Data:HDI Versicherung/2025/FY/Annual report.json: Difference between revisions
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Section records derived from the published summary page (259 sections) |
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"Gross written premiums"
],
"content": "**HDI Versicherung AG at a glance.**\n\n|
},
{
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3
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"heading": "
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"content": "* Lagebericht\n* Geschäftstätigkeit, Organisation und Struktur\n* Wirtschaftsbericht\n* Risikobericht\n* Prognose- und Chancenbericht\n* Versicherungsarten
},
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"content": "* Anlage 1 zum Lagebericht"
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"content": "* Jahresabschluss\n* Bilanz\n* Gewinn- und Verlustrechnung\n* Anhang\n* Bestätigungsvermerk des unabhängigen Abschlussprüfers"
},
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"content": "* Bericht des Aufsichtsrats\n\n== Management Report. ==\n\n=== Business activities, organization and structure ===\n\n==== Corporate policy background ===="
},
{
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"chunk": 7,
"pages": [
],
"heading": "
"tags": [],
"links": [
"Property \u0026 casualty"
],
"data_items": [],
"effective_tags": [
"Property \u0026 casualty"
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"content": "* HDI Versicherung AG is part of the Talanx business division Private and Corporate Insurance Germany (HDI Deutschland).\n* HDI Deutschland bundles the activities of private and corporate customer companies in property and casualty (Property \u0026 casualty) insurance, life insurance, and bancassurance in Germany.\n* HDI Deutschland AG manages this business division.\n* The registered office of HDI Versicherung AG is Hannover.\n* The company offers broad insurance coverage for private individuals, sole proprietors, freelancers, and small and medium-sized enterprises in liability, accident, property, and motor vehicle insurance.\n* HDI Versicherung AG provides comprehensive insurance coverage for companies in trade, services, and crafts with industry 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 advice-oriented customers seeking customized insurance products.\n* The company uses its in-house sales force organization for a holistic customer care approach.\n* In addition to its own property and casualty insurance, legal protection, credit, life, and health insurance from other companies are also offered through this channel.\n* Another distribution channel is the company-mediated employee benefits business."
},
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"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 sales partners ===="
},
{
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"chunk": 9,
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"content": "* HDI aims to provide customers with easy access to its insurance products and diverse consulting and service offerings.\n* This is achieved by maintaining and expanding cooperation with carefully selected sales partners across all relevant distribution channels.\n* Relevant distribution channels for HDI include its own exclusive sales organization, sales through independent intermediaries and multi-agents, and various cooperation partners.\n* The functional organization ensures clear responsibilities and establishes the basis for cross-segment work in property and life insurance.\n* A cross-segment perspective is crucial for improving processes and services for the benefit of customers and sales partners.\n* With the increasing importance of online sales, HDI also seeks to optimize interfaces with sales partners and offer them digitally signable products.\n\n==== Services within the Group ===="
},
{
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"chunk": 10,
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"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, such as 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== Economic Report ==\n\n=== Overall economic and industry-specific conditions ===\n\n==== Economic development ===="
},
{
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"chunk": 11,
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"content": "* Global economic growth remained at 3.3% YoY in 2025, the weakest value since the Covid year 2020.\n* This was significantly 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 the new US trade policy."
},
{
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"chunk": 12,
"pages": [
],
"heading": "
"tags": [],
"links": [
"Headwind"
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"data_items": [],
"effective_tags": [
"Headwind"
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"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* A decline in construction and equipment investments in Germany was not offset by an increase in the defense sector.\n* External trade disputes created headwinds for the German economy.\n* The special fund for infrastructure and higher defense spending announced in March are expected to take full effect in the coming years.\n* The German economy, similar to France, 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 saw double-digit GDP growth in 2025 due to sharply rising (pharmaceutical) exports, Eurozone growth would have been only 0.9% YoY."
},
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"chunk": 13,
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"
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"
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"content": "* The US economy grew +2.2% YoY in 2025 despite uncertainties from the new administration.\n* US growth was primarily driven by private consumption, though its momentum cooled compared to H2 2024.\n* Factors contributing to the cooling of US private consumption included a weaker labor market, burdens from persistently high 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 US unemployment rate 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 in the US, achieving the strongest increase since 2014 due to the AI boom.\n* A significant reduction in the US foreign trade deficit, resulting from trade restrictions, also drove growth.\n* China's economic growth was +5.0% YoY in 2025, reaching the government's growth target for the third consecutive year.\n* China's growth defied headwinds from US tariffs (which reached almost 140% at times) and persistent structural weaknesses in domestic consumption and the real estate sector.\n* This growth was partly due to state-supported industries like robotics and electric mobility."
},
{
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"chunk": 14,
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"content": "* Latin American economies increased their growth in 2025 despite the challenging international environment.\n* This growth was partly favored by central bank interest rate cuts (excluding Brazil).\n* Latin America's growth rate was +2.8% YoY, reaching its 2000-2019 average for the first time since the post-Covid rebound.\n* The global economy largely overcame the fiscal policy and energy price-related 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, 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 2025, as anticipated strong price effects from US tariff barriers did not fully materialize.\n* US inflation remained above the Fed's target, leading the Fed to react cautiously to the weakening labor market by cutting the key interest rate from 4.50% to 3.75%.\n\n=== Capital markets ==="
},
{
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"chunk": 15,
"pages": [
5,
6
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"heading": "
"tags": [],
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"content": "* International equity markets reached new records in 2025 despite geopolitical and trade tensions.\n* This performance was driven by a stable economic environment, falling key interest rates, positive corporate earnings development, and strong performance of technology and AI stocks.\n* The US S\u0026P 500 recorded numerous new record highs after a correction following the 'Liberation Day' shock in April.\n* The S\u0026P 500 ended 2025 with a price increase of +16.8% (all performance figures in USD), marking its sixth double-digit gain in seven years.\n* The S\u0026P 500's performance in 2025 lagged behind the overall industrial countries (MSCI World: +19.9%) and significantly behind emerging market equities (MSCI EM: +30.1%).\n* Eurozone stocks (EURO STOXX: +37.9%) led the market in 2025, particularly Germany (DAX: +39.1%), surpassing the US for the first time since 2022."
},
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"chunk": 16,
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"content": "* 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 Fed independence and rising national debt.\n* The yield on German federal bonds of the same maturity jumped from 2.41% to 2.90% in March following the announcement of Germany's special fund for infrastructure and rising defense spending.\n* Doubts about rapid implementation caused the German bond yield to fall back below 2.50% within weeks.\n* With the new federal budget in autumn and the prospect of increased issuance activity to finance additional expenditures, the 10-year German bond yield ended the year near its annual high at 2.86% (+0.49 percentage points).\n* 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* The Euro appreciated significantly 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.\n* In the second half of 2025, the Euro consolidated slightly below this level amid political attacks on Fed independence.\n\n==== German insurance industry ===="
},
{
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"chunk": 17,
"pages": [
],
"heading": "
"tags": [],
"links": [
"Property \u0026 casualty"
],
"data_items": [],
"effective_tags": [
"Property \u0026 casualty"
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"content": "* Information on insurance markets is based on publications from the Gesamtverband der Deutschen Versicherungswirtschaft e. V. (GDV) and includes preliminary data.\n* The German insurance industry experienced an increase in premium income in fiscal year 2025, following stable development in previous years.\n* Premium income increased by 6.6% to EUR 253.6bn in 2025, according to projections.\n* Property and casualty (Property \u0026 casualty) insurers likely achieved premium growth of 7.7% to EUR 99.7bn in 2025.\n\n=== Legal and regulatory framework ===\n\n==== Supervisory requirements ===="
},
{
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"chunk": 18,
"pages": [
],
"heading": "
"tags": [],
"links": [
"Capital management"
],
"data_items": [],
"effective_tags": [
"Capital management"
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"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 business activities are also subject to extensive legal requirements.\n* Regulatory frameworks have become stricter in recent years, leading to increased complexity, a trend that continued in 2025.\n\n===== Insurance Distribution Directive ====="
},
{
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"chunk": 19,
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"heading": "
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"content": "* The distribution of insurance products is subject to extensive legal requirements.\n* Primary insurers must comply with legal requirements and BaFin Circular 11/2018 regarding cooperation with insurance intermediaries and risk management in sales.\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 concluding residual credit agreements for general consumer credit agreements was introduced on January 1, 2025.\n* The Accessibility Strengthening Act 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 include 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 ====="
},
{
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"chunk": 20,
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"content": "* The revised BaFin Circular 09/2025 (VA) clarifies overarching aspects of business organization and central terms like \"proportionality\" and \"administrative, management, or supervisory body\" for insurance undertakings.\n* The HDI Group considers the MaGo in its business organization, despite the circular's lack of direct legal binding, particularly in general governance, key functions, risk management system, own funds requirements, internal control system, outsourcing, and emergency management.\n\n=== Prevention of money laundering and terrorist financing ==="
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"content": "* Insurance companies, as per Art. 13 No. 1 Directive 2009/138/EC, are obligated under § 2 Abs. 1 No. 7 Geldwäschegesetz (GwG) in conjunction with § 6 GwG to implement internal security measures to prevent money laundering.\n* This obligation applies if they conduct life insurance activities under the directive, offer accident insurance with premium refunds, or grant loans as defined by § 1 Abs. 1 Satz 2 No. 2 KWG.\n* The company is required to comply with the provisions of the GwG and §§ 52 to 55 VAG regarding the prevention of money laundering, terrorism financing, and other criminal acts due to its loan granting activities as defined by § 1 Abs. 1 Satz 2 No. 2 KWG.\n* The company has established regulations and initiated organizational measures to fulfill these legal obligations."
},
{
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"content": "* A Money Laundering Officer and a deputy have been appointed.\n* Loan granting is carried out within the scope of capital investment by Ampega Asset Management GmbH.\n* A process has been established for control by the Money Laundering Officer."
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"chunk": 23,
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"content": "* Changes to applicable legal regulations will result from Regulation (EU) 2024/1624 of the European Parliament and of the Council of May 31, 2024, on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing.\n* This regulation will largely apply from July 10, 2027.\n* Drafts for a few Regulatory Technical Standards (RTS) are already available.\n* These drafts include the practically very important RTS on Customer Due Diligence (CDD).\n* Preparations for implementation are underway.\n\n=== Digitalization ==="
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"content": "* Digitalization has gained increasing importance in recent years, leading to a transition to digital, data-based business models.\n* Legal questions and challenges focusing on IT security are becoming more important for HDI Group companies.\n* The EU's Digital Operational Resilience Act (DORA) introduces new requirements for insurance companies, effective January 17, 2025, to strengthen the European financial market against cyber risks and ICT incidents.\n* The EU also issued the Artificial Intelligence Act (Regulation (EU) 2024/1689) in 2024, which affects the insurance industry and will have specific implications for the HDI Group.\n\n=== Data protection ==="
},
{
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"chunk": 25,
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"heading": "
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"content": "* 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 are in place for process-independent data protection requirements, such as engaging service providers.\n* Data protection rights of customers, shareholders, and employees are also covered by these procedures.\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, allowing for timely adjustments.\n\n=== Business performance and position ==="
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"heading": "Business
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"content": "* The section \"Geschäftsverlauf und Lage\" (Business Performance and Position) provides an overview of the company's business development and current situation.\n\n==== Topics of the reporting year ===="
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"content": "* The section covers topics of the reporting year.\n\n===== Securing the future of the HDI Germany segment ====="
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8
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"content": "* HDI Deutschland is continuing its entrepreneurial planning within the new strategic program \"Substanz\" (SBSTNZ.).\n* The guidelines of the new strategic program are: Simple - Focused - Successful.\n* The program aims to promote sustainable growth, strengthen market position, and contribute to long-term stability within the Group.\n* The core of the new strategy is a targeted build-up of excellence along the value chain.\n* Central to this strategy are the reduction of complexity and the increase of efficiency in internal processes.\n* HDI Deutschland aims to become more profitable in the medium term by focusing on core competencies and a streamlined product portfolio.\n* The company intends to distinguish itself through high-quality service offerings and reliable cooperation with sales partners.\n* Comprehensive support for existing customers and ensuring the long-term fulfillment of obligations are also crucial.\n* Important progress was made in the strategic program last year.\n* The company responded to central challenges by sharpening its strategic direction.\n* Positive developments were achieved towards clearly focused business models and performance-oriented management.\n* Operational and financial stability were ensured despite profound changes.\n* The targeted profit improvement was achieved early in individual business areas.\n* Transformation, key restructuring measures, and cultural development were significantly advanced."
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"chunk": 29,
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"tags": [],
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"Business mix"
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"Business mix"
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"content": "* HDI Versicherung AG focuses on its strengths within the \"Substanz\" strategic program: exclusive sales, corporate and freelance professions, and selected business models in other important sales channels.\n* In the motor insurance business, the focus is on securing a profitable portfolio in a competitive market environment, driven by high claims inflation and corresponding high claims costs.\n* The emphasis is on consistent alignment with market requirements and customer demands for simple products and digital processes.\n* The implementation of the \"Substanz\" strategic program shows noticeable efficiency gains through the further development of operations and claims, particularly by focusing business models, automation, and the use of AI.\n* The corporate and freelance professions business unit (Business mix) is being expanded, especially through competitive-differentiating, proven market and business expertise, and systematic management of the portfolio for profitability.\n* In fire and multi-risk products, portfolio profitability, process professionalization, and efficiency improvements are being consistently and successfully driven forward.\n* Average premium income increased through 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."
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"content": "* The use of generative artificial intelligence is planned for the company's future viability and is currently in a testing phase in various corporate departments.\n* Agility is an overarching goal, aiming for 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 ==="
},
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"chunk": 31,
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"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 for all risk carriers.\n* 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 continuous improvement of the security protection level.\n\n=== Product ratings ==="
},
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"
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"
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"content": "* HDI Versicherung AG continuously improves products and services, reflected in product ratings, awards, and seals of approval.\n* Examples of these evaluations are found in all private property insurance sectors.\n* Stiftung Warentest rated the private liability insurance (Premium product line (Business mix)) with 'Sehr gut (0.7)'.\n* Stiftung Warentest also rated the residential building insurance in the Premium product line with 'Sehr gut (0.7)'.\n* Franke \u0026 Bornberg Research GmbH awarded the HDI private liability insurance (Premium product line, Single and Premium product line, Family) and the residential building insurance (Premium product line / Multi-family house Premium product) with 'FFF+' (excellent) in the HUS-Privat sector.\n* The HDI accident insurance (Premium, Mitwirkung 100, Schutzbrief) and HDI household insurance were also recognized.\n\n=== Sustainability ==="
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"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 strategy, based on the targeted implementation of ESG-specific aspects (Environmental, Social, Governance) across the entire value chain.\n* The sustainability strategy focuses on environmental aspects in investments, underwriting, and own operations, the Group's social focus, and ensuring adequate governance.\n* Talanx Group is committed to supporting the transformation to a low-carbon economy.\n* Talanx Group aims to achieve net-zero emissions by 2050 for its insurance and investment portfolio(1)."
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"content": "* An exit path for thermal coal risks in underwriting was defined until 2038.\n* Exclusions for conventional oil and gas projects in underwriting came into force in July 2023, including a general exclusion of new greenfield oil and gas projects.\n* Further restrictions have been defined since July 2023, and the phase-out of all existing oil sands risks was brought forward to the end of 2025.\n* Project policies in deep-sea mining are excluded.\n* To advance the decarbonization of the investment portfolio, the focus was recently on refining the positioning towards fossil fuels on the investment side.\n* In addition to existing exclusions for oil and tar sands and for oil and gas drilling, exclusions for fracking of shale gas and oil in the Arctic have applied since 2024.\n* A systematic reduction of exposure along the entire value chain of the oil and gas sector will take place from 2025.\n* The share of oil and gas in the total portfolio of liquid corporate bonds is to be reduced by 20% from the current 5.7% to 4.5% over the next five years.\n* The existing thermal coal exclusion in investments was tightened in 2024."
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"content": "* A uniform framework for the mostly decentralized social and community engagement was created and anchored in the Group strategy in 2022.\n* Four strategic fields of action were defined for the Talanx Group:\n** Diversity, equal opportunities, and inclusion\n** Employee's Journey\n** Ensuring access to education\n** Promoting access to infrastructure\n* Group 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 ==="
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"heading": "
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"Gross written premiums"
],
"content": "* The company has set financial key performance indicators for the 2025 fiscal year.\n* These indicators include gross written premiums, gross expenses for insurance claims, gross expenses for insurance operations, investment income, and net income before profit transfer.\n* The development of these and other key figures will be explained in subsequent chapters."
},
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"chunk": 37,
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"Business mix"
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"content": "* The HDI Versicherung (Premium product line (Business mix)) received an \"FFF\" (very good) rating.\n* The HDI Kfz-Versicherung (Motor Premium product line) was rated \"FFF+\" (excellent) by the independent analysis firm Franke \u0026 Bornberg Research GmbH.\n* In the \"Firmen und Freie Berufe\" (Companies and Freelancers) segment, AssCompact awarded the commercial property insurance \"Beste Produktqualität\" (Best Product Quality) and \"Bestes Preis-Leistungs-Verhältnis\" (Best Price-Performance Ratio).\n* Franke \u0026 Bornberg Research GmbH rated the \"Inhaltsversicherung Sach Allgefahren\" (Contents All-Risk Insurance) with modules for gastronomy, flood, and backwater as \"FFF\" (very good).\n* The \"Betriebshaftpflichtversicherung\" (Business Liability Insurance) with modules for construction, services, trade, crafts (ancillary construction trades), and ancillary medical professions received an \"FFF+\" (excellent) rating.\n* The commercial cyber insurance (Cyberversicherung für Firmen und Freie Berufe, Betriebsunterbrechung durch Cloud-Ausfall) was also rated \"FFF\" (very good)."
},
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"content": "(1) Der Talanx Konzern trifft Entscheidungen immer aufgrund der aktuellen Datenlage und vorliegenden Regulatorik. Sollten sich Voraussetzungen ändern, behält sich der Talanx Konzern ein Update der entsprechenden Entscheidungen vor\n\n=== Earnings performance of HDI Versicherung AG ===\n\n==== Business performance: Insurance business total ===="
},
{
Line 569 ⟶ 552:
"chunk": 39,
"pages": [
],
"heading": "Business performance: Insurance business total",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**
},
{
Line 582 ⟶ 565:
"chunk": 40,
"pages": [
],
"heading": "
"tags": [],
"links": [
Line 593 ⟶ 576:
"Gross written premiums"
],
"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 commercial lines did not fully offset the decline in motor insurance due to portfolio reductions.\n* Freelance professions and private lines also saw a slight decrease in gross written premiums due to portfolio reductions.\n* Reinsurance premiums decreased by EUR 5.5m to EUR 69.4m (prior: EUR 74.9m) due to lower reinsurance costs and higher retention in the cyber segment.\n* Net earned premiums decreased by EUR 14.9m to EUR 1,489.9m (prior: EUR 1,504.8m)."
},
{
Line 599 ⟶ 582:
"chunk": 41,
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"content": "* Gross expenses for insurance claims decreased by EUR 39.4m YoY to EUR 1,006.0m (prior: EUR 1,045.4m).\n* This was primarily due to a EUR 172.4m decrease in gross current year expenses to EUR 1,071.8m (prior: EUR 1,244.1m), driven by a reduction in frequency claims, especially in motor insurance.\n* Increased expenses for large claims, particularly in motor and multi-risk lines, were largely offset by lower expenses from natural catastrophes, especially in comprehensive and building insurance.\n* Gross run-off gain decreased by EUR 133.0m to EUR 65.8m (prior: EUR 198.7m), mainly in liability and motor liability lines due to reserve adjustments for prior year claims.\n* Gross total loss ratio decreased by 1.7pts YoY 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 gain decreased by EUR 119.2m to EUR 71.0m (prior: EUR 190.2m).\n* Net loss ratio decreased from 69.3% to 66.9%."
},
{
Line 612 ⟶ 595:
"chunk": 42,
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"
],
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"
],
"content": "* Gross operating expenses for insurance business decreased by EUR 20.3m to EUR 486.4m (prior: EUR 506.7m).\n* Administration costs significantly decreased due to the success of the SBSTNZ strategic program and a special write-down in the prior 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* Despite lower premium levels, the gross expense ratio slightly decreased to 31.2% (prior: 32.1%) and the net expense ratio to 32.0% (prior: 33.0%).\n* Gross combined ratio decreased from 98.3% to 95.7%.\n* Net combined ratio decreased from 102.2% to 98.9%."
},
{
Line 629 ⟶ 612:
"chunk": 43,
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],
"heading": "
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"content": "* EUR 14.4m (prior: EUR 9.0m) was withdrawn from the fluctuation reserve.\n* Net technical result after fluctuation reserve improved by EUR 50.8m to EUR 20.1m (prior: EUR -30.7m).\n\n==== Insurance business ====\n\n===== Self-concluded insurance business ====="
},
{
Line 642 ⟶ 625:
"chunk": 44,
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"content": "**Self-concluded insurance business**\n\n| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |\n| --- | --- | --- | --- | --- |\n| Written premiums | 1,564.8 | 1,495.4 | 1,588.3 | 1,513.4 |\n| Earned premiums | 1,559.8 | 1,489.8 | 1,579.5 | 1,504.8 |\n| Incurred claims | 1,006.0 | 996.0 | 1,045.5 | 1,042.3 |\n| Operating expenses | 486.4 | 477.3 | 506.7 | 496.2 |\n| Technical result for own account | — | 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 ===="
},
{
Line 659 ⟶ 638:
"chunk": 45,
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],
"heading": "
"tags": [],
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"data_items": [],
"effective_tags": [],
"content": "* Kraftfahrtversicherung"
},
{
Line 672 ⟶ 651:
"chunk": 46,
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"heading": "
"tags": [],
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"content": "**Motor insurance**\n\n| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |\n| --- | --- | --- | --- | --- |\n| Written premiums | 521.6 | 518.4 | 577.6 | 572.1 |\n| Earned premiums | 520.7 | 517.5 | 573.4 | 568.0 |\n| Incurred claims | 366.3 | 363.8 | 482.7 | 481.1 |\n| Operating expenses | 107.4 | 107.4 | 124.9 | 124.9 |\n| Technical result for own account | — | -2.6 | — | -39.0 |\n| In % | In % | In % | In % | In % |\n| Loss ratio | 70.4 | 70.3 | 84.2 | 84.7 |\n| Expense ratio | 20.6 | 20.8 | 21.8 | 22.0 |\n| Combined ratio | 91.0 | 91.0 | 106.0 | 106.7 |"
},
{
Line 685 ⟶ 664:
"chunk": 47,
"pages": [
],
"heading": "
"tags": [],
"links": [
"Gross written premiums"
],
"data_items": [],
"effective_tags": [
"Gross written premiums"
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"content": "* Gross written premiums in the Motor division decreased by EUR 56.0m to EUR 521.6m (prior: EUR 577.6m).\n* This decline was primarily driven by portfolio reductions following the application of the premium adjustment clause and the discontinuation of new business in selected sales channels.\n* Reinsurance premiums decreased to EUR 3.2m (prior: EUR 5.5m).\n* Earned net premiums decreased by EUR 50.4m to EUR 517.5m (prior: EUR 568.0m).\n* Gross expenses for insurance benefits significantly decreased by EUR 116.3m from EUR 482.7m to EUR 366.3m.\n* This reduction was due to a decrease in gross current year claims expenses by EUR 148.4m to EUR 428.5m (prior: EUR 576.9m).\n* Drivers for the decrease in gross current year claims expenses included lower frequency claims and the absence of cumulative natural catastrophe claims.\n* Conversely, the gross run-off gain decreased by EUR 32.1m to EUR 62.2m (prior: EUR 94.3m), resulting from necessary reserve adjustments in the motor liability division.\n* The gross loss ratio decreased to 70.4% (prior: 84.2%).\n* Net expenses for insurance benefits decreased by EUR 117.3m to EUR 363.8m (prior: EUR 481.1m).\n* This was caused by a decrease in net current year claims expenses by EUR 148.4m to EUR 428.5m (prior: EUR 576.9m), mirroring the gross development.\n* The net run-off gain decreased by EUR 31.1m to EUR 64.7m (prior: EUR 95.8m).\n* The net loss ratio decreased by 14.4 percentage points from 84.7% to 70.3%."
},
{
Line 698 ⟶ 681:
"chunk": 48,
"pages": [
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"heading": "
"tags": [],
"links": [],
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"effective_tags": [],
"content": "* Gross and net operating expenses for insurance operations decreased to EUR 107.4m (prior: EUR 124.9m), primarily driven by declining administrative expenses.\n* Consequently, the gross expense ratio decreased from 21.8% to 20.6%.\n* The net expense ratio decreased from 22.0% to 20.8%.\n* The combined loss/expense ratios were lower than the previous year, with gross at 91.0% (prior: 106.0%) and net at 91.0% (prior: 106.7%).\n* EUR 50.2m (prior: EUR 0.0m) was allocated to the fluctuation reserve.\n* The net underwriting result for the Motor insurance division was EUR -2.6m (prior: EUR -39.0m).\n\n==== Liability insurance ===="
},
{
Line 711 ⟶ 694:
"chunk": 49,
"pages": [
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"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Liability insurance**\n\n| | 2025 | 2025 | 2024 | 2024 |\n| --- | --- | --- | --- | --- |\n| In EUR million | Gross | Net | Gross | Net |\n| Written premiums | 355.1 | 350.8 | 357.2 | 353.7 |\n| Earned premiums | 353.9 | 349.7 | 357.6 | 354.0 |\n| Incurred claims | 277.4 | 267.9 | 182.6 | 177.2 |\n| Operating expenses | 131.5 | 131.5 | 137.9 | 137.9 |\n| Technical result for own account | — | 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 |"
},
{
Line 724 ⟶ 707:
"chunk": 50,
"pages": [
],
"heading": "
"tags": [],
"links": [
"Gross written premiums"
],
"data_items": [],
"effective_tags": [
"Gross written premiums"
],
"content": "* Gross written premiums for liability insurance decreased by EUR 2.2m to EUR 355.1m (prior: EUR 357.2m).\n* The corporate liability segment showed positive effects on gross written premiums from continued portfolio growth.\n* Premiums for the liberal professions medical liability segment remained stable with slightly growing portfolio.\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* Earned net premiums decreased by EUR 4.4m to EUR 349.7m (prior: EUR 354.0m).\n* Gross expenses for insurance claims significantly increased by EUR 94.8m to EUR 277.4m (prior: EUR 182.6m).\n* This increase was due to a decrease in gross settlement results by EUR 92.0m to -EUR 55.8m (prior: EUR 36.2m), resulting from necessary reserve adjustments for major claims from older years and an increase in late claim reserves.\n* Gross claims expenses for the financial year rose to EUR 221.6m (prior: EUR 218.8m), particularly in the corporate liability segment, following portfolio development.\n* The gross loss ratio increased by 27.3pts 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* This increase was primarily due to the decrease in net settlement results to -EUR 46.3m (prior: EUR 41.7m), analogous to the gross figures.\n* Net claims expenses for the financial year increased from EUR 218.8m to EUR 221.6m.\n* The net loss ratio increased by 26.6pts to 76.6% (prior: 50.0%).\n* Expenses for insurance operations decreased both gross and net to EUR 131.5m (prior: EUR 137.9m) due to lower administrative costs, mainly after considering a special write-down in the previous year.\n* The gross cost ratio slightly decreased to 37.2% (prior: 38.6%) and net to 37.6% (prior: 38.9%).\n* Combined loss and expense ratios increased gross to 115.5% (prior: 89.6%) and net to 114.2% (prior: 89.0%).\n* The liability insurance segment recorded a net underwriting result of EUR 6.8m (prior: EUR 26.7m) after the fluctuation reserve.\n* EUR 56.6m was withdrawn from the fluctuation reserve, following an allocation of EUR 12.9m in the previous year.\n\n==== Accident insurance ===="
},
{
Line 737 ⟶ 724:
"chunk": 51,
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"content": "**Accident insurance**\n\n| | 2025 | 2025 | 2024 | 2024 |\n| --- | --- | --- | --- | --- |\n| In EUR million | Gross | Net | Gross | Net |\n| Written premiums | 60.2 | 60.2 | 61.9 | 61.9 |\n| Earned premiums | 60.6 | 60.6 | 62.3 | 62.3 |\n| Incurred claims | 29.8 | 29.8 | 26.6 | 26.6 |\n| Operating expenses | 22.3 | 22.3 | 23.5 | 23.5 |\n| Technical result for own account | — | 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 |"
},
{
Line 754 ⟶ 737:
"chunk": 52,
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"heading": "
"tags": [],
"links": [
"Gross written premiums"
],
"data_items": [],
"effective_tags": [
"Gross written premiums"
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"content": "* Gross written premiums in accident insurance decreased by EUR 1.7m to EUR 60.2m (prior: EUR 61.9m).\n* The decrease in gross written premiums was due to a slight decline in the number of insurance contracts in the portfolio.\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* Gross and net settlement results increased to EUR 17.1m (prior: EUR 16.2m).\n* Gross and net loss ratios increased to 49.2% (prior: 42.7%)."
},
{
Line 767 ⟶ 754:
"chunk": 53,
"pages": [
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"tags": [],
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"effective_tags": [],
"content": "* Gross and net operating expenses for insurance operations decreased by EUR 1.2m to EUR 22.3m (prior: EUR 23.5m).\n* This reduction was primarily due to a decrease in administrative costs, which positively impacted the expense ratio.\n* Despite slightly declining premium development, this led to a decrease in the gross and net expense ratios to 36.8% (prior: 37.7%).\n* Gross and net combined ratios increased to 86.0% (prior: 80.4%)."
},
{
Line 780 ⟶ 767:
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"content": "* The accident insurance segment achieved a net technical insurance 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 ===="
},
{
Line 793 ⟶ 780:
"chunk": 55,
"pages": [
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"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Multi Risk**\n\n| | 2025 | 2025 | 2024 | 2024 |\n| --- | --- | --- | --- | --- |\n| In EUR million | Gross | Net | Gross | Net |\n| Written premiums | 168.1 | 148.1 | 166.5 | 141.2 |\n| Earned premiums | 168.0 | 148.0 | 166.3 | 141.0 |\n| Incurred claims | 116.2 | 117.2 | 92.6 | 100.0 |\n| Operating expenses | 63.6 | 60.2 | 64.6 | 61.3 |\n| Technical result for own account | — | -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 |"
},
{
Line 806 ⟶ 793:
"chunk": 56,
"pages": [
],
"heading": "
"tags": [],
"links": [
"Gross written premiums"
],
"data_items": [],
"effective_tags": [
"Gross written premiums"
],
"content": "* Gross written premiums for 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).\n* Gross claims expenses increased by EUR 23.6m to EUR 116.2m (prior: EUR 92.6m).\n* This increase 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 major claims in the previous year.\n* Offsetting this, current year claims expenses decreased by EUR 7.1m to EUR 119.5m (prior: EUR 126.6m) due to the absence of accumulation claims, which more than compensated for increased major claims.\n* The gross loss ratio increased by 13.5 percentage points to 69.2% (prior: 55.7%).\n* Net claims expenses 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%)."
},
{
Line 819 ⟶ 810:
"chunk": 57,
"pages": [
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"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "*
},
{
Line 832 ⟶ 823:
"chunk": 58,
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"tags": [],
"links": [],
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"effective_tags": [],
"content": "* The net technical result was EUR -29.6m (prior: EUR -20.1m).\n\n==== Combined residential building insurance ===="
},
{
Line 845 ⟶ 836:
"chunk": 59,
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"heading": "
"tags": [],
"links": [],
"data_items": [],
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"content": "**Combined residential building insurance**\n\n| | 2025 | 2025 | 2024 | 2024 |\n| --- | --- | --- | --- | --- |\n| In EUR million | Gross | Net | Gross | Net |\n| Written premiums | 166.6 | 154.0 | 168.0 | 152.1 |\n| Earned premiums | 164.0 | 151.4 | 163.6 | 147.8 |\n| Incurred claims | 74.0 | 75.0 | 103.1 | 102.4 |\n| Operating expenses | 53.8 | 51.9 | 58.0 | 56.3 |\n| Technical result for own account | — | 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 |"
},
{
Line 864 ⟶ 849:
"chunk": 60,
"pages": [
],
"heading": "
"tags": [],
"links": [
"Gross written premiums"
],
"data_items": [],
"effective_tags": [
"Gross written premiums"
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"content": "* Gross written premiums in combined residential building insurance decreased by EUR 1.4m to EUR 166.6m (prior: EUR 168.0m) due to a portfolio transfer to commercial fire insurance.\n* Reinsurance premiums decreased to EUR 12.6m (prior: EUR 15.8m).\n* Net earned premiums increased by EUR 3.7m to EUR 151.4m (prior: EUR 147.8m).\n* Gross claims expenses decreased by EUR 29.1m to EUR 74.0m (prior: EUR 103.1m).\n* This decrease was due to lower claims expenses for the financial year of EUR 89.0m (prior: EUR 101.8m), primarily from reduced frequency claims and no cumulative claims from natural catastrophes.\n* The gross settlement result improved by EUR 16.3m YoY to EUR 15.0m (prior: -EUR 1.3m) due to reserve reviews from older accident years.\n* The gross loss ratio decreased by 17.9 percentage points to 45.1% (prior: 63.0%).\n* Net claims expenses decreased by EUR 27.4m to EUR 75.0m (prior: EUR 102.4m).\n* Net claims expenses for the financial year decreased by EUR 12.2m to EUR 89.0m (prior: EUR 101.2m).\n* The net settlement result increased by EUR 15.1m to EUR 14.0m (prior: -EUR 1.2m).\n* The net loss ratio decreased by 19.7 percentage points to 49.5% (prior: 69.3%).\n* Gross operating expenses decreased to EUR 53.8m (prior: EUR 58.0m) due to lower administrative costs.\n* Net operating expenses decreased to EUR 51.9m (prior: EUR 56.3m).\n* The gross expense ratio decreased to 32.8% (prior: 35.4%).\n* The net expense ratio decreased to 34.3% (prior: 38.1%).\n* The combined gross loss/cost ratio was 77.9% (prior: 98.5%).\n* The combined net loss/cost ratio was 83.8% (prior: 107.4%).\n* The net technical result improved by EUR 21.6m YoY to EUR 18.6m (prior: -EUR 3.0m) after the fluctuation reserve.\n* EUR 1.5m was allocated to the fluctuation reserve, following a withdrawal of EUR 12.6m in the previous year.\n\n==== Combined household insurance ===="
},
{
Line 877 ⟶ 866:
"chunk": 61,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Combined household insurance**\n\n| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |\n| --- | --- | --- | --- | --- |\n| Written premiums | 72.4 | 69.2 | 75.2 | 70.7 |\n| Earned premiums | 72.8 | 69.6 | 75.1 | 70.7 |\n| Incurred claims | 26.3 | 26.5 | 33.2 | 33.0 |\n| Operating expenses | 26.0 | 25.5 | 27.3 | 26.9 |\n| Technical result for own account | — | 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 |"
},
{
Line 890 ⟶ 879:
"chunk": 62,
"pages": [
],
"heading": "
"tags": [],
"links": [
"
],
"data_items": [],
"effective_tags": [
"
],
"content": "* Gross written premiums in Combined Household Insurance decreased to EUR 72.4m (prior: EUR 75.2m) due to a decline in portfolio.\n* Reinsurance premiums slightly decreased to EUR 3.2m (prior: EUR 4.5m).\n* Earned net premiums decreased to EUR 69.6m (prior: EUR 70.7m).\n* Gross claims expenses reduced to EUR 26.3m (prior: EUR 33.2m).\n* Gross claims expenses for the financial year decreased by EUR 2.8m to EUR 32.9m (prior: EUR 35.7m).\n* This reduction was due to the absence of cumulative expenses from natural catastrophes and a decrease in both frequency and large claims.\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), mirroring the gross development.\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%).\n* 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 expense ratio decreased to 35.7% (prior: 36.3%).\n* The net expense ratio decreased to 36.6% (prior: 38.1%).\n* The gross combined ratio decreased from 80.5% to 71.8%.\n* The net combined ratio decreased from 84.8% to 74.7%.\n* 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 ===="
},
{
Line 907 ⟶ 896:
"chunk": 63,
"pages": [
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"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Other insurance**\n\n| | 2025 | 2025 | 2024 | 2024 |\n| --- | --- | --- | --- | --- |\n| In EUR million | 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 claims | 115.9 | 115.7 | 124.7 | 122.1 |\n| Operating expenses | 81.8 | 78.4 | 70.5 | 65.5 |\n| Technical result for own account | — | -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 |"
},
{
Line 920 ⟶ 909:
"chunk": 64,
"pages": [
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"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Other insurance lines include fire, transport, assistance, cyber, and technical insurance.\n* Gross premiums for other insurance lines increased by EUR 38.9m to EUR 220.8m (prior: EUR 181.9m).\n* The main driver for gross premium growth was the Fire segment due to an internal portfolio transfer from the Residential Buildings segment and additional premiums from contract renewals.\n* The Cyber segment also showed positive development due to growth from new business.\n* Technical Insurance and Transport Insurance segments experienced a slight premium increase YoY.\n* Reinsurance premiums increased by EUR 5.9m to EUR 26.2m (prior: EUR 20.2m), consistent with gross premiums due to the internal portfolio transfer.\n* Earned net premiums increased by EUR 32.0m to EUR 193.0m (prior: EUR 161.1m).\n* Gross expenses for insurance claims decreased by EUR 8.8m to EUR 115.9m (prior: EUR 124.7m) YoY.\n* The decrease in gross claims expenses was driven by an EUR 8.2m reduction in gross current year claims expenses to EUR 133.3m (prior: EUR 141.5m).\n* This reduction was primarily due to the absence of cumulative natural catastrophe claims and a decrease in large claims in the Fire segment.\n* Gross settlement gains increased to EUR 17.4m (prior: EUR 16.8m), mainly due to increased settlement in the Cyber segment.\n* The gross loss ratio for other insurance lines decreased by 16.1pts to 52.8% (prior: 68.8%).\n* Net expenses for insurance claims decreased by EUR 6.4m to EUR 115.7m (prior: EUR 122.1m).\n* This was driven by a EUR 6.8m decrease in net current year claims expenses to EUR 130.0m (prior: EUR 136.8m).\n* Net settlement gains decreased by EUR 0.4m to EUR 14.3m (prior: EUR 14.7m).\n* The net loss ratio for other insurance lines decreased to 59.9% (prior: 75.8%).\n* Gross operating expenses increased to EUR 81.8m (prior: EUR 70.5m) and net operating expenses increased to EUR 78.4m (prior: EUR 65.5m).\n* This increase was mainly due to higher commissions resulting from the premium growth in the Fire segment.\n* The gross expense ratio decreased to 37.2% (prior: 38.9%).\n* The net expense ratio decreased to 40.6% (prior: 40.7%).\n* The combined gross ratio improved to 90.0% (prior: 107.7%).\n* The combined net ratio improved to 100.5% (prior: 116.5%).\n* The net underwriting result after fluctuation reserve was -EUR 6.0m (prior: -EUR 24.7m).\n* A withdrawal of EUR 1.9m (prior: EUR 2.4m) was made from the fluctuation reserve.\n\n==== Investment result ===="
},
{
Line 937 ⟶ 922:
"chunk": 65,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Current income, primarily from coupon payments on fixed-income investments, was EUR 95.9m (prior year: EUR 118.7m).\n* Distributions from equity funds were significantly lower at EUR 1.3m (prior year: EUR 20.0m) 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 year: EUR 17.2m) to the result.\n* Slightly higher income was generated in fixed-income direct investments due to an increased reinvestment rate for the full year.\n* Current expenses (including scheduled depreciation) amounted to EUR 8.1m (prior year: EUR 7.5m).\n* Current result was EUR 87.8m (prior year: EUR 111.3m).\n* A current average yield(1) of 3.0% (prior year: 3.0%) was achieved."
},
{
Line 950 ⟶ 935:
"chunk": 66,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Extraordinary gains and losses from the disposal of investments amounted to -EUR 101.8m (prior year: EUR 4.4m).\n* These results were primarily from the sale of a property and various fixed-income securities.\n* Extraordinary additions and write-downs amounted to -EUR 17.7m (prior year: -EUR 3.7m), driven by extraordinary write-downs on equity investments.\n* Total extraordinary result was -EUR 119.5m (prior year: EUR 0.6m)."
},
{
Line 964 ⟶ 948:
"chunk": 67,
"pages": [
],
"heading": "
"tags": [],
"links": [
"Net investment income"
],
"data_items": [],
"effective_tags": [
"Net investment income"
],
"content": "* The investment result (Net investment income) before deduction of technical interest income was -EUR 31.7m (prior year: EUR 111.9m).\n* A net yield(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 year: 3.0%) was achieved for the reporting year.\n\n==== Other income ===="
},
{
Line 977 ⟶ 965:
"chunk": 68,
"pages": [
],
"heading": "
"tags": [],
"links": [
"Other revenue"
],
"data_items": [],
"effective_tags": [
"Other revenue"
],
"content": "* Other income: EUR 122.2m (prior: EUR -62.5m)\n* Other income included other revenues of EUR 144.8m (prior: EUR 18.2m) and other expenses of EUR 22.6m (prior: EUR 80.7m)\n* Expenses for the company as a whole accounted for EUR 17.8m (prior: EUR 77.4m) of other expenses\n* HDI Versicherung AG realized investment losses as part of the group-wide investment strategy\n* Losses were offset by an income-effective subsidy of EUR 132.7m from Talanx AG\n* This income was reported in other income"
},
{
Line 990 ⟶ 982:
"chunk": 69,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"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"
},
{
Line 1,003 ⟶ 995:
"chunk": 70,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"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 ===="
},
{
Line 1,021 ⟶ 1,008:
"chunk": 71,
"pages": [
],
"heading": "
"tags": [],
"links": [
"Net investment income"
],
"data_items": [],
"effective_tags": [
"Net investment income"
],
"content": "**Total comprehensive income of HDI Versicherung AG**\n\n| | 2025 | 2024 |\n| --- | --- | --- |\n| In EUR million — Technical result for own account | 20.1 | -30.7 |\n| In EUR million — Investment result (Net investment income) after deduction of technical interest | -32.8 | 111.0 |\n| In EUR million — Other income | 122.2 | -62.5 |\n| In EUR million — Income from ordinary activities | 109.5 | 17.8 |\n| In EUR million — Taxes | 0.0 | 0.1 |\n| In EUR million — Profit transferred to HDI Deutschland AG | 109.5 | 17.6 |"
},
{
Line 1,034 ⟶ 1,025:
"chunk": 72,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Due to the existing control and profit transfer agreement, a profit of EUR 109.5m (prior year: EUR 17.6m) was transferred to the parent company, HDI Deutschland AG, in the fiscal year.\n\n==== Financial position ====\n\n===== Shareholders' equity ====="
},
{
Line 1,047 ⟶ 1,038:
"chunk": 73,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Equity remained unchanged YoY at EUR 57.1m.\n\n===== Liquidity position ====="
},
{
Line 1,060 ⟶ 1,051:
"chunk": 74,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The company receives liquid funds from ongoing premium income, capital gains, and returns from capital investments.\n* Liquidity required to meet current payment obligations is ensured by ongoing liquidity planning, which considers the expected liquidity development for the next twelve months.\n* Liquid funds in the form of deposits and current balances with credit institutions totaled EUR 88.1m (prior: EUR 51.3m) at the balance sheet date.\n\n===== Asset situation =====\n\n====== Investments ======"
},
{
Line 1,073 ⟶ 1,064:
"chunk": 75,
"pages": [
19
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"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 bearer bonds, promissory note loans, and registered bonds of good credit quality.\n* Other significant asset classes included bond funds at 17.5% (prior year: 15.7%) and equity 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 interest exists remained at the previous year's level, amounting to EUR 223.2m (prior year: EUR 172.8m).\n* Equity interests and shares slightly decreased compared to the previous year, totaling EUR 258.4m (prior year: EUR 269.7m).\n* Real estate funds remained constant at EUR 34.1m (prior year: EUR 35.3m).\n* Other funds slightly increased to EUR 39.8m (prior year: EUR 38.0m).\n* Equity funds were continuously built up again after a reduction at the beginning of 2025, reaching approximately EUR 39.8m (prior year: EUR 147.8m) at year-end."
},
{
Line 1,086 ⟶ 1,078:
"chunk": 76,
"pages": [
],
"heading": "Investment market values and valuation differences",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "*
},
{
Line 1,099 ⟶ 1,091:
"chunk": 77,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Technical provisions (net) increased by EUR 83.7m to EUR 3,761.9m (prior: EUR 3,678.1m).\n* This item primarily includes provisions for outstanding claims.\n* Net provisions for outstanding claims are almost unaffected by exchange rate fluctuations because HDI Versicherung AG operates exclusively in the German market.\n\n==== Overall statement on the economic situation ===="
},
{
Line 1,112 ⟶ 1,104:
"chunk": 78,
"pages": [
],
"heading": "Operating performance and net result",
"tags": [],
"links": [
"Net written premiums",
"Net investment income"
],
"data_items": [],
"effective_tags": [
"Net investment income",
"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* An increase in net burden from large claims was offset by a decrease in claims expenses for natural catastrophes in motor and property 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 developed slightly negatively YoY, as expected.\n* The decline in motor insurance premiums due to portfolio reductions was not fully offset by positive effects from premium adjustments and restructuring measures in corporate lines.\n* Net claims expenses were also below the previous year's level, as expected.\n* This was primarily driven by a decrease in current year claims expenses due to lower frequency claims expenses in motor and private lines.\n* A decrease in claims expenses for natural catastrophes in motor and property lines due to the absence of cumulative events was offset by an increase in large claims burden.\n* Claims settlement developed negatively due to increased expenses for necessary reserve adjustments for large claims from previous years, especially in corporate and freelance professional lines.\n* Expenses for insurance operations decreased YoY due to lower administrative costs, as forecasted.\n* This led to a significantly improved technical insurance result, in line with expectations.\n* The investment result (Net investment income) was significantly below the previous year's level, contrary to expectations.\n* This was caused by one-off effects from loss realizations in the extraordinary investment result.\n* These losses were offset by an income subsidy in other non-technical insurance results, as HDI Versicherung AG realized investment losses as part of the group-wide investment strategy, which were compensated by Talanx AG with an income-effective subsidy of EUR 132.7m.\n* These developments collectively led to the expected increase in the annual result."
},
{
Line 1,125 ⟶ 1,123:
"chunk": 79,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* As of the date of the management report, the economic situation of HDI Versicherung AG is assessed as unchanged and stable.\n\n== Risk report ==\n\n===== Summary of the risk situation ====="
},
{
Line 1,138 ⟶ 1,136:
"chunk": 80,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The company's risk management regularly examines risks to the company.\n* Established risk management systems and control bodies support early identification, assessment, and management of risks that could significantly impact the company's earnings, financial position, and asset situation.\n* The company currently considers itself able to permanently meet all obligations from existing insurance contracts.\n* Risks threatening the company's existence, specifically material risks with existential loss potential, could arise from systemic risks such as a collapse of the financial system.\n* No company-specific risks threatening the company's existence are currently apparent."
},
{
Line 1,151 ⟶ 1,149:
"chunk": 81,
"pages": [
],
"heading": "Risk profile and influencing factors",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The company's risk profile is strongly characterized by underwriting risks and market risks.\n* Key risk-relevant influencing factors in the reporting year include the continued subdued overall economic situation in Germany.\n* International trade policy is likely to increase risks for the global economy.\n* The geopolitical situation remains tense and is worsening in some aspects.\n* Substantial challenges and risks can continue to arise from various legal requirements."
},
{
Line 1,164 ⟶ 1,162:
"chunk": 82,
"pages": [
],
"heading": "
"tags": [],
"links": [
"Year 2026"
],
"data_items": [],
"effective_tags": [
"Year 2026"
],
"content": "* Intensive strategic considerations and measures in the reporting year created the conditions for focused capital build-up to strengthen risk resilience.\n* The company meets the supervisory capital requirements.\n* Specific ratios will be published in April 2026 (Year 2026) in the Solvency and Financial Condition Report (SFCR) for December 31, 2025.\n* The SFCR is not subject to the audit.\n\n=== Fundamentals of risk management ==="
},
{
Line 1,177 ⟶ 1,179:
"chunk": 83,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The company's risk management fulfills the requirements of the German Stock Corporation Act (§ 91 para. 2 AktG).\n* This report fulfills the company's obligation to report on the significant risks of its prospective development (§ 289 para. 1 HGB).\n\n=== Risk management system ==="
},
{
Line 1,190 ⟶ 1,192:
"chunk": 84,
"pages": [
],
"heading": "
"tags": [],
"links": [
"Business mix"
],
"data_items": [],
"effective_tags": [
"Business mix"
],
"content": "* The basis of risk management is the risk strategy, approved annually by the Management Board, derived from the business strategy.\n* The risk strategy is a binding, integral component of corporate actions.\n* The company uses an internal control system to implement and monitor the risk strategy.\n* Risk understanding is holistic, encompassing opportunities and risks, with a focus on negative target deviations (risks in the narrower sense).\n* Strategic risk objectives include adherence to defined risk tolerance and risk budget.\n* The company's risk management is integrated into the risk management of the HDI Germany business unit (Business mix) and the Group, adhering to Group guidelines.\n* A supervisory-approved Internal Model according to Solvency II is used for risk quantification, with a one-calendar-year time horizon.\n* The company's risk management system is continuously developed to adapt to factual and legal requirements and Group specifications.\n* The risk management system is closely linked to the company's central control system."
},
{
Line 1,203 ⟶ 1,209:
"chunk": 85,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Significant quantifiable risks are regularly assessed using the risk model, systematically analyzed, and backed by solvency capital.\n* Strategic risks, project risks, reputational risks, and emerging risks resulting from target deviations are also considered.\n* Identified risks are managed through coordinated measures, and quantifiable risks are monitored via a limit and threshold system.\n* The Management Board is regularly informed about the current risk situation through risk reporting.\n* Immediate reporting to the Management Board is ensured for acute risks.\n* The company conducts an Own Risk and Solvency Assessment (ORSA) at least annually as a key part of its risk management system.\n* The ORSA reviews the overall solvency requirement, considering the company's specific risk profile."
},
{
Line 1,216 ⟶ 1,222:
"chunk": 86,
"pages": [
21
],
"heading": "
"tags": [],
"links": [
"Business mix"
],
"data_items": [],
"effective_tags": [
"Business mix"
],
"content": "* The risk management system for investments includes specific tools for ongoing monitoring of current risk positions and risk-bearing capacity.\n* All investments are continuously observed and analyzed by the Capital Investments business unit (Business mix) and operational investment controlling.\n* Scenario analyses and stress tests simulate capital market fluctuations to enable early response if needed.\n* Extensive reporting ensures transparency of all investment-related developments.\n* The company uses Ampega Asset Management GmbH for trading and settlement activities in the investment sector.\n\n===== Risk organization ====="
},
{
Line 1,229 ⟶ 1,240:
"chunk": 87,
"pages": [
],
"heading": "
"tags": [],
"links": [
"Business mix"
],
"data_items": [],
"effective_tags": [
"Business mix"
],
"content": "* The organizational structure for risk management ensures a separation of functions between active risk assumption and independent risk monitoring.\n* Central bodies include the entire Management Board, key functions per § 7 No. 9 VAG (Independent Risk Controlling Function, Compliance Function, Internal Audit, Actuarial Function), and risk owners.\n* The entire Management Board holds non-delegable responsibility for implementing and developing risk management, defining the risk strategy, and making significant risk management decisions derived from it.\n* The Independent Risk Controlling Function is outsourced to HDI AG based on existing outsourcing agreements and is managed by an organizational unit led by the Chief Risk Officer.\n* This outsourcing bundles know-how and ensures efficient resource utilization; an outsourcing officer within the company monitors this outsourcing.\n* The Independent Risk Controlling Function is primarily responsible for identifying, assessing, and analyzing the risk profile, and for monitoring limits and risk mitigation measures at an aggregated level.\n* This task is performed by the Chief Risk Officer with support from risk management and the Risk Committee of the HDI Deutschland business unit (Business mix).\n* The Risk Committee makes recommendations to the entire Management Board.\n* Risk owners are responsible for identifying and assessing significant risks within their area of responsibility, proposing risk reduction measures, and implementing appropriate risk control measures.\n* Exchange of insights between risk owners and the Independent Risk Controlling Function occurs through regular risk control meetings and risk discussions.\n* Internal Audit is responsible for process-independent auditing of business units, including risk management.\n* The head of Internal Audit participates as a guest in the Risk Committee to discuss risk-relevant topics.\n* The company is integrated into the Compliance organization of the HDI Deutschland business unit to support proper business organization and ensure compliance with legal and regulatory requirements.\n* Compliance sends a representative to the Risk Committee.\n* The Actuarial Function contributes to the effective implementation of the risk management system and risk and solvency assessment within its legal duties, particularly regarding the calculation of technical provisions, underwriting and acceptance policy, and the adequacy of reinsurance arrangements.\n* The Actuarial Function is also represented in the Risk Committee.\n* The Internal Audit, Compliance, and Actuarial Functions are also outsourced to HDI AG.\n\n==== Risks of future development ===="
},
{
Line 1,242 ⟶ 1,257:
"chunk": 88,
"pages": [
],
"heading": "Risk
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The company's risk situation is discussed based on the risk categories described below.\n\n===== Underwriting risks ====="
},
{
Line 1,257 ⟶ 1,270:
"chunk": 89,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Underwriting risk refers to the danger that actual expenses for claims and benefits deviate from expected expenses due to chance, error, or change.\n\n====== Premium risks ======"
},
{
Line 1,270 ⟶ 1,283:
"chunk": 90,
"pages": [
22
],
"heading": "
"tags": [],
"links": [
"Business mix"
],
"data_items": [],
"effective_tags": [
"Business mix"
],
"content": "* Premium risk or premium/claims risk arises from the fact that compensation must be paid later from pre-determined insurance premiums, but the amount is initially unknown.\n* The actual claims experience can deviate from the expected, leading to a risk that premiums may not cover actual damages.\n* The company uses actuarial models for tariffication and continuously monitors claims experience.\n* Portfolio analyses are conducted for the main lines of business (Business mix), allowing profitability assessments of individual segments within a line.\n* Extensive claims controlling exists in the claims departments.\n* The portfolio is covered by reinsurance.\n\n== Reserve risks =="
},
{
Line 1,283 ⟶ 1,301:
"chunk": 91,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Reserve risk is the danger that technical provisions are insufficient to fully settle claims that are not yet settled or known but have already occurred, potentially leading to a need for additional reserves.\n* The company addresses premium and reserve risk by using conservative assumptions in calculations.\n* The level of provisions is regularly reviewed by internal and external actuaries, who provide reserve reports to the company.\n* The company manages the potential impact of simultaneous natural catastrophes and cumulative losses from technical risks by securing peak loads through adequate reinsurance protection.\n* To control and reduce risks, the company primarily uses claims analyses, natural catastrophe modeling, selective underwriting, and regular monitoring of claims development.\n\n== Lapse risks =="
},
{
Line 1,296 ⟶ 1,314:
"chunk": 92,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Lapse risk describes the danger of a loss or adverse change in the value of insurance liabilities resulting from changes in the level or volatility of lapse, termination, renewal, and surrender rates of insurance contracts.\n* The company regularly analyzes the lapse situation and takes appropriate control measures if necessary.\n\n== Market risks =="
},
{
Line 1,309 ⟶ 1,327:
"chunk": 93,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Market risk is defined as the danger arising from fluctuations in the level or volatility of financial market data that affect the value of assets and liabilities.\n* The company has detailed capital investment guidelines that define the investment universe, specific quality characteristics, issuer limits, and investment limits.\n* These guidelines are based on legal and regulatory requirements as well as the company's internal policies to ensure maximum security and profitability with constant liquidity, while maintaining appropriate diversification.\n* A clear separation of functions between the operational management of capital investment risk and risk controlling is ensured.\n* Parametric stress tests are calculated as part of monthly reporting to determine the sensitivity of the portfolio to significant changes in market data.\n\n== Equity and participation risks =="
},
{
Line 1,322 ⟶ 1,340:
"chunk": 94,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Equity risk refers to the risk arising from changes in stock price levels.\n* Potential changes in stock price levels affect the valuation of equities and asset positions modeled as equities in the risk model, particularly any company holdings.\n* Equity risk has limited hazard potential due to the company's low equity ratio.\n* A sensitivity analysis below shows percentage changes in the market value of investments for a hypothetical loss/gain in equity investments (calculated as of the balance sheet date)."
},
{
Line 1,335 ⟶ 1,353:
"chunk": 95,
"pages": [
],
"heading": "Assumed change in equity investments by percentage change in market value of investments",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Assumed change in equity investments by percentage change in market value of investments**\n\n| Assumed change in equity investments: | -10 % | +10 % |\n| --- | --- | --- |\n| Percentage change in market value of investments: | -0.1 % | 0.1 % |\n\n== Interest rate risks =="
},
{
Line 1,348 ⟶ 1,366:
"chunk": 96,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Interest rate risk describes the sensitivity of assets, liabilities, and financial instruments to changes in the interest rate curve or interest rate volatility.\n* Interest rate risk is managed through regular asset-liability analyses, continuous monitoring of investments and capital markets, and appropriate measures.\n* Suitable capital market instruments, such as derivatives, are used as needed.\n* A sensitivity analysis provides percentage changes in the market value of investments for a hypothetical decrease/increase in interest rates (parallel shift of the interest rate curve, calculated at the balance sheet date)."
},
{
Line 1,361 ⟶ 1,379:
"chunk": 97,
"pages": [
],
"heading": "Percentage change in market value of investments by assumed shift in interest rate curve",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Percentage change in market value of investments by assumed shift in interest rate curve**\n\n| Assumed shift in interest rate curve: | -50bp | +50bp |\n| --- | --- | --- |\n| Percentage change in market value of investments: | 2.1 % | -2.0 % |\n\n===== Currency risks ====="
},
{
Line 1,374 ⟶ 1,392:
"chunk": 98,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Currency risk describes the sensitivity of assets, liabilities, and financial instruments to changes in the level or volatility of exchange rates.\n* Currency risk plays a minor role for the company because investments are almost exclusively made in Euros.\n\n===== Real estate risks ====="
},
{
Line 1,387 ⟶ 1,405:
"chunk": 99,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Real estate risk refers to the risk of fluctuations in the value of real estate held in investments.\n* This includes both real estate in the narrower sense (e.g., land and buildings) and real estate funds.\n* For direct real estate investments, yield and other key performance indicators (e.g., vacancies or arrears) are regularly measured at the object and portfolio level.\n* For indirect real estate investments, risk is controlled by regularly observing fund development and performance.\n* A sensitivity analysis shows percentage changes in the market value of investments given a hypothetical loss in value of real estate investments (calculated as of the balance sheet date)."
},
{
Line 1,400 ⟶ 1,418:
"chunk": 100,
"pages": [
],
"heading": "Assumed change in real estate investments by percentage change in market value of investments",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Assumed change in real estate investments by percentage change in market value of investments**\n\n| Assumed change in real estate investments: | -10% |\n| --- | --- |\n| Percentage change in market value of investments: | -0.1% |\n\n===== Credit risks from investments ====="
},
{
Line 1,413 ⟶ 1,431:
"chunk": 101,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Credit risks describe the 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.\n* These risks manifest as counterparty default risks, spread risks, or market risk concentrations.\n* The company regularly conducts credit assessments of existing debtors.\n* Credit risks below investment grade and without a rating are only entered into to a limited extent.\n* Rating categories and hedging instruments are considered for managing default and credit risk.\n* The creditworthiness of debtors is continuously monitored.\n* Key indicators for investment decisions by portfolio management are the rating classes assigned by external agencies such as Standard \u0026 Poor's, Moody's, Fitch, or Scope Analysis.\n\n====== Credit quality structure of fixed-income investments ======"
},
{
Line 1,432 ⟶ 1,444:
"chunk": 102,
"pages": [
],
"heading": "
"tags": [],
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"content": "**Credit quality structure of fixed-income investments**\n\n| | Market value EUR million | Share % |\n| --- | --- | --- |\n| AAA | 1,299.8 | 38.2 |\n| AA | 660.1 | 19.4 |\n| A | 833.7 | 24.5 |\n| BBB | 358.4 | 10.5 |\n| BB | 87.8 | 2.6 |\n| B | 0.0 | 0.0 |\n| Unrated | 158.9 | 4.7 |\n| Total | 3,398.5 | 100.0 |"
},
{
Line 1,445 ⟶ 1,457:
"chunk": 103,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* A broad mix and diversification of investments is maintained to mitigate concentration risk.\n* Dependencies on individual debtors are avoided as much as possible.\n\n====== Breakdown of fixed-income investments by type of issuer ======"
},
{
Line 1,463 ⟶ 1,470:
"chunk": 104,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Market value \u0026 Share % by type of issuer**\n\n| | Market value EUR million | Share % |\n| --- | --- | --- |\n| Government and municipal bonds | 575.3 | 16.9 |\n| Covered bonds | 1,003.4 | 29.5 |\n| Industrial bonds | 799.7 | 23.5 |\n| Senior bonds of financial institutions | 528.9 | 15.6 |\n| Subordinated bonds of financial institutions | 70.3 | 2.1 |\n| Mortgages and policy loans | 83.3 | 2.5 |\n| Affiliated companies | 183.4 | 5.4 |\n| ABS(1) | 154.2 | 4.5 |\n| Total | 3,398.5 | 100.0 |\n\n(1) Ein Asset Backed Security (ABS) ist ein forderungsbesichertes Wertpapier, bei dem die Zahlungsansprüche des Inhabers durch einen Bestand an Forderungen besichert werden. Fast alle Forderungsarten können die Basis für ein forderungsbesichertes Wertpapier sein, sofern sie bestimmte Bedingungen erfüllen. Je nach Art der zur Besicherung verwendeten Forderungen wird das besicherte Wertpapier einer bestimmten Produktgruppe zugeordnet, beispielsweise als CLO (Collateralized Loan Obligation) für Bankkredite oder als CBO (Collateralized Bond Obligation) für Unternehmensanleihen. Werden Hypotheken zur Besicherung verwendet, handelt es sich um ein Mortgage Backed Security (MBS).\n\n===== Infrastructure investment risks ====="
},
{
Line 1,476 ⟶ 1,483:
"chunk": 105,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Risks from infrastructure investments relate to changes in value and fluctuations in returns of corresponding infrastructure assets.\n* Management of these risks involves careful due diligence in advance and ongoing monitoring measures.\n* Specialized expertise is maintained for this purpose.\n\n===== Derivatives and structured products ====="
},
{
Line 1,493 ⟶ 1,496:
"chunk": 106,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Derivative transactions are conducted within the company's internal guidelines for yield enhancement, acquisition preparation, and hedging of portfolios.\n* Derivative positions and transactions are detailed in reporting.\n* Derivatives are efficient and flexible instruments for portfolio management due to their low transaction costs, high market liquidity, and transparency.\n* The use of derivatives involves additional risks that are closely monitored and managed."
},
{
Line 1,512 ⟶ 1,509:
"chunk": 107,
"pages": [
25
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The company's inflation swap portfolio (Inflation Receivers) was further expanded to hedge against inflation risk.\n* Structured products had a total book value of EUR 547.2m (prior: EUR 306.9m) in the direct portfolio as of December 31, 2025.\n* Value at Risk (VaR) is a key element for managing market risks, representing the maximum expected loss within a defined period at a given probability, measured as a percentage of the market values of the investments.\n* An Asset-Management-VaR (AMVaR) is determined for measuring asset-side risks in investments, considering risks from rating migrations, credit defaults, credit spread widening, and equity risks (including alternative investments).\n* The AMVaR measures the company's risk contribution to the Talanx Group risk over a 1-year horizon with a 99.5% confidence level.\n* The AMVaR was 7.38% as of December 31, 2025.\n* The ALM-VaR considers both investments and projected cash flows from insurance liabilities, measuring potential losses from interest rate, currency, and inflation risks relevant for ALM management.\n* The ALM-VaR measures the isolated risk of the company over a 1-year horizon with a 99.5% confidence level.\n* The ALM-VaR was 2.16% as of December 31, 2025.\n* Counterparty default risk covers risk-reducing contracts (e.g., reinsurance agreements, securitizations) and claims against intermediaries and other credit risks not otherwise included in risk measurement.\n* Information on default risks in investments is found under credit risks.\n* Risks from default of claims against reinsurers involve the possibility of default on reinsurers' shares of insurance liabilities, minus reinsurance deposits or other collateral.\n* To mitigate risk, the creditworthiness of reinsurance partners is considered during selection and monitored throughout the contract.\n* The risk of default on claims from reinsurance business is low due to the favorable credit assessment of reinsurance partners.\n* Claims against reinsurers amounted to EUR 1.7m (prior: EUR 14.6m) at the balance sheet date.\n* As of December 31, 2025, the breakdown of claims against reinsurers by rating was: AA (47.1%), A (39.7%), and Unrated (13.2%).\n* Risks from default of claims against insurance intermediaries and policyholders primarily involve the possibility that commission clawbacks may not be sufficiently valuable in the event of increased policy cancellations.\n* The company addresses this risk by intensively monitoring the creditworthiness of intermediaries using a detailed control system.\n* The risk of default on claims against policyholders is mitigated by the diversification of these claims.\n* Liquidity risk refers to the risk that the company cannot realize investments and other assets to meet its financial obligations at maturity.\n* This can result in assets not being sold or being sold with delays due to illiquid markets, or open positions not being closed or being closed with price reductions.\n* To monitor liquidity risks, each security type is assigned a liquidity indicator that specifies the degree of marketability at fair prices.\n* These indicators are regularly reviewed by the risk controlling department of Ampega Asset Management GmbH, validated with market data and portfolio management assessments, and modified if necessary.\n* The data is then incorporated into the standardized reporting to the company's CFO.\n* The liquidity structure at the balance sheet date is presented as follows.\n\n===== Liquidity structure of investments as of 31.12.2025 in % ====="
},
{
Line 1,529 ⟶ 1,523:
"chunk": 108,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Liquidity structure of investments as of 31.12.2025 in %**\n\n| 0 – Cash and equivalents | 3 % |\n| --- | --- |\n| 1-3 – realizable without significant discount | 26 % |\n| 4-6 – realizable with discount | 42 % |\n| 7-9 – difficult/not realizable | 29 % |\n| Total | 100 % |"
},
{
Line 1,542 ⟶ 1,536:
"chunk": 109,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Liquidity risks are managed by continuously aligning the maturities of investments and financial obligations.\n* Individual minimum limits exist for highly liquid securities, and maximum limits exist for less liquid securities.\n* Minimum limits are derived from the timing of insurance technical payment obligations.\n* A sufficiently liquid investment structure ensures the company can make required payments at all times.\n\n== Operational risks =="
},
{
Line 1,555 ⟶ 1,549:
"chunk": 110,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Operational risk refers to the risk of loss resulting from inadequate or failed internal processes, personnel, or systems, as well as from external events.\n\n=== Risks from Business Continuity and IT Service Continuity ==="
},
{
Line 1,569 ⟶ 1,562:
"chunk": 111,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Business Continuity and IT Service Continuity risks refer to the risk of business operations being threatened, damaged, or disrupted by natural or human-made hazards.\n* These risks include losses and additional costs due to IT system failures or technical problems, destruction or damage to buildings or building-wide utilities, and other impairments to the work environment.\n* The company reduces risks from disruptions to building infrastructure through effective risk control measures, including adherence to safety and maintenance regulations, fire protection measures, and widespread mobile working capabilities.\n* A crisis management system is established within the company to address risks from business interruptions due to crises or emergencies, ensuring a rapid return to normal operations in case of a disruption.\n* Emergency preparedness is addressed through an emergency manual, Business Impact Analyses to determine the criticality of business processes, and the establishment of a crisis team and emergency response team.\n* The risk of IT infrastructure failure is reduced through regular controls, redundant systems, backup and recovery procedures, and on-call services.\n* Targeted investments in the security and availability of information technology maintain and increase the existing high level of security.\n\n=== Risks from processes ==="
},
{
Line 1,586 ⟶ 1,575:
"chunk": 112,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Process risks describe the risk of loss resulting from the inadequacy or failure of internal processes, including weaknesses in data quality.\n* The company has established an Internal Control System (ICS) to systematically identify process risks and implement control measures.\n* The necessity, completeness, and effectiveness of control measures are assessed through regular process reviews by the respective process owner.\n* Internal Audit regularly assesses the appropriateness and effectiveness of controls from an objective standpoint.\n\n=== Compliance, legal, and tax risks ==="
},
{
Line 1,599 ⟶ 1,588:
"chunk": 113,
"pages": [
26
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Compliance, legal, and tax risks describe the risk of non-compliance with legal or regulatory requirements and internal company guidelines, which could lead to lawsuits or administrative proceedings.\n* Compliance risks include legal risks and risks from changes in legislation, including changes in tax legislation and statutory reporting requirements.\n* Legal risks arise from contracts and general legal frameworks, such as business-specific uncertainties in commercial and tax law.\n* Compliance risks in sales are regularly monitored with regard to the GDV Code of Conduct for Sales.\n* A Compliance Steering Committee HDI Germany has been established for this purpose.\n* Current legal requirements arise, for example, from the Digital Operational Resilience Act (DORA) or from conduct requirements of the insurance supervisory authority.\n* Possible developments in supreme court case law or legislative changes, particularly in corporate, product, or tax law, are identified early and closely monitored.\n\n===== Fraud risks ====="
},
{
Line 1,612 ⟶ 1,602:
"chunk": 114,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Fraud risks involve the risk of intentional violation of laws or rules by internal employees (internal fraud risks) and/or by third parties (external fraud risks) to gain personal advantage.\n* Fraud risks are understood in a broader sense, including not only fraud but also other property offenses.\n* The company addresses the risk of fraudulent acts through regulations and internal controls in the departments.\n* Payment flows and declarations of commitment are subject to strict authorization and approval regulations.\n* Segregation of duties in workflows, the four-eyes principle for important decisions, and random checks for serial business transactions make fraudulent acts more difficult.\n* Internal Audit reviews systems, processes, and individual cases throughout the company.\n\n===== Personnel risks ====="
},
{
Line 1,625 ⟶ 1,615:
"chunk": 115,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Personnel risks are defined as risks arising from insufficient staffing or inadequate employee behavior.\n* Qualified employees are essential for customer-oriented business and the implementation of key projects.\n* The company mitigates personnel risks through training and continuing education.\n* Employees can adapt to current market demands via individual development plans and qualification programs.\n* Modern management tools and appropriate monetary and non-monetary incentive systems promote high employee commitment.\n* Measures for employee health promotion, process documentation, and substitution rules also help reduce personnel risks.\n\n===== Information and IT security risks ====="
},
{
Line 1,638 ⟶ 1,628:
"chunk": 116,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Information and IT security risks describe risks that could potentially jeopardize the completeness, confidentiality, or availability of information or IT systems.\n* IT security risk includes cyber security risk.\n* The availability of applications, the security and confidentiality, and the integrity of the data used are crucial for the company.\n* IT security is ensured through access controls, access authorization systems, and security systems for programs and data storage.\n* A protective firewall technology is installed for internal and external network connections, which is regularly reviewed and continuously developed.\n\n===== Outsourcing risks ====="
},
{
Line 1,651 ⟶ 1,641:
"chunk": 117,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Outsourcing risks are defined as risks arising from outsourcing functions or insurance activities, either directly or through further outsourcing, that could otherwise be performed by the company itself.\n* Outsourcing risks are differentiated by the externalization of tasks up to sales and the externalization of sales services.\n* Risks from outsourced functions or services are integrated into the risk management process, including identification, assessment, control, and monitoring, even for intra-group services.\n* Initial risk analyses are conducted before outsourcing activities or areas.\n* The company contractually secures necessary information and instruction rights from service providers, allowing the Management Board to issue individual instructions at any time and influence outsourced areas.\n* Adequate and continuous control and assessment of service providers are ensured through various evaluation measures, including defining product catalogs with Service Level Agreements and conducting customer satisfaction surveys to verify compliance with agreed performance and quality criteria.\n\n===== ICT risks ====="
},
{
Line 1,664 ⟶ 1,654:
"chunk": 118,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* ICT risks manifest as operational risks with various subcategories.\n* An ICT risk control function was established in the reporting year within the context of the EU Digital Operational Resilience Act (DORA).\n* This function is performed by Group Security for the company.\n* The operational integration of ICT risk management into the overarching risk management system occurred in the reporting year and is continuously being expanded.\n\n===== Other material risks ====="
},
{
Line 1,682 ⟶ 1,667:
"chunk": 119,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "*
},
{
Line 1,695 ⟶ 1,680:
"chunk": 120,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Strategic risks describe risks arising from strategic business decisions.\n* Strategic risk also includes the risk that business decisions are not adapted to a changed economic environment.\n* The company reviews its business and risk strategy at least annually for consistency and adjusts processes and structures as needed.\n* Strategic risks are addressed within the planning and control processes.\n* Intensive strategic work in the reporting year created the conditions for focused organic growth.\n* Sales risks are given appropriate importance within the company, as sales performance is a central success factor.\n\n====== Project risks ======"
},
{
Line 1,708 ⟶ 1,693:
"chunk": 121,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Project risks describe risks that endanger the intended course or non-achievement of project goals, including strategic and IT-related projects.\n* Project risks and their effects are systematically recorded as part of project management.\n* Project progress is regularly reviewed and evaluated.\n* The company uses established processes and measures to control and manage both the project portfolio and individual projects.\n* This ensures that countermeasures can be taken in a timely manner if difficulties arise in achieving time and quality goals.\n\n====== Reputation risks ======"
},
{
Line 1,721 ⟶ 1,706:
"chunk": 122,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Reputation risks are defined as risks arising from potential damage to the company's reputation due to negative public perception.\n* These risks are closely monitored.\n* A professional complaint management system is in place to reduce reputation risks.\n* The risk of reputation damage is limited by quality requirements for products, continuous quality management of key business processes, anti-money laundering measures, and strict data protection and compliance guidelines.\n* Crisis communication management procedures are established.\n\n====== Emerging Risks ======"
},
{
Line 1,734 ⟶ 1,719:
"chunk": 123,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Emerging Risks are potential threats or hazards resulting from new, changing, complex, or uncertain developments or factors that are difficult to predict or assess.\n* These risks often stem from trends or long-term structural developments with indirect impacts on political, social, technological, ecological, and/or economic environments.\n* Emerging Risks are identified and managed annually within the company's risk management framework through a group-wide coordinated process.\n* The findings from the Emerging Risk process are integrated into risk reporting and the risk management process to enable early detection of potential vulnerabilities and, if necessary, mitigation through risk reduction measures.\n\n====== Sustainability risks ======"
},
{
Line 1,748 ⟶ 1,732:
"chunk": 124,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Sustainability risks are events or conditions from the Environment, Social, or Governance (ESG) areas that can have actual or potential significant negative impacts on the earnings, financial position, asset situation, and reputation of the company.\n* This includes climate-related risks such as physical risks and transition risks associated with transformation processes, as well as risks of potential greenwashing allegations.\n* Sustainability risks can materialize as a meta-risk across all risk categories.\n* The company monitors these risks within its risk management system.\n* The company also considers sustainability aspects in its business activities, such as in capital investments.\n\n=== Forecast and opportunity report ==="
},
{
Line 1,761 ⟶ 1,745:
"chunk": 125,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The following statements are based on expert assessments from third parties and on the company's own planning and forecasts, which are considered conclusive.\n* These statements represent the company's subjective assessment.\n* Actual developments may differ from the expected developments presented.\n\n==== Economic conditions ===="
},
{
Line 1,774 ⟶ 1,758:
"chunk": 126,
"pages": [
],
"heading": "
"tags": [],
"links": [
"Year 2026",
"Headwind"
],
"data_items": [],
"effective_tags": [
"Headwind",
"Year 2026"
],
"content": "* Global economic growth slightly cooled in 2025 due to escalating tariff disputes and geopolitical conflicts, but did not collapse.\n* This trend is expected to continue in 2026 (Year 2026), with global economic growth projected at 2.7% YoY.\n* Stable growth is supported by the delayed effect of central banks nearing the end of interest rate cutting cycles and sustained high/rising fiscal stimulus.\n* The global economy is gradually adapting to the new global trade order, with no expectation of further escalation of US-initiated trade conflicts or a collapse in increased AI investments.\n* In the Eurozone, higher fiscal stimulus, particularly increased government investments in infrastructure and defense in Germany, is expected to slightly accelerate growth dynamics during the year.\n* Solid purchasing power from lower inflation and stable growth should support private consumption in the Eurozone.\n* External trade in the Eurozone faces headwinds from global trade reordering, including weak exports and rising (cheaper) imports from China due to trade diversion away from the US.\n* This trade diversion, along with lower energy prices YoY and a stronger Euro, is expected to contribute to a further decline in the Eurozone's inflation rate.\n* US economic growth is expected to stabilize at the previous year's level.\n* Consumer restraint among lower and middle-income households in the US, due to labor market weakness and increased prices (partly tariff-related), may be partially offset by wealthy households, but no further acceleration is expected.\n* Investments in AI are expected to continue providing tailwinds in the US, though it remains to be seen if the high investment announcements from major tech companies fully materialize.\n* Very expansive fiscal policy, including tax cuts, should also provide support in the US.\n* A significant increase in the US unemployment rate in 2026 is expected to be avoided by a simultaneously lower labor supply (less migration).\n* The US inflation rate is expected to peak mid-year due to tariffs, but will exceed the Fed's 2% target on average for the sixth consecutive year."
},
{
Line 1,787 ⟶ 1,777:
"chunk": 127,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Risks to the global economic outlook are predominantly on the downside, despite potential upside risks such as stronger fiscal support, a possible ceasefire in Ukraine, or an AI-driven productivity boost.\n* Diverse geopolitical conflicts (e.g., Venezuela, Greenland, Iran, Taiwan, Ukraine) are a primary risk that could lead to significant deterioration at any time.\n* Potentially unstable government constellations in many countries (e.g., US midterms, German state elections, France, Japan) also pose a risk.\n* Political attacks on the Fed and other institutions in the US represent a significant risk to political and economic stability.\n* Increased politicization of the Fed, combined with the sharply risen US national debt, could lead to a serious crisis of confidence with repercussions for international capital markets.\n* A potential AI crash is another risk; if confidence in the technology and its potential returns wanes given the immense capital requirements, it could worsen investment activity in the sector and the overall investment climate.\n* The sustainability of high government debt outside the US is also a recurring concern.\n* Various structural risks, including climate change, demographic developments, and de-globalization, could increase inflation risk in the medium term and prompt central banks to adopt a sustainably more restrictive monetary policy.\n\n==== Capital markets ===="
},
{
Line 1,800 ⟶ 1,790:
"chunk": 128,
"pages": [
29
],
"heading": "
"tags": [],
"links": [
"Year 2026"
],
"data_items": [],
"effective_tags": [
"Year 2026"
],
"content": "* The ECB is expected to maintain its deposit rate at 2.00% by the end of 2026 (Year 2026), supported by inflation slightly below the 2% target and moderate positive economic momentum.\n* The persistent US inflation above 2% limits the Federal Reserve's room for maneuver, but two further interest rate cuts of 0.25 percentage points each are expected due to a weakening US labor market and political pressure.\n* The US key interest rate is projected to be 3.25% at the end of the year.\n* The yield on 10-year German government bonds is expected to rise towards 3.00% during the year due to increased issuance activity for additional expenditures.\n* The yield on 10-year US Treasuries is expected to be 4.25% at year-end, only slightly above its 2025 value.\n* Slight further price gains for equities are anticipated, provided the mentioned risks do not materialize to a greater extent.\n\n==== Future industry situation ===="
},
{
Line 1,813 ⟶ 1,808:
"chunk": 129,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The macroeconomic environment continues to be characterized by significant risk factors and uncertainty.\n* This uncertainty applies to both national and international insurance markets.\n* Growth prospects for the national market in the coming years are primarily supported by announced fiscal spending.\n\n===== German insurance industry ====="
},
{
Line 1,828 ⟶ 1,821:
"chunk": 130,
"pages": [
],
"heading": "
"tags": [],
"links": [
"Year 2026"
],
"data_items": [],
"effective_tags": [
"Year 2026"
],
"content": "* The German insurance market is expected to continue growing until 2026 (Year 2026), but with less momentum compared to the strong premium growth in the past fiscal year.\n\n====== Property and Casualty Insurance ======"
},
{
Line 1,841 ⟶ 1,838:
"chunk": 131,
"pages": [
],
"heading": "
"tags": [],
"links": [
"Year 2026",
"Property \u0026 casualty"
],
"data_items": [],
"effective_tags": [
"Property \u0026 casualty",
"Year 2026"
],
"content": "* For 2026 (Year 2026), the German P\u0026C (Property \u0026 casualty) insurance segment expects slight follow-up effects in sum and premium adjustments, driven by cost increases and inflation from recent years.\n* This should bring premium income growth closer to the long-term average.\n\n==== Opportunities from the development of framework conditions ====\n\n===== Digitalization ====="
},
{
Line 1,854 ⟶ 1,857:
"chunk": 132,
"pages": [
],
"heading": "
"tags": [],
"links": [
"Year 2026"
],
"data_items": [],
"effective_tags": [
"Year 2026"
],
"content": "* Digitalization is reshaping the insurance industry by redesigning business processes and models through digital technologies.\n* This development is crucial for the competitiveness of insurance companies.\n* Digitalization offers new opportunities in customer communication, claims processing, data analysis, and the development of new business areas.\n* The company is undertaking numerous projects to shape digital transformation, including creating added value through artificial intelligence (AI).\n* The Talanx Group has implemented its in-house generative AI solution, Chat@HDI, and integrated Microsoft Copilot.\n* These AI tools enable real-time insights from unstructured data in text or image format to support employees.\n* Benefits for customers and employees are already evident, primarily time savings through optimized processes, while adhering to data protection and compliance regulations.\n* This includes the European Union's (EU) Artificial Intelligence Act (AI Act), which came into force on August 1, 2024, with most regulations to be implemented by August 2, 2026 (Year 2026).\n* The AI Act aims to regulate AI development and use in the EU, protect fundamental rights, build trust in the technology, and foster innovation through clear guidelines.\n* Faster-than-expected implementation and customer adoption of digitalization projects could positively impact premium development and earnings, potentially leading to exceeding forecasts.\n\n===== Knowledge management ====="
},
{
Line 1,867 ⟶ 1,874:
"chunk": 133,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Knowledge and innovation management are increasingly important in the insurance industry.\n* Talanx Group established a Best Practice Lab to promote targeted exchange of knowledge and innovation.\n* International experts in Excellence Teams exchange views on specialist topics and jointly develop new solutions.\n* Topics include pricing, sales, marketing, claims, fraud management, customer service centers, and digitalization.\n* Results and solutions from the Best Practice Lab are provided to Talanx Group companies to continuously improve their processes and methods.\n* Generating and implementing new solutions and ideas faster than expected through the Best Practice Lab could positively impact premium development and earnings, potentially exceeding forecasts.\n\n===== Agility ====="
},
{
Line 1,880 ⟶ 1,887:
"chunk": 134,
"pages": [
30
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The globalized world in the information age is characterized by increasing speed of change, volatility, uncertainty, complexity, and ambiguity (VUCA).\n* To keep pace with the speed of change, an insurance company needs to transform into an agile organization.\n* An agile organization for the company means being a learning organization focused on customer benefit to increase company profit.\n* The company relies on interdisciplinary and creative teams, open and direct communication, flat hierarchies, and a culture that embraces mistakes.\n* Numerous initiatives support the company's transformation to an agile organization.\n* Workplaces are designed to shorten communication channels and promote cross-departmental exchange.\n* The company supports hybrid work, allowing employees to work remotely up to 60% of the time.\n* Hybrid work improves work-life balance for employees while maintaining direct exchange among colleagues.\n* Agility offers opportunities for customers, employees, and investors.\n* Customers benefit from new insurance solutions tailored to their needs.\n* Employees gain more influence and growth opportunities through agile work.\n* Investors benefit from increased company profit when customers are satisfied and employees reach their full potential.\n* Faster-than-expected implementation of the agile transformation could positively impact earnings and lead to exceeding forecasts.\n\n==== Development of HDI Versicherung AG ===="
},
{
Line 1,893 ⟶ 1,901:
"chunk": 135,
"pages": [
],
"heading": "Financial stability",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* HDI Versicherung AG has high financial stability, providing a good basis to benefit from competitive opportunities."
},
{
Line 1,906 ⟶ 1,914:
"chunk": 136,
"pages": [
],
"heading": "
"tags": [],
"links": [
"Year 2026",
"Net investment income"
],
"data_items": [],
"effective_tags": [
"Net investment income",
"Year 2026"
],
"content": "* The market environment for fiscal year 2026 is expected to remain challenging.\n* Continued inflation in spare parts and artisan costs is anticipated, leading to premium adjustments, especially in motor and building insurance.\n* For corporate divisions, portfolio review in commercial customer business and reduction of loss-making portfolios are planned.\n* A moderate decrease in premium volume is expected for fiscal year 2026.\n* A slight decrease in expenses for insurance claims is expected, despite an anticipated normalization of natural catastrophe claims in the coming year.\n* A moderate decrease in insurance operating expenses is projected, following continued cost discipline.\n* A slight decrease in the underwriting result after fluctuation provision is expected for fiscal year 2026.\n* A significant increase in investment income is anticipated, driven by a rising extraordinary investment result (Net investment income) after loss realizations in the current reporting year.\n* The non-underwriting result is expected to decline slightly overall.\n* The net income for the coming year is expected to be slightly below the previous year's level.\n\n==== Types of insurance (Appendix 1 to the management report) ===="
},
{
Line 1,919 ⟶ 1,933:
"chunk": 137,
"pages": [
],
"heading": "Insurance types",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The following types of insurance were operated in the 2025 financial year as individual, group, or collective insurance policies against single or ongoing premiums: General liability insurance, Private liability insurance, Financial loss liability insurance, Cyber insurance, Medical professional liability insurance, Planning liability insurance, Motor vehicle liability insurance, Other motor vehicle insurance, General accident insurance, Multi-risk insurance, Transport insurance, Technical insurance, Fire insurance, Combined residential building insurance, Combined household contents insurance."
},
{
Line 1,932 ⟶ 1,946:
"chunk": 138,
"pages": [
33
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Financial report Brazil\n* Financial report Brazil\n\n== Annual financial statements =="
},
{
Line 1,945 ⟶ 1,960:
"chunk": 139,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Balance Sheet\n* Income Statement\n* Notes\n* Information on the Company\n* Accounting and Valuation Methods\n* Notes to the Balance Sheet - Assets\n* Notes to the Balance Sheet - Liabilities\n* Notes to the Income Statement\n* Other Information\n\n== Balance Sheet as of December 31, 2025 =="
},
{
Line 1,958 ⟶ 1,973:
"chunk": 140,
"pages": [
35
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Balance Sheet as of December 31, 2025**\n\n| Assets In EUR thousand A. Intangible assets | A. Intangible assets | A. Intangible assets | 31.12.2025 A. Intangible assets | 31.12.2024 A. Intangible assets |\n| --- | --- | --- | --- | --- |\n| Concessions, industrial property rights and similar rights and values acquired for consideration, and licenses to such rights and values | Concessions, industrial property rights and similar rights and values acquired for consideration, and licenses to such rights and values | — | 2,153 | 3,953 |\n| B. Investments | B. Investments | B. Investments | B. Investments | B. Investments |\n| I. Land, rights equivalent to land and buildings, including buildings on third-party land | I. Land, rights equivalent to land and buildings, including buildings on third-party land | 0 | — | 217 |\n| II. Investments in affiliated companies and participations | II. Investments in affiliated companies and participations | II. Investments in affiliated companies and participations | II. Investments in affiliated companies and participations | II. Investments in affiliated companies and participations |\n| 1. Shares in affiliated companies | 1. Shares in affiliated companies | 256,451 | — | 267,706 |\n| 2. Loans to affiliated companies | 2. Loans to affiliated companies | 203,261 | — | 153,261 |\n| 3. Participations | 3. Participations | 1,964 | — | 1,965 |\n| 4. Loans to companies with which a participation relationship exists | 4. Loans to companies with which a participation relationship exists | 19,939 | — | 19,575 |\n| — | — | 481,615 | — | 442,508 |\n| III. Other investments | III. Other investments | III. Other investments | III. Other investments | III. Other investments |\n| 1. Shares, units or shares in investment funds and other non-fixed-interest securities | 1. Shares, units or shares in investment funds and other non-fixed-interest securities | 772,675 | — | 822,816 |\n| 2. Bearer bonds and other fixed-interest securities | 2. Bearer bonds and other fixed-interest securities | 1,870,241 | — | 1,553,894 |\n| 3. Other loans | 3. Other loans | — | — | — |\n| a) Registered bonds | a) Registered bonds | 473,581 | — | 782,990 |\n| b) Promissory note receivables and loans | b) Promissory note receivables and loans | 165,763 | — | 158,387 |\n| — | — | 639,344 | — | 941,377 |\n| — | — | 3,282,259 | — | 3,318,087 |\n| — | — | — | 3,763,874 | 3,760,811 |\n| C. Receivables | C. Receivables | C. Receivables | C. Receivables | C. Receivables |\n| I. Receivables from direct insurance business from: | I. Receivables from direct insurance business from: | — | — | — |\n| 1. Policyholders | 1. Policyholders | 77,529 | — | 107,925 |\n| 2. Insurance intermediaries | 2. Insurance intermediaries | 7,194 | — | 9,854 |\n| — | — | 84,723 | — | 117,779 |\n| II. Settlement receivables from reinsurance business – thereof from affiliated companies: 292 TEUR (11,543 TEUR) | II. Settlement receivables from reinsurance business – thereof from affiliated companies: 292 TEUR (11,543 TEUR) | 1,737 | — | 14,593 |\n| III. Other receivables – thereof from affiliated companies: 147,670 TEUR (497,557 TEUR) | III. Other receivables – thereof from affiliated companies: 147,670 TEUR (497,557 TEUR) | 172,845 | — | 522,299 |\n| — | — | — | 259,305 | 654,671 |\n| D. Other assets | D. Other assets | D. Other assets | D. Other assets | D. Other assets |\n| I. Current balances with credit institutions, checks and cash in hand | I. Current balances with credit institutions, checks and cash in hand | 88,055 | — | 51,289 |\n| — | — | — | 88,055 | 51,289 |\n| E. Prepaid expenses and accrued income | E. Prepaid expenses and accrued income | E. Prepaid expenses and accrued income | E. Prepaid expenses and accrued income | E. Prepaid expenses and accrued income |\n| I. Accrued interest and rents | I. Accrued interest and rents | 36,129 | — | 32,597 |\n| II. Other prepaid expenses and accrued income | II. Other prepaid expenses and accrued income | 1,345 | — | 4 |\n| — | — | — | 37,475 | 32,601 |\n| F. Deferred tax asset from asset offsetting | F. Deferred tax asset from asset offsetting | — | 0 | 6 |\n| Total assets | Total assets | — | 4,150,862 | 4,503,332 |\n\n**A. Equity**\n\n| Liabilities In EUR thousand | Liabilities | Liabilities | 31.12.2025 | 31.12.2024 |\n| --- | --- | --- | --- | --- |\n| — | I. Subscribed capital | I. Subscribed capital | 51,000 | 51,000 |\n| — | II. Capital reserves | II. Capital reserves | 6,100 | 6,100 |\n| — | — | — | 57,100 | 57,100 |\n| B. Technical provisions | B. Technical provisions | B. Technical provisions | B. Technical provisions | B. Technical provisions |\n| | I. Unearned premiums | I. Unearned premiums | I. Unearned premiums | I. Unearned premiums |\n| — | — | 1. Gross amount | 225,520 | 220,539 |\n| — | — | 2. thereof: share for reinsurance ceded | 1,179 | 1,790 |\n| — | — | — | 224,341 | 218,748 |\n| | II. Premium reserves | II. Premium reserves | II. Premium reserves | II. Premium reserves |\n| — | — | 1. Gross amount | 8,905 | 9,342 |\n| — | — | 2. thereof: share for reinsurance ceded | 0 | 3 |\n| — | — | — | 8,905 | 9,339 |\n| | III. Provision for outstanding claims | III. Provision for outstanding claims | III. Provision for outstanding claims | III. Provision for outstanding claims |\n| — | — | 1. Gross amount | 3,383,083 | 3,298,028 |\n| — | — | 2. thereof: share for reinsurance ceded | 121,637 | 129,715 |\n| — | — | — | 3,261,447 | 3,168,313 |\n| | IV. Provision for profit-dependent and profit-independent premium refunds | IV. Provision for profit-dependent and profit-independent premium refunds | IV. Provision for profit-dependent and profit-independent premium refunds | IV. Provision for profit-dependent and profit-independent premium refunds |\n| — | — | 1. Gross amount | 900 | 2,500 |\n| — | — | 2. thereof: share for reinsurance ceded | 0 | 0 |\n| — | — | — | 900 | 2,500 |\n| — | V. Fluctuation reserves and similar provisions | V. Fluctuation reserves and similar provisions | 252,856 | 267,266 |\n| | VI. Other technical provisions | VI. Other technical provisions | VI. Other technical provisions | VI. Other technical provisions |\n| — | — | 1. Gross amount | 13,439 | 11,981 |\n| — | — | 2. thereof: share for reinsurance ceded | 0 | 0 |\n| — | — | — | 13,439 | 11,981 |\n| — | — | — | 3,761,887 | 3,678,147 |\n| C. Other provisions | C. Other provisions | C. Other provisions | C. Other provisions | C. Other provisions |\n| — | I. Provisions for pensions and similar obligations | I. Provisions for pensions and similar obligations | 847 | 785 |\n| — | II. Other provisions | II. Other provisions | 20,763 | 19,930 |\n| — | — | — | 21,610 | 20,715 |\n| D. Other liabilities | D. Other liabilities | D. Other liabilities | D. Other liabilities | D. Other liabilities |\n| | I. Liabilities from direct insurance business to | I. Liabilities from direct insurance business to | I. Liabilities from direct insurance business to | I. Liabilities from direct insurance business to |\n| — | — | 1. Policyholders | 100,391 | 571,021 |\n| — | — | 2. Insurance intermediaries | 13,505 | 15,526 |\n| — | — | — | 113,897 | 586,547 |\n| — | II. Settlement liabilities from reinsurance business - thereof to affiliated companies: 16,354 TEUR (11,153 TEUR) | II. Settlement liabilities from reinsurance business - thereof to affiliated companies: 16,354 TEUR (11,153 TEUR) | 22,634 | 17,901 |\n| — | III. Other liabilities - thereof from taxes: 12,098 TEUR (12,573 TEUR) - thereof to affiliated companies: 148,923 TEUR (118,065 TEUR) | III. Other liabilities - thereof from taxes: 12,098 TEUR (12,573 TEUR) - thereof to affiliated companies: 148,923 TEUR (118,065 TEUR) | 173,294 | 142,272 |\n| — | — | — | 309,825 | 746,720 |\n| E. Prepaid expenses and accrued income | E. Prepaid expenses and accrued income | E. Prepaid expenses and accrued income | 440 | 651 |\n| Total liabilities | Total liabilities | Total liabilities | 4,150,862 | 4,503,332 |"
},
{
Line 1,971 ⟶ 1,987:
"chunk": 141,
"pages": [
],
"heading": "
"tags": [],
"links": [],
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"effective_tags": [],
"content": "* Pension provision under liabilities B.III. in the balance sheet for fiscal year 2025, including uncollected pensions, is EUR 63,698.\n* The pension provision under liabilities B.III. in the balance sheet was calculated in accordance with § 341f and § 341g HGB, and the legal ordinance issued under § 88 Abs. 3 VAG."
},
{
Line 1,984 ⟶ 2,000:
"chunk": 142,
"pages": [
],
"heading": "
"tags": [],
"links": [
"Year 2026"
],
"data_items": [],
"effective_tags": [
"Year 2026"
],
"content": "* Hannover, February 23, 2026 (Year 2026).\n* Responsible Actuary: Janine Sideris.\n\n== Income Statement for the period from January 1 to December 31, 2025 =="
},
{
Line 1,997 ⟶ 2,017:
"chunk": 143,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Income Statement for the period from January 1 to December 31, 2025"
},
{
Line 2,010 ⟶ 2,030:
"chunk": 144,
"pages": [
37
],
"heading": "
"tags": [],
"links": [
"Gross written premiums"
],
"data_items": [],
"effective_tags": [
"Gross written premiums"
],
"content": "**Income Statement for the period from January 1 to December 31, 2025 (I. Technical account 1. Earned premiums for own account)**\n\n| In EUR thousand | | | | 2025 | 2024 |\n| --- | --- | --- | --- | --- | --- |\n| a) Gross written premiums | 1,564,825 | — | — | — | 1,588,316 |\n| b) Reinsurance premiums ceded | -69,365 | — | — | — | -74,861 |\n| | — | 1,495,460 | — | — | 1,513,455 |\n| c) Change in gross premium income | -4,982 | — | — | — | -8,784 |\n| d) Change in reinsurers' share of gross premium income | -611 | — | — | — | 92 |\n| | — | -5,593 | — | — | -8,692 |\n| | — | — | — | 1,489,867 | 1,504,763 |\n| 2. Technical interest income for own account | — | — | — | 1,020 | 1,052 |\n| 3. Other technical income for own account | — | — | — | 360 | 1,679 |\n| 4. Claims incurred for own account | 4. Claims incurred for own account | 4. Claims incurred for own account | 4. Claims incurred for own account | 4. Claims incurred for own account | 4. Claims incurred for own account |\n| a) Claims paid | a) Claims paid | a) Claims paid | a) Claims paid | a) Claims paid | a) Claims paid |\n| aa) Gross amount | -920,737 | — | — | — | -1,111,769 |\n| bb) Reinsurers' share | 17,877 | — | — | — | 41,572 |\n| | — | -902,861 | — | — | -1,070,197 |\n| b) Change in outstanding claims provision | b) Change in outstanding claims provision | b) Change in outstanding claims provision | b) Change in outstanding claims provision | b) Change in outstanding claims provision | b) Change in outstanding claims provision |\n| aa) Gross amount | -85,282 | — | — | — | 66,347 |\n| bb) Reinsurers' share | -7,852 | — | — | — | -38,486 |\n| | — | -93,134 | — | — | 27,862 |\n| | — | — | — | -995,994 | -1,042,335 |\n| 5. Change in other net technical provisions | 5. Change in other net technical provisions | 5. Change in other net technical provisions | 5. Change in other net technical provisions | 5. Change in other net technical provisions | 5. Change in other net technical provisions |\n| a) Premium reserve | a) Premium reserve | a) Premium reserve | a) Premium reserve | a) Premium reserve | a) Premium reserve |\n| aa) Gross amount | 437 | — | — | — | 836 |\n| bb) Reinsurers' share | -3 | — | — | — | -12 |\n| | — | 433 | — | — | 823 |\n| b) Other net technical provisions | — | -1,458 | — | — | 3,236 |\n| | — | — | — | -1,025 | 4,059 |\n| 6. Expenses for profit-dependent and profit-independent premium refunds for own account | — | — | — | -7 | -2,008 |\n| 7. Operating expenses for own account | 7. Operating expenses for own account | 7. Operating expenses for own account | 7. Operating expenses for own account | 7. Operating expenses for own account | 7. Operating expenses for own account |\n| a) Gross operating expenses | — | -486,415 | — | — | -506,721 |\n| b) less: commissions received and profit participation from reinsurance business ceded | — | 9,142 | — | — | 10,484 |\n| | — | — | — | -477,273 | -496,237 |\n| 8. Other technical expenses for own account | — | — | — | -11,229 | -10,709 |\n| 9. Subtotal | — | — | — | 5,719 | -39,736 |\n| 10. Change in equalization reserve and similar reserves | — | — | — | 14,410 | 9,026 |\n| 11. Technical result for own account | — | — | — | 20,130 | -30,710 |\n\n| II. Non-technical account | II. Non-technical account | II. Non-technical account | II. Non-technical account | 2025 | 2024 |\n| --- | --- | --- | --- | --- | --- |\n| In EUR thousand — 1. | Investment income | Investment income | Investment income | | |\n| In EUR thousand — — | a) Income from participating interests – thereof from affiliated companies: 4,325 TEUR (17,108 TEUR) | a) Income from participating interests – thereof from affiliated companies: 4,325 TEUR (17,108 TEUR) | 4,325 | — | 17,224 |\n| In EUR thousand — — | b) Income from other investments – thereof from affiliated companies: 21,905 TEUR (35,520 TEUR) | b) Income from other investments – thereof from affiliated companies: 21,905 TEUR (35,520 TEUR) | b) Income from other investments – thereof from affiliated companies: 21,905 TEUR (35,520 TEUR) | — | — |\n| In EUR thousand — — | aa) Income from land, rights equivalent to land and buildings including buildings on third-party land | aa) Income from land, rights equivalent to land and buildings including buildings on third-party land | 361 | — | 1,066 |\n| In EUR thousand — — | bb) Income from other investments | bb) Income from other investments | 91,084 | — | 100,444 |\n| In EUR thousand — — | c) Income from write-ups | c) Income from write-ups | 0 | — | 75 |\n| In EUR thousand — d) | Gains from the disposal of investments | Gains from the disposal of investments | 23,819 | — | 4,420 |\n| In EUR thousand — e) | Income from profit-sharing agreements, profit and partial profit transfer agreements | Income from profit-sharing agreements, profit and partial profit transfer agreements | 2 | — | 82 |\n| In EUR thousand — — | — | — | — | 119,591 | 123,310 |\n| In EUR thousand — 2. | Investment expenses | Investment expenses | Investment expenses | | |\n| In EUR thousand — a) | Expenses for the administration of investments, interest expenses and other investment expenses | Expenses for the administration of investments, interest expenses and other investment expenses | -8,082 | — | -7,427 |\n| In EUR thousand — — | b) Amortization of investments | b) Amortization of investments | -17,734 | — | -3,718 |\n| In EUR thousand — c) | Losses from the disposal of investments | Losses from the disposal of investments | -125,585 | — | -158 |\n| In EUR thousand — — | — | — | — | -151,400 | -11,303 |\n| In EUR thousand — — | — | — | — | -31,809 | 112,008 |\n| In EUR thousand — 3. | Technical interest income | Technical interest income | — | -1,020 | -1,052 |\n| In EUR thousand — — | — | — | — | -32,830 | 110,956 |\n| In EUR thousand — 4. | Other income | Other income | — | 144,773 | 18,208 |\n| In EUR thousand — 5. | Other expenses | Other expenses | — | -22,581 | -80,700 |\n| In EUR thousand — — | — | — | — | 122,193 | -62,492 |\n| In EUR thousand — 6. | Income from ordinary activities | Income from ordinary activities | Income from ordinary activities | 109,493 | 17,754 |\n| In EUR thousand — 7. | Income taxes | Income taxes | — | -15 | -5 |\n| In EUR thousand — 8. | Other taxes | Other taxes | — | -7 | -105 |\n| In EUR thousand — — | — | — | — | -23 | -110 |\n| In EUR thousand — 9. | Profits transferred under a profit-sharing, profit transfer, or partial profit transfer agreement | Profits transferred under a profit-sharing, profit transfer, or partial profit transfer agreement | Profits transferred under a profit-sharing, profit transfer, or partial profit transfer agreement | -109,470 | -17,644 |\n| In EUR thousand — 10. | Net income/loss or retained earnings | Net income/loss or retained earnings | Net income/loss or retained earnings | 0 | 0 |"
},
{
Line 2,023 ⟶ 2,048:
"chunk": 145,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "*
},
{
Line 2,036 ⟶ 2,061:
"chunk": 146,
"pages": [
],
"heading": "Company registration details",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* HDI Versicherung AG is headquartered in Hanover.\n* The company is registered with the Hanover District Court under commercial register number HRB 58934.\n\n=== Accounting and Valuation Methods ==="
},
{
Line 2,049 ⟶ 2,074:
"chunk": 147,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The company's annual financial statements and management report are prepared according to the regulations of the German Commercial Code (HGB), the German Stock Corporation Act (AktG), the German Insurance Supervision Act (VAG), and relevant ordinances, particularly the German Regulation on Accounting for Insurance Undertakings (RechVersV), in their versions valid as of the balance sheet date.\n\n=== Assets ==="
},
{
Line 2,062 ⟶ 2,087:
"chunk": 148,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Intangible assets are recognized at acquisition cost less scheduled linear depreciation over an estimated useful life of five years.\n* Self-created intangible assets of fixed assets are not capitalized according to § 248 Abs. 2 Satz 1 HGB.\n* Shares in affiliated companies and equity investments are recognized at acquisition cost, reduced by any write-downs according to the mitigated lower of cost or market principle (§ 341b Abs. 1 Satz 2 HGB in conjunction with § 253 Abs. 1 Satz 1, Abs. 3 Satz 5 HGB)."
},
{
Line 2,075 ⟶ 2,100:
"chunk": 149,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Loans to affiliated companies and companies with which an equity relationship exists are recognized at amortized cost using the effective interest method, in accordance with § 341c Abs. 3 HGB.\n* Capital investments are recorded at the purchase price upon acquisition.\n* The difference from the repayment amount is amortized using the effective interest method.\n* Necessary write-downs are made according to the mitigated lower of cost or market principle."
},
{
Line 2,088 ⟶ 2,113:
"chunk": 150,
"pages": [
39
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Shares, units or shares in investment funds, and bearer bonds and other fixed-income securities, if held as current assets, are recognized at acquisition cost or the lower stock exchange or market values on the balance sheet date, according to the strict lower of cost or market principle.\n* The requirement to write up assets is observed (§ 341b Abs. 2 HGB in conjunction with §§ 255 Abs. 1 and 253 Abs. 1 Satz 1, Abs. 4 and Abs. 5 HGB).\n* Securities intended for permanent use in business operations are valued according to the provisions for fixed assets using the mitigated lower of cost or market principle (§ 341b Abs. 2 zweiter Halbsatz HGB in conjunction with § 253 Abs. 1 Satz 1, Abs. 3 Satz 5 HGB).\n* Permanent impairments are written off through profit or loss.\n* To assess permanent impairment for bearer bonds, other fixed-income securities, and debt instruments held through funds and recognized as fixed assets, issuer creditworthiness and rating developments are considered.\n* For publicly traded shares, the criteria recommended by the IDW Insurance Expert Committee are used to determine probable permanent impairment.\n* A permanent impairment may exist if the fair value of a security has been consistently more than 20% below its book value for the six months preceding the balance sheet date, or if the average daily stock exchange price over the last 12 months has been more than 10% below its book value.\n* The assessment of the probable permanence of an impairment for units or shares in investment funds with an unrealized loss on the investment unit at the balance sheet date is based on the assets held in the fund (look-through approach).\n* For securities acquired above or below par, the difference is amortized over the term using the effective interest method.\n* Registered bonds, promissory note receivables, and loans are recognized at amortized cost (§ 341c Abs. 3 HGB).\n* Capital investments are recognized at the acquisition price upon purchase.\n* The difference from the repayment amount is amortized using the effective interest method.\n* Necessary write-downs are made according to the mitigated lower of cost or market principle (§ 341b Abs. 2 zweiter Halbsatz HGB in conjunction with § 253 Abs. 1 Satz 1, Abs. 3 Satz 5 HGB).\n* Structured products in the form of bearer bonds, registered bonds, promissory note receivables, loans, and loans to affiliated companies and companies with which an equity relationship exists are held in the portfolio.\n* These structured products are recognized and valued according to the balance sheet item in which they are held.\n* Structured products held are financial instruments where a fixed-income cash instrument is contractually combined with one or more derivatives.\n* If the conditions under IDW RS HFA 22 are met, these are uniformly recognized at amortized cost according to the provisions for capital investments recognized as fixed assets, using the mitigated lower of cost or market principle (§ 341b Abs. 1 Satz 2 HGB in conjunction with § 253 Abs. 3 Satz 5 HGB).\n* In accordance with the requirement to write up assets (§ 253 Abs. 5 Satz 1 HGB), assets written down in previous years are written up through profit or loss to the extent of their amortized cost or a lower market or stock exchange value, if the reasons for the permanent impairment have ceased to exist and a recovery in value has occurred."
},
{
Line 2,101 ⟶ 2,127:
"chunk": 151,
"pages": [
],
"heading": "
"tags": [],
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"effective_tags": [],
"content": "* Receivables from direct insurance business are recognized at nominal amounts.\n* The general valuation allowance for receivables from policyholders is determined for the reporting year based on historical experience (past defaults).\n* A flat rate of 1% is applied for receivables from intermediaries.\n* Accrued receivables and other receivables are recognized at nominal amounts.\n* Due to the cost cut-off before the balance sheet date, cost bookings incurred after the cut-off date are recorded under other receivables.\n* This position is offset by cost estimates for the period between the cost cut-off and the balance sheet date, which are shown in other provisions.\n* Current balances with credit institutions, checks, and cash on hand are recognized at nominal value.\n* Items to be included in deferred charges are recognized at nominal value.\n* The item 'Active difference from asset netting' represents the excess amount remaining after individual contractual netting of pension obligations with the assets covering them (primarily reinsurance policies).\n\n=== Liabilities ==="
},
{
Line 2,114 ⟶ 2,140:
"chunk": 152,
"pages": [
],
"heading": "Equity
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Subscribed capital, capital reserves, and retained earnings in equity are recognized at nominal value.\n* Contractual shares of reinsurers in relevant gross positions are determined and booked for material reinsurance contracts as of the current reporting date.\n* Selected reinsurance contracts use a one-month time lag relative to gross figures, with separate estimated bookings for material movements (e.g., major losses) considered up to the current reporting date.\n* Unearned premiums for directly written business are calculated using the 1/360 system or on a daily pro-rata temporis basis, in accordance with supervisory regulations and the Federal Minister of Finance's letter of April 30, 1974.\n* Reinsured portions are accrued according to contractual agreements."
},
{
Line 2,127 ⟶ 2,153:
"chunk": 153,
"pages": [
],
"heading": "
"tags": [],
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"content": "* The premium reserve for lifetime household insurance policies is calculated using the prospective method, considering § 341f HGB and the legal ordinance issued under § 65 para. 1 VAG, on an individual contract basis, and including future costs.\n* The interest rate valid at the time of contract inception is used.\n* The reserve for outstanding claims in directly written business is determined individually for each claim.\n* For participating business, data from leading insurers is adopted.\n* If leading insurers' data is unavailable at the balance sheet date, reserves per business relationship are estimated based on past experience.\n* For unsettled small claims in motor liability, comprehensive, and partial comprehensive insurance, group valuation is utilized.\n* A late claims reserve is calculated for claims not yet reported at the balance sheet date, based on historical data.\n* Actuarial methods determine the number of expected late claims and the expected average claim amount.\n* For long-tail lines where the standard method is unsuitable, the HGB late claims reserve is derived from the actuarially determined IFRS reserve, with an added surcharge.\n* If current information is available in individual cases, an appropriate amount is reserved based on that information.\n* The pension reserve calculated according to § 65 VAG and the reserve for expected claims handling expenses are also reported.\n* The claims handling expense reserve comprises external and internal costs.\n* External claims handling expense reserves are established specifically for each individual claim.\n* Internal claims handling expense reserves are determined using a factor-based approximation method.\n* This method uses paid claims as a volume measure for incurred costs and derives future internal claims handling expense reserves as a percentage of current claims reserves for compensation.\n* The corresponding percentage/factor is calculated as the average of historical observation years.\n* The determined factor is reduced based on line-specific experience, assuming that some claims handling has already occurred for known claims."
},
{
Line 2,140 ⟶ 2,166:
"chunk": 154,
"pages": [
41
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"content": "* The gross pension reserve included in the reserve for outstanding claims is calculated based on actuarial principles.\n* The calculation uses the DAV 2006 HUR mortality tables for women and men.\n* The technical interest rate is determined according to § 5 para. 4 of the Reserve Regulation as the minimum of the originally applicable maximum technical interest rate and the reference interest rate.\n* Technical interest rates by entry into pension obligation:\n** before 2015: 1.57%\n** 2015 to 2016: 1.25%\n** 2017 to 2021: 0.90%\n** 2022 to 2024: 0.25%\n** 2025: 1.00%\n* Claims from recourse, salvage, and sharing agreements for already settled claims are treated as deductions within the claims reserve.\n* The formation of the reserve for premium refunds complies with contractual provisions.\n* The calculation of the fluctuation reserve applies the regulations of § 29 and the appendix to § 29 RechVersV, as well as the Insurance Reporting Ordinance (BerVersV).\n* Other technical provisions are determined as follows:\n** The lapse reserve is calculated by determining an average lapse rate for the last three years and multiplying it by the current year's premiums.\n** The reserve for obligations arising from membership in Verkehrsopferhilfe e.V. is formed according to the association's notification.\n** The reserve for impending losses from directly written or reinsured insurance business, shown under other technical provisions according to § 31 para. 1 no. 2 RechVersV, is formed as a negative balance between expected income for contracts with a legal obligation at the balance sheet date and expected expenses.\n** Income includes expected premiums and interest effects thereon.\n** Expenses include claims expenses and administrative costs.\n** Expense items are derived from historical data and adjusted if the forecast of future development would be distorted by effects from previous claims years.\n* For technical provisions from reinsured business, the reserves reported by the ceding insurers are generally recognized, unless better internal information is available.\n* If information is not available at the time of balance sheet preparation, claims reserves are estimated based on the previous year's data.\n* Pension obligations are recognized at the necessary fulfillment amount according to § 253 para. 1 sentence 2 HGB and discounted according to § 253 para. 2 sentence 2 HGB using the average interest rate of the last ten years (projected to December 31, 2025) published by the Bundesbank according to the Reserve Discounting Ordinance (RückAbzinsV) as of September 30, 2025, with an assumed remaining term of 15 years.\n* The principles of IDW RH FAB 1.021 apply to the valuation of reserves for reinsured direct commitments.\n* Pension provisions for non-reinsured employer-financed commitments are determined using the projected unit credit method.\n* Pension provisions for non-securities-linked employee-financed commitments are determined using the projected unit credit method, unless benefits are covered by reinsurance.\n* For reinsured benefits, the fulfillment amount corresponds to the fair value of the coverage capital of the life insurance contract plus profit participation."
},
{
Line 2,153 ⟶ 2,180:
"chunk": 155,
"pages": [
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"tags": [],
"links": [
"Foreign exchange"
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"content": "* The valuation is based on the HEUBECK-RICHTTAFELN 2018 G withdrawal probabilities, strengthened according to the observed risk profile in the portfolio.\n* Other assumptions used for the calculation:\n** Salary dynamics: 3.25% (3.50%)\n** Pension dynamics: 2.08% (2.14%)\n** Interest rate: 2.06% (1.90%)\n* The total expected return required for the valuation of reinsured direct commitments ranges from 3.30% to 3.60%, depending on the life insurer.\n* The considered fluctuation corresponds to company-specific probabilities diversified by age and gender.\n* Securities-linked employee-financed commitments are exclusively benefit-congruent reinsured pension commitments, which must be valued according to IDW RS HFA 30 Rz. 74 in conjunction with § 253 para. 1 sentence 3 HGB.\n* For these commitments, the fulfillment amount is at least the fair value of the coverage capital of the life insurance contract plus profit participation.\n* Other provisions are recognized at their estimated necessary fulfillment amount based on prudent commercial judgment and, if expected maturities exceed one year, discounted according to § 253 para. 2 sentence 1 HGB using the average interest rate (reporting date interest rate as of December 31, 2025) of the last seven years published by the Bundesbank according to the Reserve Discounting Ordinance (RückAbzinsV).\n* Other liabilities are recognized at their fulfillment amounts.\n* Deferred income is reported under passive deferred items if it represents income for a specific period after the reporting date.\n* Foreign currency positions are translated at the balance sheet date using the spot rate (foreign exchange mid-rate) for balance sheet items and the average rate for profit and loss statement items.\n* For monthly foreign currency valuation, balance sheet items are translated at the respective month-end spot rate.\n* The exchange rate for monthly valuation of profit and loss statement items is the ultimate rate of the previous month.\n* These positions are valued using a rolling procedure.\n* The sum of the translated individual values effectively results in a translation using average rates.\n* To improve clarity, the financial statements (balance sheet, income statement, and notes) are prepared in thousands of euros.\n* Individual items, subtotals, and totals are commercially rounded, so the sum of individual values may differ from subtotals and totals due to rounding differences.\n\n=== Notes to the Balance Sheet - Assets ===\n\n==== Development of assets A. and B.I. to B.III. in fiscal year 2025 ===="
},
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Line 2,166 ⟶ 2,197:
"chunk": 156,
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"content": "\u003Ctable id=\"25\"\u003E\n\u003Ccaption\u003EDevelopment of assets A. and B.I. to B.III. in fiscal year 2025\u003C/caption\u003E\n\u003Ctr\u003E\u003Cth\u003E\u003C/th\u003E\u003Cth\u003EPrior year carrying amounts\u003C/th\u003E\u003Cth\u003EAdditions\u003C/th\u003E\u003Cth\u003EReclassification\u003C/th\u003E\u003Cth\u003EDisposals\u003C/th\u003E\u003Cth\u003EWrite-ups\u003C/th\u003E\u003Cth\u003EAmortization and depreciation\u003C/th\u003E\u003Cth\u003ECurrent fiscal year carrying amounts\u003C/th\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Cth\u003EIn EUR thousand\u003C/th\u003E\u003Cth\u003E\u003C/th\u003E\u003Cth\u003E\u003C/th\u003E\u003Cth\u003E\u003C/th\u003E\u003Cth\u003E\u003C/th\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Cth\u003EA. Intangible assets\u003C/th\u003E\u003Cth\u003E\u003C/th\u003E\u003Cth\u003E\u003C/th\u003E\u003Cth\u003E\u003C/th\u003E\u003Cth\u003E\u003C/th\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003EConcessions, industrial property rights and similar rights and values acquired for consideration, and licenses to such rights and values\u003C/td\u003E\u003Ctd\u003E3,953\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E1,800\u003C/td\u003E\u003Ctd\u003E2,153\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Cth\u003EB. Investments\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003EI. Land, rights equivalent to land and buildings, including buildings on third-party land\u003C/td\u003E\u003Ctd\u003E217\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E216\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Cth\u003EII. Investments in affiliated companies and participations\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003E1. Shares in affiliated companies\u003C/td\u003E\u003Ctd\u003E267,706\u003C/td\u003E\u003Ctd\u003E765\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E12,020\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E256,451\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003E2. Loans to affiliated companies\u003C/td\u003E\u003Ctd\u003E153,261\u003C/td\u003E\u003Ctd\u003E50,000\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E203,261\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003E3. Participations\u003C/td\u003E\u003Ctd\u003E1,965\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E2\u003C/td\u003E\u003Ctd\u003E1,964\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003E4. Loans to companies with which a participation relationship exists\u003C/td\u003E\u003Ctd\u003E19,575\u003C/td\u003E\u003Ctd\u003E750\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E365\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E21\u003C/td\u003E\u003Ctd\u003E19,939\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003ETotal B.II.\u003C/td\u003E\u003Ctd\u003E442,508\u003C/td\u003E\u003Ctd\u003E51,515\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E12,385\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E23\u003C/td\u003E\u003Ctd\u003E481,615\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Cth\u003EIII. Other investments\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003E1. Shares, units or shares in investment funds and other non-fixed-interest securities\u003C/td\u003E\u003Ctd\u003E822,816\u003C/td\u003E\u003Ctd\u003E72,987\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E111,636\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E11,492\u003C/td\u003E\u003Ctd\u003E772,675\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003E2. Bearer bonds and other fixed-interest securities\u003C/td\u003E\u003Ctd\u003E1,553,894\u003C/td\u003E\u003Ctd\u003E1,527,331\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E1,210,939\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E45\u003C/td\u003E\u003Ctd\u003E1,870,241\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Cth\u003E3. Other loans\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003Cth\u003E—\u003C/th\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003Ea) Registered bonds\u003C/td\u003E\u003Ctd\u003E782,990\u003C/td\u003E\u003Ctd\u003E89,480\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E398,889\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E473,581\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003Eb) Promissory note receivables and loans\u003C/td\u003E\u003Ctd\u003E158,387\u003C/td\u003E\u003Ctd\u003E30,605\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E17,055\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E6,174\u003C/td\u003E\u003Ctd\u003E165,763\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003ETotal B.III.\u003C/td\u003E\u003Ctd\u003E3,318,087\u003C/td\u003E\u003Ctd\u003E1,720,402\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E1,738,520\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E17,711\u003C/td\u003E\u003Ctd\u003E3,282,259\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003ETotal B.\u003C/td\u003E\u003Ctd\u003E3,760,811\u003C/td\u003E\u003Ctd\u003E1,771,917\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E1,751,121\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E17,734\u003C/td\u003E\u003Ctd\u003E3,763,874\u003C/td\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Ctd\u003ETotal\u003C/td\u003E\u003Ctd\u003E3,764,764\u003C/td\u003E\u003Ctd\u003E1,771,917\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E1,751,121\u003C/td\u003E\u003Ctd\u003E0\u003C/td\u003E\u003Ctd\u003E19,534\u003C/td\u003E\u003Ctd\u003E3,766,027\u003C/td\u003E\u003C/tr\u003E\n\u003C/table\u003E"
},
{
Line 2,179 ⟶ 2,210:
"chunk": 157,
"pages": [
],
"heading": "
"tags": [],
"links": [],
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"content": "*
},
{
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"chunk": 158,
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"heading": "
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"content": "* Valuation of shares in affiliated companies and participations varies based on company purpose and size.\n* Companies valued using the income approach are typically set at the present value of future distributable financial surpluses (income value).\n* For companies that subscribe to unlisted equity instruments (investment vehicles for Private Equity, Real Estate funds, and other alternative investments), valuation is analogous to directly held comparable instruments using the Net Asset Value method.\n* Fair values of loans to affiliated companies and companies with participations, registered bonds, promissory note receivables, and loans are determined using a present value method with product- and rating-specific yield curves.\n* Special features like deposit insurance, guarantor liability, or subordination are considered in the spread surcharges used.\n* Fair value determination for other investments is generally based on the over-the-counter value according to § 56 RechVersV.\n* For investments with a market or exchange price (shares, units or shares in investment funds, bearer bonds, and other fixed-income securities), the fair value is the value on the balance sheet date or the last preceding day for which a market or exchange price was ascertainable.\n* In cases without stock exchange listings, yield curves based on established pricing methods in financial markets are used.\n* Investments are valued at most at their expected realizable value, considering the principle of prudence.\n* Fair values of special funds held in portfolio correspond to the determined redemption price."
},
{
Line 2,205 ⟶ 2,236:
"chunk": 159,
"pages": [
],
"heading": "
"tags": [],
"links": [],
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"content": "* Fair value for publicly traded shares and equity funds accounted for as fixed assets is determined using the EPS (earnings per share) method, an income approach per share based on annual earnings expectations estimated by independent analysts or the higher market values.\n* If the EPS value exceeds 120% of the market value, it is capped at 120%.\n* For bonds held via special funds and accounted for as fixed assets, fair value is determined at amortized cost, unless there are indications of a probable permanent impairment.\n* The creditworthiness of the issuer and rating developments are considered for bond valuation.\n* For default titles and titles where the market value is less than 50% of the nominal value, the lower market value is generally used."
},
{
Line 2,218 ⟶ 2,249:
"chunk": 160,
"pages": [
],
"heading": "
"tags": [],
"links": [],
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"effective_tags": [],
"content": "* Fair value for Private Equity, Infrastructure, and Real Estate funds held in portfolio is based on the last Net Asset Value (Capital Account) reported by the General Partner, updated for interim calls and distributions until the reporting date.\n* For swaps, the Discounted Cash Flow method is applied separately for both legs.\n* For the fixed-rate leg, the entire cash flow is rolled out until maturity.\n* For the variable-rate leg, the cash flow is rolled out until the next interest adjustment date.\n* The sum of the present values (considering the sign for long/short positions) yields the theoretical price or the current receivable/payable position of the entire swap transaction."
},
{
Line 2,231 ⟶ 2,262:
"chunk": 161,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
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"content": "* For the following investments accounted for at acquisition cost, fair values are below book values.\n\n=== Investments with unrecognized losses ==="
},
{
Line 2,244 ⟶ 2,275:
"chunk": 162,
"pages": [
],
"heading": "
"tags": [],
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"content": "**Carrying amounts, Fair values, and Balance by In EUR thousand**\n\n| In EUR thousand | Carrying amounts | Fair values | Balance |\n| --- | --- | --- | --- |\n| Investments in affiliated companies | 9,416 | 7,743 | -1,673 |\n| Loans to affiliated companies | 104,696 | 99,516 | -5,180 |\n| Loans to companies with which an equity interest exists | 3,471 | 3,171 | -300 |\n| Shares or stock in investment funds | 159,472 | 144,298 | -15,175 |\n| Bearer bonds and other fixed-interest securities | 1,335,690 | 1,315,553 | -20,137 |\n| Other loans | 451,127 | 436,112 | -15,015 |\n| Total | 2,063,873 | 2,006,393 | -57,480 |"
},
{
Line 2,257 ⟶ 2,288:
"chunk": 163,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Depreciation of EUR 35,313k (prior year: EUR 111,638k) was avoided on investment properties recognized as fixed assets, in accordance with § 341b (2) HGB.\n* These avoided depreciations are considered temporary impairments."
},
{
Line 2,270 ⟶ 2,301:
"chunk": 164,
"pages": [
],
"heading": "
"tags": [],
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"content": "* For fixed-income securities, the assessment of permanent impairment includes credit checks of issuers and rating developments.\n* These hidden burdens were not written off as extraordinary depreciation under § 253 (3) sentence 5 HGB, as they are primarily interest-induced and not considered permanent.\n* Payment defaults are not expected due to the creditworthiness of the issuers.\n* For shares or stocks in investment funds, the criteria recommended by the Insurance Expert Committee of the IDW are used to determine the existence of a probable permanent impairment.\n* A permanent impairment may exist if the fair value of a security is consistently more than 20% below the book value for the six months preceding the balance sheet date.\n* A permanent impairment may also exist if the average daily stock exchange price over the last 12 months is more than 10% below the book value.\n* If information for a look-through approach is available, the assessment of the probable permanence of an impairment for shares or stocks in investment funds with a hidden burden at the balance sheet date is based on the assets held in the fund."
},
{
Line 2,283 ⟶ 2,314:
"chunk": 165,
"pages": [
],
"heading": "
"tags": [],
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"content": "* Depreciation on investment properties includes extraordinary depreciation of EUR 11,492k (prior year: EUR 794k) in accordance with § 277 (3) sentence 1 HGB.\n\n=== To B.II. Investments in affiliated companies and participations ==="
},
{
Line 2,296 ⟶ 2,327:
"chunk": 166,
"pages": [
],
"heading": "
"tags": [],
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"content": "* Significant shares in affiliated companies and investments essential to the company are listed below.\n* Companies of minor economic importance without significant influence on the asset, financial, and earnings situation are not presented, in accordance with § 286 No. 3 Sentence 1 HGB."
},
{
Line 2,313 ⟶ 2,340:
"chunk": 167,
"pages": [
],
"heading": "Shareholders' equity, Income \u0026amp; Share of capital by Name, registered office",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Shareholders' equity, Income \u0026 Share of capital by Name, registered office**\n\n| Name, registered office In EUR thousand | Shareholders' equity (1)) | Income (1)) | Share of capital (2)) |\n| --- | --- | --- | --- |\n| Domestic: — Enhanced Sustainable Power Fund Nr. 3 GmbH \u0026 Co. KG geschlossene Investment KG, Grünwald (3)) | 187,778 | 11,679 | 2.0 % |\n| Domestic: — Fair Claims GmbH, Hannover | 4,025 | 546 | 100.0 % |\n| Domestic: — GDV Dienstleistungs-GmbH, Hamburg | 29,653 | 983 | 3.0 % |\n| Domestic: — hector digital GmbH, Marpingen (4)) | 119 | -4 | 19.0 % |\n| Domestic: — Infrastruktur Ludwigsau GmbH \u0026 Co KG, Köln (4)) | 21,353 | 1,126 | 100.0 % |\n| Domestic: — Infrastruktur Windpark Vier Fichten GbR, Bremen (4)) | 8 | 4 | 41.7 % |\n| Domestic: — KOP4 GmbH \u0026 Co. KG, München | 45,942 | 2,962 | 7.2 % |\n| Domestic: — MachDigital GmbH, Neunkirchen | 539 | -1,461 | 49.0 % |\n| Domestic: — Neodigital Versicherung AG, Neunkirchen | 8,158 | -19,531 | 5.5 % |\n| Domestic: — Riethorst Grundstücksgesellschaft AG \u0026 Co. KG, Hannover | 133,025 | 6,607 | 50.0 % |\n| Domestic: — SSV Schadenschutzverband GmbH, Hanover | 200 | 591 | 100.0 % |\n| Domestic: — Talanx Infrastructure France 2 GmbH, Cologne (4)) | 79,180 | 6,315 | 100.0 % |\n| Domestic: — Talanx Infrastructure Portugal 2 GmbH, Cologne | 32,460 | 3,047 | 50.0 % |\n| Domestic: — Talanx Infrastructure Portugal GmbH, Cologne (4)) | 731 | -0 | 70.0 % |\n| Domestic: — TD Real Assets GmbH \u0026 Co. KG, Cologne | 582,933 | 15,285 | 17.0 % |\n| Domestic: — TD Sach Private Equity GmbH \u0026 Co. KG, Cologne | 94,254 | 9,434 | 100.0 % |\n| Domestic: — Windfarm Bellheim GmbH \u0026 Co. KG, Cologne (4)) | 38,825 | 1,459 | 85.0 % |\n| Domestic: — Windpark Mittleres Mecklenburg GmbH \u0026 Co. KG, Cologne (4)) | 13,379 | 3,007 | 100.0 % |\n| Domestic: — Windpark Parchim GmbH \u0026 Co. KG, Cologne (4)) | 12,765 | 1,680 | 51.0 % |\n| Domestic: — Windpark Rehain GmbH \u0026 Co. KG, Cologne (4)) | 21,958 | 677 | 100.0 % |\n| Domestic: — Windpark Sandstruth GmbH \u0026 Co. KG, Cologne (4)) | 4,252 | 62,961 | 100.0 % |\n| Domestic: — Zweite Riethorst Grundstücksgesellschaft mbH | 123,915 | 1,742 | 50.0 % |\n| Abroad: — Augusta Ireland 2 Limited Partnership, Ireland, Dublin | -540 | -385 | 100 % |\n| Abroad: — CEF BKR03 NL B.V., Netherlands, Amsterdam (4)) | 55,039 | -1,090 | 5.2 % |\n| Abroad: — EIP Gas Transit Switzerland SCS, Luxembourg, Luxembourg (5)) | 141,838 | -6,222 | 2.8 % |\n| Abroad: — EIP Wind Power Central Norway SCS, Luxembourg, Luxembourg (4)) | 88,335 | -36,888 | 10.9 % |\n| Abroad: — Escala Braga - Sociedade Gestora do Edificio S.A., Portugal, Braga (4)) | 5,829 | 1,774 | 49.0 % |\n| Abroad: — Escala Parque - Gestao de Estacionamento S.A., Portugal, Linhó (4)) | 1,588 | 1,527 | 49.0 % |\n| Abroad: — Escala Vila Franca - Sociedade Gestora do Edificio S.A., Portugal, Linhó (4)) | 15,427 | 2,283 | 49.0 % |\n| Abroad: — Ferme Eolienne du Confolentais SNC, France, Toulouse (4)) | 12,847 | 708 | 100.0 % |\n| Abroad: — Iberia Termosolar 1, S.L.U., Spain, Seville (4)) | 45,559 | 626 | 33.4 % |\n| Abroad: — Infrastorm Co-Invest 1 SCA, Luxembourg, Luxembourg (4)) | 11,342 | -60 | 45.0 % |\n| Abroad: — Le Chemin de La Milaine S.N.C., France, Lille (4)) | 16,451 | 1,706 | 100.0 % |\n| Abroad: — Le Louveng S.A.S, France, Lille (4)) | 12,282 | 753 | 100.0 % |\n| Abroad: — Les Vents de Malet S.N.C., France, Lille (4)) | 16,625 | 1,907 | 100.0 % |\n| Abroad: — PNH - Parque do Novo Hospital S.A., Portugal, Linhó (4)) | 546 | 486 | 49.0 % |\n\n(1)) before profit transfer and distribution, data based on the latest audited annual financial statements available\n(2)) The shareholding ratio results from the addition of all directly and indirectly held shares in accordance with § 16 para. 2 and 4 AktG\n(3)) Equity and net income figures relate to the fiscal year from 30.9.2021 to 30.9.2022\n(4)) indirect participation, participation rate according to § 16 para. 2 and 4 AktG\n(5)) Equity and net income figures relate to the fiscal year from 30.6.2024 to 30.6.2025"
},
{
Line 2,326 ⟶ 2,353:
"chunk": 168,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The document refers to the annual financial statements of HDI Versicherung AG.\n* The document includes an appendix.\n\n== To B.III. Other Investments =="
},
{
Line 2,339 ⟶ 2,366:
"chunk": 169,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Item B.III.1. Shares, units or shares in investment funds and other non-fixed-income securities includes the following shares in EU/domestic investment funds, in which the company holds more than 10% of the shares.\n* There are no restrictions on the possibility of daily redemption."
},
{
Line 2,356 ⟶ 2,379:
"chunk": 170,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Carrying amounts, Fair values, Balance, Distribution by fund (Bond funds:)**\n\n| In EUR thousand | Carrying amounts | Fair values | Balance | Distribution |\n| --- | --- | --- | --- | --- |\n| HDI Gerling Sach Industrials Master | 487,697 | 498,340 | 10,643 | 15,700 |\n| BeGo Corp. Direct Lend. Debt Fund III (close-end) | 77,569 | 79,844 | 2,275 | 4,279 |\n| Equity funds: | Equity funds: | Equity funds: | Equity funds: | Equity funds: |\n| HVAktien | 39,348 | 40,503 | 1,155 | 1,315 |\n| Real estate funds: | Real estate funds: | Real estate funds: | Real estate funds: | Real estate funds: |\n| Talanx Deutschland Real Estate Value | 28,518 | 28,007 | -510 | 0 |\n| Total | 633,131 | 646,694 | 13,563 | 21,294 |"
},
{
Line 2,369 ⟶ 2,392:
"chunk": 171,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Depreciation according to § 253 para. 3 sentence 5 HGB was not fully recognized for special funds showing hidden burdens, as these were assessed as temporary impairments.\n\n== To C.III. Other Receivables =="
},
{
Line 2,386 ⟶ 2,405:
"chunk": 172,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**To C.III. Other Receivables**\n\n| In EUR thousand | 31.12.2025 | 31.12.2024 |\n| --- | --- | --- |\n| Receivables from affiliated companies (1)) Receivables mainly result from equity income and service transactions.) | 147,670 | 497,557 |\n| Receivables from consortium business | 14,731 | 15,172 |\n| Receivables from cash collaterals | 3,600 | 3,490 |\n| Receivables from the sale of investments | 3,393 | 3,825 |\n| Receivables from interest and rents | 1,443 | 149 |\n| Receivables from debit deliveries and services | 0 | 1,238 |\n| Miscellaneous | 2,007 | 868 |\n| Total | 172,845 | 522,299 |\n\n(1)) 1) Receivables mainly result from equity income and service transactions.\n\n== Cash, checks, and bank balances =="
},
{
Line 2,399 ⟶ 2,418:
"chunk": 173,
"pages": [
],
"heading": "
"tags": [],
"links": [],
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"content": "* Total current balances with credit institutions amounted to EUR 88,055k (prior year: EUR 51,289k).\n\n== Accrued income and prepaid expenses =="
},
{
Line 2,412 ⟶ 2,431:
"chunk": 174,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The total amount of EUR 37,475k (prior: EUR 32,601k) primarily consists of accrued interest.\n\n==== Active difference from asset offsetting ===="
},
{
Line 2,425 ⟶ 2,444:
"chunk": 175,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* This item includes the amount of covering assets exceeding the corresponding liabilities as defined in § 246 (2) sentence 3 HGB."
},
{
Line 2,438 ⟶ 2,457:
"chunk": 176,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "\u003Ctable id=\"31\"\u003E\n\u003Ccaption\u003EActive difference from asset offsetting\u003C/caption\u003E\n\u003Ctr\u003E\u003Cth\u003E\u003C/th\u003E\u003Cth\u003E31.12.2025\u003C/th\u003E\u003Cth\u003E31.12.2024\u003C/th\u003E\u003C/tr\u003E\n\u003C/table\u003E\n\n| In EUR thousand | | |\n| --- | --- | --- |\n| Receivables from reinsurance policies | 1,312 | 1,573 |\n| Settlement amount of netted liabilities from employee-financed commitments | -1,312 | -1,567 |\n| Total | 0 | 6 |"
},
{
Line 2,451 ⟶ 2,470:
"chunk": 177,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Life insurance contracts concluded for pension commitments from deferred compensation are fully pledged to beneficiaries.\n\n== Notes to the Balance Sheet - Liabilities ==\n\n==== Subscribed capital ===="
},
{
Line 2,464 ⟶ 2,483:
"chunk": 178,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "\u003Ctable id=\"33\"\u003E\n\u003Ccaption\u003ESubscribed capital\u003C/caption\u003E\n\u003Ctr\u003E\u003Cth\u003E\u003C/th\u003E\u003Cth\u003E31.12.2025\u003C/th\u003E\u003Cth\u003E31.12.2024\u003C/th\u003E\u003C/tr\u003E\n\u003C/table\u003E\n\n| In EUR thousand | | |\n| --- | --- | --- |\n| Balance at the beginning of the fiscal year | 51,000 | 51,000 |\n| Balance at the end of the fiscal year | 51,000 | 51,000 |"
},
{
Line 2,477 ⟶ 2,496:
"chunk": 179,
"pages": [
],
"heading": "
"tags": [],
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"effective_tags": [],
"content": "* The capital is divided into 51,000 registered no-par value shares and is fully paid in.\n\n==== Capital reserves ===="
},
{
Line 2,490 ⟶ 2,509:
"chunk": 180,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "\u003Ctable id=\"35\"\u003E\n\u003Ccaption\u003ECapital reserves\u003C/caption\u003E\n\u003Ctr\u003E\u003Cth\u003E\u003C/th\u003E\u003Cth\u003E31.12.2025\u003C/th\u003E\u003Cth\u003E31.12.2024\u003C/th\u003E\u003C/tr\u003E\n\u003C/table\u003E\n\n| In EUR thousand | | |\n| --- | --- | --- |\n| Balance at the beginning of the fiscal year | 6,100 | 6,100 |\n| Balance at the end of the fiscal year | 6,100 | 6,100 |"
},
{
Line 2,509 ⟶ 2,522:
"chunk": 181,
"pages": [
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"heading": "
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"content": "* The formation of a legal reserve is not required because § 150 Abs. 2 AktG (\"legal reserve fund\") is already fulfilled by the formation of the capital reserve according to § 272 Abs. 2 Nr. 1 HGB.\n\n=== Technical provisions ==="
},
{
"id": "9fth4kgfqj-c182",
"chunk": 182,
"pages": [
51
],
"heading": "Gross values presentation",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Gross values are presented in the following."
},
{
"id": "9fth4kgfqj-c183",
"chunk": 183,
"pages": [
51
],
"heading": "Technical provisions by lines of business",
"tags": [],
"links": [
Line 2,520 ⟶ 2,559:
"Business mix"
],
"content": "**
},
{
"id": "9fth4kgfqj-
"chunk":
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"heading": "
"tags": [],
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"content": "* Gross provision for outstanding claims: EUR 3,383,083k (prior: EUR 3,298,028k)\n* Fluctuation provision and similar provisions: EUR 252,856k (prior: EUR 267,266k)\n\n=== Provision for outstanding claims ==="
},
{
"id": "9fth4kgfqj-c185",
"chunk": 185,
"pages": [
51
],
"heading": "Gross values",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Gross values are presented below."
},
{
"id": "9fth4kgfqj-c186",
"chunk": 186,
"pages": [
51
],
"heading": "Provision for outstanding claims by lines of business",
"tags": [],
"links": [
Line 2,537 ⟶ 2,602:
"Business mix"
],
"content": "**
},
{
"id": "9fth4kgfqj-
"chunk":
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],
"heading": "
"tags": [],
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"data_items": [],
"effective_tags": [],
"content": "* The provision for premium refunds reported in the financial year was EUR 900k (prior year: EUR 2,500k) and exclusively concerns profit-independent premium refunds.\n\n== Fluctuation reserves and similar provisions =="
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
],
"heading": "
"tags": [],
"links": [
Line 2,567 ⟶ 2,632:
"Business mix"
],
"content": "**
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
52
],
"heading": "Other technical provisions",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Other technical provisions totaled EUR 13,439k (prior: EUR 11,981k).\n* This includes a cancellation reserve of EUR 12,512k (prior: EUR 11,054k) and a provision for traffic victim assistance of EUR 926k (prior: EUR 926k).\n\n== Provisions for pensions and similar obligations =="
},
{
"id": "9fth4kgfqj-c190",
"chunk": 190,
"pages": [
52
],
"heading": "Provisions for pensions and similar obligations",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Provisions for pensions and similar obligations**\n\n| | 31.12.2025 | 31.12.2024 |\n| --- | --- | --- |\n| In EUR thousand — Settlement amount of pension obligations | 2,159 | 2,352 |\n| In EUR thousand — less plan assets | 1,312 | 1,567 |\n| In EUR thousand — Total | 847 | 785 |"
},
{
"id": "9fth4kgfqj-c191",
"chunk": 191,
"pages": [
52
],
"heading": "Pension provisions valuation",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The covering assets are valued at fair value according to § 253 Abs. 1 Satz 4 HGB.\n* This corresponds to the coverage capital of the insurance contract with the actuarial bases of the premium calculation plus the already allocated profit participations, and thus the amortized cost.\n* The difference amount blocked for distribution according to § 253 Abs. 6 Satz 1 is EUR -5k (prior: EUR -5k).\n* To determine the difference amount, the capitalized obligation amount discounted with the average interest rate of the last ten years was compared with the amount that would have resulted from discounting with the average interest rate of the last seven years.\n* The deficit due to uncapitalized pension obligations within the meaning of Art. 28 Abs. 1 EGHGB amounts to EUR 482k (prior: EUR 475k).\n\n=== Other provisions ==="
},
{
"id": "9fth4kgfqj-c192",
"chunk": 192,
"pages": [
53
],
"heading": "Other provisions",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Other provisions**\n\n| In EUR thousand | 31.12.2025 | 31.12.2024 |\n| --- | --- | --- |\n| a) Remuneration still to be paid | 6,523 | 5,398 |\n| b) Outstanding commissions | 5,520 | 4,850 |\n| c) Other provisions from investments | 4,680 | 4,495 |\n| d) Provisions for impending losses | 2,425 | 4,340 |\n| e) Provisions for administration and consulting | 1,258 | 0 |\n| f) Financial statement costs | 346 | 279 |\n| g) Other provisions | 11 | 568 |\n| Total | 20,763 | 19,930 |\n\n=== Other liabilities ==="
},
{
"id": "9fth4kgfqj-c193",
"chunk": 193,
"pages": [
53
],
"heading": "Other liabilities",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Other liabilities**\n\n| In EUR thousand | Maturity \u003C 1 year 31.12.2025 | Maturity \u003C 1 year 31.12.2024 | Maturity \u003E 1 year 31.12.2025 | Maturity \u003E 1 year 31.12.2024 | Total 31.12.2025 | Total 31.12.2024 |\n| --- | --- | --- | --- | --- | --- | --- |\n| Payables to affiliated companies (1)) Liabilities mainly result from services.) | 148,923 | 118,065 | 0 | 0 | 148,923 | 118,065 |\n| Payables to tax authorities | 12,098 | 12,573 | 0 | 0 | 12,098 | 12,573 |\n| Payables from external management business | 6,556 | 7,254 | 0 | 0 | 6,556 | 7,254 |\n| Miscellaneous | 5,697 | 4,368 | 19 | 12 | 5,717 | 4,380 |\n| Total | 173,274 | 142,260 | 19 | 12 | 173,294 | 142,272 |\n\n(1)) 1) Liabilities mainly result from services."
},
{
"id": "9fth4kgfqj-c194",
"chunk": 194,
"pages": [
53
],
"heading": "Other liabilities maturity",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Other liabilities do not include liabilities with a remaining maturity of more than five years.\n\n=== Accrued income and prepaid expenses ==="
},
{
"id": "9fth4kgfqj-c195",
"chunk": 195,
"pages": [
53
],
"heading": "Other deferred expenses",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Other deferred expenses totaled EUR 440k (prior: EUR 651k).\n\n=== Notes to the Income Statement ==="
},
{
"id": "9fth4kgfqj-c196",
"chunk": 196,
"pages": [
53
],
"heading": "Insurance business reporting",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The self-underwritten and retroceded insurance business is reported in total.\n* A separate presentation of the retroceded insurance business is omitted because it is 100% retroceded and is of minor importance for the earnings situation of HDI Versicherung AG.\n\n==== Zu I.1.a) Gebuchte Bruttobeiträge ===="
},
{
"id": "9fth4kgfqj-c197",
"chunk": 197,
"pages": [
54
],
"heading": "Zu I.1.a) Gebuchte Bruttobeiträge",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Zu I.1.a) Gebuchte Bruttobeiträge**\n\n| In EUR thousand | 2025 | 2024 |\n| --- | --- | --- |\n| Accident insurance | 60,222 | 61,896 |\n| Liability insurance | 355,069 | 357,250 |\n| Motor vehicle liability insurance | 305,413 | 331,878 |\n| Other motor vehicle insurance | 216,185 | 245,743 |\n| Fire and property insurance | 425,823 | 394,877 |\n| thereof a) Fire insurance | 164,923 | 130,446 |\n| b) Allied home contents insurance | 72,422 | 75,186 |\n| c) Allied residential building insurance | 166,564 | 167,951 |\n| d) Other property insurance | 21,914 | 21,294 |\n| Assistance insurance | 417 | 446 |\n| Other insurance | 201,696 | 196,227 |\n| Total | 1,564,825 | 1,588,316 |\n\n==== Zu I.1. Verdiente Bruttobeiträge ===="
},
{
"id": "9fth4kgfqj-c198",
"chunk": 198,
"pages": [
54
],
"heading": "Zu I.1. Verdiente Bruttobeiträge",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Zu I.1. Verdiente Bruttobeiträge**\n\n| In EUR thousand | 2025 | 2024 |\n| --- | --- | --- |\n| Accident insurance | 60,587 | 62,275 |\n| Liability insurance | 353,947 | 357,562 |\n| Motor vehicle liability insurance | 299,769 | 332,462 |\n| Other motor vehicle insurance | 220,951 | 240,985 |\n| Fire and property insurance | 422,913 | 389,871 |\n| thereof a) Fire insurance | 164,123 | 129,761 |\n| b) Allied home contents insurance | 72,792 | 75,129 |\n| c) Allied residential building insurance | 164,043 | 163,589 |\n| d) Other property insurance | 21,955 | 21,391 |\n| Assistance insurance | 430 | 460 |\n| Other insurance | 201,247 | 195,917 |\n| Total | 1,559,843 | 1,579,531 |\n\n==== Zu I.1. Verdiente Nettobeiträge ===="
},
{
"id": "9fth4kgfqj-c199",
"chunk": 199,
"pages": [
54
],
"heading": "Zu I.1. Verdiente Nettobeiträge",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Zu I.1. Verdiente Nettobeiträge**\n\n| In EUR thousand | 2025 | 2024 |\n| --- | --- | --- |\n| Accident insurance | 60,587 | 62,275 |\n| Liability insurance | 349,665 | 354,036 |\n| Motor vehicle liability insurance | 299,398 | 330,662 |\n| Other motor vehicle insurance | 218,150 | 237,301 |\n| Fire and property insurance | 386,268 | 358,151 |\n| thereof a) Fire insurance | 164,124 | 129,632 |\n| b) Allied home contents insurance | 69,572 | 70,658 |\n| c) Allied residential building insurance | 151,443 | 147,783 |\n| d) Other property insurance | 1,129 | 10,078 |\n| Assistance insurance | 430 | 460 |\n| Other insurance | 175,369 | 161,876 |\n| Total | 1,489,867 | 1,504,763 |"
},
{
"id": "9fth4kgfqj-c200",
"chunk": 200,
"pages": [
55
],
"heading": "
"tags": [],
"links": [],
"effective_tags": [],
"content": "* Annual financial statements for HDI Versicherung AG.\n* Appendix.\n\n==== Zu I.2. Technischer Zinsertrag ===="
},
{
"id": "9fth4kgfqj-c201",
"chunk": 201,
"pages": [
55
],
"heading": "Technical interest income calculation",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Technical interest income in directly written gross insurance business was calculated on the pension provision and the premium provision.\n* Income was determined monthly based on the previous month's provision balance and the associated actuarial interest rate.\n\n==== Zu I.4. Bruttoaufwendungen für Versicherungsfälle ===="
},
{
"id": "9fth4kgfqj-c202",
"chunk": 202,
"pages": [
55
],
"heading": "Zu I.4. Bruttoaufwendungen für Versicherungsfälle",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Zu I.4. Bruttoaufwendungen für Versicherungsfälle**\n\n| In EUR thousand | 2025 | 2024 |\n| --- | --- | --- |\n| Accident insurance | 29,808 | 26,573 |\n| Liability insurance | 277,405 | 182,616 |\n| Motor vehicle liability insurance | 224,057 | 231,050 |\n| Other motor vehicle insurance | 142,288 | 251,613 |\n| Fire and property insurance | 200,999 | 245,948 |\n| thereof a) Fire insurance | 98,470 | 103,876 |\n| b) Allied home contents insurance | 26,274 | 33,194 |\n| c) Allied residential building insurance | 74,046 | 103,106 |\n| d) Other property insurance | 2,210 | 5,772 |\n| Assistance insurance | 462 | 312 |\n| Other insurance | 131,000 | 107,311 |\n| Total | 1,006,019 | 1,045,422 |\n\n==== Zu I.7.a) Bruttoaufwendungen für den Versicherungsbetrieb ===="
},
{
"id": "9fth4kgfqj-
"chunk":
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"heading": "
"tags": [],
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"data_items": [],
"effective_tags": [],
"content": "**Zu I.7.a) Bruttoaufwendungen für den Versicherungsbetrieb**\n\n| In EUR thousand | 2025 | 2024 |\n| --- | --- | --- |\n| Accident insurance | 22,322 | 23,486 |\n| Liability insurance | 131,529 | 137,891 |\n| Motor vehicle liability insurance | 61,606 | 73,770 |\n| Other motor vehicle insurance | 45,802 | 51,167 |\n| Fire and property insurance | 147,080 | 140,714 |\n| thereof a) Fire insurance | 60,731 | 48,314 |\n| b) Allied home contents insurance | 25,981 | 27,287 |\n| c) Allied residential building insurance | 53,750 | 57,976 |\n| d) Other property insurance | 6,617 | 7,137 |\n| Assistance insurance | 122 | 128 |\n| Other insurance | 77,954 | 79,566 |\n| Total | 486,415 | 506,721 |"
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Gross expenses for insurance operations for the financial year include EUR 52,675k (prior: EUR 58,128k) for acquisition expenses and EUR 433,739k (prior: EUR 448,594k) for administrative expenses.\n\n=== Reinsurance balance ==="
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
56
],
"heading": "Reinsurance balance by lines of business",
"tags": [],
"links": [
"Business mix"
],
"data_items": [],
"effective_tags": [
"Business mix"
],
"content": "**Reinsurance balance by lines of business (Business mix)**\n\n| In EUR thousand | 2025 | 2024 |\n| --- | --- | --- |\n| Accident insurance | 0 | 0 |\n| Liability insurance | 5,212 | 1,934 |\n| Motor vehicle liability insurance | 2,100 | -1,667 |\n| Other motor vehicle insurance | -2,723 | -2,245 |\n| Fire and property insurance | -35,533 | -26,982 |\n| thereof a) Fire insurance | 1 | -54 |\n| b) Allied home contents insurance | -2,926 | -3,936 |\n| c) Allied residential building insurance | -11,786 | -13,395 |\n| d) Other property insurance | -20,821 | -9,597 |\n| Other insurance | -19,865 | -32,237 |\n| Total | -50,809 | -61,198 |"
},
{
"id": "9fth4kgfqj-c206",
"chunk": 206,
"pages": [
56
Line 2,623 ⟶ 2,870:
"data_items": [],
"effective_tags": [],
"content": "* The reinsurance balance is composed of earned premiums from the reinsurer, the reinsurer's share of gross claims expenses, and gross operating expenses for insurance operations.\n* The
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
56
Line 2,636 ⟶ 2,883:
"data_items": [],
"effective_tags": [],
"content": "* HDI Versicherung AG achieved a run-off
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
56
],
"heading": "
"tags": [],
"links": [
"Business mix"
],
"data_items": [],
"effective_tags": [
"Business mix"
],
"content": "**Underwriting result for own account by lines of business (Business mix)**\n\n| In EUR thousand | 2025 | 2024 |\n| --- | --- | --- |\n| Accident insurance | 14,649 | 15,846 |\n| Liability insurance | 6,839 | 26,704 |\n| Motor vehicle liability insurance | 17,150 | 26,002 |\n| Other motor vehicle insurance | -19,767 | -64,960 |\n| Fire and property insurance | 29,547 | -11,269 |\n| thereof a) Fire insurance | 593 | -22,114 |\n| b) Allied home contents insurance | 18,193 | 13,556 |\n| c) Allied residential building insurance | 18,624 | -3,021 |\n| d) Other property insurance | -7,863 | 310 |\n| Assistance insurance | -152 | 20 |\n| Other insurance | -28,137 | -23,054 |\n| Total | 20,130 | -30,710 |"
},
{
"id": "9fth4kgfqj-c209",
"chunk": 209,
"pages": [
57
],
"heading": "Annual Financial Statements",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Annual Financial Statements for HDI Versicherung AG.\n* Appendix.\n\n==== Commissions and other remuneration of insurance agents, personnel expenses ===="
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
57
],
"heading": "Commissions and other remuneration
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Commissions and other remuneration
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
57
],
"heading": "Units by
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Units by
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
57
Line 2,688 ⟶ 2,952:
"data_items": [],
"effective_tags": [],
"content": "**To II.4. Other income**\n\n| In EUR thousand | 2025 | 2024 |\n| --- | --- | --- |\n| Talanx earnings grants | 132,735 | 0 |\n| Income from services rendered | 6,680 | 6,370 |\n| Interest and similar income (1)) Interest income includes 1,203 (2,283) TEUR income from affiliated companies. No income from discounting is included.) | 5,223 | 8,326 |\n| Miscellaneous | 136 | 3,512 |\n| Total | 144,773 | 18,208 |\n\n(1)) 1) Interest income includes 1,203 (2,283) TEUR income from affiliated companies. No income from discounting is included."
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
57
Line 2,701 ⟶ 2,965:
"data_items": [],
"effective_tags": [],
"content": "* Income from plan assets for pension obligations was EUR 38k (prior year: EUR 44k).\n*
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
58
Line 2,718 ⟶ 2,982:
"Foreign exchange"
],
"content": "**To II.5. Other expenses**\n\n|
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
58
Line 2,734 ⟶ 2,998:
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
58
Line 2,744 ⟶ 3,008:
"data_items": [],
"effective_tags": [],
"content": "* Other taxes amounted to EUR 7k (prior: EUR 105k).\n*
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
59
Line 2,757 ⟶ 3,021:
"data_items": [],
"effective_tags": [],
"content": "\u003Ctable id=\"
},
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"id": "9fth4kgfqj-
"chunk":
"pages": [
59
],
"heading": "
"tags": [],
"links": [
Line 2,774 ⟶ 3,038:
"Year 2026"
],
"content": "**
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
60
],
"heading": "Executive
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Total compensation for active Executive Board members for their work in the company was EUR 2,071k (prior: EUR 2,443k).\n* Executive Board members also received compensation for their work in other Talanx Group companies if they were also
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
60
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Provisions for current pensions and entitlements for former Executive Board members or their surviving dependents for their previous work in the company amounted to EUR 147k (prior: EUR 149k)."
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
60
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Supervisory Board members received EUR 6k (prior: EUR 6k) for their work in the company.\n\n=== Other financial obligations and contingent liabilities ==="
},
{
"id": "9fth4kgfqj-c222",
"chunk": 222,
"pages": [
60
],
"heading": "Contingent liabilities for former employees",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Talanx AG, Hannover, and HDI Global SE, Hannover, have assumed the obligation for pension provisions for former employees and board members of HDI Versicherung AG.\n* HDI Versicherung AG has joint liability for these pension commitments.\n* The amount of joint liability at year-end was EUR 47,686k (prior: EUR 58,542k) to Talanx AG and EUR 22,679k (prior: EUR 24,472k) to HDI Global SE.\n* HDI Versicherung AG is a member of Verkehrsopferhilfe e.V., Berlin, and is obligated to contribute to the association's services and administrative costs based on its share of motor third-party liability insurance premium income from the penultimate calendar year.\n* The management board assesses the likelihood of claims arising from these liabilities as improbable."
},
{
"id": "9fth4kgfqj-c223",
"chunk": 223,
"pages": [
60
],
"heading": "Membership obligations",
"tags": [],
"links": [
Line 2,817 ⟶ 3,107:
"Gross written premiums"
],
"content": "* The company is a member of Versicherungsombudsmann e.V., Berlin
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
60,
61
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* HDI Versicherung AG has other financial
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
61
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The control and profit transfer agreement between HDI Deutschland AG (controlling company) and HDI Versicherung AG
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
61
Line 2,857 ⟶ 3,147:
"data_items": [],
"effective_tags": [],
"content": "* HDI Deutschland AG is the sole shareholder of HDI Versicherung AG, holding 100% of the share capital.\n* HDI Deutschland AG directly holds a majority stake in HDI Versicherung AG, Hannover (
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
61
Line 2,870 ⟶ 3,160:
"data_items": [],
"effective_tags": [],
"content": "* The company maintains extensive reinsurance relationships with Talanx AG companies.\n* Appropriate consideration is paid and received for reinsurance coverage and related services,
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
61
Line 2,883 ⟶ 3,173:
"data_items": [],
"effective_tags": [],
"content": "* Auditor remuneration is included proportionally in the consolidated financial statements of HDI Haftpflichtverband der Deutschen Industrie V.a.G and Talanx AG, categorized by expenses for audit services, other assurance services, and other services.\n* The auditor examined the annual financial statements and management report as of December 31, 2025, and the reporting package prepared according to International Financial Reporting Standards (IFRS).\n*
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
61,
Line 2,897 ⟶ 3,187:
"data_items": [],
"effective_tags": [],
"content": "* The company is a group company of HDI Haftpflichtverband der Deutschen Industrie Versicherungsverein auf Gegenseitigkeit, Hannover, and Talanx AG, Hannover.\n* HDI Haftpflichtverband der Deutschen Industrie Versicherungsverein auf Gegenseitigkeit (parent company of the HDI Group) prepares consolidated financial statements (largest
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
62
Line 2,910 ⟶ 3,200:
"data_items": [],
"effective_tags": [],
"content": "* No events of particular significance occurred after the balance sheet date that would sustainably
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
62
],
"heading": "Board of
"tags": [],
"links": [
Line 2,927 ⟶ 3,217:
"Year 2026"
],
"content": "* Hannover, February 25, 2026 (Year 2026).\n* The Board of Management:\n** Dr. Daniel Schulze Lammers (Chairman)
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
63
],
"heading": "Auditor's
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "*
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
63
Line 2,953 ⟶ 3,243:
"data_items": [],
"effective_tags": [],
"content": "* The audit covered the
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
63
],
"heading": "Audit basis and auditor's
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The audit of the annual financial statements and management report was conducted in accordance with § 317 HGB and the EU
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
63
],
"heading": "Critical audit matters overview",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Critical audit matters are those deemed most significant in the audit of the financial statements for the fiscal year January 1 to December 31, 2025.\n* These matters were considered in the context of the audit of the financial statements as a whole and in forming the audit opinion; no separate audit opinion is issued on these matters."
},
{
"id": "9fth4kgfqj-c236",
"chunk": 236,
"pages": [
64,
65
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "*
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
65
],
"heading": "Investment disclosures",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The company's disclosures on investments are in the 'Accounting and Valuation Methods' section and the 'Balance Sheet - Assets' notes of the appendix.\n\n==== ❷ Valuation of claims provisions ===="
},
{
"id": "9fth4kgfqj-c238",
"chunk": 238,
"pages": [
65,
66
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "*
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
66
Line 3,008 ⟶ 3,323:
"data_items": [],
"effective_tags": [],
"content": "* The legal representatives are responsible for
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
66
],
"heading": "Management responsibilities for financial
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "*
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
66
Line 3,034 ⟶ 3,349:
"data_items": [],
"effective_tags": [],
"content": "* The Supervisory Board is responsible for overseeing the company's accounting process for preparing the annual financial statements and the management report.\n\n=== Periodenabgrenzung überprüft. Hinsichtlich der Beurteilung vorhandener stiller Lasten haben wir gewürdigt, inwieVerantwortung des Abschlussprüfers für die Prüfung des Jahresabschlusses und des Lageberichts ==="
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
67,
68
],
"heading": "Periodenabgrenzung überprüft. Hinsichtlich der Beurteilung vorhandener stiller Lasten haben wir gewürdigt, inwieVerantwortung des Abschlussprüfers für die Prüfung des Jahresabschlusses und des Lageberichts",
Line 3,047 ⟶ 3,363:
"data_items": [],
"effective_tags": [],
"content": "* The auditor's
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
68
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The auditor was elected by the Annual General Meeting on March 13, 2025.\n* The auditor was commissioned by the Supervisory Board on March 17, 2025.\n* The auditor has continuously served as the auditor for HDI Versicherung AG,
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
69
],
"heading": "Responsible
"tags": [],
"links": [
Line 3,077 ⟶ 3,393:
"Year 2026"
],
"content": "* The responsible auditor for the audit is Christian Sack.\n* The audit was conducted in Hannover on March 10, 2026 (Year 2026).\n* The auditing firm is PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft.\n* The auditors are Christian Sack (Wirtschaftsprüfer
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
70
Line 3,090 ⟶ 3,406:
"data_items": [],
"effective_tags": [],
"content": "* The Supervisory Board of HDI Versicherung AG regularly monitored the Management Board
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
70
],
"heading": "HDI
"tags": [],
"links": [
Line 3,109 ⟶ 3,425:
"Property \u0026 casualty"
],
"content": "* The new 'SBSTNZ.' strategy was developed for the HDI
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
70
Line 3,122 ⟶ 3,438:
"data_items": [],
"effective_tags": [],
"content": "* The Supervisory Board was fully informed
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
70,
Line 3,133 ⟶ 3,449:
"heading": "Supervisory Board self-assessment and training",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The results of the annual self-assessment by Supervisory Board members were reported at the meeting on November 6, 2025, and were satisfactory.\n* The Supervisory Board has not yet decided on any adjustments to the topics for the next self-assessment in mid-2026.\n* In fiscal year 2025, three digital training courses were conducted for the Supervisory Board to continuously strengthen the expertise of its members, as required by BaFin's governance requirements and EIOPA guidelines.\n* All training sessions were recorded and made available for self-study.\n* Training topics included:\n** Conduct and customer benefit (regulatory requirements from VAG and IDD, and current BaFin expectations).\n** DORA@HD Awareness-Training 2025 (introduction to Digital Operational Resilience Act (DORA) requirements and their implementation).\n** Actuarial science and capital investment for life and property (deepening of fundamentals and current developments).\n* Due to the increasing importance of Artificial Intelligence (AI), the Supervisory Board will continuously and more intensively address technological and regulatory developments, including further training."
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
71
],
"heading": "Supervisory Board
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* In the spring 2025 meeting, the Supervisory Board approved an adjustment to the company's information policy, with key updates in regulations for the results and forecast process and streamlined reporting on governance functions.\n* The Supervisory Board was regularly informed in 2025 about the company's situation, particularly regarding finances, capital investments, and solvency
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
71,
72
],
"heading": "
"tags": [],
"links": [
Line 3,171 ⟶ 3,483:
"Year 2026"
],
"content": "* The
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
72,
73
],
"heading": "Annual
"tags": [],
"links": [
Line 3,202 ⟶ 3,501:
"Year 2026"
],
"content": "* The annual financial statements and management report of the company, along with the auditor's report, were presented to the Supervisory Board.\n* The annual financial statements as of December 31, 2025, and the management report,
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
73
],
"heading": "Management
"tags": [],
"links": [
Line 3,219 ⟶ 3,518:
"Year 2026"
],
"content": "* Norbert Eickermann was reappointed
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
73
],
"heading": "Supervisory
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Johanna Weigand resigned from her mandate as a member of the Supervisory Board, effective July 31, 2025.\n* Nicolas Heine was elected to the Supervisory Board
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
73
],
"heading": "Appreciation and
"tags": [],
"links": [
Line 3,249 ⟶ 3,548:
"Year 2026"
],
"content": "* The Supervisory Board thanks the members of the Executive Board and all employees for their commitment and successful work in the 2025 financial year.\n* Hannover, March 11, 2026 (Year 2026).\n* For the Supervisory Board: Dr. Jan-Philipp Lüdtke, Chairman.\n* Barbara Riebeling and Nicolas Heine
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
74
Line 3,262 ⟶ 3,561:
"data_items": [],
"effective_tags": [],
"content": "* HDI-Platz 1, 30659 Hannover\n*
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
74
Line 3,275 ⟶ 3,574:
"data_items": [],
"effective_tags": [],
"content": "*
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
75
Line 3,288 ⟶ 3,587:
"data_items": [],
"effective_tags": [],
"content": "[Chart/image description:]\nThe image displays
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
75
Line 3,301 ⟶ 3,600:
"data_items": [],
"effective_tags": [],
"content": "* The \"Corporate \u0026 Specialty Division\" includes: HDI Global SE, HDI Global Specialty SE, HDI Versicherung AG (Austria), HDI Global Seguros S.A. (Mexico), HDI Global SA Ltd. (South Africa), HDI Global Insurance Company (USA), HDI Global Network AG, and HDI Reinsurance (Ireland) SE.\n* The \"Private and Corporate Insurance International Retail International Division\" includes: HDI International AG, HDI Seguros S.A. (Brazil), Yelum Seguros S.A. (Brazil), HDI Seguros S.A. (Chile), HDI Seguros Colombia S.A., HDI Seguros S.A. de C.V. (Mexico), TUİR WARTA S.A. (Poland), TU Europa S.A. (Poland), HDI Assicurazioni S.p.A. (Italy), and HDI Sigorta A.Ş. (Türkiye).\n* The \"Private and Corporate Insurance Germany Retail Germany Division\" includes: HDI Deutschland AG, HDI Lebensversicherung AG, HDI Pensionsfonds AG, HDI Pensionskasse AG, HDI Pensionsmanagement AG, HDI Versicherung AG, HDI Vorsorge Lebensversicherung AG, Lifestyle Protection Lebensversicherung AG, Lifestyle Protection AG, LPV Lebensversicherung AG, NEH Neue Hildener Versicherung AG, neue leben Lebensversicherung AG, and neue leben Unfallversicherung AG.\n* The \"Reinsurance Division\"
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
75,
76
],
"heading": "
"tags": [],
"links": [
Line 3,319 ⟶ 3,618:
"Year 2026"
],
"content": "* The
}
],
| |||