Data:HDI Versicherung/2025/FY/Annual report.json: Difference between revisions

"content": "**HDI Versicherung AG at a glance.**\n\n| In EUR million | 2025 | 2024 | +/- % |\n| --- | --- | --- | --- |\n| Gross written premiums | 1,564.8 | 1,588.3 | -1.5 |\n| Gross incurred claims | 1,006.0 | 1,045.4 | -3.8 |\n| Gross operating expenses | 486.4 | 506.7 | -4.0 |\n| Gross combined ratio (in %) | 95.7 | 98.3 | — |\n| Net technical provisions | 3,761.9 | 3,678.1 | 2.3 |\n| Investments | 3,763.9 | 3,760.8 | 0.1 |\n| Income from investments | -31.8 | 112.0 | -128.4 |\n| Net investment yield (in %) | -0.8 | 3.0 | — |\n| Earnings before profit transfer | 109.5 | 17.6 | 520.4 |\n\n== Table of ContentsContent =="

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

"heading": "ReportAppendix appendixand financial statements",

"heading": "Financial statementsAudit and auditsupervisory board reports",

34

"heading": "SupervisoryHDI BoardVersicherung reportAG overview",

"links": [],

"effective_tags": [],

"heading": "HDICredit Versicherung AG overviewrating",

"links": [],

"effective_tags": [],

"heading": "RatingDistribution strategy and channels",

"heading": "DistributionGroup-wide strategyservices and channelssynergies",

45

"heading": "HDIGlobal Versicherungeconomic AG operationsdevelopment and servicestrade policy",

"heading": "Global economic developmentGerman and USEurozone tradeeconomic policyperformance",

"links": [],

"effective_tags": [],

"heading": "EuropeanUS economic developmentperformance",

"links": [],

"effective_tags": [],

"heading": "USChina and ChinaLatin America economic developmentperformance",

"links": [],

"effective_tags": [],

"heading": "LatinGlobal America economic developmentinflation and globalinterest inflationrates",

"content": "* Latin American economies increased their growth in 2025 despite the challenging international environment.\n* This growth was partly favored by central bank interest rate cuts (excluding Brazil).\n* Latin America's growth rate was +2.8% YoY, reaching its 2000-2019 average for the first time since the post-Covid rebound.\n* The global economy largely overcame the fiscal policy and energy price-relatedinduced inflation shock following the CovidCOVID-19 pandemic and the war in Ukraine.\n* Eurozone inflation decreased from 2.4% to 2.0% overYoY in 2025, reaching the European Central Bank (ECB) target, partlydriven due toby falling energy prices and a stronger Euro.\n* The ECB cut its key interest rate from 3.00% to 2.00% in several steps during H1 2025.\n* US inflation also slightly decreased from 2.9% to 2.7% overYoY in 2025, as anticipated strong price effects from US tariff barriers did not fully materialize.\n* US inflation remained above the FedFederal Reserve's (Fed) target, leading the Fed to react cautiously to the weakening labor market byand cuttingcut theits key interest rate from 4.50% to 3.75%.\n\n==== Capital markets ===="

"heading": "GlobalInternational equity markets 2025performance",

"content": "* International equity markets reached new records in 2025 despite geopolitical and trade tensions.\n* This performance was driven by a stable economic environment, falling key interest rates, positive corporate earnings development, and strong performance of technology and AI stocks.\n* The US S\u0026P 500 recorded numerous new record highs after a correction following the 'Liberation Day' shock in April.\n* The S\u0026P 500 ended 2025 with a price increase of +16.8% (all performance figures in USD),.\n* markingThis itswas the sixth double-digit gainincrease for the S\u0026P 500 in the last seven years.\n* TheIn 2025, the S\u0026P 500's performancelagged inbehind 2025other laggedinternational behindmarkets after its tech-driven rally in the overallprevious industrialyear.\n* The S\u0026P 500 was behind industrialised countries overall (MSCI World: +19.9%) and significantly behind emerging market equitiesstocks (MSCI EM: +30.1%).\n* Eurozone stocks led in 2025 (EURO STOXX: +37.9%) led the market in 2025, particularlywith Germany (DAX: +39.1%), surpassingat the USforefront.\n* forThis was the first time since 2022 that Germany outperformed the USA.\n* The yield on 10-year US Treasuries decreased by 0.40 percentage points to 4.17% in 2025 due to Fed interest rate cuts, despite political attacks on the Fed's independence and rising national debt.\n* The yield on German government bonds of the same maturity rose sharply from 2.41% to 2.90% following the announcement of Germany's special fund for infrastructure and increased defense spending in March.\n* Doubts about rapid implementation caused the German bond yield to fall back below 2.50% within a few weeks.\n* With the new federal budget in the autumn and the prospect of increased issuance activity to finance additional expenditures, the 10-year German bond yield ended the year near its annual high at 2.86% (+0.49 percentage points).\n* A stronger-than-expected increase in oil supply from OPEC+ pushed Brent crude oil prices down from USD 75 to USD 61 per barrel in 2025.\n* The conflict between Israel and Iran caused only a brief increase in oil prices towards USD 80 per barrel.\n* Doubts about US debt sustainability and tariff escalation led to a significant appreciation of the Euro against the US Dollar from 1.04 to 1.18 in the first half of 2025.\n* In the second half of the year, the Euro consolidated slightly below this level due to political attacks on the Fed's independence.\n\n==== Prevention of money laundering and terrorist financing ===="

67

"heading": "BondAnti-money yieldslaundering and oilterrorism pricesfinancing 2025compliance",

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

"id": "9fth4kgfqj-c25c18",

"chunk": 2518,

"content": "* Talanx Group insurance companies process extensive personal data for application, contract, and claims processinghandling.\n* The data protection management system isensures designedcompliance towith observedata and controlprotection requirements, ofincluding the EU General Data Protection Regulation (GDPR) and the German Federal Data Protection Act.\n* Employees are trained onand carefulcontractually dataobligated handlingto andhandle aredata contractuallycarefully obligated toand comply with data protection requirements.\n* CentralCentralized procedures are in place for process-independent data protection requirements, such as engagingcommissioning service providers.\n* Data protection rights of customers, shareholders, and employees are also covered by these procedures.\n* Compliance with applicable law is a prerequisiteessential for the Talanx Group companies' long-term successful business operationssuccess.\n* The Group focuses on adapting its business and products to legal, supervisory, and tax frameworksregulations.\n* Mechanisms are in place to identify and evaluateassess future legal developments and their impact on business operations early, allowing for timely adjustments.\n\n=== Business performance and positionsituation ==="

"id": "9fth4kgfqj-c26c19",

"chunk": 2619,

"heading": "Business Performanceperformance and Positionsituation",

"id": "9fth4kgfqj-c27c20",

"chunk": 2720,

"content": "* TheThis section covers topics offrom the reporting year.\n\n===== SecuringFuture the futureviability of the HDI Germany segment ====="

"id": "9fth4kgfqj-c28c21",

"chunk": 2821,

"heading": "HDI Deutschland strategic programGermany \"Substanz\" Strategic Program",

"links": [],

"effective_tags": [],

"id": "9fth4kgfqj-c29c22",

"chunk": 2922,

"heading": "StrategicHDI focusGermany areasStrategic andFocus implementationAreas",

"content": "* HDI Versicherung AG focuses on its strengths within the \"Substanz\" strategic program: exclusive sales, corporate and freelance professions, and selected business models in other important sales channels.\n* In the motor insurance business, the focus is on securing a profitable portfolio in a competitive market environment, driven by high claims inflation and correspondingassociated high claims costs.\n* TheEmphasis emphasisis isplaced on consistent alignment with market requirements and customer demandsneeds for simple products and digital processes.\n* The implementationImplementation of the \"Substanz\" strategic program shows noticeable efficiency gains through the further development of operations and claims, particularly by focusingvia business modelsmodel focus, automation, and theAI use of AI.\n* The corporate and freelance professions business unitsegment (Business mix) is being expanded, especially through competitive-differentiating, proven market and business expertise, and systematic portfolio management of the portfolio for profitability.\n* InProfitability fireof and multi-risk products,the portfolio profitability, processand professionalization,/efficiency andof efficiency improvementsprocesses are being consistently and successfully driven forwardin fire and multi-risk products.\n* Average premium income increased throughdue to targeted premium adjustments and restructuring.\n* Risk-limiting measures such as cancellations, more intensive inspections, and new underwriting limits led to a sustainable improvement in the risk portfolio."

"id": "9fth4kgfqj-c30c23",

"chunk": 3023,

"heading": "Future readinessAI and agilityAgility Initiatives",

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

"id": "9fth4kgfqj-c31c24",

"chunk": 3124,

"content": "* The IT strategy for the Private and CommercialCorporate Insurance Germany division covers all essential IT aspects for the risk carriers of HDI Germany.\n* The IT strategy incorporates the requirements of the business strategy forof all risk carriers.\n* DigitalizationDigitization of processes and service offerings, along with the modernization of IT infrastructure, shape HDI Germany's business activities.\n* The IT strategy aims to transform the application landscape, aligned with the \"Substanz\" business strategy and considering innovative technologies like artificial intelligence.\n* Essential components of the IT strategy include the sustainableSustainable implementation of IT compliance and regulatory requirements under the Digital Operational Resilience Act (DORA), andis continuousessential.\n* Continuous improvement of the security protection level is also essential.\n\n=== Product ratings ==="

"id": "9fth4kgfqj-c32c25",

"chunk": 3225,

"content": "* HDI Versicherung AG continuously improves products and services, reflected in product ratings, awards, and seals of approval.\n* Examples of thesepositive evaluationsratings are found inacross all private property insurancenon-life sectorssegments.\n* Stiftung Warentest rated the private liability insurance (Premium product line (Business mix)) with 'Sehr gut (0.7)'.\n* Stiftung Warentest also rated the residential building insurance in the (Premium product line) with 'Sehr gut (0.7)'.\n* Franke \u0026 Bornberg Research GmbH awarded the HDI private liability insurance (Premium product line, Single and Premium product line, Family) andwith 'FFF+' (excellent) in the HUS-Privat segment.\n* Franke \u0026 Bornberg Research GmbH also awarded the residential building insurance (Premium product line / Multi-family house Premium product) with 'FFF+' (excellent) in the HUS-Privat sector.\n* The HDI accident insurance (Premium, Mitwirkung100% 100contribution, Schutzbriefprotection letter) and HDI household insurance were also recognized.\n\n=== Sustainability ==="

"id": "9fth4kgfqj-c33c26",

"chunk": 3326,

"heading": "Sustainability strategy and net-zero ambitiontargets",

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

"id": "9fth4kgfqj-c34c27",

"chunk": 3427,

"heading": "UnderwritingThermal exclusionscoal forand fossil fuelsfuel exclusions",

"content": "* An exit path for thermal coal risks in underwriting was defined until 2038.\n* Exclusions for conventional oil and gas projects in underwriting came into forceeffect in July 2023, including a general exclusion of new greenfield oil and gas projects.\n* Further restrictions have beenwere defined since July 2023, and the phase-out of all existing oil sands risks was brought forward to the end of 2025.\n* Project policies in deep-sea mining are excluded.\n* To advance the decarbonization of the investment portfolio, the focus was recently on refining the positioning towards fossil fuels on the investment side.\n* InSince addition to existing2024, exclusions for oilfracking andof tarshale sandsgas and for oil andin gasthe drillingArctic apply, exclusionsin foraddition frackingto ofexisting shaleexclusions gasfor oil and oiltar insands theand Arcticfor haveoil appliedand sincegas 2024drilling.\n* ASince 2025, there will be a systematic reduction of exposure along the entire value chain of the oil and gas sector will take place from 2025.\n* The share of oil and gas in the total portfolio of liquid corporate bonds is to be reduced by 20% from the current 5.7% to 4.5% over the next five years.\n* The existing thermal coal exclusion in investments was tightened in 2024."

"id": "9fth4kgfqj-c35c28",

"chunk": 3528,

"content": "* AIn uniform2022, a unified framework for the mostlylargely decentralized social and community engagement was created and anchoredembedded in the Groupcorporate strategy in 2022.\n* Four strategic fields of action were defined for the Talanx Group:\n** Diversity, equal opportunities, and inclusion\n** Employee's Journey\n** Ensuring access to education\n** Promoting access to infrastructure\n* The Group's governance is a significant topic for the capital market and a key focus of the sustainability strategy.\n* The Group regularly addresses and implements governance requirements.\n\n=== Performance indicators ==="

"id": "9fth4kgfqj-c36c29",

"chunk": 3629,

"heading": "Financialfinancial performance indicators",

"content": "* The company has setdefined only financial key performance indicators (KPIs) for the 2025 fiscalfinancial year.\n* These indicatorsKPIs include gross written premiums, gross expenses for insurance claims, gross expenses for insurance operations, investment income, and net incomeprofit before profit transfer.\n* The development of these and other key figures will be explained in subsequent chapters."

"id": "9fth4kgfqj-c37c30",

"chunk": 3730,

"heading": "Productproduct ratings and awards",

"content": "* The HDI Versicherung (Premium product line (Business mix)) receivedwas anrated \"FFF\" (very good) rating.\n* The HDI Kfz-Versicherung (Motor Premium product line) wasmaintained ratedits top rating of \"FFF+\" (excellent) byfrom the independent analysis firm Franke \u0026 Bornberg Research GmbH.\n* In the \"Firmen und Freie Berufe\" (Companies and Freelancers) segment, AssCompact awarded the commercial property insurance \"Beste Produktqualität\" (Best Product Quality) and \"Bestes Preis-Leistungs-Verhältnis\" (Best Price-Performance Ratio).\n* Franke \u0026 Bornberg Research GmbH rated the \"Inhaltsversicherung Sach Allgefahren\" (ContentsProperty All-Risk Contents Insurance) with modules for gastronomyGastronomy, floodFlood, and backwaterBackwater as \"FFF\" (very good).\n* The \"Betriebshaftpflichtversicherung\" (Business Liability Insurance) with modules for constructionConstruction, servicesServices, tradeTrade, craftsCrafts (ancillaryAncillary constructionConstruction tradesTrades), and ancillaryAncillary medicalMedical professionsProfessions received an \"FFF+\" (excellent) rating.\n* The commercial cyber insurance (CyberversicherungCyber fürInsurance Firmenfor undCompanies Freieand BerufeFreelancers, BetriebsunterbrechungBusiness durchInterruption due to Cloud-Ausfall Outage) was also rated \"FFF\" (very good)."

"id": "9fth4kgfqj-c38c31",

"chunk": 3831,

"id": "9fth4kgfqj-c39c32",

"chunk": 3932,

"content": "**Business performance: Insurance business total**\n\n| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |\n| --- | --- | --- | --- | --- |\n| Written premiums | 1,564.8 | 1,495.5 | 1,588.3 | 1,513.5 |\n| Earned premiums | 1,559.8 | 1,489.9 | 1,579.5 | 1,504.8 |\n| Incurred claims | 1,006.0 | 996.0 | 1,045.4 | 1,042.3 |\n| Operating expenses | 486.4 | 477.3 | 506.7 | 496.2 |\n| Technical result forf. owne. accountR. | — | 20.1 | — | -30.7 |\n| In % — Loss ratio(1)) | 64.5 | 66.9 | 66.2 | 69.3 |\n| In % — Expense ratio(2)) | 31.2 | 32.0 | 32.1 | 33.0 |\n| In % — Combined ratio(3)) | 95.7 | 98.9 | 98.3 | 102.2 |\n\n(1)) Incurred claims in relation to earned premiums\n(2)) Operating expenses in relation to earned premiums\n(3)) Sum of incurred claims and operating expenses in relation to earned premiums"

"id": "9fth4kgfqj-c40c34",

"chunk": 4034,

"heading": "Gross written premiums and netreinsurance premiums",

"content": "* HDI Versicherung AG's grossGross written premiums decreased by EUR 23.5m to EUR 1,564.8m (prior: EUR 1,588.3m).\n* Positive development in commercialcorporate lines did not fully offset the declinedeclines in motor insurance due to portfolio reductions.\n* Freelance professions and private lines also saw a slight decreasedeclines in gross written premiums due to portfolio reductions.\n* Reinsurance premiums decreased by EUR 5.5m to EUR 69.4m (prior: EUR 74.9m) due to lower reinsurance costs and a higher retention rate in the cyber segment.\n* Net earned premiums decreased by EUR 14.9m to EUR 1,489.9m (prior: EUR 1,504.8m)."

"id": "9fth4kgfqj-c41c35",

"chunk": 4135,

"heading": "Claims expensesGross and lossnet ratiosclaims expenses",

"content": "* Gross claims expenses for insurance claims decreased by EUR 39.4m YoY to EUR 1,006.0m (prior: EUR 1,045.4m) YoY.\n* ThisGross wascurrent primarilyyear dueclaims toexpenses adecreased by EUR 172.4m decrease in gross current year expenses to EUR 1,071.8m (prior: EUR 1,244.1m), drivendue byto a reduction in frequency claims, especiallyprimarily in the motor insurance segment.\n* Increased expenses for large claims, particularlymainly in motor and multi-risk linessegments, were largely offset by lowerdecreasing expenses from natural catastrophes, especiallyparticularly in comprehensive and building insurance.\n* Gross run-off gain decreased by EUR 133.0m to EUR 65.8m (prior: EUR 198.7m), mainly in liability and motor liability linessegments due to reserve adjustments for prior year claims.\n* Gross total loss ratio decreased by 1.7pts YoY to 64.5% (prior: 66.2%) YoY.\n* Net claims expenses for insurance claims decreased by EUR 46.3m to EUR 996.0m (prior: EUR 1,042.3m).\n* Net current year claims expenses decreased by EUR 165.6m to EUR 1,067.0m (prior: EUR 1,232.6m).\n* Net run-off gain decreased by EUR 119.2m to EUR 71.0m (prior: EUR 190.2m).\n* Net loss ratio decreased from 69.3% to 66.9%."

"id": "9fth4kgfqj-c42c36",

"chunk": 4236,

"heading": "Operating expenses and combinedcost ratioratios",

"content": "* Gross operating expenses for insurance business decreased by EUR 20.3m to EUR 486.4m (prior: EUR 506.7m).\n* Administration costs significantly decreased due to the success of the SBSTNZ strategic program and a special write-down in the priorprevious year.\n* Commissions increased due to changes in the business mix.\n* Net operating expenses for insurance business decreased by EUR 19.0m to EUR 477.3m (prior: EUR 496.2m).\n* DespiteGross lower premium levels, the gross expensecost ratio slightly decreased to 31.2% (prior: 32.1%) anddespite thelower netpremium expenselevels.\n* Net cost ratio decreased to 32.0% (prior: 33.0%).\n* Gross combined ratio decreased from 98.3% to 95.7%.\n* Net combined ratio decreased from 102.2% to 98.9%."

"id": "9fth4kgfqj-c43c37",

"chunk": 4337,

"content": "* EUR 14.4m (prior: EUR 9.0m) was withdrawn from the fluctuation reserve.\n* Net technical result after fluctuation reserve improved by EUR 50.8m to EUR 20.1m (prior: -EUR -30.7m).\n\n==== Insurance business ====\n\n===== Self-concluded insurance business ====="

"id": "9fth4kgfqj-c44c38",

"chunk": 4438,

"content": "**Self-concluded insurance business**\n\n| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |\n| --- | --- | --- | --- | --- |\n| Written premiums | 1,564.8 | 1,495.4 | 1,588.3 | 1,513.4 |\n| Earned premiums | 1,559.8 | 1,489.8 | 1,579.5 | 1,504.8 |\n| Incurred claims | 1,006.0 | 996.0 | 1,045.5 | 1,042.3 |\n| Operating expenses | 486.4 | 477.3 | 506.7 | 496.2 |\n| Technical result forf. owne. accountR. | — | 20.1 | — | -30.7 |\n| In % — Loss ratio | 64.5 | 66.9 | 66.2 | 69.3 |\n| In % — Expense ratio | 31.2 | 32.0 | 32.1 | 33.0 |\n| In % — Combined ratio | 95.7 | 98.9 | 98.3 | 102.2 |\n\n==== Motor insurance ===="

"id": "9fth4kgfqj-c45c39",

"chunk": 4539,

"id": "9fth4kgfqj-c46c40",

"chunk": 4640,

"heading": "Motor insurance premiums and claimsperformance",

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

"id": "9fth4kgfqj-c48c41",

"chunk": 4841,

"content": "**Liability insurance**\n\n| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |\n| --- | --- | --- | --- | --- |\n| In EUR million | Gross | Net | Gross | Net |\n| Written premiums | 355.1 | 350.8 | 357.2 | 353.7 |\n| Earned premiums | 353.9 | 349.7 | 357.6 | 354.0 |\n| Incurred claims | 277.4 | 267.9 | 182.6 | 177.2 |\n| Operating expenses | 131.5 | 131.5 | 137.9 | 137.9 |\n| Technical result forf. owne. accountR. | — | 6.8 | — | 26.7 |\n| In % — Loss ratio | 78.4 | 76.6 | 51.1 | 50.0 |\n| In % — Expense ratio | 37.2 | 37.6 | 38.6 | 38.9 |\n| In % — Combined ratio | 115.5 | 114.2 | 89.6 | 89.0 |"

"id": "9fth4kgfqj-c50c42",

"chunk": 5042,

"heading": "Liability insurance gross and net premiumsperformance",

"content": "* Gross written premiums forin liability insurance decreased by EUR 2.2m to EUR 355.1m (prior: EUR 357.2m).\n* The corporate division's business liability segment showed positive effects on gross written premiums from continuedsustained portfolio growth.\n* Premiums forin the liberal professions' medical liability segment remained stable with slightlyslight growingportfolio portfoliogrowth.\n* Premiums in the private liability, planning liability, and financial loss liability insurance segments slightly declined, following portfolio development.\n* Reinsurance premiums slightly increased to EUR 4.2m (prior: EUR 3.6m).\n* EarnedNet netearned premiums decreased by EUR 4.4m to EUR 349.7m (prior: EUR 354.0m).\n* Gross expenses for insurance claims significantly increased by EUR 94.8m to EUR 277.4m (prior: EUR 182.6m).\n* This increase was due to a decrease in gross settlement results by EUR 92.0m to -EUR -55.8m (prior: EUR 36.2m), resulting from necessary reserve adjustments for major claims from older years and an increase in the late claimclaims reservesreserve.\n* Gross claims expenses for the financial year rose to EUR 221.6m (prior: EUR 218.8m), particularly in the corporate division's business liability segment, following portfolio development.\n* The gross loss ratio increased by 27.3pts3 percentage points to 78.4% (prior: 51.1%).\n* Net expenses for insurance claims increased by EUR 90.8m to EUR 267.9m (prior: EUR 177.2m).\n* ThisThe increase in net expenses was primarily due to the decrease in net settlement results to -EUR -46.3m (prior: EUR 41.7m), analogous to the gross figures.\n* Net claims expenses for the financial year increased from EUR 218.8m to EUR 221.6m.\n* The net loss ratio increased by 26.6pts6 percentage points to 76.6% (prior: 50.0%).\n* ExpensesGross and net expenses for insurance operations decreased both gross and net to EUR 131.5m (prior: EUR 137.9m) due to lower administrative costs, mainlyespecially after considering a special write-down in the previous year.\n* The gross cost ratio slightly decreased to 37.2% (prior: 38.6%) and the net cost ratio to 37.6% (prior: 38.9%).\n* Combined loss and expense ratios increased gross to 115.5% gross (prior: 89.6%) and net to 114.2% net (prior: 89.0%).\n* The liability insurance segment recorded a net underwriting result of EUR 6.8m (prior: EUR 26.7m) after the fluctuation reserve.\n* EUR 56.6m was withdrawn from the fluctuation reserve, following an allocation of EUR 12.9m in the previous year.\n\n==== Accident insurance ===="

"id": "9fth4kgfqj-c51c43",

"chunk": 5143,

"content": "**Accident insurance**\n\n| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |\n| --- | --- | --- | --- | --- |\n| In EUR million | Gross | Net | Gross | Net |\n| Written premiums | 60.2 | 60.2 | 61.9 | 61.9 |\n| Earned premiums | 60.6 | 60.6 | 62.3 | 62.3 |\n| Incurred claims | 29.8 | 29.8 | 26.6 | 26.6 |\n| Operating expenses | 22.3 | 22.3 | 23.5 | 23.5 |\n| Technical result forf. owne. accountR. | — | 14.6 | — | 15.8 |\n| In % — Loss ratio | 49.2 | 49.2 | 42.7 | 42.7 |\n| In % — Expense ratio | 36.8 | 36.8 | 37.7 | 37.7 |\n| In % — Combined ratio | 86.0 | 86.0 | 80.4 | 80.4 |"

"id": "9fth4kgfqj-c52c44",

"chunk": 5244,

"content": "* Gross written premiums in accident insurance decreased by EUR 1.7m to EUR 60.2m (prior: EUR 61.9m).\n* The decrease in gross written premiums was due to a slight decline in the number of insurance contractspolicies in the portfolioforce.\n* Net earned premiums decreased to EUR 60.6m (prior: EUR 62.3m).\n* Gross and net expenses for insurance claims increased by EUR 3.2m to EUR 29.8m (prior: EUR 26.6m).\n* This increase was due to higher currentfinancial year expenses resulting from increased large loss burdens, both gross and net, to EUR 46.9m (prior: EUR 42.8m).\n* GrossThe gross and net settlement resultsresult increased to EUR 17.1m (prior: EUR 16.2m).\n* GrossThe gross and net loss ratios increased to 49.2% (prior: 42.7%)."

"id": "9fth4kgfqj-c53c45",

"chunk": 5345,

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

"id": "9fth4kgfqj-c54c46",

"chunk": 5446,

"content": "* The accident insurance segment achieved a net technical insuranceunderwriting result of EUR 14.6m (prior: EUR 15.8m) after the fluctuation reserve.\n* EUR 6.0m (prior: EUR 3.4m) was withdrawn from the fluctuation reserve.\n\n==== Multi-risk Risk ===="

"id": "9fth4kgfqj-c55c47",

"chunk": 5547,

"heading": "Multi Risk-risk",

"content": "**Multi Risk-risk**\n\n| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |\n| --- | --- | --- | --- | --- |\n| In EUR million | Gross | Net | Gross | Net |\n| Written premiums | 168.1 | 148.1 | 166.5 | 141.2 |\n| Earned premiums | 168.0 | 148.0 | 166.3 | 141.0 |\n| Incurred claims | 116.2 | 117.2 | 92.6 | 100.0 |\n| Operating expenses | 63.6 | 60.2 | 64.6 | 61.3 |\n| Technical result forf. owne. accountR. | — | -29.6 | — | -20.1 |\n| In % — Loss ratio | 69.2 | 79.2 | 55.7 | 70.9 |\n| In % — Expense ratio | 37.8 | 40.7 | 38.9 | 43.5 |\n| In % — Combined ratio | 107.0 | 119.9 | 94.6 | 114.4 |"

"id": "9fth4kgfqj-c56c48",

"chunk": 5648,

"heading": "Multi-risk Risksegment premiums and claimsperformance",

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

"id": "9fth4kgfqj-c57c49",

"chunk": 5749,

"content": "**Combined residential building insurance**\n\n| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |\n| --- | --- | --- | --- | --- |\n| In EUR million | Gross | Net | Gross | Net |\n| Written premiums | 166.6 | 154.0 | 168.0 | 152.1 |\n| Earned premiums | 164.0 | 151.4 | 163.6 | 147.8 |\n| Incurred claims | 74.0 | 75.0 | 103.1 | 102.4 |\n| Operating expenses | 53.8 | 51.9 | 58.0 | 56.3 |\n| Technical result forf. owne. accountR. | — | 18.6 | — | -3.0 |\n| In % — Loss ratio | 45.1 | 49.5 | 63.0 | 69.3 |\n| In % — Expense ratio | 32.8 | 34.3 | 35.4 | 38.1 |\n| In % — Combined ratio | 77.9 | 83.8 | 98.5 | 107.4 |"

"id": "9fth4kgfqj-c60c50",

"chunk": 6050,

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

"id": "9fth4kgfqj-c61c51",

"chunk": 6151,

"content": "**Combined household insurance**\n\n| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |\n| --- | --- | --- | --- | --- |\n| Written premiums | 72.4 | 69.2 | 75.2 | 70.7 |\n| Earned premiums | 72.8 | 69.6 | 75.1 | 70.7 |\n| Incurred claims | 26.3 | 26.5 | 33.2 | 33.0 |\n| Operating expenses | 26.0 | 25.5 | 27.3 | 26.9 |\n| Technical result forf. owne. accountR. | — | 18.2 | — | 13.6 |\n| In % — Loss ratio | 36.1 | 38.1 | 44.2 | 46.8 |\n| In % — Expense ratio | 35.7 | 36.6 | 36.3 | 38.1 |\n| In % — Combined ratio | 71.8 | 74.7 | 80.5 | 84.8 |"

"id": "9fth4kgfqj-c62c52",

"chunk": 6252,

"heading": "CombinedGross Householdand Insurancenet Performancepremiums",

"id": "9fth4kgfqj-c63c53",

"chunk": 6353,

1716

"heading": "OtherClaims insuranceexpenses and loss ratios",

"id": "9fth4kgfqj-c64c54",

"chunk": 6454,

1716

"heading": "OtherOperating Insuranceexpenses Linesand Performancecombined ratios",

"id": "9fth4kgfqj-c65c55",

"chunk": 6555,

1816

"heading": "InvestmentUnderwriting income and expensesresult",

"id": "9fth4kgfqj-c66c56",

"chunk": 6656,

1817

"heading": "ExtraordinaryOther gains and lossesinsurance",

"id": "9fth4kgfqj-c67c57",

"chunk": 6757,

"heading": "Investment resultincome and net yieldresults",

"id": "9fth4kgfqj-c68c59",

"chunk": 6859,

"heading": "Other income and expensesresult",

"links": [],

"effective_tags": [],

"id": "9fth4kgfqj-c69c60",

"chunk": 6960,

"id": "9fth4kgfqj-c70c61",

"chunk": 7061,

"content": "(2) AlleAll Erträgeincome abzüglichless allerall Aufwendungenexpenses fürfor Kapitalanlageninvestments imin Verhältnisrelation zumto mittlerenthe Bestandaverage derinvestment Kapitalanlagenportfolio zumas of 1.1. undand 31.12. desof jeweiligenthe Geschäftsjahresrespective fiscal year\n\n==== Total comprehensive income of HDI Versicherung AG ===="

"id": "9fth4kgfqj-c71c62",

"chunk": 7162,

"content": "**Total comprehensive income of HDI Versicherung AG**\n\n| In EUR million | 2025 | 2024 |\n| --- | --- | --- |\n| In EUR million — Technical result forf. owne. accountR. | 20.1 | -30.7 |\n| In EUR million — Investment result (Net investment income) after deduction of technical interest | -32.8 | 111.0 |\n| In EUR million — Other income | 122.2 | -62.5 |\n| In EUR million — Income from ordinary activities | 109.5 | 17.8 |\n| In EUR million — Taxes | 0.0 | 0.1 |\n| In EUR million — Profit transferred to HDI Deutschland AG | 109.5 | 17.6 |"

"id": "9fth4kgfqj-c72c63",

"chunk": 7263,

"content": "* Due to the existing control and profit transfer agreement, aA profit of EUR 109.5m (prior year: EUR 17.6m) was transferred to the parent company, HDI Deutschland AG, indue to the fiscalexisting control and yearprofit transfer agreement.\n\n==== Financial position ====\n\n===== Shareholders' equity ====="

"id": "9fth4kgfqj-c73c64",

"chunk": 7364,

"content": "* Equity remained unchanged YoY at: EUR 57.1m. (unchanged YoY)\n\n===== Liquidity position ====="

"id": "9fth4kgfqj-c74c65",

"chunk": 7465,

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

"id": "9fth4kgfqj-c75c66",

"chunk": 7566,

18,

"content": "* Investment volume of HDI Versicherung AG was EUR 3,763.9m (prior year: EUR 3,760.8m) at year-end 2025, slightly above the previous year's level.\n* Investments were primarily in fixed-income securities held directly,.\n* Fixed-income accountingsecurities forcomprised 66.7% (prior year: 70.9%) of total investments at the end of 2025.\n* Investments were mainly in bearer bonds, promissory note loans, and registered bonds of good credit quality.\n* Other significant asset classes included bond funds at 17.5% (prior year: 15.7%) and equity interestsparticipations and shares in affiliated companies at 6.9% (prior year: 7.2%).\n* The average rating of fixed-income investments, determined by the linear methodologymethod, was AA (prior year: AA).\n* Loans to affiliated companies and companies with which an equity interest exists remained at the previous year's level, amounting to EUR 223.2m (prior year: EUR 172.8m).\n* Equity interests and shares slightly decreased compared to the previous year, totaling EUR 258.4m (prior year: EUR 269.7m).\n* Real estate funds remained constant at EUR 34.1m (prior year: EUR 35.3m).\n* Other funds slightly increased to EUR 39.8m (prior year: EUR 38.0m).\n* Equity funds were continuously built up again after a reduction at the beginning of 2025, reaching approximately EUR 39.8m (prior year: EUR 147.8m) at year-end."

"id": "9fth4kgfqj-c76c67",

"chunk": 7667,

"heading": "Investment marketportfolio valueschanges andby valuationasset differencesclass",

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

"id": "9fth4kgfqj-c77c68",

"chunk": 7768,

"content": "* Technical provisions, (net), increased by EUR 83.7m to EUR 3,761.9m (prior: EUR 3,678.1m).\n* This item primarily includes provisions for outstanding claims.\n* Net provisions for outstanding claims are almostlargely unaffected by exchange ratecurrency fluctuations because HDI Versicherung AG operates exclusively in the German market.\n\n==== Overall statement on the economic situation ===="

"id": "9fth4kgfqj-c78c69",

"chunk": 7869,

"heading": "Operating performance and net resultpremium volume",

"Net written premiums",

"content": "* HDI Versicherung AG's operating business was influenced by transformation and restructuring in the past fiscal year.\n* The company significantly improved its net technical insurance result before fluctuation reserves.\n* Net written premiums for the company sawshowed a slight decline.\n* Negative effects from continued claims inflation were overcompensated by a continued decrease in frequency claims.\n* An increase inincreased net burden from large claims was offset by a decrease in claims expenses for natural catastrophes in motor and propertybuilding lines due to the absence of cumulative events.\n* The company's result after fluctuation reserves increased as planned compared to the previous year.\n* This increase was due to positive operationaloperating development and a higher withdrawal from fluctuation reserves compared to the previous year.\n* The company's net premium volume developeddeclined slightly negatively YoY, as expected.\n* The decline in motor insurance premiums due to portfolio reductions was not fully offset by positive effects from premium adjustments and restructuring measures in corporate lines.\n* Net claims expenses were also below the previous year's level, as expected.\n* ThisThe wasmain primarilydriver drivenfor bylower anet decreaseclaims inexpenses currentwas yearthe decrease in claims expenses duefor tothe lowerbusiness year, resulting from reduced frequency claims expenses in motor and private lines.\n* A decrease in claims expenses for natural catastrophes in motor and propertybuilding lines due to the absence of cumulative events was offset by an increase in the burden from large claims burden.\n* Claims settlement developed negatively due to increased expenses for necessary reserve adjustments for large claims from previous years, especiallyparticularly in corporate and freelance professional lines.\n* Expenses for insurance operations decreased YoY due to lower administrative costs, as forecasted.\n* This led to a significantly improved technical insurance result, in line with expectations.\n* The investment result (Net investment income) was significantly below the previous year's level, contrary to expectations.\n* This was caused by one-off effects from loss realizations in the extraordinary investment result.\n* These losses were offset by an income subsidy in other non-technical insurance results, as HDI Versicherung AG realized investment losses as part of the group-wide investment strategy, which were compensated by Talanx AG with an income-effective subsidy of EUR 132.7m.\n* These developments collectively led to the expected increase in the annual result."

"id": "9fth4kgfqj-c79c70",

"chunk": 7970,

"heading": "FinancialInvestment positionincome assessmentand overall financial result",

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

"id": "9fth4kgfqj-c80c71",

"chunk": 8071,

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

"id": "9fth4kgfqj-c81c72",

"chunk": 8172,

"content": "* The company's risk profile is strongly characterizedinfluenced by underwriting risks and market risks.\n* KeySignificant risk-relevant influencing factors in the reporting year include the continued subdued overall economic situation in Germany.\n* International trade policy is likely to increase risks for the global economy.\n* The geopolitical situation remains tense and is worsening in some aspects.\n* SubstantialVarious challengeslegal and risks canrequirements continue to arisepose fromsubstantial variouschallenges legaland requirementsrisks."

"id": "9fth4kgfqj-c82c73",

"chunk": 8273,

"heading": "Strategic measures and capitalregulatory requirementscapital",

"content": "* Intensive strategic considerations and measures in the reporting year created the conditions for focused capital build-upaccumulation to strengthen risk resilience.\n* The company meets the supervisoryregulatory capital requirements.\n* Specific capital ratios will be published in April 2026 (Year 2026) in the Solvency and Financial Condition Report (SFCR) for December 31, 2025.\n* The SFCR is not subject to the audit.\n\n=== Fundamentals of risk management ==="

"id": "9fth4kgfqj-c83c74",

"chunk": 8374,

"heading": "Risk management compliance and reporting",

"content": "* The company's risk management fulfills the requirements of the German Stock Corporation Act (§ 91 paraAbs. 2 AktG).\n* This report fulfills the company's obligation to report on the significant risks of its prospective development (§ 289 paraAbs. 1 HGB).\n\n=== Risk management system ==="

"id": "9fth4kgfqj-c84c75",

"chunk": 8475,

"heading": "Risk Managementmanagement Systemstrategy Overviewand system",

"content": "* The basis of risk management is thebased riskon strategy,an annually approved annuallyrisk strategy by the Management Board, derived from the business strategy.\n* The risk strategy is a binding, integral componentpart of corporatebusiness actionsoperations.\n* The company uses an internal control system to implement and monitor the risk strategy.\n* Risk understanding is holistic, encompassingcovering opportunities and risks, with a focus on negative target deviations (and risks in the narrower sense).\n* Strategic risk objectives include adherence to defined risk tolerance and risk budget.\n* The company's risk management is integrated into the risk management of the HDI GermanyDeutschland business unit (Business mix) and the Group, adheringand toconsiders Group guidelines.\n* A supervisory-approved Internal Model according to Solvency II is used for risk quantification,.\n* withThe a one-calendar-yearmodel's time horizon is one calendar year.\n* The company's risk management system is continuously developed to adapt to factual and legal requirements and Group specifications.\n* The risk management system is closely linked to the company's central control system."

"id": "9fth4kgfqj-c85c76",

"chunk": 8576,

"heading": "Risk Assessmentassessment and Monitoringmonitoring",

"content": "* Significant quantifiable risks are regularly assessed using the risk model, systematically analyzed, and backed by solvency capital.\n* Strategic risks, project risks, reputationalreputation risks, and emerging risks resulting from target deviations are also considered.\n* Identified risks are managed through coordinated measures, and quantifiable risks are monitored via a limit and threshold system.\n* The Management Board is regularly informed about the current risk situation through risk reporting.\n* Immediate reporting to the Management Board is ensured for acute risks.\n* The company conducts an Own Risk and Solvency Assessment (ORSA) at least annually, aswhich areviews keythe partoverall ofsolvency itsneeds considering the company's specific risk profile.\n* In capital investments, the risk management system includes specific instruments for ongoing monitoring of current risk positions and risk-bearing capacity.\n* TheAll ORSAcapital reviewsinvestments are under constant observation and analysis by the overallCapital solvencyInvestments requirement,division consideringand operational capital investment controlling.\n* Scenario analyses and stress tests simulate the company'seffects specificof riskcapital profilemarket fluctuations to enable early reaction if needed.\n* Extensive reporting ensures transparency of all developments concerning capital investments."

"id": "9fth4kgfqj-c86c77",

"chunk": 8677,

"heading": "PremiumRisk andorganization claimsand riskfuture managementrisks",

"id": "9fth4kgfqj-c91c78",

"chunk": 9178,

"content": "* Reserve risk is the danger that technical provisions are insufficient to fully settle claims that have already occurred but are not yet settled or known but have already occurred, potentially leading to a need for additional reserves.\n* The company addresses premium and reserve risk by using conservative assumptions in calculations.\n* The level of provisions is regularly reviewed by internal and external actuaries, who providewith reserve reports provided to the company.\n* The company manages the potential impact of simultaneous natural catastrophes and cumulative losses from technical risks by securing peak loads through adequate reinsurance protection.\n* ToRisk controlmanagement and reducereduction risks, the company primarilyalso usesinvolve claims analyses, natural catastrophe modeling, selective underwriting, and regular monitoring of claims development.\n\n==== Lapse risks ===="

"id": "9fth4kgfqj-c92c79",

"chunk": 9279,

"content": "* Lapse risk describes the danger of a loss or adverse change in the value of insurance liabilities resulting from changes in the level or volatility of lapse, termination, renewal, and surrender rates of insurance contracts.\n* The company regularly analyzes the lapse situation and takesimplements appropriate control measures ifas necessaryneeded.\n\n=== Market risks ==="

"id": "9fth4kgfqj-c93c80",

"chunk": 9380,

"heading": "Market risk definition and management",

"content": "* Market risk is defined as the danger arising from fluctuations in the levelamount or volatility of financial market data, thatwhich affectaffects the value of assets and liabilities.\n* The company has detailed capital investment guidelines that define the investment universe, specific quality characteristics, issuer limits, and investment limits.\n* These guidelines are based on legal and regulatorysupervisory requirements, as well as the company's internal policies, to ensure maximum security and profitability with constant liquidity, while maintaining an appropriate mix and diversification.\n* A clear separation of functions between the operational management of capital investment risk and risk controlling is ensured.\n* Parametric stress tests are calculated as part of the monthly reporting to determine thehow sensitivity ofsensitively the portfolio reacts to significant changes in market data.\n\n==== Equity and participation risks ===="

"id": "9fth4kgfqj-c94c81",

"chunk": 9481,

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

"id": "9fth4kgfqj-c95c82",

"chunk": 9582,

"heading": "AssumedPercentage change in equitymarket value of investments by percentageassumed change in market value ofequity investments",

"content": "**AssumedPercentage change in equitymarket value of investments by percentageassumed change in market value ofequity investments**\n\n| Assumed change in equity investments: | -10 % | +10 % |\n| --- | --- | --- |\n| Percentage change in market value of investments: | -0.1 % | 0.1 % |\n\n==== Interest rate risks ===="

"id": "9fth4kgfqj-c96c83",

"chunk": 9683,

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

"id": "9fth4kgfqj-c97c84",

"chunk": 9784,

"content": "**Percentage change in market value of investments by assumed shift in interest rate curve**\n\n| Assumed shift in interest rate curve: | -50bp | +50bp |\n| --- | --- | --- |\n| Percentage change in market value of investments: | 2.1 % | -2.0 % |\n\n===== Currency risks ====="

"id": "9fth4kgfqj-c98c85",

"chunk": 9885,

"heading": "Currency risk exposuremanagement",

"content": "* Currency risk, defined describesas the sensitivity of assets, liabilities, and financial instruments to changes in theexchange rate levellevels or volatility of exchange rates.\n* Currency risk, plays a minor role for the company.\n* The company's becausecapital investments are almost exclusively madedenominated in Euroseuros.\n\n===== Real estate risks ====="

"id": "9fth4kgfqj-c99c86",

"chunk": 9986,

"heading": "Real estate investment risk management and sensitivity",

"content": "* Real estate risk refersis todefined as the risk offrom fluctuations in the value of real estate held in investments.\n* This includes both real estate in the narrower sense (e.g., land and buildings) and real estate funds.\n* For direct real estate investments, yield and other key performance indicators (e.g., vacancies or arrears) are regularly measured at the objectproperty and portfolio levellevels.\n* For indirect real estate investments, risk is controlled by regularly observing fund development and performance.\n* A sensitivity analysis shows the percentage changes in the market value of investments given a hypothetical loss in value of real estate investments (calculated as ofat the balance sheet date).\n\n== Credit risks from investments =="

"id": "9fth4kgfqj-c100c87",

"chunk": 10087,

"heading": "AssumedCredit changerisk inmanagement realand estate investments by percentage change in market value offixed-income investments",

"id": "9fth4kgfqj-c101c88",

"chunk": 10188,

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

"id": "9fth4kgfqj-c106c89",

"chunk": 10689,

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

"id": "9fth4kgfqj-c107c90",

"chunk": 10790,

"heading": "Compliance,Structured legal,products and taxrisk risksmanagement",

"id": "9fth4kgfqj-c114c91",

"chunk": 11491,

"heading": "Fraud Risk ManagementDefinition and Mitigation",

"content": "* Fraud risks involveinclude the risk of intentional violation of laws or rules by internal employees (internal fraud risks) and/or by third parties (external fraud risks) to gain personal advantage.\n* Fraud risks are understoodbroadly indefined a broader sense,to includinginclude not only fraud but also other property offenses.\n* The company addresses the risk of fraudulent acts through regulations and internal controls in thewithin departments.\n* Payment flows and declarations of commitment are subject to strict authorization and approval regulations.\n* Segregation of duties in workflows, the four-eyes principle for important decisions, and random checks for serial business transactions make fraudulent acts more difficult.\n* Internal Audit reviews systems, processes, and individual cases throughoutacross the company.\n\n===== Personnel risks ====="

"id": "9fth4kgfqj-c115c92",

"chunk": 11592,

"content": "* Personnel risks are defined as risks arising from insufficient staffing or inadequate employee behavior.\n* Qualified employees are essential for customer-oriented business and the implementation of key projects.\n* The company mitigatesprioritizes personneltraining risksand throughprofessional trainingdevelopment andto continuingmitigate educationpersonnel risks.\n* Employees can adapt to current market demandsrequirements viathrough individual development plans and appropriate qualification programs.\n* Modern management tools and appropriateadequate monetary and non-monetary incentive systems promote high employee commitment.\n* Measures for employee health promotion, process documentation, and substitutionrepresentation rules also helpcontribute to reducereducing personnel risks.\n\n===== Information and IT security risks ====="

"id": "9fth4kgfqj-c116c93",

"chunk": 11693,

"heading": "Information and IT securitySecurity risksRisks",

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

"id": "9fth4kgfqj-c117c94",

"chunk": 11794,

"heading": "Outsourcing risksrisk management",

"content": "* Outsourcing risks arerefer defined asto risks arising from outsourcing functions or insurance activities, either directly or through further outsourcing, that could otherwise be performed by the company itself.\n* Outsourcing risks are differentiated by the externalizationoutsourcing of tasks up to sales and the externalizationoutsourcing of sales services.\n* Risks from outsourced functions or services are integrated into the risk management process, includingand are identificationidentified, assessmentevaluated, controlmanaged, and monitoringmonitored, even forif intra-groupthe servicesservice is provided within the group.\n* Initial risk analyses are conducted before outsourcing activities or /areas.\n* The company contractually secures necessary information and instruction rights from the service providersprovider, allowing the Management Board to issue individual instructions at any time and influence outsourced areas.\n* Adequate and continuous control and assessment of service providers are ensured through various evaluation measures, including defining product catalogs with Service Level Agreements and conducting customer satisfaction surveys to verify compliance with agreed performance and quality criteria.\n\n===== ICT risks ====="

"id": "9fth4kgfqj-c118c95",

"chunk": 11895,

"heading": "ICT Riskrisk Managementmanagement",

"content": "* ICT risks manifest as operational risks withacross various subcategories.\n* An ICT risk control function was established in the reporting year withinin the context of the EU Digital Operational Resilience Act (DORA).\n* ThisThe Group Security function isperforms performedthe byICT Grouprisk Securitycontrol function for the company.\n* The operational integration of ICT risk management into the overarching risk management system occurred in the reporting year and is continuously being expanded.\n\n===== Other materialsignificant risks ====="

"id": "9fth4kgfqj-c119c96",

"chunk": 11996,

"heading": "otherOther materialsignificant risks",

"content": "* Other materialsignificant risks are described in the risk report in the combined separate and consolidated financial statements.\n\n====== Strategic risks ======"

"id": "9fth4kgfqj-c120c97",

"chunk": 12097,

"heading": "Strategic risks management",

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

"id": "9fth4kgfqj-c121c98",

"chunk": 12198,

"heading": "Project risks and management",

"content": "* Project risks describe risks that endanger the intended course or non-achievement of project goals, including strategic and IT-related projects.\n* Project risks and their effects are systematically recordedidentified as part ofwithin project management.\n* Project progress is regularly reviewed and evaluated.\n* The company uses established processes and measures tofor controlcontrolling and manage bothmanaging the project portfolio and individual projects.\n* This ensures that countermeasures can be taken in a timely manner if difficulties arise in achieving time and quality goals.\n\n====== Reputation risks ======"

"id": "9fth4kgfqj-c122c99",

"chunk": 12299,

"heading": "Reputationreputation risk management",

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

"id": "9fth4kgfqj-c123c100",

"chunk": 123100,

"heading": "Emerging Risksrisks identificationdefinition and management",

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

"id": "9fth4kgfqj-c124c101",

"chunk": 124101,

"heading": "Sustainability risks definition and managementoverview",

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

"id": "9fth4kgfqj-c125c102",

"chunk": 125102,

"content": "* The following statements are based on expert assessments from third parties and on the company's own planningplans and forecasts, which are considered conclusive.\n* Theseby statementsthe company, but represent the company'sa subjective assessment.\n* Actual developments may differ from the expected developments presented.\n\n==== Economic conditionsEnvironment ===="

"id": "9fth4kgfqj-c126c103",

"chunk": 126103,

"content": "* Global economic growth slightly cooled in 2025 due to escalating tariff disputes and geopolitical conflicts, but did not collapse.\n* ThisGlobal trendeconomic growth is expected to continue this trend in 2026 (Year 2026), with globala economicforecast growth projected atof +2.7% YoY.\n* Stable growth is supported by the delayed effect of central banks nearing the end ofbank interest rate cuttingcut cycles and sustainedpersistently high/ or rising fiscal stimulus.\n* The global economy is gradually adapting to the new global trade order, with no expectation of further escalation of US-initiated trade conflicts or a collapse in increased AI investments.\n* In the Eurozone, higher fiscal stimulus, particularly increasedrising government investments in infrastructure and defense in Germany, is expected to slightly accelerate growth dynamics during the year.\n* Solid purchasing power from lower inflation and stable growth should support private consumption in the Eurozone.\n* External trade in the Eurozone faces headwinds from global trade reordering, including weak exports and rising (cheapercheap) imports from China due to trade diversion away from the US.\n* This trade diversion, along with lowerLower energy prices YoY and a stronger Euro, isalongside increased imports from China, are expected to contribute to a further declinedeclining inflation rate in the Eurozone's inflation rate.\n* US economic growth is expected to stabilize at the previous year's level.\n* Consumer restraint amongin lower and middle-income households in the US, due to a weaker labor market weakness and increased pricesprice levels (partly tariff-related), may be partially offset by wealthy households, but no further acceleration is expected.\n* Investments in AI are expected to continue providing tailwinds in the US, though it remains to be seen if theannounced high investmentinvestments announcementsby from majorlarge tech companies fully materialize.\n* Very expansive fiscal policy, including tax cuts, should also provide support in the US economy.\n* A significant increase in the US unemployment rate in 2026 is expected to be avoided bydue to a simultaneously lower labor supply (less migration).\n* The US inflation rate is expected to reach its tariff-related peak by mid-year due to tariffs, but will exceed the Fed's 2% target on average for the sixth consecutive year on average."

"id": "9fth4kgfqj-c127c104",

"chunk": 127104,

"heading": "Downside risks to globalGlobal economic outlookrisks",

"content": "* RisksUpside risks to the global economic outlook are predominantly on the downside, despite potential upside risks such asinclude stronger fiscal support, a possiblepotential ceasefire in the war in Ukraine, or an AI-driven productivity boost.\n* DiverseRisks to the global economic outlook are predominantly on the downside.\n* Primary downside risks include various geopolitical conflicts (e.g., Venezuela, Greenland, Iran, Taiwan, Ukraine), are a primary risk thatwhich could lead to significant deterioration at any time.\n* Potentially unstable government constellations in many countries (e.g., US midtermsMidterms, German state elections, France, Japan) also pose aadditional riskrisks.\n* Political attacks on the Fed and other institutions in the US represent a significant risk to political and economic stability.\n* Increased politicization of the Fed, combined with the sharply risenincreased US national debt, could lead to a serious crisis of confidence with repercussions foron international capital markets.\n* A potential AI crash is another risk; if confidence in the technology and its potential returns wanes given the immense capital requirements, it could worsen investment activity in the sector and the overall investment climate.\n* The sustainability of high government debt outside the US is alsoremains a recurring concernquestion.\n* Various structuralStructural risks, includinginclude climate change, demographic developments, and de-globalization, which could increase inflation risk in the medium term and promptlead central banks to adopt a sustainably more restrictive monetary policy.\n\n==== Capital markets ===="

"id": "9fth4kgfqj-c128c105",

"chunk": 128105,

28,

"heading": "Interest rate and bond yield forecastsoutlook",

"content": "* The ECB is expected to maintain its deposit rate at 2.00% by the end of 2026 (Year 2026), supporteddue byto inflation slightly below theits 2% target and moderatesubdued positive economic momentum.\n* The persistent US inflation above 2% limits the Federal ReserveFed's roomflexibility foris maneuver,limited butby two further interest rate cuts of 0.25 percentage points each are expected due to a weakeningpersistent US laborinflation marketabove and political pressure2%.\n* The US key interestpolicy rate is projected to be 3.25% at the end of theby year.\n* The yield on 10-yearend, Germanfollowing government bonds is expected to rise towards 3.00% during the year due to increased issuance activity fortwo additional expenditures.\n*interest Therate yieldcuts onof 10-year US Treasuries is expected to be 40.25% atpercentage year-end,points only slightly above its 2025 value.\n* Slight further price gains for equities are anticipatedeach, provideddriven theby mentioneda risksweakening doUS notlabor materializemarket toand apolitical greater extentpressure.\n\n==== Future industry situation ===="

"id": "9fth4kgfqj-c129c106",

"chunk": 129106,

"content": "* The macroeconomic environment continues to be characterized by significant risk factors and uncertainty.\n* This uncertainty applies, toaffecting both national and international insurance markets.\n* Growth prospects for the national market in the coming years are primarily supported by announced fiscal spending.\n\n===== German insuranceInsurance industryIndustry ====="

"id": "9fth4kgfqj-c130c108",

"chunk": 130108,

"content": "* The German insurance market is expected to continue growing untilin 2026 (Year 2026), but with less momentum compared to the strong premium growth in the past fiscal year.\n\n====== Property and Casualty Insurance ======"

"id": "9fth4kgfqj-c131c109",

"chunk": 131109,

"content": "* For 2026 (Year 2026), theslight follow-up effects are expected in sum insured and premium adjustments in German P\u0026C (Property \u0026 casualty) insurance.\n* segment expects slight follow-upThese effects in sum and premium adjustments,are driven by cost increases and inflation from recent years.\n* This should bring premiumPremium income growth closeris expected to approach the long-term average again.\n\n==== Opportunities from the developmentDevelopment of frameworkthe Framework conditionsConditions ====\n\n===== Digitalization ====="

"id": "9fth4kgfqj-c132c110",

"chunk": 132110,

"heading": "Digitalization strategydigitalization and AI implementationstrategy",

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

"id": "9fth4kgfqj-c133c111",

"chunk": 133111,

"heading": "Knowledgeknowledge and innovation management",

"content": "* Knowledge and innovation management are increasinglygaining importantimportance in the insurance industry.\n* Talanx Group established a Best Practice Lab to promote targeted exchange of knowledge and innovation.\n* International experts in Excellence Teams exchange viewsideas on specialistspecialized topics and jointly develop new solutions.\n* Topics, includeincluding pricing, sales, marketing, claims, fraud management, customer service centers, and digitalization.\n* Results and solutions from the Best Practice Lab are provided to Talanx Group companies to continuously improve their processes and methods.\n* GeneratingFaster generation and implementingimplementation of new solutions and ideas faster than expected through the Best Practice Lab could positively impact premium development and earnings, potentially exceeding forecasts.\n\n===== Agility ====="

"id": "9fth4kgfqj-c134c112",

"chunk": 134112,

29,

"content": "* The globalized world in the information age is characterized by increasing speed of change, volatility, uncertainty, complexity, and ambiguity (VUCA).\n* To keep pace with the speed of change, anHDI insuranceVersicherung company needs tois transformtransforming into an agile organization.\n* An agile organization for the companyHDI means being a learning organization focused on customer benefit to increase company profit.\n* TheHDI company relies onuses interdisciplinary and creative teams, open and direct communication, flat hierarchies, and a culture that embraces mistakes.\n* Numerous initiativesInitiatives support the company's transformationshift to an agile organization.\n* Workplaces are designed toby shortenshortening communication channels and promotefostering cross-departmental exchange.\n* The companyHDI supports hybrid work, allowing employees to work remotely up to 60% of the time.\n*, Hybridbalancing work improvesand work-life balance for employeesfamily while maintaining direct exchange amongcolleague colleaguesinteraction.\n* Agility offers opportunities for customers, employees, and investors.\n* Customers benefit from new, tailored insurance solutions tailored to their needs.\n* Employees gain more influenceautonomy and growth opportunities through agile work.\n* Investors benefit from increased company profit when customers are satisfied and employees reach their full potential.\n* Faster-than-expected implementation of the agile transformation could positively impact earnings and lead to exceeding forecasts.\n\n==== Development of HDI Versicherung AG ===="

"id": "9fth4kgfqj-c135c113",

"chunk": 135113,

"heading": "2026 Outlookoutlook and Forecastsfinancial stability",

"Year 2026",

"content": "* TheFaster-than-expected marketimplementation environmentof foragile fiscaltransformation yearcould 2026positively isimpact expectedearnings and exceed forecasts.\n* HDI Versicherung AG has high financial stability, providing a good basis to remaincapitalize challengingon competitive opportunities.\n* ContinuedFor fiscal year 2026, HDI expects a challenging market environment with continued inflation in spare parts and artisan costs.\n* is anticipated, leading to premiumPremium adjustments, especiallyare anticipated in motor and building insurance segments due to inflation.\n* For corporate divisionssegments, HDI plans to continue portfolio review in commercial customer business and reduction ofreduce loss-making portfolios are planned.\n* A moderate decreasedecline in premium volume is expected for fiscal year 2026.\n* A slight decrease in expenses for insurance claims expenses is expected, despite ananticipating anticipateda normalization of natural catastrophe claims in the coming year.\n* A moderate decreasereduction in insurance operating expenses is projected, followingdue to continued cost discipline.\n* A slight decrease in the underwriting result after fluctuation provision is expected for fiscal year 2026.\n* A significant increase in investment income is anticipated, driven by a risinghigher extraordinary investment result (Net investment income) afterfollowing loss realizations in the current reporting year.\n* The non-underwriting result is expected to decline slightly overall.\n* The net income for the coming year is expected to be slightly below the previous year's level.\n\n==== Types of insuranceInsurance (Appendix 1 to the managementManagement reportReport) ===="

"id": "9fth4kgfqj-c137c114",

"chunk": 137114,

"heading": "Insurance types operated in 2025",

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

"id": "9fth4kgfqj-c138c115",

"chunk": 138115,

"heading": "FinancialBrazil reportfinancial Brazilreport",

"content": "* Financial report Brazil\n* Financial report Brazil\n\n== Annual financialFinancial statementsStatements =="

"id": "9fth4kgfqj-c139c116",

"chunk": 139116,

"content": "* Balance Sheet\n* Income Statement\n* Notes\n* Information on the Company\n* Accounting and Valuation Methods\n* Notes to the Balance Sheet - Assets\n* Notes to the Balance Sheet - Liabilities\n* Notes to the Income Statement\n* Other Information\n\n=== Balance Sheet as of December 31, 2025 ==="

"id": "9fth4kgfqj-c140c117",

"chunk": 140117,

34,

"content": "**Balance Sheet as of December 31, 2025**\n\n| Assets In EUR thousand A. Intangible assets | A. Intangible assets | A. Intangible assets | 31.12.2025 A. Intangible assets | 31.12.2024 A. Intangible assets |\n| --- | --- | --- | --- | --- |\n| ConcessionsAcquired concessions, industrial property rights and similar rights and values acquired for consideration, and licenses tofor such rights and values | Concessions, industrial property rights and similar rights and values acquired for consideration, and licenses to such rights and values— | — | 2,153 | 3,953 |\n| B. Investments | B. Investments | B. Investments | B. Investments | B. Investments |\n| I. Land, rights equivalent to land, and buildings, including buildings on third-party land | I. Land, rights equivalent to land and buildings, including buildings on third-party land— | 0 | — | 217 |\n| II. Investments in affiliated companies and participations | II. Investments in affiliated companies and participations | II. Investments in affiliated companies and participations | II. Investments in affiliated companies and participations | II. Investments in affiliated companies and participations |\n| 1. Shares in affiliated companies | 1. Shares in affiliated companies256,451 | 256,451— | — | 267,706 |\n| 2. Loans to affiliated companies | 2. Loans to affiliated companies | 203,261 | — | — | 153,261 |\n| 3. Participations | 3. Participations | 1,964 | — | — | 1,965 |\n| 4. Loans to companies with which athere participation relationship exists | 4. Loans to companies with whichis a participation relationship exists | 19,939 | — | — | 19,575 |\n| — | — | 481,615 | — | 442,508 |\n| III. Other investments | III. Other investments | III. Other investments | III. Other investments | III. Other investments |\n| 1. Shares, units or shares in investment funds and other non-fixed-interestincome securities | 1. Shares772, units or shares in investment funds and other non-fixed-interest securities675 | 772,675— | — | 822,816 |\n| 2. Bearer bonds and other fixed-interest securities | 2. Bearer bonds and other fixed-interestincome securities | 1,870,241 | — | — | 1,553,894 |\n| 3. Other loans | 3. Other loans— | — | — | —782,990 |\n| a) Registered bonds | a) Registered bonds | 473,581 | — | 782,990— | — |\n| b) Promissory note receivables and loans | b) Promissory note receivables and loans165,763 | 165,763— | — | 158,387 |\n| — | — | 639,344 | — | 941,377 |\n| — | — | 3,282,259 | — | 3,318,087 |\n| — | — | — | 3,763,874 | 3,760,811 |\n| C. Receivables | C. Receivables | C. Receivables | C. Receivables | C. Receivables |\n| I. Receivables from direct insurance business from: | I. Receivables from direct insurance business from: | — | — | — |\n| 1. Policyholders | 1. Policyholders77,529 | 77,529— | — | 107,925 |\n| 2I. InsuranceReceivables intermediariesfrom |direct insurance business from: — 2. Insurance intermediaries | 7,194 | — | — | 9,854 |\n| I. Receivables from direct insurance business from: — — | — | 84,723 | — | 117,779 |\n| III. Settlement receivablesReceivables from reinsurancedirect insurance business – thereof from affiliated companies: 292 TEUR (11,543 TEUR) |— II. Settlement receivables from reinsurance business – thereof from affiliated companies: 292 TEUR (11,543 TEUR) | — | 1,737 | — | 14,593 |\n| IIII. OtherReceivables receivablesfrom –direct thereofinsurance business from affiliated companies: 147,670 TEUR (497,557 TEUR) |— III. Other receivables – thereof from affiliated companies: 147,670 TEUR (497,557 TEUR) | — | 172,845 | — | 522,299 |\n| I. Receivables from direct insurance business from: — — | — | — | 259,305 | 654,671 |\n| I. Receivables from direct insurance business from: — D. Other assets | D. Other assets | D. Other assets | D. Other assets | D. Other assets |\n| I. CurrentReceivables balancesfrom withdirect creditinsurance institutions,business checksfrom: and cash in hand |— I. Current balances with credit institutions, checks and cash inon hand | — | 88,055 | — | 51,289 |\n| I. Receivables from direct insurance business from: — — | — | — | 88,055 | 51,289 |\n| EI. PrepaidReceivables expensesfrom anddirect accruedinsurance incomebusiness |from: — E. Prepaid expenses and accrued income | E. Prepaid expenses and accrued income | E. Prepaid expenses and accrued income | E. Prepaid expenses and accrued income |\n| IE. Accrued interest and rents | I. Accrued interest and rents | 36,129 | — | 32,597 |\n| II. Other prepaidPrepaid expenses and accrued income | II. Other prepaid expenses and accrued income | 1,345 | — | 4 |\n| — | — | — | 37,475 | 32,601 |\n| FI. Deferred tax assetReceivables from assetdirect offsettinginsurance | F. Deferred tax assetbusiness from asset offsetting |: — | 0 | 6 |\n| Total assets | Total assets | — | 4,150,862 | 4,503,332 |\n\n**A. Equity**\n\n| Liabilities In EUR thousand | Liabilities | Liabilities | 31.12.2025 | 31.12.2024 |\n| --- | --- | --- | --- | --- |\n| — | I. SubscribedAccrued capitalinterest |and I. Subscribed capitalrents | 51,000 | 51,000 |\n| — | II. Capital reserves | II. Capital reserves | 636,100129 | 6,100 |\n| — | — | — | 5732,100 | 57,100597 |\n| B. Technical provisions | B. Technical provisions | B. Technical provisions | B. Technical provisions | B. Technical provisions |\n| | I. UnearnedReceivables premiumsfrom |direct I.insurance Unearnedbusiness premiums | I. Unearned premiums | I. Unearned premiums |\n| — | — | 1. Gross amount | 225,520 | 220,539 |\n| — | — | 2. thereoffrom: share for reinsurance ceded | 1,179 | 1,790 |\n| — | — | — | 224,341 | 218,748 |\n| | II. PremiumOther reservesprepaid | II. Premium reserves | II. Premium reserves | II. Premium reserves |\n| — | — | 1. Gross amount | 8,905 | 9,342 |\n| — | — | 2. thereof: share for reinsurance ceded | 0 | 3 |\n| — | — | — | 8,905 | 9,339 |\n| | III. Provision for outstanding claims | III. Provision for outstanding claims | III. Provision for outstanding claims | III. Provision for outstanding claims |\n| — | — | 1. Gross amount | 3,383,083 | 3,298,028 |\n| — | — | 2. thereof: share for reinsurance ceded | 121,637 | 129,715 |\n| — | — | — | 3,261,447 | 3,168,313 |\n| | IV. Provision for profit-dependentexpenses and profit-independentaccrued premium refunds | IV. Provision for profit-dependent and profit-independent premium refunds | IV. Provision for profit-dependent and profit-independent premium refunds | IV. Provision for profit-dependent and profit-independent premium refunds |\n| —income | — | 1. Gross amount | 900 | 2,500345 |\n| — | — | 2. thereof: share for reinsurance ceded | 0 | 04 |\n| — | — | — | 900 | 2,500 |\n| — | VI. FluctuationReceivables reservesfrom anddirect similarinsurance provisionsbusiness | V. Fluctuation reserves and similar provisions | 252,856 | 267,266 |\n| | VI. Other technical provisions | VI. Other technical provisions | VI. Other technical provisions | VI. Other technical provisions |\n| — | — | 1. Gross amount | 13,439 | 11,981 |\n| — | — | 2. thereoffrom: share for reinsurance ceded | 0 | 0 |\n| — | — | — | 13,439 | 11,981 |\n| — | — | — | 337,761,887475 | 332,678,147601 |\n| C. Other provisions | C. Other provisions | C. Other provisions | C. Other provisions | C. Other provisions |\n| — | I. ProvisionsReceivables forfrom pensionsdirect andinsurance similarbusiness obligations | I. Provisions for pensions and similar obligations | 847 | 785 |\n|from: — | IIF. OtherActive provisionsdifference |from II.asset Othernetting provisions | 20,763 | 19,930 |\n| — | — | —0 | 21,610 | 20,7156 |\n| D. Other liabilities | D. Other liabilities | D. Other liabilities | D. Other liabilities | D. Other liabilities |\n| | I. LiabilitiesReceivables from direct insurance business to | I. Liabilities from direct insurance business to | I. Liabilities from direct insurance business to | I. Liabilities from direct insurance business to |\n|: — |Total —Assets | 1. Policyholders | 100,391 | 571,021 |\n| — | — | 2. Insurance intermediaries | 134,505 | 15150,526862 |\n| — | — | — | 1134,897 | 586503,547332 |\n| — | II. Settlement liabilities from reinsurance business - thereof to affiliated companies: 16,354 TEUR (11,153 TEUR) | II. Settlement liabilities from reinsurance business - thereof to affiliated companies: 16,354 TEUR (11,153 TEUR) | 22,634 | 17,901 |\n|== —Financial |report III.Brazil OtherBalance liabilitiesSheet - thereof from taxes: 12,098 TEUR (12,573 TEUR) - thereof to affiliated companies: 148,923 TEUR (118,065 TEUR) | III. Other liabilities - thereof from taxes: 12,098 TEUR (12,573 TEUR) - thereof to affiliated companies: 148,923 TEUR (118,065 TEUR) | 173,294 | 142,272 |\n| — | — | — | 309,825 | 746,720 |\n| E. Prepaid expenses and accrued income | E. Prepaid expenses and accrued income | E. Prepaid expenses and accrued income | 440 | 651 |\n| Total liabilities | Total liabilities | Total liabilities | 4,150,862 | 4,503,332 |=="

"id": "9fth4kgfqj-c141c118",

"chunk": 141118,

"heading": "PensionFinancial provisionreport Brazil Balance Sheet",

"id": "9fth4kgfqj-c142c119",

"chunk": 142119,

"heading": "SignaturesPension provision",

"id": "9fth4kgfqj-c144c120",

"chunk": 144120,

"content": "**Income Statement for the period from January 1 to December 31, 2025 (I. Technical account 1. Earned premiums for own account)**\n\n| In EUR thousand | | | | 2025 | 2024 |\n| --- | --- | --- | --- | --- | --- |\n| a) Gross written premiums | 1,564,825 | — | — | — | 1,588,316 |\n| b) Reinsurance premiums ceded | -69,365 | — | — | — | -74,861 |\n| — | — | 1,495,460 | — | — | 1,513,455 |\n| c) Change in gross premiumunearned incomepremiums | -4,982 | — | — | — | -8,784 |\n| d) Change in reinsurers' share of gross premiumunearned incomepremiums | -611 | — | — | — | 92 |\n| — | — | -5,593 | — | — | -8,692 |\n| | — | — | — | 1,489,867 | — | 1,504,763 |\n| 2. Technical interest income for own account | —2. Technical interest income for own account | —2. Technical interest income for own account | —2. Technical interest income for own account | 1,020 | 1,052 |\n| 3. Other technical income for own account | —3. Other technical income for own account | —3. Other technical income for own account | —3. Other technical income for own account | 360 | 1,679 |\n| 4. Claims incurred for own account | 4. Claims incurred for own account | 4. Claims incurred for own account | 4. Claims incurred for own account | 4. Claims incurred for own account | 4. Claims incurred for own account |\n| a) Claims paid | a) Claims paid | a) Claims paid | a) Claims paid | a) Claims paid | a) Claims paid |\n| aa) Gross amount | -920,737 | — | — | — | -1,111,769 |\n| bb) Reinsurers' share | 17,877 | — | — | — | 41,572 |\n| — | — | -902,861 | — | — | -1,070,197 |\n| b) Change in provision for outstanding claims provision | b) Change in provision for outstanding claims provision | b) Change in provision for outstanding claims provision | b) Change in provision for outstanding claims provision | b) Change in provision for outstanding claims provision | b) Change in provision for outstanding claims provision |\n| aa) Gross amount | -85,282 | — | — | — | 66,347 |\n| bb) Reinsurers' share | -7,852 | — | — | — | -38,486 |\n| — | — | -93,134 | — | — | 27,862 |\n| | — | — | — | -995,994 | — | -1,042,335 |\n| 5. Change in other net technical provisions | 5. Change in other net technical provisions | 5. Change in other net technical provisions | 5. Change in other net technical provisions | 5. Change in other net technical provisions | 5. Change in other net technical provisions |\n| a) PremiumTechnical provisions for life reserveinsurance | a) PremiumTechnical provisions for life reserveinsurance | a) PremiumTechnical provisions for life reserveinsurance | a) PremiumTechnical provisions for life reserveinsurance | a) PremiumTechnical provisions for life reserveinsurance | a) PremiumTechnical provisions for life reserveinsurance |\n| aa) Gross amount | 437 | — | — | — | 836 |\n| bb) Reinsurers' share | -3 | — | — | — | -12 |\n| — | — | 433 | — | — | 823 |\n| b) Other net technical provisions | — | -1,458 | — | — | 3,236 |\n| | — | — | — | -1,025 | — | 4,059 |\n| 6. Expenses for premium refunds, profit-dependent and profit-independent, for own account | 6. Expenses for premium refunds, profit-dependent and profit-independent, for own account | —6. |Expenses —for premium refunds, profit-dependent and profit-independent, for own account | —6. Expenses for premium refunds, profit-dependent and profit-independent, for own account | -7 | -2,008 |\n| 7. Operating expenses for own account | 7. Operating expenses for own account | 7. Operating expenses for own account | 7. Operating expenses for own account | 7. Operating expenses for own account | 7. Operating expenses for own account |\n| a) Gross operating expenses | — | -486,415 | — | — | -506,721 |\n| b) lessthereof: commissions received and profit participation from reinsurance business ceded | — | 9,142 | — | — | 10,484 |\n| | — | — | — | -477,273 | — | -496,237 |\n| 8. Other technical expenses for own account | —8. Other technical expenses for own account | —8. Other technical expenses for own account | —8. Other technical expenses for own account | -11,229 | -10,709 |\n| 9. Subtotal | —9. Subtotal | —9. Subtotal | —9. Subtotal | 5,719 | -39,736 |\n| 10. Change in equalization reserveprovision and similar reservesprovisions | —10. Change in equalization provision and similar provisions | —10. Change in equalization provision and similar provisions | —10. Change in equalization provision and similar provisions | 14,410 | 9,026 |\n| 11. TechnicalUnderwriting result for own account | —11. Underwriting result for own account | —11. Underwriting result for own account | —11. Underwriting result for own account | 20,130 | -30,710 |\n\n**Investment income**\n\n| II. Non-technicalunderwriting account In EUR thousand 1. | II. Non-technicalunderwriting account | II. Non-technicalunderwriting account | II. Non-technicalunderwriting account | 2025 | 2024 |\n| --- | --- | --- | --- | --- | --- |\n| In EUR thousand — 1. | Investment income | Investment income | Investment income | | |\n| In EUR thousand — — | a) Income from participating interests – thereof from affiliated companiesundertakings: 4,325 TEUR (17,108 TEUR) | a) Income from participating interests – thereof from affiliated companiesundertakings: 4,325 TEUR (17,108 TEUR) | 4,325 | — | 17,224 |\n| In EUR thousand — — | b) Income from other investments – thereof from affiliated companiesundertakings: 21,905 TEUR (35,520 TEUR) | b) Income from other investments – thereof from affiliated companiesundertakings: 21,905 TEUR (35,520 TEUR) | b) Income from other investments – thereof from affiliated companiesundertakings: 21,905 TEUR (35,520 TEUR) | — | — |\n| In EUR thousand — — | aa) Income from land, rights equivalent to land and buildings including buildings on third-party land | aa) Income from land, rights equivalent to land and buildings including buildings on third-party land | 361 | — | 1,066 |\n| In EUR thousand — — | bb) Income from other investments | bb) Income from other investments | 91,084 | — | 100,444 |\n| In EUR thousand — — | c) Income from write-ups | c) Income from write-ups | 0 | — | 75 |\n| In EUR thousand — d) | Gains from the disposal of investments | Gains from the disposal of investments | 23,819 | — | 4,420 |\n| In EUR thousand — e) | Income from profit-sharing agreements, profit and partial profit transfer agreements | Income from profit-sharing agreements, profit and partial profit transfer agreements | 2 | — | 82 |\n| In EUR thousand — — | — | — | — | 119,591 | 123,310 |\n| In EUR thousand — 2. | Investment expenses | Investment expenses | Investment expenses | | |\n| In EUR thousand — a) | Expenses for the administration of investments, interest expenses and other investment expenses | Expenses for the administration of investments, interest expenses and other investment expenses | -8,082 | — | -7,427 |\n| In EUR thousand — — | b) AmortizationDepreciation ofon investments | b) AmortizationDepreciation ofon investments | -17,734 | — | -3,718 |\n| In EUR thousand — c) | Losses from the disposal of investments | Losses from the disposal of investments | -125,585 | — | -158 |\n| In EUR thousand — — | — | — | — | -151,400 | -11,303 |\n| In EUR thousand — — | — | — | — | -31,809 | 112,008 |\n| In EUR thousand — 3. | Technical interest income | Technical interest income | — | -1,020 | -1,052 |\n| In EUR thousand — — | — | — | — | -32,830 | 110,956 |\n| In EUR thousand — 4. | Other income | Other income | — | 144,773 | 18,208 |\n| In EUR thousand — 5. | Other expenses | Other expenses | — | -22,581 | -80,700 |\n| In EUR thousand — — | — | — | — | 122,193 | -62,492 |\n| In EUR thousand — 6. | Income from ordinary activities | Income from ordinary activities | Income from ordinary activities | 109,493 | 17,754 |\n| In7. EUR| thousandTaxes —on 7.income and earnings | IncomeTaxes taxeson |income Incomeand taxesearnings | — | -15 | -5 |\n| In EUR thousand — 8. | Other taxes | Other taxes | — | -7 | -105 |\n| In EUR thousand — — | — | — | — | -23 | -110 |\n| In EUR thousand — 9. | Profits transferred underdue to a profit-sharing agreement, a profit transfer, agreement or a partial profit transfer agreement | Profits transferred underdue to a profit-sharing agreement, a profit transfer, agreement or a partial profit transfer agreement | Profits transferred underdue to a profit-sharing agreement, a profit transfer, agreement or a partial profit transfer agreement | -109,470 | -17,644 |\n| In EUR thousand — 10. | Net income/net loss for the year or retained earnings | Net income/net loss for the year or retained earnings | Net income/net loss for the year or retained earnings | 0 | 0 |"

"id": "9fth4kgfqj-c145c121",

"chunk": 145121,

"id": "9fth4kgfqj-c146c122",

"chunk": 146122,

"heading": "Companycompany registration details",

"content": "* HDI Versicherung AG is headquartered in Hanover.\n* TheHDI companyVersicherung AG is registered with the Hanover District Court under commercial register number HRB 58934.\n\n=== Accounting and Valuation Methods ==="

"id": "9fth4kgfqj-c147c123",

"chunk": 147123,

"content": "* The company's annual financial statements and management report of the company are prepared accordingin accordance towith the regulationsprovisions of the German Commercial Code (HGB), the German Stock Corporation Act (AktG), the German Insurance Supervision Act (VAG), and relevant ordinances, particularly the German RegulationAccounting on AccountingRegulations for Insurance Undertakings (RechVersV), in their versionsversion valid as ofat the balance sheet date.\n\n==== Assets ===="

"id": "9fth4kgfqj-c148c124",

"chunk": 148124,

"heading": "Intangible assets and equity investments valuation",

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

"id": "9fth4kgfqj-c149c125",

"chunk": 149125,

38,

"heading": "Loans to affiliated companies and relateddebt entitiessecurities valuation",

"id": "9fth4kgfqj-c150c126",

"chunk": 150126,

"heading": "SecuritiesReceivables valuationand cash",

"id": "9fth4kgfqj-c151c127",

"chunk": 151127,

"heading": "ReceivablesAccruals and otherdeferred assets valuationitems",

"content": "* Receivables from direct insurance business are recognized at nominal amounts.\n* The general valuation allowance for receivables from policyholders is determined for the reporting year based on historical experience (past defaults).\n* A flat rate of 1% is applied for receivables from intermediaries.\n* Accrued receivables and other receivables are recognized at nominal amounts.\n* Due to the cost cut-off before the balance sheet date, cost bookings incurred after the cut-off date are recorded under other receivables.\n* This position is offset by cost estimates for the period between the cost cut-off and the balance sheet date, which are shown in other provisions.\n* Current balances with credit institutions, checks, and cash on hand are recognized at nominal value.\n* Items to be included in deferredactive chargesaccruals are recognized at nominal value.\n* The item 'Active difference from asset netting' represents the excess amount remaining after individual contractual netting of pension obligations with the assets covering them (primarily reinsurance life insurance policies).\n\n==== Liabilities ===="

"id": "9fth4kgfqj-c152c128",

"chunk": 152128,

"heading": "Equity and Reinsurancereinsurance Accountingaccounting",

"content": "* Subscribed capital, capital reserves, and retained earnings in equity are recognized at nominal value.\n* Contractual shares of reinsurers in relevant gross positions are determined and booked for material reinsurance contracts as of the current reporting date.\n* SelectedFor selected reinsurance contracts use, a one-month time lag relative to gross figuresis used, with separate estimated bookings for large losses, for example, if material movements (e.g.occur, majorand losses)these are considered up to the current reporting date.\n* Unearned premiums are calculated for directly written business are calculated using the 1/360 system or on a daily basis (pro- rata temporis basis), in accordance with supervisoryregulatory regulationsrequirements and the letter from the Federal Minister of Finance's letter ofdated April 30, 1974.\n* Reinsured portionsshares are accrued accordingin toaccordance with contractual agreements."

"id": "9fth4kgfqj-c153c129",

"chunk": 153129,

"heading": "Technical Provisionsprovisions Calculationfor claims",

"content": "* The premium reserve for lifetime household insurance policies is calculated using the prospective method, on an individual contract basis, considering future costs, and in compliance with § 341f HGB and the legal ordinance issued under § 65 paraAbs. 1 VAG, on an individual contract basis, and including future costs.\n* The technical interest rate valid at the time of contract inception is used.\n* The reserve for outstanding claims in directly written business is determined individually for each claim.\n* ForIn participatingparticipatory business, data from leading insurersinsurance companies is adopted.\n* If data from leading insurers' datawas isnot unavailableavailable atby the balance sheet date, reserves per business relationship are estimated based on past experience.\n* For unsettled small claims in motor liability, comprehensive, and partial comprehensive insurance, group valuation is utilized.\n* A latereserve claimsfor reserveincurred but not reported (IBNR) claims is calculated based on historical data for claims not yet reportedknown atby the balance sheet date, based on historical data.\n* Actuarial methods are used to determine the number of expected lateIBNR claims and the average expected average claim amount.\n* For long-tail lines whereSince the standard method is unsuitablenot suitable for long-tail lines, the HGB late claimsIBNR reserve in these cases is derived from the actuarially determined IFRS reserve, withincluding an addeda surcharge.\n* IfIn individual cases, if current information is available in individual cases, an appropriate amount is reserved based on thatthis information.\n* The pension reserve calculated according to § 65 VAG and the reserve for expected claims handling expenses are also reported.\n* The reserve for claims handling expensecosts reserveconsists comprisesof external and internal costscost components.\n* ExternalThe external claims handling expensecost reservesreserve are establishedis specifically formed for each individual claim.\n* InternalThe internal claims handling expensecost reservesreserve areis determined using a factor-based approximation method.\n* This method uses paid claims as a volume measure for incurred costs and derivesdetermines future internal claims handling expense reservescosts as a percentage of the current claims reservesreserve for compensation.\n* The corresponding percentage/factor is calculated as the average of historical observation years.\n* TheA reduction of the determined factor is reducedapplied based on line-of-business-specific experience, assuming that somea portion of claims handling has already occurredbeen performed for known claims."

"id": "9fth4kgfqj-c154c130",

"chunk": 154130,

"heading": "Pension and Otherother Technicaltechnical Provisionsprovisions",

"content": "* The gross pension reserve included in the reserve for outstanding claims is calculated basedaccording onto actuarial principles.\n* The calculation usesis based on the German Actuarial Association (DAV) 2006 HUR mortality tables for women and men.\n* The technical interest rate is determined according to § 5 paraAbs. 4 of the Reserve Regulation as the minimum of the originally applicablevalid maximum technical interest rate and the reference interest rate.\n* Technical interest rates by entry intofor pension obligationobligations:\n** 1.57% for entry before 2015:; 1.5725%\n** for 2015 to 2016:; 10.2590%\n** for 2017 to 2021:; 0.9025%\n** for 2022 to 2024:; 01.2500%\n** for 2025: 1.00%\n* Claims from recourse, salvage, and sharing agreements for already settled claims are treatedrecognized as deductions within the claims reserve.\n* The formation of the reserve for premium refunds complies with contractual provisions.\n* The calculation of the fluctuation reserve applies the regulationsprovisions of § 29 and the appendix to § 29 RechVersV, as well as the provisions of the Insurance Reporting Ordinance (BerVersV).\n* Other technical provisions are determined as follows:\n** Thethe lapse reserve iswas calculated by determining an average lapse rate for the last three years and multiplying it by the current year's premiums.\n** The reserve fordue obligationsto arisingthe obligation from membership in Verkehrsopferhilfe e.V. is formed according to the association's notification.\n** The reserve for impending losses from directly written or reinsured insurance business, shownreported under other technical provisions according to § 31 paraAbs. 1 noNr. 2 RechVersV, is formed as a negative balance between expected income for contracts with a legal obligation at the balance sheet date and expected expenses.\n** Income includes expected premiums and interest effects thereon.\n** Expenses include claims expenses and administrative costs.\n** Expense items are derived from historicalpast data and adjusted if the forecast of future development would be distorted by effects from previous claims years.\n* For technical provisions from reinsured business, the reserves reported by the ceding insurers are generally recognized, unless better internal information is available.\n* If information is not available at the time of balancefinancial sheetstatement preparation, claims reserves are estimated based on the previous year's data.\n* Pension obligations are recognized at the necessary fulfillment amount according to reasonable judgment, as per § 253 paraAbs. 1 sentenceSatz 2 HGB.\n* andThese obligations are discounted according to § 253 paraAbs. 2 sentenceSatz 2 HGB using the average interest rate ofover the last ten years (projected to December 31, 2025) published by the Bundesbank according to the Reserve Discounting Ordinance (RückAbzinsV) as of September 30, 2025, and projected for December 31, 2025, with an assumed remaining term of 15 years.\n* The principles of IDW RH FAB 1.021 apply to the valuation of reserves for reinsured direct commitments.\n* Pension provisions for non-reinsured employer-financed commitments arewere determined using the projected unit credit method.\n* Pension provisions for non-securities-linked employee-financed commitments arewere determined using the projected unit credit method, unless benefits are covered by reinsurance.\n* For reinsured benefits, the fulfillment amount corresponds to the fair value of the coverage capital of the life insurance contract plus profit participation."

"id": "9fth4kgfqj-c155c131",

"chunk": 155131,

"heading": "Valuation Assumptionsassumptions and Currencyother Translationliabilities",

"links": [],

"effective_tags": [],

"id": "9fth4kgfqj-c156c132",

"chunk": 156132,

"heading": "Development of assetsasset items A. and B.I. to B.III. in fiscal year 2025",

"content": "\u003Ctable id=\"25\"\u003E\n\u003Ccaption\u003EDevelopment of assetsasset items A. and B.I. to B.III. in fiscal year 2025\u003C/caption\u003E\n\u003Ctr\u003E\u003Cth\u003E\u003C/th\u003E\u003Cth\u003EPrior year carrying amounts\u003C/th\u003E\u003Cth\u003EAdditions\u003C/th\u003E\u003Cth\u003EReclassification\u003C/th\u003E\u003Cth\u003EDisposals\u003C/th\u003E\u003Cth\u003EWrite-ups\u003C/th\u003E\u003Cth\u003EAmortization and depreciationu003EDepreciation\u003C/th\u003E\u003Cth\u003ECurrent fiscal year carrying amounts\u003C/th\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Cth\u003EIn EUR thousand\u003C/th\u003E\u003Cth\u003E\u003C/th\u003E\u003Cth\u003E\u003C/th\u003E\u003Cth\u003E\u003C/th\u003E\u003Cth\u003E\u003C/th\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Cth\u003EA. Intangible assets\u003C/th\u003E\u003Cth\u003E\u003C/th\u003E\u003Cth\u003E\u003C/th\u003E\u003Cth\u003E\u003C/th\u003E\u003Cth\u003E\u003C/th\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003EConcessionsu003EAcquired concessions, industrial property rights and similar rights and values acquired for consideration, and licenses tofor such rights and values\u003C/td\u003E\u003Ctd\u003E3,953\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E1,800\u003C/td\u003E\u003Ctd\u003E2,153\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Cth\u003EB. Investments\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003EI. Land, rights equivalent to land, and buildings, including buildings on third-party land\u003C/td\u003E\u003Ctd\u003E217\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E216\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Cth\u003EII. Investments in affiliated companies and participations\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003E1. Shares in affiliated companies\u003C/td\u003E\u003Ctd\u003E267,706\u003C/td\u003E\u003Ctd\u003E765\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E12,020\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E256,451\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003E2. Loans to affiliated companies\u003C/td\u003E\u003Ctd\u003E153,261\u003C/td\u003E\u003Ctd\u003E50,000\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E203,261\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003E3. Participations\u003C/td\u003E\u003Ctd\u003E1,965\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E2\u003C/td\u003E\u003Ctd\u003E1,964\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003E4. Loans to companies with which there is a participation relationship exists\u003C/td\u003E\u003Ctd\u003E19,575\u003C/td\u003E\u003Ctd\u003E750\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E365\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E21\u003C/td\u003E\u003Ctd\u003E19,939\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003ETotal B.II.\u003C/td\u003E\u003Ctd\u003E442,508\u003C/td\u003E\u003Ctd\u003E51,515\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E12,385\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E23\u003C/td\u003E\u003Ctd\u003E481,615\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Cth\u003EIII. Other investments\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003E1. Shares, units or shares in investment funds and other non-fixed-interestincome securities\u003C/td\u003E\u003Ctd\u003E822,816\u003C/td\u003E\u003Ctd\u003E72,987\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E111,636\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E11,492\u003C/td\u003E\u003Ctd\u003E772,675\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003E2. Bearer bonds and other fixed-interestincome securities\u003C/td\u003E\u003Ctd\u003E1,553,894\u003C/td\u003E\u003Ctd\u003E1,527,331\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E1,210,939\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E45\u003C/td\u003E\u003Ctd\u003E1,870,241\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Cth\u003E3. Other loans\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003Ea) Registered bonds\u003C/td\u003E\u003Ctd\u003E782,990\u003C/td\u003E\u003Ctd\u003E89,480\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E398,889\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E473,581\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003Eb) Promissory note receivables and loans\u003C/td\u003E\u003Ctd\u003E158,387\u003C/td\u003E\u003Ctd\u003E30,605\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E17,055\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E6,174\u003C/td\u003E\u003Ctd\u003E165,763\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003ETotal B.III.\u003C/td\u003E\u003Ctd\u003E3,318,087\u003C/td\u003E\u003Ctd\u003E1,720,402\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E1,738,520\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E17,711\u003C/td\u003E\u003Ctd\u003E3,282,259\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003ETotal B.\u003C/td\u003E\u003Ctd\u003E3,760,811\u003C/td\u003E\u003Ctd\u003E1,771,917\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E1,751,121\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E17,734\u003C/td\u003E\u003Ctd\u003E3,763,874\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003ETotal\u003C/td\u003E\u003Ctd\u003E3,764,764\u003C/td\u003E\u003Ctd\u003E1,771,917\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E1,751,121\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E19,534\u003C/td\u003E\u003Ctd\u003E3,766,027\u003C/td\u003E\u003C/tr\u003E\n\u003C/table\u003E"

"id": "9fth4kgfqj-c157c133",

"chunk": 157133,

"content": "* Additions and disposals include currency exchange differences on prior year balance sheet values.\n\n=== To B. Investments ===\n\n==== Determination of fair values of investments ===="

"id": "9fth4kgfqj-c158c134",

"chunk": 158134,

"heading": "Valuation of investments in affiliated companies and participations",

"content": "* ValuationThe fair values of shares in affiliated companies and participations variesare determined differently based on the company's purpose and size.\n* Companies valued using the income approach are typicallygenerally set at the present value of future distributable financial surpluses (income value).\n* For companies that subscribe to unlisted 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 comparable instruments using the Net Asset Value method.\n* FairThe fair values of loans to affiliated companies and companies with participationswhich an equity relationship exists, registered bonds, promissory note receivables, and loans are determined using a present value method with product- and rating-specific yield curves.\n* Special features likesuch as deposit insurance, guarantor liability, or subordination are considered in the spread surcharges used.\n* Fair value determination for other investments is generally based on the over-the-counter value according to § 56 RechVersV.\n* For investments with a market or exchange price (shares, units or shares in investment funds, bearer bonds, and other fixed-income securities), the fair value is the value on the balance sheet date or the last preceding day for which a market or exchange price was ascertainable.\n* In cases without stock exchange listings, yield curves based on established pricing methods in financial markets are used.\n* Investments are valued at most at their expected realizable value, considering the principle of prudence.\n* Fair values of special funds held in portfolio correspond to the determined redemption price."

"id": "9fth4kgfqj-c159c135",

"chunk": 159135,

"heading": "Valuation of publiclyother traded equities and bondsinvestments",

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

"id": "9fth4kgfqj-c160c136",

"chunk": 160136,

"heading": "Valuation of alternative investments and swapsderivatives",

"content": "* FairThe fair value forof 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 until the reporting date.\n* For the fair value determination of swaps, the Discounted Cash Flow method is applied separately for both legs of a swap.\n* For the fixed-rate leg, the entire cash flow is rolled out until maturity.\n* For the variable-rate leg, the cash flow is rolled out until the next interest rate adjustment date.\n* The sum of the present values (considering the sign for the long/short positionsposition) yieldsresults in the theoretical price or the current receivable/ and payable position of the entire swap transaction."

"id": "9fth4kgfqj-c161c137",

"chunk": 161137,

"heading": "Investments with fairFair values below bookcarrying valuesamounts",

"content": "* For the following investments accounted forrecognized at acquisition cost, the fair values are below bookthe valuescarrying amounts.\n\n=== Investments with unrecognizedhidden lossesliabilities ==="

"id": "9fth4kgfqj-c162c138",

"chunk": 162138,

"heading": "Carrying amounts, Fair values, and Balance by In EUR thousand",

"content": "**Carrying amounts, Fair values, and Balance by In EUR thousand**\n\n| In EUR thousand | Carrying amounts | Fair values | Balance |\n| --- | --- | --- | --- |\n| InvestmentsShares in affiliated companiesundertakings | 9,416 | 7,743 | -1,673 |\n| Loans to affiliated companies | 104,696 | 99,516 | -5,180 |\n| Loans to companies within which an equity interest exists | 3,471 | 3,171 | -300 |\n| Shares or stockunits in investment funds | 159,472 | 144,298 | -15,175 |\n| Bearer bonds and other fixed-interest securities | 1,335,690 | 1,315,553 | -20,137 |\n| Other loans Loans to companies in which an equity interest exists Bearer bonds | 451,127 6,727 1,335,690 | 436,112 6,317 1,315,553 | -15,015 6,317 1,315,553 |\n| Total | 2,063,873 | 2,006,393 | -57,480 |"

"id": "9fth4kgfqj-c163c139",

"chunk": 163139,

"heading": "Avoided depreciation on investment propertiesinvestments",

"id": "9fth4kgfqj-c164c140",

"chunk": 164140,

"heading": "ImpairmentImpairments assessmenton of fixed-income securities and investment fundsinvestments",

"id": "9fth4kgfqj-c165c141",

"chunk": 165141,

"heading": "Significant investments in affiliated companies and investmentsparticipations",

"content": "* Significant sharesinvestments in affiliated companies and investmentsparticipations that are essentialmaterial to the company are listed below.\n* Companies of minor economic importance without significant influenceimpact on the asset, financial, and earnings situationposition are not presented, in accordance with § 286 No. 3 Sentence 1 HGB."

"id": "9fth4kgfqj-c167c142",

"chunk": 167142,

"heading": "Shareholders' equity, Incomenet income \u0026amp; Shareshare of capital by Namename, registered office",

"content": "**Shareholders' equity, Incomenet income \u0026 Shareshare of capital by Namename, registered office**\n\n| Name, registered office In EUR thousand | Shareholders' equity (1)) prior to profit transfer and distribution, information based on the latest available audited annual financial statements) | IncomeNet income(1)) prior to profit transfer and distribution, information based on the latest available audited annual financial statements) | Share of capital (2)) The shareholding ratio results from the addition of all directly and indirectly held shares in accordance with § 16 para. 2 and 4 AktG) |\n| --- | --- | --- | --- |\n| Domestic: — Enhanced Sustainable Power Fund Nr. 3 GmbH \u0026 Co. KG geschlossene Investment KG, Grünwald (3)) Information on equity and annual results relates to the fiscal year from 30.9.2021 to 30.9.2022) | 187,778 | 11,679 | 2.0 % |\n| Domestic: — Fair Claims GmbH, Hannover | 4,025 | 546 | 100.0 % |\n| Domestic: — GDV Dienstleistungs-GmbH, Hamburg | 29,653 | 983 | 3.0 % |\n| Domestic: — hector digital GmbH, Marpingen (4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 119 | -4 | 19.0 % |\n| Domestic: — Infrastruktur Ludwigsau GmbH \u0026 Co KG, Köln (4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 21,353 | 1,126 | 100.0 % |\n| Domestic: — Infrastruktur Windpark Vier Fichten GbR, Bremen (4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 8 | 4 | 41.7 % |\n| Domestic: — KOP4 GmbH \u0026 Co. KG, München | 45,942 | 2,962 | 7.2 % |\n| Domestic: — MachDigital GmbH, Neunkirchen | 539 | -1,461 | 49.0 % |\n| Domestic: — Neodigital Versicherung AG, Neunkirchen | 8,158 | -19,531 | 5.5 % |\n| Domestic: — Riethorst Grundstücksgesellschaft AG \u0026 Co. KG, Hannover | 133,025 | 6,607 | 50.0 % |\n| Domestic: — SSV Schadenschutzverband GmbH, HanoverHannover | 200 | 591 | 100.0 % |\n| Domestic: — Talanx Infrastructure France 2 GmbH, Cologne Köln(4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 79,180 | 6,315 | 100.0 % |\n| Domestic: — Talanx Infrastructure Portugal 2 GmbH, CologneKöln | 32,460 | 3,047 | 50.0 % |\n| Domestic: — Talanx Infrastructure Portugal GmbH, Cologne Köln(4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 731 | -0 | 70.0 % |\n| Domestic: — TD Real Assets GmbH \u0026 Co. KG, CologneKöln | 582,933 | 15,285 | 17.0 % |\n| Domestic: — TD Sach Private Equity GmbH \u0026 Co. KG, CologneKöln | 94,254 | 9,434 | 100.0 % |\n| Domestic: — Windfarm Bellheim GmbH \u0026 Co. KG, Cologne Köln(4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 38,825 | 1,459 | 85.0 % |\n| Domestic: — Windpark Mittleres Mecklenburg GmbH \u0026 Co. KG, Cologne Köln(4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 13,379 | 3,007 | 100.0 % |\n| Domestic: — Windpark Parchim GmbH \u0026 Co. KG, Cologne Köln(4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 12,765 | 1,680 | 51.0 % |\n| Domestic: — Windpark Rehain GmbH \u0026 Co. KG, Cologne Köln(4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 21,958 | 677 | 100.0 % |\n| Domestic: — Windpark Sandstruth GmbH \u0026 Co. KG, Cologne Köln(4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 4,252 | 62,961 | 100.0 % |\n| Domestic: — Zweite Riethorst Grundstücksgesellschaft mbH | 123,915 | 1,742 | 50.0 % |\n| AbroadForeign: — Augusta Ireland 2 Limited Partnership, Ireland, Dublin | -540 | -385 | 100 % |\n| AbroadForeign: — CEF BKR03 NL B.V., Netherlands, Amsterdam (4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 55,039 | -1,090 | 5.2 % |\n| AbroadForeign: — EIP Gas Transit Switzerland SCS, Luxembourg, Luxembourg (5)) Information on equity and net income relates to the fiscal year from 30.6.2024 to 30.6.2025) | 141,838 | -6,222 | 2.8 % |\n| AbroadForeign: — EIP Wind Power Central Norway SCS, Luxembourg, Luxembourg (4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 88,335 | -36,888 | 10.9 % |\n| AbroadForeign: — Escala Braga - Sociedade Gestora do Edificio S.A., Portugal, Braga (4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 5,829 | 1,774 | 49.0 % |\n| AbroadForeign: — Escala Parque - Gestao de Estacionamento S.A., Portugal, Linhó (4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 1,588 | 1,527 | 49.0 % |\n| AbroadForeign: — Escala Vila Franca - Sociedade Gestora do Edificio S.A., Portugal, Linhó (4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 15,427 | 2,283 | 49.0 % |\n| AbroadForeign: — Ferme Eolienne du Confolentais SNC, FranceFrankreich, Toulouse (4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 12,847 | 708 | 100.0 % |\n| AbroadForeign: — Iberia Termosolar 1, S.L.U., SpainSpanien, Seville Sevilla(4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 45,559 | 626 | 33.4 % |\n| AbroadForeign: — Infrastorm Co-Invest 1 SCA, LuxembourgLuxemburg, Luxembourg Luxemburg(4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 11,342 | -60 | 45.0 % |\n| AbroadForeign: — Le Chemin de La Milaine S.N.C., FranceFrankreich, Lille (4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 16,451 | 1,706 | 100.0 % |\n| AbroadForeign: — Le Louveng S.A.S, FranceFrankreich, Lille (4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 12,282 | 753 | 100.0 % |\n| AbroadForeign: — Les Vents de Malet S.N.C., FranceFrankreich, Lille (4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 16,625 | 1,907 | 100.0 % |\n| AbroadForeign: — PNH - Parque do Novo Hospital S.A., Portugal, Linhó (4)) Indirect participation, participation quota according to § 16 Abs. 2 and 4 AktG) | 546 | 486 | 49.0 % |\n\n(1)) before1) prior to profit transfer and distribution, datainformation based on the latest available audited annual financial statements available\n(2)) 2) The shareholding ratio results from the addition of all directly and indirectly held shares in accordance with § 16 para. 2 and 4 AktG\n(3)) Equity3) andInformation neton incomeequity figuresand annual results relaterelates to the fiscal year from 30.9.2021 to 30.9.2022\n(4)) indirect4) Indirect participation, participation ratequota according to § 16 paraAbs. 2 and 4 AktG\n(5)) Equity5) Information on equity and net income figures relaterelates to the fiscal year from 30.6.2024 to 30.6.2025\n\n== To B.III. Other investments =="

"id": "9fth4kgfqj-c168c143",

"chunk": 168143,

"heading": "AnnualOther Financial Statementsinvestments",

"id": "9fth4kgfqj-c169c144",

"chunk": 169144,

"heading": "To B.III.1. Equity and non-fixed-incomeOther securitiesinvestments",

"id": "9fth4kgfqj-c170c145",

"chunk": 170145,

"content": "* Depreciation according to § 253 para. 3 sentence 5 HGB was not fully recognized for special funds showing hidden burdens, as these wereare assessed asconsidered temporary impairments.\n\n== To C.III. Other Receivablesreceivables =="

"id": "9fth4kgfqj-c172c146",

"chunk": 172146,

"heading": "To C.III. Other Receivablesreceivables",

"content": "**To C.III. Other Receivablesreceivables**\n\n| In EUR thousand | 31.12.2025 | 31.12.2024 |\n| --- | --- | --- |\n| Receivables from affiliated companies (1)) Receivables mainly result from equityinvestment income and service transactions.) | 147,670 | 497,557 |\n| Receivables from consortiumsyndicated business | 14,731 | 15,172 |\n| Receivables from cash collaterals | 3,600 | 3,490 |\n| Receivables from the sale of investments | 3,393 | 3,825 |\n| Receivables from interest and rents | 1,443 | 149 |\n| Receivables from debit deliveries and services | 0 | 1,238 |\n| Miscellaneous | 2,007 | 868 |\n| Total | 172,845 | 522,299 |\n\n(1)) 1) Receivables mainly result from equityinvestment income and service transactions.\n\n== CashTo D.I. Current balances with credit institutions, checks, and bankcash balanceson hand =="

"id": "9fth4kgfqj-c173c147",

"chunk": 173147,

"content": "* Total currentCurrent balances with credit institutions amounted tototaled EUR 88,055k (prior year: EUR 51,289k).\n\n== AccruedTo E. incomeAccruals and prepaiddeferred expensesitems =="

"id": "9fth4kgfqj-c174c148",

"chunk": 174148,

"content": "* The total amount of EUR 37,475k (prior year: EUR 32,601k) primarily consists of accrued interest.\n\n===== To F. Active difference from asset offsetting ====="

"id": "9fth4kgfqj-c175c149",

"chunk": 175149,

"heading": "activeActive difference amount from asset offsetting",

"content": "* This item includes the amount of coveringcover assets exceeding the corresponding liabilities as defined in § 246 (para. 2) sentence 3 HGB."

"id": "9fth4kgfqj-c176c150",

"chunk": 176150,

"heading": "To F. Active difference from asset offsetting",

"content": "\u003Ctable**To id=\"31\"\u003E\n\u003Ccaption\u003EActiveF. Active difference from asset offsetting\u003C/caption\u003E\n\u003Ctr\u003E\u003Cth\u003E\u003C/th\u003E\u003Cth\u003E31.12.2025\u003C/th\u003E\u003Cth\u003E31.12.2024\u003C/th\u003E\u003C/tr\u003E\n\u003C/table\u003E**\n\n| In EUR thousand | 31.12.2025 | 31.12.2024 |\n| --- | --- | --- |\n| Receivables from reinsurance policies | 1,312 | 1,573 |\n| SettlementFulfillment amount of netted liabilities from employee-financed commitments | -1,312 | -1,567 |\n| Total | 0 | 6 |"

"id": "9fth4kgfqj-c177c151",

"chunk": 177151,

"heading": "Life insurance contracts for pensionPension commitments",

"content": "* Life insurance contracts concluded for pension commitments from deferred compensation are fully pledged to beneficiaries.\n\n== Notes to the Balance Sheet - Liabilities ==\n\n===== To A.I. Subscribed capital ====="

"id": "9fth4kgfqj-c178c152",

"chunk": 178152,

"heading": "Subscribed capital by fiscal year end",

"content": "\u003Ctable**Subscribed id=\"33\"\u003E\n\u003Ccaption\u003ESubscribedcapital by capital\u003C/caption\u003E\n\u003Ctr\u003E\u003Cth\u003E\u003C/th\u003E\u003Cth\u003E31.12.2025\u003C/th\u003E\u003Cth\u003E31.12.2024\u003C/th\u003E\u003C/tr\u003E\n\u003C/table\u003Efiscal year end**\n\n| In EUR thousand | 31.12.2025 | 31.12.2024 |\n| --- | --- | --- |\n| Balance at the beginning of the fiscal year | 51,000 | 51,000 |\n| Balance at the end of the fiscal year | 51,000 | 51,000 |"

"id": "9fth4kgfqj-c179c153",

"chunk": 179153,

"content": "* The capital is divided into 51,000 registered no-par value shares and is fully paid in.\n\n===== To A.II. Capital reservesreserve ====="

"id": "9fth4kgfqj-c180c154",

"chunk": 180154,

"heading": "Capital reservesreserve by fiscal year",

"content": "\u003Ctable**Capital id=\"35\"\u003E\n\u003Ccaption\u003ECapitalreserve by fiscal reserves\u003C/caption\u003E\n\u003Ctr\u003E\u003Cth\u003E\u003C/th\u003E\u003Cth\u003E31.12.2025\u003C/th\u003E\u003Cth\u003E31.12.2024\u003C/th\u003E\u003C/tr\u003E\n\u003C/table\u003Eyear**\n\n| In EUR thousand | 31.12.2025 | 31.12.2024 |\n| --- | --- | --- |\n| Balance at the beginning of the fiscal year | 6,100 | 6,100 |\n| Balance at the end of the fiscal year | 6,100 | 6,100 |"

"id": "9fth4kgfqj-c181c155",

"chunk": 181155,

"content": "* The formation of a legal reserve is not required because § 150 Abspara. 2 AktG (\"legalstatutory reserve fund\") is already fulfilled by the formation of the capital reserve according to § 272 Abspara. 2 Nrno. 1 HGB.\n\n=== To B. Technical provisions ==="

"id": "9fth4kgfqj-c182c156",

"chunk": 182156,

"content": "* Gross values are presented in the followingbelow."

"id": "9fth4kgfqj-c183c157",

"chunk": 183157,

"content": "**Technical provisions by lines of business (Business mix)**\n\n| In EUR thousand | 31.12.2025 | 31.12.2024 |\n| --- | --- | --- |\n| Accident insurance | 108,210 | 112,318 |\n| Liability insurance | 1,865,072 | 1,780,426 |\n| Motor vehicle liability insurance | 1,099,476 | 1,106,022 |\n| Other motor vehicle insurance | 165,646 | 157,827 |\n| Fire and property insurance | 420,211 | 444,037 |\n| thereof a) Fire insurance | 144,604 | 148,092 |\n| b) AlliedCombined home contentshousehold insurance | 51,153 | 54,194 |\n| c) AlliedCombined residential building insurance | 212,770 | 227,203 |\n| d) Other property insurance | 11,684 | 14,548 |\n| Assistance insurance | 217 | 218 |\n| Other insurance | 225,870 | 208,807 |\n| Total | 3,884,703 | 3,809,655 |"

"id": "9fth4kgfqj-c184c158",

"chunk": 184158,

"heading": "Technical provisions breakdownby type",

"content": "* Gross provisiontechnical provisions for outstanding claims: EUR 3,383,083k (prior year: EUR 3,298,028k)\n* Fluctuation provisionprovisions and similar provisions: EUR 252,856k (prior year: EUR 267,266k)\n\n=== To B.III. Provision for outstanding claims ==="

"id": "9fth4kgfqj-c185c159",

"chunk": 185159,

"heading": "Gross values presentation",

"id": "9fth4kgfqj-c186c160",

"chunk": 186160,

"content": "**Provision for outstanding claims by lines of business (Business mix)**\n\n| In EUR thousand | 31.12.2025 | 31.12.2024 |\n| --- | --- | --- |\n| Accident insurance | 96,491 | 94,261 |\n| Liability insurance | 1,694,273 | 1,554,466 |\n| Motor vehicle liability insurance | 1,049,583 | 1,060,562 |\n| Other motor vehicle insurance | 77,216 | 113,484 |\n| Fire and property insurance | 251,560 | 277,309 |\n| thereof a) Fire insurance | 129,613 | 133,247 |\n| b) AlliedCombined home contentshousehold insurance | 22,923 | 23,548 |\n| c) AlliedCombined residential building insurance | 89,316 | 107,810 |\n| d) Other property insurance | 9,709 | 12,704 |\n| Assistance insurance | 38 | 26 |\n| Other insurance | 213,921 | 197,920 |\n| Total | 3,383,083 | 3,298,028 |\n\n=== To B.IV. Provision for profit-dependent and profit-independent premium refunds ==="

"id": "9fth4kgfqj-c187c161",

"chunk": 187161,

"content": "* The provision for premium refunds reported in the financial year was EUR 900k (prior year: EUR 2,500k) and exclusively concerns profitsuccess-independent premium refunds.\n\n=== To B.V. Fluctuation reservesprovision and similar provisions ==="

"id": "9fth4kgfqj-c188c162",

"chunk": 188162,

"heading": "Fluctuation reservesprovision and similar provisions by lines of business",

"content": "**Fluctuation reservesprovision and similar provisions by lines of business (Business mix)**\n\n| In EUR thousand | 31.12.2025 | 31.12.2024 |\n| --- | --- | --- |\n| In EUR thousand — Accident insurance | 1,515 | 7,510 |\n| In EUR thousand — Liability insurance | 111,286 | 167,862 |\n| In EUR thousand — Motor vehicle liability insurance | 0 | 0 |\n| In EUR thousand — Other motor vehicle insurance | 50,212 | 0 |\n| In EUR thousand — Fire and property insurance | 88,259 | 90,788 |\n| In EUR thousand — thereof a) Fire insurance | 7,237 | 9,649 |\n| In EUR thousand — b) Allied homeCombined contentshousehold insurance | 0 | 1,632 |\n| In EUR thousand — c) AlliedCombined residential building insurance | 81,022 | 79,507 |\n| In EUR thousand — Assistance insurance | 0 | 0 |\n| In EUR thousand — Other insurance | 1,584 | 1,105 |\n| In EUR thousand — Total | 252,856 | 267,266 |\n\n=== To B.VI. Other technical provisions ==="

"id": "9fth4kgfqj-c189c163",

"chunk": 189163,

"content": "* Other technical provisions totaled EUR 13,439k (prior year: EUR 11,981k).\n* This includes a cancellation reserve of EUR 12,512k (prior year: EUR 11,054k).\n* andThis also includes a provision for traffic victim assistance of EUR 926k (prior year: EUR 926k).\n\n=== To C.I. Provisions for pensions and similar obligations ==="

"id": "9fth4kgfqj-c190c164",

"chunk": 190164,

"heading": "To C.I. Provisions for pensions and similar obligations",

"content": "**To C.I. Provisions for pensions and similar obligations**\n\n| In EUR thousand | 31.12.2025 | 31.12.2024 |\n| --- | --- | --- |\n| In EUR thousand — SettlementFulfillment amount of pension obligations | 2,159 | 2,352 |\n| In EUR thousand — less plan assets | 1,312 | 1,567 |\n| In EUR thousand — Total | 847 | 785 |"

"id": "9fth4kgfqj-c191c165",

"chunk": 191165,

"content": "* The coveringCoverage assets are valuedrecognized at fair value according to § 253 Abs. 1 Satz 4 HGB.\n* This fair value corresponds to the coverage capital of the insurance contract, withincluding the actuarial bases of the premium calculation plus theand already allocated profit participations, and thus representing the amortized cost.\n* The difference amount blockedsubject forto distribution restrictions according to § 253 Abs. 6 Satz 1 is EUR -5k (prior: EUR -5k).\n* To determine theThis difference amount, was determined by comparing the capitalizeddiscounted and recognized obligation amount discounted with(using the average interest rate of the last ten years was compared) with the amount that would have resulted from discounting with the average interest rate of the last seven years.\n* The deficit due to uncapitalizedunrecorded pension obligations withinas the meaning ofper Art. 28 Abs. 1 EGHGB amounts to EUR 482k (prior: EUR 475k).\n\n=== To C.II. Other provisions ==="

"id": "9fth4kgfqj-c192c166",

"chunk": 192166,

"heading": "To C.II. Other provisions",

"content": "**To C.II. Other provisions**\n\n| In EUR thousand | 31.12.2025 | 31.12.2024 |\n| --- | --- | --- |\n| a) Remuneration still to be paid | 6,523 | 5,398 |\n| b) Outstanding commissions | 5,520 | 4,850 |\n| c) Other provisions from investments | 4,680 | 4,495 |\n| d) Provisions for impending losses | 2,425 | 4,340 |\n| e) Provisions for administration and consulting | 1,258 | 0 |\n| f) FinancialAnnual financial statement costs | 346 | 279 |\n| g) Other provisions | 11 | 568 |\n| Total | 20,763 | 19,930 |\n\n=== To D.III. Other liabilities ==="

"id": "9fth4kgfqj-c193c167",

"chunk": 193167,

"heading": "To D.III. Other liabilities",

"content": "**To D.III. Other liabilities**\n\n| In EUR thousand | MaturityTerm \u003C 1 year 31.12.2025 | MaturityTerm \u003C 1 year 31.12.2024 | MaturityTerm \u003E 1 year 31.12.2025 | MaturityTerm \u003E 1 year 31.12.2024 | Total 31.12.2025 | Total 31.12.2024 |\n| --- | --- | --- | --- | --- | --- | --- |\n| PayablesLiabilities to affiliated companies (1)) LiabilitiesThe liabilities mainly result from servicesservice transactions.) | 148,923 | 118,065 | 0 | 0 | 148,923 | 118,065 |\n| PayablesLiabilities to tax authorities | 12,098 | 12,573 | 0 | 0 | 12,098 | 12,573 |\n| PayablesLiabilities from external managementthird-party business management | 6,556 | 7,254 | 0 | 0 | 6,556 | 7,254 |\n| Miscellaneous | 5,697 | 4,368 | 19 | 12 | 5,717 | 4,380 |\n| Total | 173,274 | 142,260 | 19 | 12 | 173,294 | 142,272 |\n\n(1)) 1) LiabilitiesThe liabilities mainly result from servicesservice transactions."

"id": "9fth4kgfqj-c194c168",

"chunk": 194168,

"content": "* Other liabilities do not include liabilities with a remaining maturity of more than five years.\n\n=== AccruedTo incomeE. Accruals and prepaiddeferred expensesitems ==="

"id": "9fth4kgfqj-c195c169",

"chunk": 195169,

"heading": "Other deferred income and expenses",

"content": "* Other deferred income and expenses totaled EUR 440k (prior: EUR 651k).\n\n=== Notes to the Incomeincome Statementstatement ==="

"id": "9fth4kgfqj-c196c170",

"chunk": 196170,

"content": "* The self-underwrittenwritten and retrocededassumed insurancereinsurance business is reported in total.\n* A separate presentation of the retrocededassumed insurancereinsurance business is omitted because it is 100% retroceded and is of minor importance for the earnings situation of HDI Versicherung AG.\n\n==== ZuTo I.1.a) GebuchteGross written Bruttobeiträgepremiums ===="

"id": "9fth4kgfqj-c197c171",

"chunk": 197171,

"heading": "ZuGross I.1.a)written Gebuchtepremiums Bruttobeiträgeby lines of business",

"links": [],

"effective_tags": [],

"id": "9fth4kgfqj-c198c172",

"chunk": 198172,

"heading": "ZuEarned I.1.gross Verdientepremiums Bruttobeiträgeby lines of business",

"links": [],

"effective_tags": [],

"id": "9fth4kgfqj-c199c173",

"chunk": 199173,

"heading": "ZuEarned I.1.net Verdientepremiums Nettobeiträgeby lines of business",

"links": [],

"effective_tags": [],

"id": "9fth4kgfqj-c201c174",

"chunk": 201174,

"content": "* Technical interest income in the directly written gross insurance business was calculated on the pension provision and the premium provision.\n* IncomeThe income was determined monthly based on the previous month's provision balance andusing the associated actuarial interest rate.\n\n==== ZuTo I.4. BruttoaufwendungenGross fürexpenses Versicherungsfällefor claims ===="

"id": "9fth4kgfqj-c202c175",

"chunk": 202175,

"heading": "ZuGross I.4.expenses Bruttoaufwendungenfor fürclaims Versicherungsfälleby lines of business",

"links": [],

"effective_tags": [],

"id": "9fth4kgfqj-c203c176",

"chunk": 203176,

"heading": "ZuGross I.7.a)expenses Bruttoaufwendungenfor fürinsurance denoperations Versicherungsbetriebby lines of business",

"links": [],

"effective_tags": [],

"id": "9fth4kgfqj-c204c177",

"chunk": 204177,

"content": "* Gross expenses for insurance operations for the financial year include EUR 52,675k (prior: EUR 58,128k) for acquisition expenses and EUR 433,739k (prior: EUR 448,594k) for administrative expenses.\n\n==== Reinsurance balance ===="

"id": "9fth4kgfqj-c205c178",

"chunk": 205178,

"content": "**Reinsurance balance by lines of business (Business mix)**\n\n| In EUR thousand | 2025 | 2024 |\n| --- | --- | --- |\n| Accident insurance | 0 | 0 |\n| Liability insurance | 5,212 | 1,934 |\n| Motor vehicle liability insurance | 2,100 | -1,667 |\n| Other motor vehicle insurance | -2,723 | -2,245 |\n| Fire and property insurance | -35,533 | -26,982 |\n| thereof a) Fire insurance | 1 | -54 |\n| b) AlliedCombined home contentshousehold insurance | -2,926 | -3,936 |\n| c) AlliedCombined residential building insurance | -11,786 | -13,395 |\n| d) Other property insurance | -20,821 | -9,597 |\n| Other insurance | -19,865 | -32,237 |\n| Total | -50,809 | -61,198 |"

"id": "9fth4kgfqj-c206c179",

"chunk": 206179,

"content": "* The reinsurance balance is composed of earned premiums from the reinsurer, the reinsurer's share of gross claims expenses, and gross insurance operating expenses for insurance operations.\n* TheA reinsurancenegative balancesign is(–) inindicates favora ofbenefit thefor reinsurers.\n\n==== Run-off result for own account ===="

"id": "9fth4kgfqj-c207c180",

"chunk": 207180,

"links": [],

"effective_tags": [],

"id": "9fth4kgfqj-c208c181",

"chunk": 208181,

"heading": "UnderwritingTechnical result for own account by lines of business",

"content": "**UnderwritingTechnical result for own account by lines of business (Business mix)**\n\n| In EUR thousand | 2025 | 2024 |\n| --- | --- | --- |\n| Accident insurance | 14,649 | 15,846 |\n| Liability insurance | 6,839 | 26,704 |\n| Motor vehicle liability insurance | 17,150 | 26,002 |\n| Other motor vehicle insurance | -19,767 | -64,960 |\n| Fire and property insurance | 29,547 | -11,269 |\n| thereof a) Fire insurance | 593 | -22,114 |\n| b) AlliedCombined home contentshousehold insurance | 18,193 | 13,556 |\n| c) AlliedCombined residential building insurance | 18,624 | -3,021 |\n| d) Other property insurance | -7,863 | 310 |\n| Assistance insurance | -152 | 20 |\n| Other insurance | -28,137 | -23,054 |\n| Total | 20,130 | -30,710 |\n\n==== Commissions and other remuneration for insurance agents, personnel expenses ===="

"id": "9fth4kgfqj-c209c182",

"chunk": 209182,

"id": "9fth4kgfqj-c210c183",

"chunk": 210183,

"heading": "CommissionsNumber andof otherinsurance remunerationcontracts with a term of insuranceat least one agents,year personnelby expensesUnits",

"id": "9fth4kgfqj-c211c184",

"chunk": 211184,

"heading": "UnitsTo byII.4. self-concludedOther insurance businessincome",

"id": "9fth4kgfqj-c212c185",

"chunk": 212185,

"id": "9fth4kgfqj-c213c186",

"chunk": 213186,

"content": "**To II.5. Other expenses**\n\n| In EUR thousand | 2025 | 2024 |\n| --- | --- | --- |\n| In EUR thousand — Expenses for the company as a whole | 17,770 | 77,399 |\n| In EUR thousand — Individual value adjustment on agent receivables | 2,000 | -3 |\n| In EUR thousand — Amortization and depreciationDepreciation | 1,863 | 2,059 |\n| In EUR thousand — Interest and similar expenses (1)) Interest expenses include 55 (60) TEUR expenses from interest capitalization.) | 623 | 1,002 |\n| In EUR thousand — Foreign exchange losses | 14 | 10 |\n| In EUR thousand — Miscellaneous | 311 | 233 |\n| In EUR thousand — Total | 22,581 | 80,700 |\n\n(1)) 1) Interest expenses include 55 (60) TEUR expenses from interest capitalization.\n\n=== To II.7. Income and earnings taxes ==="

"id": "9fth4kgfqj-c215c187",

"chunk": 215187,

"heading": "WithholdingTax taxon income and earnings",

"content": "* The reported amount of EUR 15k (prior: EUR 5k) is attributable to creditable withholding tax.\n\n=== To II.8. Other taxes ==="

"id": "9fth4kgfqj-c216c188",

"chunk": 216188,

"content": "* Other taxes amounted to EUR 7k (prior: EUR 105k).\n* TheseOther taxes include taxes that are includedpart inof the insurance company's expenses.\n\n=== Company bodies ===\n\n==== Supervisory board ===="

"id": "9fth4kgfqj-c217c189",

"chunk": 217189,

"content": "\u003Ctable id=\"5451\"\u003E\n\u003Ccaption\u003ESupervisory board\u003C/caption\u003E\n\u003Ctr\u003E\u003Cth\u003EMember\u003C/th\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003E\u003Cstrong\u003EDr. Jan-Philipp Lüdtke\u003C/strong\u003E\u003Cbr/\u003EChairman\u003Cbr/\u003ESenior Manager of HDI AG\u003Cbr/\u003EIsernhagen\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003E\u003Cstrong\u003EBarbara Riebeling\u003C/strong\u003E\u003Cbr/\u003E(Deputy Chairwoman)\u003Cbr/\u003EChairwoman of the Supervisory Board of neue leben Unfallversicherung AG\u003Cbr/\u003ECologne\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003E\u003Cstrong\u003ENicolas Heine\u003C/strong\u003E\u003Cbr/\u003E(seit 1.8.2025)\u003Cbr/\u003ELeitender Angestellter der HDI AG\u003Cbr/\u003ELeverkusen\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003E\u003Cstrong\u003EJohanna Weigand\u003C/strong\u003E\u003Cbr/\u003E(seit 1.1.2025; bis 31.7.2025)\u003Cbr/\u003ELeitende Angestellte der HDI AG\u003Cbr/\u003EKöln\u003C/td\u003E\u003C/tr\u003E\n\u003C/table\u003E\n\n==== Management board ===="

"id": "9fth4kgfqj-c218c190",

"chunk": 218190,

"heading": "BoardMember ofby ManagementExecutive Board Departments by Member",

"content": "**BoardMember ofby ManagementExecutive Board Departments by Member**\n\n| Member | Executive Board of Management Departments |\n| --- | --- |\n| Dr. Daniel Schulze Lammers ChairmanVorsitzender Hannover | ■ IT ■ ProduktmanagementProduct Management (PrivatPrivate) (vormalsformerly SHUK) ■ ProdukttechnikProduct undTechnology Bestandssystemeand Legacy Systems SachProperty ■ BetriebOperations SachProperty ■ SchadenClaims ■ VermögensanlageInvestment undand -verwaltungAsset Management ■ GeldwäschebekämpfungAnti-Money Laundering ■ MathematikActuarial and undBusiness GeschäftssteuerungSteering SachProperty (inklincl. RückversicherungReinsurance) |\n| Norbert Eickermann Hannover | ■ Sales EVT |\n| Dr. Philipp Horsch (seit 1.4.2025) Hannover | ■ Product Management Corporate/Freelance Professions ■ Operations Corporate/Freelance Professions |\n| Thorsten Jahnke (seit 1.1.2026 (Year 2026)) Hannover | ■ Broker Sales / Cooperations |\n| Thomas Lüer Hannover | ■ HDI Sales ■ Sales Management ■ Marketing |\n| Jens Warkentin Hannover | ■ Controlling ■ Risk Management ■ Actuarial Function ■ Accounting, Financial Reporting and Taxes ■ Data Protection ■ Legal ■ Internal Audit ■ Compliance |\n\n=== CompensationExecutive ofbodies' governingcompensation bodies ==="

"id": "9fth4kgfqj-c219c191",

"chunk": 219191,

"heading": "Executive boardand Supervisory Board compensation",

"content": "* Total compensation for active ExecutiveManagement Board members for their work inat the company was EUR 2,071k (prior: EUR 2,443k).\n* ExecutiveManagement Board members also received compensation for their work in other Talanx Group companies if they wereserved also members ofon those companies' bodiesboards.\n* UnderVirtual shares allocated to the share-basedManagement compensationBoard system,for the Executivereporting Boardyear wasunder allocatedthe share-based compensation system totaled 7,989 (prior: 10,103) virtual shares from the Talanx Performance Share Award program for the reporting yearProgram, with a fair value of EUR 744k (prior: EUR 704k).\n* Provisions for current pensions and entitlements for former Management Board members or their surviving dependents, for their previous work at the company, amounted to EUR 147k (prior: EUR 149k).\n* Supervisory Board members received EUR 6k (prior: EUR 6k) for their work at the company.\n\n== Other financial obligations and contingent liabilities =="

"id": "9fth4kgfqj-c220c192",

"chunk": 220192,

"heading": "FormerGuarantees executiveand boardcontingent members' provisionsliabilities",