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

"content": "**HDI Versicherung AG at a glance.**\n\n| Mio. EUR | 2025 | 2024 | +/- % |\n| --- | --- | --- | --- |\n| Gross written premiums | 1.564,8 | 1.588,3 | -1,5 |\n| Gross incurred losses | 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 =="

"heading": "Report sections",

"content": "* Lagebericht\n* Geschäftstätigkeit, Organisation und Struktur\n* Wirtschaftsbericht\n* Risikobericht\n* Prognose- und Chancenbericht\n* Versicherungsarten"

3

"heading": "Appendices and financial statements",

"links": [],

"effective_tags": [],

"content": "* Anlage 1 zum Lagebericht\n* Jahresabschluss\n* Bilanz\n* Gewinn- und Verlustrechnung\n* Anhang"

3

"heading": "Audit and supervisory reports",

"content": "* Bestätigungsvermerk des unabhängigen Abschlussprüfers\n* Bericht des Aufsichtsrats\n\n== Management Report. ==\n\n=== Business Activities, Organization and Structure ===\n\n==== Corporate policy background ===="

4

"heading": "HDI Versicherung AG overview",

"Property \u0026 casualty"

"Property \u0026 casualty"

"content": "* HDI Versicherung AG is part of the Talanx business division Private and Corporate Customers 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 to medium-sized businesses in liability, accident, property, and motor vehicle insurance.\n* HDI Versicherung AG provides comprehensive insurance coverage to companies in trade, services, and crafts through industry-specific solutions and modular insurance packages.\n* HDI Versicherung AG aims to be 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 navigate the market, as well as customers seeking advice and customized insurance products.\n* The company uses its in-house sales force organization for a holistic customer support approach.\n* This sales force also offers legal protection, credit, life, and health insurance from other companies, in addition to its own property and casualty insurance.\n* Another distribution channel is company-mediated group business."

4

"heading": "Rating agency assessment",

"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* Standard \u0026 Poor's certified that the company has a particularly strong financial profile.\n\n=== Our distribution partners ==="

4

"heading": "Distribution strategy and channels",

"links": [

"Property \u0026 casualty"

],

"effective_tags": [

"Property \u0026 casualty"

],

"content": "* HDI aims to provide customers with easy access to 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 organization, distribution through independent brokers and multiple agents, and various cooperation partners.\n* The functional organization ensures clear responsibilities and establishes the basis for cross-segment work in property and casualty (Property \u0026 casualty) 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 seeks to optimize interfaces with distribution partners and offer them digitally signable products.\n\n=== Services within the Group ==="

4

"heading": "HDI Versicherung AG operations and services",

"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 like Finance, Human Resources, 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=== Management report ===\n\n==== General economic and industry-specific conditions ====\n\n===== Economic development ====="

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

"content": "* Global economic growth was 3.3% YoY in 2025, the weakest value since the COVID year 2020.\n* This was decisively shaped 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 influenced global economic development."

5

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

"links": [

"Headwind"

],

"effective_tags": [

"Headwind"

],

"content": "* The German economy recorded a +0.2% YoY increase 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* Declines in construction and equipment investments in Germany were not offset by growth in the defense sector.\n* External trade faced headwinds due to trade disputes.\n* The special fund for infrastructure and higher defense spending announced in March are expected to take full effect in coming years.\n* The German economy, similar to France's, lagged behind its European peers.\n* 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 had double-digit GDP growth in 2025 due to strongly increasing (pharmaceutical) exports, Eurozone growth would have been only 0.9% YoY."

5

"heading": "US economic performance",

"links": [],

"effective_tags": [],

"content": "* The US economy performed well in 2025, with GDP growth of 2.2% YoY, despite uncertainties from the new administration.\n* Growth was primarily driven by private consumption, though its momentum cooled compared to H2 2024.\n* Factors contributing to the cooling of private consumption included a weaker labor market, persistent price pressure (partly due to tariffs), and a government shutdown in October/November.\n* Only 181,000 new jobs were created in the US labor market in 2025 (compared to 1,459,000 in the previous year).\n* The unemployment rate in the US rose only 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 drove growth."

5

"heading": "China economic growth",

"Headwind"

"Headwind"

"content": "* China's economic growth was 5.0% YoY in 2025.\n* This growth defied headwinds from US tariffs, which reached almost 140% at times.\n* Growth also persisted despite ongoing structural weaknesses in domestic consumption and the real estate sector.\n* The government's growth target was met for the third consecutive year.\n* This achievement was partly due to state-supported industries like robotics and electromobility."

5

"heading": "Latin America economic growth",

"content": "* Latin American economies increased their growth in 2025 despite the challenging international environment.\n* This was partly favored by central bank interest rate cuts (excluding Brazil).\n* The growth rate was 2.8% YoY, returning to its 2000-2019 average for the first time since the post-COVID rebound."

5

"heading": "Inflation and interest rates",

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

5,

6

"heading": "Capital market performance 2025",

"links": [],

"effective_tags": [],

"content": "* International stock markets reached new records in 2025 despite geopolitical and trade tensions, driven by a stable economic environment, falling key interest rates, positive corporate earnings, 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, ending 2025 with a price increase of +16.8% (all performance figures calculated in USD).\n* The +16.8% increase for the S\u0026P 500 marks its sixth double-digit gain in the last seven years.\n* In 2025, the S\u0026P 500 lagged behind other international markets, including industrial countries overall (MSCI World: +19.9%) and emerging markets (MSCI EM: +30.1%).\n* Eurozone stocks led in 2025 (EURO STOXX: +37.9%), with Germany (DAX: +39.1%) performing best, surpassing the US for the first time since 2022.\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 federal bonds of the same maturity initially jumped from 2.41% to 2.90% in March following the announcement of Germany's special fund for infrastructure and increased defense spending.\n* Doubts about rapid implementation caused the German bond yield to fall back below 2.50% within a few weeks.\n* The 10-year German bond yield ended the year near its annual high at 2.86% (+0.49 percentage points) with the new federal budget in autumn and the prospect of increased issuance activity to finance additional expenditures.\n* Increased 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 briefly caused oil prices to rise towards USD 80 per barrel.\n* Doubts about US debt sustainability and escalating tariffs 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* The Euro consolidated slightly below this level in the second half of the year due to political attacks on the Fed's independence.\n\n==== German insurance industry ===="

6

"heading": "German insurance market overview",

"content": "* Information on insurance markets is based on publications from the German Insurance Association (GDV) and includes preliminary data.\n* The German insurance industry saw an increase in premium income in the past fiscal year 2025, following stable development in previous years.\n* Premium income is estimated to have increased by 6.6% to EUR 253.6bn in 2025."

6

"heading": "P\u0026C premium growth",

"links": [

"Property \u0026 casualty"

],

"effective_tags": [

"Property \u0026 casualty"

],

"content": "* Property and casualty (Property \u0026 casualty) insurers are expected to have achieved premium growth of 7.7% to EUR 99.7bn in 2025.\n\n==== Legal and regulatory framework ====\n\n===== Supervisory requirements ====="

6

"heading": "Regulatory environment",

"Capital management"

"Capital management"

"content": "* Insurance companies (primary and reinsurance companies), pension funds, and capital management companies are subject to comprehensive legal and financial supervision by regulatory authorities worldwide.\n* In Germany, the Federal Financial Supervisory Authority (BaFin) is responsible for this supervision.\n* The regulatory framework has become more stringent in recent years, leading to increased complexity.\n* This trend of increasing complexity in regulatory requirements continued in 2025.\n\n====== Insurance Distribution Directive ======"

6

"heading": "Regulatory requirements for insurance distribution",

"content": "* The distribution of insurance products is subject to extensive legal requirements.\n* 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.\n* Product oversight and governance of insurance products are determined by, among other things, Delegated Regulation (EU) 2017/2358 of the European Commission.\n* A seven-day waiting period for the conclusion of residual credit agreements for general consumer credit agreements was introduced on January 1, 2025.\n* The Accessibility Strengthening Act (Barrierefreiheitsstärkungsgesetz) and its corresponding regulation came into force on June 28, 2025.\n* This act requires certain products and services for consumers to be provided accessibly and with accessibility information.\n* Services mentioned in the act include those in electronic commerce, meaning the online sale of insurance products must now comply with applicable accessibility requirements.\n\n====== Minimum requirements for business organization ======"

6,

7,

8

"heading": "Minimum requirements for business organization",

"content": "* The revised BaFin Circular 09/2025 (VA) on the official interpretation of the Minimum Requirements for Business Organization (MaGo) clarifies overarching aspects of business organization and central terms like \"proportionality\" and \"administrative, management, or supervisory body\" from the supervisory authority's perspective.\n* Despite lacking direct legal binding, MaGo is considered in the HDI Group's business organization, particularly in general governance, key functions, risk management system, capital requirements, internal control system, outsourcing, and emergency management.\n* Insurance companies, as per Art. 13 No. 1 Directive 2009/138/EC, are obligated under § 2 Para. 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 Para. 1 Sentence 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, terrorist financing, and other criminal acts due to its loan granting activities under § 1 Para. 1 Sentence 2 No. 2 KWG.\n* The company has established regulations and initiated organizational measures to fulfill these legal obligations.\n* A money laundering officer and deputy have been appointed.\n* Loan granting is conducted as part of capital investment by Ampega Asset Management GmbH, with a process established for control by the money laundering officer.\n* Changes to current 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 important RTS on Customer Due Diligence (CDD).\n* Preparations for implementation are underway.\n* Digitalization has gained importance in recent years, leading to a transition to digital, data-based business models.\n* Resulting legal questions and challenges, particularly concerning IT security, are increasingly important for HDI Group companies.\n* 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 technology incidents.\n* In 2024, the EU also enacted the Artificial Intelligence Regulation (Regulation (EU) 2024/1689), which affects the insurance industry and will have specific impacts on the HDI Group.\n* Talanx Group insurance companies process extensive personal data for application, contract, and claims processing.\n* The data protection management system is designed to observe and control requirements of the EU General Data Protection Regulation (GDPR) and the Federal Data Protection Act.\n* Employees are trained on careful data handling and are contractually obligated to comply with data protection requirements.\n* Central procedures must be followed for process-independent data protection requirements, such as commissioning service providers.\n* This also applies to the data protection rights of customers, shareholders, and employees.\n* Compliance with applicable law is a prerequisite for the Talanx Group companies' long-term successful business operations.\n* The Group focuses on adapting its business and products to legal, supervisory, and tax frameworks.\n* Mechanisms are in place to identify and evaluate future legal developments and their impact on business operations early, enabling timely adjustments.\n* The HDI Germany business unit (Business mix) continues its business planning under the new strategic program \"Substanz\" (SBSTNZ.).\n* The guidelines of the new strategy program are: Simple - Focused - Successful.\n* The goal is to promote sustainable growth, strengthen market position, and contribute to long-term stability within the Group.\n* The core of the new strategy is targeted excellence development along the value chain.\n* Key aspects include reducing complexity and increasing efficiency in internal processes.\n* By focusing on core competencies and a streamlined product portfolio, the HDI Germany business unit aims to become more profitable in the medium term.\n* The company intends to distinguish itself through high-quality service offerings and reliable cooperation with sales partners.\n* Comprehensive support for existing customers and ensuring long-term fulfillment of obligations are also crucial.\n* Significant progress was made in the strategic program last year.\n* The company responded to central challenges by sharpening its strategic focus and achieved initial positive developments towards clearly focused business models and performance-oriented management.\n* Operational and financial stability were ensured despite profound changes.\n* The targeted profitability was achieved early in some business areas.\n* Transformation, key measures for restructuring, and cultural development were significantly advanced.\n* 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* The emphasis is on consistent alignment with market requirements and customer needs for simple products and digital processes.\n* Successes in implementing the \"Substanz\" strategic program are evident in noticeable efficiency improvements through the development of operations and claims, particularly by focusing business models, automation, and the use of AI.\n* The corporate and freelance professions business unit is expanding, especially through competitive-differentiating market and business expertise and systematic portfolio management for profitability.\n* Profitability of the portfolio and professionalization and efficiency improvement of processes are consistently and successfully driven, particularly 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.\n* The use of generative artificial intelligence is planned for the company's future viability and is currently in a testing phase across various corporate departments.\n* Agility is an overarching goal, aiming to enable the organization to react flexibly to changes and act proactively.\n* This includes early identification and adoption of changing economic conditions to make necessary adjustments proactively and respond to market developments.\n* The Agile Delivery Organization (ALO) is continuously reviewed and further developed.\n\n==== IT strategy ===="

8

"heading": "IT strategy and objectives",

"content": "* The IT strategy for the Private and Commercial 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* The digitalization of processes and service offerings, along with the modernization of IT infrastructure, shape HDI Germany's business activities.\n* The IT strategy aims to transform the application landscape, aligned with the \"Substanz\" business strategy and considering innovative technologies like artificial intelligence.\n* Essential components of the IT strategy include the sustainable implementation of IT compliance and regulatory requirements under the Digital Operational Resilience Act (DORA), and the continuous improvement of the security protection level.\n\n==== Product ratings ===="

8

"heading": "Product ratings and awards",

"links": [

"Business mix"

],

"effective_tags": [

"Business mix"

],

"content": "* HDI Versicherung AG continuously improves products and services, reflected in product ratings, awards, and seals of approval.\n* Stiftung Warentest rated the Private Liability Insurance (Premium product line (Business mix)) with 'Very good (0.7)'.\n* Stiftung Warentest rated the Residential Building Insurance (Premium product line) with 'Very good (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 sector.\n* Franke \u0026 Bornberg Research GmbH awarded the Residential Building Insurance (Premium product line / Multi-family house Premium product) with 'FFF+' (excellent).\n* Franke \u0026 Bornberg Research GmbH rated the HDI Accident Insurance (Premium, 100% participation, protection letter) with 'FFF' (very good).\n* Franke \u0026 Bornberg Research GmbH rated the HDI Household Contents Insurance (Premium product line) with 'FFF' (very good).\n\n==== Sustainability ===="

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

"links": [],

"effective_tags": [],

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

"heading": "Product quality ratings",

"links": [

"Business mix"

],

"effective_tags": [

"Business mix"

],

"content": "* HDI Motor Insurance (Motor Premium product line (Business mix)) received the top rating of 'FFF+' (excellent) from independent analysis firm Franke \u0026 Bornberg Research GmbH.\n* In the Corporate and Freelance Professions sector, AssCompact awarded commercial property insurance 'Best Product Quality' and 'Best Value for Money'.\n* Franke \u0026 Bornberg Research GmbH rated the All-Risk Contents Insurance with Gastronomy, Flood, and Backwater modules 'FFF' (very good).\n* The business liability insurance with Construction, Services, Trade, Crafts (ancillary construction trades), and Allied Health Professions modules received 'FFF+' (excellent).\n* Commercial cyber insurance (Cyber insurance for Corporate and Freelance Professions, business interruption due to cloud outage) was rated 'FFF' (very good)."

9

"heading": "Fossil fuel exclusions and decarbonization",

"content": "* 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 regarding fossil fuels on the investment side.\n* Since 2024, exclusions for fracking of shale gas and oil apply in the Arctic, in addition to existing exclusions for oil and tar sands and oil and gas drilling.\n* From 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 5.7% to 4.5% over the next five years.\n* The existing thermal coal exclusion in investments was tightened in 2024."

9

"heading": "Social and governance engagement",

"links": [],

"effective_tags": [],

"content": "* In 2022, a unified framework for the mostly decentralized social and community engagement was created and anchored in the Group strategy.\n* 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.\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 ===="

9

"heading": "Financial performance indicators",

"Gross written premiums"

"Gross written premiums"

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

9

"heading": "Performance indicators",

"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.\n\n==== Earnings performance of HDI Versicherung AG ====\n\n===== Business development: Insurance business overall ====="

"heading": "Business development: Insurance business overall",

"content": "**Business development: Insurance business overall**\n\n| Mio. EUR | 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 losses | 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 for a.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 losses in relation to earned premiums\n(2)) Operating expenses in relation to earned premiums\n(3)) Sum of incurred losses and operating expenses in relation to earned premiums"

10

"heading": "Gross Written Premiums and Reinsurance",

"content": "* HDI Versicherung AG's 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 the decline in the motor division due to portfolio reductions.\n* Freelance professions and private lines experienced a slight decrease in gross written premiums, also 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 division.\n* Net earned premiums decreased by EUR 14.9m to EUR 1,489.9m (prior: EUR 1,504.8m)."

"id": "9fth4kgfqj-c32",

"chunk": 32,

10

"heading": "Claims Expenses and Loss Ratios",

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

"id": "9fth4kgfqj-c33",

"chunk": 33,

10

"heading": "Operating Expenses and Combined Ratio",

"Business mix"

"Business mix"

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

},

{

"id": "9fth4kgfqj-c34",

"chunk": 34,

"pages": [

10

],

"heading": "Technical Result",

"tags": [],

"links": [],

"data_items": [],

"effective_tags": [],

"content": "* EUR 14.4m (prior: EUR 9.0m) was withdrawn from the fluctuation reserve.\n* The 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 ======"

10

"heading": "Self-concluded insurance business",

"content": "**Self-concluded insurance business**\n\n| Mio. EUR | 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 losses | 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 for a.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 ====="

11

"heading": "Motor Insurance",

"links": [],

"effective_tags": [],

"content": "**Motor Insurance (Mio. EUR)**\n\n| | 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 losses | 366,3 | 363,8 | 482,7 | 481,1 |\n| Operating expenses | 107,4 | 107,4 | 124,9 | 124,9 |\n| Technical result for a.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| In % — Combined ratio | 91,0 | 91,0 | 106,0 | 106,7 |\nDie Sparte Kraftfahrt verzeichnete im Geschäftsjahr einen Rückgang der gebuchten Bruttobeiträge in Höhe von 56,0 Mio. EUR auf 521,6 (577,6) Mio. EUR. Treiber dieser Entwicklung waren im Wesentlichen Bestandsrückgänge nach Anwendung der Beitragsanpassungsklausel sowie Einstellung des Neugeschäfts in ausgewählten Vertriebskanälen.\nDie Rückversicherungsbeiträge verminderten sich auf 3,2 (5,5) Mio. EUR. Die verdienten Nettobeiträge reduzierten sich insgesamt um 50,4 Mio. EUR auf 517,5 (568,0) Mio. EUR.\nDie Bruttoaufwendungen für Versicherungsfälle reduzierten sich deutlich um 116,3 Mio. EUR von 482,7 Mio. EUR auf 366,3 Mio. EUR infolge eines gesunkenen Geschäftsjahresschadenaufwands brutto um 148,4 Mio. EUR auf 428,5 (576,9) Mio. EUR. Treiber hierfür waren der gesunkene Frequenzschadenaufwand und ausgebliebener Kumulaufwand für Naturkatastrophen. Gegenläufig verminderte sich der Bruttoabwicklungsgewinn um 32,1 Mio. EUR auf 62,2 (94,3) Mio. EUR, resultierend aus notwendigen Reserveanpassungen in der Sparte Kraftfahrt-Haftpflicht. Die Bruttoschadenquote verminderte sich dementsprechend auf 70,4 (84,2) %.\nDie Nettoaufwendungen für Versicherungsfälle sanken entsprechend um 117,3 Mio. EUR auf 363,8 (481,1) Mio. EUR. Ursächlich hierfür war der Rückgang des Geschäftsjahresschadenaufwands netto um 148,4 Mio. EUR auf 428,5 (576,9) Mio. EUR, dem Brutto folgend. Der Abwicklungsgewinn netto verminderte sich um 31,1 Mio. EUR auf 64,7 (95,8) Mio. EUR. Die Nettoschadenquote verminderte sich um 14,4 Prozentpunkte von 84,7 % auf 70,3 %.\nDie Brutto- und Nettoaufwendungen für den Versicherungsbetrieb verminderten sich auf 107,4 (124,9) Mio. EUR, vor allem getrieben durch rückläufige Verwaltungsaufwendungen. Infolgedessen verminderte sich die Kostenquote brutto von 21,8 % auf 20,6 % und im Netto von 22,0 % auf 20,8 %.\nDie kombinierten Schaden-/Kostenquoten lagen im Brutto mit 91,0 (106,0) % und im Netto mit 91,0 (106,7) % unter denen des Vorjahres.\nDer Schwankungsrückstellung wurden 50,2 (0,0) Mio. EUR zugeführt. Insgesamt verblieb für die Sparte Kraftfahrtversicherung ein versicherungstechnisches Nettoergebnis in Höhe von -2,6 (-39,0) Mio. EUR.\n\n===== Liability Insurance ====="

12

"heading": "Liability Insurance",

"content": "**Liability Insurance**\n\n| Mio. EUR | 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 losses | 277,4 | 267,9 | 182,6 | 177,2 |\n| Operating expenses | 131,5 | 131,5 | 137,9 | 137,9 |\n| Technical result for a.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 |"

12

"heading": "Gross and net premiums",

"links": [

"Gross written premiums"

],

"effective_tags": [

"Gross written premiums"

],

"content": "* Gross written premiums in liability insurance decreased by EUR 2.2m to EUR 355.1m (prior: EUR 357.2m).\n* The corporate segment \"Betriebshaftpflicht\" (commercial liability) showed positive effects on gross written premiums from sustained portfolio growth.\n* Premiums in the \"Freie Berufe-Sparte Heilwesenhaftpflicht\" (liberal professions - medical liability) segment remained stable with slight portfolio growth.\n* Premiums in the private liability, planning liability, and financial loss liability 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)."

12

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

"content": "* 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 the gross settlement result by EUR 92.0m to -EUR 55.8m (prior: EUR 36.2m), primarily from necessary reserve adjustments for large claims from older accident 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 segment \"Betriebshaftpflicht\" 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 mainly due to the decreased net settlement result of -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%)."

12

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

"links": [],

"effective_tags": [],

"content": "* Gross and net expenses for insurance operations decreased to EUR 131.5m (prior: EUR 137.9m) due to lower administrative costs, mainly after considering a special depreciation in the previous year.\n* The gross cost ratio slightly decreased to 37.2% (prior: 38.6%).\n* The net cost ratio slightly decreased to 37.6% (prior: 38.9%).\n* The combined loss/cost ratios increased gross to 115.5% (prior: 89.6%) and net to 114.2% (prior: 89.0%)."

12

"heading": "Underwriting result",

"content": "* 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 ====="

13

"heading": "Written premiums, Earned premiums, Incurred losses, Operating expenses, Technical result for a.r.",

"links": [],

"effective_tags": [],

"content": "**Written premiums, Earned premiums, Incurred losses, Operating expenses, Technical result for a.r.**\n\n| | 2025 | 2025 | 2024 | 2024 |\n| --- | --- | --- | --- | --- |\n| Mio. EUR | Gross | Net | Gross | Net |\n| Written premiums | 60,2 | 60,2 | 61,9 | 61,9 |\n| Earned premiums | 60,6 | 60,6 | 62,3 | 62,3 |\n| Incurred losses | 29,8 | 29,8 | 26,6 | 26,6 |\n| Operating expenses | 22,3 | 22,3 | 23,5 | 23,5 |\n| Technical result for a.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 |"

13

"heading": "Accident insurance premiums and claims",

"links": [

"Gross written premiums"

],

"effective_tags": [

"Gross written premiums"

],

"content": "* Gross written premiums in accident insurance decreased by EUR 1.7m to EUR 60.2m (prior: EUR 61.9m) due to a slight decline in the number of insurance contracts 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 current 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%)."

13

"heading": "Accident insurance operating expenses and combined ratio",

"links": [],

"effective_tags": [],

"content": "* Gross and net expenses for insurance operations decreased by EUR 1.2m to EUR 22.3m (prior: EUR 23.5m).\n* This reduction was mainly 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%)."

13

"heading": "Accident insurance underwriting result",

"content": "* The accident insurance segment achieved a net technical 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 ====="

14

"heading": "Multi-risk",

"content": "**Multi-risk**\n\n| | 2025 | 2025 | 2024 | 2024 |\n| --- | --- | --- | --- | --- |\n| Mio. EUR | Gross | Net | Gross | Net |\n| Written premiums | 168,1 | 148,1 | 166,5 | 141,2 |\n| Earned premiums | 168,0 | 148,0 | 166,3 | 141,0 |\n| Incurred losses | 116,2 | 117,2 | 92,6 | 100,0 |\n| Operating expenses | 63,6 | 60,2 | 64,6 | 61,3 |\n| Technical result for a.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 |"

14

"heading": "Multi-risk premiums",

"links": [

"Gross written premiums"

],

"effective_tags": [

"Gross written premiums"

],

"content": "* Gross premiums written (Gross written premiums) in Multi Risk increased by EUR 1.6m to EUR 168.1m (prior: EUR 166.5m).\n* Premium adjustments contributed positively to premium growth.\n* 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.\n* Net earned premiums increased by EUR 7.0m to EUR 148.0m (prior: EUR 141.0m)."

14

"heading": "Multi-risk claims expenses",

"content": "* Gross expenses for insurance benefits increased by EUR 23.6m to EUR 116.2m (prior: EUR 92.6m).\n* This was primarily due to a decrease in gross run-off gains of EUR 30.7m to EUR 3.3m (prior: EUR 34.0m), following exceptionally high run-off gains from reserve reductions for large 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 cumulative expenses, which more than offset the increased burden from large claims.\n* The gross loss ratio increased by 13.5 percentage points to 69.2% (prior: 55.7%).\n* Net expenses for insurance benefits increased 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%)."

14

"heading": "Multi-risk operating expenses and ratios",

"content": "* Gross expenses for insurance operations decreased to EUR 63.6m (prior: EUR 64.6m).\n* The decrease was caused by lower administrative costs after considering a special depreciation 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 cost ratio decreased from 38.9% to 37.8%.\n* The net cost ratio decreased from 43.5% to 40.7%.\n* The combined ratio gross was 107.0% (prior: 94.6%).\n* The combined ratio net was 119.9% (prior: 114.4%).\n* The net underwriting result was -EUR 29.6m (prior: -EUR 20.1m).\n\n===== Linked residential building insurance ====="

15

"heading": "Linked residential building insurance",

"content": "**Linked residential building insurance**\n\n| | 2025 | 2025 | 2024 | 2024 |\n| --- | --- | --- | --- | --- |\n| Mio. EUR | Gross | Net | Gross | Net |\n| Written premiums | 166,6 | 154,0 | 168,0 | 152,1 |\n| Earned premiums | 164,0 | 151,4 | 163,6 | 147,8 |\n| Incurred losses | 74,0 | 75,0 | 103,1 | 102,4 |\n| Operating expenses | 53,8 | 51,9 | 58,0 | 56,3 |\n| Technical result for a.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 |\nDie gebuchten Bruttobeiträge in der Verbundenen Wohngebäudeversicherung sanken im Geschäftsjahr um 1,4 Mio. EUR auf 166,6 (168,0) Mio. EUR aufgrund eines Portfoliotransfers in die gewerbliche Feuerversicherung.\nDie Rückversicherungsbeiträge reduzierten sich auf 12,6 (15,8) Mio. EUR. Die verdienten Nettobeiträge erhöhten sich um 3,7 Mio. EUR auf insgesamt 151,4 (147,8) Mio. EUR.\nDie Aufwendungen für Versicherungsfälle verminderten sich brutto um 29,1 Mio. EUR auf 74,0 (103,1) Mio. EUR. Dieser Rückgang ist auf einen gesunkenen Geschäftsjahresschadenaufwand von 89,0 (101,8) Mio. EUR zurückzuführen, im Wesentlichen durch rückläufigen Frequenzschadenaufwand und ausgebliebenen Kumulaufwand aus Naturkatastrophen. Das Abwicklungsergebnis verbesserte sich gegenüber dem Vorjahr brutto um 16,3 Mio. EUR auf 15,0 (-1,3) Mio. EUR infolge von Überprüfungen von Reserven aus älteren Anfalljahren. Die Schadenquote brutto verminderte sich dementsprechend um 17,9 Prozentpunkte auf 45,1 (63,0) %.\nDie Nettoaufwendungen für Versicherungsfälle reduzierten sich um 27,4 Mio. EUR auf 75,0 (102,4) Mio. EUR. Der Geschäftsjahresschadenaufwand netto sank um 12,2 Mio. EUR auf 89,0 (101,2) Mio. EUR. Das Abwicklungsergebnis netto stieg um 15,1 Mio. EUR auf 14,0 (-1,2) Mio. EUR. Die Nettoschadenquote verminderte sich um 19,7 Prozentpunkte auf 49,5 (69,3) %.\nDie Aufwendungen für den Versicherungsbetrieb brutto sanken auf 53,8 (58,0) Mio. EUR, was auf niedrigere Verwaltungskosten zu- rückzuführen ist. Die Aufwendungen für den Versicherungsbetrieb netto verminderten sich auf 51,9 (56,3) Mio. EUR. Infolgedessen sank die Kostenquote brutto auf 32,8 (35,4) % und die Kostenquote netto auf 34,3 (38,1) %.\nDie kombinierten Schaden-/Kostenquoten reflektierten die vorgenannten Entwicklungen und beliefen sich brutto auf 77,9 (98,5) % und netto auf 83,8 (107,4) %.\nDas versicherungstechnische Nettoergebnis hat sich gegenüber dem Vorjahr um 21,6 Mio. EUR auf 18,6 (-3,0) Mio. EUR nach Schwankungsrückstellung verbessert. Der Schwankungsrückstellung wurden 1,5 Mio. EUR zugeführt, nach einer Entnahme von 12,6 Mio. EUR im Vorjahr.\n\n===== Linked household contents insurance ====="

16

"heading": "Linked household contents insurance",

"links": [],

"effective_tags": [],

"content": "**Linked household contents insurance**\n\n| Mio. EUR | 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 losses | 26,3 | 26,5 | 33,2 | 33,0 |\n| Operating expenses | 26,0 | 25,5 | 27,3 | 26,9 |\n| Technical result for a.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 |"

16

"heading": "Gross and net premiums",

"links": [

"Gross written premiums"

],

"effective_tags": [

"Gross written premiums"

],

"content": "* Gross written premiums (Verbundene Hausratversicherung) decreased to EUR 72.4m (prior: EUR 75.2m) due to portfolio reduction.\n* Reinsurance premiums slightly decreased to EUR 3.2m (prior: EUR 4.5m).\n* Earned net premiums decreased to EUR 69.6m (prior: EUR 70.7m)."

16

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

"content": "* Gross claims expenses decreased 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 losses.\n* Gross settlement gains increased to EUR 6.6m (prior: EUR 2.5m).\n* The gross loss ratio decreased by 8.1 percentage points 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).\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%)."

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 decreased to 35.7% (prior: 36.3%).\n* The net cost ratio decreased 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%."

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 ====="

17

"heading": "Other insurance",

"content": "**Other insurance**\n\n| | 2025 | 2025 | 2024 | 2024 |\n| --- | --- | --- | --- | --- |\n| Mio. EUR | Gross | Net | Gross | Net |\n| Written premiums | 220,8 | 194,7 | 181,9 | 161,7 |\n| Earned premiums | 219,8 | 193,0 | 181,2 | 161,1 |\n| Incurred losses | 115,9 | 115,7 | 124,7 | 122,1 |\n| Operating expenses | 81,8 | 78,4 | 70,5 | 65,5 |\n| Technical result for a.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 |\nOther insurance lines include insurance segments that are not to be reported separately. These include fire insurance, transport insurance, assistance insurance, cyber insurance, and technical insurance.\nDie Bruttobeiträge der sonstigen Versicherungen stiegen im Geschäftsjahr um 38,9 Mio. EUR und beliefen sich auf 220,8 (181,9) Mio. EUR. Wesentlicher Treiber für diese Entwicklung war wie im Vorjahr die Sparte Feuer infolge eines internen Portfoliotransfers aus der Sparte Wohngebäude sowie von Mehrbeiträgen im Rahmen von Vertragsverlängerungen. Die Sparte Cyber verzeichnete ebenfalls eine positive Entwicklung infolge Bestandswachstums aus Neugeschäft. Die Sparten Technische Versicherungen und Transportversicherung wiesen gegenüber dem Vorjahr einen leichten Beitragsanstieg auf.\nDie Rückversicherungsbeiträge erhöhten sich um 5,9 Mio. EUR auf 26,2 (20,2) Mio. EUR analog der Bruttobeiträge durch den internen Portfoliotransfer. Die verdienten Nettobeiträge erhöhten sich um 32,0 Mio. EUR auf 193,0 (161,1) Mio. EUR.\nDie Aufwendungen für Versicherungsfälle sind gegenüber dem Vorjahr brutto um 8,8 Mio. EUR auf 115,9 (124,7) Mio. EUR gesunken. Treiber war der Rückgang des Geschäftsjahresschadenaufwands brutto um 8,2 Mio. EUR auf 133,3 (141,5) Mio. EUR vor allem infolge ausgebliebenen Kumulaufwands für Naturkatastrophen sowie einer rückläufigen Großschadenbelastung in der Sparte Feuer. Zudem erhöhte sich der Abwicklungsgewinn brutto auf 17,4 (16,8) Mio. EUR, vor allem infolge der gestiegenen Abwicklung in der Sparte Cyber. Die Schadenquote der sonstigen Versicherungen verringerte sich entsprechend um 16,1 Prozentpunkte auf 52,8 (68,8) % im Brutto.\nDie Nettoaufwendungen für Versicherungsfälle verminderten sich um 6,4 Mio. EUR auf 115,7 (122,1) Mio. EUR. Treiber hierfür war unter anderem der gesunkene Geschäftsjahresschadenaufwand netto um 6,8 Mio. EUR auf 130,0 (136,8) Mio. EUR. Der Abwicklungsgewinn im Netto reduzierte sich um 0,4 Mio. EUR auf 14,3 (14,7) Mio. EUR. Die Schadenquote der sonstigen Versicherungen verminderte sich somit netto auf 59,9 (75,8) %.\nDie Aufwendungen für den Versicherungsbetrieb stiegen im Geschäftsjahr brutto auf 81,8 (70,5) Mio. EUR und netto auf 78,4 (65,5) Mio. EUR an. Ausschlaggebend hierfür waren vor allem höhere Provisionen im Rahmen des zuvor genannten Beitragswachstums in der Sparte Feuer. Dementsprechend verminderte sich die Kostenquote brutto auf 37,2 (38,9) % und die Kostenquote netto auf 40,6 (40,7) %.\nDie kombinierten Schaden-/Kostenquoten reflektierten die vorgenannten Entwicklungen und verbesserten sich brutto auf 90,0 (107,7) % und netto auf 100,5 (116,5) %.\nInsgesamt verblieb ein versicherungstechnisches Nettoergebnis von -6,0 (-24,7) Mio. EUR nach Schwankungsrückstellung. Bei der Schwankungsrückstellung fand eine Entnahme von 1,9 (2,4) Mio. EUR statt.\n\n===== Investment Result ====="

18

"heading": "Investment income and results",

"links": [

"Net investment income"

],

"effective_tags": [

"Net investment income"

],

"content": "* Current income, primarily from coupon payments on fixed-income investments, was EUR 95.9m (prior: EUR 118.7m) in the reporting year.\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 fixed-income asset classes in direct investments due to an increased reinvestment rate for the full year.\n* Current expenses (including scheduled depreciation) were 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.\n* Extraordinary gains and losses from the disposal of investments amounted to -EUR 101.8m (prior: EUR 4.4m) in the reporting year.\n* These resulted primarily 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) in the reporting year, driven by extraordinary write-downs on equity investments.\n* Total extraordinary result was -EUR 119.5m (prior: EUR 0.6m).\n* Investment result (Net investment income) before deduction of technical interest income was -EUR 31.7m (prior: EUR 111.9m).\n* A net return(2)(footnote: Alle Erträge abzüglich aller Aufwendungen für Kapitalanlagen im Verhältnis zum mittleren Bestand der Kapitalanlagen zum 1.1. und 31.12. des jeweiligen Geschäftsjahres) of -0.8% (prior: 3.0%) was achieved for the reporting year.\n\n===== Other income ====="

18

"heading": "Other result",

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

18

"heading": "Other income",

"links": [],

"effective_tags": [],

"content": "(1) Laufende Bruttoerträge abzüglich Aufwendungen für die Verwaltung von Kapitalanlagen abzüglich planmäßiger Abschreibungen im Verhältnis zum mittleren Bestand der Kapitalanlagen zum 1.1. und 31.12. des jeweiligen Geschäftsjahres"

18

"heading": "Other income",

"content": "(2) Alle Erträge abzüglich aller Aufwendungen für Kapitalanlagen im Verhältnis zum mittleren Bestand der Kapitalanlagen zum 1.1. und 31.12. des jeweiligen Geschäftsjahres\n\n===== Total comprehensive income of HDI Versicherung AG ====="

18

"heading": "Total comprehensive income of HDI Versicherung AG",

"links": [

"Net investment income"

],

"effective_tags": [

"Net investment income"

],

"content": "**Total comprehensive income of HDI Versicherung AG**\n\n| | 2025 | 2024 |\n| --- | --- | --- |\n| Mio. EUR — Underwriting result for f. e. R. | 20,1 | -30,7 |\n| Mio. EUR — Investment result (Net investment income) after deduction of technical interest | -32,8 | 111,0 |\n| Mio. EUR — Other income | 122,2 | -62,5 |\n| Mio. EUR — Income from ordinary activities | 109,5 | 17,8 |\n| Mio. EUR — Taxes | 0,0 | 0,1 |\n| Mio. EUR — Profit transferred to HDI Deutschland AG | 109,5 | 17,6 |"

18

"heading": "Profit transfer to parent company",

"links": [],

"effective_tags": [],

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

18

"heading": "Equity",

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

18

"heading": "Liquidity position and management",

"links": [],

"effective_tags": [],

"content": "* The company receives liquid funds from ongoing premium income, capital gains, and returns from capital investments.\n* Liquidity required for current payment obligations is ensured through 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 totaled EUR 88.1m (prior: EUR 51.3m).\n\n====== Asset Position ======\n\n====== Investments ======"

18,

19

"heading": "Investment portfolio composition",

"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, accounting for 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 equity interests and shares in affiliated companies at 6.9% (prior year: 7.2%).\n* The average rating of fixed-income investments, determined by linear methodology, was AA (prior year: AA).\n* Loans to affiliated companies and companies with which an equity relationship exists remained at the previous year's level, amounting to EUR 223.2m (prior year: EUR 172.8m).\n* The portfolio of shares and equity interests slightly decreased YoY to EUR 258.4m (prior year: EUR 269.7m).\n* The portfolio of real estate funds remained constant at EUR 34.1m (prior year: EUR 35.3m).\n* The portfolio of other funds slightly increased to EUR 39.8m (prior year: EUR 38.0m).\n* The portfolio of equity funds was continuously rebuilt after a reduction at the beginning of 2025, reaching approximately EUR 39.8m (prior year: EUR 147.8m) at the end of the fiscal year."

19

"heading": "Investment market values and valuation differences",

"content": "* The market values of recognized 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 ====="

19

"heading": "Net technical provisions",

"content": "* Net technical provisions 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* As HDI Versicherung AG operates exclusively in the German market, net provisions for outstanding claims are almost unaffected by exchange rate fluctuations.\n\n===== Overall statement on the economic situation ====="

19

"heading": "Operating performance and underwriting results",

"links": [

"Net written premiums"

],

"effective_tags": [

"Net written premiums"

],

"content": "* HDI Versicherung AG's operating business was influenced by transformation and restructuring in the past fiscal year.\n* The company significantly improved its net technical insurance result before fluctuation reserves.\n* Net written premiums for the company saw a slight decline.\n* Negative effects from continued claims inflation were overcompensated by a continued decrease in frequency claims.\n* Increased net burden from large losses was offset by a reduction in natural catastrophe claims expenses 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 operational 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* Premium decline in motor insurance 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* This was primarily driven by a decrease in claims expenses for the fiscal year due to reduced frequency claims in motor and private lines.\n* A rise in large loss burden offset the reduction in natural catastrophe claims expenses in motor and building lines due to the absence of cumulative events.\n* Claims settlement developed negatively due to increased expenses for necessary reserve adjustments for large losses from previous years, especially in corporate and freelance professional lines.\n* Insurance operating expenses decreased YoY due to lower administrative costs, in line with forecasts.\n* This led to a significantly improved technical insurance result, as expected."

19

"heading": "Investment income and net income",

"content": "* Investment income was significantly below the previous year's level, contrary to expectations.\n* This was caused by one-off effects from loss realizations in 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 net income.\n* As of the date of the management report, the economic situation of HDI Versicherung AG is considered unchanged and stable.\n\n==== Risk Report ====\n\n===== Summary of the risk situation ====="

20

"heading": "Risk management and solvency",

"links": [],