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== Content =="

"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": "Appendix and financial statements",

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

"heading": "Audit and supervisory board reports",

"content": "* Section 61: Bestätigungsvermerk des unabhängigen Abschlussprüfers (Independent Auditor's Report)\n* Section 68: Bericht des Aufsichtsrats (Report of the Supervisory Board)\n\n== Management Report. ==\n\n=== Business Activities, Organization and Structure ===\n\n==== Corporate Policy Background ===="

4

"heading": "HDI Versicherung AG overview",

"links": [

"Property \u0026 casualty"

],

"effective_tags": [

"Property \u0026 casualty"

],

"content": "* HDI Versicherung AG is part of the Talanx business division Private and Corporate Insurance Germany (HDI Deutschland).\n* HDI Deutschland bundles the activities of private and corporate customer companies in property and casualty (Property \u0026 casualty) insurance, life insurance, and bancassurance in Germany.\n* HDI Deutschland AG manages the HDI Deutschland business division.\n* The registered office of HDI Versicherung AG is Hannover.\n* The company offers broad insurance coverage for private individuals, sole proprietors, freelancers, and small and medium-sized enterprises in liability, accident, property, and motor vehicle insurance.\n* HDI Versicherung AG provides comprehensive insurance coverage for companies in trade, services, and crafts through industry-specific solutions and modular insurance packages.\n* HDI Versicherung AG positions itself as a provider of affordable and transparent insurance products for private and corporate customers.\n* The focus is on price- and performance-conscious customers who independently seek market solutions, as well as consultation-oriented customers who desire customized insurance products.\n* The company uses its in-house sales force organization to provide a holistic support approach for its customers.\n* In addition to its own property and casualty insurance, legal protection, credit, life, and health insurance products from other companies are also offered through this channel.\n* Another distribution channel is the company-mediated employee benefits business."

"heading": "Credit rating",

"links": [],

"effective_tags": [],

"content": "* In February 2025, Standard \u0026 Poor's upgraded the financial strength rating for HDI Versicherung AG from A+ to AA-.\n* The outlook for HDI Versicherung AG's rating is 'stable'.\n* The rating confirms that the company has a particularly strong financial profile.\n\n=== Our Sales Partners ==="

"heading": "Distribution strategy and channels",

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

"heading": "Group-wide services and synergies",

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

5

"heading": "Global economic development and trade policy",

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

"heading": "German and Eurozone economic performance",

"links": [

"Headwind"

],

"effective_tags": [

"Headwind"

],

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

"heading": "US economic performance",

"links": [],

"effective_tags": [],

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

"heading": "China and Latin America economic performance",

"links": [],

"effective_tags": [],

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

"heading": "Global inflation and interest rates",

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

"heading": "International equity markets performance",

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

7

"heading": "Anti-money laundering and terrorism financing compliance",

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

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

"id": "9fth4kgfqj-c18",

"chunk": 18,

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

"id": "9fth4kgfqj-c19",

"chunk": 19,

"heading": "Business performance and situation",

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

"id": "9fth4kgfqj-c20",

"chunk": 20,

"content": "* This section covers topics from the reporting year.\n\n==== Future viability of the HDI Germany segment ===="

"id": "9fth4kgfqj-c21",

"chunk": 21,

"heading": "HDI Germany \"Substanz\" Strategic Program",

"links": [

"Business mix"

],

"effective_tags": [

"Business mix"

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

"id": "9fth4kgfqj-c22",

"chunk": 22,

"heading": "HDI Germany Strategic Focus Areas",

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

"id": "9fth4kgfqj-c23",

"chunk": 23,

"heading": "AI and Agility Initiatives",

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

"id": "9fth4kgfqj-c24",

"chunk": 24,

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

"id": "9fth4kgfqj-c25",

"chunk": 25,

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

"id": "9fth4kgfqj-c26",

"chunk": 26,

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

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

"id": "9fth4kgfqj-c27",

"chunk": 27,

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

"id": "9fth4kgfqj-c28",

"chunk": 28,

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

"id": "9fth4kgfqj-c29",

"chunk": 29,

"heading": "financial performance indicators",

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

"id": "9fth4kgfqj-c30",

"chunk": 30,

"heading": "product ratings",

"content": "* The HDI Versicherung (Premium product line (Business mix)) was rated \"FFF\" (very good).\n* The HDI Kfz-Versicherung (Motor Premium product line) maintained its top rating of \"FFF+\" (excellent) from the independent analysis firm Franke \u0026 Bornberg Research GmbH.\n* In the \"Firmen und Freie Berufe\" (Companies and Freelancers) segment, AssCompact awarded the commercial property insurance \"Beste Produktqualität\" (Best Product Quality) and \"Bestes Preis-Leistungs-Verhältnis\" (Best Price-Performance Ratio).\n* Franke \u0026 Bornberg Research GmbH rated the \"Inhaltsversicherung Sach Allgefahren\" (Property All-Risk Contents Insurance) with modules for Gastronomy, Flood, and Backwater as \"FFF\" (very good).\n* The \"Betriebshaftpflichtversicherung\" (Business Liability Insurance) with modules for Construction, Services, Trade, Crafts (Ancillary Construction Trades), and Ancillary Medical Professions received an \"FFF+\" (excellent) rating.\n* The commercial cyber insurance (Cyber Insurance for Companies and Freelancers, Business Interruption due to Cloud Outage) was also rated \"FFF\" (very good)."

"id": "9fth4kgfqj-c31",

"chunk": 31,

"content": "(1) The Talanx Group always makes decisions based on the current data situation and existing regulations. Should conditions change, the Talanx Group reserves the right to update the corresponding decisions"

"id": "9fth4kgfqj-c32",

"chunk": 32,

"pages": [

10

],

"heading": "Performance indicators",

"tags": [],

"links": [],

"data_items": [],

"effective_tags": [],

"content": "* The performance indicators are based on the HDI VVG Group, which includes HDI VVG and its subsidiaries, and are prepared in accordance with IFRS.\n* The HDI VVG Group is a sub-group of Talanx AG.\n* The performance indicators are derived from the consolidated financial statements of the HDI VVG Group.\n\n== Earnings performance of HDI Versicherung AG ==\n\n=== Business performance: Insurance business total ==="

},

{

"id": "9fth4kgfqj-c33",

"chunk": 33,

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

"id": "9fth4kgfqj-c34",

"chunk": 34,

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

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

"id": "9fth4kgfqj-c35",

"chunk": 35,

"heading": "Gross and net claims expenses",

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

"id": "9fth4kgfqj-c36",

"chunk": 36,

"heading": "Operating expenses and cost ratios",

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

"id": "9fth4kgfqj-c37",

"chunk": 37,

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

"id": "9fth4kgfqj-c38",

"chunk": 38,

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

"id": "9fth4kgfqj-c39",

"chunk": 39,

"content": "**Motor insurance**\n\n| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |\n| --- | --- | --- | --- | --- |\n| Written premiums | 521.6 | 518.4 | 577.6 | 572.1 |\n| Earned premiums | 520.7 | 517.5 | 573.4 | 568.0 |\n| Incurred claims | 366.3 | 363.8 | 482.7 | 481.1 |\n| Operating expenses | 107.4 | 107.4 | 124.9 | 124.9 |\n| Technical result f. e. R. | — | -2.6 | — | -39.0 |\n| In % — Loss ratio | 70.4 | 70.3 | 84.2 | 84.7 |\n| In % — Expense ratio | 20.6 | 20.8 | 21.8 | 22.0 |\n| Combined loss / — Expense ratio | 91.0 | 91.0 | 106.0 | 106.7 |"

"id": "9fth4kgfqj-c40",

"chunk": 40,

"heading": "Motor insurance performance",

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

"id": "9fth4kgfqj-c41",

"chunk": 41,

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

"id": "9fth4kgfqj-c42",

"chunk": 42,

"heading": "Liability insurance performance",

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

"id": "9fth4kgfqj-c43",

"chunk": 43,

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

"id": "9fth4kgfqj-c44",

"chunk": 44,

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

"id": "9fth4kgfqj-c45",

"chunk": 45,

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

"id": "9fth4kgfqj-c46",

"chunk": 46,

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

"id": "9fth4kgfqj-c47",

"chunk": 47,

"heading": "Multi-risk",

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

"id": "9fth4kgfqj-c48",

"chunk": 48,

"heading": "Multi-risk segment performance",

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

"id": "9fth4kgfqj-c49",

"chunk": 49,

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

"id": "9fth4kgfqj-c50",

"chunk": 50,

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

"id": "9fth4kgfqj-c51",

"chunk": 51,

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

"id": "9fth4kgfqj-c52",

"chunk": 52,

"heading": "Gross and net premiums",

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

"id": "9fth4kgfqj-c53",

"chunk": 53,

16

"heading": "Claims expenses and loss ratios",

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

"id": "9fth4kgfqj-c54",

"chunk": 54,

16

"heading": "Operating expenses and combined ratios",

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

"id": "9fth4kgfqj-c55",

"chunk": 55,

16

"heading": "Underwriting result",

"content": "* The net underwriting result after fluctuation reserve was EUR 18.2m (prior: EUR 13.6m).\n* EUR 1.6m (prior: EUR 3.5m) was allocated to the fluctuation reserve.\n\n=== Other insurance ==="

"id": "9fth4kgfqj-c56",

"chunk": 56,

17

"heading": "Other insurance",

"content": "**Other insurance**\n\n| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |\n| --- | --- | --- | --- | --- |\n| Written premiums | 220.8 | 194.7 | 181.9 | 161.7 |\n| Earned premiums | 219.8 | 193.0 | 181.2 | 161.1 |\n| Incurred claims | 115.9 | 115.7 | 124.7 | 122.1 |\n| Operating expenses | 81.8 | 78.4 | 70.5 | 65.5 |\n| Technical result f. e. R. | — | -6.0 | — | -24.7 |\n| In % — Loss ratio | 52.8 | 59.9 | 68.8 | 75.8 |\n| In % — Expense ratio | 37.2 | 40.6 | 38.9 | 40.7 |\n| In % — Combined ratio | 90.0 | 100.5 | 107.7 | 116.5 |"

"id": "9fth4kgfqj-c57",

"chunk": 57,

"pages": [

17

],

"heading": "Other insurance lines performance",

"tags": [],

"links": [],

"data_items": [],

"effective_tags": [],

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

},

{

"id": "9fth4kgfqj-c58",

"chunk": 58,

"heading": "Investment income and results",

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

"id": "9fth4kgfqj-c59",

"chunk": 59,

"heading": "Other result",

"links": [],

"effective_tags": [],

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

"id": "9fth4kgfqj-c60",

"chunk": 60,

"content": "(1) Gross current income less expenses for the administration of investments less scheduled depreciation in relation to the average investment portfolio as of 1.1. and 31.12. of the respective fiscal year"

"id": "9fth4kgfqj-c61",

"chunk": 61,

"content": "(2) All income less all expenses for investments in relation to the average investment portfolio as of 1.1. and 31.12. of the respective fiscal year\n\n== Total comprehensive income of HDI Versicherung AG =="

"id": "9fth4kgfqj-c62",

"chunk": 62,

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

"id": "9fth4kgfqj-c63",

"chunk": 63,

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

"id": "9fth4kgfqj-c64",

"chunk": 64,

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

"id": "9fth4kgfqj-c65",

"chunk": 65,

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

"id": "9fth4kgfqj-c66",

"chunk": 66,

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 securities comprised 66.7% (prior year: 70.9%) of total investments at the end of 2025.\n* Investments were mainly in bonds, promissory note loans, and registered bonds of good credit quality.\n* Other significant asset classes included bond funds at 17.5% (prior year: 15.7%) and participations and shares in affiliated companies at 6.9% (prior year: 7.2%).\n* The average rating of fixed-income investments, determined by the linear method, was AA (prior year: AA)."

"id": "9fth4kgfqj-c67",

"chunk": 67,

"heading": "Investment portfolio changes by asset class",

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

"id": "9fth4kgfqj-c68",

"chunk": 68,

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

"id": "9fth4kgfqj-c69",

"chunk": 69,

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

"id": "9fth4kgfqj-c70",

"chunk": 70,

"heading": "Investment income and 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 considered to be unchanged and stable.\n\n== Risk report ==\n\n=== Summary of the risk situation ==="

"id": "9fth4kgfqj-c71",

"chunk": 71,

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

"id": "9fth4kgfqj-c72",

"chunk": 72,

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

"id": "9fth4kgfqj-c73",

"chunk": 73,

"heading": "Strategic measures and regulatory capital",

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

"id": "9fth4kgfqj-c74",

"chunk": 74,