HDI Versicherung/2025/FY/Annual report: Difference between revisions

| summary_md = File:HDI_Versicherung<!-2025-FY ARCHIVE_MD_LINK_HERE -Annual_report.md->

!| style="text-align:left" | Mio. EUR—

! class="col-s"| style="text-align:right" | 2025

! class="col-s"| style="text-align:right" | 2024

! class="col-s"| style="text-align:right" | +/- %

| style="text-align:right" | 1.564,564.8

| style="text-align:right" | 1.588,588.3

| style="text-align:right" | -1,.5

| style="text-align:left" | Gross incurred lossesclaims

| style="text-align:right" | 1.006,006.0

| style="text-align:right" | 1.045,045.4

| style="text-align:right" | -3,.8

| style="text-align:right" | 486,.4

| style="text-align:right" | 506,.7

| style="text-align:right" | -4,.0

| style="text-align:right" | 95,.7

| style="text-align:right" | 98,.3

| style="text-align:right" | 3.761,761.9

| style="text-align:right" | 3.678,678.1

| style="text-align:right" | 2,.3

| style="text-align:right" | 3.763,763.9

| style="text-align:right" | 3.760,760.8

| style="text-align:right" | 0,.1

| style="text-align:right" | -31,.8

| style="text-align:right" | 112,.0

| style="text-align:right" | -128,.4

| style="text-align:right" | -0,.8

| style="text-align:right" | 3,.0

| style="text-align:right" | 109,.5

| style="text-align:right" | 17,.6

| style="text-align:right" | 520,.4

'''ReportTable sectionsof contents'''

==== Corporate policyPolicy backgroundBackground ====

{{chunk|doc=9fth4kgfqj|c=64|p=4}}

'''HDI Versicherung AG overview and strategy'''

* HDI Versicherung AG is part of the Talanx business division Private and Corporate CustomersInsurance Germany (HDI Deutschland) business division.

* HDI Deutschland AG manages the HDI Deutschlandthis business division.

* The company offers broad insurance coverage for private individuals, sole proprietors, freelancers, and small toand medium-sized businesses in liability, accident, property, and motor vehicle insuranceenterprises.

* HDI Versicherung AG aimspositions toitself beas a provider of affordable and transparent insurance products for private and corporate customers.

* The focus is on price- and performance-conscious customers who independently navigate the market, as well as advice-oriented customers seeking advice and customizedtailored insurance products.

* The company uses its in-house sales force organization for a holistic customer supportcare approach.

* This sales force also offers legal protection, credit, life, and health insurance from other companies, in addition to itsHDI's own [[Definition:Property & casualty|property and casualty]] insurance.

* Another distributionsales channel is company-mediated groupemployee business.

* This is achieved by maintainingfostering and expanding cooperation with carefully selected distributionsales partners across all relevant sales channels.

* Relevant sales channels forinclude HDI include its's own exclusive sales organization, distributionsales through independent brokers and multiple multi-agents, and various cooperation partners.

* This cross-segment perspective is crucial for improving processes and services for the benefit of customers and distributionsales partners.

* With the increasing importance of online sales, HDI also seeksaims to optimize interfaces with distributionsales partners and offer them digitally signableavailable products.

* Its integration into a large insurance group allows forenables cross-company organized functions, enablingleading theto efficient use of synergies and resources.

* This structure allows for cost advantages from standardized processing within the group and better conditionsterms with service providers.

* Essential services from cross-functional areas like Financefinance, Humanhuman Resourcesresources, IT, Operationsoperations, and Salessales are provided by HDI AG for the domestic companies of the Talanx Group, including HDI Versicherung AG.

* HDI Versicherung AG also utilizes the central services fromof Ampega Asset Management GmbH, which manages assets for the insurance companies within the group.

=== ManagementEconomic reportReport ===

==== GeneralOverall economicEconomic and industryIndustry-specificSpecific conditionsConditions ====

===== Economic developmentDevelopment =====

{{chunk|doc=9fth4kgfqj|c=105|p=5}}

* Global economic growth wasremained at 3.3% YoY in 2025, the weakest value since 2020, influenced by the COVIDstart yearof 2020US President Trump's second term and his administration's trade policy, particularly after the "Liberation Day" in April and subsequent policy reversals.

{{chunk|doc=9fth4kgfqj|c=116|p=5}}

* The German economy recorded a +0.2% YoY increasegrowth in 2025 after two consecutive recession years.

* Germany's GDP in 2025 was only 0.1% above its pre-COVIDCovid level at the end of 2019.

* DeclinesThe decline in construction and equipment investments in Germany werewas not offset by growthan increase in the defense sector.

* External trade faceddisputes created [[Definition:Headwind|headwinds]] duefor tothe tradeGerman disputeseconomy.

* The special fund for infrastructure announced in March and higher defense spending announced in March are expected to takehave their full effect in the coming years.

* The GermanGermany's economy, similar to France's, lagged behind its European peers.

* Excluding Ireland, which hadsaw double-digit GDP growth in 2025 due to stronglysharply increasingrising (pharmaceutical) exports, Eurozone growth would have been only 0.9% YoY.

{{chunk|doc=9fth4kgfqj|c=127|p=5}}

* The US economy performed well in 2025, with GDP growth ofgrew +2.2% YoY, in 2025 despite uncertainties from the new administration.

* GrowthUS growth was primarily driven by private consumption, though its momentum cooled compared to H2 2024 due to a weaker labor market, persistent price pressure (partly from tariffs), and a government shutdown in October/November.

* A significant reduction in the foreign trade deficit, resulting from trade restrictions, also drovecontributed to US growth.

{{chunk|doc=9fth4kgfqj|c=138|p=5}}

'''China and Latin America economic growthperformance'''

* China's economic growth was +5.0% YoY in 2025, achieving the government's growth target for the third consecutive year.

* ThisChina's growth defied [[Definition:Headwind|headwinds]] from US tariffs, which reached almost 140% at times, and persistent structural weaknesses in domestic consumption and the real estate sector.

{{chunk|doc=9fth4kgfqj|c=149|p=5}}

{{chunk|doc=9fth4kgfqj|c=1611|p=56}}

'''CapitalBond marketyields performanceand oil prices 2025'''

* DoubtsThe aboutEuro USsignificantly debt sustainability and escalating tariffs led to a significant appreciation of the Euroappreciated against the US Dollar from 1.04 to 1.18 in the first half of 2025 due to doubts about US debt sustainability and tariff escalation.

* The Euro consolidated slightly below this level in the second half of the year due toamid political attacks on the Fed's independence.

==== German insuranceInsurance industryIndustry ====

{{chunk|doc=9fth4kgfqj|c=1712|p=6}}

* Premium income is estimated to have increased by 6.6% to EUR 253.6bn in 2025.

==== Legal and regulatoryRegulatory frameworkFramework ====

===== Supervisory requirementsRequirements =====

{{chunk|doc=9fth4kgfqj|c=1913|p=6}}

'''Regulatory environment overview'''

====== Insurance Distribution Directive ======

{{chunk|doc=9fth4kgfqj|c=2014|p=6}}

'''Regulatory requirementscompliance for insurance distribution'''

* Primary insurers must comply with legal requirements and the BaFin Circular 11/2018 regarding cooperation with insurance intermediaries and risk management in sales when working with intermediaries.

* Product oversight and governance of insurance products are determined by, among other thingsothers, Delegated Regulation (EU) 2017/2358 of the European Commission.

* A seven-day waiting period for the conclusion ofconcluding residual creditdebt agreementscontracts for general consumer creditloan agreements was introduced on January 1, 2025.

* This act requires certain products and services for consumers to be provided accessibly and withinclude accessibility information.

====== Minimum requirementsRequirements for businessBusiness organizationOrganization ======

{{chunk|doc=9fth4kgfqj|c=2115|p=6}}

* The revised BaFin Circular 09/2025 (VA) on the official interpretation of the Minimum Requirements for Business Organization of Insurance Undertakings (MaGo) clarifies overarching aspects of business organization and central terms like "proportionality" andor "administrative, management, or supervisory body" from the supervisory authority's perspective.

* Despite lacking direct legal binding, MaGo is considered in the HDI Group's business organization, particularly in general governance, key functions, risk management system, capitalown funds requirements, internal control system, outsourcing, and emergency management.

* InsuranceThe companies,company asis per Art. 13 No. 1 Directive 2009/138/EC, aretherefore obligated underto §comply 2with Para. 1 No.the 7provisions of the Money Laundering Act (GwG) inand conjunction§§ with52 §to 655 GwGVAG toregarding implementthe internalprevention safeguards againstof money laundering, ifterrorist they conduct life insurance activitiesfinancing, offerand accidentother insurancecriminal withacts premiumdue refunds,to orits grantloan loansgranting asactivities defined inunder § 1 ParaAbs. 1 SentenceSatz 2 No. 2 KWG.

* Loan granting isoccurs conducted as part ofwithin capital investment by Ampega Asset Management GmbH, with a process established for control by the money laundering officer.

* Changes to currentapplicable 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 applyapplies from July 10, 2027.

* Digitalization has gained importance in recent years, leading to a transition to digital, data-baseddriven business models.

* Resulting legal questions and challenges, particularlywith concerninga focus on IT security, are increasingly important for HDI Group companies.

* The EU's Digital Operational Resilience Act (DORA) introduces new requirements, which insurance companies, among others, must meet by January 17, 2025, to strengthen the European financial market against cyber risks and information and communication technologyICT incidents.

* In 2024, theThe EU also enacted the Artificial Intelligence Regulation (Regulation (EU) 2024/1689) in 2024, which affects the insurance industry and will have specific impacts on the HDI Group.

* The data protection management system is designed to observe and control requirements oflike the EU General Data Protection Regulation (GDPR) and the Federal Data Protection Act.

* Employees are trained on careful data handling and arecommitted contractuallyin obligatedwriting to comply withhandle data protection requirementscarefully.

* The Group focusespays onclose attention to adapting its business and products to legal, supervisory, and tax frameworks.

* MechanismsInstalled aremechanisms inensure place toearly identifyidentification and evaluateevaluation of future legal developments and their impact on business operations, early,allowing enablingfor timely adjustments.

* The core of the new strategy is a targeted excellencebuild-up developmentof excellence along the value chain.

{{chunk|doc=9fth4kgfqj|c=2116|p=8|cont=1}}

* By focusing on core competencies and a streamlined product portfolio, the HDI GermanyDeutschland [[Definition:Business mix|business unit]] aims to become more profitable in the medium term.

* The company intendsalso aims to distinguish itself through high-quality service offerings and reliable cooperation with sales partners.

* The company responded to centralkey challenges by sharpening its strategic focusdirection and achieved initial positive developments towards clearly focused business models and performance-oriented management.

* The targeteddesired profitability was achieved early in some business areas.

* In the motor insurance business, the focus is on securing a profitable portfolio in a competitive market environment driven by high claims inflation and associatedcorresponding high claims costs.

* The emphasis is on consistent alignment with market requirements and customer needs forregarding simple products and digital processes.

* The corporate and freelance professions [[Definition:Business mix|business unit]] is expanding, especially through competitive-differentiating differentiation, proven market and business expertise, and systematic portfolio management of the portfolio for profitability.

* ProfitabilityIn ofFire theand Multi-Risk products, portfolio profitability and the professionalization and efficiency improvement of processes are consistently and successfully driven, particularly in fire and multi-risk productsadvanced.

==== IT strategyStrategy ====

{{chunk|doc=9fth4kgfqj|c=2218|p=8}}

'''IT strategy and objectivesdigitalization'''

* The IT strategy for the Private and CommercialCorporate Insurance Germany division covers all essential IT aspects for the risk carriers of HDI Germany.

* The digitalizationDigitalization of processes and service offerings, along with the modernization of IT infrastructure, shape HDI Germany's business activities.

* Essential componentsaspects of the IT strategyalso include the sustainable implementation of IT compliance and regulatory requirements under the Digital Operational Resilience Act (DORA), and the continuous improvement of the security protection level.

==== Product ratingsRatings ====

{{chunk|doc=9fth4kgfqj|c=2319|p=8}}

* Stiftung Warentest rated the Residentialprivate Buildingliability Insuranceinsurance (Premium [[Definition:Business mix|product line]]) with 'Very"Sehr goodgut (0.7)'".

* FrankeStiftung &Warentest Bornbergalso Research GmbH awardedrated the HDIresidential Privatebuilding Liabilityinsurance Insurancein (Premium [[Definition:Business mix|product line]], Single andthe Premium [[Definition:Business mix|product line]], Family) with 'FFF+'"Sehr gut (excellent0.7) in the HUS-Privat sector".

* Franke & Bornberg Research GmbH awarded the ResidentialHDI Buildingprivate Insuranceliability insurance (Premium [[Definition:Business mix|product line]], Single and Premium [[Definition:Business mix|product line]], Family) and the residential building insurance (Premium [[Definition:Business mix|product line]] / MultiPremium multi-family house Premium product) with '"FFF+'" (excellent) in the HUS-Privat sector.

* Franke & Bornberg Research GmbH rated the HDI Accidentaccident Insuranceinsurance (Premium, 100% participationco-insurance, protection letter) and the HDI household insurance (Premium [[Definition:Business mix|product line]]) with '"FFF'" (very good).

==== Sustainability ====

{{chunk|doc=9fth4kgfqj|c=2420|p=9}}

* Talanx Group, as anhas international insurance group anda long-termstanding investor, has long been committedcommitment to responsible corporate management focused on sustainable value creation, integrating its sustainability strategy into the overall corporate strategy.

* The sustainability strategy isfocuses anon integralimplementing partESG ofaspects across the Group'sentire strategyvalue chain, basedwith onan implementingemphasis ESG-specificon environmental aspects acrossin investments, underwriting, and operations, as well as the entireGroup's valuesocial chainfocus and adequate governance.

* Exclusions for conventional oil and gas projects in underwriting came into effect in July 2023, including a general exclusion offor new greenfield oil and gas projects.

{{chunk|doc=9fth4kgfqj|c=2521|p=9}}

* HDI Motor InsuranceKfz-Versicherung (Motor Premium [[Definition:Business mix|product line]]) received the top rating of 'FFF+' (excellent) from independent analysis firm Franke & Bornberg Research GmbH.

* Franke & Bornberg Research GmbH rated the All-Risk"Sach ContentsAllgefahren" Insurancecontents insurance with Gastronomymodules for gastronomy, Floodflood, and Backwaterbackflow moduleswith 'FFF' (very good).

* TheFranke & Bornberg Research GmbH rated the business liability insurance with Constructionmodules for construction, Servicesservices, Tradetrade, Craftscrafts (ancillary construction trades), and Alliedallied Healthhealth Professionsprofessions modules receivedwith 'FFF+' (excellent).

* Commercial cyber insurance (Cyber insurance for Corporate and Freelance Professions, business interruption due to cloud outagefailure) was rated 'FFF' (very good).

{{chunk|doc=9fth4kgfqj|c=2622|p=9}}

* To advance the decarbonization of the investment portfolio, the focus was recently on refining the positioning regarding fossil fuels on the investment side.

* From 2025, there will be aA systematic reduction of exposure along the entire oil and gas sector value chain ofwill theoccur oilfrom and gas sector2025.

* The share of oil and gas inshare of the total portfolio of liquid corporate bondsbond portfolio, currently 5.7%, is to be reduced by 20% from 5.7% to 4.5% over the next five years.

{{chunk|doc=9fth4kgfqj|c=2723|p=9}}

'''Social engagement and governance engagement'''

* In 2022, a unified framework for the mostlylargely decentralized social and community engagement was createdestablished and anchored in the Group strategy.

* Four strategic areas of action were defined for the Talanx Group: Diversity, Equal Opportunities, and Inclusion; Employee's Journey; Ensuring Access to Education; and Promoting Access to Infrastructure.

==== Performance indicators ====

{{chunk|doc=9fth4kgfqj|c=2824|p=9}}

* The company has defined only financial key performance indicators (KPIs) or financially significant performance indicators for the 2025 financial year.

* These KPIs include [[Definition:Gross written premiums|gross written premiums]], gross expenses for insurance benefitsclaims, gross expenses for insurance operations, investment income, and net incomeprofit before profit transfer.

* The development of these and other key figures will be detailedexplained in subsequent chapters.

{{chunk|doc=9fth4kgfqj|c=2925|p=9}}

==== Earnings performance of HDI Versicherung AG ====

===== Business development: Insurance business overalltotal =====

{{chunk|doc=9fth4kgfqj|c=3026|p=10}}

|+ Business development: Insurance business overalltotal

! style="text-align:left" | In EUR million

! class="col-s" style="text-align:right" | 2025 Gross

! class="col-s" style="text-align:right" | 2025 Net

! class="col-s" style="text-align:right" | 2024 Gross

! class="col-s" style="text-align:right" | 2024 Net

| style="text-align:right" | 1.564,564.8

| style="text-align:right" | 1.495,495.5

| style="text-align:right" | 1.588,588.3

| style="text-align:right" | 1.513,513.5

| style="text-align:right" | 1.559,559.8

| style="text-align:right" | 1.489,489.9

| style="text-align:right" | 1.579,579.5

| style="text-align:right" | 1.504,504.8

| style="text-align:left" | IncurredClaims lossesincurred

| style="text-align:right" | 1.006,006.0

| style="text-align:right" | 996,.0

| style="text-align:right" | 1.045,045.4

| style="text-align:right" | 1.042,042.3

| style="text-align:right" | 486,.4

| style="text-align:right" | 477,.3

| style="text-align:right" | 506,.7

| style="text-align:right" | 496,.2

| style="text-align:left" | Technical result for a.r.own account

| style="text-align:right" | 20,.1

| style="text-align:right" | -30,.7

| style="text-align:left" | Loss ratio{{fn ref|1)|2=IncurredClaims lossesincurred in relation to earned premiums}}

| style="text-align:right" | 64,.5

| style="text-align:right" | 66,.9

| style="text-align:right" | 66,.2

| style="text-align:right" | 69,.3

| style="text-align:right" | 31,.2

| style="text-align:right" | 32,.0

| style="text-align:right" | 32,.1

| style="text-align:right" | 33,.0

| style="text-align:left" | Combined ratio{{fn ref|3)|2=SumTotal of incurredclaims lossesincurred and operating expenses in relation to earned premiums}}

| style="text-align:right" | 95,.7

| style="text-align:right" | 98,.9

| style="text-align:right" | 98,.3

| style="text-align:right" | 102,.2

{{fn note|1=1)|2=IncurredClaims lossesincurred in relation to earned premiums}}

{{fn note|1=3)|2=SumTotal of incurredclaims lossesincurred and operating expenses in relation to earned premiums}}

{{chunk|doc=9fth4kgfqj|c=3127|p=10}}

'''[[Definition:Gross writtenand premiums|Gross WrittenNet Premiums]] and Reinsurance'''

* HDI Versicherung AG's [[Definition:Gross written premiums|grossGross written premiums]] decreased by EUR 23.5m to EUR 1,564.8m (prior: EUR 1,588.3m).

* Positive development in corporate lines did not fully offset the decline in the motor divisionvehicle line due to portfolio reductions.

* FreelanceFree professions and private lines experienced a slight decrease in [[Definition:Gross written premiums|gross written premiums]], also due to portfolio reductions.

* Reinsurance premiums decreased by EUR 5.5m to EUR 69.4m (prior: EUR 74.9m) due to lowerdeclining reinsurance costs and a higher retention rate in the Cybercyber divisionline.

{{chunk|doc=9fth4kgfqj|c=3228|p=10}}

'''Claims Expenses and LossCombined RatiosRatio'''

* This was primarily due to a EUR 172.4m reductiondecrease in gross current year claims expenses to EUR 1,071.8m (prior: EUR 1,244.1m), driven by a decreasereduction in frequency claims, especially in the motor divisionvehicle line.

* Increased expenses for large claims, particularly in motor vehicle and multi-risk divisionslines, were largely offset by decreasing expenses from natural catastrophes, especially in comprehensive and building insurance divisionslines.

* Gross run-off gainsgain decreased by EUR 133.0m to EUR 65.8m (prior: EUR 198.7m), mainly in liability lines and motor liability divisions due to reserve adjustments for prior year claims.

* TheGross gross lossclaims ratio decreased by 1.7 percentage points to 64.5% (prior: 66.2%).

* Net run-off gainsgain decreased by EUR 119.2m to EUR 71.0m (prior: EUR 190.2m).

* TheNet net lossclaims ratio decreased from 69.3% to 66.9%.

* Net operating expenses for insurance business decreased by EUR 19.0m to EUR 477.3m (prior: EUR 496.2m).

* TheDespite lower premium levels, the gross costexpense ratio slightly decreased to 31.2% (prior: 32.1%) despiteand lowerthe premiumnet levelsexpense ratio to 32.0% (prior: 33.0%).

* TheGross net costcombined ratio decreased tofrom 3298.03% (prior:to 3395.07%).

* The grossNet combined ratio decreased from 98102.32% to 9598.79%.

{{chunk|doc=9fth4kgfqj|c=3429|p=10}}

* The netNet technical result after fluctuation reserve improved by EUR 50.8m to EUR 20.1m (prior: -EUR 30.7m).

===== InsuranceDirectly Businesswritten insurance business =====

|+ Self-concludedDirectly written insurance business

! style="text-align:left" | Mio.In EUR million

| style="text-align:right" | 1.564,564.8

| style="text-align:right" | 1.495,495.4

| style="text-align:right" | 1.588,588.3

| style="text-align:right" | 1.513,513.4

| style="text-align:right" | 1.559,559.8

| style="text-align:right" | 1.489,489.8

| style="text-align:right" | 1.579,579.5

| style="text-align:right" | 1.504,504.8

| style="text-align:left" | IncurredClaims lossesincurred

| style="text-align:right" | 1.006,006.0

| style="text-align:right" | 996,.0

| style="text-align:right" | 1.045,045.5

| style="text-align:right" | 1.042,042.3

| style="text-align:right" | 486,.4

| style="text-align:right" | 477,.3

| style="text-align:right" | 506,.7

| style="text-align:right" | 496,.2

| style="text-align:left" | Technical result for a.r.own account

| style="text-align:right" | 20,.1

| style="text-align:right" | -30,.7

| style="text-align:right" | 64,.5

| style="text-align:right" | 66,.9

| style="text-align:right" | 66,.2

| style="text-align:right" | 69,.3

| style="text-align:right" | 31,.2

| style="text-align:right" | 32,.0

| style="text-align:right" | 32,.1

| style="text-align:right" | 33,.0

| style="text-align:right" | 95,.7

| style="text-align:right" | 98,.9

| style="text-align:right" | 98,.3

| style="text-align:right" | 102,.2

===== Motor Insuranceinsurance =====

{{chunk|doc=9fth4kgfqj|c=3631|p=11}}

|+ Motor Insuranceinsurance

! colspanrowspan="52" style="text-align:centerleft" | Mio.In EUR million

! style="text-align:left" | Gross

! class="col-s" style="text-align:right" | 2025<br/>GrossNet

! class="col-s" style="text-align:right" | 2025<br/>NetGross

! class="col-s" style="text-align:right" | 2024<br/>GrossNet

| style="text-align:right" | 521,.6

| style="text-align:right" | 518,.4

| style="text-align:right" | 577,.6

| style="text-align:right" | 572,.1

| style="text-align:right" | 520,.7

| style="text-align:right" | 517,.5

| style="text-align:right" | 573,.4

| style="text-align:right" | 568,.0

| style="text-align:left" | IncurredClaims lossesincurred

| style="text-align:right" | 366,.3

| style="text-align:right" | 363,.8

| style="text-align:right" | 482,.7

| style="text-align:right" | 481,.1

| style="text-align:right" | 107,.4

| style="text-align:right" | 107,.4

| style="text-align:right" | 124,.9

| style="text-align:right" | 124,.9

| style="text-align:left" | Technical result for a.r.own account

| style="text-align:right" | -2,.6

| style="text-align:right" | -39,.0

| style="text-align:right" | 70,.4

| style="text-align:right" | 70,.3

| style="text-align:right" | 84,.2

| style="text-align:right" | 84,.7

| style="text-align:right" | 20,.6

| style="text-align:right" | 20,.8

| style="text-align:right" | 21,.8

| style="text-align:right" | 22,.0

| style="text-align:right" | 91,.0

| style="text-align:right" | 91,.0

| style="text-align:right" | 106,.0

| style="text-align:right" | 106,.7

|+ Liability Insuranceinsurance

! rowspan="2" style="text-align:left" | In EUR million

! classcolspan="col-s2" style="text-align:rightcenter" | 2025

! classcolspan="col-s2" style="text-align:rightcenter" | 20252024

! style="text-align:left" | Mio. EURGross

| style="text-align:right" | 355,.1

| style="text-align:right" | 350,.8

| style="text-align:right" | 357,.2

| style="text-align:right" | 353,.7

| style="text-align:right" | 353,.9

| style="text-align:right" | 349,.7

| style="text-align:right" | 357,.6

| style="text-align:right" | 354,.0

| style="text-align:left" | IncurredClaims lossesincurred

| style="text-align:right" | 277,.4

| style="text-align:right" | 267,.9

| style="text-align:right" | 182,.6

| style="text-align:right" | 177,.2

| style="text-align:right" | 131,.5

| style="text-align:right" | 131,.5

| style="text-align:right" | 137,.9

| style="text-align:right" | 137,.9

| style="text-align:left" | Technical result for a.r.own account

| style="text-align:right" | 6,.8

| style="text-align:right" | 26,.7

| style="text-align:right" | 78,.4

| style="text-align:right" | 76,.6

| style="text-align:right" | 51,.1

| style="text-align:right" | 50,.0

| style="text-align:right" | 37,.2

| style="text-align:right" | 37,.6

| style="text-align:right" | 38,.6

| style="text-align:right" | 38,.9

| style="text-align:right" | 115,.5

| style="text-align:right" | 114,.2

| style="text-align:right" | 89,.6

| style="text-align:right" | 89,.0

{{chunk|doc=9fth4kgfqj|c=3834|p=12}}

'''GrossLiability andinsurance net premiumsperformance'''

* [[Definition:Gross written premiums|Gross written premiums]] infor liability insurance decreased by EUR 2.2m to EUR 355.1m (prior: EUR 357.2m).

* The corporate liability segment "Betriebshaftpflicht" (commercial liability) showed positive effects on [[Definition:Gross written premiums|gross written premiums]] from sustainedcontinued portfolio growth.

* Premiums in the "Freie Berufe-Sparte Heilwesenhaftpflicht" (liberal professions -) medical liability) segment remained stable with slightslightly portfoliogrowing growthportfolio.

* Premiums in the private liability, planning liability, and financial loss liability insurance segments slightly declined, following portfolio development.

* This increase was due to a decrease in the gross settlement result by EUR 92.0m to -EUR -55.8m (prior: EUR 36.2m), primarilyresulting from necessary reserve adjustments for largemajor claims from older accident years and an increase in the late claims reserve.

* Gross claimscurrent expensesyear forclaims the financial yearexpense rose to EUR 221.6m (prior: EUR 218.8m), particularly in the corporate segmentliability "Betriebshaftpflicht"segment, following portfolio development.

* The increase in net expenses was mainlyprimarily due to the decreased net settlement result of -EUR -46.3m (prior: EUR 41.7m).

* Net claimscurrent expensesyear forclaims the financial yearexpense increased from EUR 218.8m to EUR 221.6m.

===== Accident Insuranceinsurance =====

{{chunk|doc=9fth4kgfqj|c=4235|p=13}}

| style="text-align:left" | Mio.In EUR million

| style="text-align:right" | 60,.2

| style="text-align:right" | 60,.2

| style="text-align:right" | 61,.9

| style="text-align:right" | 61,.9

| style="text-align:right" | 60,.6

| style="text-align:right" | 60,.6

| style="text-align:right" | 62,.3

| style="text-align:right" | 62,.3

| style="text-align:left" | IncurredClaims lossesincurred

| style="text-align:right" | 29,.8

| style="text-align:right" | 29,.8

| style="text-align:right" | 26,.6

| style="text-align:right" | 26,.6

| style="text-align:right" | 22,.3

| style="text-align:right" | 22,.3

| style="text-align:right" | 23,.5

| style="text-align:right" | 23,.5

| style="text-align:left" | Technical result for a.r.own account

| style="text-align:right" | 14,.6

| style="text-align:right" | 15,.8

| style="text-align:right" | 49,.2

| style="text-align:right" | 49,.2

| style="text-align:right" | 42,.7

| style="text-align:right" | 42,.7

| style="text-align:right" | 36,.8

| style="text-align:right" | 36,.8

| style="text-align:right" | 37,.7

| style="text-align:right" | 37,.7

| style="text-align:right" | 86,.0

| style="text-align:right" | 86,.0

| style="text-align:right" | 80,.4

| style="text-align:right" | 80,.4

{{chunk|doc=9fth4kgfqj|c=4336|p=13}}

* [[Definition:Gross written premiums|Gross written premiums]] in accident insurance decreased by EUR 1.7m to EUR 60.2m (prior: EUR 61.9m) due to a slight decline in the number of insurance contracts in force.

* This increase was due to higher current year expenses resulting from increased large loss burdensburden, both gross and net, to EUR 46.9m (prior: EUR 42.8m).

{{chunk|doc=9fth4kgfqj|c=4437|p=13}}

* 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%).

{{chunk|doc=9fth4kgfqj|c=4538|p=13}}

'''Accident insurance underwritingtechnical result'''

===== Multi-risk =Risk ====

{{chunk|doc=9fth4kgfqj|c=4639|p=14}}

| style="text-align:left" | Mio.In EUR million

| style="text-align:right" | 168,.1

| style="text-align:right" | 148,.1

| style="text-align:right" | 166,.5

| style="text-align:right" | 141,.2

| style="text-align:right" | 168,.0

| style="text-align:right" | 148,.0

| style="text-align:right" | 166,.3

| style="text-align:right" | 141,.0

| style="text-align:left" | IncurredClaims lossesincurred

| style="text-align:right" | 116,.2

| style="text-align:right" | 117,.2

| style="text-align:right" | 92,.6

| style="text-align:right" | 100,.0

| style="text-align:right" | 63,.6

| style="text-align:right" | 60,.2

| style="text-align:right" | 64,.6

| style="text-align:right" | 61,.3

| style="text-align:left" | Technical result for a.r.own account

| style="text-align:right" | -29,.6

| style="text-align:right" | -20,.1

| style="text-align:right" | 69,.2

| style="text-align:right" | 79,.2

| style="text-align:right" | 55,.7

| style="text-align:right" | 70,.9

| style="text-align:right" | 37,.8

| style="text-align:right" | 40,.7

| style="text-align:right" | 38,.9

| style="text-align:right" | 43,.5

| style="text-align:right" | 107,.0

| style="text-align:right" | 119,.9

| style="text-align:right" | 94,.6

| style="text-align:right" | 114,.4

{{chunk|doc=9fth4kgfqj|c=4740|p=14}}

'''Multi-risk premiumsRisk segment performance'''

* [[Definition:Gross written premiums|Gross premiums written premiums]] infor Multi Risk increased by EUR 1.6m to EUR 168.1m (prior: EUR 166.5m).

* Premium adjustmentsgrowth contributedwas positively toimpacted by premium growthadjustments.

* Reinsurance premiums decreased by EUR 5.3m to EUR 20.0m (prior: EUR 25.3m) due to lower reinsurance costs, mainly from a reduction in the reinstatement premium reserve.

* Net claims expenses for insurance benefits increased by EUR 17.3m to EUR 117.2m (prior: EUR 100.0m).

* The decrease in gross expenses was causeddue byto lower administrative costs after considering a special depreciationwrite-down in the previousprior year.

* TheGross combined ratio net was 119107.90% (prior: 11494.46%).

* TheNet netcombined underwriting resultratio was -EUR 29119.6m9% (prior: -EUR 20114.1m4%).

===== LinkedCombined residential building insurance =====

{{chunk|doc=9fth4kgfqj|c=5041|p=15}}

|+ LinkedCombined residential building insurance

| style="text-align:left" | Mio.In EUR million

| style="text-align:right" | 166,.6

| style="text-align:right" | 154,.0

| style="text-align:right" | 168,.0

| style="text-align:right" | 152,.1

| style="text-align:right" | 164,.0

| style="text-align:right" | 151,.4

| style="text-align:right" | 163,.6

| style="text-align:right" | 147,.8

| style="text-align:left" | IncurredClaims lossesincurred

| style="text-align:right" | 74,.0

| style="text-align:right" | 75,.0

| style="text-align:right" | 103,.1

| style="text-align:right" | 102,.4

| style="text-align:right" | 53,.8

| style="text-align:right" | 51,.9

| style="text-align:right" | 58,.0

| style="text-align:right" | 56,.3

| style="text-align:left" | Technical result for a.r.own account

| style="text-align:right" | 18,.6

| style="text-align:right" | -3,.0

| style="text-align:right" | 45,.1

| style="text-align:right" | 49,.5

| style="text-align:right" | 63,.0

| style="text-align:right" | 69,.3

| style="text-align:right" | 32,.8

| style="text-align:right" | 34,.3

| style="text-align:right" | 35,.4

| style="text-align:right" | 38,.1

| style="text-align:right" | 77,.9

| style="text-align:right" | 83,.8

| style="text-align:right" | 98,.5

| style="text-align:right" | 107,.4

|+ LinkedCombined household contents insurance

! style="text-align:left" | In EUR million

! class="col-s" style="text-align:right" | 2025<br/>Gross

! class="col-s" style="text-align:right" | 2025<br/>Net

! class="col-s" style="text-align:right" | 2024<br/>Gross

! class="col-s" style="text-align:right" | 2024<br/>Net

| style="text-align:right" | 72,.4

| style="text-align:right" | 69,.2

| style="text-align:right" | 75,.2

| style="text-align:right" | 70,.7

| style="text-align:right" | 72,.8

| style="text-align:right" | 69,.6

| style="text-align:right" | 75,.1

| style="text-align:right" | 70,.7

| style="text-align:left" | IncurredClaims lossesincurred

| style="text-align:right" | 26,.3

| style="text-align:right" | 26,.5

| style="text-align:right" | 33,.2

| style="text-align:right" | 33,.0

| style="text-align:right" | 26,.0

| style="text-align:right" | 25,.5

| style="text-align:right" | 27,.3

| style="text-align:right" | 26,.9

| style="text-align:left" | Technical result for a.r.own account

| style="text-align:right" | 18,.2

| style="text-align:right" | 13,.6

|! colspan="5" style="text-align:leftcenter" | In %

| style="text-align:right" | 36,.1

| style="text-align:right" | 38,.1

| style="text-align:right" | 44,.2

| style="text-align:right" | 46,.8

| style="text-align:right" | 35,.7

| style="text-align:right" | 36,.6

| style="text-align:right" | 36,.3

| style="text-align:right" | 38,.1

| style="text-align:right" | 71,.8

| style="text-align:right" | 74,.7

| style="text-align:right" | 80,.5

| style="text-align:right" | 84,.8

{{chunk|doc=9fth4kgfqj|c=5244|p=16}}

'''GrossCombined andhousehold netinsurance premiums and claims'''

* [[Definition:Gross written premiums|Gross written premiums]] (Verbundenein Hausratversicherung)combined household insurance decreased to EUR 72.4m (prior: EUR 75.2m) due to portfolioa reductiondecline in portfolio.

* This reductiondecrease was due to the absence of cumulative expensesnatural from naturalcatastrophe catastrophesclaims and declininga expensesdecline forin both frequency and large lossesclaims.

* The grosspremium lossand ratioclaims decreaseddevelopment byled to an 8.1 percentage pointspoint reduction in the gross loss ratio to 36.1% (prior: 44.2%).

* Net claims expenses for the financial year decreased by EUR 2.7m to EUR 32.9m (prior: EUR 35.6m), similar to the gross development.

{{chunk|doc=9fth4kgfqj|c=5445|p=16}}

'''OperatingCombined household insurance operating expenses and combined ratiosratio'''

* The gross costexpense ratio decreased to 35.7% (prior: 36.3%).

* The net costexpense ratio decreased to 36.6% (prior: 38.1%).

* GrossThe combined gross ratio decreased from 80.5% to 71.8%.

* NetThe combined net ratio decreased from 84.8% to 74.7%.

{{chunk|doc=9fth4kgfqj|c=5546|p=16}}

'''UnderwritingCombined household insurance underwriting result'''

===== Other insurance =====

{{chunk|doc=9fth4kgfqj|c=5647|p=17}}

! rowspan="2" style="text-align:left" | In EUR million

! classcolspan="col-s2" style="text-align:rightcenter" | 2025

! classcolspan="col-s2" style="text-align:rightcenter" | 20252024

|! style="text-align:left" | Mio. EURGross

|! class="col-s" style="text-align:right" | GrossNet

|! class="col-s" style="text-align:right" | NetGross

|! class="col-s" style="text-align:right" | GrossNet

| style="text-align:right" | 220,.8

| style="text-align:right" | 194,.7

| style="text-align:right" | 181,.9

| style="text-align:right" | 161,.7

| style="text-align:right" | 219,.8

| style="text-align:right" | 193,.0

| style="text-align:right" | 181,.2

| style="text-align:right" | 161,.1

| style="text-align:left" | IncurredClaims lossesincurred

| style="text-align:right" | 115,.9

| style="text-align:right" | 115,.7

| style="text-align:right" | 124,.7

| style="text-align:right" | 122,.1

| style="text-align:right" | 81,.8

| style="text-align:right" | 78,.4

| style="text-align:right" | 70,.5

| style="text-align:right" | 65,.5

| style="text-align:left" | Technical result for a.r.own account

| style="text-align:right" | -6,.0

| style="text-align:right" | -24,.7

| style="text-align:right" | 52,.8

| style="text-align:right" | 59,.9

| style="text-align:right" | 68,.8

| style="text-align:right" | 75,.8

| style="text-align:right" | 37,.2

| style="text-align:right" | 40,.6

| style="text-align:right" | 38,.9

| style="text-align:right" | 40,.7

| style="text-align:right" | 90,.0

| style="text-align:right" | 100,.5

| style="text-align:right" | 107,.7

| style="text-align:right" | 116,.5

* Current expensesincome, (includingprimarily from coupon payments on scheduledfixed-income depreciation)investments, werewas EUR 895.1m9m (prior: EUR 7118.5m7m).

* An average current returnyield{{fn ref|1}} of 3.0% (prior: 3.0%) was achieved.

* Extraordinary gains and losses from the disposal of investments amounted to -EUR 101.8m (prior: EUR 4.4m) in the reporting year.

* These resultedextraordinary gains and losses primarily resulted from the sale of a property and various debt securities.

* Extraordinary additions and write-downs amounted to -EUR 17.7m (prior: -EUR 3.7m) in the reporting year, driven by extraordinary write-downs on equity investments.

* TotalThe total extraordinary result was -EUR 119.5m (prior: EUR 0.6m).

* [[Definition:Net investmentInvestment income|Investment result]] before deduction of technical interest income wastotaled -EUR 31.7m (prior: EUR 111.9m).

===== Other income =====

{{chunk|doc=9fth4kgfqj|c=5850|p=18}}

'''Other resultincome and expenses'''

* Other result:income was EUR 122.2m (prior: -EUR 62.5m).

* Other resultThis included other income of EUR 144.8m (prior: EUR 18.2m) and other expenses of EUR 22.6m (prior: EUR 80.7m).

* OtherOf expensesthe includedother expenses, EUR 17.8m (prior: EUR 77.4m) forwere expenses relatedattributable to expenses for the company as a whole.

* HDI Versicherung AG realized investment losses from capital investments as part of the group-wide investment strategy.

* InvestmentThese losses were offset by an income-effective subsidy of EUR 132.7m from Talanx AG.

* This income was reported in other resultincome.

! style="text-align:left" | In EUR million

| style="text-align:left" | Mio.Technical EURresult for own account

| style="text-align:right" | —20.1

| style="text-align:right" | —-30.7

| style="text-align:right" | -32,.8

| style="text-align:right" | 111,.0

| style="text-align:right" | 122,.2

| style="text-align:right" | -62,.5

| style="text-align:right" | 109,.5

| style="text-align:right" | 17,.8

| style="text-align:right" | 0,.0

| style="text-align:right" | 0,.1

| style="text-align:right" | 109,.5

| style="text-align:right" | 17,.6

{{chunk|doc=9fth4kgfqj|c=6252|p=18}}

'''Profitprofit transfer to parent company'''

===== Financial Positionposition =====

====== Shareholders' Equityequity ======

{{chunk|doc=9fth4kgfqj|c=6353|p=18}}

====== Liquidity Positionposition ======

{{chunk|doc=9fth4kgfqj|c=6454|p=18}}

'''Liquidity position and managementplanning'''

* The company receives liquid funds from ongoing premium income, capitalinvestment gainsincome, and returns from capital investments.

* Liquidity required forto meet current payment obligations is ensured throughby ongoing liquidity planning, which considers the expectedprojected liquidity development for the next twelve months.

* As of the balance sheet date, liquid funds in the form of deposits and current balances with credit institutions totaledamounted to EUR 88.1m (prior: EUR 51.3m).

====== Asset Positionposition ======

====== Investments ======

{{chunk|doc=9fth4kgfqj|c=6555|p=18}}

* Investment volume of HDI Versicherung AG was EUR 3,763.9m (prior year: EUR 3,760.8m) at year-end 2025, slightly above the previousprior year's level.

* Investments were primarily in fixed-income securities held directly, accounting for 66.7% (prior year: 70.9%) of total investments at the end of 2025.

{{chunk|doc=9fth4kgfqj|c=6656|p=1918}}

===== Overall statement on the economic situation =====

{{chunk|doc=9fth4kgfqj|c=6859|p=19}}

* HDI Versicherung AG's operating business in the past fiscal year was influenced by transformation and restructuring in the past fiscal year.

* The company significantly improved its net technical insuranceunderwriting result before fluctuation reserves.

* IncreasedAn increased net burden from large lossesclaims was offset by a reductiondecrease in natural catastrophe claims expenses for natural catastrophes in motor and buildingproperty lines due to the absence of cumulative events.

* This increase was due to positive operationaloperating development and a higher withdrawal from fluctuation reserves compared to the previous year.

* The company's net premium volume declinedshowed slightlya slight decline YoY, as expected.

* PremiumA declinedecrease in motor insurance premiums due to portfolio reductions was not fully offset by positive effects from premium adjustments and restructuring measures in corporate lines.

* Net claims expenses were also below the previous year's level, as expected.

* This was primarily driven by a decrease in business year claims expenses forin themotor fiscaland yearprivate lines due to reducedlower frequency claims in motor and private lines.

* AAn riseincrease in large lossclaims burden was offset theby reductiona decrease in natural catastrophe claims expenses for natural catastrophes in motor and buildingproperty lines due to the absence of cumulative events.

* Claims settlement developeddeclined, negativelyparticularly in corporate and freelance professional lines, due to increased expenses for necessary reserve adjustments for large lossesclaims from previous years, especially in corporate and freelance professional lines.

* Insurance operatingOperating expenses decreased YoY due to lower administrative costs, in line withas forecastsforecasted.

* This led to a significantly improved technical insuranceunderwriting result, asin line with expectedexpectations.

==== Risk Reportreport ====

===== Summary of the risk situation =====

{{chunk|doc=9fth4kgfqj|c=7060|p=20}}

* The company's risk management regularly examines risks to the company.

* 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 situationassets.

* The company is currently considers itself able to permanently meet all obligations from existing insurance contracts.

* Risks threatening the company's existence, specifically significantmaterial risks with existential loss potential, could arise from systemic risks such aslike a financial system collapse.

{{chunk|doc=9fth4kgfqj|c=7161|p=20}}

* The company's risk profile is strongly characterizedinfluenced by underwriting risks and market risks.

* SignificantKey risk-relevant influencing factors in the reporting year include the continued subdued overall economic situation in Germany, with international trade policy likely to increase risks for the global economy.

{{chunk|doc=9fth4kgfqj|c=7262|p=20}}

===== Fundamentals of risk management =====

{{chunk|doc=9fth4kgfqj|c=7363|p=20}}

* TheThis companyreport fulfills itsthe company's obligation to report on the significant risks toof its prospective development with this report (§ 289 Abs. 1 HGB).

====== Risk management system ======

{{chunk|doc=9fth4kgfqj|c=7464|p=20}}

* The risk management basis is the risk strategy, adoptedapproved annually by the Management Board, andis derived from the business strategy and is a binding, integral part of corporate actions.

* Risk understanding is holistic, encompassing opportunities and risks, with a focus on negative deviationstarget fromdeviations targetsand (risks in the narrower sense).

* Risk-strategicStrategic goalsrisk objectives include adherence to defined risk tolerance and risk budget.

* The company's risk management is integrated into the risk management of the HDI GermanyDeutschland [[Definition:Business mix|business unit]] and the Group, consideringand considers Group guidelines.

* An internallyA supervisory-approved Solvency II Internal Model according to Solvency II is used tofor risk quantification, with a time horizon of one quantifycalendar risksyear.

{{chunk|doc=9fth4kgfqj|c=7565|p=20}}

* Significant quantifiable risks are regularly assessed using the risk model, systematically analyzed, and backed bywith solvency capital.

* The Management Board isreceives regularlyregular informedupdates abouton the current risk situation from risk management through risk reporting.

* The company conducts an Own Risk and Solvency Assessment (ORSA) at least annually, whichas reviewsa thekey overallpart solvencyof needsits consideringrisk the company's specific riskmanagement profilesystem.

{{chunk|doc=9fth4kgfqj|c=7666|p=20}}

'''Capital investmentInvestment risk management'''

* All capital investments are continuously observed and analyzed by the Capital InvestmentInvestments division and operational capital investment controlling.

* Scenario analyses and stress tests simulate the effects of capital market fluctuations to enable early reactionsreaction if needed.

===== Risk organization =====

{{chunk|doc=9fth4kgfqj|c=7767|p=21}}

* Central bodies include the entire Management Board, the key functions according toper § 7 No. 9 VAG (Independent Risk Controlling Function, Compliance Function, Internal Audit, Actuarial Function), and the Riskrisk Officersowners.

* The entire Management Board holds non-delegable responsibility for the implementationimplementing and further development ofdeveloping risk management within the company.

* This task is performed by the Chief Risk Officer with support from risk management and the Risk Committee of the HDI Deutschland [[Definition:Business mix|business unit]]division.

* The Actuarial Function contributes to the effective implementation of the risk management system and to risk and solvency assessment within its legalstatutory duties.

* The Actuarial Function is also represented onin the Risk Committee.

==== Risks of future development ====

{{chunk|doc=9fth4kgfqj|c=8168|p=21}}

'''Risk categories overview'''

* The company's risk situation of the company is discussed based on the risk categories described below.

===== Underwriting risks =====

{{chunk|doc=9fth4kgfqj|c=8269|p=21}}

'''InsuranceUnderwriting risk definition'''

* InsuranceUnderwriting risk refers to the danger that the actual expenditureexpenses for claims and benefits deviatesdeviate from the expected expenditureexpenses due to chance, error, or change.

====== Premium risks ======

{{chunk|doc=9fth4kgfqj|c=8370|p=21}}

* Premium risk (Prämienrisiko or Prämien-premium/Schadenrisikoclaims risk) arises because compensation must be paid later from insurance premiums are set in advance, but the actual amount of future compensation payments is initially unknown.

* ThisThere riskis involvesa therisk potential forthat actual claims todevelopment may deviate from expected claims development, possiblypotentially leading to premiums not covering actual lossesclaims.

{{chunk|doc=9fth4kgfqj|c=8370|p=22|cont=1}}

* Portfolio analyses are conducted for key segments, allowingto forevaluate profitability, assessments ofincluding individual segments within a [[Definition:Business mix|line of business]].

* Extensive claims controlling is in placeexists within the claims departments.

===== Reserve risks =====

{{chunk|doc=9fth4kgfqj|c=8471|p=22}}

* Reserve risk is defined as the danger that technical provisions are insufficient to fully settle outstanding and unknown claims that have already occurred, potentially leading to a need for additional reserves.

{{chunk|doc=9fth4kgfqj|c=8572|p=22}}

'''Natural catastropheCatastrophe and accumulation risk mitigation'''

* The company mitigates theaddresses potential impactimpacts offrom simultaneous natural catastrophes and accumulation losses fromthrough technicaladequate risksreinsurance byprotection to securingcover peak loads through adequate reinsurance protection.

* ToRisk managemanagement and reducereduction thesealso risks, the company primarily usesinvolve claims analyses, natural catastrophe modeling, selective underwriting, and regular monitoring of claims development.

===== SurrenderLapse risks =====

{{chunk|doc=9fth4kgfqj|c=8673|p=22}}

'''SurrenderPolicy lapse risk definition and management'''

* SurrenderLapse risk describes the danger of a loss or adverse change in the value of insurance liabilities resulting from changes in the levelamount or volatility of surrenderlapse, termination, renewal, and repurchasesurrender rates of insurance contracts.

* The company regularly analyzes the surrenderlapse situation and takesimplements appropriate control measures ifas necessaryneeded.

===== Market risks =====

{{chunk|doc=9fth4kgfqj|c=8774|p=22}}

'''Market risk definition and management'''

* Market risk is defined as the danger arising from fluctuations in the level or volatility of financial market data, which affects the value of assets and liabilities.

* These guidelines are based on legal and regulatorysupervisory requirements, as well andas the company's internal policies, aimingto forensure maximum security and profitability with constant liquidity, while maintaining appropriate diversification.

* A clear separation of functions is ensured between the operational management of capital investment risk and risk controlling is maintained.

* Parametric stress tests are calculated as part of the monthly reporting to determine the portfolio's sensitivity to significant changes in market data.

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

{{chunk|doc=9fth4kgfqj|c=8875|p=22}}

* APotential potential changechanges in stock priceequity levelsprices affectsaffect the valuation of equitiesshares and asset positions modeled as equitiesshares in the risk model, particularly any equity investments of the company.

* DueEquity risk has limited potential for danger due to the company's low equity ratio, equity risk has limited potential for danger.

* A sensitivity analysis shows the percentage changes in the market value of investments for a hypothetical loss/gain in equity investments (calculated as of the balance sheet date).

{{chunk|doc=9fth4kgfqj|c=8976|p=22}}

| style="text-align:right" | -0,.1 %

| style="text-align:right" | 0,.1 %

====== Interest rate risks ======

{{chunk|doc=9fth4kgfqj|c=9077|p=22}}

* Interest rate risk is managed through regular asset-liability analyses, continuous monitoring of investments and capital markets, and implementation of appropriate measures.

{{chunk|doc=9fth4kgfqj|c=9178|p=22}}

|+ Percentage change in market value of investments by assumed shift in the interest rate curve

! style="text-align:left" | Assumed shift in the interest rate curve:

| style="text-align:right" | 2,.1 %

| style="text-align:right" | -2,.0 %

{{chunk|doc=9fth4kgfqj|c=9279|p=23}}

* Currency risk plays a minor role for the company asbecause capital investments are almost exclusively made in euros.

{{chunk|doc=9fth4kgfqj|c=9380|p=23}}

* Real estate risk isrepresents the risk from fluctuations in the value of real estate held in capital investments.

* A sensitivity analysis providesshows percentage changes in the market value of capital investments forin the event of a hypothetical loss in value of real estate investments (calculated atas of the balance sheet date).

{{chunk|doc=9fth4kgfqj|c=9481|p=23}}

| style="text-align:right" | -0,.1 %

==== Credit risks from capital investments ====

{{chunk|doc=9fth4kgfqj|c=9582|p=23}}

'''Credit risk definition and management'''

* Credit risks describeare thedefined as risks of loss or adverse changes in financial position resulting from fluctuations in the creditworthiness of security issuers, counterparties, and other debtors against whom the company has claims.

* CreditThese risks manifest as counterparty default risks, spread risks, or market risk concentrations.

* The company regularly conducts creditworthinesscredit checksassessments of existing debtors.

* Credit risks below investment grade and without a rating are only entered intoundertaken to a limited extent.

* AKey key indicatorindicators for investment decisions by portfolio management isare the rating classes assigned by external agencies such as Standard & Poor's, Moody's, Fitch, or Scope Analysis.

{{chunk|doc=9fth4kgfqj|c=9683|p=23}}

| style="text-align:right" | 1.299,299.8

| style="text-align:right" | 38,.2

| style="text-align:right" | 660,.1

| style="text-align:right" | 19,.4

| style="text-align:right" | 833,.7

| style="text-align:right" | 24,.5

| style="text-align:right" | 358,.4

| style="text-align:right" | 10,.5

| style="text-align:right" | 87,.8

| style="text-align:right" | 2,.6

| style="text-align:right" | 0,.0

| style="text-align:right" | 0,.0

| style="text-align:left" | UnratedWithout rating

| style="text-align:right" | 158,.9

| style="text-align:right" | 4,.7

| style="text-align:right" | 3.398,398.5

| style="text-align:right" | 100,.0

{{chunk|doc=9fth4kgfqj|c=9784|p=23}}

* ATo mitigate concentration risk, a broad mix and diversification of investments isare maintained to mitigate concentration riskobserved.

{{chunk|doc=9fth4kgfqj|c=9885|p=23}}

|+ Market value andEUR million &amp; Share % by type of issuer

| style="text-align:right" | 575,.3

| style="text-align:right" | 16,.9

| style="text-align:right" | 1.003,003.4

| style="text-align:right" | 29,.5

| style="text-align:right" | 799,.7

| style="text-align:right" | 23,.5

| style="text-align:left" | Senior bonds offrom financial institutions

| style="text-align:right" | 528,.9

| style="text-align:right" | 15,.6

| style="text-align:left" | Subordinated bonds offrom financial institutions

| style="text-align:right" | 70,.3

| style="text-align:right" | 2,.1

| style="text-align:right" | 83,.3

| style="text-align:right" | 2,.5

| style="text-align:right" | 183,.4

| style="text-align:right" | 5,.4

| style="text-align:left" | ABS{{fn ref|1|2=AnEin Asset Backed Security (ABS) isist aein securitizedforderungsbesichertes debtWertpapier, instrumentbei wheredem thedie paymentZahlungsansprüche claimsdes ofInhabers thedurch holdereinen areBestand secured by aan poolForderungen ofbesichert receivableswerden. AlmostFast allalle typesForderungsarten ofkönnen receivablesdie canBasis formfür theein basisforderungsbesichertes forWertpapier an asset-backed securitysein, providedsofern theysie meetbestimmte certainBedingungen conditionserfüllen. DependingJe onnach theArt typeder ofzur receivablesBesicherung usedverwendeten asForderungen collateral,wird thedas securitizedbesicherte debtWertpapier instrumenteiner isbestimmten assignedProduktgruppe to a specific product group, for examplezugeordnet, asbeispielsweise aals CLO (Collateralized Loan Obligation) forfür bankBankkredite loansoder or as aals CBO (Collateralized Bond Obligation) forfür corporate bondsUnternehmensanleihen. IfWerden mortgagesHypotheken arezur usedBesicherung as collateralverwendet, ithandelt es sich isum aein Mortgage Backed Security (MBS).}}

| style="text-align:right" | 154,.2

| style="text-align:right" | 4,.5

| style="text-align:right" | 3.398,398.5

| style="text-align:right" | 100,.0

{{fn note|1=1|2=AnEin Asset Backed Security (ABS) isist aein securitizedforderungsbesichertes debtWertpapier, instrumentbei wheredem thedie paymentZahlungsansprüche claimsdes ofInhabers thedurch holdereinen areBestand secured by aan poolForderungen ofbesichert receivableswerden. AlmostFast allalle typesForderungsarten ofkönnen receivablesdie canBasis formfür theein basisforderungsbesichertes forWertpapier an asset-backed securitysein, providedsofern theysie meetbestimmte certainBedingungen conditionserfüllen. DependingJe onnach theArt typeder ofzur receivablesBesicherung usedverwendeten asForderungen collateral,wird thedas securitizedbesicherte debtWertpapier instrumenteiner isbestimmten assignedProduktgruppe to a specific product group, for examplezugeordnet, asbeispielsweise aals CLO (Collateralized Loan Obligation) forfür bankBankkredite loansoder or as aals CBO (Collateralized Bond Obligation) forfür corporate bondsUnternehmensanleihen. IfWerden mortgagesHypotheken arezur usedBesicherung as collateralverwendet, ithandelt es sich isum aein Mortgage Backed Security (MBS).}}

{{chunk|doc=9fth4kgfqj|c=9986|p=23}}

* TheseManagement risksof arethese managedrisks throughinvolves careful due diligence checks in advance and ongoing monitoring measures.

{{chunk|doc=9fth4kgfqj|c=10087|p=23}}

'''DerivativeDerivatives and structured productproducts managementoverview'''

* Derivative transactions and structured products are executedconducted within the company's internal guidelines for yield enhancement, acquisition preparation, and portfolio hedging, as well as for structured products.

* Derivatives are efficient and flexible instruments for portfolio management due to their low transaction costs, high market liquidity, and transparency.

* The use of derivatives involvesalso entails additional risks that are closely monitored and managed.

{{chunk|doc=9fth4kgfqj|c=10188|p=24}}

'''InflationRisk riskmanagement hedgingand metrics'''

* The company's Inflation-Swap-Portfolioinflation swap portfolio (Inflationinflation Receiversreceivers) was further expanded to hedge against inflation risk.

* Minimum limits are derived from the temporal nature of insurance technical insurance payment obligations.

* A crisis management system is established within the company to address risks from business interruptionsinterruption duerisks tofrom crises or emergencies, ensuring a rapid return to normal operations in case of disruption.

* Emergency preparedness is addressed through an emergency manual, Businessbusiness Impactimpact Analysesanalyses to determine the criticality of business processes, and the establishment of a crisis teamstaff and emergency response teamteams.

* The risk of IT infrastructure failure is reduced bythrough regular controls, redundant systems, backup and recovery procedures, and on-call services.

* Targeted investments in theIT security and availability of information technology maintain and increaseenhance the existing high security level of security.

* Internal Audit regularly assesses the appropriatenessadequacy and effectiveness of controls from an objective standpoint.

{{chunk|doc=9fth4kgfqj|c=11888|p=26|cont=1}}

* Compliance risks in sales are regularly monitored, also with regard to the GDV Code of Conduct for Sales.

* LegalCurrently requirementsrelevant oflegal current relevancerequirements arise, for example, from the Digital Operational Resilience Act (DORA) or from conduct requirements of the insurance supervisory authoritysupervision.

* PossiblePotential developments in supreme court case lawrulings or legislative changes, particularly in corporate, product, or tax law, are identified early and closely monitored.

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

{{chunk|doc=9fth4kgfqj|c=11989|p=26}}

'''Fraud risk definition and mitigationmanagement'''

* The company addresses the risk of fraudulent acts through regulations and internal controls withinin the departments.

* FunctionalSegregation separationof duties in workflows, the four-eyes principle for important decisions, and random checks for serial business transactions make fraudulent acts more difficult.

* Internal Audit reviews systems, processes, and individual cases acrossthroughout the company.

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

{{chunk|doc=9fth4kgfqj|c=12090|p=26}}

* Measures for employee health promotion, process documentation, and deputizationsubstitution rules also contribute to reducing personnel risks.

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

{{chunk|doc=9fth4kgfqj|c=12191|p=26}}

'''Information and IT securitySecurity risksRisks'''

* Information and IT security risks describe risks that could potentially jeopardizecompromise the completeness, confidentiality, or availability of information or IT systems.

* The availability of applications, the security and confidentiality, and the integrity of the data used are crucial for the company.

* IT security within the company is ensured through access controls, access authorization systems, and security systems for programs and data storage.

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

{{chunk|doc=9fth4kgfqj|c=12292|p=26}}

* Outsourcing risks are defined as risks arising from the outsourcing of functions or insurance activities, either directly or through further outsourcing, that could otherwise be performed by the company itself.

* Adequate and continuous control and assessment of service providers are ensured through various evaluation measures, including defining product catalogs with service level agreements and conducting customer satisfaction surveys to verify compliance with agreed performance and quality criteria.

{{chunk|doc=9fth4kgfqj|c=12393|p=27}}

'''ICT riskRisk managementManagement and DORA Compliance'''

* Information and Communication Technology (ICT) risks aremanifest as operational risks thatand can manifestappear in various sub-categoriessubcategories.

* An ICT risk control function was established duringin the reporting year inwithin the context of the EU Digital Operational Resilience Act (DORA).

* The operational integration of ICT risk management into the overalloverarching risk management system occurred duringin the reporting year and is continuously being expanded.

{{chunk|doc=9fth4kgfqj|c=12594|p=27}}

'''Strategic risksrisk management'''

* Strategic risks describeare defined as risks arising from strategic business decisions.

* Strategic risks are addressed within thethrough planning and control processes.

* Intensive strategic work induring the reporting year created the conditions for focused substanceorganic growth.

{{chunk|doc=9fth4kgfqj|c=12696|p=27}}

'''Project risksrisk management'''

* Project risks describe risks that endangerto the intended course or non-achievement of project goals, including strategic and IT-related projects.

* Project risks and their impactseffects are systematically identified throughas part of project management.

* This ensures that countermeasures can be taken in a timely manner if difficulties arise regardingin the achievement ofachieving time and quality goalstargets.

{{chunk|doc=9fth4kgfqj|c=12797|p=27}}

* A professionalProfessional complaint management system is in place to reduce reputation risks.

* The risk of reputation damage is limited by product quality requirements for products, continuous quality management of essentialkey business processes, measures for anti-money laundering preventionmeasures, and strict data protection and compliance guidelines.

{{chunk|doc=9fth4kgfqj|c=12898|p=27}}

'''Emerging Risksrisks identificationdefinition and management'''

* Emerging Risksrisks are potential threats or hazardsdangers resulting from new, changing, complex, or uncertain developments or factors that are difficult to predict or assess.

* These risks often stem from trends or structural long-term structural developments with indirect impacts on political, social, technological, ecological, and/or economic environments.

* Emerging Risksrisks are identified and managed annually through a Group-wide coordinated process within the company's risk management framework through a group-wide coordinated process.

* ResultsThe results and insightsfindings fromof the Emerging Risk process are integrated into risk reporting and the risk management process to enable early detection of vulnerabilities and, if necessary, mitigation through risk reduction measures.

{{chunk|doc=9fth4kgfqj|c=12999|p=27}}

'''Sustainability risks definition and management'''

* Sustainability risks are events or conditions from the environmental, social, or governance (ESG) sectorsareas that can have significant negative actual or potential significant negative impacts on the earnings, financial position, assetsand asset situation, andas well as the reputation of the company.

* This includes climate-related risks such as physical risks and transition risks associatedrelated withto transformationconversion processes, as well as risks of potential greenwashing allegations.

==== Forecast and opportunity report ====

{{chunk|doc=9fth4kgfqj|c=130100|p=28}}

* The following statements are based on expert assessments from third parties and oninternal planningplans and forecasts, consideredrepresenting conclusivea bysubjective the companyassessment.

===== Economic conditions =====

{{chunk|doc=9fth4kgfqj|c=131101|p=28}}

'''Global economic outlook and drivers'''

* GlobalThis economic growthdevelopment is expected to continue this trend in [[Definition:Year 2026|2026]], with aglobal projected YoYeconomic growth ofprojected at 2.7% YoY.

* Stable growth is supported by the delayed effect of central banks nearing the end of theirbank interest rate cuttingcut cycles and persistently high or increasing fiscal stimulus.

* The worldglobal economy is graduallyexpected adaptingto adapt to the new global trade order, with no expectation of further fundamental escalation of US-initiated trade conflicts originating from the US or a collapse in significantly increased AI investments anticipated.

* In the Eurozone, higher fiscal stimulus, particularly increased government investments in infrastructure and defense in Germany, is expected to slightly accelerate growth dynamics throughoutduring the year.

* External trade facesis expected to face [[Definition:Headwind|headwinds]] fromdue to the reorganization of global trade, including weak exports and increasing (cheapcheaper) imports from China due toas trade diversionshifts away from the US.

* Increased imports from China, lowerLower energy prices YoY, and a stronger Euro, alongside increased imports from China, are expected to contribute to a further decline in the Eurozone's inflation rate.

* WeaknessConsumer restraint among lower and middle-income households in the US, due to a weak labor market and increased price levelsprices (partly due to tariffstariff-related), aremay causingbe consumerpartially restraintoffset amongby lowerwealthy andhouseholds, middle-incomebut householdsno infurther theacceleration USis expected.

{{chunk|doc=9fth4kgfqj|c=132102|p=28}}

* Upside risksRisks to the global economic outlook includeare predominantly on the downside, despite potential upside risks such as stronger fiscal support, a potentialpossible ceasefire in the Ukraine war, or an AI-driven productivity boost.

===== Capital marketsMarkets =====

{{chunk|doc=9fth4kgfqj|c=133103|p=28}}

'''CentralInterest bankrate interestand ratebond yield outlookforecasts'''

* The European Central Bank (ECB) is expected to maintain its deposit rate at 2.00% by the end of [[Definition:Year 2026|2026]], supported by an inflation rate slightly below the 2% target and moderatelymoderate positive economic momentum.

* SlightFurther furtherslight price gains for equities are anticipated, provided that the aforementionedmentioned risks do not materialize to a greater extent.

===== Future industry situation =====

{{chunk|doc=9fth4kgfqj|c=135104|p=29}}

'''Macroeconomic environment and growth outlook'''

* The macroeconomic environment continues to be characterized by significant risk factors and uncertainty, affectingfor both national and international insurance markets.

* Growth prospects for the national market in the coming years are primarily supported by announced fiscal spending.

====== German insuranceInsurance industryIndustry ======

{{chunk|doc=9fth4kgfqj|c=136105|p=29}}

* The German insurance market is expected to continue growing through [[Definition:Year 2026|2026]], but at a slower pace compared to the strong premium growth of the past fiscal year.

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

{{chunk|doc=9fth4kgfqj|c=137106|p=29}}

* For German [[Definition:YearProperty 2026& casualty|2026P&C]] insurance, slight follow-up effects are expected in German [[Definition:PropertyYear & casualty2026|P&C2026]] insurance for sum insured and premium adjustments, driven by cost increases and inflation from recent years.

* PremiumThis should bring premium income growth is expectedcloser to approach the long-term average again.

===== Opportunities from the development of generalframework conditions =====

====== Digitalization ======

{{chunk|doc=9fth4kgfqj|c=138107|p=29}}

'''Digitalization and AI strategyinitiatives'''

* This development is crucial for the competitiveness of insurance companies, creating new opportunities in customer communication, claims processing, data analysis, and the development of new business areas.

* Knowledge and innovation management are increasinglygaining importantimportance in the insurance industry.

* The Talanx Group established a Best Practice Lab to promote the targeted exchange of knowledge and innovation exchange.

====== Agility ======

{{chunk|doc=9fth4kgfqj|c=140110|p=29}}

'''Agile transformationTransformation strategyand Benefits'''

* To keep pace with the speed ofthis change, HDIthe company Versicherungneeds isto transformingtransform into an agile organization.

* Being an agile organization means being a learning organization that focuses on customer benefitbenefits to increase company profit.

* HybridThis workhybrid enablesmodel betterimproves work-life balance for employees while maintaining direct exchange among colleagues.

* Employees gain more design optionsinfluence and can grow with newgrowth challengesopportunities through agile work.

{{chunk|doc=9fth4kgfqj|c=140110|p=30|cont=1}}

* A fasterFaster-than-expected transitionimplementation toof anthe agile organizationtransformation could positively impact earnings and lead to exceeding forecasts.

===== Development of HDI Versicherung AG =====

{{chunk|doc=9fth4kgfqj|c=141111|p=30}}

'''Financial stability and [[Definition:Year 2026|2026]] outlook for premiums and underwriting result'''

* HDI Versicherung AG has high financial stability, providing a good basis to capitalize onfor competitive opportunities.

* For fiscal [[Definition:Year 2026|year 2026]], an ongoing challenging market environment is expected, with continued inflation in spare parts and artisan costs.

* InflationPremium inadjustments spareare parts and artisan costs is expected to continue, leading to continued premium adjustmentsanticipated, particularly in motor and building insurance lines.

* For corporate lines, the portfolio review in commercial customer business and the reduction of loss-making portfolios willare continueplanned.

* A moderate declinedecrease in premium volume is expected for fiscal [[Definition:Year 2026|year 2026]].

* Following premium development, aA slight decrease in claims expenses for insurance claims is also expected, despite an anticipated normalization of natural catastrophe claims in the coming year.

* A moderate decrease in insurance operating expenses is projected, followingdue to continued cost discipline.

* Overall, a slight decrease in the underwritingtechnical insurance result after fluctuation provision is expected for fiscal [[Definition:Year 2026|year 2026]].

* IncomeProfit and Loss Statement

* Information abouton the Company

* Notes to the IncomeProfit and Loss Statement

=== BilanzBalance zumSheet 31.as Dezemberof December 31, 2025 ===

{{chunk|doc=9fth4kgfqj|c=145114|p=34}}

{| id="t19" class="wikitable fintable"

! style="text-align:left" | AssetsIn EUR thousand

! class="col-m" style="text-align:leftright" | 31.12.2025

! class="col-m" style="text-align:leftright" | 31.12.2024

|! colspan="3" style="text-align:leftcenter" | TEURA. Intangible assets

| colspan="6" style="text-align:left" | BI. InvestmentsLand, rights equivalent to land and buildings, including buildings on third-party land

|! colspan="63" style="text-align:leftcenter" | II. Investments in affiliated companies and participations

| colspan="3" style="text-align:left" | 1. Shares in affiliated companies

| style="text-align:leftright" | 256.,451

| style="text-align:leftright" | —267,706

| colspan="3" style="text-align:left" | 2. Loans to affiliated companies

| style="text-align:leftright" | 203.,261

| style="text-align:leftright" | —153,261

| colspan="3" style="text-align:left" | 3. Participations

| style="text-align:leftright" | 1.,964

| style="text-align:leftright" | —1,965

| colspan="3" style="text-align:left" | 4. Loans to companies with which there is a participation relationship exists

| style="text-align:leftright" | 19.,939

| style="text-align:leftright" | —19,575

| style="text-align:leftright" | <strong>481.,615</strong>

| style="text-align:right" | <strong>442.,508</strong>

|! colspan="63" style="text-align:leftcenter" | III. Other investments

| colspan="3" style="text-align:left" | 1. Shares, units or shares in investment funds and other non-fixed-incomeinterest securities

| style="text-align:leftright" | 772.,675

| style="text-align:leftright" | —822,816

| colspan="3" style="text-align:left" | 2. Bearer bonds and other fixed-incomeinterest securities

| style="text-align:leftright" | 1.,870.,241

| style="text-align:leftright" | —1,553,894

|! colspan="63" style="text-align:leftcenter" | 3. Other loans

| colspan="2" style="text-align:left" | a) Registered bonds (473,581 TEUR)

| style="text-align:leftright" | 473.581—

| style="text-align:leftright" | —782,990

| colspan="2" style="text-align:left" | b) Promissory note receivables and loans (165,763 TEUR)

| style="text-align:leftright" | 165.763—

| style="text-align:leftright" | —158,387

| style="text-align:right" | 941.377<strong>639,344</strong>

| style="text-align:leftright" | <strong>3.,282.,259</strong>

| style="text-align:right" | <strong>3.,318.,087</strong>

| style="text-align:leftright" | <strong>3.,763.,874</strong>

| style="text-align:right" | <strong>3.,760.,811</strong>

|! colspan="63" style="text-align:leftcenter" | C. Receivables

|! colspan="63" style="text-align:leftcenter" | I. Receivables from direct insurance business from:

| colspan="2" style="text-align:left" | 1. Policyholders

| style="text-align:leftright" | 77.,529

| style="text-align:leftright" | —107,925

| colspan="2" style="text-align:left" | 2. Insurance intermediaries

| style="text-align:leftright" | 7.,194

| style="text-align:leftright" | —9,854

| style="text-align:leftright" | <strong>84.,723</strong>

| style="text-align:right" | <strong>117.,779</strong>

| colspan="4" style="text-align:left" | II. AbrechnungsforderungenSettlement ausreceivables demfrom Rückversicherungsgeschäftreinsurance business<br/>– davonthereof anfrom verbundeneaffiliated Unternehmencompanies: 292 TEUR (11.,543 TEUR)

| style="text-align:leftright" | 1.,737

| style="text-align:right" | 14.,593

| colspan="4" style="text-align:left" | III. Sonstige ForderungenOther receivables<br/>– davonthereof anfrom verbundeneaffiliated Unternehmencompanies: 147.,670 TEUR (497.,557 TEUR)

| style="text-align:leftright" | 172.,845

| style="text-align:right" | 522.,299

| style="text-align:leftright" | <strong>259.,305</strong>

| style="text-align:right" | <strong>654.,671</strong>

|! colspan="63" style="text-align:leftcenter" | D. Other assets

| colspan="3" style="text-align:left" | I. Current balances with credit institutions, checks and cash inon hand

| style="text-align:leftright" | 88.,055

| style="text-align:leftright" | —51,289

| style="text-align:leftright" | <strong>88.,055</strong>

| style="text-align:right" | <strong>51.,289</strong>

|! colspan="63" style="text-align:leftcenter" | E. DeferredPrepaid expenses and accrued income

| colspan="3" style="text-align:left" | I. Accrued interest and rents

| style="text-align:leftright" | 36.,129

| style="text-align:leftright" | —32,597

| colspan="3" style="text-align:left" | II. Other deferredprepaid expenses and accrued income

| style="text-align:leftright" | 1.,345

| style="text-align:leftright" | <strong>37.,475</strong>

| style="text-align:right" | <strong>32.,601</strong>

| colspan="4" style="text-align:left" | F. Deferred tax assetdifference from asset offsettingnetting

| style="text-align:leftright" | 0

! colspan="4" style="text-align:centerleft" | Total assets

! class="col-m" style="text-align:leftright" | 4.,150.,862

! class="col-m" style="text-align:right" | 4.,503.,332

{{chunk|doc=9fth4kgfqj|c=145115|p=35|cont=1}}

! colspan="5" style="text-align:centerleft" | Liabilities In EUR thousand

| style="text-align:right" | 51.,000

| style="text-align:right" | 6.,100

| style="text-align:left" | <strong>57.,100</strong>

| style="text-align:right" | 57.,100

| style="text-align:left" | 225.,520

| style="text-align:right" | 220.,539

| colspan="2" style="text-align:left" | 2. Lessthereof less: Reinsurers'Share for reinsurance shareceded

| style="text-align:left" | 1.,179

| style="text-align:right" | 1.,790

| style="text-align:leftright" | 224.341218,748

| style="text-align:left" | 8.,905

| style="text-align:right" | 9.,342

| colspan="2" style="text-align:left" | 2. Lessthereof less: Reinsurers'Share for reinsurance shareceded

| style="text-align:leftright" | 8.9059,339

| colspan="7" style="text-align:left" | III. ClaimsProvision for outstanding claims

| style="text-align:left" | 3.,383.,083

| style="text-align:right" | 3.,298.,028

| colspan="2" style="text-align:left" | 2. Lessthereof less: Reinsurers'Share for reinsurance shareceded

| style="text-align:left" | 121.,637

| style="text-align:right" | 129.,715

| style="text-align:leftright" | 3.261.447,168,313

| style="text-align:right" | 2.,500

| colspan="2" style="text-align:left" | 2. Lessthereof less: Reinsurers'Share for reinsurance shareceded

| style="text-align:leftright" | 9002,500

| colspan="2" style="text-align:left" | V. EqualizationFluctuation reservesreserve and similar provisions

| style="text-align:left" | 252.,856

| style="text-align:right" | 267.,266

| style="text-align:left" | 13.,439

| style="text-align:right" | 11.,981

| colspan="2" style="text-align:left" | 2. Lessthereof less: Reinsurers'Share for reinsurance shareceded

| style="text-align:leftright" | 13.43911,981

| style="text-align:left" | <strong>3.,761.,887</strong>

| style="text-align:right" | 3.,678.,147

| style="text-align:left" | 20.,763

| style="text-align:right" | 19.,930

| style="text-align:left" | <strong>21.,610</strong>

| style="text-align:right" | 20.,715

| style="text-align:left" | 100.,391

| style="text-align:right" | 571.,021

| style="text-align:left" | 13.,505

| style="text-align:right" | 15.,526

| style="text-align:leftright" | 113.897586,547

| colspan="2" style="text-align:left" | II. AbrechnungsverbindlichkeitenSettlement ausliabilities demfrom Rückversicherungsgeschäftreinsurance business – davonthereof anto verbundeneaffiliated Unternehmencompanies: 16.,354 TEUR (11.,153 TEUR)

| style="text-align:left" | 22.,634

| style="text-align:right" | 17.,901

| colspan="2" style="text-align:left" | III. SonstigeOther Verbindlichkeitenliabilities – davonthereof ausfrom Steuerntaxes: 12.,098 TEUR (12.,573 TEUR) – davonthereof anto verbundeneaffiliated Unternehmencompanies: 148.,923 TEUR (118.,065 TEUR)

| style="text-align:left" | 173.,294

| style="text-align:right" | 142.,272

| style="text-align:left" | <strong>309.,825</strong>

| style="text-align:right" | 746.,720

| colspan="2" style="text-align:left" | <strong>E. Deferred expensesincome and accrued incomeexpenses</strong>

| style="text-align:left" | <strong>4.,150.,862</strong>

| style="text-align:right" | 4.,503.,332

{{chunk|doc=9fth4kgfqj|c=146117|p=35}}

'''Pension provisionsprovision'''

* PensionThe provisionspension provision, including uncollected pensions, recorded under Liabilities B.III. in the balance sheet for year-the end 2025,of includingthe uncollected2025 pensionsfinancial year, totaledamounts to EUR 63,698.

* The pension provisionsprovision wererecorded under Liabilities B.III. in the balance sheet has been calculated in accordance with § 341f and § 341g HGB, and with the legal ordinance issued underpursuant to § 88 Abs. 3 VAG.

=== Gewinn-Income undStatement Verlustrechnungfor fürthe dieperiod Zeitfrom vomJanuary 1. Januarto bisDecember 31. Dezember, 2025 ===

{{chunk|doc=9fth4kgfqj|c=147118|p=36}}

! class="col-s" style="text-align:rightleft" |

! class="col-s" style="text-align:rightleft" |

| style="text-align:left" | TEURIn EUR thousand

| style="text-align:rightleft" | —

| style="text-align:rightleft" | —

| colspan="5" style="text-align:left" | 1. Earned premiums for own account

| style="text-align:rightleft" | 1.,564.,825

| style="text-align:right" | —1,588,316

| style="text-align:left" | b) ReinsuranceCeded premiumsreinsurance cededpremiums

| style="text-align:rightleft" | -69.,365

| style="text-align:right" | —-74,861

| style="text-align:right" | 1.495.460,513,455

| style="text-align:rightleft" | -4.,982

| style="text-align:rightleft" | —

| style="text-align:right" | -8.,784

| style="text-align:rightleft" | -611

| style="text-align:rightleft" | —

| style="text-align:right" | -5.5938,692

| style="text-align:rightleft" | —

| style="text-align:rightleft" | —

| style="text-align:right" | 1.,489.,867

| style="text-align:right" | 1.,504.,763

| style="text-align:rightleft" | —

| style="text-align:rightleft" | —

| style="text-align:right" | 1.,020

| style="text-align:right" | 1.,052

| style="text-align:rightleft" | —

| style="text-align:rightleft" | —

| style="text-align:right" | 1.,679

| colspan="5" style="text-align:left" | 4. Claims incurred for own account

| colspan="5" style="text-align:left" | a) Payments for insuredClaims eventspaid

| style="text-align:rightleft" | -920.,737

| style="text-align:right" | —-1,111,769

| style="text-align:rightleft" | 17.,877

| style="text-align:right" | —41,572