusfinanzierung ergeben, die in wesentlichen Teilen ab dem 10.7.2027 gilt. Entwürfe zu wenigen RTS (Regulatory Technical Standards) liegen bereits vor. Zu diesen Entwürfen gehört der praktisch sehr wichtige RTS zu CDD (Customer Due Diligence). Die Vorbereitungen zur Umsetzung laufen.

==== Digitalisierung ====
Digitalisierung

In den letzten Jahren hat die Digitalisierung zunehmend an Bedeutung gewonnen. Damit einher geht ein Übergang zu digitalen, datenbasierten Geschäftsmodellen; sich hieraus ergebende rechtliche Fragen und Herausforderungen mit dem Fokus auf die IT-Sicherheit spielen auch bei den Unternehmen der HDI-Gruppe eine immer wichtigere Rolle.

Durch den Digital Operational Resilience Act (DORA) der EU gibt es in diesem Zusammenhang neue Anforderungen, die unter anderem Versicherungsunternehmen seit dem 17.1.2025 erfüllen müssen. Hierdurch soll der europäische Finanzmarkt gegenüber Cyberrisiken und Vorfällen in der Informations- und Kommunikationstechnologie gestärkt werden. Weiterhin wurde bereits im Jahr 2024 von der EU die Verordnung über künstliche Intelligenz erlassen (Verordnung (EU) 2024/1689), die auch die Versicherungswirtschaft betrifft und die konkrete Auswirkung auf die HDI-Gruppe haben wird.

==== Datenschutz ====
Datenschutz

Die Versicherungsunternehmen des Talanx Konzerns verarbeiten für die Antrags-, Vertrags- und Leistungsabwicklung umfangreiche personenbezogene Daten. Zur Gewährleistung der datenschutzrechtlichen Anforderungen, wie der EU-Datenschutz-Grundverordnung (DSGVO) und des Bundesdatenschutzgesetzes, ist das Datenschutzmanagementsystem auf die Beachtung und Kontrolle der Vorgaben ausgerichtet. Die Mitarbeiterinnen und Mitarbeiter sind für einen sorgsamen Umgang mit den Daten sensibilisiert (Schulungen) und werden auf die Einhaltung der Datenschutzanforderungen schriftlich verpflichtet. Für prozessunabhängige Datenschutzanforderungen, wie z. B. Beauftragung von Dienstleistern, sind zentrale Verfahren zu beachten. Gleiches gilt für die Datenschutzrechte der Kunden, Aktionäre und Beschäftigten.

Die Einhaltung geltenden Rechts ist für die Gesellschaften des Talanx Konzerns Voraussetzung für eine dauerhaft erfolgreiche Geschäftstätigkeit. Der Konzern widmet der Anpassung des Geschäfts und seiner Produkte an die gesetzlichen sowie aufsichts- und steuerrechtlichen Rahmenbedingungen große Aufmerksamkeit. Die hierfür installierten Mechanismen gewährleisten, dass künftige Rechtsentwicklungen und ihre Auswirkungen auf unsere Geschäftstätigkeit frühzeitig identifiziert und bewertet werden, damit wir die erforderlichen Anpassungen rechtzeitig vornehmen können.

== Geschäftsverlauf und Lage ==
Geschäftsverlauf und Lage

=== Themen des Berichtsjahres ===
Themen des Berichtsjahres

==== Zukunftssicherung des Geschäftsbereichs HDI Deutschland ====
Der Geschäftsbereich HDI Deutschland setzt seine unternehmerische Planung im Rahmen des neuen strategischen Programms Substanz (SBSTNZ.) fort. Die Leitlinien des neuen Strategieprogrammes lauten: Einfach - Fokussiert - Erfolgreich. Ziel ist es, nachhaltiges Wachstum zu fördern, die Marktposition zu stärken und somit zur langfristigen Stabilität innerhalb des Konzerns beizutragen. Kern der neuen Strategie ist ein gezielter Exzellenzaufbau entlang der Wertschöpfungskette. Zentral hierbei sind die Reduktion von Komplexität und die Steigerung der Effizienz in internen Prozessen.

{{pdf page|8|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
Durch die Fokussierung auf Kernkompetenzen und ein verschlanktes Produktportfolio soll der Geschäftsbereich HDI Deutschland mittelfristig noch profitabler werden. Auszeichnen möchte sich das Unternehmen weiterhin durch qualitativ hochwertige Serviceangebote und die zuverlässige Zusammenarbeit mit Vertriebspartnern. Zudem maßgebend sind die umfassende Betreuung der Bestandskunden und die Sicherstellung der langfristigen Erfüllbarkeit der Verpflichtungen.

Im strategischen Programm wurden im vergangenen Jahr bereits wichtige Fortschritte erzielt. Das Unternehmen hat mit der Schärfung der strategischen Ausrichtung auf zentrale Herausforderungen reagiert und erste positive Entwicklungen hin zu klar fokussierten Geschäftsmodellen und einer leistungsorientierten Steuerung erreicht. Trotz tiefgreifender Veränderungen wurde dabei die operative und finanzielle Stabilität sichergestellt. In einzelnen Geschäftsfeldern wurde die angestrebte Profitabilisierung bereits frühzeitig erreicht. Zudem wurden die Transformation, die wesentlichen Maßnahmen der Neuaufstellung und der kulturellen Weiterentwicklung entscheidend vorangetrieben.

Die HDI Versicherung AG fokussiert sich im Rahmen des strategischen Programmes Substanz auf ihre Stärken: Exklusivvertrieb, Firmen und Freie Berufe sowie ausgewählte Geschäftsmodelle in weiteren wichtigen Vertrieben. Im Kfz-Versicherungsgeschäft liegt der Fokus auf der Sicherung eines profitablen Bestandes in einem weiter wettbewerbsintensiven Marktumfeld, das u. a. durch eine hohe Schadeninflation und entsprechend hohe Schadenkosten getrieben ist. Der Schwerpunkt liegt auf einer konsequenten Ausrichtung an Markterfordernissen und Kundenanforderungen in Bezug auf einfache Produkte sowie auf digitale Prozesse. Erfolge der Umsetzung des strategischen Programms Substanz zeigen sich in spürbaren Effizienzfortschritten durch die Weiterentwicklung von Betrieb und Schaden, insbesondere durch Fokussierung der Geschäftsmodelle, Automatisierung und den Einsatz von KI. Weiterhin findet ein Ausbau des Geschäftsbereichs Firmen und Freie Berufe statt, insbesondere durch wettbewerbsdifferenzierende, ausgewiesene Markt- und Geschäftsexpertise und systematische Steuerung des Bestandsportfolios auf Profitabilität. Insbesondere in den Produkten Feuer und Multi Risk werden die Profitabilisierung des Bestandes sowie die Professionalisierung und Effizienzsteigerung der Prozesse konsequent und erfolgreich vorangetrieben. Durch gezielte Beitragsanpassungen und Sanierungen stiegen die durchschnittlichen Beitragseinnahmen. Risikobegrenzende Maßnahmen wie Kündigungen, intensivere Besichtigungen und neue Zeichnungsgrenzen führten zu einer nachhaltigen Verbesserung des Risikoportfolios.

Hinsichtlich der Zukunftsfähigkeit des Unternehmens ist der Einsatz von generativer künstlicher Intelligenz in Planung und befindet sich aktuell in verschiedenen Unternehmensressorts in einer Testphase.

Agilität stellt ein übergeordnetes Ziel dar. Die Organisation soll in die Lage versetzt werden, sowohl flexibel auf Veränderungen zu reagieren als auch vorausschauend zu agieren. Dies umfasst das frühzeitige Erkennen und Aufgreifen sich verändernder Rahmenbedingungen im wirtschaftlichen Umfeld, um proaktiv notwendige Anpassungen vorzunehmen und auf Entwicklungen in den Märkten zu reagieren. Die Agile Lieferorganisation (ALO) wird dabei kontinuierlich überprüft und weiterentwickelt.

=== IT-Strategie ===

Die IT-Strategie des Geschäftsbereichs Privat- und Firmenversicherung Deutschland umfasst gesamthaft alle wesentlichen IT-Aspekte für die Risikoträger des Geschäftsbereichs HDI Deutschland. Die Anforderungen der Geschäftsstrategie aller Risikoträger sind in der IT-Strategie berücksichtigt. Dabei prägen auch die Digitalisierung von Prozessen- und Serviceangeboten sowie die Modernisierung der IT-Infrastruktur die Geschäftsaktivitäten von HDI Deutschland. Das Ziel unserer IT-Strategie ist die Transformation der Anwendungslandschaft, ausgerichtet an der Geschäftsstrategie Substanz und unter Berücksichtigung des Einsatzes innovativer Technologien wie z. B. der künstlichen Intelligenz. Des Weiteren essenziell sind die nachhaltige Umsetzung von IT-Compliance und Regulatorik im Rahmen des Digital Operational Resilience Act (DORA) sowie die kontinuierliche Verbesserung des Security-Schutzniveaus.

=== Produktratings ===

Die HDI Versicherung AG verbessert kontinuierlich Produkte und Services. Dies spiegelt sich im Abschneiden bei Produktratings, bei Auszeichnungen sowie bei Gütesiegeln wider.

Beispiele für diese Bewertungen finden sich in allen Sach-PrivatSparten. So hat die Stiftung Warentest die Privat-Haftpflichtversicherung (Produktlinie Premium) mit der Note 'Sehr gut (0,7)' bewertet. Gleiches gilt für die Wohngebäudeversicherung in der Produktlinie Premium.

Das unabhängige Analysehaus Franke & Bornberg Research GmbH hat im Bereich HUS-Privat die HDI Privat-Haftpflichtversicherung (Produktlinie Premium, Single und Produktlinie Premium, Familie) sowie die Wohngebäudeversicherung (Produktlinie Premium / Produkt Mehrfamilienhaus Premium) mit der Note 'FFF+' (hervorragend) ausgezeichnet. Zudem wurden die HDI Unfallversicherung (Premium, Mitwirkung 100, Schutzbrief) und die HDI Hausratversi-

{{pdf page|9|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
=== Nachhaltigkeit ===

Als international tätiger Versicherungskonzern und langfristig orientierter Investor hat sich der Talanx Konzern bereits seit langem einer verantwortungsvollen, auf nachhaltige Wertschöpfung ausgelegten Unternehmensführung verschrieben. Die Nachhaltigkeitsstrategie stellt daher einen integralen Bestandteil der Konzernstrategie dar. Sie basiert auf der gezielten Umsetzung von ESG-spezifischen Aspekten (Environmental, Social, Governance) in der gesamten Wertschöpfungskette. Der Fokus der Nachhaltigkeitsstrategie liegt auf Umweltaspekten in der Kapitalanlage, der Versicherungstechnik und dem eigenen Betrieb, dem sozialen Fokus des Konzerns sowie der Sicherstellung einer adäquaten Governance.

Der Talanx Konzern bekennt sich dazu, die Transformation hin zu einer kohlenstoffarmen Wirtschaft zu begleiten. Dementsprechend hat der Talanx Konzern für das Versicherungs- und Kapitalanlageportfolio die Ambition, Netto-Null-Emissionen bis 2050 zu erreichen.{{fn ref|1|2=Der Talanx Konzern trifft Entscheidungen immer aufgrund der aktuellen Datenlage und vorliegenden Regulatorik. Sollten sich Voraussetzungen ändern, behält sich der Talanx Konzern ein Update der entsprechenden Entscheidungen vor}}

Darüber hinaus wurde in der Versicherungstechnik ein Ausstiegspfad für Thermalkohlerisiken bis 2038 definiert. Im Juli 2023 sind zudem Ausschlüsse für konventionelle Öl- und Gasprojekte in der Versicherungstechnik in Kraft getreten, darunter der generelle Ausschluss von neuen Greenfield-Öl- und Gasprojekten. Seitdem

wurden weitere Restriktionen definiert, und der Abbau aller bestehenden Ölsand-Risiken wurde auf Ende 2025 vorgezogen. Zudem sind Projektpolicen im Tiefseebergbau (Deep Sea Mining) ausgeschlossen.

Um auch die Dekarbonisierung des Kapitalanlageportfolios voranzubringen, stand zuletzt die Schärfung der Positionierung gegenüber fossilen Energieträgern auf der Kapitalanlageseite im Fokus. So gelten, in Ergänzung zu den bestehenden Ausschlüssen bei Öl- und Teersanden sowie für Öl- und Gasbohrungen, in der Arktis seit dem Jahr 2024 etwa Ausschlüsse beim Fracking von Schiefergas und -öl. Seit 2025 erfolgt eine systematische Reduktion der Exposition entlang der gesamten Wertschöpfungskette des Öl- und Gassektors. So soll der Öl- und Gasanteil am Gesamtbestand der liquiden Unternehmensanleihen von derzeit 5,7 % in den kommenden fünf Jahren um 20 % auf 4,5 % reduziert werden. Zudem wurde bereits 2024 der bestehende Thermalkohleausschluss in der Kapitalanlage verschärft.

Im Jahr 2022 wurde ein einheitlicher Rahmen für das zumeist dezentral organisierte soziale und gesellschaftliche Engagement geschaffen und in der Konzernstrategie verankert. Es wurden vier strategische Handlungsfelder für den Talanx Konzern definiert:

■ Diversity, Chancengleichheit und Inklusion

■ Employee's Journey

■ Zugang zu Bildung sichern

■ Zugang zu Infrastruktur fördern

Die Governance des Konzerns ist nicht nur ein bedeutendes Thema für den Kapitalmarkt, sondern auch ein weiteres Schwerpunktthema der Nachhaltigkeitsstrategie. Der Konzern setzt sich regelmäßig mit den Anforderungen im Bereich Governance auseinander und setzt diese um.

=== Leistungsindikatoren ===

Unsere Gesellschaft hat für das Geschäftsjahr 2025 ausschließlich finanzielle Steuerungsgrößen bzw. finanziell bedeutsame Leistungsindikatoren festgelegt. Diese betreffen unter anderem die gebuchten Bruttobeiträge, die Bruttoaufwendungen für Versicherungsfälle, die Bruttoaufwendungen für den Versicherungsbetrieb, das Ergebnis aus Kapitalanlagen sowie den Jahresüberschuss vor Ergebnisabführung. Die Entwicklung dieser und weiterer Kennzahlen wird in den nachfolgenden Kapiteln näher erläutert.

cherung (Produktlinie Premium) mit der Note „FFF“ (sehr gut) bewertet.

Die HDI Kfz-Versicherung (Produktlinie Motor Premium) wurde vom unabhängigen Analysehaus Franke & Bornberg Research GmbH weiterhin mit der Bestnote „FFF+“ (hervorragend) bewertet.

Im Bereich Firmen und Freie Berufe hat AssCompact, das führende Fachmagazin für Versicherungsmakler und Finanzanlagenvermittler, die gewerbliche Sachversicherung mit der Bewertung „Beste Produktqualität“ und „Bestes Preis-Leistungs-Verhältnis“ ausgezeichnet. Vom unabhängigen Analysehaus Franke & Bornberg Research GmbH wurde die Inhaltsversicherung Sach Allgefahren mit den Bausteinen Gastronomie, Überschwemmung und Rückstau mit der Note „FFF“ (sehr gut) bewertet und die Betriebshaftpflichtversicherung mit den Bausteinen Bau, Dienstleistung, Handel, Handwerk (Baunebengewerbe), Heilnebenberufe sogar mit der Note „FFF+“ (hervorragend) ausgezeichnet. Die gewerbliche Cyberversicherung (Cyberversicherung für Firmen und Freie Berufe, Betriebsunterbrechung durch Cloud-Ausfall) wurde ebenfalls mit „FFF“ (sehr gut) bewertet.

{{fn note|1=1|2=Der Talanx Konzern trifft Entscheidungen immer aufgrund der aktuellen Datenlage und vorliegenden Regulatorik. Sollten sich Voraussetzungen ändern, behält sich der Talanx Konzern ein Update der entsprechenden Entscheidungen vor}}

{{pdf page|10|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}


== Ertragslage der HDI Versicherung AG ==

=== Geschäftsverlauf: Versicherungsgeschäft insgesamt ===

<div style="overflow-x:auto">
{| id="t2" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
! class="col-s" style="text-align:right" | 2024
|-
! style="text-align:left" | Mio. EUR
! class="col-s" style="text-align:right" | Brutto
! class="col-s" style="text-align:right" | Netto
! class="col-s" style="text-align:right" | Brutto
! class="col-s" style="text-align:right" | Netto
|-
| style="text-align:left" | Gebuchte Beiträge
| style="text-align:right" | 1.564,8
| style="text-align:right" | 1.495,5
| style="text-align:right" | 1.588,3
| style="text-align:right" | 1.513,5
|-
| style="text-align:left" | Verdiente Beiträge
| style="text-align:right" | 1.559,8
| style="text-align:right" | 1.489,9
| style="text-align:right" | 1.579,5
| style="text-align:right" | 1.504,8
|-
| style="text-align:left" | Aufwendungen für Versicherungsfälle
| style="text-align:right" | 1.006,0
| style="text-align:right" | 996,0
| style="text-align:right" | 1.045,4
| style="text-align:right" | 1.042,3
|-
| style="text-align:left" | Aufwendungen für den Vers.-Betrieb
| style="text-align:right" | 486,4
| style="text-align:right" | 477,3
| style="text-align:right" | 506,7
| style="text-align:right" | 496,2
|-
| style="text-align:left" | Versicherungstechn. Ergebnis f. e. R.
| style="text-align:right" |
| style="text-align:right" | 20,1
| style="text-align:right" |
| style="text-align:right" | -30,7
|-
| style="text-align:left" | In %
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Schadenquote{{fn ref|1)|2=Aufwendungen für Versicherungsfälle im Verhältnis zu den verdienten Beiträgen}}
| style="text-align:right" | 64,5
| style="text-align:right" | 66,9
| style="text-align:right" | 66,2
| style="text-align:right" | 69,3
|-
| style="text-align:left" | Kostenquote{{fn ref|2)|2=Aufwendungen für den Vers.-Betrieb im Verhältnis zu den verdienten Beiträgen}}
| style="text-align:right" | 31,2
| style="text-align:right" | 32,0
| style="text-align:right" | 32,1
| style="text-align:right" | 33,0
|-
| style="text-align:left" | Kombinierte Schaden-/ Kostenquote{{fn ref|3)|2=Summe aus den Aufwendungen für Versicherungsfälle und den Aufwendungen für den Vers.-Betrieb im Verhältnis zu den verdienten Beiträgen}}
| style="text-align:right" | 95,7
| style="text-align:right" | 98,9
| style="text-align:right" | 98,3
| style="text-align:right" | 102,2
|}
</div>

{{fn note|1=1)|2=Aufwendungen für Versicherungsfälle im Verhältnis zu den verdienten Beiträgen}}
{{fn note|1=2)|2=Aufwendungen für den Vers.-Betrieb im Verhältnis zu den verdienten Beiträgen}}
{{fn note|1=3)|2=Summe aus den Aufwendungen für Versicherungsfälle und den Aufwendungen für den Vers.-Betrieb im Verhältnis zu den verdienten Beiträgen}}

Die HDI Versicherung AG verzeichnete im Berichtszeitraum einen Rückgang der gebuchten Bruttobeiträge um 23,5 Mio. EUR auf 1.564,8 (1.588,3) Mio. EUR. Die positive Entwicklung in den Firmen-Sparten konnte den Rückgang in der Sparte Kraftfahrt infolge von Bestandsrückgängen nicht vollständig kompensieren. Die Freie Berufe-Sparten und Privat-Sparten verzeichneten einen leichten Rückgang der gebuchten Bruttobeiträge, ebenfalls infolge von Bestandsrückgängen.

Die Rückversicherungsbeiträge verminderten sich um 5,5 Mio. EUR auf 69,4 (74,9) Mio. EUR durch rückläufige Rückversicherungskosten und einen höheren Eigenbehalt in der Sparte Cyber. Die verdienten Nettobeiträge sanken um 14,9 Mio. EUR auf 1.489,9 (1.504,8) Mio. EUR.

Die Bruttoaufwendungen für Versicherungsfälle verringerten sich im Vergleich zum Vorjahr um 39,4 Mio. EUR auf 1.006,0 (1.045,4) Mio. EUR. Ausschlaggebend hierfür war der Rückgang der Geschäftsjahresaufwendungen brutto um 172,4 Mio. EUR auf 1.071,8 (1.244,1) Mio. EUR aufgrund der rückläufigen Anzahl an Frequenzschäden vor allem in der Kraftfahrtsparte. Zudem konnten gestiegene Aufwände für Großschäden vor allem in den Sparten Kraftfahrt und Multi Risk durch sinkende Aufwendungen aus Naturkatastrophen insbesondere in den Sparten Kasko und Gebäudeversicherung weitestgehend kompensiert werden. Der Abwicklungsgewinn brutto sank um 133,0 Mio. EUR auf 65,8 (198,7) Mio. EUR, im Wesentlichen in den Haftpflichtsparten sowie Kraftfahrt-Haftpflicht infolge von Reserveanpassungen an Vorjahresschäden. Die Gesamtschadenquote brutto verminderte sich im Vergleich zum Vorjahr um 1,7 Prozentpunkte auf 64,5 (66,2) %.

Die Nettoaufwendungen für Versicherungsfälle sanken um 46,3 Mio. EUR auf 996,0 (1.042,3) Mio. EUR. Der Geschäftsjahresschadenaufwand netto verminderte sich um 165,6 Mio. EUR auf 1.067,0 (1.232,6) Mio. EUR. Zudem reduzierte sich der Abwicklungsgewinn um 119,2 Mio. EUR auf 71,0 (190,2) Mio. EUR netto. Die Nettoschadenquote verzeichnete insgesamt einen Rückgang von 69,3 % auf 66,9 %.

Die Aufwendungen für den Versicherungsbetrieb verminderten sich brutto um 20,3 Mio. EUR auf 486,4 (506,7) Mio. EUR. Während die Verwaltungskosten aufgrund der Erfolge des strategischen Programms SBSTNZ. sowie einer Sonderabschreibung im Vorjahr deutlich sanken, stiegen die Provisionen infolge von Änderungen im Geschäftsmix. Die Nettoaufwendungen für den Versicherungsbetrieb sanken um 19,0 Mio. EUR auf 477,3 (496,2) Mio. EUR. Trotz des niedrigeren Beitragsniveaus verminderte sich die Kostenquote brutto leicht auf 31,2 (32,1) % und im Netto auf 32,0 (33,0) %.

Die kombinierte Schaden-/Kostenquote reflektierte die vorgenannten Entwicklungen. Brutto verminderte sie sich von 98,3 % auf 95,7 % und netto von 102,2 % auf 98,9 %.

Der Schwankungsrückstellung wurden 14,4 (9,0) Mio. EUR entnommen. Das versicherungstechnische Nettoergebnis nach Schwankungsrückstellung verbesserte sich um 50,8 Mio. EUR auf 20,1 (-30,7) Mio. EUR.

=== Versicherungsgeschäft ===

==== Selbst abgeschlossenes Versicherungsgeschäft ====

<div style="overflow-x:auto">
{| id="t3" class="wikitable fintable"
|-
! style="text-align:left" | Mio. EUR
! class="col-s" style="text-align:right" | 2025 Brutto
! class="col-s" style="text-align:right" | 2025 Netto
! class="col-s" style="text-align:right" | 2024 Brutto
! class="col-s" style="text-align:right" | 2024 Netto
|-
| style="text-align:left" | Gebuchte Beiträge
| style="text-align:right" | 1.564,8
| style="text-align:right" | 1.495,4
| style="text-align:right" | 1.588,3
| style="text-align:right" | 1.513,4
|-
| style="text-align:left" | Verdiente Beiträge
| style="text-align:right" | 1.559,8
| style="text-align:right" | 1.489,8
| style="text-align:right" | 1.579,5
| style="text-align:right" | 1.504,8
|-
| style="text-align:left" | Aufwendungen für Versicherungsfälle
| style="text-align:right" | 1.006,0
| style="text-align:right" | 996,0
| style="text-align:right" | 1.045,5
| style="text-align:right" | 1.042,3
|-
| style="text-align:left" | Aufwendungen für den Vers.-Betrieb
| style="text-align:right" | 486,4
| style="text-align:right" | 477,3
| style="text-align:right" | 506,7
| style="text-align:right" | 496,2
|-
| style="text-align:left" | Versicherungstechn. Ergebnis f. e. R.
| style="text-align:right" |
| style="text-align:right" | 20,1
| style="text-align:right" |
| style="text-align:right" | -30,7
|-
| style="text-align:left" | In %
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Schadenquote
| style="text-align:right" | 64,5
| style="text-align:right" | 66,9
| style="text-align:right" | 66,2
| style="text-align:right" | 69,3
|-
| style="text-align:left" | Kostenquote
| style="text-align:right" | 31,2
| style="text-align:right" | 32,0
| style="text-align:right" | 32,1
| style="text-align:right" | 33,0
|-
| style="text-align:left" | Kombinierte Schaden-/ Kostenquote
| style="text-align:right" | 95,7
| style="text-align:right" | 98,9
| style="text-align:right" | 98,3
| style="text-align:right" | 102,2
|}
</div>

{{pdf page|11|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
=== Kraftfahrtversicherung ===
<div style="overflow-x:auto">
{| id="t4" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
! class="col-s" style="text-align:right" | 2024
|-
! style="text-align:left" | Mio. EUR
! class="col-s" style="text-align:right" | Brutto
! class="col-s" style="text-align:right" | Netto
! class="col-s" style="text-align:right" | Brutto
! class="col-s" style="text-align:right" | Netto
|-
| style="text-align:left" | Gebuchte Beiträge
| style="text-align:right" | 521,6
| style="text-align:right" | 518,4
| style="text-align:right" | 577,6
| style="text-align:right" | 572,1
|-
| style="text-align:left" | Verdiente Beiträge
| style="text-align:right" | 520,7
| style="text-align:right" | 517,5
| style="text-align:right" | 573,4
| style="text-align:right" | 568,0
|-
| style="text-align:left" | Aufwendungen für Versicherungsfälle
| style="text-align:right" | 366,3
| style="text-align:right" | 363,8
| style="text-align:right" | 482,7
| style="text-align:right" | 481,1
|-
| style="text-align:left" | Aufwendungen für den Vers.-Betrieb
| style="text-align:right" | 107,4
| style="text-align:right" | 107,4
| style="text-align:right" | 124,9
| style="text-align:right" | 124,9
|-
| style="text-align:left" | Versicherungstechn. Ergebnis f. e. R.
| style="text-align:right" |
| style="text-align:right" | -2,6
| style="text-align:right" |
| style="text-align:right" | -39,0
|-
| style="text-align:left" | In%
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Schadenquote
| style="text-align:right" | 70,4
| style="text-align:right" | 70,3
| style="text-align:right" | 84,2
| style="text-align:right" | 84,7
|-
| style="text-align:left" | Kostenquote
| style="text-align:right" | 20,6
| style="text-align:right" | 20,8
| style="text-align:right" | 21,8
| style="text-align:right" | 22,0
|-
| style="text-align:left" | Kombinierte Schaden-/
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Kostenquote
| style="text-align:right" | 91,0
| style="text-align:right" | 91,0
| style="text-align:right" | 106,0
| style="text-align:right" | 106,7
|}
</div>
Die Sparte Kraftfahrt verzeichnete im Geschäftsjahr einen Rückgang der gebuchten Bruttobeiträge in Höhe von 56,0 Mio. EUR auf 521,6 (577,6) Mio. EUR. Treiber dieser Entwicklung waren im Wesentlichen Bestandsrückgänge nach Anwendung der Beitragsanpassungsklausel sowie Einstellung des Neugeschäfts in ausgewählten Vertriebskanälen.
Die Rückversicherungsbeiträge verminderten sich auf 3,2 (5,5) Mio. EUR. Die verdienten Nettobeiträge reduzierten sich insgesamt um 50,4 Mio. EUR auf 517,5 (568,0) Mio. EUR.
Die Bruttoaufwendungen für Versicherungsfälle reduzierten sich deutlich um 116,3 Mio. EUR von 482,7 Mio. EUR auf 366,3 Mio. EUR infolge eines gesunkenen Geschäftsjahresschadenaufwands brutto um 148,4 Mio. EUR auf 428,5 (576,9) Mio. EUR. Treiber hierfür waren der gesunkene Frequenzschadenaufwand und ausgebliebener Kumulaufwand für Naturkatastrophen. Gegenläufig verminderte sich der Bruttoabwicklungsgewinn um 32,1 Mio. EUR auf 62,2 (94,3) Mio. EUR, resultierend aus notwendigen Reserveanpassungen in der Sparte Kraftfahrt-Haftpflicht. Die Bruttoschadenquote verminderte sich dementsprechend auf 70,4 (84,2) %.
Die Nettoaufwendungen für Versicherungsfälle sanken entsprechend um 117,3 Mio. EUR auf 363,8 (481,1) Mio. EUR. Ursächlich hierfür war der Rückgang des Geschäftsjahresschadenaufwands netto um 148,4 Mio. EUR auf 428,5 (576,9) Mio. EUR, dem Brutto folgend. Der Abwicklungsgewinn netto verminderte sich um 31,1 Mio. EUR auf 64,7 (95,8) Mio. EUR. Die Nettoschadenquote verminderte sich um 14,4 Prozentpunkte von 84,7 % auf 70,3 %.
Die Brutto- und Nettoaufwendungen für den Versicherungsbetrieb verminderten sich auf 107,4 (124,9) Mio. EUR, vor allem getrieben durch rückläufige Verwaltungsaufwendungen. Infolgedessen verminderte sich die Kostenquote brutto von 21,8 % auf 20,6 % und im Netto von 22,0 % auf 20,8 %.
Die kombinierten Schaden-/Kostenquoten lagen im Brutto mit 91,0 (106,0) % und im Netto mit 91,0 (106,7) % unter denen des Vorjahres.
Der Schwankungsrückstellung wurden 50,2 (0,0) Mio. EUR zugeführt. Insgesamt verblieb für die Sparte Kraftfahrtversicherung ein versicherungstechnisches Nettoergebnis in Höhe von -2,6 (-39,0) Mio. EUR.

{{pdf page|12|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
=== Haftpflichtversicherung ===
<div style="overflow-x:auto">
{| id="t5" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
! class="col-s" style="text-align:right" | 2024
|-
! style="text-align:left" | Mio. EUR
! class="col-s" style="text-align:right" | Brutto
! class="col-s" style="text-align:right" | Netto
! class="col-s" style="text-align:right" | Brutto
! class="col-s" style="text-align:right" | Netto
|-
| style="text-align:left" | Gebuchte Beiträge
| style="text-align:right" | 355,1
| style="text-align:right" | 350,8
| style="text-align:right" | 357,2
| style="text-align:right" | 353,7
|-
| style="text-align:left" | Verdiente Beiträge
| style="text-align:right" | 353,9
| style="text-align:right" | 349,7
| style="text-align:right" | 357,6
| style="text-align:right" | 354,0
|-
| style="text-align:left" | Aufwendungen für Versicherungsfälle
| style="text-align:right" | 277,4
| style="text-align:right" | 267,9
| style="text-align:right" | 182,6
| style="text-align:right" | 177,2
|-
| style="text-align:left" | Aufwendungen für den Vers.-Betrieb
| style="text-align:right" | 131,5
| style="text-align:right" | 131,5
| style="text-align:right" | 137,9
| style="text-align:right" | 137,9
|-
| style="text-align:left" | Versicherungstechn. Ergebnis f. e. R.
| style="text-align:right" |
| style="text-align:right" | 6,8
| style="text-align:right" |
| style="text-align:right" | 26,7
|-
| style="text-align:left" | In%
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Schadenquote
| style="text-align:right" | 78,4
| style="text-align:right" | 76,6
| style="text-align:right" | 51,1
| style="text-align:right" | 50,0
|-
| style="text-align:left" | Kostenquote
| style="text-align:right" | 37,2
| style="text-align:right" | 37,6
| style="text-align:right" | 38,6
| style="text-align:right" | 38,9
|-
| style="text-align:left" | Kombinierte Schaden-/ Kostenquote
| style="text-align:right" | 115,5
| style="text-align:right" | 114,2
| style="text-align:right" | 89,6
| style="text-align:right" | 89,0
|}
</div>
Die gebuchten Bruttobeiträge der Haftpflichtversicherung sind im Vergleich zum Vorjahr um 2,2 Mio. EUR auf 355,1 (357,2) Mio. EUR gesunken. Die Firmen-Sparte Betriebshaftpflicht wies positive Effekte auf die gebuchten Bruttobeiträge aus anhaltendem Bestandswachstum auf. Die Beiträge der Freie Berufe-Sparte Heilwesenhaftpflicht blieben stabil bei leicht wachsendem Bestand. Demgegenüber entwickelten sich die Beiträge in den Sparten Privathaftpflichtversicherung, Planungshaftpflicht und Vermögensschaden-Haftpflicht, der Bestandsentwicklung folgend, leicht rückläufig.
Die Rückversicherungsbeiträge stiegen leicht auf 4,2 (3,6) Mio. EUR. Die verdienten Nettobeiträge reduzierten sich um 4,4 Mio. EUR auf 349,7 (354,0) Mio. EUR.
Die Bruttoaufwendungen für Versicherungsfälle erhöhten sich deutlich um 94,8 Mio. EUR auf 277,4 (182,6) Mio. EUR. Dieser Anstieg ist auf ein um 92,0 Mio. EUR auf -55,8 (36,2) Mio. EUR gesunkenes Abwicklungsergebnis brutto zurückzuführen infolge notwendiger Reserveanpassungen vor allem für Großschäden aus älteren Anfalljahren sowie einer Anhebung der Spätschadenreserve. Der Geschäftsjahresschadenaufwand brutto stieg auf 221,6 (218,8) Mio. EUR, insbesondere in der Firmen-Sparte Betriebshaftpflicht der Bestandsentwicklung folgend. Die Bruttoschadenquote ist dementsprechend um 27,3 Prozentpunkte auf 78,4 (51,1) % gestiegen.
Die Nettoaufwendungen für Versicherungsfälle erhöhten sich um 90,8 Mio. EUR auf 267,9 (177,2) Mio. EUR. Der Anstieg ist analog dem Brutto im Wesentlichen auf das gesunkene Abwicklungsergebnis netto von -46,3 (41,7) Mio. EUR zurückzuführen. Der Geschäftsjahresschadenaufwand netto erhöhte sich von 218,8 Mio.
EUR auf 221,6 Mio. EUR. Die Nettoschadenquote stieg um 26,6 Prozentpunkte auf 76,6 (50,0) %.
Die Aufwendungen für den Versicherungsbetrieb verminderten sich brutto wie auch netto auf 131,5 (137,9) Mio. EUR aufgrund rückläufiger Verwaltungskosten vor allem nach Berücksichtigung einer Sonderabschreibung im Vorjahr. Die Kostenquote brutto reduzierte sich leicht auf 37,2 (38,6) % und netto auf 37,6 (38,9) %.
Die kombinierten Schaden-/Kostenquoten spiegelten die vorgenannten Entwicklungen wider und erhöhten sich brutto auf 115,5 (89,6) % und netto auf 114,2 (89,0) %.
Die Sparte Haftpflichtversicherung verzeichnete ein versicherungstechnisches Nettoergebnis von 6,8 (26,7) Mio. EUR nach Schwankungsrückstellung. Der Schwankungsrückstellung wurden 56,6 Mio. EUR entnommen, nach einer Zuführung von 12,9 Mio. EUR im Vorjahr.

{{pdf page|13|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
=== *Unfallversicherung* ===

<div style="overflow-x:auto">
{| id="t6" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
! class="col-s" style="text-align:right" | 2024
|-
! style="text-align:left" | Mio. EUR
! class="col-s" style="text-align:right" | Brutto
! class="col-s" style="text-align:right" | Netto
! class="col-s" style="text-align:right" | Brutto
! class="col-s" style="text-align:right" | Netto
|-
| style="text-align:left" | Gebuchte Beiträge
| style="text-align:right" | 60,2
| style="text-align:right" | 60,2
| style="text-align:right" | 61,9
| style="text-align:right" | 61,9
|-
| style="text-align:left" | Verdiente Beiträge
| style="text-align:right" | 60,6
| style="text-align:right" | 60,6
| style="text-align:right" | 62,3
| style="text-align:right" | 62,3
|-
| style="text-align:left" | Aufwendungen für Versicherungsfälle
| style="text-align:right" | 29,8
| style="text-align:right" | 29,8
| style="text-align:right" | 26,6
| style="text-align:right" | 26,6
|-
| style="text-align:left" | Aufwendungen für den Vers.-Betrieb
| style="text-align:right" | 22,3
| style="text-align:right" | 22,3
| style="text-align:right" | 23,5
| style="text-align:right" | 23,5
|-
| style="text-align:left" | Versicherungstechn. Ergebnis f. e. R.
| style="text-align:right" |
| style="text-align:right" | 14,6
| style="text-align:right" |
| style="text-align:right" | 15,8
|-
| style="text-align:left" | In %
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Schadenquote
| style="text-align:right" | 49,2
| style="text-align:right" | 49,2
| style="text-align:right" | 42,7
| style="text-align:right" | 42,7
|-
| style="text-align:left" | Kostenquote
| style="text-align:right" | 36,8
| style="text-align:right" | 36,8
| style="text-align:right" | 37,7
| style="text-align:right" | 37,7
|-
| style="text-align:left" | Kombinierte Schaden-/ Kostenquote
| style="text-align:right" | 86,0
| style="text-align:right" | 86,0
| style="text-align:right" | 80,4
| style="text-align:right" | 80,4
|}
</div>

Die gebuchten Bruttobeiträge in der Unfallversicherung verringerten sich um 1,7 Mio. EUR auf 60,2 (61,9) Mio. EUR. Ursächlich hierfür war die leicht rückläufige Anzahl an Versicherungsverträgen im Bestand. Die verdienten Nettobeiträge reduzierten sich auf 60,6 (62,3) Mio. EUR.

Die Aufwendungen für Versicherungsfälle erhöhten sich brutto und netto um 3,2 Mio. EUR auf 29,8 (26,6) Mio. EUR. Dieser Anstieg ist auf einen gestiegenen Geschäftsjahresaufwand infolge erhöhter Großschadenbelastung brutto wie auch netto auf 46,9 (42,8) Mio. EUR zurückzuführen. Das Abwicklungsergebnis brutto wie auch netto stieg auf 17,1 (16,2) Mio. EUR. Die Bruttoschadenquote wie auch die Nettoschadenquote erhöhten sich dementsprechend auf 49,2 (42,7) %.

Die Aufwendungen für den Versicherungsbetrieb verminderten sich brutto wie auch netto um 1,2 Mio. EUR auf 22,3 (23,5) Mio. EUR. Dies ist im Wesentlichen auf den Rückgang der Verwaltungskosten zurückzuführen, was sich positiv auf die Kostenquote auswirkte. Trotz der leicht rückläufigen Beitragsentwicklung führte dies zu einem Rückgang der Brutto- und Nettokostenquote auf 36,8 (37,7) %.

Die kombinierten Schaden-/Kostenquoten erhöhten sich dementsprechend brutto wie auch netto auf 86,0 (80,4) %.

Insgesamt konnte für die Sparte Unfallversicherung ein versicherungstechnisches Nettoergebnis von 14,6 (15,8) Mio. EUR nach Schwankungsrückstellung erzielt werden. Der Schwankungsrückstellung wurden 6,0 (3,4) Mio. EUR entnommen.

{{pdf page|14|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
=== Multi Risk ===
<div style="overflow-x:auto">
{| id="t7" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
! class="col-s" style="text-align:right" | 2024
|-
! style="text-align:left" | Mio. EUR
! class="col-s" style="text-align:right" | Brutto
! class="col-s" style="text-align:right" | Netto
! class="col-s" style="text-align:right" | Brutto
! class="col-s" style="text-align:right" | Netto
|-
| style="text-align:left" | Gebuchte Beiträge
| style="text-align:right" | 168,1
| style="text-align:right" | 148,1
| style="text-align:right" | 166,5
| style="text-align:right" | 141,2
|-
| style="text-align:left" | Verdiente Beiträge
| style="text-align:right" | 168,0
| style="text-align:right" | 148,0
| style="text-align:right" | 166,3
| style="text-align:right" | 141,0
|-
| style="text-align:left" | Aufwendungen für Versicherungsfälle
| style="text-align:right" | 116,2
| style="text-align:right" | 117,2
| style="text-align:right" | 92,6
| style="text-align:right" | 100,0
|-
| style="text-align:left" | Aufwendungen für den Vers.-Betrieb
| style="text-align:right" | 63,6
| style="text-align:right" | 60,2
| style="text-align:right" | 64,6
| style="text-align:right" | 61,3
|-
| style="text-align:left" | Versicherungstechn. Ergebnis f. e. R.
| style="text-align:right" |
| style="text-align:right" | -29,6
| style="text-align:right" |
| style="text-align:right" | -20,1
|-
| style="text-align:left" | In%
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Schadenquote
| style="text-align:right" | 69,2
| style="text-align:right" | 79,2
| style="text-align:right" | 55,7
| style="text-align:right" | 70,9
|-
| style="text-align:left" | Kostenquote
| style="text-align:right" | 37,8
| style="text-align:right" | 40,7
| style="text-align:right" | 38,9
| style="text-align:right" | 43,5
|-
| style="text-align:left" | Kombinierte Schaden-/ Kostenquote
| style="text-align:right" | 107,0
| style="text-align:right" | 119,9
| style="text-align:right" | 94,6
| style="text-align:right" | 114,4
|}
</div>
Die gebuchten Bruttobeiträge der Sparte Multi Risk erhöhten sich um 1,6 Mio. EUR auf 168,1 (166,5) Mio. EUR. Positive Effekte aus Beitragsanpassungen trugen zum Beitragswachstum bei.
Die Rückversicherungsbeiträge verminderten sich um 5,3 Mio. EUR auf 20,0 (25,3) Mio. EUR, aufgrund rückläufiger zu zahlender Rückversicherungskosten vor allem infolge des Rückgangs der Rückstellung für Wiederauffüllungsprämie. Die verdienten Nettobeiträge stiegen um 7,0 Mio. EUR auf 148,0 (141,0) Mio. EUR.
Die Aufwendungen für Versicherungsfälle erhöhten sich brutto um 23,6 Mio. EUR auf 116,2 (92,6) Mio. EUR. Ausschlaggebend war der Rückgang des Abwicklungsgewinns brutto in Höhe von 30,7 Mio. EUR auf 3,3 (34,0) Mio. EUR, nachdem im Vorjahr überdurchschnittlich hohe Abwicklungsgewinne aus Reservereduktionen für Großschäden entstanden sind. Gegenläufig sank der Geschäftsjahresschadenaufwand um 7,1 Mio. EUR auf 119,5 (126,6) Mio. EUR infolge ausgebliebenen Kumulaufwands, welcher die gestiegene Belastung aus Großschäden überkompensierte. Die Bruttoschadenquote erhöhte sich entsprechend um 13,5 Prozentpunkte auf 69,2 (55,7) %.
Die Nettoaufwendungen für Versicherungsfälle stiegen um 17,3 Mio. EUR auf 117,2 (100,0) Mio. EUR. Der Abwicklungsgewinn netto sank dem Rückgang der Brutto-Abwicklung folgend um 19,6 Mio. EUR auf 0,9 (20,4) Mio. EUR. Der Geschäftsjahresschadenaufwand netto verminderte sich um 2,3 Mio. EUR auf 118,1 (120,4) Mio. EUR. Die Nettoschadenquote erhöhte sich entsprechend um 8,3 Prozentpunkte auf 79,2 (70,9) %.
Die Bruttoaufwendungen für den Versicherungsbetrieb verminderten sich auf 63,6 (64,6) Mio. EUR. Ursächlich für den Rückgang waren gesunkene Verwaltungskosten nach Berücksichtigung einer Sonderabschreibung im Vorjahr. Die Nettoaufwendungen für den Versicherungsbetrieb reduzierten sich um 1,0 Mio. EUR auf 60,2 (61,3) Mio. EUR.
Die Kostenquote brutto sank von 38,9 % auf 37,8 %, die Kostenquote netto von 43,5 % auf 40,7 %.
Die kombinierten Schaden-/Kostenquoten reflektierten die vorgenannten Entwicklungen und lagen mit 107,0 (94,6) % brutto und mit 119,9 (114,4) % netto über denen des Vorjahres.
Das versicherungstechnische Nettoergebnis lag bei -29,6 (-20,1) Mio. EUR.

{{pdf page|15|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
=== Verbundene Wohngebäudeversicherung ===
<div style="overflow-x:auto">
{| id="t8" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
! class="col-s" style="text-align:right" | 2024
|-
! style="text-align:left" | Mio. EUR
! class="col-s" style="text-align:right" | Brutto
! class="col-s" style="text-align:right" | Netto
! class="col-s" style="text-align:right" | Brutto
! class="col-s" style="text-align:right" | Netto
|-
| style="text-align:left" | Gebuchte Beiträge
| style="text-align:right" | 166,6
| style="text-align:right" | 154,0
| style="text-align:right" | 168,0
| style="text-align:right" | 152,1
|-
| style="text-align:left" | Verdiente Beiträge
| style="text-align:right" | 164,0
| style="text-align:right" | 151,4
| style="text-align:right" | 163,6
| style="text-align:right" | 147,8
|-
| style="text-align:left" | Aufwendungen für Versicherungsfälle
| style="text-align:right" | 74,0
| style="text-align:right" | 75,0
| style="text-align:right" | 103,1
| style="text-align:right" | 102,4
|-
| style="text-align:left" | Aufwendungen für den Vers.-Betrieb
| style="text-align:right" | 53,8
| style="text-align:right" | 51,9
| style="text-align:right" | 58,0
| style="text-align:right" | 56,3
|-
| style="text-align:left" | Versicherungstechn. Ergebnis f. e. R.
| style="text-align:right" |
| style="text-align:right" | 18,6
| style="text-align:right" |
| style="text-align:right" | -3,0
|-
| style="text-align:left" | In%
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Schadenquote
| style="text-align:right" | 45,1
| style="text-align:right" | 49,5
| style="text-align:right" | 63,0
| style="text-align:right" | 69,3
|-
| style="text-align:left" | Kostenquote
| style="text-align:right" | 32,8
| style="text-align:right" | 34,3
| style="text-align:right" | 35,4
| style="text-align:right" | 38,1
|-
| style="text-align:left" | Kombinierte Schaden-/ Kostenquote
| style="text-align:right" | 77,9
| style="text-align:right" | 83,8
| style="text-align:right" | 98,5
| style="text-align:right" | 107,4
|}
</div>
Die gebuchten Bruttobeiträge in der Verbundenen Wohngebäudeversicherung sanken im Geschäftsjahr um 1,4 Mio. EUR auf 166,6 (168,0) Mio. EUR aufgrund eines Portfoliotransfers in die gewerbliche Feuerversicherung.
Die Rückversicherungsbeiträge reduzierten sich auf 12,6 (15,8) Mio. EUR. Die verdienten Nettobeiträge erhöhten sich um 3,7 Mio. EUR auf insgesamt 151,4 (147,8) Mio. EUR.
Die Aufwendungen für Versicherungsfälle verminderten sich brutto um 29,1 Mio. EUR auf 74,0 (103,1) Mio. EUR. Dieser Rückgang ist auf einen gesunkenen Geschäftsjahresschadenaufwand von 89,0 (101,8) Mio. EUR zurückzuführen, im Wesentlichen durch rückläufigen Frequenzschadenaufwand und ausgebliebenen Kumulaufwand aus Naturkatastrophen. Das Abwicklungsergebnis verbesserte sich gegenüber dem Vorjahr brutto um 16,3 Mio. EUR auf 15,0 (-1,3) Mio. EUR infolge von Überprüfungen von Reserven aus älteren Anfalljahren. Die Schadenquote brutto verminderte sich dementsprechend um 17,9 Prozentpunkte auf 45,1 (63,0) %.
Die Nettoaufwendungen für Versicherungsfälle reduzierten sich um 27,4 Mio. EUR auf 75,0 (102,4) Mio. EUR. Der Geschäftsjahresschadenaufwand netto sank um 12,2 Mio. EUR auf 89,0 (101,2) Mio. EUR. Das Abwicklungsergebnis netto stieg um 15,1 Mio. EUR auf 14,0 (-1,2) Mio. EUR. Die Nettoschadenquote verminderte sich um 19,7 Prozentpunkte auf 49,5 (69,3) %.
Die Aufwendungen für den Versicherungsbetrieb brutto sanken auf 53,8 (58,0) Mio. EUR, was auf niedrigere Verwaltungskosten zu- rückzuführen ist. Die Aufwendungen für den Versicherungsbetrieb netto verminderten sich auf 51,9 (56,3) Mio. EUR. Infolgedessen sank die Kostenquote brutto auf 32,8 (35,4) % und die Kostenquote netto auf 34,3 (38,1) %.
Die kombinierten Schaden-/Kostenquoten reflektierten die vorgenannten Entwicklungen und beliefen sich brutto auf 77,9 (98,5) % und netto auf 83,8 (107,4) %.
Das versicherungstechnische Nettoergebnis hat sich gegenüber dem Vorjahr um 21,6 Mio. EUR auf 18,6 (-3,0) Mio. EUR nach Schwankungsrückstellung verbessert. Der Schwankungsrückstellung wurden 1,5 Mio. EUR zugeführt, nach einer Entnahme von 12,6 Mio. EUR im Vorjahr.

{{pdf page|16|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
=== Verbundene Hausratversicherung ===

<div style="overflow-x:auto">
{| id="t9" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
! class="col-s" style="text-align:right" | 2024
|-
! style="text-align:left" | Mio. EUR
! class="col-s" style="text-align:right" | Brutto
! class="col-s" style="text-align:right" | Netto
! class="col-s" style="text-align:right" | Brutto
! class="col-s" style="text-align:right" | Netto
|-
| style="text-align:left" | Gebuchte Beiträge
| style="text-align:right" | 72,4
| style="text-align:right" | 69,2
| style="text-align:right" | 75,2
| style="text-align:right" | 70,7
|-
| style="text-align:left" | Verdiente Beiträge
| style="text-align:right" | 72,8
| style="text-align:right" | 69,6
| style="text-align:right" | 75,1
| style="text-align:right" | 70,7
|-
| style="text-align:left" | Aufwendungen für Versicherungsfälle
| style="text-align:right" | 26,3
| style="text-align:right" | 26,5
| style="text-align:right" | 33,2
| style="text-align:right" | 33,0
|-
| style="text-align:left" | Aufwendungen für den Vers.-Betrieb
| style="text-align:right" | 26,0
| style="text-align:right" | 25,5
| style="text-align:right" | 27,3
| style="text-align:right" | 26,9
|-
| style="text-align:left" | Versicherungstechn. Ergebnis f. e. R.
| style="text-align:right" |
| style="text-align:right" | 18,2
| style="text-align:right" |
| style="text-align:right" | 13,6
|-
| style="text-align:left" | In %
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Schadenquote
| style="text-align:right" | 36,1
| style="text-align:right" | 38,1
| style="text-align:right" | 44,2
| style="text-align:right" | 46,8
|-
| style="text-align:left" | Kostenquote
| style="text-align:right" | 35,7
| style="text-align:right" | 36,6
| style="text-align:right" | 36,3
| style="text-align:right" | 38,1
|-
| style="text-align:left" | Kombinierte Schaden-/ Kostenquote
| style="text-align:right" | 71,8
| style="text-align:right" | 74,7
| style="text-align:right" | 80,5
| style="text-align:right" | 84,8
|}
</div>

Die gebuchten Bruttobeiträge in der Verbundenen Hausratversicherung sanken auf 72,4 (75,2) Mio. EUR infolge Bestandsrückgang.

Die Rückversicherungsbeiträge verminderten sich leicht auf 3,2 (4,5) Mio. EUR. Die verdienten Nettobeiträge sanken entsprechend auf 69,6 (70,7) Mio. EUR.

Die Aufwendungen für Versicherungsfälle reduzierten sich im Brutto auf 26,3 (33,2) Mio. EUR. Der Geschäftsjahresschadenaufwand brutto verminderte sich um 2,8 Mio. EUR auf 32,9 (35,7) Mio. EUR. Ursächlich hierfür war neben dem ausgebliebenen Kumulaufwand aus Naturkatastrophen auch der rückläufige Aufwand sowohl für Frequenz- als auch für Großschäden. Zudem stieg der Abwicklungsgewinn im Brutto auf 6,6 (2,5) Mio. EUR . Die Beitrags- und Schadenentwicklung führte zu einem Rückgang der Bruttoschadenquote um 8,1 Prozentpunkte auf 36,1 (44,2) %.

Die Aufwendungen für Versicherungsfälle verminderten sich im Netto auf 26,5 (33,0) Mio. EUR. Der Geschäftsjahresschadenaufwand netto reduzierte sich analog dem Brutto um 2,7 Mio. EUR auf 32,9 (35,6) Mio. EUR. Der Abwicklungsgewinn netto stieg auf 6,4 (2,6) Mio. EUR. Die Nettoschadenquote verzeichnete einen Rückgang um 8,7 Prozentpunkte auf 38,1 (46,8) %.

Die Aufwendungen für den Versicherungsbetrieb verminderten sich brutto auf 26,0 (27,3) Mio. EUR und netto auf 25,5 (26,9) Mio. EUR aufgrund geringerer Verwaltungskosten. Die Bruttokostenquote reduzierte sich auf 35,7 (36,3) % und die Nettokostenquote auf 36,6 (38,1) %.

Die kombinierten Schaden-/Kostenquoten reflektierten die vorgenannten Entwicklungen und verminderten sich im Brutto von 80,5 % auf 71,8 % und im Netto von 84,8 % auf 74,7 %.

Insgesamt wurde ein versicherungstechnisches Nettoergebnis in Höhe von 18,2 (13,6) Mio. EUR nach Schwankungsrückstellung ausgewiesen. Der Schwankungsrückstellung wurden 1,6 (3,5) Mio. EUR zugeführt.

{{pdf page|17|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
=== Sonstige Versicherungen ===
<div style="overflow-x:auto">
{| id="t10" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
! class="col-s" style="text-align:right" | 2024
|-
! style="text-align:left" | Mio. EUR
! class="col-s" style="text-align:right" | Brutto
! class="col-s" style="text-align:right" | Netto
! class="col-s" style="text-align:right" | Brutto
! class="col-s" style="text-align:right" | Netto
|-
| style="text-align:left" | Gebuchte Beiträge
| style="text-align:right" | 220,8
| style="text-align:right" | 194,7
| style="text-align:right" | 181,9
| style="text-align:right" | 161,7
|-
| style="text-align:left" | Verdiente Beiträge
| style="text-align:right" | 219,8
| style="text-align:right" | 193,0
| style="text-align:right" | 181,2
| style="text-align:right" | 161,1
|-
| style="text-align:left" | Aufwendungen für Versicherungsfälle
| style="text-align:right" | 115,9
| style="text-align:right" | 115,7
| style="text-align:right" | 124,7
| style="text-align:right" | 122,1
|-
| style="text-align:left" | Aufwendungen für den Vers.-Betrieb
| style="text-align:right" | 81,8
| style="text-align:right" | 78,4
| style="text-align:right" | 70,5
| style="text-align:right" | 65,5
|-
| style="text-align:left" | Versicherungstechn. Ergebnis f. e. R.
| style="text-align:right" |
| style="text-align:right" | -6,0
| style="text-align:right" |
| style="text-align:right" | -24,7
|-
| style="text-align:left" | In%
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Schadenquote
| style="text-align:right" | 52,8
| style="text-align:right" | 59,9
| style="text-align:right" | 68,8
| style="text-align:right" | 75,8
|-
| style="text-align:left" | Kostenquote
| style="text-align:right" | 37,2
| style="text-align:right" | 40,6
| style="text-align:right" | 38,9
| style="text-align:right" | 40,7
|-
| style="text-align:left" | Kombinierte Schaden-/ Kostenquote
| style="text-align:right" | 90,0
| style="text-align:right" | 100,5
| style="text-align:right" | 107,7
| style="text-align:right" | 116,5
|}
</div>
Unter den sonstigen Versicherungen werden die nicht gesondert auszuweisenden Versicherungssparten zusammengefasst. Hierzu gehören die Feuerversicherung, die Transportversicherung, die Beistandsleistungsversicherung, die Cyberversicherung sowie die Technischen Versicherungen.
Die Bruttobeiträge der sonstigen Versicherungen stiegen im Geschäftsjahr um 38,9 Mio. EUR und beliefen sich auf 220,8 (181,9) Mio. EUR. Wesentlicher Treiber für diese Entwicklung war wie im Vorjahr die Sparte Feuer infolge eines internen Portfoliotransfers aus der Sparte Wohngebäude sowie von Mehrbeiträgen im Rahmen von Vertragsverlängerungen. Die Sparte Cyber verzeichnete ebenfalls eine positive Entwicklung infolge Bestandswachstums aus Neugeschäft. Die Sparten Technische Versicherungen und Transportversicherung wiesen gegenüber dem Vorjahr einen leichten Beitragsanstieg auf.
Die Rückversicherungsbeiträge erhöhten sich um 5,9 Mio. EUR auf 26,2 (20,2) Mio. EUR analog der Bruttobeiträge durch den internen Portfoliotransfer. Die verdienten Nettobeiträge erhöhten sich um 32,0 Mio. EUR auf 193,0 (161,1) Mio. EUR.
Die Aufwendungen für Versicherungsfälle sind gegenüber dem Vorjahr brutto um 8,8 Mio. EUR auf 115,9 (124,7) Mio. EUR gesunken. Treiber war der Rückgang des Geschäftsjahresschadenaufwands brutto um 8,2 Mio. EUR auf 133,3 (141,5) Mio. EUR vor allem infolge ausgebliebenen Kumulaufwands für Naturkatastrophen sowie einer rückläufigen Großschadenbelastung in der Sparte Feuer. Zudem erhöhte sich der Abwicklungsgewinn brutto auf 17,4 (16,8) Mio. EUR, vor allem infolge der gestiegenen Abwicklung in der
Sparte Cyber. Die Schadenquote der sonstigen Versicherungen verringerte sich entsprechend um 16,1 Prozentpunkte auf 52,8 (68,8) % im Brutto.
Die Nettoaufwendungen für Versicherungsfälle verminderten sich um 6,4 Mio. EUR auf 115,7 (122,1) Mio. EUR. Treiber hierfür war unter anderem der gesunkene Geschäftsjahresschadenaufwand netto um 6,8 Mio. EUR auf 130,0 (136,8) Mio. EUR. Der Abwicklungsgewinn im Netto reduzierte sich um 0,4 Mio. EUR auf 14,3 (14,7) Mio. EUR. Die Schadenquote der sonstigen Versicherungen verminderte sich somit netto auf 59,9 (75,8) %.
Die Aufwendungen für den Versicherungsbetrieb stiegen im Geschäftsjahr brutto auf 81,8 (70,5) Mio. EUR und netto auf 78,4 (65,5) Mio. EUR an. Ausschlaggebend hierfür waren vor allem höhere Provisionen im Rahmen des zuvor genannten Beitragswachstums in der Sparte Feuer. Dementsprechend verminderte sich die Kostenquote brutto auf 37,2 (38,9) % und die Kostenquote netto auf 40,6 (40,7) %.
Die kombinierten Schaden-/Kostenquoten reflektierten die vorgenannten Entwicklungen und verbesserten sich brutto auf 90,0 (107,7) % und netto auf 100,5 (116,5) %.
Insgesamt verblieb ein versicherungstechnisches Nettoergebnis von -6,0 (-24,7) Mio. EUR nach Schwankungsrückstellung. Bei der Schwankungsrückstellung fand eine Entnahme von 1,9 (2,4) Mio. EUR statt.

{{pdf page|18|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
=== Kapitalanlageergebnis ===

Die laufenden Erträge, die vor allem aus den Kuponzahlungen der festverzinslichen Kapitalanlagen bestanden, beliefen sich im Berichtsjahr auf 95,9 (118,7) Mio. EUR. Dabei fielen die Ausschüttungen aus Aktienfonds mit 1,3 (20,0) Mio. EUR im Vergleich zum Vorjahr deutlich niedriger aus, da im Vorjahr alle Aktienbestände veräußert wurden. Aus den Beteiligungen wurde ein geringerer Ertrag generiert. Die Assetklasse Anteile an verbundenen Unternehmen und Beteiligungen trug mit 4,3 (17,2) Mio. EUR dennoch zum Ergebnis bei. Bei einem für das Gesamtjahr gestiegenen Wiederanlagezins wurden leicht höhere Erträge in festverzinslichen Anlageklassen in der Direktanlage generiert. Dem standen laufende Aufwendungen (inklusive planmäßiger Abschreibungen) in Höhe von 8,1 (7,5) Mio. EUR gegenüber. Das laufende Ergebnis betrug somit 87,8 (111,3) Mio. EUR. Insgesamt konnte eine laufende Durchschnittsverzinsung{{fn ref|1|2=Laufende Bruttoerträge abzüglich Aufwendungen für die Verwaltung von Kapitalanlagen abzüglich planmäßiger Abschreibungen im Verhältnis zum mittleren Bestand der Kapitalanlagen zum 1.1. und 31.12. des jeweiligen Geschäftsjahres}} von 3,0 (3,0) % erzielt werden.

Im Berichtsjahr wurden außerordentliche Gewinne und Verluste aus dem Abgang von Kapitalanlagen in Höhe von -101,8 (4,4) Mio. EUR realisiert. Diese resultierten vorrangig aus dem Verkauf von einer Immobilie und diversen Rentenpapieren. Außerordentliche Zu- und Abschreibungen fielen im Berichtsjahr in Höhe von -17,7 (-3,7) Mio. EUR, getrieben durch außerordentliche Abschreibungen auf Aktienbeteiligungen, an. Insgesamt war ein außerordentliches Ergebnis in Höhe von -119,5 (0,6) Mio. EUR auszuweisen.

Das Kapitalanlageergebnis vor Abzug des technischen Zinsertrages belief sich insgesamt auf -31,7 (111,9) Mio. EUR. Insgesamt wurde für das Berichtsjahr eine Nettoverzinsung{{fn ref|2|2=Alle Erträge abzüglich aller Aufwendungen für Kapitalanlagen im Verhältnis zum mittleren Bestand der Kapitalanlagen zum 1.1. und 31.12. des jeweiligen Geschäftsjahres}} von -0,8 (3,0) % erreicht.

=== Sonstiges Ergebnis ===

Das sonstige Ergebnis in Höhe von 122,2 (-62,5) Mio. EUR beinhaltete sonstige Erträge in Höhe von 144,8 (18,2) Mio. EUR und sonstige Aufwendungen in Höhe von 22,6 (80,7) Mio. EUR, von denen 17,8 (77,4) Mio. EUR auf Aufwendungen für das Unternehmen als Ganzes entfielen. Die HDI Versicherung AG hat im Rahmen der konzernweiten Kapitalanlagestrategie Verluste aus Kapitalanlagen realisiert, welche von der Talanx AG durch einen ertragswirksamen Zuschuss in Höhe von 132,7 Mio. EUR ausgeglichen wurden. Dieser Ertrag wurde im sonstigen Ergebnis ausgewiesen.

{{fn note|1=1|2=Laufende Bruttoerträge abzüglich Aufwendungen für die Verwaltung von Kapitalanlagen abzüglich planmäßiger Abschreibungen im Verhältnis zum mittleren Bestand der Kapitalanlagen zum 1.1. und 31.12. des jeweiligen Geschäftsjahres}}

{{fn note|1=2|2=Alle Erträge abzüglich aller Aufwendungen für Kapitalanlagen im Verhältnis zum mittleren Bestand der Kapitalanlagen zum 1.1. und 31.12. des jeweiligen Geschäftsjahres}}

== Gesamtergebnis der HDI Versicherung AG ==

<div style="overflow-x:auto">
{| id="t11" class="wikitable fintable"
|+ Gesamtergebnis der HDI Versicherung AG
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
! style="text-align:left" | Mio. EUR
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
|-
| style="text-align:left" | Versicherungstechnisches Ergebnis f. e. R.
| style="text-align:right" | 20,1
| style="text-align:right" | -30,7
|-
| style="text-align:left" | Kapitalanlageergebnis nach Abzug technischer Zins
| style="text-align:right" | -32,8
| style="text-align:right" | 111,0
|-
| style="text-align:left" | Sonstiges Ergebnis
| style="text-align:right" | 122,2
| style="text-align:right" | -62,5
|-
| style="text-align:left" | Ergebnis der normalen Geschäftstätigkeit
| style="text-align:right" | 109,5
| style="text-align:right" | 17,8
|-
| style="text-align:left" | Steuern
| style="text-align:right" | 0,0
| style="text-align:right" | 0,1
|-
| style="text-align:left" | An die HDI Deutschland AG abgeführter Gewinn
| style="text-align:right" | 109,5
| style="text-align:right" | 17,6
|}
</div>

Im Geschäftsjahr wurde aufgrund des bestehenden Beherrschungs- und Ergebnisabführungsvertrags ein gegenüber dem Vorjahr verbessertes Ergebnis in Höhe von 109,5 (17,6) Mio. EUR an die Muttergesellschaft, die HDI Deutschland AG, abgeführt.

== Finanzlage ==

=== Eigenkapital ===

Das Eigenkapital beträgt unverändert zum Vorjahr 57,1 (57,1) Mio. EUR.

=== Liquiditätslage ===

Der Gesellschaft fließen durch laufende Beitragseinnahmen, durch Kapitalerträge und durch Rückflüsse von Kapitalanlagen liquide Mittel zu. Die Liquidität, die zur Bestreitung der laufenden Zahlungsverpflichtungen erforderlich ist, ist nach der laufenden Liquiditätsplanung, welche die voraussichtliche Liquiditätsentwicklung der folgenden zwölf Monate berücksichtigt, gewährleistet. Zum Bilanzstichtag waren liquide Mittel in Form von Einlagen und laufenden Guthaben bei Kreditinstituten in Höhe von 88,1 (51,3) Mio. EUR verfügbar.

=== Vermögenslage ===

==== Kapitalanlagen ====

Das Volumen der Kapitalanlagen der HDI Versicherung AG lag zum Jahresultimo 2025 leicht über dem Vorjahresniveau und betrug 3.763,9 (3.760,8) Mio. EUR. Die Kapitalanlagen wurden vorrangig in festverzinslichen Wertpapieren investiert, die im Direktbestand gehalten werden. Deren Anteil lag Ende 2025 bei 66,7 (70,9) % der gesamten Kapitalanlagen. Investitionen erfolgten vor allem in Inhaberschuldverschreibungen, Schuldscheindarlehen und Namensschuldverschreibungen guter Bonität.

Weitere wesentliche Anlageklassen stellten Rentenfonds mit 17,5 (15,7) % sowie Beteiligungen und Anteile an verbundenen Unternehmen mit 6,9 (7,2) % dar. Das nach linearer Methodik ermittel te durchschnittliche Rating der festverzinslichen Kapitalanlagen betrug AA (AA).

{{pdf page|19|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
Der Bestand an Ausleihungen an verbundene Unternehmen und Unternehmen, mit denen ein Beteiligungsverhältnis besteht, lag auf dem Niveau des Vorjahres und belief sich auf 223,2 (172,8) Mio. EUR. Der Bestand an Anteilen und Beteiligungen war im Vergleich zum Vorjahr leicht gefallen und belief sich auf 258,4 (269,7) Mio. EUR. Der Bestand der Immobilienfonds verblieb mit 34,1 (35,3) Mio. EUR auf konstantem Niveau. Der Bestand der sonstigen Fonds stieg leicht auf 39,8 (38,0) Mio. EUR. Der Bestand an Aktienfonds wurde nach einem Abbau Anfang 2025 wieder kontinuierlich aufgebaut und betrug zum Geschäftsjahresende rund 39,8 (147,8) Mio. EUR.

Die Marktwerte der bilanzierten Kapitalanlagen beliefen sich auf insgesamt 3.835,1 (3.701,4) Mio. EUR. Die Bewertungsdifferenzen betrugen 71,2 (-59,5) Mio. EUR.

== Versicherungstechnische Rückstellungen ==

Die versicherungstechnischen Rückstellungen sind netto mit 3.761,9 (3.678,1) Mio. EUR um 83,7 Mio. EUR gestiegen. In diesem Posten sind vorwiegend die Rückstellungen für noch nicht abgewickelte Versicherungsfälle enthalten. Da die HDI Versicherung AG ausschließlich im deutschen Markt tätig ist, sind die Nettorückstellungen für noch nicht abgewickelte Versicherungsfälle nahezu keinen Veränderungen durch Währungskursschwankungen ausgesetzt.

== Gesamtaussage zur wirtschaftlichen Lage ==

Das operative Geschäft der HDI Versicherung AG stand im abgelaufenen Geschäftsjahr unter dem Einfluss von Transformation und Restrukturierung. Infolgedessen konnte die HDI Versicherung AG ihr versicherungstechnisches Ergebnis netto vor Schwankungsrückstellung deutlich verbessern. Die gebuchten Beiträge netto der Gesellschaft entwickelten sich leicht rückläufig. Negative Effekte aus der fortgesetzten Schadeninflation konnten durch die weiterhin rückläufige Anzahl an Frequenzschäden überkompensiert werden. Der gestiegenen Nettobelastung aus Großschäden stand ein Rückgang der Schadenaufwendungen für Naturkatastrophen in den Kraftfahrt- und Gebäudesparten aufgrund ausgebliebener Kumule gegenüber. Infolgedessen konnte das Ergebnis der Gesellschaft nach Schwankungsrückstellung gegenüber dem Vorjahr plangemäß gesteigert werden. Dies war neben der positiven operativen Entwicklung auch auf eine gegenüber dem Vorjahr höhere Entnahme aus der Schwankungsrückstellung zurückzuführen.

Das Netto-Beitragsvolumen der Gesellschaft hat sich entsprechend der Erwartung gegenüber dem Vorjahr leicht rückläufig entwickelt. Vor allem der Beitragsrückgang in der Kraftfahrtversicherung infolge von Bestandsrückgängen konnte durch positive Effekte aus Prämienanpassungen und Sanierungsmaßnahmen in den Firmensparten nicht vollständig kompensiert werden. Der Netto-Schadenaufwand lag ebenfalls wie erwartet unter dem Vorjahresniveau. Treiber war vor allem der infolge des gesunkenen Frequenzschadenaufwands in den Kraftfahrt- und Privatsparten rückläufige Geschäftsjahresschadenaufwand. Dem Rückgang der Schadenaufwendungen für Naturkatastrophen in den Kraftfahrt- und Gebäudesparten aufgrund ausgebliebener Kumule stand ein Anstieg der Großschadenbelastung gegenüber. Die Abwicklung entwickelte sich aufgrund des gestiegenen Aufwands für notwendige Reserveanpassungen bei Großschäden aus den Vorjahren vor allem in den Firmen- und Freie BerufeSparten rückläufig. Der Prognose folgend sanken die Aufwendungen für den Versicherungsbetrieb gegenüber dem Vorjahr infolge rückläufiger Verwaltungskosten. Dies führte zu einem entsprechend den Erwartungen deutlich verbesserten versicherungstechnischen Ergebnis.

Das Kapitalanlageergebnis lag entgegen der Erwartung deutlich unterhalb des Vorjahres. Ursächlich hierfür waren Einmaleffekte aus Verlustrealisationen im außerordentlichen Kapitalanlageergebnis. Diesen stand ein Ertragszuschuss im sonstigen nichtversicherungstechnischen Ergebnis gegenüber, da die HDI Versicherung AG im Rahmen der konzernweiten Kapitalanlagestrategie Verluste aus Kapitalanlagen realisiert hat, welche von der Talanx AG durch einen ertragswirksamen Zuschuss in Höhe von 132,7 Mio. EUR ausgeglichen wurden. In Summe führten diese Entwicklungen zu dem erwarteten Anstieg des Jahresergebnisses.

Zum Zeitpunkt der Aufstellung des Lageberichts ist die wirtschaftliche Lage der HDI Versicherung AG als unverändert stabil einzuschätzen.

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== Risikobericht ==

=== Zusammenfassende Darstellung der Risikolage ===

Im Risikomanagement der Gesellschaft werden die Risiken für die Gesellschaft regelmäßig untersucht. Die etablierten Risikomanagement-Systeme und Kontrollinstanzen unterstützen eine frühzeitige Identifikation, Bewertung und Steuerung der Risiken, die einen wesentlichen Einfluss auf die Ertrags-, Finanz- und Vermögenslage der Gesellschaft haben können.

Insgesamt sieht sich die Gesellschaft derzeit in der Lage, alle Verpflichtungen aus den bestehenden Versicherungsverträgen dauerhaft zu erfüllen.

Bestandsgefährdende Risiken, d. h. wesentliche Risiken mit existenziellem Verlustpotenzial für die Gesellschaft, können sich insbesondere dann ergeben, wenn sich systemische Risiken wie z. B. ein Kollaps des Finanzsystems realisieren. Bestandsgefährdende Risiken unternehmensspezifischer Natur zeichnen sich derzeit nicht ab.

Das Risikoprofil der Gesellschaft ist stark geprägt von versicherungstechnischen Risiken und Marktrisiken.

Als wesentliche risikorelevante Einflussfaktoren im Berichtsjahr sind insbesondere zu benennen: Die gesamtwirtschaftliche Lage in Deutschland bleibt weiterhin eingetrübt, dabei dürfte die internationale Handelspolitik die Risiken für die Weltwirtschaft tendenziell noch erhöhen. Die geopolitische Lage bleibt angespannt bzw. verschärft sich in Teilaspekten. Aus verschiedensten rechtlichen Anforderungen können sich weiterhin substanzielle Herausforderungen und damit auch Risiken ergeben.

Im Rahmen intensiver strategischer Überlegungen und Maßnahmen im Berichtsjahr wurden die Voraussetzungen für einen fokussierten Substanzaufbau geschaffen, um damit die Risikoresilienz zu stärken.

Die aufsichtsrechtlichen Kapitalanforderungen werden von der Gesellschaft erfüllt. Die konkreten Quoten werden im April 2026 im Bericht über die Solvabilität und Finanzlage (SFCR) zum 31.12.2025 veröffentlicht. Der SFCR ist nicht Gegenstand der Abschlussprüfung.

=== Grundlagen des Risikomanagements ===

Das Risikomanagement der Gesellschaft erfüllt die Anforderungen des deutschen Aktiengesetzes (§ 91 Abs. 2 AktG). Mit dem vorliegenden Bericht kommt die Gesellschaft ihrer Verpflichtung zu einer Berichterstattung über die wesentlichen Risiken der voraussichtlichen Entwicklung nach (§ 289 Abs. 1 HGB).

=== Risikomanagement-System ===

Basis des Risikomanagements ist die jährlich durch den Vorstand verabschiedete Risikostrategie, die sich aus der Geschäftsstrategie ableitet. Sie ist verbindlicher, integraler Bestandteil des unternehmerischen Handelns. Zur Umsetzung und Überwachung der Risikostrategie bedient sich die Gesellschaft eines internen Steuerungs- und Kontrollsystems. Das Risikoverständnis ist ganzheitlich, d. h., es umfasst Chancen und Risiken, wobei der Fokus der Betrachtungen auf negativen Zielabweichungen und somit Risiken im engeren Sinn liegt. Risikostrategische Ziele sind dabei insbesondere die Einhaltung der festgelegten Risikotoleranz und des Risikobudgets.

Das Risikomanagement der Gesellschaft ist in das Risikomanagement des Geschäftsbereichs HDI Deutschland sowie des Konzerns eingegliedert und berücksichtigt die Konzernrichtlinien. Zur Quantifizierung von Risiken wird ein von der Aufsicht genehmigtes Internes Modell gemäß Solvency II eingesetzt. Der betrachtete Zeithorizont des Modells beträgt ein Kalenderjahr.

Das Risikomanagement-System der Gesellschaft wird laufend weiterentwickelt und damit den jeweiligen sachlichen und gesetzlichen Erfordernissen sowie den Konzernvorgaben angepasst. Das Risikomanagement-System ist mit dem zentralen Steuerungssystem der Gesellschaft eng verzahnt.

Die Bewertung der wesentlichen quantifizierbaren Risiken der Gesellschaft erfolgt regelmäßig mithilfe des Risikomodells. Dabei werden diese Risiken systematisch analysiert und mit Solvenzkapital hinterlegt. Zusätzlich werden wesentliche sich aus Zielabweichungen ergebende strategische Risiken, Projektrisiken, Reputationsrisiken und Emerging Risks betrachtet. Die erfassten Risiken werden durch abgestimmte Maßnahmen gesteuert sowie die quantifizierbaren Risiken durch ein Limit- und Schwellenwertsystem überwacht. Der Vorstand der Gesellschaft wird im Rahmen der Risikoberichterstattung vom Risikomanagement regelmäßig über die aktuelle Risikosituation informiert. Bei akuten Risiken ist eine Sofortberichterstattung an den Vorstand gewährleistet.

Als einen wesentlichen Teil des Risikomanagement-Systems führt das Unternehmen mindestens einmal jährlich eine unternehmenseigene Risiko- und Solvabilitätsbeurteilung durch (Own Risk and Solvency Assessment, ORSA), in der unter anderem der Gesamtsolvabilitätsbedarf unter Berücksichtigung des spezifischen Risikoprofils des Unternehmens überprüft wird.

Im Kapitalanlagebereich umfasst das Risikomanagement-System spezifische Instrumentarien zur laufenden Überwachung aktueller Risikopositionen und der Risikotragfähigkeit. Sämtliche Kapitalan lagen stehen unter ständiger Beobachtung und Analyse durch den Geschäftsbereich Kapitalanlagen und das operative Kapitalanlagecontrolling. Mit Hilfe von Szenarioanalysen und Stresstests werden die Auswirkungen von Kapitalmarktschwankungen simuliert, um bei Bedarf frühzeitig auf diese reagieren zu können. Darüber hinaus stellt eine umfangreiche Berichterstattung die erforderliche Transparenz aller die Kapitalanlagen betreffenden Entwicklungen sicher.

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Für Handels- und Abwicklungstätigkeiten im Kapitalanlagebereich bedient sich die Gesellschaft der Dienstleistung der Ampega Asset Management GmbH.
== Risikoorganisation ==
Die Aufbauorganisation im Risikomanagement der Gesellschaft gewährleistet eine Funktionstrennung zwischen aktiver Risikoübernahme und unabhängiger Risikoüberwachung. Zentrale Organe sind neben dem Gesamtvorstand der Gesellschaft die Schlüsselfunktionen gemäß § 7 Nr. 9 VAG - nämlich Unabhängige Risikocontrollingfunktion, Compliance-Funktion, Interne Revision, Versicherungsmathematische Funktion - sowie die Risikoverantwortlichen.
Der Gesamtvorstand trägt die nicht delegierbare Verantwortung für die Umsetzung und Weiterentwicklung des Risikomanagements in der Gesellschaft. Er legt die Risikostrategie fest und trifft hieraus abgeleitete wesentliche Risikomanagemententscheidungen.
Die Unabhängige Risikocontrollingfunktion ist auf Basis der geltenden Ausgliederungsvereinbarungen auf die HDI AG ausgegliedert und wird von einer organisatorischen Einheit unter Leitung des Chief Risk Officer wahrgenommen. Dadurch wird Know-how gebündelt und eine effiziente Nutzung der Ressourcen sichergestellt. Innerhalb der Gesellschaft ist ein Ausgliederungsbeauftragter benannt, der die Ausgliederung überwacht.
Die Unabhängige Risikocontrollingfunktion ist primär für die Identifikation, Bewertung und Analyse des Risikoprofils sowie für die Überwachung von Limiten und Maßnahmen zur Risikobegrenzung auf aggregierter Ebene zuständig. Diese Aufgabe wird durch den Chief Risk Officer mit Unterstützung des Risikomanagements und des Risikokomitees des Geschäftsbereichs HDI Deutschland wahrgenommen. Das Risikokomitee spricht dabei Empfehlungen an den Gesamtvorstand aus.
Risikoverantwortliche sind für die Identifikation und Bewertung der wesentlichen Risiken ihres Verantwortungsbereiches zuständig. Zudem sind sie verantwortlich für Vorschläge zur Risikominderung und für die Umsetzung geeigneter Risikosteuerungsmaßnahmen. Der Austausch von Erkenntnissen zwischen Risikoverantwortlichen und Unabhängiger Risikocontrollingfunktion findet im Rahmen von regelmäßigen Risikosteuerungskreis-Sitzungen sowie über Risikogespräche statt.
Die Interne Revision ist für die prozessunabhängige Prüfung der Geschäftsbereiche, insbesondere auch des Risikomanagements, verantwortlich. Die Leitung der Internen Revision ist zum Zwecke der Diskussion risikorelevanter Themen als Gast im Risikokomitee vertreten.
Die Gesellschaft ist in die Compliance-Organisation des Geschäftsbereichs HDI Deutschland eingebunden, um eine ordnungsmäßige Geschäftsorganisation zu unterstützen, welche die Einhaltung der gesetzlichen und aufsichtsrechtlichen Anforderungen gewährleistet. Compliance entsendet einen Vertreter in das Risikokomitee.
Die Versicherungsmathematische Funktion trägt im Rahmen ihrer gesetzlichen Aufgaben zur wirksamen Umsetzung des Risikomanagement-Systems sowie zur Risiko- und Solvabilitätsbeurteilung bei, insbesondere in Bezug auf die Berechnung der versicherungstechnischen Rückstellungen sowie hinsichtlich der Zeichnungs- und Annahmepolitik und der Angemessenheit der Rückversicherungsvereinbarungen. Auch die Versicherungsmathematische Funktion ist im Risikokomitee vertreten.
Auch die Funktionen Interne Revision, Compliance und Versicherungsmathematische Funktion sind an die HDI AG ausgegliedert.
== Risiken der künftigen Entwicklung ==
Die Risikolage der Gesellschaft wird anhand der nachfolgend beschriebenen Risikokategorien erörtert.
=== Versicherungstechnische Risiken ===
Das versicherungstechnische Risiko bezeichnet die Gefahr, dass bedingt durch Zufall, Irrtum oder Änderung der tatsächliche Aufwand für Schäden und Leistungen vom erwarteten Aufwand abweicht.
==== Prämienrisiken ====
Das Prämienrisiko oder Prämien-/Schadenrisiko ergibt sich daraus, dass aus im Voraus festgesetzten Versicherungsprämien später Entschädigungen zu leisten sind, deren Höhe jedoch zunächst unbekannt ist. So kann der tatsächliche vom erwarteten Schadenverlauf abweichen mit dem Risiko, dass die Prämien die tatsächlichen Schäden unter Umständen nicht abdecken.

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Die Gesellschaft setzt bei der Tarifierung versicherungsmathematische Modelle ein und überwacht kontinuierlich den Schadenverlauf. Für die wesentlichen Sparten werden Portfolio-Analysen durchgeführt, die Auswertungen zur Profitabilität auch einzelner Segmente innerhalb einer Sparte ermöglichen. Darüber hinaus existiert in den Schadenabteilungen ein umfangreiches Schadencontrolling. Zudem wird das Portfolio durch Rückversicherungen gedeckt.

==== *Reserverisiken* ====

Das Reserverisiko bezeichnet die Gefahr, dass die versicherungstechnischen Rückstellungen nicht ausreichen, um noch nicht abgewickelte und noch nicht bekannte, aber bereits eingetretene Schäden vollständig zu regulieren. Dies könnte zu einem Nachreservierungsbedarf führen.

Dem Prämien- und Reserverisiko begegnet die Gesellschaft durch Berücksichtigung vorsichtiger Annahmen bei der Kalkulation.

Die Höhe der Rückstellungen wird regelmäßig von internen und externen Aktuaren überprüft und der Gesellschaft in Form von Reservegutachten zur Verfügung gestellt.

Insbesondere begegnet die Gesellschaft im Rahmen der aus versicherungstechnischen Risiken möglichen Auswirkungen eines zeitgleichen Eintritts von Naturkatastrophen und Kumulschäden dadurch, dass sie durch adäquaten Rückversicherungsschutz Spitzenbelastungen absichert. Weiterhin werden zur Steuerung und Reduzierung der Risiken vor allem Schadenanalysen, Naturkatastrophenmodellierungen, selektives Underwriting und die regelmäßige Überwachung des Schadenverlaufs herangezogen.

==== *Stornorisiken* ====

Das Stornorisiko beschreibt die Gefahr eines Verlusts oder einer nachteiligen Veränderung des Werts der Versicherungsverbindlichkeiten, die sich aus Veränderungen in der Höhe oder bei der Volatilität der Storno-, Kündigungs-, Verlängerungs- und Rückkaufsraten von Versicherungsverträgen ergibt.

Die Gesellschaft analysiert regelmäßig die Stornosituation; bei Bedarf werden geeignete Steuerungsmaßnahmen ergriffen.

=== Marktrisiken ===

Das Marktrisiko bezeichnet die Gefahr, die sich aus Schwankungen in der Höhe oder in der Volatilität von Finanzmarktdaten ergibt, die den Wert der Vermögenswerte und Verbindlichkeiten beeinflussen.

Die Gesellschaft verfügt über detaillierte Kapitalanlagerichtlinien, die das Anlageuniversum, besondere Qualitätsmerkmale, Emittentenlimite und Anlagegrenzen festlegen. Diese orientieren sich an den gesetzlichen und aufsichtsrechtlichen Anforderungen sowie den internen Richtlinien der Gesellschaft, sodass eine möglichst große Sicherheit und Rentabilität bei jederzeitiger Liquidität unter Wahrung angemessener Mischung und Streuung erreicht werden. Zudem wird eine klare Funktionstrennung zwischen operativer Steuerung des Kapitalanlagerisikos und Risikocontrolling sichergestellt.

Im Rahmen des Monatsreportings werden parametrische Stresstests berechnet, aus denen sich ableiten lässt, wie sensitiv das Portfolio auf wesentliche Veränderungen der Marktdaten reagiert.

==== *Aktien- und Beteiligungsrisiken* ====

Das Aktienrisiko bezeichnet das Risiko aus Änderungen des Aktienkursniveaus. Eine mögliche Änderung wirkt auf die Bewertung von Aktien sowie auf Vermögenspositionen, die im Risikomodell wie Aktien modelliert werden, insbesondere auf etwaige Beteiligungen der Gesellschaft.

Das Aktienrisiko besitzt aufgrund der niedrigen Aktienquote der Gesellschaft nur ein begrenztes Gefahrenpotenzial.

Im Sinne einer Sensitivitätsanalyse sind im Folgenden prozentuale Veränderungen des Marktwerts der Kapitalanlagen bei einem hypothetischen Wertverlust/Wertzuwachs der Aktienanlagen angegeben (Berechnung zum Bilanzstichtag):

<div style="overflow-x:auto">
{| id="t12" class="wikitable fintable"
|-
! style="text-align:left" | Angenommene Veränderung der Aktienanlagen:
! class="col-s" style="text-align:right" | -10%
! class="col-s" style="text-align:right" | +10%
|-
| style="text-align:left" | Prozentuale Veränderung des Marktwerts der Kapitalanlagen:
| style="text-align:right" | -0,1%
| style="text-align:right" | 0,1%
|}
</div>

==== *Zinsrisiken* ====

Das Zinsrisiko beschreibt die Sensitivität von Vermögenswerten, Verbindlichkeiten und Finanzinstrumenten in Bezug auf Veränderungen in der Zinskurve oder auf die Volatilität der Zinssätze.

Das Zinsrisiko wird vor allem durch regelmäßige Asset-Liability-Analysen, kontinuierliche Beobachtung der Kapitalanlagen und -märkte sowie Ergreifen entsprechender Maßnahmen gesteuert. Bei Bedarf kommen auch geeignete Kapitalmarktinstrumente, wie z. B. Derivate, zum Einsatz.

Im Sinne einer Sensitivitätsanalyse sind im Folgenden prozentuale Veränderungen des Marktwerts der Kapitalanlagen bei einer hypothetischen Verringerung/Erhöhung der Zinsen angegeben (Parallelverschiebung der Zinskurve, Berechnung zum Bilanzstichtag):

<div style="overflow-x:auto">
{| id="t13" class="wikitable fintable"
|-
! style="text-align:left" | Angenommene Verschiebung der Zinskurve:
! class="col-s" style="text-align:right" | -50bp
! class="col-s" style="text-align:right" | +50bp
|-
| style="text-align:left" | Prozentuale Veränderung des Marktwerts der Kapitalanlagen:
| style="text-align:right" | 2,1%
| style="text-align:right" | -2,0%
|}
</div>

{{pdf page|23|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
== Währungsrisiken ==
Das Währungsrisiko beschreibt die Sensitivität von Vermögenswerten, Verbindlichkeiten und Finanzinstrumenten in Bezug auf Veränderungen in der Höhe oder bei der Volatilität der Wechselkurse. Das Währungsrisiko spielt bei der Gesellschaft nur eine untergeordnete Rolle, da die Kapitalanlage fast ausschließlich in Euro erfolgt.

== Immobilienrisiken ==
Das Immobilienrisiko steht für das Risiko aus Schwankungen des Werts der in der Kapitalanlage gehaltenen Immobilien. Hierbei werden sowohl Immobilien im engeren Sinne (z. B. Grundstücke und Gebäude) als auch Immobilienfonds berücksichtigt.
Im Fall von direkten Investitionen in Immobilien werden auf Objekt- und Portfolio-Ebene regelmäßig die Rendite und weitere wesentliche Performance-Kennzahlen (z. B. Leerstände oder Rückstände) gemessen. Bei indirekten Immobilieninvestitionen wird das Risiko durch regelmäßige Beobachtung der Fondsentwicklung und -performance kontrolliert.
Im Sinne einer Sensitivitätsanalyse sind im Folgenden prozentuale Veränderungen des Marktwerts der Kapitalanlagen bei einem hypothetischen Wertverlust der Immobilienanlagen angegeben (Berechnung zum Bilanzstichtag):
<div style="overflow-x:auto">
{| id="t14" class="wikitable fintable"
|-
| style="text-align:left" | Angenommene Veränderung der Immobilienanlagen:
| style="text-align:right" | -10%
|-
| style="text-align:left" | Prozentuale Veränderung des Marktwerts der Kapitalanlagen:
| style="text-align:right" | -0,1%
|}
</div>

== Kreditrisiken aus der Kapitalanlage ==
Kreditrisiken beschreiben allgemein die Risiken eines Verlustes oder nachteiliger Veränderungen der Finanzlage, die sich aus Fluktuationen bei der Bonität von Wertpapieremittenten, Gegenparteien und anderen Schuldnern ergeben, gegen welche die Gesellschaft Forderungen hat. Sie treten in Form von Gegenparteiausfallrisiken, Spread-Risiken oder Marktrisikokonzentrationen auf.
Die Gesellschaft führt regelmäßig Bonitätsprüfungen der vorhandenen Schuldner durch. Bonitätsrisiken unter Investment-Grade und ohne Rating werden in allenfalls begrenztem Umfang eingegangen.
Zur Steuerung des Ausfall- bzw. Bonitätsrisikos werden Ratingkategorien und Sicherungsinstrumente berücksichtigt. Die Bonität der Schuldner wird laufend überwacht. Wesentlicher Anhaltspunkt für die Investitionsentscheidung durch das Portfolio-Management sind die durch externe Agenturen wie Standard & Poor's, Moody's, Fitch oder Scope Analysis vergebenen Ratingklassen.
==== Bonitätsstruktur der festverzinslichen Kapitalanlagen ====
<div style="overflow-x:auto">
{| id="t15" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | Marktwert Mio. EUR
! class="col-s" style="text-align:right" | Anteil %
|-
| style="text-align:left" | AAA
| style="text-align:right" | 1.299,8
| style="text-align:right" | 38,2
|-
| style="text-align:left" | AA
| style="text-align:right" | 660,1
| style="text-align:right" | 19,4
|-
| style="text-align:left" | A
| style="text-align:right" | 833,7
| style="text-align:right" | 24,5
|-
| style="text-align:left" | BBB
| style="text-align:right" | 358,4
| style="text-align:right" | 10,5
|-
| style="text-align:left" | BB
| style="text-align:right" | 87,8
| style="text-align:right" | 2,6
|-
| style="text-align:left" | B
| style="text-align:right" | 0,0
| style="text-align:right" | 0,0
|-
| style="text-align:left" | Ohne Rating
| style="text-align:right" | 158,9
| style="text-align:right" | 4,7
|-
| style="text-align:left" | Summe
| style="text-align:right" | 3.398,5
| style="text-align:right" | 100,0
|}
</div>
Zur Minderung des Konzentrationsrisikos wird eine breite Mischung und Streuung der Anlagen beachtet. Abhängigkeiten von einzelnen Schuldnern werden möglichst vermieden.
==== Gliederung der festverzinslichen Kapitalanlagen nach Art der Emittenten ====
<div style="overflow-x:auto">
{| id="t16" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | Marktwert Mio. EUR
! class="col-s" style="text-align:right" | Anteil %
|-
| style="text-align:left" | Staats- und Kommunalanleihen
| style="text-align:right" | 575,3
| style="text-align:right" | 16,9
|-
| style="text-align:left" | Gedeckte Schuldverschreibungen
| style="text-align:right" | 1.003,4
| style="text-align:right" | 29,5
|-
| style="text-align:left" | Industrieanleihen
| style="text-align:right" | 799,7
| style="text-align:right" | 23,5
|-
| style="text-align:left" | Erstrangige Schuldverschreibungen von Finanzinstituten
| style="text-align:right" | 528,9
| style="text-align:right" | 15,6
|-
| style="text-align:left" | Nachrangige Schuldverschreibungen von Finanzinstituten
| style="text-align:right" | 70,3
| style="text-align:right" | 2,1
|-
| style="text-align:left" | Hypotheken und Policendarlehen
| style="text-align:right" | 83,3
| style="text-align:right" | 2,5
|-
| style="text-align:left" | Verbundene Unternehmen
| style="text-align:right" | 183,4
| style="text-align:right" | 5,4
|-
| style="text-align:left" | ABS{{fn ref|1|2=Ein Asset Backed Security (ABS) ist ein forderungsbesichertes Wertpapier, bei dem die Zahlungsansprüche des Inhabers durch einen Bestand an Forderungen besichert werden. Fast alle Forderungsarten können die Basis für ein forderungsbesichertes Wertpapier sein, sofern sie bestimmte Bedingungen erfüllen. Je nach Art der zur Besicherung verwendeten Forderungen wird das besicherte Wertpapier einer bestimmten Produktgruppe zugeordnet, beispielsweise als CLO (Collateralized Loan Obligation) für Bankkredite oder als CBO (Collateralized Bond Obligation) für Unternehmensanleihen. Werden Hypotheken zur Besicherung verwendet, handelt es sich um ein Mortgage Backed Security (MBS).}}
| style="text-align:right" | 154,2
| style="text-align:right" | 4,5
|-
| style="text-align:left" | Summe
| style="text-align:right" | 3.398,5
| style="text-align:right" | 100,0
|}
</div>
{{fn note|1=1|2=Ein Asset Backed Security (ABS) ist ein forderungsbesichertes Wertpapier, bei dem die Zahlungsansprüche des Inhabers durch einen Bestand an Forderungen besichert werden. Fast alle Forderungsarten können die Basis für ein forderungsbesichertes Wertpapier sein, sofern sie bestimmte Bedingungen erfüllen. Je nach Art der zur Besicherung verwendeten Forderungen wird das besicherte Wertpapier einer bestimmten Produktgruppe zugeordnet, beispielsweise als CLO (Collateralized Loan Obligation) für Bankkredite oder als CBO (Collateralized Bond Obligation) für Unternehmensanleihen. Werden Hypotheken zur Besicherung verwendet, handelt es sich um ein Mortgage Backed Security (MBS).}}

== Infrastrukturanlagerisiken ==
Risiken aus Infrastrukturanlagen beziehen sich auf Wertänderungen und Schwankungen in den Erträgen entsprechender Infrastrukturanlagen. Ihre Steuerung erfolgt über sorgfältige Due-Diligence-Prüfungen im Vorfeld sowie laufende Monitoring-Maßnahmen. Hierfür wird spezialisiertes Know-how vorgehalten.

== Derivate und strukturierte Produkte ==
Sofern Derivatgeschäfte zur Ertragsvermehrung, Erwerbsvorbereitung und Absicherung von Beständen sowie Geschäfte mit struktu rierten Produkten getätigt werden, werden sie im Rahmen der internen Richtlinien der Gesellschaft abgeschlossen. Derivatpositionen und -transaktionen werden im Reporting detailliert aufgeführt. Auf der einen Seite sind Derivate wegen ihrer sehr niedrigen Transaktionskosten und ihrer sehr hohen Marktliquidität und -transparenz effiziente und flexible Instrumente zur Portfolio-Steuerung. Auf der anderen Seite gehen mit dem Einsatz von Derivaten auch zusätzliche Risiken einher, die detailliert überwacht und zielgerecht gesteuert werden.

{{pdf page|24|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
Zur Absicherung des Inflationsrisikos wurde das Inflation-SwapPortfolio der Gesellschaft weiter aufgebaut (Inflation Receivers).
Strukturierte Produkte waren zum 31.12.2025 mit einem Gesamtbuchwert von 547,2 (306,9) Mio. EUR im Direktbestand.
==== Value at Risk ====
Ein wichtiges Element der Steuerung von Marktrisiken ist die regelmäßige Überwachung geeigneter Kennziffern, so z. B. des Value at Risk (VaR), der einen mit vorgegebener Wahrscheinlichkeit innerhalb eines definierten Zeitraums maximal zu erwartenden Verlust abbildet. Der VaR wird in Prozent der Marktwerte der betrachteten Kapitalanlagen gemessen.
Zur Messung der aktivseitigen Risiken in der Kapitalanlage wird unter Berücksichtigung von Risiken aus Ratingmigrationen und Kreditausfällen, Ausweitung von Credit Spreads und Aktienrisiken (inklusive Alternativer Investments) ein Asset-Management-VaR (AMVaR) ermittelt. Diese Kennzahl misst den Risikobeitrag der Gesellschaft zum Talanx-Gruppenrisiko auf einem 1-Jahres-Horizont mit einem Konfidenzniveau von 99,5 %. Der AMVaR zum 31.12.2025 betrug 7,38 %.
Der ALM-VaR berücksichtigt neben den Kapitalanlagen auch die prognostizierten Cashflows der versicherungstechnischen Verpflichtungen und misst die für die ALM-Steuerung relevanten Verlustpotenziale aus Zins-, Währungs- und Inflationsrisiken. Diese Kennzahl misst das isolierte Risiko der Gesellschaft auf einem 1-Jahres-Horizont mit einem Konfidenzniveau von 99,5 %. Der ALM-VaR zum 31.12.2025 betrug 2,16 %.
=== Gegenparteiausfallrisiken ===
Das Gegenparteiausfallrisiko deckt risikomindernde Verträge wie z. B. Rückversicherungsvereinbarungen oder Verbriefungen sowie Forderungen gegen Vermittler und alle sonstigen Kreditrisiken ab, soweit sie nicht anderweitig in der Risikomessung berücksichtigt werden.
Informationen zu Ausfallrisiken in der Kapitalanlage finden sich oben unter dem Stichwort der Kreditrisiken.
Risiken aus dem Ausfall von Forderungen gegen Rückversicherer Beim Risiko des Ausfalls von Forderungen gegen Rückversicherer handelt es sich um die Möglichkeit des Ausfalls von Anteilen der Rückversicherer an Versicherungsverbindlichkeiten abzüglich Rückversicherungsdepots oder anderer Sicherheiten.
Zur Risikominderung wird die Bonität der Rückversicherungspartner bei der Auswahl der Vertragspartner berücksichtigt und im Vertragsverlauf überwacht. Der Ausfall von Forderungen aus dem Rückversicherungsgeschäft ist aufgrund der günstigen Bonitätseinschätzung der Rückversicherungspartner nur ein geringes Risiko.
Die Forderungen gegenüber Rückversicherern belaufen sich zum Bilanzstichtag auf 1,7 (14,6) Mio. EUR.
Zum 31.12.2025 ergab sich folgende Aufteilung der Forderungen gegenüber Rückversicherern nach Rating:
<div style="overflow-x:auto">
{| id="t17" class="wikitable fintable"
|-
! style="text-align:left" | Ratingklassen
! class="col-s" style="text-align:right" | Anteil in%
|-
| style="text-align:left" | AA
| style="text-align:right" | 47,1
|-
| style="text-align:left" | A
| style="text-align:right" | 39,7
|-
| style="text-align:left" | Ohne Rating
| style="text-align:right" | 13,2
|-
| style="text-align:left" | Summe
| style="text-align:right" | 100,0
|}
</div>
Risiken aus dem Ausfall von Forderungen gegen Versicherungsvermittler und Versicherungsnehmer
Das Risiko des Ausfalls von Forderungen gegen Versicherungsvermittler besteht grundsätzlich in der Möglichkeit, dass im Falle von (vermehrten) Kündigungen durch Versicherungsnehmer Provisionsrückforderungen nicht hinreichend werthaltig sind.
Die Gesellschaft begegnet diesem Risiko insbesondere durch intensive Überwachung der Bonität der Vermittler mithilfe eines detaillierten Kontrollsystems.
Dem Risiko des Ausfalls von Forderungen gegen Versicherungsnehmer wirkt insbesondere die Streuung dieser Forderungen entgegen.
=== Liquiditätsrisiken ===
Das Liquiditätsrisiko bezeichnet das Risiko, dass die Gesellschaft nicht in der Lage ist, Anlagen und andere Vermögenswerte zu realisieren, um ihren finanziellen Verpflichtungen bei Fälligkeit nachzukommen. So können z. B. wegen der Illiquidität von Märkten Bestände nicht oder nur mit Verzögerungen veräußert werden oder of fene Positionen nicht oder nur mit Kursabschlägen geschlossen werden.

{{pdf page|25|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
Zur Überwachung der Liquiditätsrisiken ist jede Wertpapiergattung mit einem Liquiditätskennzeichen versehen, das den Grad der Liquidierbarkeit des Titels zu marktgerechten Preisen angibt. Diese Kennzeichen werden vom Risikocontrolling der Ampega Asset Management GmbH regelmäßig überprüft, unter Berücksichtigung von Marktdaten und einer Einschätzung des Portfolio-Managements plausibilisiert und, falls angezeigt, modifiziert.
Die Daten fließen anschließend in das standardisierte Berichtswesen an den Finanzvorstand der Gesellschaft ein.
Die Liquiditätsstruktur zum Bilanzstichtag stellt sich folgendermaßen dar:
==== Liquiditätsstruktur der Kapitalanlagen zum 31.12.2025 in % ====
<div style="overflow-x:auto">
{| id="t18" class="wikitable fintable"
|-
| style="text-align:left" | 0 - Bargeld und Vergleichbares
| style="text-align:right" | 3%
|-
| style="text-align:left" | 1-3 - ohne nennenswerten Abschlag veräußerbar
| style="text-align:right" | 26%
|-
| style="text-align:left" | 4-6 - mit Abschlag veräußerbar
| style="text-align:right" | 42%
|-
| style="text-align:left" | 7-9 - schwer/nicht veräußerbar
| style="text-align:right" | 29%
|-
| style="text-align:left" | Summe
| style="text-align:right" | 100%
|}
</div>
Den Liquiditätsrisiken wird durch eine kontinuierliche Abstimmung der Fälligkeiten der Kapitalanlagen und der finanziellen Verpflichtungen begegnet. Es existieren individuelle Mindestlimite für den Bestand an Papieren mit hoher Liquidität sowie Höchstlimite für den Bestand an Papieren mit geringer Liquidität. Insbesondere die Mindestlimite leiten sich aus dem zeitlichen Charakter der versicherungstechnischen Zahlungsverpflichtungen ab. Durch eine hinreichend liquide Anlagestruktur wird sichergestellt, dass die Gesellschaft jederzeit in der Lage ist, die erforderlichen Auszahlungen zu leisten.
=== Operationelle Risiken ===
Das operationelle Risiko bezeichnet das Verlustrisiko, das sich aus der Unangemessenheit bzw. dem Versagen von internen Prozessen, Mitarbeitern oder Systemen wie auch durch externe Ereignisse ergibt.
==== Risiken aus Business Continuity und IT Service Continuity ====
Risiken aus Business Continuity und IT Service Continuity bezeichnen das Risiko, dass der Geschäftsbetrieb aufgrund von natürlichen oder von Menschen verursachten Gefahren bedroht, geschädigt oder gestört wird. Hierzu zählen sowohl Verluste als auch Mehrkosten durch den Ausfall von bzw. aufgrund technischer Probleme in den IT-Systemen wie auch durch Zerstörung oder Beschädigung der Gebäude bzw. gebäudeweiten Versorgungseinrichtungen oder durch weitere Beeinträchtigungen der Arbeitsumgebung.
Risiken aus Störungen der Gebäudeinfrastruktur reduziert die Gesellschaft mit wirksamen Risikosteuerungsmaßnahmen, unter anderem durch die Einhaltung von Sicherheits- und Wartungsvorschriften sowie Brandschutzmaßnahmen sowie auch durch die flächendeckende Möglichkeit des mobilen Arbeitens. Um Risiken aus einer Unterbrechung des Geschäftsbetriebs aufgrund von Krisen oder Notfällen zu begegnen, ist in der Gesellschaft ein Krisenmanagement etabliert, das im Falle einer Störung eine schnellstmögliche Rückkehr in den Normalbetrieb sicherstellt. Der Notfallvorsorge wird mittels eines Notfallhandbuchs, der Durchführung von Business-Impact-Analysen zur Ermittlung der Kritikalität von Geschäftsprozessen, der Einrichtung eines Krisenstabs und Notfallteams Rechnung getragen.
Das Risiko des Ausfalls der IT-Infrastruktur wird durch regelmäßige Kontrollen, redundante Systeme, Backup- und Recovery-Verfahren sowie Rufbereitschaft verringert. Gezielte Investitionen in die Sicherheit und Verfügbarkeit der Informationstechnologie erhalten und steigern das bestehende hohe Sicherheitsniveau.
==== Risiken aus Prozessen ====
Prozessrisiken beschreiben das Verlustrisiko, das sich aus der Unangemessenheit oder dem Versagen von internen Prozessen ergibt, einschließlich der Schwächen in der Datenqualität.
Die Gesellschaft hat ein Internes Kontrollsystem (IKS) eingerichtet, durch das insbesondere Prozessrisiken systematisch identifiziert und mit Kontrollmaßnahmen versehen werden. Die Notwendigkeit, Vollständigkeit und Wirksamkeit der Kontrollmaßnahmen wird im Rahmen von regelmäßigen Prozessreviews durch den jeweiligen Prozessverantwortlichen bewertet. Die Interne Revision beurteilt in regelmäßigen Abständen von ihrem objektiven Standpunkt aus, inwiefern die Kontrollen angemessen und wirksam sind.
==== Compliance-, Rechts- und Steuerrisiken ====
Compliance-, Rechts- und Steuerrisiken beschreiben das Risiko der Nichteinhaltung der gesetzlichen oder aufsichtsrechtlichen Vorschriften und unternehmensinternen Richtlinien, welches zu Klagen oder behördlichen Verfahren führen könnte. Compliance-Risiken beinhalten rechtliche Risiken und Risiken aus Änderungen der Gesetzgebung einschließlich Änderungen der Steuergesetzgebung und der gesetzlichen Meldepflichten. Rechtliche Risiken liegen in Verträgen und allgemeinen rechtlichen Rahmenbedingungen wie z. B. ge schäftsspezifischen Unwägbarkeiten des Wirtschafts- und Steuerrechts.

{{pdf page|26|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
Compliance-Risiken im Vertrieb werden auch im Hinblick auf den GDV-Verhaltenskodex für den Vertrieb regelmäßig überwacht. Hierzu ist ein Compliance-Steuerungskreis HDI Deutschland eingerichtet.

Rechtliche Anforderungen von aktueller Relevanz ergeben sich beispielsweise aus dem Digital Operational Resilience Act (DORA) oder aus Wohlverhaltensanforderungen der Versicherungsaufsicht.

Mögliche Entwicklungen der höchstrichterlichen Rechtsprechung oder gesetzliche Änderungen, insbesondere gesellschaftsrechtlicher, produktrechtlicher oder steuerlicher Natur, werden frühzeitig identifiziert und eng überwacht.

===== Fraud-Risiken =====

Fraud-Risiken beinhalten das Risiko aus der vorsätzlichen Verletzung der Gesetze oder Regeln durch eigene Mitarbeiter (interne Fraud-Risiken) und/oder durch Dritte (externe Fraud-Risiken), um einen persönlichen Vorteil zu erlangen. Gemeint sind Fraud-Risiken im weiteren Sinne, sodass nicht nur Betrug, sondern auch weitere Vermögensdelikte mit eingeschlossen sind.

Dem Risiko von dolosen Handlungen begegnet die Gesellschaft durch Regelungen und interne Kontrollen in den Fachbereichen. So unterliegen Zahlungsströme und Verpflichtungserklärungen strengen Vollmachts- und Berechtigungsregelungen. Funktionstrennungen in den Arbeitsabläufen, das Vier-Augen-Prinzip bei wichtigen Entscheidungen und Stichproben bei serienhaften Geschäftsvorfällen erschweren dolose Handlungen. Darüber hinaus prüft die Interne Revision unternehmensweit Systeme, Prozesse und Einzelfälle.

===== Personelle Risiken =====

Personelle Risiken bezeichnen das Risiko, welches sich aus unzureichender Ausstattung oder durch unzulängliches Verhalten der Mitarbeiter ergibt. Entsprechend qualifizierte Mitarbeiter sind für das Geschäft mit starker Kundenorientierung sowie die Umsetzung wichtiger Projekte notwendig.

Zur Minderung von personellen Risiken legt die Gesellschaft großen Wert auf Aus- und Fortbildung. So können sich die Mitarbeiter durch individuelle Entwicklungspläne und angemessene Qualifizierungsangebote auf die aktuellen Marktanforderungen einstellen. Moderne Führungsinstrumente und adäquate monetäre ebenso wie nicht monetäre Anreizsysteme fördern einen hohen Einsatz der Mitarbeiter. Auch Maßnahmen zur Gesundheitsförderung der Mitarbeiter sowie Prozessdokumentationen und Vertretungsregelungen tragen dazu bei, Personalrisiken zu reduzieren.

===== Informations- und IT-Sicherheitsrisiken =====

Die Informations- und IT-Sicherheitsrisiken beschreiben die Risiken, die die Vollständigkeit, Vertraulichkeit oder Verfügbarkeit der Informationen oder IT-Systeme potenziell gefährden können. Das IT-Sicherheitsrisiko beinhaltet auch das Risiko der Cyber-Sicherheit. Die Verfügbarkeit der Anwendungen, die Sicherheit und Vertraulichkeit und die Integrität der verwendeten Daten sind von entscheidender Bedeutung für die Gesellschaft.

Sicherheit im IT-Bereich wird bei der Gesellschaft durch Zugangskontrollen, Zugriffsberechtigungssysteme und Sicherungssysteme für Programme und Datenhaltung gewährleistet. Bei der Verbindung interner und externer Netzwerke ist eine schützende Firewall-Technik installiert, die regelmäßig überprüft und ständig weiterentwickelt wird.

===== Outsourcing-Risiken =====

Outsourcing-Risiken bezeichnen das Risiko, das sich aus dem Outsourcing der Funktionen oder Versicherungstätigkeiten ergibt – entweder direkt oder durch weiteres Outsourcing –, die sonst vom Unternehmen selbst ausgeübt werden könnten. Es wird unterschieden nach der Fremdvergabe von Aufgaben bis zum Vertrieb und der Fremdvergabe von Vertriebsleistungen.

Risiken aus ausgegliederten Funktionen oder Dienstleistungen sind grundsätzlich in den Risikomanagement-Prozess eingebunden und werden identifiziert, bewertet, gesteuert und überwacht, auch wenn die Dienstleistung konzernintern erfolgt. Zudem werden vor Ausgliederung von Tätigkeiten/Bereichen initiale Risikoanalysen durchgeführt.

Die Gesellschaft lässt sich erforderliche Auskunfts- und Weisungsbefugnisse von dem Dienstleister vertraglich zusichern. Hierdurch wird der Vorstand berechtigt, jederzeit Einzelweisungen zu erteilen. Damit ist der Vorstand in der Lage, Einfluss auf die ausgegliederten Bereiche zu nehmen.

Zudem wird eine angemessene und fortlaufende Kontrolle und Beurteilung der Dienstleister durch diverse Beurteilungsmaßnahmen gewährleistet (unter anderem Definition von Produktkatalogen einschließlich Service-Level-Agreements und Durchführung von Kundenzufriedenheitsbefragungen zur Überprüfung der Einhaltung der vereinbarten Leistungs- und Qualitätskriterien).

{{pdf page|27|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
=== IKT-Risiken ===
IKT-Risiken
Risiken aus Informations- und Kommunikationstechnologie (IKTRisiken) treten in Form von operationellen Risiken auf und können sich in verschiedenen Unterkategorien manifestieren.
Im Kontext der EU-Verordnung über die digitale operationale Resilienz im Finanzsektor (Digital Operational Resilience Act, DORA) wurde im Berichtsjahr eine IKT-Risikokontrollfunktion eingerichtet. Diese wird für die Gesellschaft durch die Funktion Group Security wahrgenommen. Die operative Integration des IKT-Risikomanagements in das übergreifende Risikomanagement-System ist im Berichtsjahr erfolgt und wird fortlaufend weiter ausgebaut.

=== Andere wesentliche Risiken ===
Andere wesentliche Risiken

==== Strategische Risiken ====
Strategische Risiken
Strategische Risiken beschreiben Risiken aus strategischen Geschäftsentscheidungen. Zum strategischen Risiko zählt auch das Risiko, das sich daraus ergibt, dass Geschäftsentscheidungen nicht einem geänderten Wirtschaftsumfeld angepasst werden.
Die Gesellschaft überprüft ihre Geschäfts- und Risikostrategie mindestens jährlich unter anderem auf Konsistenz und passt Prozesse und Strukturen im Bedarfsfall an. Strategischen Risiken wird im Rahmen der Planungs- und Steuerungsprozesse begegnet.
Im Rahmen intensiver strategischer Arbeiten im Berichtsjahr wurden die Voraussetzungen für einen fokussierten Substanzaufbau geschaffen.
Da die Vertriebsleistung grundsätzlich ein zentraler Erfolgsfaktor ist, wird den Vertriebsrisiken bei der Gesellschaft eine angemessene Bedeutung beigemessen.

==== Projektrisiken ====
Projektrisiken
Projektrisiken beschreiben Risiken einer Gefährdung des vorgesehenen Ablaufs oder einer Nichterreichung der Ziele von Projekten (inklusive strategischer sowie IT-bezogener Projekte).
Projektrisiken und ihre Auswirkungen werden im Rahmen des Projektmanagements systematisch erhoben. Der Fortschritt der Projekte wird regelmäßig überprüft und bewertet. Es kommen im Unternehmen verbindlich eingerichtete Prozesse und Maßnahmen zur Kontrolle und Steuerung des Projektportfolios wie auch von Einzelprojekten zum Einsatz. Dadurch wird sichergestellt, dass rechtzeitig Gegensteuerungsmaßnahmen getroffen werden können, wenn sich bezüglich der Erreichung der Zeit- und Qualitätsziele Schwierigkeiten abzeichnen sollten.

==== Reputationsrisiken ====
Reputationsrisiken
Reputationsrisiken beschreiben Risiken aus einer möglichen Beschädigung des Rufes des Unternehmens infolge einer negativen Wahrnehmung in der Öffentlichkeit.
Reputationsrisiken werden intensiv beobachtet. Zur Verringerung von Reputationsrisiken ist ein professionelles Beschwerdemanagement installiert. Darüber hinaus wird die Gefahr von Reputationsrisiken durch die Qualitätsanforderungen an die Produkte, ein ständiges Qualitätsmanagement der wesentlichen Geschäftsprozesse, Maßnahmen zur Geldwäscheprävention sowie durch strenge Datenschutz- und Compliance-Richtlinien begrenzt. Das Kommunikationsmanagement im Krisenfall ist geregelt.

==== Emerging Risks ====
Emerging Risks
Emerging Risks sind potenzielle Bedrohungen oder Gefahren, die aus neuen Entwicklungen oder Faktoren resultieren, die sich verändern, komplex oder ungewiss sind, schwer vorherzusagen sind oder nur schwer beurteilt werden können. Emerging Risks beruhen oft auf Trends oder strukturellen langfristigen Entwicklungen, die indirekte Auswirkungen auf das politische, soziale, technologische, ökologische und/oder ökonomische Umfeld haben können.
Die Emerging Risks werden im Rahmen eines konzernweit abgestimmten Verfahrens im Risikomanagement der Gesellschaft jährlich identifiziert und gesteuert. Die Ergebnisse und Erkenntnisse des Emerging-Risk-Prozesses gehen in die Risikoberichterstattung und den Risikomanagement-Prozess ein, sodass mögliche Vulnerabilitäten frühzeitig erkannt und ggf. durch Risikominderungsmaßnahmen begrenzt werden können.

==== Nachhaltigkeitsrisiken ====
Nachhaltigkeitsrisiken
Nachhaltigkeitsrisiken sind Ereignisse oder Bedingungen aus den Bereichen Umwelt, Soziales oder Unternehmensführung (kurz: ESG für Environment, Social, Governance), deren Eintreten tatsächlich oder potenziell erhebliche negative Auswirkungen auf die Ertrags-, Finanz- und Vermögenslage sowie auf die Reputation der Gesellschaft haben kann. Dies schließt klimabezogene Risiken in Form von physischen Risiken und Transitionsrisiken im Zusammenhang mit Umstellungsprozessen ein sowie auch Risiken eventueller Greenwashing-Vorwürfe.
Nachhaltigkeitsrisiken können sich als Meta-Risiko in allen Risikokategorien materialisieren, die Gesellschaft überwacht diese Risiken daher im Rahmen ihres Risikomanagement-Systems. Darüber hinaus berücksichtigt die Gesellschaft Nachhaltigkeitsaspekte in ihrer Geschäftstätigkeit, z. B. im Rahmen der Kapitalanlage.

{{pdf page|28|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
== Prognose- und Chancenbericht ==

Unsere nachstehenden Ausführungen stützen sich auf fundierte Experteneinschätzungen Dritter sowie auf die von uns als schlüssig erachteten Planungen und Prognosen; dennoch handelt es sich um unsere subjektive Einschätzung. Es kann daher nicht ausgeschlossen werden, dass die tatsächlichen Entwicklungen von der hier wiedergegebenen erwarteten Entwicklung abweichen werden.

=== Wirtschaftliche Rahmenbedingungen ===

Das Wachstum der Weltwirtschaft hat sich 2025 vor dem Hintergrund der eskalierenden Zollstreitigkeiten und geopolitischer Konflikte leicht abgekühlt, ohne jedoch einzubrechen. Wir gehen davon aus, dass sich diese Entwicklung auch 2026 fortsetzen wird, und rechnen mit einem globalen Wirtschaftswachstum in Höhe von 2,7 % gegenüber dem Vorjahr. Obwohl viele Notenbanken das Ende ihrer Zinssenkungszyklen (annähernd) erreicht haben dürften, sprechen deren verzögerte Wirkung sowie der anhaltend hohe bzw. steigende fiskalische Stimulus für ein weiterhin stabiles Wachstumsbild. Hierzu dürfte auch beitragen, dass sich die Weltwirtschaft sukzessive an die neue globale Handelsordnung gewöhnt und wir weder mit einer grundlegenden weiteren Eskalation der von den USA ausgehenden Handelskonflikte noch mit einem Einbruch der stark gestiegenen KI-Investitionen rechnen.

In der Eurozone dürfte ein höherer Fiskalstimulus, insbesondere in Form steigender (staatlicher) Investitionen in Infrastruktur und Verteidigung in Deutschland, für eine leichte Beschleunigung der Wachstumsdynamik im Jahresverlauf sorgen. Hinzu kommt die solide Kaufkraft dank niedrigerer Inflation bei stabilem Wachstum, die den privaten Konsum stützen sollte. Mit Gegenwind ist im Zuge der Neuordnung des globalen Handels nach wie vor von Seiten des Außenhandels zu rechnen, sowohl durch schwache Exporte als auch durch steigende (günstige) Importe aus China im Zuge einer Handelsumlenkung weg von den USA. Letzteres dürfte neben im Jahresvergleich niedrigeren Energiepreisen und einem festeren Euro auch zu einer weiter rückläufigen Inflationsrate in der Eurozone beitragen.

Für die USA gehen wir davon aus, dass sich das Wirtschaftswachstum auf dem Niveau des Vorjahres stabilisiert. Während die Schwäche am Arbeitsmarkt sowie das (u. a. zollbedingt) erhöhte Preisniveau für Konsumzurückhaltung in Haushalten der unteren und mittleren Einkommensklassen sorgen, könnte dies durch vermögende Haushalte teilweise ausgeglichen werden, ohne dass jedoch eine weitere Beschleunigung zu erwarten ist. Rückenwind dürfte auch weiterhin von Seiten der Investitionen im KI-Kontext kommen, obgleich abzuwarten bleibt, ob sich die von den großen Tech-Unternehmen angekündigten, sehr hohen Investitionen in vollem Umfang materialisieren. Als Stütze sollte sich zudem die sehr expansive Fiskalpolitik erweisen, u. a. mittels Steuersenkungen. Ein stärkerer Anstieg der Arbeitslosenquote dürfte auch 2026 durch ein zugleich geringeres Arbeitsangebot (weniger Migration) vermieden werden, während wir davon ausgehen, dass die Inflationsrate ihren zollbedingten Höchststand zwar zur Jahresmitte erreichen wird, im Jahresdurchschnitt jedoch das Fed-Ziel von 2 % bereits das sechste Jahr in Folge überschreiten wird.

Obwohl es beispielsweise in Form stärkerer fiskalischer Unterstützung, eines möglichen Waffenstillstands im Krieg in der Ukraine oder eines KI-bedingten Produktivitätsschubs durchaus Aufwärtsrisiken gibt, sehen wir die Risiken für unseren globalen Konjunkturausblick überwiegend auf der Unterseite. Hier sind an erster Stelle diverse geopolitische Konflikte (u. a. Venezuela, Grönland, Iran, Taiwan, Ukraine) zu nennen, die jederzeit zu einer deutlichen Eintrübung führen können. Hinzu kommen (potenziell) instabilere Regierungskonstellationen in vielen Ländern, beispielsweise in den USA (Midterms), Deutschland (Landtagswahlen), Frankreich oder Japan. In den USA stellen die politischen Angriffe auf die Notenbank Fed und andere Institutionen ein signifikantes Risiko für die politische und ökonomische Stabilität dar. Insbesondere eine zunehmende Politisierung der Fed könnte in Verbindung mit der stark gestiegenen Staatsverschuldung der USA zu einer ernstzunehmenden Vertrauenskrise mit Rückkopplungen auf die internationalen Kapitalmärkte führen. Ein weiteres Risiko besteht in einem möglichen KI-Crash. Wenn angesichts des immensen Kapitalbedarfs das Vertrauen in die Technologie und mögliche Erträge hieraus schwinden sollte, könnte dies nicht nur die Investitionstätigkeit dieses Sektors, sondern auch darüber hinaus das Investitionsklima insgesamt verschlechtern. Auch außerhalb der USA stellt sich immer wieder die Frage nach der Tragfähigkeit der hohen staatlichen Verschuldung. Hinzu kommen abschließend diverse strukturelle Risiken wie der Klimawandel, die demografische Entwicklung oder die De-Globalisierung, die nicht zuletzt mittelfristig die Inflationsgefahr erhöhen und die Notenbanken zu einer nachhaltig restriktiveren Geldpolitik veranlassen könnten.

=== Kapitalmärkte ===

Eine Inflationsrate etwas unter dem EZB-Zielwert von 2 % sowie eine verhalten positive Konjunkturdynamik dürften die Notenbank in ihrer Ansicht bekräftigen, am Ende ihres jüngsten Zinssenkungszyklus angekommen zu sein. Wir gehen davon aus, dass der Einlagensatz auch Ende 2026 bei 2,00 % liegen wird. Während die EZB hier sogar noch einen gewissen Spielraum nach unten hätte, schränkt die persistente US-Inflation deutlich oberhalb des Ziels von 2 % die Spielräume der Fed erheblich ein. Dennoch rechnen wir an gesichts des schwächelnden US-Arbeitsmarkts und des Drucks seitens der Politik mit zwei weiteren Zinssenkungen à 0,25 Prozentpunkte, sodass der US-Leitzins Ende des Jahres bei 3,25 % liegen dürfte.

{{pdf page|29|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
Während die Rendite 10-jähriger Bundesanleihen angesichts der erhöhten Emissionstätigkeit zur Finanzierung der zusätzlichen Ausgaben im Jahresverlauf weiter Richtung 3,00 % steigen dürfte, erwarten wir die Rendite 10-jähriger US-Treasuries Ende des Jahres mit 4,25 % allenfalls leicht über ihrem Wert Ende 2025. Sofern sich die oben genannten Risiken nicht in stärkerem Maße materialisieren, dürften damit auch für Aktien leichte weitere Kurszuwächse gegeben sein.

=== Künftige Branchensituation ===

Das makroökonomische Umfeld ist weiterhin durch erhebliche Risikofaktoren und Unsicherheit geprägt. Dies gilt sowohl für den nationalen als auch für den internationalen Versicherungsmarkt. Für den nationalen Markt wird die Wachstumsaussicht für die nächsten Jahre insbesondere von angekündigten fiskalischen Ausgaben getragen.

==== Deutsche Versicherungswirtschaft ====

Für den deutschen Versicherungsmarkt rechnen wir für 2026 weiter mit Wachstum, aber mit geringerer Dynamik im Vergleich zum starken Beitragswachstum im abgelaufenen Geschäftsjahr.

===== Schaden-/Unfallversicherung =====

In der deutschen Schaden/Unfallversicherung rechnen wir für 2026 weiter mit leichten Nachlaufeffekten bei Summen- und Beitragsanpassungen, getrieben durch Kostenanstiege und Inflation der letzten Jahre. Damit sollte sich das Beitragseinnahmenwachstum wieder dem langjährigen Durchschnitt nähern.

==== Chancen aus der Entwicklung der Rahmenbedingungen ====

===== Digitalisierung =====

Kaum eine Entwicklung verändert die Versicherungsbranche so nachhaltig wie die Digitalisierung: Geschäftsprozesse und -modelle werden durch den Einsatz digitaler Technologien neu gestaltet. Diese Entwicklung ist insbesondere für die Wettbewerbsfähigkeit von Versicherungsunternehmen entscheidend. Hierdurch ergeben sich neue Möglichkeiten bei der Kommunikation mit Kunden, der Abwicklung von Versicherungsfällen, der Auswertung von Daten und der Erschließung neuer Geschäftsfelder. Wir führen zahlreiche Projekte durch, um den digitalen Wandel zu gestalten. Hierzu zählt auch Mehrwert schaffen durch künstliche Intelligenz (KI). Mit der hauseigenen generativen KI-Lösung Chat@HDI sowie der Integration von Microsoft Copilot hat der Talanx Konzern die Möglichkeit geschaffen, in Echtzeit Erkenntnisse aus unstrukturierten Daten in Text- oder Bildform zu gewinnen, um den Mitarbeitern unterstützend zur Seite zu stehen. Schon jetzt zeichnen sich Vorteile für Kunden und Mitarbeiter ab, allen voran Zeitersparnis durch optimierte Prozesse unter Beachtung geltender Datenschutz- und Compliance-Vorgaben. Hierzu zählt insbesondere die Verordnung über künstliche Intelligenz (AI Act) der Europäischen Union (EU). Sie trat am 1.8.2024 in Kraft, und die meisten Regelungen müssen bis zum 2.8.2026 umgesetzt werden. Sie zielt darauf ab, die Entwicklung und Nutzung von KI in der EU zu regulieren und dabei die Grundrechte von Personen und Gruppen zu schützen und das Vertrauen in diese Technologie zu stärken. Gleichzeitig fördern die Vorschriften Innovation durch klare Leitlinien.

Sollten die Digitalisierungsprojekte im Konzern schneller umgesetzt und von den Kunden angenommen werden als derzeit erwartet, könnte sich dies positiv auf die Beitragsentwicklung und die Ertragslage auswirken und dazu führen, dass wir unsere Prognose übertreffen.

===== Wissensmanagement =====

Wissens- und Innovationsmanagement gewinnen auch in der Versicherungsbranche zunehmend an Bedeutung. Um den gezielten Austausch von Wissen und Innovation zu fördern, hat der Talanx Konzern ein Best Practice Lab eingerichtet. Experten auf internationaler Ebene tauschen sich in Excellence-Teams zu Fachthemen aus und entwickeln gemeinsam neue Lösungen, unter anderem zu den Themen Pricing, Vertrieb, Marketing, Schaden, Betrugsmanagement, Kundenservice-Center und Digitalisierung. Die Ergebnisse und Lösungen des Best Practice Lab werden den Gesellschaften des Talanx Konzerns zur Verfügung gestellt, damit diese ihre Prozesse und Methoden permanent verbessern können.

Sollten wir mit unserem Best Practice Lab schneller neue Lösungen und Ideen generieren und umsetzen als derzeit erwartet, könnte sich dies positiv auf die Beitragsentwicklung und die Ertragslage auswirken und dazu führen, dass wir unsere Prognose übertreffen.

===== Agilität =====

Veränderungen in der globalisierten Welt im Informationszeitalter vollziehen sich in immer höherem Tempo. Die Welt ist geprägt von Volatilität, Unsicherheit, Komplexität und Mehrdeutigkeit (Englisch VUCA – Volatility, Uncertainty, Complexity and Ambiguity). Um als Versicherungsunternehmen mit der Veränderungsgeschwindigkeit mithalten zu können, ist der Wandel hin zu einer agilen Organisation notwendig. Eine agile Organisation zu sein, bedeutet für uns, eine lernende Organisation zu sein, die den Nutzen der Kunden in den Mittelpunkt stellt, um den Gewinn des Unternehmens zu steigern. Aus diesem Grund setzen wir auf interdisziplinäre und kreati ve Teams, offene und direkte Kommunikation, flache Hierarchien sowie eine gelebte Fehlerkultur. Durch zahlreiche Initiativen unterstützen wir den Wandel unseres Unternehmens hin zu einer agilen Organisation. Wir gestalten unsere Arbeitsplätze so, dass Kommunikationswege verkürzt werden und der bereichsübergreifende Austausch gefördert wird. Des Weiteren setzen wir auf hybrides Arbeiten und bieten unseren Mitarbeitern an, bis zu 60 % der Arbeit mobil, d. h. außerhalb des Büros, zu erledigen. Dies ermöglicht unseren Mitarbeitern eine bessere Vereinbarkeit von Beruf und Familie, während gleichzeitig der gemeinsame direkte Austausch unter Kollegen erhalten bleibt. Agilität bietet Chancen für Kunden, Mitarbeiter und Investoren. Kunden können von neuen Versicherungslösungen profitieren, die gezielt auf ihre Bedürfnisse zugeschnitten sind. Mitarbeiter haben durch agiles Arbeiten mehr Gestaltungsmöglichkeiten und können an neuen Herausforderungen wachsen. Zu guter Letzt profitieren Investoren von einem steigenden Unternehmensgewinn, wenn die Kunden zufrieden sind und die Mitarbeiter ihr Potenzial voll ausschöpfen können.

{{pdf page|30|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
Sollte der Wandel hin zu einer agilen Organisation schneller umgesetzt werden als erwartet, könnte sich dies positiv auf die Ertragslage auswirken und dazu führen, dass wir unsere Prognosen übertreffen.
=== Entwicklung der HDI Versicherung AG ===
Die HDI Versicherung AG ist ein Unternehmen mit einer hohen finanziellen Stabilität. Daher haben wir eine gute Ausgangsbasis, um von den sich bietenden Chancen im Wettbewerb erfolgreich zu profitieren.
Für das Geschäftsjahr 2026 rechnen wir insgesamt mit einem anhaltend anspruchsvollen Marktumfeld. Es ist von einer Fortsetzung des Inflationsgeschehens bei Ersatzteilen und Handwerkerkosten auszugehen, wodurch wir insbesondere in den Kraftfahrt- und Gebäudesparten weiterhin mit Prämienanpassungen rechnen. Für die FirmenSparten planen wir zudem die Fortsetzung der Portfolio-Überprüfung im Gewerbekundengeschäft sowie den Abbau verlustträchtiger Portfolios. Infolgedessen erwarten wir für das Geschäftsjahr 2026 einen moderaten Rückgang des Beitragsvolumens.
Der Beitragsentwicklung folgend erwarten wir ebenfalls einen leichten Rückgang der Aufwendungen für Versicherungsfälle, obwohl wir im kommenden Jahr wieder von einer Normalisierung der Schadenaufwendungen für Naturkatastrophen ausgehen. Ebenfalls prognostizieren wir einen moderaten Rückgang des Aufwandes für den Versicherungsbetrieb, der fortgesetzten Kostendisziplin folgend. Dennoch erwarten wir für das Geschäftsjahr 2026 in Summe einen leichten Rückgang des versicherungstechnischen Ergebnisses nach Schwankungsrückstellung.
Wir gehen von einem deutlichen Anstieg des Kapitalanlageergebnisses aus. Ursächlich hierfür ist ein steigendes außerordentliches Kapitalanlageergebnis nach den Verlustrealisationen des aktuellen Berichtsjahres.
Das nichtversicherungstechnische Ergebnis wird sich in Summe dennoch leicht rückläufig entwickeln, sodass wir für das kommende Jahr insgesamt ein Jahresergebnis leicht unterhalb des Vorjahres erwarten.

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== Versicherungsarten (Anlage 1 zum Lagebericht) ==

Folgende Versicherungsarten sind im Geschäftsjahr 2025 in Form von Einzel-, Gruppen- oder Sammelversicherungen gegen Einmaloder laufenden Beitrag betrieben worden:

Allgemeine Haftpflichtversicherung

Privathaftpflichtversicherung

Vermögensschaden-Haftpflichtversicherung

Cyberversicherung

Heilwesenhaftpflichtversicherung

Planungshaftpflichtversicherung

Kraftfahrt-Haftpflichtversicherung

Sonstige Kraftfahrtversicherung

Allgemeine Unfallversicherung

Multi-Risk-Versicherung

Transportversicherung

Technische Versicherungen

Feuerversicherung

Verbundene Wohngebäudeversicherung

Verbundene Hausratversicherung

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Finanzbericht Brasilien / Financial report Brazil

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Finanzbericht Brasilien / Financial report Brazil

== Jahresabschluss. ==

* 32 Bilanz

* 34 Gewinn- und Verlustrechnung

* 36 Anhang

* 36 Angaben zur Gesellschaft

* 36 Bilanzierungs- und Bewertungsmethoden

* 42 Erläuterungen zur Bilanz - Aktiva

* 48 Erläuterungen zur Bilanz - Passiva

* 51 Erläuterungen zur Gewinn- und Verlustrechnung

* 57 Sonstige Angaben

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=== Bilanz zum 31. Dezember 2025 ===

<div style="overflow-x:auto">
{| id="t19" class="wikitable fintable"
|-
! style="text-align:left" | Aktiva
! style="text-align:left" |
! style="text-align:left" |
! style="text-align:left" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
|-
! style="text-align:left" | TEUR
! style="text-align:left" |
! style="text-align:left" |
! style="text-align:left" |
! class="col-s" style="text-align:right" |
|-
! colspan="5" style="text-align:left" | A. Immaterielle Vermögensgegenstände
|-
| style="text-align:left" | Entgeltlich erworbene Konzessionen, gewerbliche Schutzrechte und ähnliche Rechte und Werte sowie Lizenzen an solchen Rechten und Werten
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" | 2.153
| style="text-align:right" | 3.953
|-
! colspan="5" style="text-align:left" | B. Kapitalanlagen
|-
| style="text-align:left" | I. Grundstücke, grundstücksgleiche Rechte und Bauten einschließlich der Bauten auf fremden Grundstücken
| style="text-align:left" |
| style="text-align:left" | 0
| style="text-align:left" |
| style="text-align:right" | 217
|-
! colspan="5" style="text-align:left" | II. Kapitalanlagen in verbundenen Unternehmen und Beteiligungen
|-
| style="text-align:left" | 1. Anteile an verbundenen Unternehmen
| style="text-align:left" | 256.451
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | 267.706
|-
| style="text-align:left" | 2. Ausleihungen an verbundene Unternehmen
| style="text-align:left" | 203.261
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | 153.261
|-
| style="text-align:left" | 3. Beteiligungen
| style="text-align:left" | 1.964
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | 1.965
|-
| style="text-align:left" | 4. Ausleihungen an Unternehmen, mit denen ein Beteiligungsverhältnis besteht
| style="text-align:left" | 19.939
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | 19.575
|-
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" | 481.615
| style="text-align:left" |
| style="text-align:right" | 442.508
|-
! colspan="5" style="text-align:left" | III. Sonstige Kapitalanlagen
|-
| style="text-align:left" | 1. Aktien, Anteile oder Aktien an Investmentvermögen und andere nicht festverzinsliche Wertpapiere
| style="text-align:left" | 772.675
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | 822.816
|-
| style="text-align:left" | 2. Inhaberschuldverschreibungen und andere festverzinsliche Wertpapiere
| style="text-align:left" | 1.870.241
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | 1.553.894
|-
| style="text-align:left" | 3. Sonstige Ausleihungen
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | 782.990
|-
| style="text-align:left" | a) Namensschuldverschreibungen
| style="text-align:left" | 473.581
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" |
|-
| style="text-align:left" | b) Schuldscheinforderungen und Darlehen
| style="text-align:left" | 165.763
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | 158.387
|-
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" | 639.344
| style="text-align:left" |
| style="text-align:right" | 941.377
|-
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" | 3.282.259
| style="text-align:left" |
| style="text-align:right" | 3.318.087
|-
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" | 3.763.874
| style="text-align:right" | 3.760.811
|-
! colspan="5" style="text-align:left" | C. Forderungen
|-
| style="text-align:left" | I. Forderungen aus dem selbst abgeschlossenen Versicherungsgeschäft an:
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" |
|-
| style="text-align:left" | 1. Versicherungsnehmer
| style="text-align:left" | 77.529
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | 107.925
|-
| style="text-align:left" | 2. Versicherungsvermittler
| style="text-align:left" | 7.194
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | 9.854
|-
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" | 84.723
| style="text-align:left" |
| style="text-align:right" | 117.779
|-
| style="text-align:left" | II. Abrechnungsforderungen aus dem Rückversicherungsgeschäft – davon an verbundene Unternehmen: 292 TEUR (11.543 TEUR)
| style="text-align:left" |
| style="text-align:left" | 1.737
| style="text-align:left" |
| style="text-align:right" | 14.593
|-
| style="text-align:left" | III. Sonstige Forderungen – davon an verbundene Unternehmen: 147.670 TEUR (497.557 TEUR)
| style="text-align:left" |
| style="text-align:left" | 172.845
| style="text-align:left" |
| style="text-align:right" | 522.299
|-
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" | 259.305
| style="text-align:right" | 654.671
|-
! colspan="5" style="text-align:left" | D. Sonstige Vermögensgegenstände
|-
| style="text-align:left" | I. Laufende Guthaben bei Kreditinstituten, Schecks und Kassenbestand
| style="text-align:left" |
| style="text-align:left" | 88.055
| style="text-align:left" |
| style="text-align:right" | 51.289
|-
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" | 88.055
| style="text-align:right" | 51.289
|-
! colspan="5" style="text-align:left" | E. Rechnungsabgrenzungsposten
|-
| style="text-align:left" | I. Abgegrenzte Zinsen und Mieten
| style="text-align:left" |
| style="text-align:left" | 36.129
| style="text-align:left" |
| style="text-align:right" | 32.597
|-
| style="text-align:left" | II. Sonstige Rechnungsabgrenzungsposten
| style="text-align:left" |
| style="text-align:left" | 1.345
| style="text-align:left" |
| style="text-align:right" | 4
|-
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" | 37.475
| style="text-align:right" | 32.601
|-
| style="text-align:left" | F. Aktiver Unterschiedsbetrag aus der Vermögensverrechnung
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" | 0
| style="text-align:right" | 6
|-
| style="text-align:left" | Summe der Aktiva
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" | 4.150.862
| style="text-align:right" | 4.503.332
|}
</div>

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== Finanzbericht Brasilien / Financial report Brazil Bilanz. ==

<div style="overflow-x:auto">
{| id="t20" class="wikitable fintable"
|-
! style="text-align:left" | Passiva
! colspan="2" style="text-align:left" | 31.12.2025
! colspan="2" style="text-align:left" | 31.12.2024
|-
! colspan="5" style="text-align:left" | TEUR
|-
! colspan="5" style="text-align:left" | A. Eigenkapital
|-
| style="text-align:left" | I. Gezeichnetes Kapital
| style="text-align:left" | 51.000
| style="text-align:left" |
| style="text-align:right" | 51.000
| style="text-align:right" |
|-
| style="text-align:left" | II. Kapitalrücklage
| style="text-align:left" | 6.100
| style="text-align:left" |
| style="text-align:right" | 6.100
| style="text-align:right" |
|-
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" | 57.100
| style="text-align:right" |
| style="text-align:right" | 57.100
|-
! colspan="5" style="text-align:left" | B. Versicherungstechnische Rückstellungen
|-
! colspan="5" style="text-align:left" | I. Beitragsüberträge
|-
| style="text-align:left" | 1. Bruttobetrag
| style="text-align:left" | 225.520
| style="text-align:left" |
| style="text-align:right" | 220.539
| style="text-align:right" |
|-
| style="text-align:left" | 2. davon ab: Anteil für das in Rückdeckung gegebene Versicherungsgeschäft
| style="text-align:left" | 1.179
| style="text-align:left" |
| style="text-align:right" | 1.790
| style="text-align:right" |
|-
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" | 224.341
| style="text-align:right" |
| style="text-align:right" | 218.748
|-
! colspan="5" style="text-align:left" | II. Deckungsrückstellung
|-
| style="text-align:left" | 1. Bruttobetrag
| style="text-align:left" | 8.905
| style="text-align:left" |
| style="text-align:right" | 9.342
| style="text-align:right" |
|-
| style="text-align:left" | 2. davon ab: Anteil für das in Rückdeckung gegebene Versicherungsgeschäft
| style="text-align:left" | 0
| style="text-align:left" |
| style="text-align:right" | 3
| style="text-align:right" |
|-
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" | 8.905
| style="text-align:right" |
| style="text-align:right" | 9.339
|-
! colspan="5" style="text-align:left" | III. Rückstellung für noch nicht abgewickelte Versicherungsfälle
|-
| style="text-align:left" | 1. Bruttobetrag
| style="text-align:left" | 3.383.083
| style="text-align:left" |
| style="text-align:right" | 3.298.028
| style="text-align:right" |
|-
| style="text-align:left" | 2. davon ab: Anteil für das in Rückdeckung gegebene Versicherungsgeschäft
| style="text-align:left" | 121.637
| style="text-align:left" |
| style="text-align:right" | 129.715
| style="text-align:right" |
|-
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" | 3.261.447
| style="text-align:right" |
| style="text-align:right" | 3.168.313
|-
! colspan="5" style="text-align:left" | IV. Rückstellung für erfolgsabhängige und erfolgsunabhängige Beitragsrückerstattung
|-
| style="text-align:left" | 1. Bruttobetrag
| style="text-align:left" | 900
| style="text-align:left" |
| style="text-align:right" | 2.500
| style="text-align:right" |
|-
| style="text-align:left" | 2. davon ab: Anteil für das in Rückdeckung gegebene Versicherungsgeschäft
| style="text-align:left" | 0
| style="text-align:left" |
| style="text-align:right" | 0
| style="text-align:right" |
|-
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" | 900
| style="text-align:right" |
| style="text-align:right" | 2.500
|-
| style="text-align:left" | V. Schwankungsrückstellung und ähnliche Rückstellungen
| style="text-align:left" |
| style="text-align:left" | 252.856
| style="text-align:right" |
| style="text-align:right" | 267.266
|-
! colspan="5" style="text-align:left" | VI. Sonstige versicherungstechnische Rückstellungen
|-
| style="text-align:left" | 1. Bruttobetrag
| style="text-align:left" | 13.439
| style="text-align:left" |
| style="text-align:right" | 11.981
| style="text-align:right" |
|-
| style="text-align:left" | 2. davon ab: Anteil für das in Rückdeckung gegebene Versicherungsgeschäft
| style="text-align:left" | 0
| style="text-align:left" |
| style="text-align:right" | 0
| style="text-align:right" |
|-
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" | 13.439
| style="text-align:right" |
| style="text-align:right" | 11.981
|-
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | 3.761.887
| style="text-align:right" | 3.678.147
|-
! colspan="5" style="text-align:left" | C. Andere Rückstellungen
|-
| style="text-align:left" | I. Rückstellungen für Pensionen und ähnliche Verpflichtungen
| style="text-align:left" |
| style="text-align:left" | 847
| style="text-align:right" |
| style="text-align:right" | 785
|-
| style="text-align:left" | II. Sonstige Rückstellungen
| style="text-align:left" |
| style="text-align:left" | 20.763
| style="text-align:right" |
| style="text-align:right" | 19.930
|-
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | 21.610
| style="text-align:right" | 20.715
|-
! colspan="5" style="text-align:left" | D. Andere Verbindlichkeiten
|-
! colspan="5" style="text-align:left" | I. Verbindlichkeiten aus dem selbst abgeschlossenen Versicherungsgeschäft gegenüber
|-
| style="text-align:left" | 1. Versicherungsnehmern
| style="text-align:left" | 100.391
| style="text-align:left" |
| style="text-align:right" | 571.021
| style="text-align:right" |
|-
| style="text-align:left" | 2. Versicherungsvermittlern
| style="text-align:left" | 13.505
| style="text-align:left" |
| style="text-align:right" | 15.526
| style="text-align:right" |
|-
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" | 113.897
| style="text-align:right" |
| style="text-align:right" | 586.547
|-
| style="text-align:left" | II. Abrechnungsverbindlichkeiten aus dem Rückversicherungsgeschäft - davon an verbundene Unternehmen: 16.354 TEUR (11.153 TEUR)
| style="text-align:left" |
| style="text-align:left" | 22.634
| style="text-align:right" |
| style="text-align:right" | 17.901
|-
| style="text-align:left" | III. Sonstige Verbindlichkeiten - davon aus Steuern: 12.098 TEUR (12.573 TEUR) - davon an verbundene Unternehmen: 148.923 TEUR (118.065 TEUR)
| style="text-align:left" |
| style="text-align:left" | 173.294
| style="text-align:right" |
| style="text-align:right" | 142.272
|-
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | 309.825
| style="text-align:right" | 746.720
|-
| style="text-align:left" | E. Rechnungsabgrenzungsposten
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | 440
| style="text-align:right" | 651
|-
! style="text-align:left" | Summe der Passiva
! style="text-align:left" |
! style="text-align:left" |
! class="col-s" style="text-align:right" | 4.150.862
! class="col-s" style="text-align:right" | 4.503.332
|}
</div>

Die in der Bilanz für den Schluss des Geschäftsjahres 2025 unter Passiva B.III. eingestellte Renten-Deckungsrückstellung beträgt einschließlich nicht abgehobener Renten 63.698 EUR. Es wird bestätigt, dass die in der Bilanz unter Posten B.III. der Passiva eingestellte Renten-Deckungsrückstellung unter Beachtung von § 341f und § 341g HGB sowie unter Beachtung der aufgrund des § 88 Abs. 3 VAG erlassenen Rechtsverordnung berechnet worden ist.

{{pdf page|36|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
=== Gewinn- und Verlustrechnung für die Zeit vom 1. Januar bis 31. Dezember 2025 ===

<div style="overflow-x:auto">
{| id="t21" class="wikitable fintable"
|-
! style="text-align:left" | TEUR
! style="text-align:left" |
! style="text-align:left" |
! style="text-align:left" |
! style="text-align:left" | 2025
! class="col-s" style="text-align:right" | 2024
|-
! colspan="6" style="text-align:left" | I. Versicherungstechnische Rechnung
|-
! colspan="6" style="text-align:left" | 1. Verdiente Beiträge für eigene Rechnung
|-
| style="text-align:left" | a) Gebuchte Bruttobeiträge
| style="text-align:left" | 1.564.825
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | 1.588.316
|-
| style="text-align:left" | b) Abgegebene Rückversicherungsbeiträge
| style="text-align:left" | -69.365
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | -74.861
|-
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" | 1.495.460
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | 1.513.455
|-
| style="text-align:left" | c) Veränderung der Bruttobeitragsüberträge
| style="text-align:left" | -4.982
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | -8.784
|-
| style="text-align:left" | d) Veränderung des Anteils der Rückversicherer an den Bruttobeitragsüberträgen
| style="text-align:left" | -611
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | 92
|-
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" | -5.593
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | -8.692
|-
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" | 1.489.867
| style="text-align:left" |
| style="text-align:right" | 1.504.763
|-
! colspan="4" style="text-align:left" | 2. Technischer Zinsertrag für eigene Rechnung
! style="text-align:left" | 1.020
! class="col-s" style="text-align:right" | 1.052
|-
! colspan="4" style="text-align:left" | 3. Sonstige versicherungstechnische Erträge für eigene Rechnung
! style="text-align:left" | 360
! class="col-s" style="text-align:right" | 1.679
|-
! colspan="6" style="text-align:left" | 4. Aufwendungen für Versicherungsfälle für eigene Rechnung
|-
! colspan="6" style="text-align:left" | a) Zahlungen für Versicherungsfälle
|-
| style="text-align:left" | aa) Bruttobetrag
| style="text-align:left" | -920.737
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | -1.111.769
|-
| style="text-align:left" | bb) Anteil der Rückversicherer
| style="text-align:left" | 17.877
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | 41.572
|-
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" | -902.861
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | -1.070.197
|-
! colspan="6" style="text-align:left" | b) Veränderung der Rückstellung für noch nicht abgewickelte Versicherungsfälle
|-
| style="text-align:left" | aa) Bruttobetrag
| style="text-align:left" | -85.282
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | 66.347
|-
| style="text-align:left" | bb) Anteil der Rückversicherer
| style="text-align:left" | -7.852
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | -38.486
|-
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" | -93.134
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | 27.862
|-
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" | -995.994
| style="text-align:left" |
| style="text-align:right" | -1.042.335
|-
! colspan="6" style="text-align:left" | 5. Veränderung der übrigen versicherungstechnischen Netto-Rückstellungen
|-
! colspan="6" style="text-align:left" | a) Deckungsrückstellung
|-
| style="text-align:left" | aa) Bruttobetrag
| style="text-align:left" | 437
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | 836
|-
| style="text-align:left" | bb) Anteil der Rückversicherer
| style="text-align:left" | -3
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | -12
|-
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" | 433
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | 823
|-
| style="text-align:left" | b) Sonstige versicherungstechnische Netto-Rückstellungen
| style="text-align:left" |
| style="text-align:left" | -1.458
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | 3.236
|-
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" | -1.025
| style="text-align:left" |
| style="text-align:right" | 4.059
|-
! colspan="4" style="text-align:left" | 6. Aufwendungen für erfolgsabhängige und erfolgsunabhängige Beitragsrückerstattung für eigene Rechnung
! style="text-align:left" | -7
! class="col-s" style="text-align:right" | -2.008
|-
! colspan="6" style="text-align:left" | 7. Aufwendungen für den Versicherungsbetrieb für eigene Rechnung
|-
| style="text-align:left" | a) Bruttoaufwendungen für den Versicherungsbetrieb
| style="text-align:left" |
| style="text-align:left" | -486.415
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | -506.721
|-
| style="text-align:left" | b) davon ab: erhaltene Provisionen und Gewinnbeteiligungen aus dem in Rückdeckung gegebenen Versicherungsgeschäft
| style="text-align:left" |
| style="text-align:left" | 9.142
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | 10.484
|-
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" | -477.273
| style="text-align:left" |
| style="text-align:right" | -496.237
|-
! colspan="4" style="text-align:left" | 8. Sonstige versicherungstechnische Aufwendungen für eigene Rechnung
! style="text-align:left" | -11.229
! class="col-s" style="text-align:right" | -10.709
|-
! colspan="4" style="text-align:left" | 9. Zwischensumme
! style="text-align:left" | 5.719
! class="col-s" style="text-align:right" | -39.736
|-
! colspan="4" style="text-align:left" | 10. Veränderung der Schwankungsrückstellung und ähnlicher Rückstellungen
! style="text-align:left" | 14.410
! class="col-s" style="text-align:right" | 9.026
|-
! colspan="4" style="text-align:left" | 11. Versicherungstechnisches Ergebnis für eigene Rechnung
! style="text-align:left" | 20.130
! class="col-s" style="text-align:right" | -30.710
|}
</div>

{{pdf page|37|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
<div style="overflow-x:auto">
{| id="t22" class="wikitable"
|-
! colspan="4" style="text-align:left" | II. Nichtversicherungstechnische Rechnung
! style="text-align:right" | 2025
! style="text-align:right" | 2024
|-
! style="text-align:left" | TEUR
! style="text-align:left" |
! style="text-align:left" |
! style="text-align:left" |
! style="text-align:right" |
! style="text-align:right" |
|-
! style="text-align:left" | 1.
! colspan="3" style="text-align:left" | Erträge aus Kapitalanlagen
! style="text-align:right" |
! style="text-align:right" |
|-
| style="text-align:left" |
| colspan="2" style="text-align:left" | a) Erträge aus Beteiligungen – davon aus verbundenen Unternehmen: 4.325 TEUR (17.108 TEUR)
| style="text-align:left" | 4.325
| style="text-align:right" |
| style="text-align:right" | 17.224
|-
| style="text-align:left" |
| colspan="3" style="text-align:left" | b) Erträge aus anderen Kapitalanlagen – davon aus verbundenen Unternehmen: 21.905 TEUR (35.520 TEUR)
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" |
| colspan="2" style="text-align:left" | aa) Erträge aus Grundstücken, grundstücksgleichen Rechten und Bauten einschließlich Bauten auf fremden Grundstücken
| style="text-align:left" | 361
| style="text-align:right" |
| style="text-align:right" | 1.066
|-
| style="text-align:left" |
| colspan="2" style="text-align:left" | bb) Erträge aus anderen Kapitalanlagen
| style="text-align:left" | 91.084
| style="text-align:right" |
| style="text-align:right" | 100.444
|-
| style="text-align:left" |
| colspan="2" style="text-align:left" | c) Erträge aus Zuschreibungen
| style="text-align:left" | 0
| style="text-align:right" |
| style="text-align:right" | 75
|-
| style="text-align:left" | d)
| colspan="2" style="text-align:left" | Gewinne aus dem Abgang von Kapitalanlagen
| style="text-align:left" | 23.819
| style="text-align:right" |
| style="text-align:right" | 4.420
|-
| style="text-align:left" | e)
| colspan="2" style="text-align:left" | Erträge aus Gewinngemeinschaften, Gewinnabführungs- und Teilgewinnabführungsverträgen
| style="text-align:left" | 2
| style="text-align:right" |
| style="text-align:right" | 82
|-
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | 119.591
| style="text-align:right" | 123.310
|-
! style="text-align:left" | 2.
! colspan="3" style="text-align:left" | Aufwendungen für Kapitalanlagen
! style="text-align:right" |
! style="text-align:right" |
|-
| style="text-align:left" | a)
| colspan="2" style="text-align:left" | Aufwendungen für die Verwaltung von Kapitalanlagen, Zinsaufwendungen und sonstige Aufwendungen für Kapitalanlagen
| style="text-align:left" | -8.082
| style="text-align:right" |
| style="text-align:right" | -7.427
|-
| style="text-align:left" |
| colspan="2" style="text-align:left" | b) Abschreibungen auf Kapitalanlagen
| style="text-align:left" | -17.734
| style="text-align:right" |
| style="text-align:right" | -3.718
|-
| style="text-align:left" | c)
| colspan="2" style="text-align:left" | Verluste aus dem Abgang von Kapitalanlagen
| style="text-align:left" | -125.585
| style="text-align:right" |
| style="text-align:right" | -158
|-
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | -151.400
| style="text-align:right" | -11.303
|-
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | -31.809
| style="text-align:right" | 112.008
|-
| style="text-align:left" | 3.
| colspan="2" style="text-align:left" | Technischer Zinsertrag
| style="text-align:left" |
| style="text-align:right" | -1.020
| style="text-align:right" | -1.052
|-
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | -32.830
| style="text-align:right" | 110.956
|-
| style="text-align:left" | 4.
| colspan="2" style="text-align:left" | Sonstige Erträge
| style="text-align:left" |
| style="text-align:right" | 144.773
| style="text-align:right" | 18.208
|-
| style="text-align:left" | 5.
| colspan="2" style="text-align:left" | Sonstige Aufwendungen
| style="text-align:left" |
| style="text-align:right" | -22.581
| style="text-align:right" | -80.700
|-
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | 122.193
| style="text-align:right" | -62.492
|-
! style="text-align:left" | 6.
! colspan="3" style="text-align:left" | Ergebnis der normalen Geschäftstätigkeit
! style="text-align:right" | 109.493
! style="text-align:right" | 17.754
|-
| style="text-align:left" | 7.
| colspan="2" style="text-align:left" | Steuern vom Einkommen und vom Ertrag
| style="text-align:left" |
| style="text-align:right" | -15
| style="text-align:right" | -5
|-
| style="text-align:left" | 8.
| colspan="2" style="text-align:left" | Sonstige Steuern
| style="text-align:left" |
| style="text-align:right" | -7
| style="text-align:right" | -105
|-
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | -23
| style="text-align:right" | -110
|-
! style="text-align:left" | 9.
! colspan="3" style="text-align:left" | Aufgrund einer Gewinngemeinschaft, eines Gewinnabführungs- oder eines Teilgewinnabführungsvertrages abgeführte Gewinne
! style="text-align:right" | -109.470
! style="text-align:right" | -17.644
|-
! style="text-align:left" | 10.
! colspan="3" style="text-align:left" | Jahresüberschuss/Jahresfehlbetrag oder Bilanzgewinn
! style="text-align:right" | 0
! style="text-align:right" | 0
|}
</div>

*Anmerkung: Aufwandsposten sind mit einem Minuszeichen vor dem entsprechenden Betrag gekennzeichnet.*

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== Anhang ==

=== Angaben zur Gesellschaft ===

Die HDI Versicherung AG mit Sitz in Hannover wird beim Amtsgericht Hannover unter der Handelsregisternummer HRB 58934 geführt.

=== Bilanzierungs- und Bewertungsmethoden ===

Jahresabschluss und Lagebericht der Gesellschaft werden nach den für Versicherungsunternehmen geltenden Vorschriften des Handelsgesetzbuches (HGB), des Aktiengesetzes (AktG), des Versicherungsaufsichtsgesetzes (VAG) sowie den relevanten Verordnungen, insbesondere RechVersV, der Verordnung über die Rechnungslegung von Versicherungsunternehmen (RechVersV), in ihrer zum Bilanzstichtag gültigen Fassung aufgestellt.

==== Aktiva ====

Immaterielle Vermögensgegenstände werden zu Anschaffungskosten abzüglich der planmäßigen, linearen Abschreibungen entsprechend der betriebsgewöhnlichen Nutzungsdauer von fünf Jahren bilanziert. Von der Aktivierung selbst geschaffener immaterieller Vermögensgegenstände des Anlagevermögens nach § 248 Abs. 2 Satz 1 HGB wird abgesehen. Anteile an verbundenen Unternehmen und Beteiligungen werden zu Anschaffungskosten, vermindert um eventuelle Abschreibungen nach dem gemilderten Niederstwertprinzip (§ 341b Abs. 1 Satz 2 HGB in Verbindung mit § 253 Abs. 1 Satz 1, Abs. 3 Satz 5 HGB) bilanziert.

Ausleihungen an verbundene Unternehmen sowie an Unternehmen, mit denen ein Beteiligungsverhältnis besteht, werden gemäß § 341c Abs. 3 HGB mit den fortgeführten Anschaffungskosten unter Anwendung der Effektivzinsmethode bilanziert. Dabei werden die Kapitalanlagen bei Erwerb mit dem Kaufkurs angesetzt. Der Unterschiedsbetrag zum Rückzahlungsbetrag wird unter Anwendung der Effektivzinsmethode amortisiert. Notwendige Abschreibungen werden nach dem gemilderten Niederstwertprinzip vorgenommen.

Aktien, Anteile oder Aktien an Investmentvermögen sowie Inhaberschuldverschreibungen und andere festverzinsliche Wertpapiere werden, sofern sie nach den Grundsätzen des Umlaufvermögens geführt werden, nach dem strengen Niederstwertprinzip zu Anschaffungskosten oder den darunterliegenden Börsen- oder Marktwerten am Bilanzstichtag angesetzt. Das Wertaufholungsgebot wird beachtet (§ 341b Abs. 2 HGB in Verbindung mit §§ 255 Abs. 1 und 253 Abs. 1 Satz 1, Abs. 4 sowie Abs. 5 HGB). Wertpapiere, die dazu bestimmt sind, dauernd dem Geschäftsbetrieb zu dienen, werden nach den für das Anlagevermögen geltenden Vorschriften nach dem gemilderten Niederstwertprinzip bewertet (§ 341b Abs. 2 zweiter Halbsatz HGB in Verbindung mit § 253 Abs. 1 Satz 1, Abs. 3 Satz 5 HGB). Dauerhafte Wertminderungen werden erfolgswirksam abgeschrieben. Zur Beurteilung des Vorliegens einer dauerhaften Wertminderung in Bezug auf Inhaberschuldverschreibungen und andere festverzinsliche Wertpapiere sowie über Fonds gehaltene Schuldtitel, die wie Anlagevermögen bilanziert werden, werden Bonitätsprüfungen der Emittenten sowie die Entwicklungen der Ratings hinzugezogen. Zur Feststellung des Vorliegens einer voraussichtlich dauerhaften Wertminderung öffentlich gehandelter Aktien werden die vom Versicherungsfachausschuss des IDW empfohlenen Aufgreifkriterien verwendet. Demzufolge kann eine dauerhafte Wertminderung immer dann vorliegen, wenn der Zeitwert eines Wertpapiers in den dem Bilanzstichtag vorangehenden sechs Monaten permanent um mehr als 20 % unter dem Buchwert liegt sowie für den Fall, dass der Durchschnittswert der täglichen Börsenkurse in den letzten 12 Monaten um mehr als 10 % unter dem Buchwert liegt. Die Beurteilung der voraussichtlichen Dauerhaftigkeit einer Wertminderung für Anteile oder Aktien an Investmentvermögen bei einer zum Abschlussstichtag vorliegenden stillen Last auf dem Investmentanteil richtet sich nach den im Fonds gehaltenen Vermögensgegenständen (look-through-approach).

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Bei über oder unter pari erworbenen Wertpapieren wird der Differenzbetrag mit Hilfe der Effektivzinsmethode über die Laufzeit amortisiert.

Namensschuldverschreibungen sowie Schuldscheinforderungen und Darlehen werden zu fortgeführten Anschaffungskosten bilanziert (§ 341c Abs. 3 HGB). Dabei werden die Kapitalanlagen bei Erwerb mit dem Anschaffungskurs angesetzt. Der Unterschiedsbetrag zum Rückzahlungsbetrag wird unter Anwendung der Effektivzinsmethode amortisiert. Notwendige Abschreibungen werden nach dem gemilderten Niederstwertprinzip vorgenommen (§ 341b Abs. 2 zweiter Halbsatz HGB in Verbindung mit § 253 Abs. 1 Satz 1, Abs. 3 Satz 5 HGB).

Es befinden sich strukturierte Produkte in der Anlageform von Inhaberschuldverschreibungen, Namensschuldverschreibungen, Schuldscheinforderungen und Darlehen sowie Ausleihungen an verbundene Unternehmen und Unternehmen, mit denen ein Beteiligungsverhältnis besteht, im Bestand. Sie werden entsprechend dem Bilanzposten, in dem sie geführt werden, angesetzt und bewertet. Bei den im Bestand befindlichen strukturierten Produkten handelt es sich um Finanzinstrumente, bei denen das Basisinstrument in Form eines Fixed-Income Kassainstrumentes mit einem oder mehreren Derivaten vertraglich zu einer Einheit verbunden ist. Die Bilanzierung erfolgt, sofern die Voraussetzungen nach IDW RS HFA 22 vorliegen, einheitlich zu fortgeführten Anschaffungskosten nach den Vorschriften der wie Anlagevermögen bilanzierten Kapitalanlagen gemäß dem gemilderten Niederstwertprinzip (§ 341b Abs. 1 Satz 2 HGB in Verbindung mit § 253 Abs. 3 Satz 5 HGB).

Im Rahmen des Wertaufholungsgebots (§ 253 Abs. 5 Satz 1 HGB) werden auf Vermögensgegenstände, die in früheren Jahren abgeschrieben wurden, erfolgswirksame Zuschreibungen bis zur Höhe der fortgeführten Anschaffungswerte oder auf einen niedrigeren Verkehrs- oder Börsenwert vorgenommen, wenn die Gründe für die dauerhafte Wertminderung entfallen sind und eine Werterholung eingetreten ist.

Die Forderungen aus dem selbst abgeschlossenen Versicherungsgeschäft werden mit den Nominalbeträgen angesetzt. Die Pauschalwertberichtigung für Forderungen gegenüber Versicherungsnehmern wird für das Berichtsjahr anhand von Erfahrungswerten (Ausfälle in der Vergangenheit) ermittelt, für Forderungen gegenüber Vermittlern wird ein pauschaler Satz in Höhe von 1 % angewendet.

Abrechnungsforderungen und sonstige Forderungen werden mit den Nominalbeträgen aktiviert.

Aufgrund des vor dem Bilanzstichtag erfolgten Kostenschlusses werden Kostenbuchungen, die nach dem Abgrenzungsstichtag anfielen, unter den sonstigen Forderungen erfasst. Dieser Position stehen Kostenschätzungen für den Zeitraum zwischen Kostenschluss und Bilanzstichtag gegenüber, die in den sonstigen Rückstellungen gezeigt werden.

Laufende Guthaben bei Kreditinstituten, Schecks und Kassenbestand werden mit dem Nominalwert in Ansatz gebracht.

Die in die aktive Rechnungsabgrenzung einzubeziehenden Positionen werden zum Nennwert angesetzt.

Der Posten 'Aktiver Unterschiedsbetrag aus der Vermögensverrechnung' stellt den übersteigenden Betrag dar, der nach einzelvertraglicher Saldierung der Altersversorgungsverpflichtungen mit den diese bedeckenden Vermögensgegenständen (im Wesentlichen Rückdeckungslebensversicherungen) verbleibt.

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==== Passiva ====

Das gezeichnete Kapital, die Kapitalrücklage und die Gewinnrücklagen im Eigenkapital werden zum Nennwert angesetzt.

Die vertragsmäßigen Anteile der Rückversicherer an den relevanten Bruttopositionen werden für wesentliche Rückversicherungsverträge zum aktuellen Stichtag ermittelt und gebucht. Für ausgewählte Rückversicherungsverträge wird mit einem Zeitversatz zu Brutto von einem Monat gearbeitet, wobei gegebenenfalls im Falle materieller Bewegungen separate Schätzbuchungen für z. B. Großschäden erfolgen und bis zum aktuellen Stichtag berücksichtigt werden.

Die Beitragsüberträge werden unter Beachtung der Vorschriften der Aufsichtsbehörde und des Schreibens des Bundesministers der Finanzen vom 30.4.1974 für das selbst abgeschlossene Geschäft nach dem 1/360-System bzw. taggenau (pro rata temporis) ermittelt. Die in Rückdeckung gegebenen Anteile werden den vertraglichen Abmachungen entsprechend abgegrenzt.

Die Berechnung der Beitrags-Deckungsrückstellung für die Hausratversicherungen auf Lebenszeit erfolgt nach der prospektiven Methode unter Beachtung von § 341f HGB sowie der aufgrund des § 65 Abs. 1 VAG erlassenen Rechtsverordnung einzelvertraglich und unter Berücksichtigung künftiger Kosten. Es wird der jeweils bei Vertragsabschluss gültige Rechnungszins verwendet.

Die Rückstellung für noch nicht abgewickelte Versicherungsfälle wird im selbst abgeschlossenen Geschäft individuell pro Einzelschaden ermittelt.

Im Beteiligungsgeschäft werden die Angaben der führenden Versicherungsunternehmen übernommen. Lagen zum Bilanzstichtag die Angaben der Führenden noch nicht vor, werden die Rückstellungen je Geschäftsverbindung aufgrund der Erfahrungen der Vergangenheit geschätzt.

In der Kraftfahrzeug-Haftpflicht-, Fahrzeugvollkasko- und Fahrzeugteilkaskoversicherung wird für unerledigte Kleinschäden von der Möglichkeit der Gruppenbewertung Gebrauch gemacht.

Für am Bilanzstichtag noch nicht bekannt gewordene Versicherungsfälle wird eine Spätschadenrückstellung auf Basis von Vergangenheitswerten errechnet. Hierzu werden aktuariell die Anzahl der erwarteten Spätschäden sowie die Höhe des erwarteten Durchschnittsschadens ermittelt. Da sich das Standardverfahren nicht für lang abwickelnde Sparten eignet, wird die HGB-Spätschadenrückstellung in diesen Fällen von der aktuariell ermittelten IFRS-Rückstellung unter Berücksichtigung eines Zuschlags abgeleitet. Liegen in Einzelfällen aktuelle Erkenntnisse vor, wird auf dieser Basis ein jeweils angemessener Betrag zurückgestellt.

Darüber hinaus werden hier die gemäß § 65 VAG berechnete Renten-Deckungsrückstellung und die Rückstellung für noch zu erwartende Regulierungsaufwendungen ausgewiesen. Die Rückstellung für Regulierungskosten setzt sich aus den Bestandteilen externe und interne Kosten zusammen. Während die externe Schadenregulierungskostenrückstellung pro einzelnen Versicherungsfall spezifisch gebildet wird, erfolgt die Ermittlung der internen Regulierungskostenrückstellung anhand eines faktorbasierten Näherungsverfahrens. Dieses legt die geleisteten Schadenzahlungen als Volumenmaß für angefallene Kosten zugrunde und bestimmt aus diesem Verhältnis die künftige interne Regulierungskostenrückstellung als prozentualen Anteil der aktuellen Schadenrückstellung für Entschädigungen. Der entsprechende Prozentsatz/Faktor wird als Mittelwert historischer Beobachtungsjahre gebildet. Da angenommen wird, dass für bekannte Schäden bereits ein Teil der Schadenregulierung erbracht ist, erfolgt eine Reduktion des ermittelten Faktors auf Basis spartenspezifischer Erfahrungswerte.

Die in der Rückstellung für noch nicht abgewickelte Versicherungsfälle enthaltene Renten-Deckungsrückstellung (brutto) wird nach versicherungsmathematischen Grundsätzen berechnet. Die Berechnung erfolgt auf Basis der Sterbetafel Deutsche Aktuarvereinigung (DAV) 2006 HUR für Frauen und Männer. Der Rechnungszins wird gemäß § 5 Abs. 4 der Deckungs rückstellungsverordnung als Minimum aus originär gültigem Höchstrechnungszins und dem Referenzzins gebildet. Konkret bedeutet dies:

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Rechnungszins
<div style="overflow-x:auto">
{| id="t23" class="wikitable fintable"
|-
! style="text-align:left" | Eintritt in Rentenverpflichtung
! class="col-s" style="text-align:right" | Rechnungszins
|-
| style="text-align:left" | vor 2015
| style="text-align:right" | 1,57%
|-
| style="text-align:left" | 2015 bis 2016
| style="text-align:right" | 1,25%
|-
| style="text-align:left" | 2017 bis 2021
| style="text-align:right" | 0,90%
|-
| style="text-align:left" | 2022 bis 2024
| style="text-align:right" | 0,25%
|-
| style="text-align:left" | 2025
| style="text-align:right" | 1,00%
|}
</div>
Forderungen aus Regressen, Provenues und Teilungsabkommen zu bereits abgewickelten Versicherungsfällen werden als Abzugsposten innerhalb der Schadenrückstellung berücksichtigt.
Die Bildung der Rückstellung für Beitragsrückerstattung entspricht den vertraglichen Bestimmungen.
Bei der Berechnung der Schwankungsrückstellung werden die Vorschriften gemäß § 29 und der Anlage zu § 29 RechVersV sowie die Vorschriften der Versicherungsberichterstattungsverordnung (BerVersV) angewendet.
Die sonstigen versicherungstechnischen Rückstellungen werden wie folgt ermittelt: Die Stornorückstellung wurde errechnet, indem eine durchschnittliche Stornoquote für die letzten drei Jahre ermittelt und mit den Beiträgen des aktuellen Jahres multipliziert wurde. Die Rückstellung aufgrund der Verpflichtung aus der Mitgliedschaft in der Verkehrsopferhilfe e.V. wird gemäß Mitteilung des Vereins gebildet.
Die unter den sonstigen versicherungstechnischen Rückstellungen ausgewiesene Rückstellung für drohende Verluste aus selbst abgeschlossenem oder in Rückdeckung übernommenem Versicherungsgeschäft gemäß § 31 Abs. 1 Nr. 2 RechVersV wird als negativer Saldo zwischen den zu erwartenden Erträgen für die Verträge, für die zum Bilanzierungsstichtag eine rechtliche Verpflichtung besteht, und den zu erwartenden Aufwendungen gebildet. Die Erträge umfassen den zu erwartenden Beitrag sowie Verzinsungseffekte hierauf. Die Aufwendungen umfassen die Schadenaufwendungen und die Verwaltungskosten. Die Aufwandspositionen werden vergangenheitsbasiert abgeleitet und gegebenenfalls bereinigt, sofern die Prognose der künftigen Entwicklung durch Effekte in zurückliegenden Schadenjahren verzerrt würde.
Bei den versicherungstechnischen Rückstellungen aus dem in Rückdeckung übernommenen Versicherungsgeschäft werden grundsätzlich die von den Vorversicherern aufgegebenen Rückstellungen passiviert, soweit nicht eigene bessere Erkenntnisse vorliegen. Soweit zum Zeitpunkt der Bilanzerstellung die Angaben noch nicht vorliegen, werden die Schadenrückstellungen unter Zugrundelegung der letztjährigen Angaben geschätzt.
Verpflichtungen aus Pensionen wurden gemäß § 253 Abs. 1 Satz 2 HGB in Höhe des nach vernünftiger Beurteilung notwendigen Erfüllungsbetrages angesetzt und entsprechend § 253 Abs. 2 Satz 2 HGB mit dem von der Bundesbank gemäß der Rückstellungsabzinsungsverordnung (RückAbzinsV) zum 30.9.2025 veröffentlichten und auf den 31.12.2025 prognostizierten durchschnittlichen Zinssatz der letzten zehn Jahre bei einer angenommenen Restlaufzeit von 15 Jahren abgezinst. Die Grundsätze des IDW RH FAB 1.021 finden bei der Bewertung der Rückstellungen für rückgedeckte Direktzusagen Anwendung. Die Pensionsrückstellungen für nicht rückgedeckte arbeitgeberfinanzierte Zusagen wurden nach dem Anwartschaftsbarwertverfahren ermittelt. Die Pensionsrückstellungen für nicht wertpapiergebundene arbeitnehmerfinanzierte Zusagen wurden nach dem Anwartschaftsbarwertverfahren ermittelt, soweit die Leistungen nicht durch eine Rückdeckungsversicherung gedeckt sind. Für die rückgedeckten Leistungen entspricht der Erfüllungsbetrag dem Zeitwert des Deckungskapitals des Lebensversicherungsvertrags zuzüglich Überschussbeteiligung.

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Die Bewertung basiert auf den Ausscheidewahrscheinlichkeiten der HEUBECK-RICHTTAFELN 2018 G, die entsprechend dem im Bestand beobachteten Risikoverlauf verstärkt wurden. Im Übrigen wurden nachstehende Annahmen der Berechnung zugrunde gelegt:
<div style="overflow-x:auto">
{| id="t24" class="wikitable"
|-
| style="text-align:left" | Gehaltsdynamik:
| style="text-align:right" | 3,25 %(3,50 %)
|-
| style="text-align:left" | Rentendynamik:
| style="text-align:right" | 2,08 %(2,14 %)
|-
| style="text-align:left" | Zinssatz:
| style="text-align:right" | 2,06 %(1,90 %)
|}
</div>
Die für die Bewertung der rückgedeckten Direktzusagen erforderliche Gesamtverzinsungserwartung beträgt, abhängig vom Lebensversicherer, 3,30 % bis 3,60 %.
Die berücksichtigte Fluktuation entspricht den nach Alter und Geschlecht diversifizierten unternehmensindividuellen Wahrscheinlichkeiten.
Bei den wertpapiergebundenen arbeitnehmerfinanzierten Zusagen handelt es sich ausschließlich um leistungskongruent rückgedeckte Versorgungszusagen, deren Bewertung entsprechend IDW RS HFA 30 Rz. 74 nach § 253 Abs. 1 Satz 3 HGB zu erfolgen hat. Für diese Zusagen entspricht der Erfüllungsbetrag mithin mindestens dem Zeitwert des Deckungskapitals des Lebensversicherungsvertrags zuzüglich Überschussbeteiligung.
Die übrigen Rückstellungen werden nach dem Grundsatz vorsichtiger kaufmännischer Bewertung mit ihrem voraussichtlich notwendigen Erfüllungsbetrag angesetzt und, soweit die erwarteten Laufzeiten mehr als ein Jahr betragen, gemäß § 253 Abs. 2 Satz 1 HGB mit dem von der Bundesbank gemäß der Rückstellungsabzinsungsverordnung (RückAbzinsV) veröffentlichten durchschnittlichen Zinssatz (Stichtagszins zum 31.12.2025) der letzten sieben Jahre abgezinst.
Die anderen Verbindlichkeiten werden mit den Erfüllungsbeträgen angesetzt.
Unter dem passiven Rechnungsabgrenzungsposten werden Einnahmen vor dem Abschlussstichtag ausgewiesen, soweit sie Erträge für einen bestimmten Zeitraum danach darstellen.
== Währungsumrechnung ==
Wenn Fremdwährungspositionen vorliegen, erfolgt die Umrechnung zum Bilanzstichtag für Positionen der Bilanz zum Stichtagskurs (Devisenkassamittelkurs) und für Positionen der Gewinn- und Verlustrechnung zum Durchschnittskurs. Bei monatlicher Fremdwährungsbewertung erfolgt die Umrechnung der Bestandspositionen zum jeweiligen Stichtagskurs zum Monatsende. Der Umrechnungskurs für die monatliche Bewertung der Positionen der Gewinn- und Verlustrechnung ist der jeweilige Ultimokurs des Vormonats. Diese Positionen werden in einem rollierenden Verfahren bewertet. Durch die Addition der umgerechneten Einzelwerte ergibt sich faktisch eine Umrechnung nach Durchschnittskursen.
== Hinweis: ==
Zur Verbesserung der Übersichtlichkeit des Abschlusses werden die Bilanz, die Gewinn- und Verlustrechnung und der Anhang in Tausend Euro aufgestellt. Die einzelnen Posten, Zwischen- und Endsummen werden kaufmännisch gerundet. Die Addition der Einzelwerte kann daher von den Zwischen- und Endsummen um Rundungsdifferenzen abweichen.

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43 Lagebericht / Management Report Finanzbericht Brasilien / Financial report Brazil 41 Jahresabschluss. HDI Versicherung AG. Anhang.

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=== Erläuterungen zur Bilanz - Aktiva ===

==== Entwicklung der Aktivposten A. und B.I. bis B.III. im Geschäftsjahr 2025 ====

<div style="overflow-x:auto">
{| id="t25" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | Bilanzwerte Vorjahr
! class="col-s" style="text-align:right" | Zugänge
! class="col-s" style="text-align:right" | Umbuchung
|-
! colspan="4" style="text-align:left" | TEUR
|-
! colspan="4" style="text-align:left" | A. Immaterielle Vermögensgegenstände
|-
| style="text-align:left" | Entgeltlich erworbene Konzessionen, gewerbliche Schutzrechte und ähnliche Rechte und Werte sowie Lizenzen an solchen Rechten und Werten
| style="text-align:right" | 3.953
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
! colspan="4" style="text-align:left" | B. Kapitalanlagen
|-
| style="text-align:left" | I. Grundstücke, grundstücksgleiche Rechte und Bauten einschließlich der Bauten auf fremden Grundstücken
| style="text-align:right" | 217
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
! colspan="4" style="text-align:left" | II. Kapitalanlagen in verbundenen Unternehmen und Beteiligungen
|-
| style="text-align:left" | 1. Anteile an verbundenen Unternehmen
| style="text-align:right" | 267.706
| style="text-align:right" | 765
| style="text-align:right" | 0
|-
| style="text-align:left" | 2. Ausleihungen an verbundene Unternehmen
| style="text-align:right" | 153.261
| style="text-align:right" | 50.000
| style="text-align:right" | 0
|-
| style="text-align:left" | 3. Beteiligungen
| style="text-align:right" | 1.965
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | 4. Ausleihungen an Unternehmen, mit denen ein Beteiligungsverhältnis besteht
| style="text-align:right" | 19.575
| style="text-align:right" | 750
| style="text-align:right" | 0
|-
| style="text-align:left" | Summe B.II.
| style="text-align:right" | 442.508
| style="text-align:right" | 51.515
| style="text-align:right" | 0
|-
! colspan="4" style="text-align:left" | III. Sonstige Kapitalanlagen
|-
| style="text-align:left" | 1. Aktien, Anteile oder Aktien an Investmentvermögen und andere nicht festverzinsliche Wertpapiere
| style="text-align:right" | 822.816
| style="text-align:right" | 72.987
| style="text-align:right" | 0
|-
| style="text-align:left" | 2. Inhaberschuldverschreibungen und andere festverzinsliche Wertpapiere
| style="text-align:right" | 1.553.894
| style="text-align:right" | 1.527.331
| style="text-align:right" | 0
|-
! colspan="4" style="text-align:left" | 3. Sonstige Ausleihungen
|-
| style="text-align:left" | a) Namensschuldverschreibungen
| style="text-align:right" | 782.990
| style="text-align:right" | 89.480
| style="text-align:right" | 0
|-
| style="text-align:left" | b) Schuldscheinforderungen und Darlehen
| style="text-align:right" | 158.387
| style="text-align:right" | 30.605
| style="text-align:right" | 0
|-
| style="text-align:left" | Summe B.III.
| style="text-align:right" | 3.318.087
| style="text-align:right" | 1.720.402
| style="text-align:right" | 0
|-
| style="text-align:left" | Summe B.
| style="text-align:right" | 3.760.811
| style="text-align:right" | 1.771.917
| style="text-align:right" | 0
|-
| style="text-align:left" | Summe
| style="text-align:right" | 3.764.764
| style="text-align:right" | 1.771.917
| style="text-align:right" | 0
|}
</div>

Die Zu- und Abgänge beinhalten auch Währungskursdifferenzen auf Bilanzwerte des Vorjahres.

{{pdf page|45|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
<div style="overflow-x:auto">
{| id="t26" class="wikitable fintable"
|-
! style="text-align:left" | Abgänge
! class="col-m" style="text-align:right" | Zuschreibungen
! class="col-m" style="text-align:right" | Abschreibungen
! class="col-m" style="text-align:right" | Bilanzwerte Geschäftsjahr
|-
| style="text-align:left" | 0
| style="text-align:right" | 0
| style="text-align:right" | 1.800
| style="text-align:right" | 2.153
|-
| style="text-align:left" | 216
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | 12.020
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 256.451
|-
| style="text-align:left" | 0
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 203.261
|-
| style="text-align:left" | 0
| style="text-align:right" | 0
| style="text-align:right" | 2
| style="text-align:right" | 1.964
|-
| style="text-align:left" | 365
| style="text-align:right" | 0
| style="text-align:right" | 21
| style="text-align:right" | 19.939
|-
| style="text-align:left" | 12.385
| style="text-align:right" | 0
| style="text-align:right" | 23
| style="text-align:right" | 481.615
|-
| style="text-align:left" | 111.636
| style="text-align:right" | 0
| style="text-align:right" | 11.492
| style="text-align:right" | 772.675
|-
| style="text-align:left" | 1.210.939
| style="text-align:right" | 0
| style="text-align:right" | 45
| style="text-align:right" | 1.870.241
|-
| style="text-align:left" | 398.889
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 473.581
|-
| style="text-align:left" | 17.055
| style="text-align:right" | 0
| style="text-align:right" | 6.174
| style="text-align:right" | 165.763
|-
| style="text-align:left" | 1.738.520
| style="text-align:right" | 0
| style="text-align:right" | 17.711
| style="text-align:right" | 3.282.259
|-
| style="text-align:left" | 1.751.121
| style="text-align:right" | 0
| style="text-align:right" | 17.734
| style="text-align:right" | 3.763.874
|-
| style="text-align:left" | 1.751.121
| style="text-align:right" | 0
| style="text-align:right" | 19.534
| style="text-align:right" | 3.766.027
|}
</div>

{{pdf page|46|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
=== Zu B. Kapitalanlagen ===

==== Ermittlung der Zeitwerte der Kapitalanlagen ====

Die Ermittlung der Zeitwerte der Anteile an verbundenen Unternehmen und Beteiligungen erfolgt je nach Gesellschaftszweck und -größe unterschiedlich. Bei der Ermittlung der Zeitwerte der Anteile an verbundenen Unternehmen und Beteiligungen werden die mit dem Ertragswertverfahren bewerteten Unternehmen standardmäßig mit dem Barwert der künftigen ausschüttbaren finanziellen Überschüsse (Ertragswert) angesetzt. Für Gesellschaften, die nicht am Kapitalmarkt gehandelte Eigenkapitalinstrumente zeichnen (Investitionsvehikel für Private Equity-, Real Estate Fonds und andere alternative Investments), erfolgt die Bewertung analog zu vergleichbaren Instrumenten, die direkt gehalten werden, mit Hilfe des Net-AssetValue-Verfahrens.

Die Zeitwerte der Ausleihungen an verbundene Unternehmen sowie an Unternehmen, mit denen ein Beteiligungsverhältnis besteht, der Namensschuldverschreibungen, der Schuldscheinforderungen und Darlehen werden über ein Barwertverfahren mit Hilfe von produkt- und ratingspezifischen Renditekurven ermittelt. Bei den verwendeten Spread-Aufschlägen werden spezielle Ausgestaltungen wie z. B. Einlagensicherung, Gewährträgerhaftung oder Nachrangigkeit berücksichtigt.

Die Zeitwertermittlung der sonstigen Kapitalanlagen erfolgt grundsätzlich auf Basis des Freiverkehrswertes gemäß § 56 RechVersV. Für Kapitalanlagen, die einen Markt- oder Börsenpreis haben (Aktien, Anteile oder Aktien an Investmentvermögen, Inhaberschuldverschreibungen und andere festverzinsliche Wertpapiere), gilt als Zeitwert der Wert zum Bilanzstichtag bzw. zum letzten diesem Zeitpunkt vorausgehenden Tag, für den ein Markt- oder Börsenpreis feststellbar war. In Fällen, in denen keine Börsennotierungen vorliegen, werden Renditekurse auf Basis an Finanzmärkten etablierter Preisbildungsverfahren eingesetzt. Kapitalanlagen werden höchstens mit ihrem voraussichtlich realisierbaren Wert unter Berücksichtigung des Grundsatzes der Vorsicht bewertet. Die Zeitwerte der im Bestand befindlichen Spezialfonds entsprechen dem ermittelten Rücknahmekurs.

Die Ermittlung des beizulegenden Wertes erfolgt für wie Anlagevermögen bilanzierte, öffentlich gehandelte Aktien und Aktienfonds mittels des EPS-Verfahrens (EPS = earnings per share), eines Ertragswertverfahrens je Aktie auf Basis der von unabhängigen Analysten geschätzten jährlichen Gewinnerwartungen oder der darüberliegenden Marktwerte. Sofern der EPSWert über 120 % des Marktwertes liegt, erfolgt eine Deckelung bei diesen 120 %.

Bei der Ermittlung des beizulegenden Wertes für wie Anlagevermögen bilanzierte, über Spezialfonds gehaltene Rententitel werden die Renten zu fortgeführten Anschaffungskosten angesetzt, sofern sich keine Indizien für eine voraussichtlich dauernde Wertminderung ergeben. Hierzu wird die Bonität des Emittenten sowie die Entwicklung der Ratings herangezogen. Bei Default-Titeln und Titeln, deren Marktwert kleiner 50 % des Nominals ist, wird grundsätzlich der niedrigere Marktwert herangezogen.

Die Zeitwertermittlung der im Bestand befindlichen Private Equity, Infrastruktur- und Real Estate Fonds erfolgt auf Basis des letzten durch den General Partner gemeldeten Net Asset Value (Capital Account), der bis zum Stichtag im Hinblick auf zwischenzeitlich erfolgte Abrufe und Ausschüttungen fortgeschrieben wird.

Bei der Ermittlung des Zeitwerts von Swaps wird für beide Legs eines Swaps die Discounted-Cash-Flow-Methode getrennt angewendet. Bei dem festverzinslichen Leg wird der gesamte Cashflow bis zur Endfälligkeit ausgerollt, bei dem variabel verzinslichen Leg wird der Cashflow bis zum nächsten Zinsanpassungstermin ausgerollt. Aus der Addition der Barwerte (unter Berücksichtigung des Vorzeichens für die Long/Short-Position) ergibt sich der theoretische Preis bzw. die aktuelle Forderungs- und Verbindlichkeitsposition des gesamten Swapgeschäfts.

{{pdf page|47|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
Bei folgenden zu Anschaffungskosten bilanzierten Kapitalanlagen liegen die Zeitwerte unter den Buchwerten:

=== Kapitalanlagen mit stillen Lasten ===

<div style="overflow-x:auto">
{| id="t27" class="wikitable fintable"
|-
! style="text-align:left" | TEUR
! class="col-m" style="text-align:right" | Buchwerte
! class="col-m" style="text-align:right" | Zeitwerte
! class="col-m" style="text-align:right" | Saldo
|-
| style="text-align:left" | Anteile an verbundenen Unternehmen
| style="text-align:right" | 9.416
| style="text-align:right" | 7.743
| style="text-align:right" | -1.673
|-
| style="text-align:left" | Ausleihungen an verbundene Unternhemen
| style="text-align:right" | 104.696
| style="text-align:right" | 99.516
| style="text-align:right" | -5.180
|-
| style="text-align:left" | Ausleihungen an Unternehmen, mit denen ein Beteiligungsverhältnis besteht
| style="text-align:right" | 3.471
| style="text-align:right" | 3.171
| style="text-align:right" | -300
|-
| style="text-align:left" | Anteile oder Aktien an Investmentvermögen
| style="text-align:right" | 159.472
| style="text-align:right" | 144.298
| style="text-align:right" | -15.175
|-
| style="text-align:left" | Inhaberschuldverschreibungen und andere festverzinsliche Wertpapiere
| style="text-align:right" | 1.335.690
| style="text-align:right" | 1.315.553
| style="text-align:right" | -20.137
|-
| style="text-align:left" | Sonstige Ausleihungen Ausleihungen an Unternehmen, mit denen ein Beteiligungsverhältnis Inhaberschuldverschrei
| style="text-align:right" | 451.127 6.727 1.335.690
| style="text-align:right" | 436.112 6.317 1.315.553
| style="text-align:right" | -15.015 6.317 1.315.553
|-
| style="text-align:left" | Summe
| style="text-align:right" | 2.063.873
| style="text-align:right" | 2.006.393
| style="text-align:right" | -57.480
|}
</div>

Unter Anwendung des § 341b Abs. 2 HGB wurden bei den wie Anlagevermögen bilanzierten Kapitalanlagen Abschreibungen in Höhe von 35.313 (111.638) TEUR vermieden. Es handelt sich hierbei nach unserer Einschätzung um vorübergehende Wertminderungen.

Zur Beurteilung des Vorliegens einer dauerhaften Wertminderung in Bezug auf festverzinsliche Wertpapiere werden Bonitätsprüfungen der Emittenten sowie die Entwicklungen der Ratings hinzugezogen. Diese stillen Lasten wurden gemäß § 253 Abs. 3 Satz 5 HGB nicht außerplanmäßig abgeschrieben, da sie im Wesentlichen zinsinduziert sind und somit nicht als dauerhaft eingeschätzt werden. Aufgrund der Bonität der Emittenten ist nicht mit Zahlungsausfällen zu rechnen.

Zur Feststellung des Vorliegens einer voraussichtlich dauerhaften Wertminderung der Anteile oder Aktien an Investmentvermögen werden die vom Versicherungsfachausschuss des IDW empfohlenen Aufgreifkriterien verwendet. Demzufolge kann eine dauerhafte Wertminderung immer dann vorliegen, wenn der Zeitwert eines Wertpapiers in den dem Bilanzstichtag vorangehenden sechs Monaten permanent um mehr als 20 % unter dem Buchwert liegt, sowie für den Fall, dass der Durchschnittswert der täglichen Börsenkurse in den letzten 12 Monaten um mehr als 10 % unter dem Buchwert liegt. Sofern die notwendigen Informationen für eine Durchschau (look-through-approach) vorliegen, richtet sich die Beurteilung der voraussichtlichen Dauerhaftigkeit einer Wertminderung für Anteile oder Aktien an Investmentvermögen bei einer zum Abschlussstichtag vorliegenden stillen Last auf dem Investmentanteil nach den im Fonds gehaltenen Vermögensgegenständen.

=== Außerplanmäßige Abschreibungen gemäß § 277 (3) HGB: ===

Die Abschreibungen auf Kapitalanlagen enthalten außerplanmäßige Abschreibungen gemäß § 277 Abs. 3 Satz 1 HGB von 11.492 (794) TEUR.

{{pdf page|48|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
=== Zu B.II. Kapitalanlagen in verbundenen Unternehmen und Beteiligungen ===

Die für die Gesellschaft wesentlichen Anteile an verbundenen Unternehmen und Beteiligungen sind nachfolgend aufgeführt. Auf die Darstellung von Gesellschaften von untergeordneter wirtschaftlicher Bedeutung ohne wesentlichen Einfluss auf die Vermögens-, Finanz- und Ertragslage wurde verzichtet (§ 286 Nr. 3 Satz 1 HGB).

<div style="overflow-x:auto">
{| id="t28" class="wikitable fintable"
|-
! style="text-align:left" | Name, Sitz
! class="col-s" style="text-align:right" | Eigenkapital{{fn ref|1)|2=1) vor Ergebnisabführung und Ausschüttung, Angaben basierend auf dem letzten vorliegenden testierten Jahresabschluss}}
! class="col-s" style="text-align:right" | Ergebnis{{fn ref|1)|2=1) vor Ergebnisabführung und Ausschüttung, Angaben basierend auf dem letzten vorliegenden testierten Jahresabschluss}}
! class="col-s" style="text-align:right" | Anteil am Kapital{{fn ref|2)|2=2) Die Anteilsquote ergibt sich aus der Addition aller direkt und indirekt gehaltenen Anteile nach Maßgabe des § 16 Abs. 2 und 4 AktG}}
|-
! style="text-align:left" | TEUR
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
|-
| style="text-align:left" | Inland:
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Enhanced Sustainable Power Fund Nr. 3 GmbH & Co. KG geschlossene Investment KG, Grünwald{{fn ref|3)|2=3) Angaben zu Eigenkapital und Jahresergebnis betreffen das Geschäftsjahr vom 30.9.2021 bis 30.9.2022}}
| style="text-align:right" | 187.778
| style="text-align:right" | 11.679
| style="text-align:right" | 2,0%
|-
| style="text-align:left" | Fair Claims GmbH, Hannover
| style="text-align:right" | 4.025
| style="text-align:right" | 546
| style="text-align:right" | 100,0%
|-
| style="text-align:left" | GDV Dienstleistungs-GmbH, Hamburg
| style="text-align:right" | 29.653
| style="text-align:right" | 983
| style="text-align:right" | 3,0%
|-
| style="text-align:left" | hector digital GmbH, Marpingen{{fn ref|4)|2=4) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG}}
| style="text-align:right" | 119
| style="text-align:right" | -4
| style="text-align:right" | 19,0%
|-
| style="text-align:left" | Infrastruktur Ludwigsau GmbH & Co KG, Köln{{fn ref|4)|2=4) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG}}
| style="text-align:right" | 21.353
| style="text-align:right" | 1.126
| style="text-align:right" | 100,0%
|-
| style="text-align:left" | Infrastruktur Windpark Vier Fichten GbR, Bremen{{fn ref|4)|2=4) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG}}
| style="text-align:right" | 8
| style="text-align:right" | 4
| style="text-align:right" | 41,7%
|-
| style="text-align:left" | KOP4 GmbH & Co. KG, München
| style="text-align:right" | 45.942
| style="text-align:right" | 2.962
| style="text-align:right" | 7,2%
|-
| style="text-align:left" | MachDigital GmbH, Neunkirchen
| style="text-align:right" | 539
| style="text-align:right" | -1.461
| style="text-align:right" | 49,0%
|-
| style="text-align:left" | Neodigital Versicherung AG, Neunkirchen
| style="text-align:right" | 8.158
| style="text-align:right" | -19.531
| style="text-align:right" | 5,5%
|-
| style="text-align:left" | Riethorst Grundstücksgesellschaft AG & Co. KG, Hannover
| style="text-align:right" | 133.025
| style="text-align:right" | 6.607
| style="text-align:right" | 50,0%
|-
| style="text-align:left" | SSV Schadenschutzverband GmbH, Hannover
| style="text-align:right" | 200
| style="text-align:right" | 591
| style="text-align:right" | 100,0%
|-
| style="text-align:left" | Talanx Infrastructure France 2 GmbH, Köln{{fn ref|4)|2=4) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG}}
| style="text-align:right" | 79.180
| style="text-align:right" | 6.315
| style="text-align:right" | 100,0%
|-
| style="text-align:left" | Talanx Infrastructure Portugal 2 GmbH, Köln
| style="text-align:right" | 32.460
| style="text-align:right" | 3.047
| style="text-align:right" | 50,0%
|-
| style="text-align:left" | Talanx Infrastructure Portugal GmbH, Köln{{fn ref|4)|2=4) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG}}
| style="text-align:right" | 731
| style="text-align:right" | -0
| style="text-align:right" | 70,0%
|-
| style="text-align:left" | TD Real Assets GmbH & Co. KG, Köln
| style="text-align:right" | 582.933
| style="text-align:right" | 15.285
| style="text-align:right" | 17,0%
|-
| style="text-align:left" | TD Sach Private Equity GmbH & Co. KG, Köln
| style="text-align:right" | 94.254
| style="text-align:right" | 9.434
| style="text-align:right" | 100,0%
|-
| style="text-align:left" | Windfarm Bellheim GmbH & Co. KG, Köln{{fn ref|4)|2=4) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG}}
| style="text-align:right" | 38.825
| style="text-align:right" | 1.459
| style="text-align:right" | 85,0%
|-
| style="text-align:left" | Windpark Mittleres Mecklenburg GmbH & Co. KG, Köln{{fn ref|4)|2=4) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG}}
| style="text-align:right" | 13.379
| style="text-align:right" | 3.007
| style="text-align:right" | 100,0%
|-
| style="text-align:left" | Windpark Parchim GmbH & Co. KG, Köln{{fn ref|4)|2=4) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG}}
| style="text-align:right" | 12.765
| style="text-align:right" | 1.680
| style="text-align:right" | 51,0%
|-
| style="text-align:left" | Windpark Rehain GmbH & Co. KG, Köln{{fn ref|4)|2=4) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG}}
| style="text-align:right" | 21.958
| style="text-align:right" | 677
| style="text-align:right" | 100,0%
|-
| style="text-align:left" | Windpark Sandstruth GmbH & Co. KG, Köln{{fn ref|4)|2=4) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG}}
| style="text-align:right" | 4.252
| style="text-align:right" | 62.961
| style="text-align:right" | 100,0%
|-
| style="text-align:left" | Zweite Riethorst Grundstücksgesellschaft mbH
| style="text-align:right" | 123.915
| style="text-align:right" | 1.742
| style="text-align:right" | 50,0%
|-
| style="text-align:left" | Ausland:
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Augusta Ireland 2 Limited Partnership, Irland, Dublin
| style="text-align:right" | -540
| style="text-align:right" | -385
| style="text-align:right" | 100%
|-
| style="text-align:left" | CEF BKR03 NL B.V., Niederlande, Amsterdam{{fn ref|4)|2=4) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG}}
| style="text-align:right" | 55.039
| style="text-align:right" | -1.090
| style="text-align:right" | 5,2%
|-
| style="text-align:left" | EIP Gas Transit Switzerland SCS, Luxemburg, Luxemburg{{fn ref|5)|2=5) Angaben zu Eigenkapital und Jahresergebnis betreffen das Geschäftsjahr vom 30.6.2024 bis 30.6.2025}}
| style="text-align:right" | 141.838
| style="text-align:right" | -6.222
| style="text-align:right" | 2,8%
|-
| style="text-align:left" | EIP Wind Power Central Norway SCS, Luxemburg, Luxemburg{{fn ref|4)|2=4) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG}}
| style="text-align:right" | 88.335
| style="text-align:right" | -36.888
| style="text-align:right" | 10,9%
|-
| style="text-align:left" | Escala Braga - Sociedade Gestora do Edificio S.A., Portugal, Braga{{fn ref|4)|2=4) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG}}
| style="text-align:right" | 5.829
| style="text-align:right" | 1.774
| style="text-align:right" | 49,0%
|-
| style="text-align:left" | Escala Parque - Gestao de Estacionamento S.A., Portugal, Linhó{{fn ref|4)|2=4) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG}}
| style="text-align:right" | 1.588
| style="text-align:right" | 1.527
| style="text-align:right" | 49,0%
|-
| style="text-align:left" | Escala Vila Franca - Sociedade Gestora do Edificio S.A., Portugal, Linhó{{fn ref|4)|2=4) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG}}
| style="text-align:right" | 15.427
| style="text-align:right" | 2.283
| style="text-align:right" | 49,0%
|-
| style="text-align:left" | Ferme Eolienne du Confolentais SNC, Frankreich, Toulouse{{fn ref|4)|2=4) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG}}
| style="text-align:right" | 12.847
| style="text-align:right" | 708
| style="text-align:right" | 100,0%
|-
| style="text-align:left" | Iberia Termosolar 1, S.L.U., Spanien, Sevilla{{fn ref|4)|2=4) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG}}
| style="text-align:right" | 45.559
| style="text-align:right" | 626
| style="text-align:right" | 33,4%
|-
| style="text-align:left" | Infrastorm Co-Invest 1 SCA, Luxemburg, Luxemburg{{fn ref|4)|2=4) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG}}
| style="text-align:right" | 11.342
| style="text-align:right" | -60
| style="text-align:right" | 45,0%
|-
| style="text-align:left" | Le Chemin de La Milaine S.N.C., Frankreich, Lille{{fn ref|4)|2=4) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG}}
| style="text-align:right" | 16.451
| style="text-align:right" | 1.706
| style="text-align:right" | 100,0%
|-
| style="text-align:left" | Le Louveng S.A.S, Frankreich, Lille{{fn ref|4)|2=4) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG}}
| style="text-align:right" | 12.282
| style="text-align:right" | 753
| style="text-align:right" | 100,0%
|-
| style="text-align:left" | Les Vents de Malet S.N.C., Frankreich, Lille{{fn ref|4)|2=4) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG}}
| style="text-align:right" | 16.625
| style="text-align:right" | 1.907
| style="text-align:right" | 100,0%
|-
| style="text-align:left" | PNH - Parque do Novo Hospital S.A., Portugal, Linhó{{fn ref|4)|2=4) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG}}
| style="text-align:right" | 546
| style="text-align:right" | 486
| style="text-align:right" | 49,0%
|}
</div>

{{fn note|1=1)|2=1) vor Ergebnisabführung und Ausschüttung, Angaben basierend auf dem letzten vorliegenden testierten Jahresabschluss}}
{{fn note|1=2)|2=2) Die Anteilsquote ergibt sich aus der Addition aller direkt und indirekt gehaltenen Anteile nach Maßgabe des § 16 Abs. 2 und 4 AktG}}
{{fn note|1=3)|2=3) Angaben zu Eigenkapital und Jahresergebnis betreffen das Geschäftsjahr vom 30.9.2021 bis 30.9.2022}}
{{fn note|1=4)|2=4) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG}}
{{fn note|1=5)|2=5) Angaben zu Eigenkapital und Jahresergebnis betreffen das Geschäftsjahr vom 30.6.2024 bis 30.6.2025}}

{{pdf page|49|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
== Zu B.III. Sonstige Kapitalanlagen ==

Der Posten B.III. 1. Aktien, Anteile oder Aktien an Investmentvermögen und andere nicht festverzinsliche Wertpapiere beinhaltet nachfolgend aufgeführte Anteile an EU-/inländischem Investmentvermögen, an denen unsere Gesellschaft jeweils über 10 % der Anteile hält. Es bestehen keine Einschränkungen hinsichtlich der Möglichkeit der täglichen Rückgabe.

<div style="overflow-x:auto">
{| id="t29" class="wikitable fintable"
|-
! style="text-align:left" | TEUR
! class="col-s" style="text-align:right" | Buchwerte
! class="col-s" style="text-align:right" | Zeitwerte
! class="col-s" style="text-align:right" | Saldo
! class="col-s" style="text-align:right" | Ausschüttung
|-
! colspan="5" style="text-align:left" | Rentenfonds:
|-
| style="text-align:left" | HDI Gerling Sach Industrials Master
| style="text-align:right" | 487.697
| style="text-align:right" | 498.340
| style="text-align:right" | 10.643
| style="text-align:right" | 15.700
|-
| style="text-align:left" | BeGo Corp. Direct Lend. Debt Fund III (close-end)
| style="text-align:right" | 77.569
| style="text-align:right" | 79.844
| style="text-align:right" | 2.275
| style="text-align:right" | 4.279
|-
! colspan="5" style="text-align:left" | Aktienfonds:
|-
| style="text-align:left" | HV Aktien
| style="text-align:right" | 39.348
| style="text-align:right" | 40.503
| style="text-align:right" | 1.155
| style="text-align:right" | 1.315
|-
! colspan="5" style="text-align:left" | Immobilienfonds:
|-
| style="text-align:left" | Talanx Deutschland Real Estate Value
| style="text-align:right" | 28.518
| style="text-align:right" | 28.007
| style="text-align:right" | -510
| style="text-align:right" | 0
|-
| style="text-align:left" | Summe
| style="text-align:right" | 633.131
| style="text-align:right" | 646.694
| style="text-align:right" | 13.563
| style="text-align:right" | 21.294
|}
</div>

Abschreibungen nach § 253 Abs. 3 Satz 5 HGB wurden bei den stillen Lasten aufweisenden Spezialfonds nicht vollständig vorgenommen, da es sich nach unserer Einschätzung um vorübergehende Wertminderungen handelt.

== Zu C.III. Sonstige Forderungen ==

<div style="overflow-x:auto">
{| id="t30" class="wikitable fintable"
|-
! style="text-align:left" | TEUR
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
|-
| style="text-align:left" | Forderungen an verbundene Unternehmen {{fn ref|1)|2=1) Forderungen stammen im Wesentlichen aus Beteiligungserträgen und aus Dienstleistungsverkehr.}}
| style="text-align:right" | 147.670
| style="text-align:right" | 497.557
|-
| style="text-align:left" | Forderungen aus Konsortialgeschäft
| style="text-align:right" | 14.731
| style="text-align:right" | 15.172
|-
| style="text-align:left" | Forderungen aus Cash Collaterals
| style="text-align:right" | 3.600
| style="text-align:right" | 3.490
|-
| style="text-align:left" | Forderungen aus dem Verkauf von Kapitalanlagen
| style="text-align:right" | 3.393
| style="text-align:right" | 3.825
|-
| style="text-align:left" | Forderungen aus Zinsen und Mieten
| style="text-align:right" | 1.443
| style="text-align:right" | 149
|-
| style="text-align:left" | Forderungen aus debitorischen Lieferungen und Leistungen
| style="text-align:right" | 0
| style="text-align:right" | 1.238
|-
| style="text-align:left" | Verschiedenes
| style="text-align:right" | 2.007
| style="text-align:right" | 868
|-
| style="text-align:left" | Gesamt
| style="text-align:right" | 172.845
| style="text-align:right" | 522.299
|}
</div>

{{fn note|1=1)|2=1) Forderungen stammen im Wesentlichen aus Beteiligungserträgen und aus Dienstleistungsverkehr.}}

== Zu D.I. Laufende Guthaben bei Kreditinstituten, Schecks und Kassenbestand ==

Bei dem Gesamtbetrag in Höhe von 88.055 (51.289) TEUR handelt es sich um laufende Guthaben bei Kreditinstituten.

== Zu E. Rechnungsabgrenzungsposten ==

Bei dem Gesamtbetrag in Höhe von 37.475 (32.601) TEUR handelt es sich im Wesentlichen um abgegrenzte Zinsen.

{{pdf page|50|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
===== Zu F. Aktiver Unterschiedsbetrag aus der Vermögensverrechnung =====

Dieser Posten beinhaltet den die entsprechenden Verpflichtungen übersteigenden Betrag des Deckungsvermögens im Sinne von § 246 Abs. 2 Satz 3 HGB.

<div style="overflow-x:auto">
{| id="t31" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
|-
! style="text-align:left" | TEUR
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
|-
| style="text-align:left" | Forderungen aus Rückdeckungsversicherungen
| style="text-align:right" | 1.312
| style="text-align:right" | 1.573
|-
| style="text-align:left" | Erfüllungsbetrag der verrechneten Schulden aus arbeitnehmerfinanzierten Zusagen
| style="text-align:right" | -1.312
| style="text-align:right" | -1.567
|-
| style="text-align:left" | Summe
| style="text-align:right" | 0
| style="text-align:right" | 6
|}
</div>

Die für die Versorgungszusagen aus Entgeltumwandlung abgeschlossenen Lebensversicherungsverträge sind in vollem Umfang an Versorgungsberechtigte verpfändet.

== Erläuterungen zur Bilanz - Passiva ==

===== Zu A.I. Gezeichnetes Kapital =====

<div style="overflow-x:auto">
{| id="t32" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
|-
! style="text-align:left" | TEUR
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
|-
| style="text-align:left" | Stand am Anfang des Geschäftsjahres
| style="text-align:right" | 51.000
| style="text-align:right" | 51.000
|-
| style="text-align:left" | Stand am Ende des Geschäftsjahres
| style="text-align:right" | 51.000
| style="text-align:right" | 51.000
|}
</div>

Das Kapital ist in 51.000 auf den Namen lautende nennwertlose Stückaktien eingeteilt und voll eingezahlt.

===== Zu A.II. Kapitalrücklage =====

<div style="overflow-x:auto">
{| id="t33" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
|-
! style="text-align:left" | TEUR
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
|-
| style="text-align:left" | Stand am Anfang des Geschäftsjahres
| style="text-align:right" | 6.100
| style="text-align:right" | 6.100
|-
| style="text-align:left" | Stand am Ende des Geschäftsjahres
| style="text-align:right" | 6.100
| style="text-align:right" | 6.100
|}
</div>

Die Bildung einer gesetzlichen Rücklage ist nicht erforderlich, da § 150 Abs. 2 AktG („gesetzlicher Reservefonds") durch Bildung der Kapitalrücklage gemäß § 272 Abs. 2 Nr. 1 HGB bereits erfüllt ist.

{{pdf page|51|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
== Zu B. Versicherungstechnische Rückstellungen ==

Im Folgenden werden die Bruttowerte dargestellt.

<div style="overflow-x:auto">
{| id="t34" class="wikitable fintable"
|-
! style="text-align:left" | TEUR
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
|-
| style="text-align:left" | Unfallversicherung
| style="text-align:right" | 108.210
| style="text-align:right" | 112.318
|-
| style="text-align:left" | Haftpflichtversicherung
| style="text-align:right" | 1.865.072
| style="text-align:right" | 1.780.426
|-
| style="text-align:left" | Kraftfahrzeug-Haftpflichtversicherung
| style="text-align:right" | 1.099.476
| style="text-align:right" | 1.106.022
|-
| style="text-align:left" | Sonstige Kraftfahrzeugversicherung
| style="text-align:right" | 165.646
| style="text-align:right" | 157.827
|-
| style="text-align:left" | Feuer- und Sachversicherung
| style="text-align:right" | 420.211
| style="text-align:right" | 444.037
|-
| style="text-align:left" | davon a) Feuerversicherung
| style="text-align:right" | 144.604
| style="text-align:right" | 148.092
|-
| style="text-align:left" | b) Verbundene Hausratversicherung
| style="text-align:right" | 51.153
| style="text-align:right" | 54.194
|-
| style="text-align:left" | c) Verbundene Wohngebäudeversicherung
| style="text-align:right" | 212.770
| style="text-align:right" | 227.203
|-
| style="text-align:left" | d) Sonstige Sachversicherung
| style="text-align:right" | 11.684
| style="text-align:right" | 14.548
|-
| style="text-align:left" | Beistandsleistungsversicherung
| style="text-align:right" | 217
| style="text-align:right" | 218
|-
| style="text-align:left" | Sonstige Versicherungen
| style="text-align:right" | 225.870
| style="text-align:right" | 208.807
|-
| style="text-align:left" | Summe
| style="text-align:right" | 3.884.703
| style="text-align:right" | 3.809.655
|}
</div>

Davon: a) Bruttorückstellung für noch nicht abgewickelte Versicherungsfälle 3.383.083 (3.298.028) TEUR
b) Schwankungsrückstellung und ähnliche Rückstellungen 252.856 (267.266) TEUR

== Zu B.III. Rückstellung für noch nicht abgewickelte Versicherungsfälle ==

Im Folgenden werden die Bruttowerte dargestellt.

<div style="overflow-x:auto">
{| id="t35" class="wikitable fintable"
|-
! style="text-align:left" | TEUR
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
|-
| style="text-align:left" | Unfallversicherung
| style="text-align:right" | 96.491
| style="text-align:right" | 94.261
|-
| style="text-align:left" | Haftpflichtversicherung
| style="text-align:right" | 1.694.273
| style="text-align:right" | 1.554.466
|-
| style="text-align:left" | Kraftfahrzeug-Haftpflichtversicherung
| style="text-align:right" | 1.049.583
| style="text-align:right" | 1.060.562
|-
| style="text-align:left" | Sonstige Kraftfahrzeugversicherung
| style="text-align:right" | 77.216
| style="text-align:right" | 113.484
|-
| style="text-align:left" | Feuer- und Sachversicherung
| style="text-align:right" | 251.560
| style="text-align:right" | 277.309
|-
| style="text-align:left" | davon a) Feuerversicherung
| style="text-align:right" | 129.613
| style="text-align:right" | 133.247
|-
| style="text-align:left" | b) Verbundene Hausratversicherung
| style="text-align:right" | 22.923
| style="text-align:right" | 23.548
|-
| style="text-align:left" | c) Verbundene Wohngebäudeversicherung
| style="text-align:right" | 89.316
| style="text-align:right" | 107.810
|-
| style="text-align:left" | d) Sonstige Sachversicherung
| style="text-align:right" | 9.709
| style="text-align:right" | 12.704
|-
| style="text-align:left" | Beistandsleistungsversicherung
| style="text-align:right" | 38
| style="text-align:right" | 26
|-
| style="text-align:left" | Sonstige Versicherungen
| style="text-align:right" | 213.921
| style="text-align:right" | 197.920
|-
| style="text-align:left" | Summe
| style="text-align:right" | 3.383.083
| style="text-align:right" | 3.298.028
|}
</div>

== Zu B.IV. Rückstellung für erfolgsabhängige und erfolgsunabhängige Beitragsrückerstattung ==

Die im Geschäftsjahr ausgewiesene Rückstellung für Beitragsrückerstattung in Höhe von 900 (2.500) TEUR betrifft ausschließlich erfolgsunabhängige Beitragsrückerstattung.

{{pdf page|52|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
=== Zu B.V. Schwankungsrückstellung und ähnliche Rückstellungen ===

<div style="overflow-x:auto">
{| id="t36" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
|-
! style="text-align:left" | TEUR
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
|-
| style="text-align:left" | Unfallversicherung
| style="text-align:right" | 1.515
| style="text-align:right" | 7.510
|-
| style="text-align:left" | Haftpflichtversicherung
| style="text-align:right" | 111.286
| style="text-align:right" | 167.862
|-
| style="text-align:left" | Kraftfahrzeug-Haftpflichtversicherung
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Sonstige Kraftfahrzeugversicherung
| style="text-align:right" | 50.212
| style="text-align:right" | 0
|-
| style="text-align:left" | Feuer- und Sachversicherung
| style="text-align:right" | 88.259
| style="text-align:right" | 90.788
|-
| style="text-align:left" | davon a) Feuerversicherung
| style="text-align:right" | 7.237
| style="text-align:right" | 9.649
|-
| style="text-align:left" | b) Verbundene Hausratversicherung
| style="text-align:right" | 0
| style="text-align:right" | 1.632
|-
| style="text-align:left" | c) Verbundene Wohngebäudeversicherung
| style="text-align:right" | 81.022
| style="text-align:right" | 79.507
|-
| style="text-align:left" | Beistandsleistungsversicherung
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Sonstige Versicherungen
| style="text-align:right" | 1.584
| style="text-align:right" | 1.105
|-
| style="text-align:left" | Summe
| style="text-align:right" | 252.856
| style="text-align:right" | 267.266
|}
</div>

=== Zu B.VI. Sonstige versicherungstechnische Rückstellungen ===

In den sonstigen versicherungstechnischen Rückstellungen in Höhe von 13.439 (11.981) TEUR sind eine Stornorückstellung in Höhe von 12.512 (11.054) TEUR und eine Rückstellung für Verkehrsopferhilfe in Höhe von 926 (926) TEUR enthalten.

=== Zu C.I. Rückstellungen für Pensionen und ähnliche Verpflichtungen ===

<div style="overflow-x:auto">
{| id="t37" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
|-
! style="text-align:left" | TEUR
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
|-
| style="text-align:left" | Erfüllungsbetrag der Pensionsverpflichtungen
| style="text-align:right" | 2.159
| style="text-align:right" | 2.352
|-
| style="text-align:left" | abzüglich Deckungsvermögen
| style="text-align:right" | 1.312
| style="text-align:right" | 1.567
|-
| style="text-align:left" | Summe
| style="text-align:right" | 847
| style="text-align:right" | 785
|}
</div>

Das Deckungsvermögen wird zum beizulegenden Zeitwert gemäß § 253 Abs. 1 Satz 4 HGB angesetzt. Dieses entspricht dem Deckungskapital des Versicherungsvertrags mit den Rechnungsgrundlagen der Beitragskalkulation zuzüglich der bereits zugeteilten Überschussanteile und damit den fortgeführten Anschaffungskosten.

Der ausschüttungsgesperrte Unterschiedsbetrag nach § 253 Abs. 6 Satz 1 beträgt -5 (-5) TEUR. Zur Ermittlung des Unterschiedsbetrags wurde der mit dem durchschnittlichen Zinssatz der letzten zehn Jahre abgezinste und bilanzierte Verpflichtungsbetrag dem Betrag gegenübergestellt, der sich bei Abzinsung mit dem durchschnittlichen Zinssatz der letzten sieben Jahre ergeben hätte.

Der Fehlbetrag wegen nicht bilanzierter Versorgungsverpflichtungen im Sinne von Art. 28 Abs. 1 EGHGB beläuft sich auf 482 (475) TEUR.

{{pdf page|53|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
=== Zu C.II. Sonstige Rückstellungen ===

<div style="overflow-x:auto">
{| id="t38" class="wikitable fintable"
|-
! style="text-align:left" | TEUR
! class="col-s" style="text-align:right" | 31.12.2025
! class="col-s" style="text-align:right" | 31.12.2024
|-
| style="text-align:left" | a) Noch zu zahlende Vergütungen
| style="text-align:right" | 6.523
| style="text-align:right" | 5.398
|-
| style="text-align:left" | b) Ausstehende Provisionen
| style="text-align:right" | 5.520
| style="text-align:right" | 4.850
|-
| style="text-align:left" | c) Sonstige Rückstellungen aus Kapitalanlagen
| style="text-align:right" | 4.680
| style="text-align:right" | 4.495
|-
| style="text-align:left" | d) Rückstellungen für drohende Verluste
| style="text-align:right" | 2.425
| style="text-align:right" | 4.340
|-
| style="text-align:left" | e) Rückstellungen Verwaltung und Beratung
| style="text-align:right" | 1.258
| style="text-align:right" | 0
|-
| style="text-align:left" | f) Jahresabschlusskosten
| style="text-align:right" | 346
| style="text-align:right" | 279
|-
| style="text-align:left" | g) übrige Rückstellungen
| style="text-align:right" | 11
| style="text-align:right" | 568
|-
| style="text-align:left" | Summe
| style="text-align:right" | 20.763
| style="text-align:right" | 19.930
|}
</div>

=== Zu D.III. Sonstige Verbindlichkeiten ===

<div style="overflow-x:auto">
{| id="t39" class="wikitable fintable"
|-
! style="text-align:left" | TEUR
! class="col-s" style="text-align:right" | Laufzeit < 1 Jahr 31.12.2025
! class="col-s" style="text-align:right" | Laufzeit < 1 Jahr 31.12.2024
! class="col-s" style="text-align:right" | Laufzeit > 1 Jahr 31.12.2025
! class="col-s" style="text-align:right" | Laufzeit > 1 Jahr 31.12.2024
! class="col-s" style="text-align:right" | Summe 31.12.2025
! class="col-s" style="text-align:right" | Summe 31.12.2024
|-
| style="text-align:left" | Verbindlichkeiten gegenüber verbundenen Unternehmen{{fn ref|1)|2=1) Die Verbindlichkeiten stammen im Wesentlichen aus dem Dienstleistungsverkehr.}}
| style="text-align:right" | 148.923
| style="text-align:right" | 118.065
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 148.923
| style="text-align:right" | 118.065
|-
| style="text-align:left" | Verbindlichkeiten gegenüber Steuerbehörden
| style="text-align:right" | 12.098
| style="text-align:right" | 12.573
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 12.098
| style="text-align:right" | 12.573
|-
| style="text-align:left" | Verbindlichkeiten aus Führungsfremdgeschäft
| style="text-align:right" | 6.556
| style="text-align:right" | 7.254
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 6.556
| style="text-align:right" | 7.254
|-
| style="text-align:left" | Verschiedenes
| style="text-align:right" | 5.697
| style="text-align:right" | 4.368
| style="text-align:right" | 19
| style="text-align:right" | 12
| style="text-align:right" | 5.717
| style="text-align:right" | 4.380
|-
| style="text-align:left" | Summe
| style="text-align:right" | 173.274
| style="text-align:right" | 142.260
| style="text-align:right" | 19
| style="text-align:right" | 12
| style="text-align:right" | 173.294
| style="text-align:right" | 142.272
|}
</div>

{{fn note|1=1)|2=1) Die Verbindlichkeiten stammen im Wesentlichen aus dem Dienstleistungsverkehr.}}

Die sonstigen Verbindlichkeiten enthalten keine Verbindlichkeiten mit einer Restlaufzeit von mehr als fünf Jahren.

=== Zu E. Rechnungsabgrenzungsposten ===

Bei dem Gesamtbetrag in Höhe von 440 (651) TEUR handelt es sich um sonstige Rechnungsabgrenzungsposten.

=== Erläuterungen zur Gewinn- und Verlustrechnung ===

Im Folgenden wird das selbst abgeschlossene sowie in Rückdeckung übernommene Versicherungsgeschäft in Summe ausgewiesen. Es wird auf eine separate Darstellung des in Rückdeckung übernommenen Versicherungsgeschäfts verzichtet, da es zu 100 % retrozediert wird und für die Ertragslage der HDI Versicherung AG von untergeordneter Bedeutung ist.

{{pdf page|54|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
==== Zu I.1.a) Gebuchte Bruttobeiträge ====

<div style="overflow-x:auto">
{| id="t40" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
! style="text-align:left" | TEUR
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
|-
| style="text-align:left" | Unfallversicherung
| style="text-align:right" | 60.222
| style="text-align:right" | 61.896
|-
| style="text-align:left" | Haftpflichtversicherung
| style="text-align:right" | 355.069
| style="text-align:right" | 357.250
|-
| style="text-align:left" | Kraftfahrzeug-Haftpflichtversicherung
| style="text-align:right" | 305.413
| style="text-align:right" | 331.878
|-
| style="text-align:left" | Sonstige Kraftfahrzeugversicherung
| style="text-align:right" | 216.185
| style="text-align:right" | 245.743
|-
| style="text-align:left" | Feuer- und Sachversicherung
| style="text-align:right" | 425.823
| style="text-align:right" | 394.877
|-
| style="text-align:left" | davon a) Feuerversicherung
| style="text-align:right" | 164.923
| style="text-align:right" | 130.446
|-
| style="text-align:left" | b) Verbundene Hausratversicherung
| style="text-align:right" | 72.422
| style="text-align:right" | 75.186
|-
| style="text-align:left" | c) Verbundene Wohngebäudeversicherung
| style="text-align:right" | 166.564
| style="text-align:right" | 167.951
|-
| style="text-align:left" | d) Sonstige Sachversicherung
| style="text-align:right" | 21.914
| style="text-align:right" | 21.294
|-
| style="text-align:left" | Beistandsleistungsversicherung
| style="text-align:right" | 417
| style="text-align:right" | 446
|-
| style="text-align:left" | Sonstige Versicherungen
| style="text-align:right" | 201.696
| style="text-align:right" | 196.227
|-
| style="text-align:left" | Summe
| style="text-align:right" | 1.564.825
| style="text-align:right" | 1.588.316
|}
</div>

==== Zu I.1. Verdiente Bruttobeiträge ====

<div style="overflow-x:auto">
{| id="t41" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
! style="text-align:left" | TEUR
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
|-
| style="text-align:left" | Unfallversicherung
| style="text-align:right" | 60.587
| style="text-align:right" | 62.275
|-
| style="text-align:left" | Haftpflichtversicherung
| style="text-align:right" | 353.947
| style="text-align:right" | 357.562
|-
| style="text-align:left" | Kraftfahrzeug-Haftpflichtversicherung
| style="text-align:right" | 299.769
| style="text-align:right" | 332.462
|-
| style="text-align:left" | Sonstige Kraftfahrzeugversicherung
| style="text-align:right" | 220.951
| style="text-align:right" | 240.985
|-
| style="text-align:left" | Feuer- und Sachversicherung
| style="text-align:right" | 422.913
| style="text-align:right" | 389.871
|-
| style="text-align:left" | davon a) Feuerversicherung
| style="text-align:right" | 164.123
| style="text-align:right" | 129.761
|-
| style="text-align:left" | b) Verbundene Hausratversicherung
| style="text-align:right" | 72.792
| style="text-align:right" | 75.129
|-
| style="text-align:left" | c) Verbundene Wohngebäudeversicherung
| style="text-align:right" | 164.043
| style="text-align:right" | 163.589
|-
| style="text-align:left" | d) Sonstige Sachversicherung
| style="text-align:right" | 21.955
| style="text-align:right" | 21.391
|-
| style="text-align:left" | Beistandsleistungsversicherung
| style="text-align:right" | 430
| style="text-align:right" | 460
|-
| style="text-align:left" | Sonstige Versicherungen
| style="text-align:right" | 201.247
| style="text-align:right" | 195.917
|-
| style="text-align:left" | Summe
| style="text-align:right" | 1.559.843
| style="text-align:right" | 1.579.531
|}
</div>

==== Zu I.1. Verdiente Nettobeiträge ====

<div style="overflow-x:auto">
{| id="t42" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
! style="text-align:left" | TEUR
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
|-
| style="text-align:left" | Unfallversicherung
| style="text-align:right" | 60.587
| style="text-align:right" | 62.275
|-
| style="text-align:left" | Haftpflichtversicherung
| style="text-align:right" | 349.665
| style="text-align:right" | 354.036
|-
| style="text-align:left" | Kraftfahrzeug-Haftpflichtversicherung
| style="text-align:right" | 299.398
| style="text-align:right" | 330.662
|-
| style="text-align:left" | Sonstige Kraftfahrzeugversicherung
| style="text-align:right" | 218.150
| style="text-align:right" | 237.301
|-
| style="text-align:left" | Feuer- und Sachversicherung
| style="text-align:right" | 386.268
| style="text-align:right" | 358.151
|-
| style="text-align:left" | davon a) Feuerversicherung
| style="text-align:right" | 164.124
| style="text-align:right" | 129.632
|-
| style="text-align:left" | b) Verbundene Hausratversicherung
| style="text-align:right" | 69.572
| style="text-align:right" | 70.658
|-
| style="text-align:left" | c) Verbundene Wohngebäudeversicherung
| style="text-align:right" | 151.443
| style="text-align:right" | 147.783
|-
| style="text-align:left" | d) Sonstige Sachversicherung
| style="text-align:right" | 1.129
| style="text-align:right" | 10.078
|-
| style="text-align:left" | Beistandsleistungsversicherung
| style="text-align:right" | 430
| style="text-align:right" | 460
|-
| style="text-align:left" | Sonstige Versicherungen
| style="text-align:right" | 175.369
| style="text-align:right" | 161.876
|-
| style="text-align:left" | Summe
| style="text-align:right" | 1.489.867
| style="text-align:right" | 1.504.763
|}
</div>

{{pdf page|55|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
== Zu I.2. Technischer Zinsertrag ==

Im selbst abgeschlossenen Bruttoversicherungsgeschäft wurde der technische Zinsertrag auf die Renten-Deckungsrückstellung und die Beitrags-Deckungsrückstellung berechnet. Der Ertrag wurde monatlich auf dem Vormonatsbestand der Rückstellung mit dem dazugehörigen Rechnungszins ermittelt.

== Zu I.4. Bruttoaufwendungen für Versicherungsfälle ==

<div style="overflow-x:auto">
{| id="t43" class="wikitable fintable"
|-
! style="text-align:left" | TEUR
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
| style="text-align:left" | Unfallversicherung
| style="text-align:right" | 29.808
| style="text-align:right" | 26.573
|-
| style="text-align:left" | Haftpflichtversicherung
| style="text-align:right" | 277.405
| style="text-align:right" | 182.616
|-
| style="text-align:left" | Kraftfahrzeug-Haftpflichtversicherung
| style="text-align:right" | 224.057
| style="text-align:right" | 231.050
|-
| style="text-align:left" | Sonstige Kraftfahrzeugversicherung
| style="text-align:right" | 142.288
| style="text-align:right" | 251.613
|-
| style="text-align:left" | Feuer- und Sachversicherung
| style="text-align:right" | 200.999
| style="text-align:right" | 245.948
|-
| style="text-align:left" | davon a) Feuerversicherung
| style="text-align:right" | 98.470
| style="text-align:right" | 103.876
|-
| style="text-align:left" | b) Verbundene Hausratversicherung
| style="text-align:right" | 26.274
| style="text-align:right" | 33.194
|-
| style="text-align:left" | c) Verbundene Wohngebäudeversicherung
| style="text-align:right" | 74.046
| style="text-align:right" | 103.106
|-
| style="text-align:left" | d) Sonstige Sachversicherung
| style="text-align:right" | 2.210
| style="text-align:right" | 5.772
|-
| style="text-align:left" | Beistandsleistungsversicherung
| style="text-align:right" | 462
| style="text-align:right" | 312
|-
| style="text-align:left" | Sonstige Versicherungen
| style="text-align:right" | 131.000
| style="text-align:right" | 107.311
|-
| style="text-align:left" | Summe
| style="text-align:right" | 1.006.019
| style="text-align:right" | 1.045.422
|}
</div>

== Zu I.7.a) Bruttoaufwendungen für den Versicherungsbetrieb ==

<div style="overflow-x:auto">
{| id="t44" class="wikitable fintable"
|-
! style="text-align:left" | TEUR
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
| style="text-align:left" | Unfallversicherung
| style="text-align:right" | 22.322
| style="text-align:right" | 23.486
|-
| style="text-align:left" | Haftpflichtversicherung
| style="text-align:right" | 131.529
| style="text-align:right" | 137.891
|-
| style="text-align:left" | Kraftfahrzeug-Haftpflichtversicherung
| style="text-align:right" | 61.606
| style="text-align:right" | 73.770
|-
| style="text-align:left" | Sonstige Kraftfahrzeugversicherung
| style="text-align:right" | 45.802
| style="text-align:right" | 51.167
|-
| style="text-align:left" | Feuer- und Sachversicherung
| style="text-align:right" | 147.080
| style="text-align:right" | 140.714
|-
| style="text-align:left" | davon a) Feuerversicherung
| style="text-align:right" | 60.731
| style="text-align:right" | 48.314
|-
| style="text-align:left" | b) Verbundene Hausratversicherung
| style="text-align:right" | 25.981
| style="text-align:right" | 27.287
|-
| style="text-align:left" | c) Verbundene Wohngebäudeversicherung
| style="text-align:right" | 53.750
| style="text-align:right" | 57.976
|-
| style="text-align:left" | d) Sonstige Sachversicherung
| style="text-align:right" | 6.617
| style="text-align:right" | 7.137
|-
| style="text-align:left" | Beistandsleistungsversicherung
| style="text-align:right" | 122
| style="text-align:right" | 128
|-
| style="text-align:left" | Sonstige Versicherungen
| style="text-align:right" | 77.954
| style="text-align:right" | 79.566
|-
| style="text-align:left" | Summe
| style="text-align:right" | 486.415
| style="text-align:right" | 506.721
|}
</div>

Von den Bruttoaufwendungen für den Versicherungsbetrieb des Geschäftsjahres entfallen 52.675 (58.128) TEUR auf Abschlussaufwendungen und 433.739 (448.594) TEUR auf Verwaltungsaufwendungen.

{{pdf page|56|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
==== Rückversicherungssaldo ====

<div style="overflow-x:auto">
{| id="t45" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
! style="text-align:left" | TEUR
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
|-
| style="text-align:left" | Unfallversicherung
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Haftpflichtversicherung
| style="text-align:right" | 5.212
| style="text-align:right" | 1.934
|-
| style="text-align:left" | Kraftfahrzeug-Haftpflichtversicherung
| style="text-align:right" | 2.100
| style="text-align:right" | -1.667
|-
| style="text-align:left" | Sonstige Kraftfahrzeugversicherung
| style="text-align:right" | -2.723
| style="text-align:right" | -2.245
|-
| style="text-align:left" | Feuer- und Sachversicherung
| style="text-align:right" | -35.533
| style="text-align:right" | -26.982
|-
| style="text-align:left" | davon a) Feuerversicherung
| style="text-align:right" | 1
| style="text-align:right" | -54
|-
| style="text-align:left" | b) Verbundene Hausratversicherung
| style="text-align:right" | -2.926
| style="text-align:right" | -3.936
|-
| style="text-align:left" | c) Verbundene Wohngebäudeversicherung
| style="text-align:right" | -11.786
| style="text-align:right" | -13.395
|-
| style="text-align:left" | d) Sonstige Sachversicherung
| style="text-align:right" | -20.821
| style="text-align:right" | -9.597
|-
| style="text-align:left" | Sonstige Versicherungen
| style="text-align:right" | -19.865
| style="text-align:right" | -32.237
|-
| style="text-align:left" | Summe
| style="text-align:right" | -50.809
| style="text-align:right" | -61.198
|}
</div>

– = zugunsten der Rückversicherer

Der Rückversicherungssaldo setzt sich zusammen aus den verdienten Beiträgen des Rückversicherers, den Anteilen des Rückversicherers an den Bruttoaufwendungen für Versicherungsfälle und den Bruttoaufwendungen für den Versicherungsbetrieb.

==== Abwicklungsergebnis für eigene Rechnung ====

Im Geschäftsjahr erzielte die HDI Versicherung AG einen Abwicklungsgewinn f. e. R. in Höhe von 71.000 (190.228) TEUR. Die Angaben zu den Abwicklungsergebnissen der einzelnen Sparten werden im Lagebericht in der Ertragslage erläutert.

==== Zu I.11. Versicherungstechnisches Ergebnis für eigene Rechnung ====

<div style="overflow-x:auto">
{| id="t46" class="wikitable fintable"
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
! style="text-align:left" | TEUR
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
|-
| style="text-align:left" | Unfallversicherung
| style="text-align:right" | 14.649
| style="text-align:right" | 15.846
|-
| style="text-align:left" | Haftpflichtversicherung
| style="text-align:right" | 6.839
| style="text-align:right" | 26.704
|-
| style="text-align:left" | Kraftfahrzeug-Haftpflichtversicherung
| style="text-align:right" | 17.150
| style="text-align:right" | 26.002
|-
| style="text-align:left" | Sonstige Kraftfahrzeugversicherung
| style="text-align:right" | -19.767
| style="text-align:right" | -64.960
|-
| style="text-align:left" | Feuer- und Sachversicherung
| style="text-align:right" | 29.547
| style="text-align:right" | -11.269
|-
| style="text-align:left" | davon a) Feuerversicherung
| style="text-align:right" | 593
| style="text-align:right" | -22.114
|-
| style="text-align:left" | b) Verbundene Hausratversicherung
| style="text-align:right" | 18.193
| style="text-align:right" | 13.556
|-
| style="text-align:left" | c) Verbundene Wohngebäudeversicherung
| style="text-align:right" | 18.624
| style="text-align:right" | -3.021
|-
| style="text-align:left" | d) Sonstige Sachversicherung
| style="text-align:right" | -7.863
| style="text-align:right" | 310
|-
| style="text-align:left" | Beistandsleistungsversicherung
| style="text-align:right" | -152
| style="text-align:right" | 20
|-
| style="text-align:left" | Sonstige Versicherungen
| style="text-align:right" | -28.137
| style="text-align:right" | -23.054
|-
| style="text-align:left" | Summe
| style="text-align:right" | 20.130
| style="text-align:right" | -30.710
|}
</div>

{{pdf page|57|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
==== Provisionen und sonstige Bezüge der Versicherungsvertreter, Personalaufwendungen ====

<div style="overflow-x:auto">
{| id="t47" class="wikitable fintable"
|-
! style="text-align:left" | TEUR
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
| style="text-align:left" | 1. Provisionen jeglicher Art der Versicherungsvertreter im Sinne des § 92 HGB für das selbst abgeschlossene Versicherungsgeschäft
| style="text-align:right" | 258.909
| style="text-align:right" | 274.730
|-
| style="text-align:left" | 2. Sonstige Bezüge der Versicherungsvertreter im Sinne des § 92 HGB
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | 3. Löhne und Gehälter
| style="text-align:right" | 3.045
| style="text-align:right" | 4.213
|-
| style="text-align:left" | 4. Soziale Abgaben und Aufwendungen für Unterstützung
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | 5. Aufwendungen für Altersversorgung
| style="text-align:right" | 111
| style="text-align:right" | 444
|-
| style="text-align:left" | Summe
| style="text-align:right" | 262.065
| style="text-align:right" | 279.387
|}
</div>

==== Anzahl der mindestens einjährigen Versicherungsverträge ====

<div style="overflow-x:auto">
{| id="t48" class="wikitable fintable"
|-
! style="text-align:left" | Stück
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
| style="text-align:left" | Selbst abgeschlossenes Versicherungsgeschäft
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | Unfallversicherung
| style="text-align:right" | 333.287
| style="text-align:right" | 348.545
|-
| style="text-align:left" | Haftpflichtversicherung
| style="text-align:right" | 1.075.441
| style="text-align:right" | 1.102.391
|-
| style="text-align:left" | Kraftfahrzeug-Haftpflichtversicherung {{fn ref|1)}}
| style="text-align:right" | 849.190
| style="text-align:right" | 1.072.894
|-
| style="text-align:left" | Sonstige Kraftfahrzeugversicherung {{fn ref|1)}}
| style="text-align:right" | 676.394
| style="text-align:right" | 862.196
|-
| style="text-align:left" | Feuer- und Sachversicherung
| style="text-align:right" | 823.197
| style="text-align:right" | 863.717
|-
| style="text-align:left" | davon a) Feuerversicherung
| style="text-align:right" | 47.988
| style="text-align:right" | 48.351
|-
| style="text-align:left" | b) Verbundene Hausratversicherung
| style="text-align:right" | 497.236
| style="text-align:right" | 520.441
|-
| style="text-align:left" | c) Verbundene Wohngebäudeversicherung
| style="text-align:right" | 214.128
| style="text-align:right" | 224.090
|-
| style="text-align:left" | d) Sonstige Sachversicherung
| style="text-align:right" | 63.845
| style="text-align:right" | 70.835
|-
| style="text-align:left" | Beistandsleistungsversicherung
| style="text-align:right" | 0
| style="text-align:right" | 2.558
|-
| style="text-align:left" | Sonstige Versicherungen
| style="text-align:right" | 56.165
| style="text-align:right" | 57.264
|-
| style="text-align:left" | Summe
| style="text-align:right" | 3.813.674
| style="text-align:right" | 4.309.565
|-
| style="text-align:left" | Summe aller Verträge
| style="text-align:right" | 3.137.971
| style="text-align:right" | 3.445.203
|-
| style="text-align:left" | Veränderung durch Berücksichtigung der Wagnisse in der Kraftfahrzeugversicherung
| style="text-align:right" | 675.703
| style="text-align:right" | 864.362
|-
| style="text-align:left" | Summe
| style="text-align:right" | 3.813.674
| style="text-align:right" | 4.309.565
|}
</div>

{{fn note|1=1)|2=1) In der Kraftfahrzeugversicherung wurde hier die Anzahl der Wagnisse berücksichtigt.}}

==== Zu II.4. Sonstige Erträge ====

<div style="overflow-x:auto">
{| id="t49" class="wikitable fintable"
|-
! style="text-align:left" | TEUR
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
| style="text-align:left" | Ertragszuschüsse Talanx
| style="text-align:right" | 132.735
| style="text-align:right" | 0
|-
| style="text-align:left" | Erträge aus erbrachten Dienstleistungen
| style="text-align:right" | 6.680
| style="text-align:right" | 6.370
|-
| style="text-align:left" | Zinsen und ähnliche Erträge {{fn ref|1)}}
| style="text-align:right" | 5.223
| style="text-align:right" | 8.326
|-
| style="text-align:left" | Verschiedenes
| style="text-align:right" | 136
| style="text-align:right" | 3.512
|-
| style="text-align:left" | Summe
| style="text-align:right" | 144.773
| style="text-align:right" | 18.208
|}
</div>

{{fn note|1=1)|2=1) In den Zinserträgen sind 1.203 (2.283) TEUR Erträge aus verbundenen Unternehmen enthalten. Es sind keine Erträge aus Abzinsung enthalten.}}

Im Berichtsjahr wurden Erträge aus Deckungsvermögen für Pensionsverpflichtungen von 38 (44) TEUR mit Aufwendungen aus der Aufzinsung der Rückstellungen für Pensionsverpflichtungen von 55 (54) TEUR saldiert.

{{pdf page|58|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
56 HDI Versicherung AG. Jahresabschluss.
Anhang.

== Zu II.5. Sonstige Aufwendungen ==

<div style="overflow-x:auto">
{| id="t50" class="wikitable fintable"
|-
! style="text-align:left" | TEUR
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
| style="text-align:left" | Aufwendungen für das Unternehmen als Ganzes
| style="text-align:right" | 17.770
| style="text-align:right" | 77.399
|-
| style="text-align:left" | Einzelwertberichtigung auf Vertreterforderungen
| style="text-align:right" | 2.000
| style="text-align:right" | -3
|-
| style="text-align:left" | Abschreibungen
| style="text-align:right" | 1.863
| style="text-align:right" | 2.059
|-
| style="text-align:left" | Zinsen und ähnliche Aufwendungen {{fn ref|1)|2=1) In den Zinsaufwendungen sind 55 (60) TEUR Aufwendungen aus Aufzinsung enthalten.}}
| style="text-align:right" | 623
| style="text-align:right" | 1.002
|-
| style="text-align:left" | Währungskursverluste
| style="text-align:right" | 14
| style="text-align:right" | 10
|-
| style="text-align:left" | Verschiedenes
| style="text-align:right" | 311
| style="text-align:right" | 233
|-
| style="text-align:left" | Summe
| style="text-align:right" | 22.581
| style="text-align:right" | 80.700
|}
</div>

{{fn note|1=1)|2=1) In den Zinsaufwendungen sind 55 (60) TEUR Aufwendungen aus Aufzinsung enthalten.}}

== Zu II.7. Steuern vom Einkommen und vom Ertrag ==

Der ausgewiesene Betrag von 15 (5) TEUR entfällt auf anrechenbare Quellensteuer.

== Zu II.8. Sonstige Steuern ==

Der Posten Sonstige Steuern beträgt 7 (105) TEUR und beinhaltet inkludierte Steuern. Diese liegen im Aufwand des Versicherungsunternehmens.

{{pdf page|59|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
Jahresabschluss. HDI Versicherung AG. 57
Anhang.

== Organe der Gesellschaft ==

=== AUFSICHTSRAT ===

<div style="overflow-x:auto">
{| id="t51" class="wikitable"
|-
! style="text-align:left" | Mitglied
|-
| style="text-align:left" | Dr. Jan-Philipp Lüdtke Vorsitzender Leitender Angestellter der HDI AG Isernhagen
|-
| style="text-align:left" | Barbara Riebeling (stellv. Vorsitzende) Vorsitzende des Aufsichtsrats der neue leben Unfallversicherung AG Köln
|-
| style="text-align:left" | Nicolas Heine (seit 1.8.2025) Leitender Angestellter der HDI AG Leverkusen
|-
| style="text-align:left" | Johanna Weigand (seit 1.1.2025; bis 31.7.2025) Leitende Angestellte der HDI AG Köln
|}
</div>

=== VORSTAND ===

<div style="overflow-x:auto">
{| id="t52" class="wikitable"
|-
! style="text-align:left" | Mitglied
! style="text-align:left" | Vorstandsressorts
|-
| style="text-align:left" | Dr. Daniel Schulze Lammers Vorsitzender Hannover
| style="text-align:left" | ■ IT ■ Produktmanagement (Privat) (vormals SHUK) ■ Produkttechnik und Bestandssysteme Sach ■ Betrieb Sach ■ Schaden ■ Vermögensanlage und -verwaltung ■ Geldwäschebekämpfung ■ Mathematik und Geschäftssteuerung Sach (inkl. Rückversicherung)
|-
| style="text-align:left" | Norbert Eickermann Hannover
| style="text-align:left" | ■ Vertrieb EVT
|-
| style="text-align:left" | Dr. Philipp Horsch (seit 1.4.2025) Hannover
| style="text-align:left" | ■ Produktmanagement Firmen/Freie Berufe ■ Betrieb Firmen/Freie Berufe
|-
| style="text-align:left" | Thorsten Jahnke (seit 1.1.2026) Hannover
| style="text-align:left" | ■ Vertrieb Makler / Kooperationen
|-
| style="text-align:left" | Thomas Lüer Hannover
| style="text-align:left" | ■ Vertrieb HDI ■ Vertriebsmanagement ■ Marketing
|-
| style="text-align:left" | Jens Warkentin Hannover
| style="text-align:left" | ■ Controlling ■ Risikomanagement ■ Versicherungsmathematische Funktion ■ Rechnungswesen, Bilanzierung und Steuern ■ Datenschutz ■ Recht ■ Revision ■ Compliance
|}
</div>

{{pdf page|60|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
== Organbezüge ==

Die Gesamtbezüge der aktiven Vorstandsmitglieder für ihre Tätigkeit in unserer Gesellschaft betrugen 2.071 (2.443) TEUR. Sofern sie auch Organe anderer Gesellschaften des Talanx Konzerns sind, erhielten die Vorstandsmitglieder darüber hinaus Bezüge für ihre Tätigkeit in diesen Gesellschaften. Im Rahmen des anteilsbasierten Vergütungssystems wurden dem Vorstand für das Berichtsjahr 7.989 (10.103) virtuelle Aktien aus dem Talanx-Performance-Share-Award-Programm mit einem Zeitwert in Höhe von 744 (704) TEUR zugeteilt.

Für ihre frühere Tätigkeit in unserer Gesellschaft wurden für ehemalige Vorstandsmitglieder oder deren Hinterbliebene Rückstellungen für laufende Pensionen und Anwartschaften in Höhe von 147 (149) TEUR gebildet.

Die Mitglieder des Aufsichtsrats erhielten für die Tätigkeit in unserer Gesellschaft Bezüge in Höhe von 6 (6) TEUR.

== Sonstige finanzielle Verpflichtungen und Haftungsverhältnisse ==

Die Talanx AG, Hannover, und die HDI Global SE, Hannover, haben im Innen- und Außenverhältnis zur HDI Versicherung AG die Erfüllung der Verpflichtung der Gesellschaft aus der Altersvorsorge ehemaliger Mitarbeiter und Vorstandsmitglieder übernommen. Aus diesen Versorgungsversprechen besteht für die Gesellschaft eine Mithaftung, deren Höhe am Ende des Geschäftsjahres 47.686 (58.542) TEUR gegenüber der Talanx AG und 22.679 (24.472) TEUR gegenüber der HDI Global SE betrug.

Die HDI Versicherung AG ist Mitglied der Verkehrsopferhilfe e.V., Berlin. Aufgrund dieser Mitgliedschaft ist sie verpflichtet, zu eventuellen Leistungen dieses Vereins sowie zu seinen Verwaltungskosten entsprechend ihrem Anteil an den von den Vereinsmitgliedern im vorletzten Kalenderjahr erzielten Beitragseinnahmen in der selbst abgeschlossenen KraftfahrzeugHaftpflichtversicherung beizutragen.

Nach Einschätzung des Vorstands unserer Gesellschaft ist die Inanspruchnahme von Verpflichtungen, die aus den genannten Haftungsverhältnissen resultieren, als unwahrscheinlich einzuschätzen.

Weiterhin ist das Unternehmen Mitglied des Vereins Versicherungsombudsmann e.V., Berlin. Die Kosten des Vereins werden durch Beiträge der Mitglieder abgedeckt. Bemessungsgrundlage hierfür sind die gebuchten Bruttobeitragseinnahmen des selbst abgeschlossenen Inlandsgeschäfts.

Für die HDI Versicherung AG bestehen sonstige finanzielle Verpflichtungen aus offenen Einzahlungsverpflichtungen ('Commitment') in Höhe von 109.434 TEUR, die aus einem Investitionsprogramm mit einem Zeichnungsvolumen von insgesamt 302.208 TEUR resultieren. Darin enthalten sind offene Resteinzahlungsverpflichtungen in Höhe von 79.141 TEUR an verbundene und assoziierte Unternehmen aus einem Zeichnungsvolumen von 222.885 TEUR. Einzahlungsverpflichtungen gegenüber verbundenen Unternehmen bestehen mit der TD Sach Private Equity GmbH & Co. KG in Höhe von 59.414 TEUR, gegenüber der TD Real Assets GmbH & Co. KG in Höhe von 18.547 TEUR sowie gegenüber der Talanx Infrastructure Portugal 2 GmbH in Höhe von 1.179 TEUR. Einzahlungsverpflichtungen gegenüber assoziierten Unternehmen bestehen nicht. Des Weiteren bestehen Einzahlungsverpflichtungen gegenüber dem NRD Frankfurt TERRA (FOUR) MC (Nachrang) in Höhe von 11.225 TEUR, dem Ardian Private Credit V S.C.S., SICAV-RAIF (Fund) in Höhe von 9.606 TEUR, dem Barings Europ Private Loan Fund III SCSp SICAV-SIF in Höhe von 3.742 TEUR, dem BeGo Corp. Direct Lend. Debt Fund III (close-end) in Höhe von 3.498 TEUR, dem Enhanced Sustainable Power Fund Nr. 3 GmbH & Co. KG in Höhe von 941 TEUR, der WindPV Operation GmbH-Projekt Tomorrow in Höhe von 874 TEUR und dem CEF BKR03 NL BV (Darwin-Borkum Rifg 3) SHL 2 (sub.) in Höhe von 407 TEUR.

Sonstige Vertragsverpflichtungen bestehen nicht.

{{pdf page|61|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
Weitere Einzahlungsverpflichtungen aus Aktien und Anteilen, Wechselverbindlichkeiten oder weitere Haftungsverhältnisse irgendwelcher Art bestehen nicht.

Es bestehen Avalkredite in Höhe von 1.850 (1.850) TEUR.

== Wichtige Verträge ==

Der Beherrschungs- und Ergebnisabführungsvertrag zwischen der HDI Deutschland AG als herrschender Gesellschaft und der HDI Versicherung AG besteht weiterhin. Der Beherrschungs- und Ergebnisabführungsvertrag zwischen der HDI Versicherung AG als herrschendem Unternehmen und der HDI next GmbH als beherrschtem Unternehmen wurde mit Wirkung zum Ablauf des 31.3.2025 aufgehoben (mit Aufhebungsvertrag vom 17.2.2025).

== Beteiligungen an der Gesellschaft ==

Alleinige Aktionärin der HDI Versicherung AG ist die HDI Deutschland AG, die über 100 % des Grundkapitals verfügt. Die HDI Deutschland AG hat uns mitgeteilt, dass ihr unmittelbar eine Mehrheitsbeteiligung an der HDI Versicherung AG, Hannover (Mitteilung gemäß § 20 Abs. 4 AktG), sowie gleichzeitig unmittelbar mehr als der vierte Teil der Aktien an der HDI Versicherung AG (Mitteilungen gemäß § 20 Abs. 1 und 3 AktG) gehört.

== Beziehungen zu nahestehenden Unternehmen und Personen ==

Die Gesellschaft unterhält umfängliche Rückversicherungsbeziehungen mit Unternehmen der Talanx AG. Für den Rückversicherungsschutz sowie alle damit in Zusammenhang stehenden Dienstleistungen, die empfangen oder erbracht werden, werden angemessene Gegenleistungen gezahlt und erhalten. Insofern ergibt sich kein Einfluss auf die Vermögens- oder Ertragslage der Gesellschaft im Vergleich zur Inanspruchnahme und Erbringung der beschriebenen Leistungen durch oder für nicht nahe stehende Unternehmen.

Wesentliche Dienstleistungen übergreifend tätiger Funktionsbereiche wie z. B. Finanzen, Personal, IT, Betrieb und Vertrieb werden durch die HDI AG für die Inlandsgesellschaften des Talanx Konzerns erbracht, also auch für die HDI Versicherung AG. Darüber hinaus nutzt die HDI Versicherung AG die zentralen Dienstleistungen der Ampega Asset Management GmbH, die die Vermögensverwaltung für die Versicherungsgesellschaften im Konzern betreibt.

== Gesamthonorare des Abschlussprüfers ==

Die Vergütung der Abschlussprüfer ist - unterteilt nach Aufwendungen für Abschlussprüfungsleistungen, andere Bestätigungsleistungen und sonstige Leistungen - anteilig in den Konzernabschlüssen des HDI Haftpflichtverband der Deutschen Industrie V.a.G und der Talanx AG enthalten.

Der Abschlussprüfer hat den Jahresabschluss und Lagebericht zum 31.12.2025 sowie das nach den International Financial Reporting Standards (IFRS) erstellte Berichtspaket geprüft. Die quartalsweise nach den IFRS erstellten Berichtspakete sind einer prüferischen Durchsicht unterzogen worden. Darüber hinaus erfolgte die Prüfung der Solvabilitätsübersicht zum 31.12.2025.

== Konzernabschluss ==

Die Gesellschaft ist Konzerngesellschaft des HDI Haftpflichtverband der Deutschen Industrie Versicherungsverein auf Gegenseitigkeit, Hannover, sowie der Talanx AG, Hannover. Der HDI Haftpflichtverband der Deutschen Industrie Versicherungsverein auf Gegenseitigkeit (Mutterunternehmen des HDI-Konzerns) stellt nach § 341i in Verbindung mit § 290 HGB einen Konzernabschluss auf (größter Kreis), in den die Gesellschaft einbezogen wird. Für die Talanx AG als Mutterunternehmen des Talanx Konzerns ergibt sich daneben die Pflicht zur Aufstellung eines Konzernabschlusses aus § 341i in Verbindung mit § 290 HGB (kleinster Kreis), welcher auf der Grundlage von § 315e Abs. 1 HGB gemäß Artikel 4 der Verordnung (EG) Nr. 1606/2002 nach den International Financial Reporting Standards (IFRS), wie sie in der Europäischen Union (EU) anzuwenden sind, erstellt wird. Die Konzernabschlüsse werden im Unternehmensregister bekannt gegeben.

{{pdf page|62|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
Anhang.

Der Einbezug der HDI Versicherung AG in die Konzernabschlüsse des HDI Haftpflichtverband der Deutschen Industrie Versicherungsverein auf Gegenseitigkeit und der Talanx AG befreit nach § 291 Abs. 1 HGB die Gesellschaft von der Erstellung eines eigenen Konzernabschlusses.

== Nachtragsbericht ==

Nach dem Bilanzstichtag sind keine Ereignisse von besonderer Bedeutung eingetreten, die die Ertrags-, Finanz- und Vermögenslage unserer Gesellschaft nachhaltig beeinflussen würden.

Hannover, den 25. Februar 2026

Der Vorstand:

Dr. Daniel Schulze Lammers (Vorsitzender)

Norbert Eickermann

Dr. Philipp Horsch

Thorsten Jahnke

Thomas Lüer

Jens Warkentin

{{pdf page|63|url=https://www.talanx.com/media/files/investor-relations/pdf/geschaeftsberichte/tochtergesellschaften/2025_berichte/2025-hdi-versicherung-de.pdf}}
== Bestätigungsvermerk des unabhängigen Abschlussprüfers. ==

An die HDI Versicherung AG, Hannover

=== Vermerk über die Prüfung des Jahresabschlusses und des Lageberichts ===

==== Prüfungsurteile ====

Wir haben den Jahresabschluss der HDI Versicherung AG, Hannover, - bestehend aus der Bilanz zum 31. Dezember 2025 und der Gewinn- und Verlustrechnung für das Geschäftsjahr vom 1. Januar bis zum 31. Dezember 2025 sowie dem Anhang, einschließlich der Darstellung der Bilanzierungs- und Bewertungsmethoden - geprüft. Darüber hinaus haben wir den Lagebericht der HDI Versicherung AG für das Geschäftsjahr vom 1. Januar bis zum 31. Dezember 2025 geprüft.

Nach unserer Beurteilung aufgrund der bei der Prüfung gewonnenen Erkenntnisse

* entspricht der beigefügte Jahresabschluss in allen wesentlichen Belangen den deutschen handelsrechtlichen Vorschriften und vermittelt unter Beachtung der deutschen Grundsätze ordnungsmäßiger Buchführung ein den tatsächlichen Verhältnissen entsprechendes Bild der Vermögens- und Finanzlage der Gesellschaft zum 31. Dezember 2025 sowie ihrer Ertragslage für das Geschäftsjahr vom 1. Januar 2025 bis zum 31. Dezember 2025 und

* vermittelt der beigefügte Lagebericht insgesamt ein zutreffendes Bild von der Lage der Gesellschaft. In allen wesentlichen Belangen steht dieser Lagebericht in Einklang mit dem Jahresabschluss, entspricht den deutschen gesetzlichen Vorschriften und stellt die Chancen und Risiken der zukünftigen Entwicklung zutreffend dar.

Gemäß § 322 Abs. 3 Satz 1 HGB erklären wir, dass unsere Prüfung zu keinen Einwendungen gegen die Ordnungsmäßigkeit des Jahresabschlusses und des Lageberichts geführt hat.

==== Grundlage für die Prüfungsurteile ====

Wir haben unsere Prüfung des Jahresabschlusses und des Lageberichts in Übereinstimmung mit § 317 HGB und der EU-Abschlussprüferverordnung (Nr. 537/2014; im Folgenden 'EU-APrVO') unter Beachtung der vom Institut der Wirtschaftsprüfer (IDW) festgestellten deutschen Grundsätze ordnungsmäßiger Abschlussprüfung durchgeführt. Unsere Verantwortung nach diesen Vorschriften und Grundsätzen ist im Abschnitt 'Verantwortung des Abschlussprüfers für die Prüfung des Jahresabschlusses und des Lageberichts' unseres Bestätigungsvermerks weitergehend beschrieben. Wir sind von dem Unternehmen unabhängig in Übereinstimmung mit den europarechtlichen sowie den deutschen handelsrechtlichen und berufsrechtlichen Vorschriften und haben unsere sonstigen deutschen Berufspflichten in Übereinstimmung mit diesen Anforderungen erfüllt. Darüber hinaus erklären wir gemäß Artikel 10 Abs. 2 Buchst. f) EU-APrVO, dass wir keine verbotenen Nichtprüfungsleistungen nach Artikel 5 Abs. 1 EU-APrVO erbracht haben. Wir sind der Auffassung, dass die von uns erlangten Prüfungsnachweise ausreichend und geeignet sind, um als Grundlage für unsere Prüfungsurteile zum Jahresabschluss und zum Lagebericht zu dienen.

==== Besonders wichtige Prüfungssachverhalte in der Prüfung des Jahresabschlusses ====

Besonders wichtige Prüfungssachverhalte sind solche Sachverhalte, die nach unserem pflichtgemäßen Ermessen am bedeutsamsten in unserer Prüfung des Jahresabschlusses für das Geschäftsjahr vom 1. Januar bis zum 31. Dezember 2025 waren. Diese Sachverhalte wurden im Zusammenhang mit unserer Prüfung des Jahresabschlusses als Ganzem und bei der Bildung unseres Prüfungsurteils hierzu berücksichtigt; wir geben kein gesondertes Prüfungsurteil zu diesen Sachverhalten ab.

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Aus unserer Sicht waren folgende Sachverhalte am bedeutsamsten in unserer Prüfung:
===== ❶ Bewertung der Kapitalanlagen =====
❷ Bewertung der Schadenrückstellungen
Unsere Darstellung dieser besonders wichtigen Prüfungssachverhalte haben wir jeweils wie folgt strukturiert:
① Sachverhalt und Problemstellung
② Prüferisches Vorgehen und Erkenntnisse
③ Verweis auf weitergehende Informationen
Nachfolgend stellen wir die besonders wichtigen Prüfungssachverhalte dar:
❶ Bewertung der Kapitalanlagen
①
Im Jahresabschluss der Gesellschaft werden Kapitalanlagen in der Bilanz in Höhe von 3.763.874 TEUR (90,7 % der Bilanzsumme) ausgewiesen. Die handelsrechtliche Bewertung der einzelnen Kapitalanlagen richtet sich nach den Anschaffungskosten und dem niedrigeren beizulegenden Wert bzw. deren Zeitwert. Nach § 341b Abs. 2 Satz 1 HGB können gewisse Kapitalanlagen von Versicherungsunternehmen, die dazu bestimmt sind, dauernd dem Geschäftsbetrieb zu dienen, nach den für das Anlagevermögen geltenden Vorschriften bewertet werden. In diesem Fall werden außerplanmäßige Abschreibungen auf den niedrigeren beizulegenden Wert nur bei voraussichtlich dauernder Wertminderung vorgenommen (gemildertes Niederstwertprinzip) und nur vorübergehende Wertminderungen als stille Lasten in Folgejahre vorgetragen. Eine Bestimmung als dauernd dem Geschäftsbetrieb dienend setzt eine Dauerhalteabsicht und -fähigkeit für diese Kapitalanlagen voraus. Zur Ermittlung des beizulegenden Werts bzw. Zeitwerts wird - soweit vorhanden - der Marktpreis der jeweiligen Kapitalanlage herangezogen. Bei Kapitalanlagen, deren Bewertung nicht auf Basis von Börsenpreisen oder sonstigen Marktpreisen erfolgt (wie z. B. Anteile an verbundenen Unternehmen, Alternative Investmentfonds, Namensschuldverschreibungen sowie Schuldscheinforderungen und Darlehen), besteht aufgrund der Notwendigkeit der Verwendung von Modellberechnungen ein erhöhtes Bewertungsrisiko. In diesem Zusammenhang sind von den gesetzlichen Vertretern Ermessensentscheidungen, Schätzungen und Annahmen, auch im Hinblick auf mögliche Auswirkungen der makroökonomischen und geopolitischen Einflussfaktoren einschließlich der Zinsentwicklung auf die Bewertung der Kapitalanlagen zu treffen. Geringfügige Änderungen dieser Annahmen sowie der verwendeten Methoden können eine wesentliche Auswirkung auf die Bewertung der Kapitalanlagen haben. Aufgrund der betragsmäßig wesentlichen Bedeutung der Kapitalanlagen für die Vermögens- und Ertragslage der Gesellschaft, des Umfangs der in Folge des gemilderten Niederstwertprinzips vorgetragenen stillen Lasten sowie der Ermessensspielräume der gesetzlichen Vertreter und den damit verbundenen Schätzunsicherheiten war die Bewertung der Kapitalanlagen im Rahmen unserer Prüfung von besonderer Bedeutung.
②
Im Rahmen unserer Prüfung haben wir in Anbetracht der Bedeutung der Kapitalanlagen für das Gesamtgeschäft der Gesellschaft gemeinsam mit unseren internen Spezialisten für Kapitalanlagen die von der Gesellschaft verwendeten Modelle und die von den gesetzlichen Vertretern getroffenen Annahmen beurteilt. Dabei haben wir unter anderem unsere Bewertungsexpertise für Kapitalanlagen, unser Branchenwissen und unsere Branchenerfahrung zugrunde gelegt. Zudem haben wir die Ausgestaltung und die Wirksamkeit der eingerichteten Kontrollen der Gesellschaft zur Bewertung der Kapitalanlagen und Erfassung des Ergebnisses aus Kapitalanlagen gewürdigt. Hierauf aufbauend haben wir Einzelfallprüfungshandlungen in Bezug auf die Bewertung der Kapitalanlagen vorgenommen. In dem Zusammenhang haben wir auch die Einschätzung der gesetzlichen Vertreter hinsichtlich der Auswirkungen der makroökonomischen und geopolitischen Einflussfaktoren einschließlich der Zinsentwicklung auf die Bewertung der Kapitalanlagen gewürdigt. Wir haben unter anderem auch die zugrundeliegenden Wertansätze und deren Werthaltigkeit anhand der zur Verfügung gestellten Unterlagen nachvollzogen und die konsistente Anwendung der Bewertungsmethoden und die
Bestätigungsvermerk.
HDI Versicherung AG.

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Periodenabgrenzung überprüft. Hinsichtlich der Beurteilung vorhandener stiller Lasten haben wir gewürdigt, inwiefern die Voraussetzungen zur Dauerhalteabsicht und -fähigkeit vorlagen und vorhandene Wertminderungen nicht von Dauer sind. Darüber hinaus haben wir die von der Gesellschaft erstellten bzw. eingeholten Bewertungsgutachten (einschließlich der angewendeten Bewertungsparameter und getroffenen Annahmen) für die wesentlichen Anteile an verbundenen Unternehmen der Gesellschaft gewürdigt. Auf Basis unserer Prüfungshandlungen konnten wir uns davon überzeugen, dass die von den gesetzlichen Vertretern vorgenommenen Einschätzungen und getroffenen Annahmen zur Bewertung der Kapitalanlagen begründet und hinreichend dokumentiert sind.

* ③ Die Angaben der Gesellschaft zu den Kapitalanlagen sind im Abschnitt 'Bilanzierungs- und Bewertungsmethoden" und den Erläuterungen zur 'Bilanz - Aktiva' des Anhangs enthalten.

===== ❷ Bewertung der Schadenrückstellungen =====

* ① Im Jahresabschluss der Gesellschaft werden unter dem Bilanzposten 'Rückstellung für noch nicht abgewickelte Versicherungsfälle' versicherungstechnische Rückstellungen (sog. 'Schadenrückstellungen') in Höhe von 3.261.447 TEUR (78,5 % der Bilanzsumme) ausgewiesen. Versicherungsunternehmen haben versicherungstechnische Rückstellungen insoweit zu bilden, wie dies nach vernünftiger kaufmännischer Beurteilung notwendig ist, um die dauernde Erfüllbarkeit der Verpflichtungen aus den Versicherungsverträgen sicherzustellen. Die Festlegung von Annahmen zur Bewertung der versicherungstechnischen Rückstellungen erfordert von den gesetzlichen Vertretern der Gesellschaft neben der Berücksichtigung der handels- und aufsichtsrechtlichen Anforderungen eine Einschätzung zukünftiger Ereignisse und die Anwendung geeigneter Bewertungsmethoden. Dies beinhaltet auch die erwarteten Auswirkungen gestiegener Inflationsraten auf die Bildung der Schadenrückstellungen in den betroffenen Sparten. Den bei der Ermittlung der Höhe der Schadenrückstellungen angewendeten Methoden sowie Berechnungsparametern liegen Ermessensentscheidungen und Annahmen der gesetzlichen Vertreter zugrunde. Geringfügige Änderungen dieser Annahmen sowie der verwendeten Methoden können eine wesentliche Auswirkung auf die Bewertung der Schadenrückstellungen haben. Aufgrund der betragsmäßig wesentlichen Bedeutung dieser Rückstellungen für die Vermögens- und Ertragslage der Gesellschaft sowie der erheblichen Ermessensspielräume der gesetzlichen Vertreter und den damit verbundenen Schätzunsicherheiten war die Bewertung der Schadenrückstellungen im Rahmen unserer Prüfung von besonderer Bedeutung.

* ② Im Rahmen unserer Prüfung haben wir in Anbetracht der Bedeutung der Schadenrückstellungen für das Gesamtgeschäft der Gesellschaft gemeinsam mit unseren internen Bewertungsspezialisten die von der Gesellschaft verwendeten Methoden und von den gesetzlichen Vertretern getroffenen Annahmen beurteilt. Dabei haben wir unter anderem unser Branchenwissen und unsere Branchenerfahrung zugrunde gelegt sowie anerkannte Methoden berücksichtigt. Zudem haben wir die Ausgestaltung und die Wirksamkeit der eingerichteten Kontrollen der Gesellschaft zur Ermittlung und Erfassung von Schadenrückstellungen gewürdigt. Hierauf aufbauend haben wir weitere analytische Prüfungshandlungen und Einzelfallprüfungshandlungen in Bezug auf die Bewertung der Schadenrückstellungen vorgenommen. Wir haben unter anderem auch die der Berechnung des Erfüllungsbetrags zugrunde liegenden Daten mit den Basisdokumenten abgestimmt. Damit einhergehend haben wir die berechneten Ergebnisse der Gesellschaft zur Höhe der Rückstellungen anhand der anzuwendenden gesetzlichen Vorschriften nachvollzogen und die konsistente Anwendung der Bewertungsmethoden und die Periodenabgrenzungen überprüft. In dem Zusammenhang haben wir auch die Einschätzung der gesetzlichen Vertreter hinsichtlich gestiegener Inflationsraten auf die betroffenen Sparten gewürdigt. Auf Basis unserer Prüfungshandlungen konnten wir uns davon überzeugen, dass die von den gesetzlichen Vertretern vorgenommenen Einschätzungen und getroffenen Annahmen zur Bewertung der Schadenrückstellungen begründet und hinreichend dokumentiert sind.

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③ Die Angaben der Gesellschaft zu den Schadenrückstellungen sind im Abschnitt „Bilanzierungs- und Bewertungsmethoden“ des Anhangs enthalten.

== Sonstige Informationen ==

Die gesetzlichen Vertreter sind für die sonstigen Informationen verantwortlich.

Die sonstigen Informationen umfassen den Geschäftsbericht – ohne weitergehende Querverweise auf externe Informationen –, mit Ausnahme des geprüften Jahresabschlusses, des geprüften Lageberichts sowie unseres Bestätigungsvermerks.

Unsere Prüfungsurteile zum Jahresabschluss und zum Lagebericht erstrecken sich nicht auf die sonstigen Informationen, und dementsprechend geben wir weder ein Prüfungsurteil noch irgendeine andere Form von Prüfungsschlussfolgerung hierzu ab.

Im Zusammenhang mit unserer Prüfung haben wir die Verantwortung, die oben genannten sonstigen Informationen zu lesen und dabei zu würdigen, ob die sonstigen Informationen

* wesentliche Unstimmigkeiten zum Jahresabschluss, zu den inhaltlich geprüften Lageberichtsangaben oder zu unseren bei der Prüfung erlangten Kenntnissen aufweisen oder

* anderweitig wesentlich falsch dargestellt erscheinen.

== Verantwortung der gesetzlichen Vertreter und des Aufsichtsrats für den Jahresabschluss und den Lagebericht ==

Die gesetzlichen Vertreter sind verantwortlich für die Aufstellung des Jahresabschlusses, der den deutschen handelsrechtlichen Vorschriften in allen wesentlichen Belangen entspricht, und dafür, dass der Jahresabschluss unter Beachtung der deutschen Grundsätze ordnungsmäßiger Buchführung ein den tatsächlichen Verhältnissen entsprechendes Bild der Vermögens-, Finanz- und Ertragslage der Gesellschaft vermittelt. Ferner sind die gesetzlichen Vertreter verantwortlich für die internen Kontrollen, die sie in Übereinstimmung mit den deutschen Grundsätzen ordnungsmäßiger Buchführung als notwendig bestimmt haben, um die Aufstellung eines Jahresabschlusses zu ermöglichen, der frei von wesentlichen falschen Darstellungen aufgrund von dolosen Handlungen (d.h. Manipulationen der Rechnungslegung und Vermögensschädigungen) oder Irrtümern ist.

Bei der Aufstellung des Jahresabschlusses sind die gesetzlichen Vertreter dafür verantwortlich, die Fähigkeit der Gesellschaft zur Fortführung der Unternehmenstätigkeit zu beurteilen. Des Weiteren haben sie die Verantwortung, Sachverhalte in Zusammenhang mit der Fortführung der Unternehmenstätigkeit, sofern einschlägig, anzugeben. Darüber hinaus sind sie dafür verantwortlich, auf der Grundlage des Rechnungslegungsgrundsatzes der Fortführung der Unternehmenstätigkeit zu bilanzieren, sofern dem nicht tatsächliche oder rechtliche Gegebenheiten entgegenstehen.

Außerdem sind die gesetzlichen Vertreter verantwortlich für die Aufstellung des Lageberichts, der insgesamt ein zutreffendes Bild von der Lage der Gesellschaft vermittelt sowie in allen wesentlichen Belangen mit dem Jahresabschluss in Einklang steht, den deutschen gesetzlichen Vorschriften entspricht und die Chancen und Risiken der zukünftigen Entwicklung zutreffend darstellt. Ferner sind die gesetzlichen Vertreter verantwortlich für die Vorkehrungen und Maßnahmen (Systeme), die sie als notwendig erachtet haben, um die Aufstellung eines Lageberichts in Übereinstimmung mit den anzuwendenden deutschen gesetzlichen Vorschriften zu ermöglichen, und um ausreichende geeignete Nachweise für die Aussagen im Lagebericht erbringen zu können.

Der Aufsichtsrat ist verantwortlich für die Überwachung des Rechnungslegungsprozesses der Gesellschaft zur Aufstellung des Jahresabschlusses und des Lageberichts.

.

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==== Periodenabgrenzung überprüft. Hinsichtlich der Beurteilung vorhandener stiller Lasten haben wir gewürdigt, inwieVerantwortung des Abschlussprüfers für die Prüfung des Jahresabschlusses und des Lageberichts ====

fern die Voraussetzungen zur Dauerhalteabsicht und -fähigkeit vorlagen und vorhandene Wertminderungen nicht von Dauer sind. Darüber hinaus haben wir die von der Gesellschaft erstellten bzw. eingeholten Bewertungsgutachten (einschließlich der angewendeten Bewertungsparameter und getroffenen Annahmen) für die wesentlichen Anteile an verbundenen Unternehmen der Gesellschaft gewürdigt. Auf Basis unserer Prüfungshandlungen konnten wir uns davon überzeugen, dass die von den gesetzlichen Vertretern vorgenommenen Einschätzungen und getroffenen Annahmen zur Bewertung der Kapitalanlagen begründet und hinreichend dokumentiert sind. Unsere Zielsetzung ist, hinreichende Sicherheit darüber zu erlangen, ob der Jahresabschluss als Ganzes frei von wesentlichen falschen Darstellungen aufgrund von dolosen Handlungen oder Irrtümern ist, und ob der Lagebericht insgesamt ein zutreffendes Bild von der Lage der Gesellschaft vermittelt sowie in allen wesentlichen Belangen mit dem Jahresabschluss sowie mit den bei der Prüfung gewonnenen Erkenntnissen in Einklang steht, den deutschen gesetzlichen Vorschriften entspricht und die Chancen und Risiken der zukünftigen Entwicklung zutreffend darstellt, sowie einen Bestätigungsvermerk zu erteilen, der unsere Prüfungsurteile zum Jahresabschluss und zum Lagebericht beinhaltet.

③ Die Angaben der Gesellschaft zu den Kapitalanlagen sind im Abschnitt 'Bilanzierungs- und Bewertungsmethoden" und den Erläuterungen zur 'Bilanz - Aktiva' des Anhangs enthalten. ❷ Bewertung der Schadenrückstellungen ① Im Jahresabschluss der Gesellschaft werden unter dem Bilanzposten 'Rückstellung für noch nicht abgewickelte Versicherungsfälle' versicherungstechnische Rückstellungen (sog. 'Schadenrückstellungen') in Höhe von 3.261.447 Hinreichende Sicherheit ist ein hohes Maß an Sicherheit, aber keine Garantie dafür, dass eine in Übereinstimmung mit § 317 HGB und der EU-APrVO unter Beachtung der vom Institut der Wirtschaftsprüfer (IDW) festgestellten deutschen Grundsätze ordnungsmäßiger Abschlussprüfung durchgeführte Prüfung eine wesentliche falsche Darstellung stets aufdeckt. Falsche Darstellungen können aus dolosen Handlungen oder Irrtümern resultieren und werden als wesentlich angesehen, wenn vernünftigerweise erwartet werden könnte, dass sie einzeln oder insgesamt die auf der Grundlage dieses Jahresabschlusses und Lageberichts getroffenen wirtschaftlichen Entscheidungen von Adressaten beeinflussen.

TEUR (78,5 % der Bilanzsumme) ausgewiesen. Versicherungsunternehmen haben versicherungstechnische Rückstel- lungen insoweit zu bilden, wie dies nach vernünftiger kaufmännischer Beurteilung notwendig ist, um die dauernde ErWährend der Prüfung üben wir pflichtgemäßes Ermessen aus und bewahren eine kritische Grundhaltung. Darüber hinaus

füllbarkeit der Verpflichtungen aus den Versicherungsverträgen sicherzustellen. Die Festlegung von Annahmen zur

* Bewertung der versicherungstechnischen Rückstellungen erfordert von den gesetzlichen Vertretern der Gesellschaft neben der Berücksichtigung der handels- und aufsichtsrechtlichen Anforderungen eine Einschätzung zukünftiger Ereignisse und die Anwendung geeigneter Bewertungsmethoden. Dies beinhaltet auch die erwarteten Auswirkungen gestiegener Inflationsraten auf die Bildung der Schadenrückstellungen in den betroffenen Sparten. Den bei der Ermittlung der Höhe der Schadenrückstellungen angewendeten Methoden sowie Berechnungsparametern liegen Ermessensentscheidungen und Annahmen der gesetzlichen Vertreter zugrunde. Geringfügige Änderungen dieser Annahmen sowie der verwendeten Methoden können eine wesentliche Auswirkung auf die Bewertung der Schadenrückstellungen ha· identifizieren und beurteilen wir die Risiken wesentlicher falscher Darstellungen im Jahresabschluss und im Lagebericht aufgrund von dolosen Handlungen oder Irrtümern, planen und führen Prüfungshandlungen als Reaktion auf diese Risiken durch sowie erlangen Prüfungsnachweise, die ausreichend und geeignet sind, um als Grundlage für unsere Prüfungsurteile zu dienen. Das Risiko, dass eine aus dolosen Handlungen resultierende wesentliche falsche Darstellung nicht aufgedeckt wird, ist höher als das Risiko, dass eine aus Irrtümern resultierende wesentliche falsche Darstellung nicht aufgedeckt wird, da dolose Handlungen kollusives Zusammenwirken, Fälschungen, beabsichtigte Unvollständigkeiten, irreführende Darstellungen bzw. das Außerkraftsetzen interner Kontrollen beinhalten können.

ben. Aufgrund der betragsmäßig wesentlichen Bedeutung dieser Rückstellungen für die Vermögens- und Ertragslage

* der Gesellschaft sowie der erheblichen Ermessensspielräume der gesetzlichen Vertreter und den damit verbundenen Schätzunsicherheiten war die Bewertung der Schadenrückstellungen im Rahmen unserer Prüfung von besonderer Bedeutung. · erlangen wir ein Verständnis von den für die Prüfung des Jahresabschlusses relevanten internen Kontrollen und den für die Prüfung des Lageberichts relevanten Vorkehrungen und Maßnahmen, um Prüfungshandlungen zu planen, die unter den Umständen angemessen sind, jedoch nicht mit dem Ziel, ein Prüfungsurteil zur Wirksamkeit der internen Kontrollen der Gesellschaft bzw. dieser Vorkehrungen und Maßnahmen abzugeben.

②

Im Rahmen unserer Prüfung haben wir in Anbetracht der Bedeutung der Schadenrückstellungen für das Gesamtge-

* schäft der Gesellschaft gemeinsam mit unseren internen Bewertungsspezialisten die von der Gesellschaft verwendeten Methoden und von den gesetzlichen Vertretern getroffenen Annahmen beurteilt. Dabei haben wir unter anderem unser Branchenwissen und unsere Branchenerfahrung zugrunde gelegt sowie anerkannte Methoden berücksichtigt. Zudem · beurteilen wir die Angemessenheit der von den gesetzlichen Vertretern angewandten Rechnungslegungsmethoden sowie die Vertretbarkeit der von den gesetzlichen Vertretern dargestellten geschätzten Werte und damit zusammenhängenden Angaben.

haben wir die Ausgestaltung und die Wirksamkeit der eingerichteten Kontrollen der Gesellschaft zur Ermittlung und

* Erfassung von Schadenrückstellungen gewürdigt. Hierauf aufbauend haben wir weitere analytische Prüfungshandlungen und Einzelfallprüfungshandlungen in Bezug auf die Bewertung der Schadenrückstellungen vorgenommen. Wir haben unter anderem auch die der Berechnung des Erfüllungsbetrags zugrunde liegenden Daten mit den Basisdokumenten abgestimmt. Damit einhergehend haben wir die berechneten Ergebnisse der Gesellschaft zur Höhe der Rückstellungen anhand der anzuwendenden gesetzlichen Vorschriften nachvollzogen und die konsistente Anwendung der Bewertungsmethoden und die Periodenabgrenzungen überprüft. In dem Zusammenhang haben wir auch die Einschätzung der gesetzlichen Vertreter hinsichtlich gestiegener Inflationsraten auf die betroffenen Sparten gewürdigt. Auf Basis unserer Prüfungshandlungen konnten wir uns davon überzeugen, dass die von den gesetzlichen Vertretern vorgenommenen Einschätzungen und getroffenen Annahmen zur Bewertung der Schadenrückstellungen begründet und hin· ziehen wir Schlussfolgerungen über die Angemessenheit des von den gesetzlichen Vertretern angewandten Rechnungslegungsgrundsatzes der Fortführung der Unternehmenstätigkeit sowie, auf der Grundlage der erlangten Prüfungsnachweise, ob eine wesentliche Unsicherheit im Zusammenhang mit Ereignissen oder Gegebenheiten besteht, die bedeutsame Zweifel an der Fähigkeit der Gesellschaft zur Fortführung der Unternehmenstätigkeit aufwerfen können. Falls wir zu dem Schluss kommen, dass eine wesentliche Unsicherheit besteht, sind wir verpflichtet, im Bestätigungsvermerk auf die dazugehörigen Angaben im Jahresabschluss und im Lagebericht aufmerksam zu machen oder, falls diese Angaben unangemessen sind, unser jeweiliges Prüfungsurteil zu modifizieren. Wir ziehen unsere Schlussfolgerungen auf der Grundlage der bis zum Datum unseres Bestätigungsvermerks erlangten Prüfungsnachweise. Zukünftige Ereignisse oder Gegebenheiten können jedoch dazu führen, dass die Gesellschaft ihre Unternehmenstätigkeit nicht mehr fortführen kann.

reichend dokumentiert sind.

* beurteilen wir Darstellung, Aufbau und Inhalt des Jahresabschlusses insgesamt einschließlich der Angaben sowie ob der Jahresabschluss die zugrunde liegenden Geschäftsvorfälle und Ereignisse so darstellt, dass der Jahresabschluss unter Beachtung der deutschen Grundsätze ordnungsmäßiger Buchführung ein den tatsächlichen Verhältnissen entsprechendes Bild der Vermögens-, Finanz- und Ertragslage der Gesellschaft vermittelt.

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HDI Versicherung AG.

* beurteilen wir den Einklang des Lageberichts mit dem Jahresabschluss, seine Gesetzesentsprechung und das von ihm vermittelte Bild von der Lage der Gesellschaft.

* führen wir Prüfungshandlungen zu den von den gesetzlichen V ertretern dargestellten zukunftsorientierten Angaben im Lagebericht durch. Auf Basis ausreichender geeigneter Prüfungsnachweise vollziehen wir dabei insbesondere die den zukunftsorientierten Angaben von den gesetzlichen Vertretern zugrunde gelegten bedeutsamen Annahmen nach und beurteilen die sachgerechte Ableitung der zukunftsorientierten Angaben aus diesen Annahmen. Ein eigenständiges Prüfungsurteil zu den zukunftsorientierten Angaben sowie zu den zugrunde liegenden Annahmen geben wir nicht ab. Es besteht ein erhebliches unvermeidbares Risiko, dass künftige Ereignisse wesentlich von den zukunftsorientierten Angaben abweichen.

Wir erörtern mit den für die Überwachung Verantwortlichen unter anderem den geplanten Umfang und die Zeitplanung der Prüfung sowie bedeutsame Prüfungsfeststellungen, einschließlich etwaiger bedeutsamer Mängel in internen Kontrollen, die wir während unserer Prüfung feststellen.

Wir geben gegenüber den für die Überwachung Verantwortlichen eine Erklärung ab, dass wir die relevanten Unabhängigkeitsanforderungen eingehalten haben, und erörtern mit ihnen alle Beziehungen und sonstigen Sachverhalte, von denen vernünftigerweise angenommen werden kann, dass sie sich auf unsere Unabhängigkeit auswirken, und sofern einschlägig, die zur Beseitigung von Unabhängigkeitsgefährdungen vorgenommenen Handlungen oder ergriffenen Schutzmaßnahmen.

Wir bestimmen von den Sachverhalten, die wir mit den für die Überwachung Verantwortlichen erörtert haben, diejenigen Sachverhalte, die in der Prüfung des Jahresabschlusses für den aktuellen Berichtszeitraum am bedeutsamsten waren und daher die besonders wichtigen Prüfungssachverhalte sind. Wir beschreiben diese Sachverhalte im Bestätigungsvermerk, es sei denn, Gesetze oder andere Rechtsvorschriften schließen die öffentliche Angabe des Sachverhalts aus.

=== Sonstige gesetzliche und andere rechtliche Anforderungen ===

==== Übrige Angaben gemäß Artikel 10 EU-APrVO ====

Wir wurden von der Hauptversammlung am 13. März 2025 als Abschlussprüfer gewählt. Wir wurden am 17. März 2025 vom Aufsichtsrat beauftragt. Wir sind ununterbrochen seit dem Geschäftsjahr 2018 als Abschlussprüfer der HDI Versicherung AG, Hannover, tätig.

Wir erklären, dass die in diesem Bestätigungsvermerk enthaltenen Prüfungsurteile mit dem zusätzlichen Bericht an den Prüfungsausschuss nach Artikel 11 EU-APrVO (Prüfungsbericht) in Einklang stehen.

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B

==== Verantwortlicher Wirtschaftsprüfer ====

Der für die Prüfung verantwortliche Wirtschaftsprüfer ist Christian Sack.

Hannover, den 10. März 2026

PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft

Christian Sack Wirtschaftsprüfer ppa. Frédéric Esser Wirtschaftsprüfer

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== Bericht des Aufsichtsrats. ==

Der Aufsichtsrat hat den Vorstand der HDI Versicherung AG im Berichtsjahr auf der Basis ausführlicher schriftlicher und mündlicher Berichte des Vorstands regelmäßig überwacht. Der Aufsichtsrat trat insgesamt zu zwei ordentlichen Sitzungen zusammen, um sich über die Geschäftsentwicklung und Lage des Unternehmens zu informieren und um die anstehenden Beschlüsse zu fassen. Weiter hat sich der Aufsichtsrat durch regelmäßige Vorlage von Unterlagen über die Lage und die strategische Ausrichtung der Gesellschaft, den Geschäftsverlauf sowie das Risikomanagement unterrichten lassen. Die einzelnen Themen hat er intensiv hinterfragt, diskutiert und - soweit nach Gesetz, Satzung oder Geschäftsordnung erforderlich - nach eingehender Prüfung und Beratung ein Votum abgegeben.

Darüber hinaus erfolgten im Umlaufverfahren außerhalb einer Sitzung vier Beschlussfassungen über kurzfristig zwischen den Sitzungen zu behandelnde Themen.

=== Schwerpunkte der Beratungen im Plenum ===

Für den Geschäftsbereich HDI Deutschland wurde die neue Strategie 'SBSTNZ.' erarbeitet, welche im nächsten Strategiezyklus umgesetzt wird. Damit wird der Grundstein für die nächste Generation der HDI Deutschland - mit klaren Zielen, fokussierten Geschäftsmodellen und einer ausgeprägten Performance-Kultur gelegt. Die neue Strategie steht für nachhaltiges Wachstum, eine starke Marktpositionierung und langfristige Stabilität innerhalb der Talanx-Gruppe. 'SBSTNZ.' bündelt die Ressortstrategien des Geschäftsbereichs und beinhaltet einen leistungsstarken Vertrieb, einen fokussierten Sachversicherer, eine schlanke Lebensversicherungsgruppe sowie das konzentrierte Bestandsmanagement; dies basiert übergreifend auf einer integrierten IT und stabilen Finanzen. Ziel ist es nun, die Umsetzung der gesteckten Ziele und Meilensteine voranzutreiben.

Die HDI Versicherung AG ist wesentlicher Bestandteil des fokussierten Sachversicherers. Der Turnaround wurde in 2025 erfolgreich abgeschlossen, nun folgt der Exzellenz-Aufbau. Ziel ist es, im Bestand funktionierende Portfoliomanagement-Prozesse und Profitabilität in allen Portfolios sicherzustellen. Für das Neugeschäft sind tragfähige aktuarielle Verkaufspreise, funktionierende Angebotsprozesse und marktfähige Produkte unerlässlich.

In der Aufsichtsratssitzung am 13. März 2025 wurde der Aufsichtsrat über die Auflösung des Joint Ventures und die damit einhergehende Veräußerung aller Anteile an der MachDigital GmbH umfänglich informiert.

Mit Wirkung zum 31. Dezember 2025 hat der Aufsichtsrat beschlossen, sämtliche an der SSV Schadenschutzverband GmbH gehaltenen Geschäftsanteile zu veräußern - damit verbunden wurde ebenfalls der Beendigung des bestehenden Beherrschungs- und Ergebnisabführungsvertrages zwischen der HDI Deutschland AG als herrschendem und der SSV Schadenschutzverband GmbH als beherrschtem Unternehmen zugestimmt. Parallel wurde eine Kooperationsvereinbarung für die langfristige Zusammenarbeit mit der Käuferin geschlossen. Der Aufsichtsrat wurde umfänglich zu dem Thema informiert und hat die notwendigen Beschlüsse entsprechend gefasst.

Im Rahmen der jährlichen Abfrage der Selbsteinschätzung durch die Mitglieder des Aufsichtsrats wurde in der Aufsichtsratssitzung am 6. November 2025 über die Ergebnisse berichtet, welche zufriedenstellend ausgefallen sind. Der Aufsichtsrat hat für die nächste Selbsteinschätzung Mitte 2026 bislang keine Anpassung der Themenfelder beschlossen.

Im Geschäftsjahr 2025 wurden drei digitale Weiterbildungsangebote für den Aufsichtsrat durchgeführt. Damit wurde die Sachkunde der Aufsichtsratsmitglieder, wie sie von der BaFin im Rahmen der Governance-Anforderungen und der EIOPALeitlinien gefordert wird, kontinuierlich gestärkt. Alle Schulungen wurden aufgezeichnet und stehen den Mitgliedern des Aufsichtsrats zur Nachbereitung im Selbststudium zur Verfügung. Es wurden die Schulungen zu den Themen

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* ■ Wohlverhalten und Kundennutzen (Schulung zu den regulatorischen Anforderungen aus VAG und IDD sowie den aktuellen BaFin-Erwartungen),

* ■ DORA@HD Awareness-Training 2025 (Einführung in die Anforderungen des Digital Operational Resilience Act (DORA) und deren Umsetzung im Unternehmen) und

* ■ Versicherungstechnik und Kapitalanlage für Leben und Sach (Vertiefung der Grundlagen und aktuellen Entwicklungen in Versicherungstechnik und Kapitalanlage)

angeboten.

Aufgrund der zunehmenden Bedeutung von Künstlicher Intelligenz (KI) wird sich der Aufsichtsrat mit der technologischen und regulatorischen Entwicklung fortlaufend intensiver befassen. Dazu werden auch vertiefende Weiterbildungsangebote für den Aufsichtsrat vorgesehen.

In der Frühjahrssitzung 2025 wurde eine Anpassung der Informationsordnung der Gesellschaft durch den Aufsichtsrat beschlossen. Wesentliche Aktualisierungen lagen in den Regelungen zum Ergebnis- und Forecast-Prozess sowie einer gestrafften Berichterstattung zu den Governance-Funktionen.

Der Aufsichtsrat wurde auch in 2025 regelmäßig über die Lage der Gesellschaft - insbesondere hinsichtlich der Finanzen, der Kapitalanlagen- und der Solvabilitätssituation - unterrichtet. Im Rahmen der Berichterstattung wurde den aktuellen wirtschaftlichen, finanziellen und politischen Entwicklungen im Jahr 2025 Rechnung getragen.

Zu den erbrachten Nichtprüfungsleistungen durch den Abschlussprüfer für PIEs und der jeweiligen Auslastung der festgelegten Caps ist eine jährliche Berichterstattung erforderlich; der Aufsichtsrat wurde in seiner Sitzung am 6. November 2025 entsprechend informiert.

Da die gesetzlich festgelegte maximale Laufzeit für die Bestellung und Beauftragung desselben Abschlussprüfers mit der letzten Prüfung für das Geschäftsjahr 2027 endet, hat der Aufsichtsrat beschlossen, die Abschlussprüfung ab dem Geschäftsjahr 2028 gemäß den gesetzlichen Vorgaben zur externen Rotation öffentlich auszuschreiben. Die Ausschreibung erfolgt im Rahmen eines Gesamtangebots für die Prüfung sämtlicher Public Interest Entities (PIEs) innerhalb der HDI-, Talanx- und Hannover Rück-Gruppe sowie deren konsolidierter Tochtergesellschaften und Niederlassungen.

Der Vorstand hat dem Aufsichtsrat zustimmungspflichtige Geschäfte vorgelegt, der Aufsichtsrat hat die nach Satzung oder Geschäftsordnung notwendigen Zustimmungen in jedem Fall erteilt.

In den Quartalsberichten gemäß § 90 AktG wurden unter anderem die Entwicklung des Neugeschäfts und der Beiträge sowie die Themen Profitabilität, Kosten und Kapitalanlage dargestellt und erläutert.

Der Aufsichtsratsvorsitzende wurde darüber hinaus von dem Vorstandsvorsitzenden laufend über wichtige Entwicklungen und anstehende Entscheidungen unterrichtet.

Der Gesamtvorstand entscheidet gemäß den ihm durch die Geschäftsordnung übertragenen Aufgaben über die Erstellung und jährliche Überprüfung der Geschäfts- und Risikostrategie. Der Aufsichtsrat hat die Risikostrategie für das Geschäftsjahr 2025 im Rahmen der Sitzung vom 13. März 2025 erörtert.

Ferner wurde der Aufsichtsrat in den Sitzungen über den aktuellen Stand zum Risikomanagement informiert, er hat sich von der Leistungsfähigkeit des Risikomanagement-Systems überzeugt. Dem Aufsichtsrat wurden zudem die vierteljährlichen Ri sikoberichte der Gesellschaft zur umfänglichen Information zugeleitet. Bei Bedarf erhielt der Aufsichtsrat detaillierte Informationen insbesondere zur Risikolage der Gesellschaft sowie zu den seitens des Vorstands geplanten und ergriffenen Maßnahmen. In die planmäßige Überprüfung der Geschäftsorganisation wurden Fragestellungen zu Künstlicher Intelligenz (KI) aufgenommen. Im Rahmen der Risikoberichterstattung wird die Nutzung von KI-Anwendungen bereits in der Beurteilung der Risiken und bei der weiteren Entwicklung hinsichtlich Use Cases und Governance berücksichtigt. Darüber hinaus wurde dem Aufsichtsrat mit den Sitzungsunterlagen für die Aufsichtsratssitzung im Herbst 2025 der ORSA-Bericht zur vollständigen Information vorgelegt.

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Insgesamt wird damit den aufsichtsbehördlichen Anforderungen an das Risikomanagement im Rahmen einer guten und verantwortungsbewussten Unternehmensführung und -überwachung entsprochen.

Ergänzend wurde der Aufsichtsrat in der Sitzung im Frühjahr 2025 neben dem Risikomanagement auch über den aktuellen Stand der weiteren Governance-Funktionen Versicherungsmathematische Funktion, Compliance und Revision informiert und hat sich somit von der Leistungsfähigkeit aller Governance-Funktionen überzeugt. Im Herbst 2025 erfolgte ein detaillierter Bericht zur Versicherungsmathematischen Funktion neben dem Bericht zum Risikomanagement. Es lagen keine aktuellen Themen zu Compliance und Revision vor, sodass erst im Frühjahr 2026 turnusmäßig berichtet wird.

Der Aufsichtsrat sah sich zu Prüfungsmaßnahmen nach § 111 Abs. 2 AktG im Geschäftsjahr 2025 nicht veranlasst.

Der Aufsichtsrat konnte sich davon überzeugen, dass der Vorstand seine operativen Schwerpunkte zutreffend gesetzt und geeignete Maßnahmen ergriffen hat. Insgesamt hat sich der Aufsichtsrat im Rahmen seiner gesetzlichen und satzungsgemäßen Zuständigkeiten von der Rechtmäßigkeit, Zweckmäßigkeit, Ordnungsmäßigkeit und Wirtschaftlichkeit der Unternehmensführung überzeugt.

=== Jahresabschlussprüfung ===

Der Jahresabschluss und der Lagebericht der Gesellschaft sowie der Prüfungsbericht des Abschlussprüfers haben dem Aufsichtsrat vorgelegen. Der vom Vorstand vorgelegte Jahresabschluss zum 31. Dezember 2025 sowie der Lagebericht sind unter Einbeziehung der Buchführung von der PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft, Hannover, geprüft worden.

Die Prüfung hat keinen Anlass zu Beanstandungen gegeben; in dem erteilten uneingeschränkten Bestätigungsvermerk wird erklärt, dass der Jahresabschluss in allen wesentlichen Belangen den deutschen handelsrechtlichen Vorschriften entspricht und unter Beachtung der deutschen Grundsätze ordnungsmäßiger Buchführung ein den tatsächlichen Verhältnissen entsprechendes Bild der Vermögens- und Finanzlage der Gesellschaft zum 31. Dezember 2025 sowie ihrer Ertragslage für das Geschäftsjahr vom 1. Januar bis zum 31. Dezember 2025 vermittelt. Der Lagebericht vermittelt insgesamt ein zutreffendes Bild von der Lage der Gesellschaft. In allen wesentlichen Belangen steht dieser Lagebericht in Einklang mit dem Jahresabschluss, entspricht den deutschen gesetzlichen Vorschriften und stellt die Chancen und Risiken der zukünftigen Entwicklung zutreffend dar. Der Abschlussprüfer erklärt gemäß § 322 Abs. 3 Satz 1 HGB, dass die Prüfung zu keinen Einwendungen gegen die Ordnungsmäßigkeit des Jahresabschlusses und des Lageberichts geführt hat.

Die Abschlussunterlagen und die Prüfungsberichte des Abschlussprüfers wurden allen Aufsichtsratsmitgliedern rechtzeitig zur Sitzung zugeleitet.

Der Abschlussprüfer war bei der Aufsichtsratssitzung am 11. März 2026 über die Beratung des Jahresabschlusses und des Lageberichts anwesend, hat über die Durchführung und Qualität der Prüfung berichtet und stand dem Aufsichtsrat für ergänzende Auskünfte zum Jahresabschluss und Lagebericht wie auch zum Prüfungsbericht zur Verfügung. Der Aufsichtsrat hat den vom Vorstand aufgestellten Jahresabschluss erörtert und auch den Prüfungsbericht des Abschlussprüfers geprüft und zu einzelnen Punkten Nachfragen an den Abschlussprüfer gerichtet. Der Aufsichtsrat ist zu dem Ergebnis gekommen, dass der

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Prüfungsbericht in Übereinstimmung mit den §§ 317 und 321 HGB steht und keinen Bedenken begegnet. Weiter ist der Aufsichtsrat zu dem Ergebnis gekommen, dass der Lagebericht die Anforderungen des § 289 HGB erfüllt und in Übereinstimmung mit den Aussagen der Berichte an den Aufsichtsrat gemäß § 90 AktG steht. Der Lagebericht steht auch in Einklang mit der eigenen Einschätzung des Aufsichtsrats hinsichtlich der Lage der Gesellschaft. Dem Lagebericht und insbesondere den dort getroffenen Aussagen zur weiteren Unternehmensentwicklung stimmt der Aufsichtsrat zu.

Zudem hat der Aufsichtsrat die Qualität der Abschlussprüfung anhand der vorgelegten Berichterstattung geprüft.

Nach dem abschließenden Ergebnis der vom Aufsichtsrat selbst vorgenommenen Prüfung des Jahresabschlusses und des Lageberichts sind Einwendungen nicht zu erheben, sodass der Aufsichtsrat sich dem Urteil des Abschlussprüfers angeschlossen und den vom Vorstand aufgestellten Jahresabschluss am 11. März 2026 gebilligt hat. Damit ist der Jahresabschluss festgestellt.

=== Besetzung von Vorstand und Aufsichtsrat und weitere Mandate ===

Herr Norbert Eickermann wurde in der Aufsichtsratssitzung vom 13. März 2025 mit Wirkung ab 1. Februar 2026 als Mitglied des Vorstands wiederbestellt.

Des Weiteren wurde in der Aufsichtsratssitzung vom 13. März 2025 mit Wirkung ab 1. April 2025 Dr. Philipp Horsch als Mitglied des Vorstands bestellt. Er verantwortet die Ressorts Produktmanagement Firmen/ Freie Berufe und Betrieb Firmen/ Freie Berufe.

In der Sitzung des Aufsichtsrats am 6. November 2025 wurde mit Wirkung ab 1. Januar 2026 Thorsten Jahnke als weiteres Mitglied des Vorstands bestellt. Er hat die Ressortverantwortung für den Vertrieb Makler und Kooperationen von Thomas Lüer übernommen, der mit Wirkung ab 1. Januar 2026 für die Ressorts Vertrieb HDI, das Vertriebsmanagement und Marketing zuständig ist.

Frau Johanna Weigand hat mit Wirkung zum Ablauf des 31. Juli 2025 ihr Mandat als Mitglied des Aufsichtsrats niedergelegt. Als ihren Nachfolger wählte die außerordentliche Hauptversammlung vom 17. Juli 2025 mit Wirkung ab dem 1. August 2025 Herrn Nicolas Heine für die restliche Amtsperiode, d. h. bis zur Beendigung der Hauptversammlung, die über die Entlastung für das Geschäftsjahr 2027 beschließt, in den Aufsichtsrat.

=== Dank an Vorstand und Mitarbeiter ===

Der Aufsichtsrat dankt den Mitgliedern des Vorstands und allen Mitarbeiterinnen und Mitarbeitern für ihren Einsatz und die im Geschäftsjahr 2025 erfolgreich geleistete Arbeit.

Hannover, 11. März 2026

Für den Aufsichtsrat:

Dr. Jan-Philipp Lüdtke Vorsitzender

Barbara Riebeling Nicolas Heine stellv. V orsitzende

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== Impressum ==

=== HDI Versicherung AG ===

HDI-Platz 1 30659 Hannover Telefon +49 511 645-0 Telefax +49 511 645-4545 www.hdi.de www.talanx.com

=== Group Communications ===

Telefon +49 511 3747-2022 Telefax +49 511 3747-2525 E-Mail gc@talanx.com

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<div class="ed-chart-desc">
[Chart/image description:]
The image displays an organizational chart titled "Talanx AG" at the top. Below this, five main vertical columns represent different business areas or group functions, each with a colored header and a list of subsidiary companies beneath it.
</div>

Column 1 (Dark Purple Header):
* Header: "Geschäftsbereich Corporate & Specialty Division"
* Subsidiaries (in white boxes, top to bottom):
* HDI Global SE
* HDI Global Specialty SE
* HDI Versicherung AG (Austria)
* HDI Global Seguros S.A. (Mexico)
* HDI Global SA Ltd. (South Africa)
* HDI Global Insurance Company (USA)
* HDI Global Network AG
* HDI Reinsurance (Ireland) SE

Column 2 (Teal Header):
* Header: "Geschäftsbereich Privat- und Firmenversicherung International Retail International Division"
* Subsidiaries:
* HDI International AG
* HDI Seguros S.A. (Brazil)
* Yelum Seguros S.A. (Brazil)
* HDI Seguros S.A. (Chile)
* HDI Seguros Colombia S.A.
* HDI Seguros S.A. de C.V. (Mexico)
* TUİR WARTA S.A. (Poland)
* TU Europa S.A. (Poland)
* HDI Assicurazioni S.p.A. (Italy)
* HDI Sigorta A.Ş. (Türkiye)

Column 3 (Green Header):
* Header: "Geschäftsbereich Privat- und Firmenversicherung Deutschland Retail Germany Division"
* Subsidiaries:
* HDI Deutschland AG
* HDI Lebensversicherung AG
* HDI Pensionsfonds AG
* HDI Pensionskasse AG
* HDI Pensionsmanagement AG
* HDI Versicherung AG
* HDI Vorsorge Lebensversicherung AG
* Lifestyle Protection Lebensversicherung AG
* Lifestyle Protection AG
* LPV Lebensversicherung AG
* NEH Neue Hildener Versicherung AG
* neue leben Lebensversicherung AG
* neue leben Unfallversicherung AG

Column 4 (Blue Header, split into two sub-columns):
* Left Sub-column Header: "Geschäftsbereich Rückversicherung Reinsurance Division" with sub-header "Schaden-Rückversicherung Property/Casualty Reinsurance"
* Subsidiaries:
* Hannover Rück SE
* E+S Rückversicherung AG
* Argenta Holdings Limited
* Hannover ReTakaful B.S.C. (c) (Bahrain)
* Hannover Re (Bermuda) Ltd.
* Hannover Life Re of Australasia Ltd
* Hannover Re (Ireland) DAC
* Hannover Re South Africa Limited
* Hannover Life Reassurance Company of America
* Right Sub-column Header: "Personen-Rückversicherung Life/Health Reinsurance" (no subsidiaries listed under this specific sub-header in the chart)

Column 5 (Grey Header):
* Header: "Konzernfunktionen Group Operations"
* Subsidiaries:
* HDI AG
* Ampega Asset Management GmbH
* Ampega Investment GmbH
* Talanx Reinsurance Broker GmbH

At the bottom right of the chart, there is a note: "Nur die wesentlichen Beteiligungen / Main participations only" and "Stand / As at: 01.01.2026".

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HDI Versicherung AG
HDI-Platz 1
30659 Hannover
Telefon +49 511 645-0
Telefax +49 511 645-4545
www.hdi.de
www.talanx.com