HDI Versicherung/2025/FY/Annual report: Difference between revisions
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|+ HDI Versicherung AG at a glance.
|-
! 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" | [[Definition:Gross written premiums|Gross written premiums]]
| style="text-align:right" | 1
| style="text-align:right" | 1
| style="text-align:right" | -1
|-
| style="text-align:left" | Gross incurred
| style="text-align:right" | 1
| style="text-align:right" | 1
| style="text-align:right" | -3
|-
| style="text-align:left" | Gross operating expenses
| style="text-align:right" | 486
| style="text-align:right" | 506
| style="text-align:right" | -4
|-
| style="text-align:left" | Gross combined ratio (in %)
| style="text-align:right" | 95
| style="text-align:right" | 98
| style="text-align:right" | —
|-
| style="text-align:left" | Net technical provisions
| style="text-align:right" | 3
| style="text-align:right" | 3
| style="text-align:right" | 2
|-
| style="text-align:left" | Investments
| style="text-align:right" | 3
| style="text-align:right" | 3
| style="text-align:right" | 0
|-
| style="text-align:left" | Income from investments
| style="text-align:right" | -31
| style="text-align:right" | 112
| style="text-align:right" | -128
|-
| style="text-align:left" | Net investment yield (in %)
| style="text-align:right" | -0
| style="text-align:right" | 3
| style="text-align:right" | —
|-
| style="text-align:left" | Earnings before profit transfer
| style="text-align:right" | 109
| style="text-align:right" | 17
| style="text-align:right" | 520
|}
</div>
Line 90:
'''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}}
'''
* 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. ==
Line 116:
=== Business Activities, Organization and Structure ===
==== Corporate
{{chunk|doc=9fth4kgfqj|c=6|p=4}}
'''HDI Versicherung AG overview'''
* HDI Versicherung AG is part of the Talanx business division Private and Corporate
* 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
* HDI Versicherung AG provides comprehensive insurance coverage
* HDI Versicherung AG
* The focus is on price- and performance-conscious customers who independently
* The company uses its in-house sales force organization
*
* Another distribution channel is the company-mediated
{{chunk|doc=9fth4kgfqj|c=7|p=4}}
'''
* 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'.
*
=== Our
{{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
* The functional organization ensures clear responsibilities and establishes the basis for cross-segment work in
* 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
=== Group Services
{{chunk|doc=9fth4kgfqj|c=9|p=4}}
'''
* 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
* HDI Versicherung AG also utilizes central services from Ampega Asset Management GmbH, which manages assets for the insurance companies within the group.
{{chunk|doc=9fth4kgfqj|c=10|p=5}}
'''Global economic development and
* Global economic growth
* 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
* 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.
*
* External trade
* The special fund for infrastructure announced in March and higher defense spending
*
* Eurozone growth accelerated from 0.9% to 1.4% YoY in 2025.
* Excluding Ireland, which
{{chunk|doc=9fth4kgfqj|c=12|p=5}}
'''US economic performance'''
* The US economy
* 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
{{chunk|doc=9fth4kgfqj|c=13|p=5}}
'''China and Latin America economic
* 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).
*
{{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
* 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%.
{{chunk|doc=9fth4kgfqj|c=
'''International equity markets performance'''
* International
* 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
* Doubts about rapid implementation caused the German bond yield to fall back below 2.50% within a few weeks.
*
*
* The conflict between Israel and Iran
* Doubts about US debt sustainability and
*
==== Prevention of money laundering and terrorist financing ====
{{chunk|doc=9fth4kgfqj|c=
'''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.
{{chunk|doc=9fth4kgfqj|c=
'''
* 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=
'''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=
'''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
* The core of the new strategy is a targeted
* 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
* Comprehensive support for existing customers and ensuring the long-term fulfillment of obligations are also crucial.
*
*
* Operational and financial stability
* The targeted
* Transformation, key restructuring measures
{{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.
*
*
* The corporate and freelance professions [[Definition:Business mix|business
* Profitability of the portfolio and professionalization
* 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.
{{chunk|doc=9fth4kgfqj|c=
'''IT strategy and objectives'''
* The IT strategy for the Private and
* The IT strategy incorporates the requirements of the business strategy of all risk carriers.
*
* The IT strategy aims to transform the application landscape, aligned with the "Substanz" business strategy and considering innovative technologies like artificial intelligence.
*
* Continuous improvement of the security protection level is also essential.
{{chunk|doc=9fth4kgfqj|c=
'''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
*
* Franke & Bornberg Research GmbH awarded the
* Franke & Bornberg Research GmbH
* The HDI accident insurance (Premium, 100% contribution, protection letter) and HDI household insurance were also recognized.
{{chunk|doc=9fth4kgfqj|c=
'''Sustainability strategy and net-zero targets'''
* Talanx Group, as an international insurance group and long-term investor, has long been committed to responsible corporate
* The sustainability strategy is an integral part of the
* The sustainability strategy focuses on environmental aspects in investments, underwriting, and own operations, the
* Talanx Group is committed to supporting the
* Talanx Group aims to achieve net-zero emissions by 2050 for its insurance and investment portfolios{{fn ref|1}}.
{{chunk|doc=9fth4kgfqj|c=
'''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
* Since 2024, exclusions for fracking of shale gas and oil
*
* 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=
'''Social engagement and governance
* In 2022, a unified framework for the
* Four strategic
** 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.
{{chunk|doc=9fth4kgfqj|c=
'''
* 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
* The development of these and other key figures will be
{{chunk|doc=9fth4kgfqj|c=
'''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
|-
! 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
| style="text-align:right" | 1
| style="text-align:right" | 1
| style="text-align:right" | 1
|-
| style="text-align:left" | Earned premiums
| style="text-align:right" | 1
| style="text-align:right" | 1
| style="text-align:right" | 1
| style="text-align:right" | 1
|-
| style="text-align:left" | Incurred
| style="text-align:right" | 1
| style="text-align:right" | 996
| style="text-align:right" | 1
| style="text-align:right" | 1
|-
| style="text-align:left" | Operating expenses
| style="text-align:right" | 486
| style="text-align:right" | 477
| style="text-align:right" | 506
| style="text-align:right" | 496
|-
| style="text-align:left" | Technical result
| style="text-align:right" | —
| style="text-align:right" | 20
| style="text-align:right" | —
| style="text-align:right" | -30
|-
| style="text-align:left" | In %
Line 479 ⟶ 478:
| style="text-align:right" | —
|-
| style="text-align:left" | Loss ratio{{fn ref|1)|2=Incurred
| style="text-align:right" | 64
| style="text-align:right" | 66
| style="text-align:right" | 66
| style="text-align:right" | 69
|-
| style="text-align:left" | Expense ratio{{fn ref|2)|2=Operating expenses in relation to earned premiums}}
| style="text-align:right" | 31
| style="text-align:right" | 32
| style="text-align:right" | 32
| style="text-align:right" | 33
|-
| style="text-align:left" | Combined ratio{{fn ref|3)|2=Sum of incurred
| style="text-align:right" | 95
| style="text-align:right" | 98
| style="text-align:right" | 98
| style="text-align:right" | 102
|}
</div>
{{fn note|1=1)|2=Incurred
{{fn note|1=2)|2=Operating expenses in relation to earned premiums}}
{{fn note|1=3)|2=Sum of incurred
{{chunk|doc=9fth4kgfqj|c=
'''[[Definition:Gross written premiums|Gross
*
* Positive development in corporate lines did not fully offset
* Freelance professions and private lines
* 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
* Net earned premiums decreased by EUR 14.9m to EUR 1,489.9m (prior: EUR 1,504.8m).
{{chunk|doc=9fth4kgfqj|c=
'''
* Gross claims expenses
*
* Increased expenses for large claims,
* Gross run-off
*
* Net claims expenses
* Net current year claims expenses decreased by EUR 165.6m to EUR 1,067.0m (prior: EUR 1,232.6m).
* Net run-off
*
{{chunk|doc=9fth4kgfqj|c=
'''Operating
* Gross operating expenses
* Administration costs significantly decreased due to the success of the SBSTNZ strategic program
* Commissions increased due to changes in the [[Definition:Business mix|business mix]].
* Net operating expenses
*
*
*
*
{{chunk|doc=9fth4kgfqj|c=
'''Technical
* EUR 14.4m (prior: EUR 9.0m) was withdrawn from the fluctuation reserve.
*
{{chunk|doc=9fth4kgfqj|c=
<div style="overflow-x:auto">
Line 553 ⟶ 552:
|+ Self-concluded insurance business
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 2025 Gross
! class="col-s" style="text-align:right" | 2025 Net
Line 560 ⟶ 559:
|-
| style="text-align:left" | Written premiums
| style="text-align:right" | 1
| style="text-align:right" | 1
| style="text-align:right" | 1
| style="text-align:right" | 1
|-
| style="text-align:left" | Earned premiums
| style="text-align:right" | 1
| style="text-align:right" | 1
| style="text-align:right" | 1
| style="text-align:right" | 1
|-
| style="text-align:left" | Incurred
| style="text-align:right" | 1
| style="text-align:right" | 996
| style="text-align:right" | 1
| style="text-align:right" | 1
|-
| style="text-align:left" | Operating expenses
| style="text-align:right" | 486
| style="text-align:right" | 477
| style="text-align:right" | 506
| style="text-align:right" | 496
|-
| style="text-align:left" | Technical result
| style="text-align:right" | —
| style="text-align:right" | 20
| style="text-align:right" | —
| style="text-align:right" | -30
|-
| style="text-align:left" | In %
Line 596 ⟶ 595:
|-
| style="text-align:left" | Loss ratio
| style="text-align:right" | 64
| style="text-align:right" | 66
| style="text-align:right" | 66
| style="text-align:right" | 69
|-
| style="text-align:left" | Expense ratio
| style="text-align:right" | 31
| style="text-align:right" | 32
| style="text-align:right" | 32
| style="text-align:right" | 33
|-
| style="text-align:left" | Combined ratio
| style="text-align:right" | 95
| style="text-align:right" | 98
| style="text-align:right" | 98
| style="text-align:right" | 102
|}
</div>
{{chunk|doc=9fth4kgfqj|c=
<div style="overflow-x:auto">
{| id="t4" class="wikitable fintable"
|+ Motor
|-
!
! class="col-s" style="text-align:right" | 2025 Gross
! class="col-s" style="text-align:
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" |
|-
| style="text-align:left" | Written premiums
| style="text-align:right" | 521
| style="text-align:right" | 518
| style="text-align:right" | 577
| style="text-align:right" | 572
|-
| style="text-align:left" | Earned premiums
| style="text-align:right" | 520
| style="text-align:right" | 517
| style="text-align:right" | 573
| style="text-align:right" | 568
|-
| style="text-align:left" | Incurred
| style="text-align:right" | 366
| style="text-align:right" | 363
| style="text-align:right" | 482
| style="text-align:right" | 481
|-
| style="text-align:left" | Operating expenses
| style="text-align:right" | 107
| style="text-align:right" | 107
| style="text-align:right" | 124
| style="text-align:right" | 124
|-
| style="text-align:left" | Technical result
| style="text-align:right" | —
| style="text-align:right" | -2
| style="text-align:right" | —
| style="text-align:right" | -39
|-
| style="text-align:left" | In %
Line 668 ⟶ 665:
|-
| style="text-align:left" | Loss ratio
| style="text-align:right" | 70
| style="text-align:right" | 70
| style="text-align:right" | 84
| style="text-align:right" | 84
|-
| style="text-align:left" | Expense ratio
| style="text-align:right" | 20
| style="text-align:right" | 20
| style="text-align:right" | 21
| style="text-align:right" | 22
|-
| style="text-align:left" | Combined
| 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
|-
! 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
| style="text-align:right" | 350
| style="text-align:right" | 357
| style="text-align:right" | 353
|-
| style="text-align:left" | Earned premiums
| style="text-align:right" | 353
| style="text-align:right" | 349
| style="text-align:right" | 357
| style="text-align:right" | 354
|-
| style="text-align:left" | Incurred
| style="text-align:right" | 277
| style="text-align:right" | 267
| style="text-align:right" | 182
| style="text-align:right" | 177
|-
| style="text-align:left" | Operating expenses
| style="text-align:right" | 131
| style="text-align:right" | 131
| style="text-align:right" | 137
| style="text-align:right" | 137
|-
| style="text-align:left" | Technical result
| style="text-align:right" | —
| style="text-align:right" | 6
| style="text-align:right" | —
| style="text-align:right" | 26
|-
| style="text-align:left" | In %
Line 751 ⟶ 763:
|-
| style="text-align:left" | Loss ratio
| style="text-align:right" | 78
| style="text-align:right" | 76
| style="text-align:right" | 51
| style="text-align:right" | 50
|-
| style="text-align:left" | Expense ratio
| style="text-align:right" | 37
| style="text-align:right" | 37
| style="text-align:right" | 38
| style="text-align:right" | 38
|-
| style="text-align:left" | Combined ratio
| style="text-align:right" | 115
| style="text-align:right" | 114
| style="text-align:right" | 89
| style="text-align:right" | 89
|}
</div>
{{chunk|doc=9fth4kgfqj|c=
'''
* [[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
* Premiums in the
* Premiums in
* 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 claims expenses for the financial year rose to EUR 221.6m (prior: EUR 218.8m), particularly in the corporate
* 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
* 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.
{{chunk|doc=9fth4kgfqj|c=
<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
| style="text-align:right" | 60
| style="text-align:right" | 61
| style="text-align:right" | 61
|-
| style="text-align:left" | Earned premiums
| style="text-align:right" | 60
| style="text-align:right" | 60
| style="text-align:right" | 62
| style="text-align:right" | 62
|-
| style="text-align:left" | Incurred
| style="text-align:right" | 29
| style="text-align:right" | 29
| style="text-align:right" | 26
| style="text-align:right" | 26
|-
| style="text-align:left" | Operating expenses
| style="text-align:right" | 22
| style="text-align:right" | 22
| style="text-align:right" | 23
| style="text-align:right" | 23
|-
| style="text-align:left" | Technical result
| style="text-align:right" | —
| style="text-align:right" | 14
| style="text-align:right" | —
| style="text-align:right" | 15
|-
| style="text-align:left" | In %
Line 863 ⟶ 856:
|-
| style="text-align:left" | Loss ratio
| style="text-align:right" | 49
| style="text-align:right" | 49
| style="text-align:right" | 42
| style="text-align:right" | 42
|-
| style="text-align:left" | Expense ratio
| style="text-align:right" | 36
| style="text-align:right" | 36
| style="text-align:right" | 37
| style="text-align:right" | 37
|-
| style="text-align:left" | Combined ratio
| style="text-align:right" | 86
| style="text-align:right" | 86
| style="text-align:right" | 80
| style="text-align:right" | 80
|}
</div>
{{chunk|doc=9fth4kgfqj|c=
'''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
* 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=
'''Accident insurance operating expenses and combined ratio'''
* Gross and net operating expenses for insurance
* This reduction was
* 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=
'''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.
{{chunk|doc=9fth4kgfqj|c=
<div style="overflow-x:auto">
Line 914 ⟶ 908:
|+ 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
| style="text-align:right" | 148
| style="text-align:right" | 166
| style="text-align:right" | 141
|-
| style="text-align:left" | Earned premiums
| style="text-align:right" | 168
| style="text-align:right" | 148
| style="text-align:right" | 166
| style="text-align:right" | 141
|-
| style="text-align:left" | Incurred
| style="text-align:right" | 116
| style="text-align:right" | 117
| style="text-align:right" | 92
| style="text-align:right" | 100
|-
| style="text-align:left" | Operating expenses
| style="text-align:right" | 63
| style="text-align:right" | 60
| style="text-align:right" | 64
| style="text-align:right" | 61
|-
| style="text-align:left" | Technical result
| style="text-align:right" | —
| style="text-align:right" | -29
| style="text-align:right" | —
| style="text-align:right" | -20
|-
| style="text-align:left" | In %
Line 963 ⟶ 951:
|-
| style="text-align:left" | Loss ratio
| style="text-align:right" | 69
| style="text-align:right" | 79
| style="text-align:right" | 55
| style="text-align:right" | 70
|-
| style="text-align:left" | Expense ratio
| style="text-align:right" | 37
| style="text-align:right" | 40
| style="text-align:right" | 38
| style="text-align:right" | 43
|-
| style="text-align:left" | Combined ratio
| style="text-align:right" | 107
| style="text-align:right" | 119
| style="text-align:right" | 94
| style="text-align:right" | 114
|}
</div>
{{chunk|doc=9fth4kgfqj|c=48|p=14}}
'''Multi-risk
* [[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
* Conversely, current year claims expenses decreased by EUR 7.1m to EUR 119.5m (prior: EUR 126.6m) due to the absence of
* The gross loss ratio increased by 13.5 percentage points to 69.2% (prior: 55.7%).
* Net expenses for insurance benefits
* 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).
*
* Net expenses for insurance operations decreased by EUR 1.0m to EUR 60.2m (prior: EUR 61.3m).
* The gross
* The net
* The combined
* The
{{chunk|doc=9fth4kgfqj|c=
<div style="overflow-x:auto">
{| id="t8" class="wikitable fintable"
|+
|-
! 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
| style="text-align:right" | 154
| style="text-align:right" | 168
| style="text-align:right" | 152
|-
| style="text-align:left" | Earned premiums
| style="text-align:right" | 164
| style="text-align:right" | 151
| style="text-align:right" | 163
| style="text-align:right" | 147
|-
| style="text-align:left" | Incurred
| style="text-align:right" | 74
| style="text-align:right" | 75
| style="text-align:right" | 103
| style="text-align:right" | 102
|-
| style="text-align:left" | Operating expenses
| style="text-align:right" | 53
| style="text-align:right" | 51
| style="text-align:right" | 58
| style="text-align:right" | 56
|-
| style="text-align:left" | Technical result
| style="text-align:right" | —
| style="text-align:right" | 18
| style="text-align:right" | —
| style="text-align:right" | -3
|-
| style="text-align:left" | In %
Line 1,071 ⟶ 1,044:
|-
| style="text-align:left" | Loss ratio
| style="text-align:right" | 45
| style="text-align:right" | 49
| style="text-align:right" | 63
| style="text-align:right" | 69
|-
| style="text-align:left" | Expense ratio
| style="text-align:right" | 32
| style="text-align:right" | 34
| style="text-align:right" | 35
| style="text-align:right" | 38
|-
| style="text-align:left" | Combined ratio
| style="text-align:right" | 77
| style="text-align:right" | 83
| style="text-align:right" | 98
| style="text-align:right" | 107
|}
</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}}
Line 1,103 ⟶ 1,092:
<div style="overflow-x:auto">
{| id="t9" class="wikitable fintable"
|+
|-
! 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
| style="text-align:right" | 69
| style="text-align:right" | 75
| style="text-align:right" | 70
|-
| style="text-align:left" | Earned premiums
| style="text-align:right" | 72
| style="text-align:right" | 69
| style="text-align:right" | 75
| style="text-align:right" | 70
|-
| style="text-align:left" | Incurred
| style="text-align:right" | 26
| style="text-align:right" | 26
| style="text-align:right" | 33
| style="text-align:right" | 33
|-
| style="text-align:left" | Operating expenses
| style="text-align:right" | 26
| style="text-align:right" | 25
| style="text-align:right" | 27
| style="text-align:right" | 26
|-
| style="text-align:left" | Technical result
| style="text-align:right" | —
| style="text-align:right" | 18
| style="text-align:right" | —
| style="text-align:right" | 13
|-
| style="text-align:left" | In %
Line 1,154 ⟶ 1,137:
|-
| style="text-align:left" | Loss ratio
| style="text-align:right" | 36
| style="text-align:right" | 38
| style="text-align:right" | 44
| style="text-align:right" | 46
|-
| style="text-align:left" | Expense ratio
| style="text-align:right" | 35
| style="text-align:right" | 36
| style="text-align:right" | 36
| style="text-align:right" | 38
|-
| style="text-align:left" | Combined ratio
| style="text-align:right" | 71
| style="text-align:right" | 74
| style="text-align:right" | 80
| style="text-align:right" | 84
|}
</div>
Line 1,176 ⟶ 1,159:
'''Gross and net premiums'''
* [[Definition:Gross written premiums|Gross written premiums]]
* 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
* 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
* Gross settlement gains increased to EUR 6.6m (prior: EUR 2.5m).
* The
* 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%).
Line 1,198 ⟶ 1,181:
* 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
* The net cost ratio
* Gross combined ratio decreased from 80.5% to 71.8%.
* Net combined ratio decreased from 84.8% to 74.7%.
Line 1,209 ⟶ 1,192:
* EUR 1.6m (prior: EUR 3.5m) was allocated to the fluctuation reserve.
{{chunk|doc=9fth4kgfqj|c=56|p=17}}
Line 1,217 ⟶ 1,200:
|+ 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
| style="text-align:right" | 194
| style="text-align:right" | 181
| style="text-align:right" | 161
|-
| style="text-align:left" | Earned premiums
| style="text-align:right" | 219
| style="text-align:right" | 193
| style="text-align:right" | 181
| style="text-align:right" | 161
|-
| style="text-align:left" | Incurred
| style="text-align:right" | 115
| style="text-align:right" | 115
| style="text-align:right" | 124
| style="text-align:right" | 122
|-
| style="text-align:left" | Operating expenses
| style="text-align:right" | 81
| style="text-align:right" | 78
| style="text-align:right" | 70
| style="text-align:right" | 65
|-
| style="text-align:left" | Technical result
| style="text-align:right" | —
| style="text-align:right" | -6
| style="text-align:right" | —
| style="text-align:right" | -24
|-
| style="text-align:left" | In %
Line 1,266 ⟶ 1,243:
|-
| style="text-align:left" | Loss ratio
| style="text-align:right" | 52
| style="text-align:right" | 59
| style="text-align:right" | 68
| style="text-align:right" | 75
|-
| style="text-align:left" | Expense ratio
| style="text-align:right" | 37
| style="text-align:right" | 40
| style="text-align:right" | 38
| style="text-align:right" | 40
|-
| style="text-align:left" | Combined ratio
| style="text-align:right" | 90
| style="text-align:right" | 100
| style="text-align:right" | 107
| style="text-align:right" | 116
|}
</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
* Current expenses (including scheduled depreciation)
* 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 additions and write-downs amounted to -EUR 17.7m (prior: -EUR 3.7m)
*
* [[Definition:Net investment income|Investment result]] before deduction of technical interest income
* A net return{{fn ref|2|2=
{{chunk|doc=9fth4kgfqj|c=
'''Other result'''
* Other result: EUR 122.2m (prior:
* Other
* Other expenses
** 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
*
* This income was reported in the other result
{{chunk|doc=9fth4kgfqj|c=
'''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=
'''Other income'''
{{fn note|1=2|2=
{{chunk|doc=9fth4kgfqj|c=
<div style="overflow-x:auto">
Line 1,343 ⟶ 1,340:
|+ 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" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" | [[Definition:Net investment income|Investment result]] after deduction of technical interest
| style="text-align:right" | -32
| style="text-align:right" | 111
|-
| style="text-align:left" | Other income
| style="text-align:right" | 122
| style="text-align:right" | -62
|-
| style="text-align:left" | Income from ordinary activities
| style="text-align:right" | 109
| style="text-align:right" | 17
|-
| style="text-align:left" | Taxes
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Profit transferred to HDI Deutschland AG
| style="text-align:right" | 109
| style="text-align:right" | 17
|}
</div>
{{chunk|doc=9fth4kgfqj|c=
'''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,
{{chunk|doc=9fth4kgfqj|c=
'''Equity'''
* Equity
{{chunk|doc=9fth4kgfqj|c=
'''Liquidity
* The company receives liquid funds from ongoing premium income, capital gains, and returns from capital investments.
* Liquidity required for current payment obligations is ensured
* As of the balance sheet date, liquid funds in the form of deposits and current balances with credit institutions
{{chunk|doc=9fth4kgfqj|c=
'''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
* The average rating of fixed-income investments, determined by the linear
{{chunk|doc=9fth4kgfqj|c=
'''Investment
* 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).
*
* 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).
{{chunk|doc=9fth4kgfqj|c=
'''
*
* 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.
{{chunk|doc=9fth4kgfqj|c=
'''Operating performance and
* 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
* Negative effects from continued claims inflation were overcompensated by a continued decrease in frequency claims.
*
* The company's result after fluctuation reserves increased as planned compared to the previous year.
* This increase was due to positive
* The company's net premium volume declined slightly YoY, as expected.
*
* Net claims expenses were also below the previous year's level, as expected.
*
* A
* Claims settlement developed negatively due to increased expenses for necessary reserve adjustments for large
*
* This led to a significantly improved technical insurance result,
{{chunk|doc=9fth4kgfqj|c=
'''Investment income and
* 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
* As of the date of the management report, the economic situation of HDI Versicherung AG is considered to be unchanged and stable.
{{chunk|doc=9fth4kgfqj|c=
'''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
* The company currently considers itself able to permanently meet all obligations from existing insurance contracts.
* Risks threatening the company's existence
* No company-specific risks threatening the company's existence are currently apparent.
{{chunk|doc=9fth4kgfqj|c=
'''Risk profile and influencing factors'''
* The company's risk profile is strongly
* 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.
*
{{chunk|doc=9fth4kgfqj|c=
'''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.
{{chunk|doc=9fth4kgfqj|c=
'''Risk management compliance and reporting'''
* The company's risk management fulfills the requirements of the German Stock Corporation Act (§ 91 Abs. 2 AktG).
*
{{chunk|doc=9fth4kgfqj|c=
'''Risk management strategy and system'''
* The risk management
* 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,
*
* The company's risk management is integrated into the risk management of the HDI
*
* 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=
'''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,
* 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
* 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
* 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.
*
* Compliance sends a representative to the Risk Committee.
* The Actuarial Function contributes to the effective implementation of the risk management system and
* The Actuarial Function is also represented in the Risk Committee.
*
* 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
* Claims departments have extensive claims controlling.
* The portfolio is also covered by reinsurance.
{{chunk|doc=9fth4kgfqj|c=
'''Reserve risk
* Reserve risk is the danger that technical provisions are insufficient to fully settle
* 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,
* 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.
{{chunk|doc=9fth4kgfqj|c=
'''
*
* The company regularly analyzes the
{{chunk|doc=9fth4kgfqj|c=
'''Market risk definition and management'''
* Market risk is the danger arising from fluctuations in the
* 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
* A clear separation of functions
* Parametric stress tests are calculated as part of the monthly reporting to determine how sensitively the portfolio
{{chunk|doc=9fth4kgfqj|c=
'''Equity risk definition and impact'''
* Equity risk refers to the risk arising from changes in
*
*
* A sensitivity analysis shows percentage changes in the market value of investments for a hypothetical loss/gain in equity investments,
{{chunk|doc=9fth4kgfqj|c=
<div style="overflow-x:auto">
{| id="t12" class="wikitable fintable"
|+
|-
! 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
| style="text-align:right" | 0
|}
</div>
{{chunk|doc=9fth4kgfqj|c=
'''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
* Suitable capital market instruments, such as derivatives, are used
*
{{chunk|doc=9fth4kgfqj|c=
<div style="overflow-x:auto">
{| id="t13" class="wikitable fintable"
|+ Percentage change in market value of investments by assumed shift in
|-
! style="text-align:left" | Assumed shift in
! 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
| style="text-align:right" | -2
|}
</div>
{{chunk|doc=9fth4kgfqj|c=
'''Currency risk
* Currency risk, defined
*
{{chunk|doc=9fth4kgfqj|c=
'''Real estate risk
* Real estate risk is defined as the risk from fluctuations in the value of real estate held in
* 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
* For indirect real estate investments, risk is controlled by regularly observing fund development and performance.
* A sensitivity analysis
== 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
* Credit risks manifest as counterparty default risks, spread risks, or market risk concentrations.
* The company regularly conducts
* Credit risks below investment grade and without a rating are only
* Rating categories and hedging instruments are considered for managing default and credit risk.
* The creditworthiness of debtors is continuously monitored.
*
* 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=
'''Infrastructure investment risks'''
* Risks from infrastructure investments relate to changes in value and fluctuations in returns of corresponding infrastructure assets.
*
* Specialized expertise is maintained for this purpose.
{{chunk|doc=9fth4kgfqj|c=
'''
* Derivative transactions for yield enhancement, acquisition preparation, and portfolio hedging, as well as structured
* Derivative positions and transactions are detailed in reporting.
* Derivatives are efficient and flexible
* The use of derivatives involves additional risks that are closely monitored and managed.
{{chunk|doc=9fth4kgfqj|c=
'''
* 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
* 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
* Legal risks arise from contracts and general legal frameworks, such as business-specific uncertainties in commercial and tax law.
{{chunk|doc=9fth4kgfqj|c=
* 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.
{{chunk|doc=9fth4kgfqj|c=
'''Fraud
* 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.
Line 2,049 ⟶ 1,751:
* 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.
*
* Internal Audit reviews systems, processes, and individual cases across the company.
{{chunk|doc=9fth4kgfqj|c=
'''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
* The company prioritizes training and
* 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
{{chunk|doc=9fth4kgfqj|c=
'''Information and IT
* Information and IT security risks describe risks that could potentially jeopardize the completeness, confidentiality, or availability of information or IT systems.
Line 2,075 ⟶ 1,777:
* A protective firewall technology is installed for connecting internal and external networks, which is regularly reviewed and continuously developed.
{{chunk|doc=9fth4kgfqj|c=
'''Outsourcing risk management'''
* Outsourcing risks
*
* Risks from outsourced functions or services are integrated into the risk management process
* Initial risk analyses are conducted before outsourcing activities
* 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.
{{chunk|doc=9fth4kgfqj|c=
'''ICT risk management'''
* ICT risks
* An ICT risk control function was established
* The Group Security function performs
* The operational integration of ICT risk management into the
{{chunk|doc=9fth4kgfqj|c=
'''Other significant risks'''
* Other significant risks are described in the risk report in the combined
{{chunk|doc=9fth4kgfqj|c=
'''Strategic risks management'''
* Strategic risks
*
* The company reviews its business and risk strategy at least annually for consistency and adjusts processes and structures as needed.
* Strategic risks are addressed
* Intensive strategic work in the reporting year
* Sales performance is a central success factor, so sales risks are given appropriate importance within the company.
{{chunk|doc=9fth4kgfqj|c=
'''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
* Project progress is regularly reviewed and evaluated.
* The company uses
* This ensures that countermeasures can be taken in a timely manner if difficulties arise
{{chunk|doc=9fth4kgfqj|c=
'''
* Reputation risks are defined as risks arising from potential damage to the company's reputation due to negative public perception.
* Reputation risks are
* 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,
* Crisis communication management is regulated.
{{chunk|doc=9fth4kgfqj|c=
'''Emerging
* Emerging Risks are potential threats or hazards resulting from new
*
* Emerging Risks are identified and managed annually within the company's risk management framework through a group-wide coordinated process.
*
{{chunk|doc=9fth4kgfqj|c=
'''Sustainability risks overview'''
* Sustainability risks are events or conditions from the
*
* 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.
{{chunk|doc=9fth4kgfqj|c=
'''Forward-looking statement'''
* The following statements are based on expert assessments from third parties and on
* Actual developments may differ from the expected developments presented.
{{chunk|doc=9fth4kgfqj|c=
'''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
* Stable growth is supported by the delayed effect of central
* The
* In the Eurozone, higher fiscal stimulus, particularly
* 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
*
* US economic growth is expected to stabilize at the previous year's level.
*
* 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
* The US inflation rate is expected to reach its tariff-
{{chunk|doc=9fth4kgfqj|c=
'''Global economic risks'''
* Upside risks to the global economic outlook include stronger fiscal support, a potential ceasefire in the
* 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),
* Potentially
* Political attacks on the
* Increased politicization of the Fed, combined with the
* A potential AI crash is another risk; if confidence in the technology and its potential returns wanes
* The sustainability of high government debt outside the US remains a recurring
* Structural risks
{{chunk|doc=9fth4kgfqj|c=
'''
* The
* 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=
'''Bond yields and equity market outlook'''
* The yield on 10-year German
* The yield on 10-year US Treasuries is
* Slight further price gains for equities are anticipated, provided
{{chunk|doc=9fth4kgfqj|c=
'''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.
{{chunk|doc=9fth4kgfqj|c=
'''German insurance market outlook'''
* The German insurance market is expected to continue growing
{{chunk|doc=9fth4kgfqj|c=
'''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.
{{chunk|doc=9fth4kgfqj|c=
'''
* Digitalization is
* 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
{{chunk|doc=9fth4kgfqj|c=
'''
* Knowledge and innovation management are
* Talanx Group established a Best Practice Lab to promote targeted exchange of knowledge and innovation
* International experts in Excellence Teams
* 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
{{chunk|doc=9fth4kgfqj|c=
'''Agile transformation
* The globalized world in the information age is characterized by
* To keep pace with
*
*
*
* 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
* 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]],
*
* For corporate
* A moderate decline in premium volume is expected for fiscal [[Definition:Year 2026|year 2026]].
*
* A moderate
*
* 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
{{chunk|doc=9fth4kgfqj|c=
'''Insurance types operated in 2025'''
* The following types of insurance were operated in
** General liability insurance
** Private liability insurance
Line 2,335 ⟶ 2,022:
** 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=
'''Financial statement components'''
Line 2,343 ⟶ 2,037:
* Income Statement
* Notes
* Information
* Accounting and Valuation Methods
* Notes to the Balance Sheet - Assets
Line 2,350 ⟶ 2,044:
* Other Information
===
{{chunk|doc=9fth4kgfqj|c=
<div style="overflow-x:auto">
{| id="t19" class="wikitable fintable"
|+
|-
! 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" |
| style="text-align:
|-
|-
|
| style="text-align:left" |
| style="text-align:left" | 0
| style="text-align:left" | —
| style="text-align:right" | 217
|-
|-
|
| style="text-align:left" | 256
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 267
|-
|
| style="text-align:left" | 203
| style="text-align:left" | —
| style="text-align:
| style="text-align:right" | 153,261
|-
|
| style="text-align:left" | 1
| style="text-align:left" | —
| style="text-align:
| style="text-align:right" | 1,965
|-
|
| style="text-align:left" | 19
| style="text-align:left" | —
| style="text-align:
| style="text-align:right" | 19,575
|-
| style="text-align:left" | —
| style="text-align:left" |
| style="text-align:
| style="text-align:left" | —
| style="text-align:right" | 442,508
|-
|-
|
| style="text-align:left" | 772
| style="text-align:left" | —
| style="text-align:
| style="text-align:right" | 822,816
|-
|
| style="text-align:left" | 1
| style="text-align:left" | —
| style="text-align:
| style="text-align:right" | 1,553,894
|-
|
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 782,990
|-
|
| style="text-align:left" | 473
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" |
|-
|
| style="text-align:left" | 165
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 158
|-
| style="text-align:left" | —
| style="text-align:
| 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:
| style="text-align:left" | —
| style="text-align:right" | 3,318,087
|-
| style="text-align:left" | —
| style="text-align:left" |
| style="text-align:
| style="text-align:left" | 3,763,874
| style="text-align:right" | 3,760,811
|-
|-
|
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | —
|-
|
| style="text-align:left" | 77
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 107
|-
|
| style="text-align:left" | 7
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:right" | 9
|-
| style="text-align:left" | —
| style="text-align:left" |
| style="text-align:
| style="text-align:left" | —
| style="text-align:right" | 117,779
|-
|
| style="text-align:left" |
| style="text-align:
| style="text-align:left" | —
| style="text-align:right" | 14,593
|-
|
| style="text-align:left" |
| style="text-align:
| style="text-align:left" | —
| style="text-align:right" | 522,299
|-
| style="text-align:left" | —
| style="text-align:left" |
| style="text-align:
| style="text-align:left" | 259,305
| style="text-align:right" | 654,671
|-
|-
|
| style="text-align:left" | —
| style="text-align:
| style="text-align:left" | —
| style="text-align:right" | 51,289
|-
| style="text-align:left" | —
| style="text-align:left" |
| style="text-align:
| style="text-align:left" | 88,055
| style="text-align:right" | 51,289
|-
|-
|
| style="text-align:left" | —
| style="text-align:
| style="text-align:left" | —
| style="text-align:right" | 32,597
|-
|
| 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:
| style="text-align:left" | 37,475
| style="text-align:right" | 32,601
|-
|
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | 0
| style="text-align:right" | 6
|-
| 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
|-
!
! 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
|-
|-
|
| style="text-align:
| style="text-align:left" | —
| style="text-align:
| style="text-align:
|-
|
| style="text-align:
| style="text-align:left" | —
| style="text-align:
| style="text-align:
|-
| style="text-align:left" | —
| style="text-align:
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" | 57,100
|-
|-
|-
|
| style="text-align:
| style="text-align:left" | —
| style="text-align:
| style="text-align:
|-
|
| style="text-align:
| style="text-align:left" | —
| style="text-align:
| style="text-align:
|-
| style="text-align:left" | —
| style="text-align:
| style="text-align:left" |
| style="text-align:
| style="text-align:right" | 218
|-
|-
|
| style="text-align:
| style="text-align:left" | —
| style="text-align:
| style="text-align:
|-
|
| style="text-align:
| style="text-align:left" | —
| style="text-align:right" | 3
| style="text-align:right" | —
|-
| style="text-align:left" | —
| style="text-align:
| style="text-align:left" |
| style="text-align:
| style="text-align:right" | 9
|-
|-
|
| style="text-align:
| style="text-align:left" | —
| style="text-align:
| style="text-align:
|-
|
| style="text-align:
| style="text-align:left" | —
| style="text-align:
| style="text-align:
|-
| style="text-align:left" | —
| style="text-align:
| style="text-align:left" |
| style="text-align:
| style="text-align:right" | 3
|-
|-
|
| style="text-align:
| style="text-align:left" | —
| style="text-align:
| style="text-align:
|-
|
| style="text-align:
| 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:
| style="text-align:left" | 252
| style="text-align:
| style="text-align:
|-
|-
|
| style="text-align:
| style="text-align:left" | —
| style="text-align:
| style="text-align:
|-
|
| style="text-align:
| style="text-align:left" | —
| style="text-align:right" | 0
| style="text-align:right" | —
|-
| style="text-align:left" | —
| style="text-align:
| style="text-align:left" |
| style="text-align:
| style="text-align:right" | 11
|-
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:left" | —
| style="text-align:
| style="text-align:right" | 3
|-
|-
|
| style="text-align:
| style="text-align:left" | 847
| style="text-align:
| style="text-align:right" | 785
|-
|
| style="text-align:
| style="text-align:left" | 20
| style="text-align:
| style="text-align:
|-
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:left" | —
| style="text-align:
| style="text-align:
|-
|-
|-
|
| style="text-align:
| style="text-align:left" | —
| style="text-align:
| style="text-align:
|-
|
| style="text-align:
| style="text-align:left" | —
| style="text-align:
| style="text-align:
|-
| style="text-align:left" | —
| style="text-align:
| style="text-align:left" |
| style="text-align:
| style="text-align:right" | 586
|-
|
| style="text-align:
| style="text-align:left" | 22
| style="text-align:
| style="text-align:
|-
|
| style="text-align:
| style="text-align:left" | 173
| style="text-align:
| style="text-align:
|-
| style="text-align:left" | —
| style="text-align:right" | —
| style="text-align:left" | —
| style="text-align:
| style="text-align:
|-
|
| style="text-align:right" | —
| style="text-align:left" | —
| style="text-align:
| style="text-align:right" | 651
|-
|}
</div>
{{chunk|doc=9fth4kgfqj|c=
'''Pension
*
* The pension
===
{{chunk|doc=9fth4kgfqj|c=
<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" |
!
!
!
! class="col-
|-
|-
! colspan="
|-
| style="text-align:left" | a) [[Definition:Gross written premiums|Gross written premiums]]
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:right" | 1,588,316
|-
| style="text-align:left" | b) Reinsurance premiums ceded
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:right" | -74,861
|-
| style="text-align:left" | —
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:right" | 1,513,455
|-
| style="text-align:left" | c) Change in gross unearned premiums
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:right" | -8,784
|-
| style="text-align:left" | d) Change in reinsurers' share of gross unearned premiums
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:left" | —
| style="text-align:right" | 92
|-
| style="text-align:left" | —
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:right" | -8,692
|-
| style="text-align:left" | —
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:right" | 1,504,763
|-
|-
|-
|-
|-
| style="text-align:left" | aa) Gross amount
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:right" | -1,111,769
|-
| style="text-align:left" | bb) Reinsurers' share
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:right" | 41,572
|-
| style="text-align:left" | —
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:right" | -1,070,197
|-
|-
| style="text-align:left" | aa) Gross amount
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:right" | 66,347
|-
| style="text-align:left" | bb) Reinsurers' share
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:right" | -38,486
|-
| style="text-align:left" | —
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:right" | 27,862
|-
| style="text-align:left" | —
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:right" | -1,042,335
|-
|-
|-
| style="text-align:left" | aa) Gross amount
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:left" | —
| style="text-align:right" | 836
|-
| style="text-align:left" | bb) Reinsurers' share
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:left" | —
| style="text-align:right" | -12
|-
| style="text-align:left" | —
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:left" | —
| style="text-align:right" | 823
|-
| style="text-align:left" | b) Other net technical provisions
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:right" | 3,236
|-
| style="text-align:left" | —
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:right" | 4,059
|-
|-
|-
| style="text-align:left" | a) Gross
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:right" | -506,721
|-
| style="text-align:left" | b)
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:right" | 10,484
|-
| style="text-align:left" | —
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:
| style="text-align:right" | -496,237
|-
|-
|-
|-
|}
</div>
{{chunk|doc=9fth4kgfqj|c=
<div style="overflow-x:auto">
{| id="t22" class="wikitable"
|-
!
! 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" | —
| colspan="2" style="text-align:left" | a)
| style="text-align:
| style="text-align:right" | —
| style="text-align:right" | 17
|-
| style="text-align:left" | —
| colspan="3" style="text-align:left" | b)
| 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" |
| style="text-align:right" | —
| style="text-align:right" | 1
|-
| style="text-align:left" | —
| colspan="2" style="text-align:left" |
| style="text-align:left" |
| style="text-align:right" | —
| style="text-align:right" | 100
|-
| style="text-align:left" | —
| colspan="2" style="text-align:left" | c) Income from write-ups
| style="text-align:
| style="text-align:right" | —
| style="text-align:right" | 75
|-
| style="text-align:left" |
| colspan="2" style="text-align:left" |
| style="text-align:
| style="text-align:right" | —
| style="text-align:right" | 4
|-
| style="text-align:left" |
| colspan="2" style="text-align:left" |
| style="text-align:
| style="text-align:right" | —
| style="text-align:right" | 82
Line 3,095 ⟶ 2,752:
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:
| style="text-align:right" | 119
| style="text-align:right" | 123
|-
|-
| style="text-align:left" |
| colspan="2" style="text-align:left" |
| style="text-align:
| style="text-align:right" | —
| style="text-align:right" | -7
|-
| style="text-align:left" | —
| colspan="2" style="text-align:left" | b) Depreciation on investments
| style="text-align:
| style="text-align:right" | —
| style="text-align:right" | -3
|-
| style="text-align:left" |
| colspan="2" style="text-align:left" |
| style="text-align:
| style="text-align:right" | —
| style="text-align:right" | -158
Line 3,125 ⟶ 2,782:
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:
| style="text-align:right" | -151
| style="text-align:right" | -11
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:
| style="text-align:right" | -31
| style="text-align:right" | 112
|-
| style="text-align:left" | 3.
| colspan="2" style="text-align:left" | Technical interest income
| style="text-align:
| style="text-align:right" | -1
| style="text-align:right" | -1
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:
| style="text-align:right" | -32
| style="text-align:right" | 110
|-
| style="text-align:left" | 4.
| colspan="2" style="text-align:left" | Other income
| style="text-align:
| style="text-align:right" | 144
| style="text-align:right" | 18
|-
| style="text-align:left" | 5.
| colspan="2" style="text-align:left" | Other expenses
| style="text-align:
| style="text-align:right" | -22
| style="text-align:right" | -80
|-
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:
| style="text-align:right" | 122
| style="text-align:right" | -62
|-
|-
| style="text-align:left" | 7.
| colspan="2" style="text-align:left" |
| style="text-align:
| style="text-align:right" | -15
| style="text-align:right" | -5
Line 3,182 ⟶ 2,838:
| style="text-align:left" | 8.
| colspan="2" style="text-align:left" | Other taxes
| style="text-align:
| style="text-align:right" | -7
| style="text-align:right" | -105
Line 3,189 ⟶ 2,845:
| style="text-align:left" | —
| style="text-align:left" | —
| style="text-align:
| style="text-align:right" | -23
| style="text-align:right" | -110
|-
|-
|}
</div>
{{chunk|doc=9fth4kgfqj|c=
'''
* Note: Expense items are
{{chunk|doc=9fth4kgfqj|c=
'''
* HDI Versicherung AG is
* HDI Versicherung AG is registered with the Hanover District Court under commercial register number HRB 58934.
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'''Financial statement preparation basis'''
* The
==== Assets ====
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'''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
* Shares in affiliated companies and
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'''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,
* 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
* Shares, units or shares in investment funds, as well as bearer bonds and other fixed-
* 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
* Permanent impairments are
* To assess the existence of a permanent impairment for bearer bonds
* 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
* The assessment of the probable permanence of an impairment for units or shares in investment funds
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* 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
* 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
*
* 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
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'''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).
*
*
* 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
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'''Accruals and
* Items to be included in active accruals are recognized at nominal value.
Line 3,284 ⟶ 2,938:
==== Liabilities ====
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'''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
* Unearned premiums
* Reinsured shares are accrued in accordance with contractual agreements.
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'''Technical provisions
* The
* The technical interest rate valid at the time of contract inception is used.
* The
*
* If data from leading insurers was not available by the balance sheet date,
* For unsettled
* A
* 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
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'''Pension and other technical provisions'''
* The gross pension reserve included in the
* The calculation is based on the German Actuarial Association (DAV) 2006 HUR mortality tables for women and men.
* The technical interest rate is
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*
* Claims from recourse, salvage, and sharing agreements for already settled
* The formation of the
* The calculation of the fluctuation reserve applies the
* Other technical provisions are determined as follows: the lapse reserve
* The
* The
* 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
* For technical provisions from reinsured business, the
* If
* Pension obligations are recognized at the necessary fulfillment amount
* 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-
* 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.
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'''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
* 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.
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<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" |
! 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
|-
! 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" |
| 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" | 1,800
| style="text-align:right" | 2,153
|-
! 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
|-
! class="col-s" style="text-align:right" | —
|-
| style="text-align:left" | 1. Shares in affiliated companies
| style="text-align:right" | 267
| 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
| style="text-align:right" | 50
| 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
| 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
| 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:right" | 12,385
| style="text-align:right" | 0
| style="text-align:right" | 23
| style="text-align:right" | 481,615
|-
! 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
| style="text-align:right" | 72
| 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
| style="text-align:right" | 1
| 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
|-
! class="col-s" style="text-align:right" | —
|-
| style="text-align:left" | a) Registered bonds
| style="text-align:right" | 782
| style="text-align:right" | 89
| 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
| style="text-align:right" | 30
| 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: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: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:right" | 1,751,121
| style="text-align:right" | 0
| style="text-align:right" | 19,534
| style="text-align:right" | 3,766,027
|}
</div>
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'''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 ====
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'''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.
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'''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.
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'''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.
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'''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 ===
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<div style="overflow-x:auto">
{| id="
|+ Carrying amounts, Fair values, Balance by In EUR thousand
|-
! style="text-align:left" |
! class="col-m" style="text-align:right" |
! class="col-m" style="text-align:right" |
! class="col-m" style="text-align:right" |
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
|-
| style="text-align:left" |
| style="text-align:right" |
| style="text-align:right" |
| style="text-align:right" |
|}
</div>
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'''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: ===
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'''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 ===
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'''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.
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<div style="overflow-x:auto">
{| id="t28" class="wikitable fintable"
|+ Shareholders' equity,
|-
! style="text-align:left" | Name, registered office In EUR thousand
! class="col-s" style="text-align:right" | Shareholders' equity
! class="col-s" style="text-align:right" |
! class="col-s" style="text-align:right" | Share of capital
|-
| style="text-align:left" |
| 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
| style="text-align:right" | 187
| style="text-align:right" | 11
| style="text-align:right" | 2
|-
| style="text-align:left" | Fair Claims GmbH, Hannover
| style="text-align:right" | 4
| style="text-align:right" | 546
| style="text-align:right" | 100
|-
| style="text-align:left" | GDV Dienstleistungs-GmbH, Hamburg
| style="text-align:right" | 29
| style="text-align:right" | 983
| style="text-align:right" | 3
|-
| style="text-align:left" | hector digital GmbH, Marpingen
| style="text-align:right" | 119
| style="text-align:right" | -4
| style="text-align:right" | 19
|-
| style="text-align:left" | Infrastruktur Ludwigsau GmbH & Co KG, Köln
| style="text-align:right" | 21
| style="text-align:right" | 1
| style="text-align:right" | 100
|-
| style="text-align:left" | Infrastruktur Windpark Vier Fichten GbR, Bremen
| style="text-align:right" | 8
| style="text-align:right" | 4
| style="text-align:right" | 41
|-
| style="text-align:left" | KOP4 GmbH & Co. KG, München
| style="text-align:right" | 45
| style="text-align:right" | 2
| style="text-align:right" | 7
|-
| style="text-align:left" | MachDigital GmbH, Neunkirchen
| style="text-align:right" | 539
| style="text-align:right" | -1
| style="text-align:right" | 49
|-
| style="text-align:left" | Neodigital Versicherung AG, Neunkirchen
| style="text-align:right" | 8
| style="text-align:right" | -19
| style="text-align:right" | 5
|-
| style="text-align:left" | Riethorst Grundstücksgesellschaft AG & Co. KG, Hannover
| style="text-align:right" | 133
| style="text-align:right" | 6
| style="text-align:right" | 50
|-
| style="text-align:left" | SSV Schadenschutzverband GmbH, Hannover
| style="text-align:right" | 200
| style="text-align:right" | 591
| style="text-align:right" | 100
|-
| style="text-align:left" | Talanx Infrastructure France 2 GmbH, Köln
| style="text-align:right" | 79
| style="text-align:right" | 6
| style="text-align:right" | 100
|-
| style="text-align:left" | Talanx Infrastructure Portugal 2 GmbH, Köln
| style="text-align:right" | 32
| style="text-align:right" | 3
| style="text-align:right" | 50
|-
| style="text-align:left" | Talanx Infrastructure Portugal GmbH, Köln
| style="text-align:right" | 731
| style="text-align:right" | -0
| style="text-align:right" | 70
|-
| style="text-align:left" | TD Real Assets GmbH & Co. KG, Köln
| style="text-align:right" | 582
| style="text-align:right" | 15
| style="text-align:right" | 17
|-
| style="text-align:left" | TD Sach Private Equity GmbH & Co. KG, Köln
| style="text-align:right" | 94
| style="text-align:right" | 9
| style="text-align:right" | 100
|-
| style="text-align:left" | Windfarm Bellheim GmbH & Co. KG, Köln
| style="text-align:right" | 38
| style="text-align:right" | 1
| style="text-align:right" | 85
|-
| style="text-align:left" | Windpark Mittleres Mecklenburg GmbH & Co. KG, Köln
| style="text-align:right" | 13
| style="text-align:right" | 3
| style="text-align:right" | 100
|-
| style="text-align:left" | Windpark Parchim GmbH & Co. KG, Köln
| style="text-align:right" | 12
| style="text-align:right" | 1
| style="text-align:right" | 51
|-
| style="text-align:left" | Windpark Rehain GmbH & Co. KG, Köln
| style="text-align:right" | 21
| style="text-align:right" | 677
| style="text-align:right" | 100
|-
| style="text-align:left" | Windpark Sandstruth GmbH & Co. KG, Köln
| style="text-align:right" | 4
| style="text-align:right" | 62
| style="text-align:right" | 100
|-
| style="text-align:left" | Zweite Riethorst Grundstücksgesellschaft mbH
| style="text-align:right" | 123
| style="text-align:right" | 1
| style="text-align:right" | 50
|-
| style="text-align:left" |
| style="text-align:right" | —
| style="text-align:right" | —
| style="text-align:right" | —
|-
| style="text-align:left" | Augusta Ireland 2 Limited Partnership,
| style="text-align:right" | -540
| style="text-align:right" | -385
| style="text-align:right" | 100
|-
| style="text-align:left" | CEF BKR03 NL B.V.,
| style="text-align:right" | 55
| style="text-align:right" | -1
| style="text-align:right" | 5
|-
| style="text-align:left" | EIP Gas Transit Switzerland SCS,
| style="text-align:right" | 141
| style="text-align:right" | -6
| style="text-align:right" | 2
|-
| style="text-align:left" | EIP Wind Power Central Norway SCS, Luxembourg, Luxembourg
| style="text-align:right" | 88
| style="text-align:right" | -36
| style="text-align:right" | 10
|-
| style="text-align:left" | Escala Braga - Sociedade Gestora do Edificio S.A., Portugal, Braga
| style="text-align:right" | 5
| style="text-align:right" | 1
| style="text-align:right" | 49
|-
| style="text-align:left" | Escala Parque - Gestao de Estacionamento S.A., Portugal, Linhó
| style="text-align:right" | 1
| style="text-align:right" | 1
| style="text-align:right" | 49
|-
| style="text-align:left" | Escala Vila Franca - Sociedade Gestora do Edificio S.A., Portugal, Linhó
| style="text-align:right" | 15
| style="text-align:right" | 2
| style="text-align:right" | 49
|-
| style="text-align:left" | Ferme Eolienne du Confolentais SNC,
| style="text-align:right" | 12
| style="text-align:right" | 708
| style="text-align:right" | 100
|-
| style="text-align:left" | Iberia Termosolar 1, S.L.U.,
| style="text-align:right" | 45
| style="text-align:right" | 626
| style="text-align:right" | 33
|-
| style="text-align:left" | Infrastorm Co-Invest 1 SCA,
| style="text-align:right" | 11
| style="text-align:right" | -60
| style="text-align:right" | 45
|-
| style="text-align:left" | Le Chemin de La Milaine S.N.C.,
| style="text-align:right" | 16
| style="text-align:right" | 1
| style="text-align:right" | 100
|-
| style="text-align:left" | Le Louveng S.A.S,
| style="text-align:right" | 12
| style="text-align:right" | 753
| style="text-align:right" | 100
|-
| style="text-align:left" | Les Vents de Malet S.N.C.,
| style="text-align:right" | 16
| style="text-align:right" | 1
| style="text-align:right" | 100
|-
| style="text-align:left" | PNH - Parque do Novo Hospital S.A., Portugal, Linhó
| style="text-align:right" | 546
| style="text-align:right" | 486
| style="text-align:right" | 49
|}
</div>
{{fn note|1=1)|2=1)
{{fn note|1=2)|2=2) The shareholding ratio results from the addition of all directly and indirectly held shares in accordance with § 16
{{fn note|1=3)|2=3)
{{fn note|1=4)|2=4)
{{fn note|1=5)|2=5)
{{chunk|doc=9fth4kgfqj|c=
'''
* Item B.III. 1. Shares, units or shares in investment funds and other non-fixed-
* There are no restrictions on the daily redemption of these shares.
{{chunk|doc=9fth4kgfqj|c=
<div style="overflow-x:auto">
{| id="t29" class="wikitable fintable"
|+
|-
! style="text-align:left" | In EUR thousand
! class="col-s" style="text-align:right" |
! 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
|-
|-
| style="text-align:left" | HDI Gerling Sach Industrials Master
| style="text-align:right" | 487
| style="text-align:right" | 498
| style="text-align:right" | 10
| style="text-align:right" | 15
|-
| style="text-align:left" | BeGo Corp. Direct Lend. Debt Fund III (close-end)
| style="text-align:right" | 77
| style="text-align:right" | 79
| style="text-align:right" | 2
| style="text-align:right" | 4
|-
|-
| style="text-align:left" | HV Aktien
| style="text-align:right" | 39
| style="text-align:right" | 40
| style="text-align:right" | 1
| style="text-align:right" | 1
|-
|-
| style="text-align:left" | Talanx Deutschland Real Estate Value
| style="text-align:right" | 28
| style="text-align:right" | 28
| style="text-align:right" | -510
| style="text-align:right" | 0
|-
| style="text-align:left" | Total
| style="text-align:right" | 633
| style="text-align:right" | 646
| style="text-align:right" | 13
| style="text-align:right" | 21
|}
</div>
{{chunk|doc=9fth4kgfqj|c=
'''Depreciation of special funds'''
* Depreciation according to § 253 para. 3 sentence 5 HGB was not fully recognized for special funds showing hidden
{{chunk|doc=9fth4kgfqj|c=
<div style="overflow-x:auto">
Line 3,951 ⟶ 3,603:
|+ 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" |
| style="text-align:right" |
|-
| style="text-align:left" | Receivables from syndicated business
| style="text-align:right" | 14
| style="text-align:right" | 15
|-
| style="text-align:left" | Receivables from cash collaterals
| style="text-align:right" | 3
| style="text-align:right" | 3
|-
| style="text-align:left" | Receivables from the sale of investments
| style="text-align:right" | 3
| style="text-align:right" | 3
|-
| style="text-align:left" | Receivables from interest and rents
| style="text-align:right" | 1
| 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
|-
| style="text-align:left" | Miscellaneous
| style="text-align:right" | 2
| style="text-align:right" | 868
|-
| style="text-align:left" | Total
| style="text-align:right" | 172
| style="text-align:right" | 522
|}
</div>
{{fn note|1=1)|2=1) Receivables mainly result from investment income and service transactions.}}
{{chunk|doc=9fth4kgfqj|c=
'''Current balances with credit institutions'''
*
{{chunk|doc=9fth4kgfqj|c=
'''Accrued interest'''
* The total amount of EUR 37,475k (prior year: EUR 32,601k) primarily consists of accrued interest.
===== To F. Active difference
{{chunk|doc=9fth4kgfqj|c=
'''Active difference
* This item includes the amount of cover assets exceeding the corresponding liabilities as defined
{{chunk|doc=9fth4kgfqj|c=
<div style="overflow-x:auto">
{| id="t31" class="wikitable fintable"
|+ To F. Active difference
|-
! 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
| style="text-align:right" | 1
|-
| style="text-align:left" |
| style="text-align:right" | -1
| style="text-align:right" | -1
|-
|}
</div>
{{chunk|doc=9fth4kgfqj|c=
'''Pension commitments
* Life insurance contracts concluded for pension commitments from deferred compensation are fully pledged to beneficiaries.
Line 4,051 ⟶ 3,695:
== Notes to the Balance Sheet - Liabilities ==
===== To A.I. Subscribed capital =====
{{chunk|doc=9fth4kgfqj|c=
<div style="overflow-x:auto">
Line 4,059 ⟶ 3,703:
|+ 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
| style="text-align:right" | 51
|-
|}
</div>
{{chunk|doc=9fth4kgfqj|c=
'''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=
<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
| style="text-align:right" | 6
|-
|}
</div>
{{chunk|doc=9fth4kgfqj|c=
'''Legal reserve
* The formation of a legal reserve is not required because § 150 para. 2 AktG ("
== To B. Technical provisions ==
{{chunk|doc=9fth4kgfqj|c=
'''Gross values presentation'''
* Gross values are presented below.
{{chunk|doc=9fth4kgfqj|c=
<div style="overflow-x:auto">
Line 4,126 ⟶ 3,762:
|+ Technical provisions by [[Definition:Business mix|lines of business]]
|-
! 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" | Accident insurance
| style="text-align:right" | 108
| style="text-align:right" | 112
|-
| style="text-align:left" | Liability insurance
| style="text-align:right" | 1
| style="text-align:right" | 1
|-
| style="text-align:left" | Motor
| style="text-align:right" | 1
| style="text-align:right" | 1
|-
| style="text-align:left" | Other motor vehicle insurance
| style="text-align:right" | 165
| style="text-align:right" | 157
|-
| style="text-align:left" | Fire and property insurance
| style="text-align:right" | 420
| style="text-align:right" | 444
|-
| style="text-align:left" | thereof a) Fire insurance
| style="text-align:right" | 144
| style="text-align:right" | 148
|-
| style="text-align:left" | b) Combined household insurance
| style="text-align:right" | 51
| style="text-align:right" | 54
|-
| style="text-align:left" | c) Combined residential building insurance
| style="text-align:right" | 212
| style="text-align:right" | 227
|-
| style="text-align:left" | d) Other property insurance
| style="text-align:right" | 11
| style="text-align:right" | 14
|-
| style="text-align:left" | Assistance insurance
Line 4,171 ⟶ 3,807:
|-
| style="text-align:left" | Other insurance
| style="text-align:right" | 225
| style="text-align:right" | 208
|-
| style="text-align:left" | Total
| style="text-align:right" | 3
| style="text-align:right" | 3
|}
</div>
{{chunk|doc=9fth4kgfqj|c=
'''Technical provisions
* Gross
* Fluctuation
== To B.III. Provision for outstanding claims ==
{{chunk|doc=9fth4kgfqj|c=
'''Gross values presentation'''
* Gross values are presented below.
{{chunk|doc=9fth4kgfqj|c=
<div style="overflow-x:auto">
Line 4,199 ⟶ 3,835:
|+ Provision for outstanding claims by [[Definition:Business mix|lines of business]]
|-
! 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" | Accident insurance
| style="text-align:right" | 96
| style="text-align:right" | 94
|-
| style="text-align:left" | Liability insurance
| style="text-align:right" | 1
| style="text-align:right" | 1
|-
| style="text-align:left" | Motor
| style="text-align:right" | 1
| style="text-align:right" | 1
|-
| style="text-align:left" | Other motor vehicle insurance
| style="text-align:right" | 77
| style="text-align:right" | 113
|-
| style="text-align:left" | Fire and property insurance
| style="text-align:right" | 251
| style="text-align:right" | 277
|-
| style="text-align:left" | thereof a) Fire insurance
| style="text-align:right" | 129
| style="text-align:right" | 133
|-
| style="text-align:left" | b) Combined household insurance
| style="text-align:right" | 22
| style="text-align:right" | 23
|-
| style="text-align:left" | c) Combined residential building insurance
| style="text-align:right" | 89
| style="text-align:right" | 107
|-
| style="text-align:left" | d) Other property insurance
| style="text-align:right" | 9
| style="text-align:right" | 12
|-
| style="text-align:left" | Assistance insurance
Line 4,244 ⟶ 3,880:
|-
| style="text-align:left" | Other insurance
| style="text-align:right" | 213
| style="text-align:right" | 197
|-
| style="text-align:left" | Total
| style="text-align:right" | 3
| style="text-align:right" | 3
|}
</div>
== To B.IV. Provision for profit-dependent and profit-independent premium refunds ==
{{chunk|doc=9fth4kgfqj|c=
'''Provision for premium refunds'''
* The provision for premium refunds
{{chunk|doc=9fth4kgfqj|c=
<div style="overflow-x:auto">
{| id="t36" class="wikitable fintable"
|+ Fluctuation
|-
! 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
| style="text-align:right" | 7
|-
| style="text-align:left" | Liability insurance
| style="text-align:right" | 111
| style="text-align:right" | 167
|-
| style="text-align:left" | Motor
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | Other motor vehicle insurance
| style="text-align:right" | 50
| style="text-align:right" | 0
|-
| style="text-align:left" | Fire and property insurance
| style="text-align:right" | 88
| style="text-align:right" | 90
|-
| style="text-align:left" | thereof a) Fire insurance
| style="text-align:right" | 7
| style="text-align:right" | 9
|-
| style="text-align:left" | b) Combined household insurance
| style="text-align:right" | 0
| style="text-align:right" | 1
|-
| style="text-align:left" | c) Combined residential building insurance
| style="text-align:right" | 81
| style="text-align:right" | 79
|-
| style="text-align:left" | Assistance insurance
Line 4,314 ⟶ 3,945:
|-
| style="text-align:left" | Other insurance
| style="text-align:right" | 1
| style="text-align:right" | 1
|-
| style="text-align:left" | Total
| style="text-align:right" | 252
| style="text-align:right" | 267
|}
</div>
{{chunk|doc=9fth4kgfqj|c=
'''Other technical provisions'''
Line 4,332 ⟶ 3,963:
* This also includes a provision for traffic victim assistance of EUR 926k (prior year: EUR 926k).
{{chunk|doc=9fth4kgfqj|c=
<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
| style="text-align:right" | 2
|-
| style="text-align:left" | less plan assets
| style="text-align:right" | 1
| style="text-align:right" | 1
|-
| style="text-align:left" | Total
Line 4,362 ⟶ 3,989:
</div>
{{chunk|doc=9fth4kgfqj|c=
'''Pension provisions valuation'''
*
* 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).
{{chunk|doc=9fth4kgfqj|c=
<div style="overflow-x:auto">
Line 4,378 ⟶ 4,006:
|+ To C.II. Other provisions
|-
! 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" | a) Remuneration still to be paid
| style="text-align:right" | 6
| style="text-align:right" | 5
|-
| style="text-align:left" | b) Outstanding commissions
| style="text-align:right" | 5
| style="text-align:right" | 4
|-
| style="text-align:left" | c) Other provisions from investments
| style="text-align:right" | 4
| style="text-align:right" | 4
|-
| style="text-align:left" | d) Provisions for impending losses
| style="text-align:right" | 2
| style="text-align:right" | 4
|-
| style="text-align:left" | e) Provisions for administration and consulting
| style="text-align:right" | 1
| style="text-align:right" | 0
|-
| style="text-align:left" | f)
| style="text-align:right" | 346
| style="text-align:right" | 279
Line 4,410 ⟶ 4,038:
| style="text-align:right" | 568
|-
|}
</div>
{{chunk|doc=9fth4kgfqj|c=
<div style="overflow-x:auto">
Line 4,424 ⟶ 4,052:
|+ To D.III. Other liabilities
|-
! style="text-align:left" |
! 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" |
! class="col-s" style="text-align:right" | Total<br/>31.12.2025
! class="col-s" style="text-align:right" | Total<br/>31.12.2024
|-
| style="text-align:left" | Liabilities to affiliated companies
| style="text-align:right" | 148
| style="text-align:right" | 118
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 148
| style="text-align:right" | 118
|-
| style="text-align:left" | Liabilities to tax authorities
| style="text-align:right" | 12
| style="text-align:right" | 12
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 12
| style="text-align:right" | 12
|-
| style="text-align:left" | Liabilities from
| style="text-align:right" | 6
| style="text-align:right" | 7
| style="text-align:right" | 0
| style="text-align:right" | 0
| style="text-align:right" | 6
| style="text-align:right" | 7
|-
| style="text-align:left" | Miscellaneous
| style="text-align:right" | 5
| style="text-align:right" | 4
| style="text-align:right" | 19
| style="text-align:right" | 12
| style="text-align:right" | 5
| style="text-align:right" | 4
|-
|}
</div>
{{fn note|1=1)|2=1) The liabilities mainly result from service transactions.}}
{{chunk|doc=9fth4kgfqj|c=
'''Other liabilities maturity'''
* Other liabilities do not include liabilities with a remaining maturity of more than five years.
{{chunk|doc=9fth4kgfqj|c=
'''Other deferred income and expenses'''
*
{{chunk|doc=9fth4kgfqj|c=
'''Insurance business reporting
* The
* A separate presentation of the assumed reinsurance business is omitted because it is 100% retroceded and is of minor importance
====
{{chunk|doc=9fth4kgfqj|c=
<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" |
! 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
| style="text-align:right" | 61
|-
| style="text-align:left" | Liability insurance
| style="text-align:right" | 355
| style="text-align:right" | 357
|-
| style="text-align:left" | Motor
| style="text-align:right" | 305
| style="text-align:right" | 331
|-
| style="text-align:left" | Other motor vehicle insurance
| style="text-align:right" | 216
| style="text-align:right" | 245
|-
| style="text-align:left" | Fire and property insurance
| style="text-align:right" | 425
| style="text-align:right" | 394
|-
| style="text-align:left" | thereof a) Fire insurance
| style="text-align:right" | 164
| style="text-align:right" | 130
|-
| style="text-align:left" | b) Combined household insurance
| style="text-align:right" | 72
| style="text-align:right" | 75
|-
| style="text-align:left" | c) Combined residential building insurance
| style="text-align:right" | 166
| style="text-align:right" | 167
|-
| style="text-align:left" | d) Other property insurance
| style="text-align:right" | 21
| style="text-align:right" | 21
|-
| style="text-align:left" | Assistance insurance
Line 4,549 ⟶ 4,177:
|-
| style="text-align:left" | Other insurance
| style="text-align:right" | 201
| style="text-align:right" | 196
|-
|}
</div>
====
{{chunk|doc=9fth4kgfqj|c=
<div style="overflow-x:auto">
{| id="t41" class="wikitable fintable"
|+ Earned gross premiums by [[Definition:Business mix|lines of business]]
|-
! style="text-align:left" |
! 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
| style="text-align:right" | 62
|-
| style="text-align:left" | Liability insurance
| style="text-align:right" | 353
| style="text-align:right" | 357
|-
| style="text-align:left" | Motor
| style="text-align:right" | 299
| style="text-align:right" | 332
|-
| style="text-align:left" | Other motor vehicle insurance
| style="text-align:right" | 220
| style="text-align:right" | 240
|-
| style="text-align:left" | Fire and property insurance
| style="text-align:right" | 422
| style="text-align:right" | 389
|-
| style="text-align:left" | thereof a) Fire insurance
| style="text-align:right" | 164
| style="text-align:right" | 129
|-
| style="text-align:left" | b) Combined household insurance
| style="text-align:right" | 72
| style="text-align:right" | 75
|-
| style="text-align:left" | c) Combined residential building insurance
| style="text-align:right" | 164
| style="text-align:right" | 163
|-
| style="text-align:left" | d) Other property insurance
| style="text-align:right" | 21
| style="text-align:right" | 21
|-
| style="text-align:left" | Assistance insurance
Line 4,611 ⟶ 4,239:
|-
| style="text-align:left" | Other insurance
| style="text-align:right" | 201
| style="text-align:right" | 195
|-
|}
</div>
====
{{chunk|doc=9fth4kgfqj|c=
<div style="overflow-x:auto">
{| id="t42" class="wikitable fintable"
|+ Earned net premiums by [[Definition:Business mix|lines of business]]
|-
! style="text-align:left" |
! 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
| style="text-align:right" | 62
|-
| style="text-align:left" | Liability insurance
| style="text-align:right" | 349
| style="text-align:right" | 354
|-
| style="text-align:left" | Motor
| style="text-align:right" | 299
| style="text-align:right" | 330
|-
| style="text-align:left" | Other motor vehicle insurance
| style="text-align:right" | 218
| style="text-align:right" | 237
|-
| style="text-align:left" | Fire and property insurance
| style="text-align:right" | 386
| style="text-align:right" | 358
|-
| style="text-align:left" | thereof a) Fire insurance
| style="text-align:right" | 164
| style="text-align:right" | 129
|-
| style="text-align:left" | b) Combined household insurance
| style="text-align:right" | 69
| style="text-align:right" | 70
|-
| style="text-align:left" | c) Combined residential building insurance
| style="text-align:right" | 151
| style="text-align:right" | 147
|-
| style="text-align:left" | d) Other property insurance
| style="text-align:right" | 1
| style="text-align:right" | 10
|-
| style="text-align:left" | Assistance insurance
Line 4,673 ⟶ 4,301:
|-
| style="text-align:left" | Other insurance
| style="text-align:right" | 175
| style="text-align:right" | 161
|-
|}
</div>
==
{{chunk|doc=9fth4kgfqj|c=
'''Technical interest income calculation'''
* Technical interest income in the directly written gross insurance business was calculated on the pension provision and the premium provision.
*
==
{{chunk|doc=9fth4kgfqj|c=
<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" |
! 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
| style="text-align:right" | 26
|-
| style="text-align:left" | Liability insurance
| style="text-align:right" | 277
| style="text-align:right" | 182
|-
| style="text-align:left" | Motor
| style="text-align:right" | 224
| style="text-align:right" | 231
|-
| style="text-align:left" | Other motor vehicle insurance
| style="text-align:right" | 142
| style="text-align:right" | 251
|-
| style="text-align:left" | Fire and property insurance
| style="text-align:right" | 200
| style="text-align:right" | 245
|-
| style="text-align:left" | thereof a) Fire insurance
| style="text-align:right" | 98
| style="text-align:right" | 103
|-
| style="text-align:left" | b) Combined household insurance
| style="text-align:right" | 26
| style="text-align:right" | 33
|-
| style="text-align:left" | c) Combined residential building insurance
| style="text-align:right" | 74
| style="text-align:right" | 103
|-
| style="text-align:left" | d) Other property insurance
| style="text-align:right" | 2
| style="text-align:right" | 5
|-
| style="text-align:left" | Assistance insurance
Line 4,743 ⟶ 4,371:
|-
| style="text-align:left" | Other insurance
| style="text-align:right" | 131
| style="text-align:right" | 107
|-
|}
</div>
==
{{chunk|doc=9fth4kgfqj|c=
<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" |
! 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
| style="text-align:right" | 23
|-
| style="text-align:left" | Liability insurance
| style="text-align:right" | 131
| style="text-align:right" | 137
|-
| style="text-align:left" | Motor
| style="text-align:right" | 61
| style="text-align:right" | 73
|-
| style="text-align:left" | Other motor vehicle insurance
| style="text-align:right" | 45
| style="text-align:right" | 51
|-
| style="text-align:left" | Fire and property insurance
| style="text-align:right" | 147
| style="text-align:right" | 140
|-
| style="text-align:left" | thereof a) Fire insurance
| style="text-align:right" | 60
| style="text-align:right" | 48
|-
| style="text-align:left" | b) Combined household insurance
| style="text-align:right" | 25
| style="text-align:right" | 27
|-
| style="text-align:left" | c) Combined residential building insurance
| style="text-align:right" | 53
| style="text-align:right" | 57
|-
| style="text-align:left" | d) Other property insurance
| style="text-align:right" | 6
| style="text-align:right" | 7
|-
| style="text-align:left" | Assistance insurance
Line 4,805 ⟶ 4,433:
|-
| style="text-align:left" | Other insurance
| style="text-align:right" | 77
| style="text-align:right" | 79
|-
|}
</div>
{{chunk|doc=9fth4kgfqj|c=
'''Gross expenses for insurance operations'''
* Gross expenses for insurance operations
==== Reinsurance balance ====
{{chunk|doc=9fth4kgfqj|c=
<div style="overflow-x:auto">
Line 4,827 ⟶ 4,455:
|+ Reinsurance balance by [[Definition:Business mix|lines of business]]
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
Line 4,836 ⟶ 4,464:
|-
| style="text-align:left" | Liability insurance
| style="text-align:right" | 5
| style="text-align:right" | 1
|-
| style="text-align:left" | Motor
| style="text-align:right" | 2
| style="text-align:right" | -1
|-
| style="text-align:left" | Other motor vehicle insurance
| style="text-align:right" | -2
| style="text-align:right" | -2
|-
| style="text-align:left" | Fire and property insurance
| style="text-align:right" | -35
| style="text-align:right" | -26
|-
| style="text-align:left" | thereof a) Fire insurance
Line 4,856 ⟶ 4,484:
|-
| style="text-align:left" | b) Combined household insurance
| style="text-align:right" | -2
| style="text-align:right" | -3
|-
| style="text-align:left" | c) Combined residential building insurance
| style="text-align:right" | -11
| style="text-align:right" | -13
|-
| style="text-align:left" | d) Other property insurance
| style="text-align:right" | -20
| style="text-align:right" | -9
|-
| style="text-align:left" | Other insurance
| style="text-align:right" | -19
| style="text-align:right" | -32
|-
|}
</div>
{{chunk|doc=9fth4kgfqj|c=
'''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
*
{{chunk|doc=9fth4kgfqj|c=
'''Run-off result for own account'''
* HDI Versicherung AG achieved a run-off
* Information on the run-off results of individual
{{chunk|doc=9fth4kgfqj|c=
<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" |
! 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
| style="text-align:right" | 15
|-
| style="text-align:left" | Liability insurance
| style="text-align:right" | 6
| style="text-align:right" | 26
|-
| style="text-align:left" | Motor
| style="text-align:right" | 17
| style="text-align:right" | 26
|-
| style="text-align:left" | Other motor vehicle insurance
| style="text-align:right" | -19
| style="text-align:right" | -64
|-
| style="text-align:left" | Fire and property insurance
| style="text-align:right" | 29
| style="text-align:right" | -11
|-
| style="text-align:left" | thereof a) Fire insurance
| style="text-align:right" | 593
| style="text-align:right" | -22
|-
| style="text-align:left" | b) Combined household insurance
| style="text-align:right" | 18
| style="text-align:right" | 13
|-
| style="text-align:left" | c) Combined residential building insurance
| style="text-align:right" | 18
| style="text-align:right" | -3
|-
| style="text-align:left" | d) Other property insurance
| style="text-align:right" | -7
| style="text-align:right" | 310
|-
Line 4,944 ⟶ 4,572:
|-
| style="text-align:left" | Other insurance
| style="text-align:right" | -28
| style="text-align:right" | -23
|-
|}
</div>
Line 4,955 ⟶ 4,583:
==== Commissions and other remuneration for insurance agents, personnel expenses ====
{{chunk|doc=9fth4kgfqj|c=
<div style="overflow-x:auto">
Line 4,961 ⟶ 4,589:
|+ Commissions and other remuneration for insurance agents, personnel expenses
|-
! style="text-align:left" |
! 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
| style="text-align:right" | 258
| style="text-align:right" | 274
|-
| style="text-align:left" | 2. Other remuneration
| style="text-align:right" | 0
| style="text-align:right" | 0
|-
| style="text-align:left" | 3. Wages and salaries
| style="text-align:right" | 3
| style="text-align:right" | 4
|-
| style="text-align:left" | 4. Social security contributions and expenses for support
Line 4,985 ⟶ 4,613:
| style="text-align:right" | 444
|-
|}
</div>
Line 4,993 ⟶ 4,621:
==== Number of insurance contracts with a term of at least one year ====
{{chunk|doc=9fth4kgfqj|c=
<div style="overflow-x:auto">
{| id="t48" class="wikitable fintable"
|+ Number of insurance contracts with a term of at least one year by
|-
! style="text-align:left" | Units
Line 5,008 ⟶ 4,636:
|-
| style="text-align:left" | Accident insurance
| style="text-align:right" | 333
| style="text-align:right" | 348
|-
| style="text-align:left" | Liability insurance
| style="text-align:right" | 1
| style="text-align:right" | 1
|-
| style="text-align:left" | Motor
| style="text-align:right" | 849
| style="text-align:right" | 1
|-
| 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
| style="text-align:right" | 862
|-
| style="text-align:left" | Fire and property insurance
| style="text-align:right" | 823
| style="text-align:right" | 863
|-
| style="text-align:left" | thereof a) Fire insurance
| style="text-align:right" | 47
| style="text-align:right" | 48
|-
| style="text-align:left" | b) Combined household insurance
| style="text-align:right" | 497
| style="text-align:right" | 520
|-
| style="text-align:left" | c) Combined residential building insurance
| style="text-align:right" | 214
| style="text-align:right" | 224
|-
| style="text-align:left" | d) Other property insurance
| style="text-align:right" | 63
| style="text-align:right" | 70
|-
| style="text-align:left" | Assistance insurance
| style="text-align:right" | 0
| style="text-align:right" | 2
|-
| style="text-align:left" | Other insurance
| style="text-align:right" | 56
| style="text-align:right" | 57
|-
|-
| style="text-align:left" | Total
| style="text-align:right" | 3
| style="text-align:right" | 3
|-
| style="text-align:left" | Change due to consideration of risks in motor vehicle insurance
| style="text-align:right" | 675
| style="text-align:right" | 864
|-
|}
</div>
{{fn note|1=1)|2=1) In motor vehicle insurance, the number of risks was taken into account here.}}
====
{{chunk|doc=9fth4kgfqj|c=
<div style="overflow-x:auto">
{| id="t49" class="wikitable fintable"
|+ To II.4. Other income
|-
! style="text-align:left" |
! class="col-s" style="text-align:right" | 2025
! class="col-s" style="text-align:right" | 2024
|-
| style="text-align:left" | Talanx earnings
| style="text-align:right" | 132
| style="text-align:right" | 0
|-
| style="text-align:left" | Income from services rendered
| style="text-align:right" | 6
| style="text-align:right" | 6
|-
| style="text-align:left" | Interest and similar income {{fn ref|1)|2=1)
| style="text-align:right" | 5
| style="text-align:right" | 8
|-
| style="text-align:left" | Miscellaneous
| style="text-align:right" | 136
| style="text-align:right" | 3
|-
|}
</div>
{{fn note|1=1)|2=1)
{{chunk|doc=9fth4kgfqj|c=
'''
* Income from plan assets for pension obligations
*
{{chunk|doc=9fth4kgfqj|c=
<div style="overflow-x:auto">
{| id="t50" class="wikitable fintable"
|+
|-
! 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
| style="text-align:right" | 77
|-
| style="text-align:left" | Individual
| style="text-align:right" | 2
| style="text-align:right" | -3
|-
| style="text-align:left" |
| style="text-align:right" | 1
| style="text-align:right" | 2
|-
| style="text-align:left" | Interest and similar expenses {{fn ref|1)|2=1) Interest expenses include 55 (60) TEUR expenses from interest
| style="text-align:right" | 623
| style="text-align:right" | 1
|-
| style="text-align:left" | [[Definition:Foreign exchange|Foreign exchange]] losses
Line 5,154 ⟶ 4,778:
|-
| style="text-align:left" | Total
| style="text-align:right" | 22
| style="text-align:right" | 80
|}
</div>
{{fn note|1=1)|2=1) Interest expenses include 55 (60) TEUR expenses from interest
{{chunk|doc=9fth4kgfqj|c=
'''Tax on income and earnings'''
* The reported amount of EUR 15k (prior: EUR 5k)
{{chunk|doc=9fth4kgfqj|c=
'''Other taxes'''
* Other taxes amounted to EUR 7k (prior: EUR 105k).
*
{{chunk|doc=9fth4kgfqj|c=
<div style="overflow-x:auto">
Line 5,188 ⟶ 4,812:
! style="text-align:left" | Member
|-
| style="text-align:left" | <strong>Dr. Jan-Philipp Lüdtke</strong><br/>
|-
| style="text-align:left" | <strong>Barbara Riebeling</strong><br/>
|-
| style="text-align:left" | <strong>Nicolas Heine</strong><br/>
|-
| style="text-align:left" | <strong>Johanna Weigand</strong><br/>
|}
</div>
{{chunk|doc=9fth4kgfqj|c=
<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
|-
| style="text-align:left" | <strong>Dr. Daniel Schulze Lammers</strong><br/>
| style="text-align:left" | ■ IT<br/> ■ Product Management (Private) (formerly SHUK)<br/> ■ Product Technology and Legacy Systems Property<br/> ■ Operations Property<br/> ■ Claims<br/> ■ Investment and Asset Management<br/> ■ Anti-Money Laundering<br/> ■ Actuarial and Business Steering Property (incl. Reinsurance)
|-
| style="text-align:left" | <strong>Norbert Eickermann</strong><br/>
| style="text-align:left" | ■ Sales
|-
| style="text-align:left" | <strong>Dr. Philipp Horsch</strong><br/>
| style="text-align:left" | ■ Product Management Corporate/Freelance Professions<br/> ■ Operations Corporate/Freelance Professions
|-
| style="text-align:left" | <strong>Thorsten Jahnke</strong><br/>
| style="text-align:left" | ■ Broker Sales / Cooperations
|-
| style="text-align:left" | <strong>Thomas Lüer</strong><br/>
| style="text-align:left" | ■ HDI Sales<br/> ■ Sales Management<br/> ■ Marketing
|-
| style="text-align:left" | <strong>Jens Warkentin</strong><br/>
| style="text-align:left" | ■ Controlling<br/> ■ Risk Management<br/> ■ Actuarial Function<br/> ■ Accounting, Financial Reporting and Taxes<br/> ■ Data Protection<br/> ■ Legal<br/> ■ Internal Audit<br/> ■ Compliance
|}
</div>
{{chunk|doc=9fth4kgfqj|c=
'''Executive and
* Total compensation for active Management Board members for their work
* Management Board members also received compensation for their work in other Talanx Group companies if they
*
* Provisions for current pensions and entitlements for former Management Board members or their surviving dependents, for their previous work
* Supervisory Board members received EUR 6k (prior: EUR 6k) for their work
{{chunk|doc=9fth4kgfqj|c=
'''Guarantees and contingent liabilities'''
* Talanx AG, Hannover, and HDI Global SE, Hannover, have assumed the
*
* 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=
'''Membership
* 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=
'''
* 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
* 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).
{{chunk|doc=9fth4kgfqj|c=
'''
* The control and profit transfer agreement between HDI Deutschland AG (controlling company) and HDI Versicherung AG
* 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.
{{chunk|doc=9fth4kgfqj|c=
'''Shareholder structure'''
*
* 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).
{{chunk|doc=9fth4kgfqj|c=
'''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,
* 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
{{chunk|doc=9fth4kgfqj|c=
'''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,
* The auditor
*
* The auditor also audited the
{{chunk|doc=9fth4kgfqj|c=
'''Group consolidation and reporting requirements'''
*
* HDI Haftpflichtverband der Deutschen Industrie Versicherungsverein auf Gegenseitigkeit (parent company of the HDI Group) prepares consolidated financial statements
* Talanx AG, as the parent company of the Talanx Group, is also required to prepare consolidated financial statements
* The Talanx AG consolidated financial statements are prepared
* The consolidated financial statements are published in the company register.
{{chunk|doc=9fth4kgfqj|c=
* The inclusion of HDI Versicherung AG in the consolidated financial statements of HDI Haftpflichtverband der Deutschen Industrie Versicherungsverein auf Gegenseitigkeit and Talanx AG exempts
{{chunk|doc=9fth4kgfqj|c=
'''Post-balance sheet events'''
* No events of particular significance occurred after the balance sheet date that would sustainably influence the earnings, financial, and asset
{{chunk|doc=9fth4kgfqj|c=
'''Board of Management
* Hannover, February 25, [[Definition:Year 2026|2026]].
Line 5,349 ⟶ 4,965:
** Jens Warkentin
== Independent auditor's report
{{chunk|doc=9fth4kgfqj|c=
'''
*
=== Report on the audit of the
==== Audit opinions ====
{{chunk|doc=9fth4kgfqj|c=
'''Audit opinion on financial statements and management report'''
* The
* The audit also covered the management report of HDI Versicherung AG for the fiscal year January 1 to December 31, 2025
* The
* The
* The management report is consistent in all material respects with the
* In accordance with § 322 Abs. 3 Satz 1 HGB, the audit did not lead to any objections regarding the regularity of the
==== Basis for the audit opinions ====
{{chunk|doc=9fth4kgfqj|c=
'''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;
* The auditor's responsibility
* The auditor is independent of the company in accordance with European
* 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
{{chunk|doc=9fth4kgfqj|c=
'''
*
* 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=
* The most significant matters in the audit were:
* The presentation of these
* Investments are reported on the balance sheet at EUR 3,763,874k
*
* According to § 341b
* In
*
* The market price of the respective investment is used to determine the fair value or current value,
*
* Management
* Minor changes
* 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
* The audit
*
* 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 =====
{{chunk|doc=9fth4kgfqj|c=208|p=65}}
'''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
* This includes the expected
* The methods and calculation parameters used to determine claims provisions are based on
* Minor changes to these assumptions and methods can significantly impact the valuation of claims provisions.
* Due to the material
* The audit assessed the methods used by the company and the assumptions made by
* 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
* Data underlying the calculation of the fulfillment amount was reconciled with basic documents.
* The
*
* Based on the audit procedures, the assessments and assumptions made by
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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
* Legal representatives are responsible for other information.
* Other information includes the management report
* The auditor's opinions on the annual financial statements and the management report do not extend to other information, and therefore
* 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
* The auditor also assesses whether the other information otherwise appears materially misstated.
==
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'''Management responsibilities for financial reporting'''
*
* 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 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
====
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'''Auditor's responsibility for the audit of the financial statements and
* 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
* 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.
*
* 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.
*
* 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
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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
* The audit opinions in this
==== Responsible auditor ====
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'''Responsible
* The
*
*
*
== Report of the Supervisory Board. ==
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'''Supervisory Board
* The Supervisory Board
* The Supervisory Board held two ordinary meetings to
* The Supervisory Board was
* The Supervisory Board intensively questioned
*
=== Key areas of discussion in the
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'''HDI Germany
* The new
* 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.
*
* The turnaround for HDI Versicherung AG was successfully completed in 2025, with the next phase focusing on building excellence.
* The
* 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
* 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
* The Supervisory Board was fully informed and passed the necessary resolutions regarding this matter.
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'''Supervisory Board Self-Assessment and Training'''
Line 5,582 ⟶ 5,186:
* 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
* All training sessions were recorded and made available to Supervisory Board members for self-study
* Training topics included:
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** Conduct and
** DORA@HD Awareness-Training 2025 (introduction to Digital Operational Resilience Act (DORA) requirements and their implementation).
** Actuarial
* 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
* The Supervisory Board approved an adjustment to the company's information policy during its spring 2025 meeting.
* Key updates included regulations for the
* The Supervisory Board was regularly informed
* 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.
*
* 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
* Quarterly risk reports were provided to the Supervisory Board for comprehensive information.
*
* 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
* 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
* The Supervisory Board confirmed that the Management Board had correctly set its operational priorities and taken appropriate measures.
*
=== Annual financial statement audit ===
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'''
* 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
* The auditor was present at the Supervisory Board meeting on March 11, [[Definition:Year 2026|2026]],
* 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
* The management report is
* The Supervisory Board
* 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 annual financial statements
=== Appointment of the Management Board and Supervisory Board and other mandates ===
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'''Management
* Norbert Eickermann was reappointed to the Management Board
* Dr. Philipp Horsch was appointed to the Management Board
* 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
* 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
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'''Supervisory
* Johanna Weigand resigned
* Nicolas Heine was elected as her successor to the Supervisory Board by the extraordinary
* Nicolas Heine's term is for the remainder of the period until the end of the
===
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'''Appreciation and
* The Supervisory Board thanks the members of the
* Hannover, March 11, [[Definition:Year 2026|2026]].
* For the Supervisory Board: Dr. Jan-Philipp Lüdtke, Chairman.
* Barbara Riebeling and Nicolas Heine
=== HDI Versicherung AG ===
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'''Contact information'''
*
*
*
* Website: www.hdi.de
* Website: www.talanx.com
Line 5,697 ⟶ 5,304:
=== Group Communications ===
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'''Contact
* Telefon: +49 511 3747-2022
* Telefax: +49 511 3747-2525
* E-Mail: gc@talanx.com
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'''Group Communications'''
<div class="ed-chart-desc">
[Chart/image description:]
The image displays an organizational chart
</div>
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'''Group structure by division'''
* Corporate & Specialty Division
* International Retail
* Retail Germany Division
* 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.
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'''
* The
* The information on participations is as of January 1, [[Definition:Year 2026|2026]].
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* 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.
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