Data:HDI Versicherung/2025/FY/Annual report.json: Difference between revisions
Content deleted Content added
Section records derived from the published summary page (259 sections) |
Section records derived from the published summary page (250 sections) |
||
Line 18:
1
],
"heading": "
"tags": [],
"links": [],
Line 40:
"Gross written premiums"
],
"content": "**HDI Versicherung AG at a glance.**\n\n| In EUR million | 2025 | 2024 | +/- % |\n| --- | --- | --- | --- |\n| Gross written premiums | 1,564.8 | 1,588.3 | -1.5 |\n| Gross incurred claims | 1,006.0 | 1,045.4 | -3.8 |\n| Gross operating expenses | 486.4 | 506.7 | -4.0 |\n| Gross combined ratio (in %) | 95.7 | 98.3 | — |\n| Net technical provisions | 3,761.9 | 3,678.1 | 2.3 |\n| Investments | 3,763.9 | 3,760.8 | 0.1 |\n| Income from investments | -31.8 | 112.0 | -128.4 |\n| Net
},
{
Line 48:
3
],
"heading": "Management Report sections",
"tags": [],
"links": [],
Line 61:
3
],
"heading": "Management Report appendix",
"tags": [],
"links": [],
Line 74:
3
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Jahresabschluss\n* Bilanz\n* Gewinn- und Verlustrechnung\n* Anhang
},
{
Line 87:
3
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Bestätigungsvermerk des unabhängigen Abschlussprüfers\n* Bericht des Aufsichtsrats\n\n== Management Report. ==\n\n=== Business
},
{
Line 109:
"Property \u0026 casualty"
],
"content": "* HDI Versicherung AG is part of the Talanx business division Private and Corporate Insurance Germany (HDI Deutschland).\n* HDI Deutschland bundles the activities of private and corporate customer companies in property and casualty (Property \u0026 casualty) insurance, life insurance, and bancassurance
},
{
Line 117:
4
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* In February 2025, Standard \u0026 Poor's upgraded the financial strength rating for HDI Versicherung AG from A+ to AA-.\n* The outlook for HDI Versicherung AG's rating is \"stable\".\n*
},
{
Line 132:
"heading": "Distribution strategy and channels",
"tags": [],
"links": [
"Property \u0026 casualty"
],
"data_items": [],
"effective_tags": [
"Property \u0026 casualty"
],
"content": "* HDI aims to provide customers with easy access to insurance products and diverse consulting and service offerings.\n* This is achieved by maintaining and expanding collaboration with carefully selected distribution 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 casualty (Property \u0026 casualty) (P\u0026C) and life insurance.\n* This cross-segment perspective is crucial for improving processes and services for the benefit of customers and distribution partners.\n* With the increasing importance of online sales, HDI also seeks to optimize interfaces with distribution partners and offer them digitally contractible products.\n\n==== Group internal services ===="
},
{
Line 143 ⟶ 147:
4
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* HDI Versicherung AG does not employ its own staff.\n*
},
{
Line 156 ⟶ 160:
5
],
"heading": "Global
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Global economic growth remained at 3.3% YoY in 2025, the weakest value since the
},
{
Line 169 ⟶ 173:
5
],
"heading": "
"tags": [],
"links": [
Line 178 ⟶ 182:
"Headwind"
],
"content": "* The German economy recorded a +0.2% YoY
},
{
Line 186 ⟶ 190:
5
],
"heading": "US
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The US economy grew by 2.2% YoY in 2025 despite uncertainties from the new administration.\n* Growth was primarily driven by private consumption, though its momentum cooled compared to H2 2024 due to a weaker labor market, sustained high price pressure (partly from tariffs), and a government shutdown in October/November.\n* Only 181,000 new jobs were created in the US labor market in 2025 (compared to 1,459,000 in the previous year).\n* The unemployment rate in the US rose only slightly from 4.1% to 4.4% over the year, as the labor supply decreased due to anti-migration measures.\n* Equipment investments were a growth driver, achieving the strongest increase since 2014 due to the AI boom.\n* A significant reduction in the foreign trade deficit, resulting from trade restrictions, also contributed to growth."
},
{
Line 203:
5
],
"heading": "
"tags": [],
"links": [
"Headwind"
],
"data_items": [],
"effective_tags": [
"Headwind"
],
"content": "* China's economic growth was 5.0% YoY in 2025, overcoming headwinds from US tariffs (which reached almost 140%) and structural weaknesses in domestic consumption and the real estate sector.\n* The government's growth target was met for the third consecutive year, partly due to state-supported industries like robotics and electric mobility."
},
{
Line 214 ⟶ 218:
"chunk": 15,
"pages": [
5
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Latin American economies increased their growth in 2025 despite the challenging international environment, partly due to central bank interest rate cuts (excluding Brazil).\n* The growth rate of 2.8% YoY was within the 2000-2019 average for the first time since the post-COVID rebound."
},
{
Line 228 ⟶ 231:
"chunk": 16,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The global economy largely overcame the fiscal policy and energy price-induced inflation shock following the COVID-19 pandemic and the war in Ukraine.\n* Eurozone inflation decreased from 2.4% to 2.0% YoY in 2025, reaching the European Central Bank (ECB) target, thanks 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% YoY, as the feared strong price effects from US tariff barriers did not fully materialize.\n* US inflation remained above the Federal Reserve'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 ====\n\n===== Capital Markets ====="
},
{
Line 241 ⟶ 244:
"chunk": 17,
"pages": [
5,
6
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* International stock 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 in 2025 after a correction following the \"Liberation Day\" shock in April.\n* The S\u0026P 500 ended 2025 with a price increase of +16.8% (all performance figures in USD).\n* This was the sixth double-digit increase for the S\u0026P 500 in the last seven years.\n* In 2025, the S\u0026P 500 lagged behind other international markets after the previous year's tech-driven rally.\n* The S\u0026P 500 was behind overall industrial country stocks (MSCI World: +19.9%) and significantly behind emerging market stocks (MSCI EM: +30.1%).\n* Eurozone stocks (EURO STOXX: +37.9%) and German stocks (DAX: +39.1%) led the market in 2025.\n* This was the first time since 2022 that German stocks outperformed the US."
},
{
Line 260:
6
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"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 initially rose sharply from 2.41% to 2.90% in March following the announcement of Germany's special fund for infrastructure and increased defense spending.\n* Doubts about quick 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* A stronger-than-expected increase in oil supply from OPEC+ pushed Brent crude oil prices down from USD 75 to USD 61 per barrel in 2025.\n* The conflict between Israel and Iran briefly caused oil prices to rise towards USD 80 per barrel.\n* Doubts about US debt sustainability and tariff escalation led to a significant appreciation of the Euro against the US Dollar from 1.04 to 1.18 in the first half of 2025.\n* In the second half of 2025, the Euro consolidated slightly below this level due to political attacks on the Fed's independence.\n\n==== German Insurance Industry ===="
},
{
Line 277 ⟶ 273:
6
],
"heading": "
"tags": [],
"links": [
"Property \u0026 casualty"
],
"data_items": [],
"effective_tags": [
"Property \u0026 casualty"
],
"content": "* Information on insurance markets is based on publications by the Gesamtverband der Deutschen Versicherungswirtschaft e. V. (GDV) and includes preliminary data.\n* The German insurance industry's premium income increased by 6.6% to EUR 253.6bn in fiscal year 2025, according to projections.\n* Property and casualty (Property \u0026 casualty) insurers are expected to have achieved premium growth of 7.7% to EUR 99.7bn in 2025.\n\n==== Legal and Regulatory Framework ====\n\n===== Supervisory Requirements ====="
},
{
Line 290:
6
],
"heading": "
"tags": [],
"links": [
"Capital management"
],
"data_items": [],
"effective_tags": [
"Capital management"
],
"content": "* Insurance companies (primary and reinsurance companies), pension funds, and capital management companies are subject to comprehensive legal and financial supervision by regulatory authorities worldwide.\n* In Germany, the Federal Financial Supervisory Authority (BaFin) is responsible for this task.\n* Comprehensive legal requirements for business activities also apply.\n* Regulatory frameworks have become more stringent in recent years, leading to increased complexity.\n* This trend of increasing complexity continued in 2025.\n\n====== Insurance Distribution Directive ======"
},
{
Line 301 ⟶ 305:
"chunk": 21,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Insurance product distribution 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 distribution.\n* Product oversight and governance of insurance products are determined by, among other things, Delegated Regulation (EU) 2017/2358 of the European Commission.\n* A seven-day waiting period for the conclusion of residual credit agreements for general consumer credit agreements was introduced on January 1, 2025.\n* The Accessibility Strengthening Act and its corresponding regulation came into force on June 28, 2025, requiring certain products and services for consumers to be provided accessibly and with accessibility information.\n* Services mentioned in the Act include those in electronic commerce, meaning the online sale of insurance products must now comply with applicable accessibility requirements.\n\n====== Minimum Requirements for Business Organization ======"
},
{
Line 314 ⟶ 318:
"chunk": 22,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The revised BaFin Circular 09/2025 (VA) on the official interpretation of the Minimum Requirements for Business Organization of Insurance Undertakings (MaGo) clarifies overarching aspects of business organization and central terms like \"proportionality\" and \"administrative, management, or supervisory body\" from the supervisory authority's perspective.\n* Despite lacking direct legal binding, MaGo is considered in the HDI Group's business organization, particularly in general governance, key functions, risk management system, own funds requirements, internal control system, outsourcing, and emergency management."
},
{
Line 329 ⟶ 333:
7
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Insurance undertakings, as per Art. 13 No. 1 Directive 2009/138/EC, are obligated under § 2 Abs. 1 No. 7 of the Money Laundering Act (GwG) in conjunction with § 6 GwG to implement internal safeguards against money laundering if they conduct life insurance activities under this directive, offer accident insurance with premium refunds, or grant loans as defined in § 1 Abs. 1 Satz 2 No. 2 KWG.\n* The company is therefore obligated to comply with the provisions of the GwG and §§ 52 to 55 VAG regarding the prevention of money laundering, terrorism financing, and other criminal acts, due to its loan granting activities as defined in § 1 Abs. 1 Satz 2 No. 2 KWG.\n* The company has established regulations and initiated organizational measures to fulfill these legal obligations.\n* A money laundering officer and deputy have been appointed.\n* Loan granting is carried out within the scope of capital investment by Ampega Asset Management GmbH, and a process is established for control by the money laundering officer.\n* Changes to applicable legal regulations will result from Regulation (EU) 2024/1624 of the European Parliament and of the Council of May 31, 2024, on the prevention of the use of the financial system for
},
{
Line 342 ⟶ 346:
7
],
"heading": "Digitalization and regulatory impact",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"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 due to digitalization.\n* The EU's Digital Operational Resilience Act (DORA) introduces new requirements for insurance companies, effective January 17, 2025
},
{
Line 355 ⟶ 359:
7
],
"heading": "Data protection management",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Talanx Group insurance companies process extensive personal data for application, contract, and claims
},
{
Line 366 ⟶ 370:
"chunk": 26,
"pages": [
7,
8
],
"heading": "
"tags": [],
"links": [
"Business mix"
],
"data_items": [],
"effective_tags": [
"Business mix"
],
"content": "* The HDI Deutschland business unit (Business mix) continues its corporate planning under the new strategic program \"Substanz\" (SBSTNZ.).\n* The guidelines of the new strategy program are: Simple - Focused - Successful.\n* The program aims to promote sustainable growth, strengthen market position, and contribute to long-term stability within the Group.\n* The core of the new strategy is a targeted build-up of excellence along the value chain, focusing on reducing complexity and increasing efficiency in internal processes.\n* The HDI Deutschland business unit aims to become more profitable in the medium term by focusing on core competencies and a streamlined product portfolio.\n* The company intends to distinguish itself through high-quality service offerings and reliable collaboration with sales partners.\n* Comprehensive support for existing customers and ensuring the long-term fulfillment of obligations are also key.\n* Important progress was made in the strategic program last year, with the company responding to central challenges by sharpening its strategic direction.\n* Initial positive developments towards clearly focused business models and performance-oriented management were achieved.\n* Operational and financial stability was ensured despite profound changes.\n* The targeted profitability was achieved early in individual business segments.\n* Transformation, key restructuring measures, and cultural development were significantly advanced."
},
{
Line 379 ⟶ 388:
"chunk": 27,
"pages": [
],
"heading": "
"tags": [],
"links": [
"Business mix"
],
"data_items": [],
"effective_tags": [
"Business mix"
],
"content": "* HDI Versicherung AG focuses on its strengths within the Substanz strategic program: exclusive sales, corporate and liberal 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, driven by high claims inflation and corresponding high claims costs.\n* Emphasis is placed on consistent alignment with market requirements and customer needs for simple products and digital processes.\n* The implementation of the Substanz strategic program shows noticeable efficiency improvements through the development of operations and claims, particularly by focusing business models, automation, and the use of AI.\n* The corporate and liberal professions business unit (Business mix) is being expanded through competitive differentiation, proven market and business expertise, and systematic management of the portfolio for profitability.\n* Profitability of the portfolio and professionalization and efficiency improvements of processes are consistently and successfully driven, especially in fire and multi-risk products.\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."
},
{
Line 392 ⟶ 405:
"chunk": 28,
"pages": [
8
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The use of generative artificial intelligence is planned for the company's future viability and is currently in a testing phase across various company 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 ===="
},
{
Line 408 ⟶ 420:
8
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The IT strategy for the Private and Corporate Insurance Germany division covers all essential IT aspects for the risk carriers of HDI Germany.\n* The IT strategy incorporates the business strategy requirements of all risk carriers.\n* Digitization of processes and service offerings, along with the modernization of IT infrastructure, shape the business activities of HDI Germany.\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 aspects 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 ===="
},
{
Line 423 ⟶ 431:
"chunk": 30,
"pages": [
8,
9
],
"heading": "
"tags": [],
"links": [
"Business mix"
],
"data_items": [],
"effective_tags": [
"Business mix"
],
"content": "* HDI Versicherung AG continuously improves products and services, reflected in product ratings, awards, and quality seals.\n* Stiftung Warentest rated the Private Liability Insurance (Premium product line (Business mix)) with 'Sehr gut (0.7)'.\n* Stiftung Warentest rated the Residential Building Insurance (Premium product line) with 'Sehr gut (0.7)'.\n* Franke \u0026 Bornberg Research GmbH awarded the HDI Private Liability Insurance (Premium product line, Single and Premium product line, Family) and Residential Building Insurance (Premium product line / Multi-family house Premium product) with 'FFF+' (outstanding) in the HUS-Privat sector.\n* Franke \u0026 Bornberg Research GmbH rated the HDI Accident Insurance (Premium, 100% participation, protection letter) and HDI Household Contents Insurance (Premium product line) with 'FFF' (very good).\n* Franke \u0026 Bornberg Research GmbH rated the HDI Motor Insurance (Motor Premium product line) with 'FFF+' (outstanding).\n* AssCompact awarded the commercial property insurance in the \"Companies and Liberal Professions\" sector with \"Best Product Quality\" and \"Best Price-Performance Ratio\".\n* Franke \u0026 Bornberg Research GmbH rated the Contents All-Risk Insurance with modules Gastronomy, Flood, and Backflow with 'FFF' (very good).\n* Franke \u0026 Bornberg Research GmbH awarded the Business Liability Insurance with modules Construction, Services, Trade, Crafts (ancillary construction trades), and Allied Health Professions with 'FFF+' (outstanding).\n* The commercial cyber insurance (Cyber Insurance for Companies and Liberal Professions, Business Interruption due to Cloud Outage) was rated 'FFF' (very good).\n\n== Sustainability =="
},
{
Line 436 ⟶ 449:
"chunk": 31,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Talanx Group, as an international insurance group and long-term investor, has long been committed to responsible corporate management focused on sustainable value creation.\n* The sustainability strategy is an integral part of the Group's overall strategy.\n* The strategy is based on the targeted implementation of ESG (Environmental, Social, Governance) aspects 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 portfolios(1)."
},
{
Line 449 ⟶ 462:
"chunk": 32,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* An exit path for thermal coal risks in underwriting was defined until 2038.\n* Exclusions for conventional oil and gas projects in underwriting came into effect in July 2023, including a general exclusion for 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 for deep-sea mining are also excluded."
},
{
Line 468 ⟶ 477:
9
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Decarbonization of the investment portfolio has focused on refining the positioning towards fossil fuels.\n* As of 2024, exclusions for fracking of shale gas and oil apply in the Arctic, in addition to existing exclusions for oil and tar sands and oil and gas drilling.\n* A systematic reduction of exposure along the entire oil and gas sector value chain will begin in 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."
},
{
Line 481 ⟶ 490:
9
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* A unified framework for the largely decentralized social and community engagement was established and anchored in the Group strategy in 2022.\n* Four strategic areas of action were defined for the Talanx Group: Diversity, Equal Opportunities, and Inclusion; Employee's Journey; Ensuring Access to Education; and Promoting Access to Infrastructure."
},
{
Line 494 ⟶ 503:
9
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "*
},
{
Line 516 ⟶ 525:
"Gross written premiums"
],
"content": "* The company has
},
{
Line 524 ⟶ 533:
9
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"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 development: Insurance business overall ====="
},
{
Line 539 ⟶ 544:
"chunk": 38,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Business development: Insurance business overall**\n\n| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |\n| --- | --- | --- | --- | --- |\n| Written premiums | 1,564.8 | 1,495.5 | 1,588.3 | 1,513.5 |\n| Earned premiums | 1,559.8 | 1,489.9 | 1,579.5 | 1,504.8 |\n| Incurred claims | 1,006.0 | 996.0 | 1,045.4 | 1,042.3 |\n| Operating expenses | 486.4 | 477.3 | 506.7 | 496.2 |\n| Technical result for a.r. | — | 20.1 | — | -30.7 |\n| In % — Loss ratio(1)) | 64.5 | 66.9 | 66.2 | 69.3 |\n| In % — Expense ratio(2)) | 31.2 | 32.0 | 32.1 | 33.0 |\n| In % — Combined ratio(3)) | 95.7 | 98.9 | 98.3 | 102.2 |\n\n(1)) Incurred claims in relation to earned premiums\n(2)) Operating expenses in relation to earned premiums\n(3)) Sum of incurred claims and operating expenses in relation to earned premiums"
},
{
Line 554 ⟶ 559:
10
],
"heading": "
"tags": [],
"links": [
Line 576 ⟶ 568:
"Gross written premiums"
],
"content": "*
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
10
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Gross expenses for insurance claims decreased by EUR 39.4m
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
10
],
"heading": "Operating
"tags": [],
"links": [
Line 606 ⟶ 598:
"Business mix"
],
"content": "* Gross
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
10
],
"heading": "Technical
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"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
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
10
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
11
Line 648 ⟶ 640:
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
11
Line 658 ⟶ 650:
"data_items": [],
"effective_tags": [],
"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
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
11
Line 675 ⟶ 667:
"Gross written premiums"
],
"content": "* Gross written premiums in
},
{
"id": "9fth4kgfqj-c47",
"chunk": 47,
"pages": [
11
],
"heading": "Motor insurance operating expenses and combined ratio",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Gross and net expenses for insurance operations decreased to EUR 107.4m (prior: EUR 124.9m).\n* This decrease was mainly driven by lower 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 gross combined ratio was 91.0% (prior: 106.0%), which was lower than the previous year.\n* The net combined ratio was 91.0% (prior: 106.7%), which was lower than the previous year."
},
{
Line 683 ⟶ 688:
11
],
"heading": "Motor insurance
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "
},
{
Line 701 ⟶ 706:
"data_items": [],
"effective_tags": [],
"content": "**Liability insurance**\n\n| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |\n| --- | --- | --- | --- | --- |\n| Written premiums | 355.1 | 350.8 | 357.2 | 353.7 |\n| Earned premiums | 353.9 | 349.7 | 357.6 | 354.0 |\n| Incurred claims | 277.4 | 267.9 | 182.6 | 177.2 |\n| Operating expenses | 131.5 | 131.5 | 137.9 | 137.9 |\n| Technical result for
},
{
Line 709 ⟶ 714:
12
],
"heading": "Liability
"tags": [],
"links": [
Line 718 ⟶ 723:
"Gross written premiums"
],
"content": "* Gross written premiums
},
{
Line 731 ⟶ 736:
"data_items": [],
"effective_tags": [],
"content": "**Accident insurance**\n\n| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |\n| --- | --- | --- | --- | --- |\n| Written premiums | 60.2 | 60.2 | 61.9 | 61.9 |\n| Earned premiums | 60.6 | 60.6 | 62.3 | 62.3 |\n| Incurred claims | 29.8 | 29.8 | 26.6 | 26.6 |\n| Operating expenses | 22.3 | 22.3 | 23.5 | 23.5 |\n| Technical result for
},
{
Line 748 ⟶ 753:
"Gross written premiums"
],
"content": "* Gross written premiums in accident insurance decreased by EUR 1.7m to EUR 60.2m (prior: EUR 61.9m).\n*
},
{
Line 761 ⟶ 766:
"data_items": [],
"effective_tags": [],
"content": "* Gross and net operating expenses
},
{
Line 774 ⟶ 779:
"data_items": [],
"effective_tags": [],
"content": "* The
},
{
Line 787 ⟶ 792:
"data_items": [],
"effective_tags": [],
"content": "**Multi Risk**\n\n| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |\n| --- | --- | --- | --- | --- |\n| Written premiums | 168.1 | 148.1 | 166.5 | 141.2 |\n| Earned premiums | 168.0 | 148.0 | 166.3 | 141.0 |\n| Incurred claims | 116.2 | 117.2 | 92.6 | 100.0 |\n| Operating expenses | 63.6 | 60.2 | 64.6 | 61.3 |\n| Technical result for
},
{
Line 795 ⟶ 800:
14
],
"heading": "Multi Risk
"tags": [],
"links": [
Line 804 ⟶ 809:
"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
},
{
Line 810 ⟶ 815:
"chunk": 57,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Combined residential building insurance**\n\n| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |\n| --- | --- | --- | --- | --- |\n| Written premiums | 166.6 | 154.0 | 168.0 | 152.1 |\n| Earned premiums | 164.0 | 151.4 | 163.6 | 147.8 |\n| Incurred claims | 74.0 | 75.0 | 103.1 | 102.4 |\n| Operating expenses | 53.8 | 51.9 | 58.0 | 56.3 |\n| Technical result for a.r. | — | 18.6 | — | -3.0 |\n| In % — Loss ratio | 45.1 | 49.5 | 63.0 | 69.3 |\n| In % — Expense ratio | 32.8 | 34.3 | 35.4 | 38.1 |\n| In % — Combined ratio | 77.9 | 83.8 | 98.5 | 107.4 |"
},
{
Line 823 ⟶ 828:
"chunk": 58,
"pages": [
],
"heading": "
"tags": [],
"links": [
"Gross written premiums"
],
"data_items": [],
"effective_tags": [
"Gross written premiums"
],
"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 current year claims expenses of EUR 89.0m (prior: EUR 101.8m), mainly from declining frequency claims and no accumulation 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 reviews of reserves from older accident years.\n* The gross loss ratio decreased by 17.9pts 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 current year claims expenses 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 19.7pts 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 cost ratio decreased to 32.8% (prior: 35.4%).\n* The net cost ratio decreased to 34.3% (prior: 38.1%).\n* The combined ratios were 77.9% gross (prior: 98.5%) and 83.8% net (prior: 107.4%).\n* The net underwriting result improved by EUR 21.6m YoY to EUR 18.6m (prior: EUR -3.0m) after the fluctuation reserve.\n* EUR 1.5m was allocated to the fluctuation reserve, following a withdrawal of EUR 12.6m in the previous year.\n\n== Combined household insurance =="
},
{
Line 836 ⟶ 845:
"chunk": 59,
"pages": [
],
"heading": "Combined
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Combined
},
{
Line 849 ⟶ 858:
"chunk": 60,
"pages": [
],
"heading": "
"tags": [],
"links": [
Line 860 ⟶ 869:
"Gross written premiums"
],
"content": "* Gross written premiums in Combined Household Insurance decreased to EUR 72.4m (prior: EUR 75.2m) due to a decline in portfolio.\n* Reinsurance premiums slightly decreased to EUR 3.2m (prior: EUR 4.5m).\n* Earned net premiums decreased accordingly to EUR 69.6m (prior: EUR 70.7m)."
},
{
Line 868 ⟶ 877:
16
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Gross claims expenses decreased to EUR 26.3m (prior: EUR 33.2m).\n* Gross claims expenses for the financial year decreased by EUR 2.8m to EUR 32.9m (prior: EUR 35.7m).\n* This reduction was due to the absence of cumulative expenses from natural catastrophes and declining expenses for both frequency and large claims.\n* Gross settlement gains increased to EUR 6.6m (prior: EUR 2.5m).\n* The premium and claims development led to an 8.1 percentage point reduction in the gross loss ratio to 36.1% (prior: 44.2%).\n* Net claims expenses decreased to EUR 26.5m (prior: EUR 33.0m).\n* Net claims expenses for the financial year decreased by EUR 2.7m to EUR 32.9m (prior: EUR 35.6m), similar to the gross figures.\n* Net settlement gains increased to EUR 6.4m (prior: EUR 2.6m).\n* The net loss ratio decreased by 8.7 percentage points to 38.1% (prior: 46.8%)."
},
{
Line 881 ⟶ 890:
16
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Gross operating expenses decreased to EUR 26.0m (prior: EUR 27.3m) and net operating expenses to EUR 25.5m (prior: EUR 26.9m) due to lower administrative costs.\n* The gross cost ratio decreased to 35.7% (prior: 36.3%).\n* The net cost ratio decreased to 36.6% (prior: 38.1%).\n* Combined ratios reflected these developments, with the gross combined ratio decreasing from 80.5% to 71.8% and the net combined ratio decreasing from 84.8% to 74.7%."
},
{
Line 896 ⟶ 901:
"chunk": 63,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The net underwriting result after fluctuation provision was EUR 18.2m (prior: EUR 13.6m).\n* EUR 1.6m (prior: EUR 3.5m) was allocated to the fluctuation provision.\n\n==== Other insurance ===="
},
{
Line 911 ⟶ 916:
17
],
"heading": "Other
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Other insurance**\n\n| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |\n| --- | --- | --- | --- | --- |\n| Written premiums | 220.8 | 194.7 | 181.9 | 161.7 |\n| Earned premiums | 219.8 | 193.0 | 181.2 | 161.1 |\n| Incurred claims | 115.9 | 115.7 | 124.7 | 122.1 |\n| Operating expenses | 81.8 | 78.4 | 70.5 | 65.5 |\n| Technical result for a.r. | — | -6.0 | — | -24.7 |\n| In % — Loss ratio | 52.8 | 59.9 | 68.8 | 75.8 |\n| In % — Expense ratio | 37.2 | 40.6 | 38.9 | 40.7 |\n| In % — Combined ratio | 90.0 | 100.5 | 107.7 | 116.5 |"
},
{
Line 922 ⟶ 927:
"chunk": 65,
"pages": [
],
"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 building segment and additional premiums from contract renewals.\n* The cyber segment also showed positive development due to portfolio growth from new business.\n* Technical insurance and transport insurance segments experienced a slight premium increase YoY.\n* Reinsurance premiums increased by EUR 5.9m to EUR 26.2m (prior: EUR 20.2m), mirroring gross premiums due to the internal portfolio transfer.\n* Net earned premiums increased by EUR 32.0m to EUR 193.0m (prior: EUR 161.1m).\n* Gross claims expenses decreased by EUR 8.8m to EUR 115.9m (prior: EUR 124.7m).\n* The decrease in gross claims expenses was driven by a EUR 8.2m reduction in gross current year claims expenses to EUR 133.3m (prior: EUR 141.5m), primarily due to the absence of natural catastrophe accumulation losses and a decline in large claims in the fire segment.\n* Gross settlement gains increased to EUR 17.4m (prior: EUR 16.8m), mainly due to increased settlement in the cyber segment.\n* The gross loss ratio for other insurance lines decreased by 16.1 percentage points to 52.8% (prior: 68.8%).\n* Net claims expenses decreased by EUR 6.4m to EUR 115.7m (prior: EUR 122.1m).\n* This reduction was partly driven by a 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).\n* Net operating expenses increased to EUR 78.4m (prior: EUR 65.5m).\n* The increase in operating expenses was mainly due to higher commissions related to the premium growth in the fire segment.\n* The gross cost ratio decreased to 37.2% (prior: 38.9%).\n* The net cost ratio decreased to 40.6% (prior: 40.7%).\n* The combined ratio improved to 90.0% gross (prior: 107.7%) and 100.5% net (prior: 116.5%).\n* The net underwriting result after fluctuation reserve was -EUR 6.0m (prior: -EUR 24.7m).\n* A withdrawal of EUR 1.9m (prior: EUR 2.4m) was made from the fluctuation reserve.\n\n== Investment result =="
},
{
Line 935 ⟶ 940:
"chunk": 66,
"pages": [
18,
19
],
"heading": "
"tags": [],
"links": [
"Net investment income"
],
"data_items": [],
"effective_tags": [
"Net investment income"
],
"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 investment classes in direct investments due to an increased reinvestment rate for the full year.\n* Current expenses (including scheduled depreciation) were EUR 8.1m (prior year: EUR 7.5m).\n* Current result was EUR 87.8m (prior year: EUR 111.3m).\n* An average current yield(1) of 3.0% (prior year: 3.0%) was achieved.\n* Extraordinary gains and losses from the disposal of investments amounted to -EUR 101.8m (prior year: EUR 4.4m).\n* These extraordinary gains and losses primarily resulted from the sale of a property and various debt securities.\n* Extraordinary write-ups 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).\n* 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: All income less all expenses for investments in relation to the average investment portfolio as of 1.1. and 31.12. of the respective fiscal year) of -0.8% (prior year: 3.0%) was achieved for the reporting year.\n* Other result was EUR 122.2m (prior year: -EUR 62.5m).\n* This included other income of EUR 144.8m (prior year: EUR 18.2m) and other expenses of EUR 22.6m (prior year: EUR 80.7m).\n* Of the other expenses, EUR 17.8m (prior year: EUR 77.4m) related to expenses for the company as a whole.\n* HDI Versicherung AG realized losses from investments as part of the group-wide investment strategy.\n* These losses were offset by an income-effective subsidy of EUR 132.7m from Talanx AG, which was reported in the other result.\n* Profit of EUR 109.5m (prior year: EUR 17.6m) was transferred to the parent company, HDI Deutschland AG, due to the existing control and profit transfer agreement.\n* Equity remained unchanged at EUR 57.1m (prior year: EUR 57.1m).\n* Liquidity is ensured by current premium income, investment income, and cash inflows from investments.\n* Liquid funds in the form of deposits and current accounts with credit institutions amounted to EUR 88.1m (prior year: EUR 51.3m) at the balance sheet date.\n* Investment volume of HDI Versicherung AG was EUR 3,763.9m (prior year: EUR 3,760.8m) at year-end 2025.\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 were bond funds at 17.5% (prior year: 15.7%) and participations and shares in affiliated companies at 6.9% (prior year: 7.2%).\n* The average rating of fixed-income investments, determined by linear methodology, was AA (prior year: AA).\n* Loans to affiliated companies and companies with which an equity relationship exists remained at the prior year's level, amounting to EUR 223.2m (prior year: EUR 172.8m).\n* Holdings of shares and participations decreased slightly to EUR 258.4m (prior year: EUR 269.7m).\n* Real estate fund holdings remained constant at EUR 34.1m (prior year: EUR 35.3m).\n* Other fund holdings increased slightly to EUR 39.8m (prior year: EUR 38.0m).\n* Equity fund holdings were continuously rebuilt after a reduction at the beginning of 2025, reaching approximately EUR 39.8m (prior year: EUR 147.8m) at year-end.\n* Market values of recognized investments totaled EUR 3,835.1m (prior year: EUR 3,701.4m).\n* Valuation differences amounted to EUR 71.2m (prior year: -EUR 59.5m).\n\n==== Technical provisions ===="
},
{
Line 948 ⟶ 958:
"chunk": 67,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Net technical provisions increased by EUR 83.7m to EUR 3,761.9m (prior: EUR 3,678.1m).\n* This item primarily includes provisions for outstanding claims.\n* As HDI Versicherung AG operates exclusively in the German market, net provisions for outstanding claims are almost unaffected by exchange rate fluctuations.\n\n==== Overall statement on the economic situation ===="
},
{
Line 965 ⟶ 971:
"chunk": 68,
"pages": [
],
"heading": "
"tags": [],
"links": [
"
],
"data_items": [],
"effective_tags": [
"
],
"content": "* HDI Versicherung AG's operating business was influenced by transformation and restructuring in the past fiscal year.\n* The company significantly improved its net technical insurance result before fluctuation reserves.\n* Net written premiums for the company saw a slight decline.\n* Negative effects from continued claims inflation were overcompensated by a continued decrease in frequency claims.\n* Increased net burden from large claims was offset by a decrease in claims expenses for natural catastrophes in motor and building lines due to the absence of cumulative events.\n* The company's result after fluctuation reserves increased as planned compared to the previous year.\n* This increase was due to positive operating development and a higher withdrawal from fluctuation reserves compared to the previous year.\n* The company's net premium volume declined slightly YoY, as expected.\n* Premium decline in motor insurance due to portfolio reductions was not fully offset by positive effects from premium adjustments and restructuring measures in corporate lines.\n* Net claims expenses were below the previous year's level, as expected.\n* The main driver was the decline in claims expenses for the fiscal year due to reduced frequency claims in motor and private lines.\n* A rise in large claims burden was offset by a decrease in claims expenses for natural catastrophes in motor and building lines due to the absence of cumulative events.\n* Claims settlement developed negatively due to increased expenses for necessary reserve adjustments for large claims from previous years, particularly in corporate and freelance professional lines.\n* Expenses for insurance operations decreased YoY due to lower administrative costs, as forecasted.\n* This led to a significantly improved technical insurance result, in line with expectations."
},
{
Line 982 ⟶ 988:
"chunk": 69,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Investment income was significantly below the previous year's level, contrary to expectations.\n* This was due to one-off effects from loss realizations in extraordinary investment income.\n* An income subsidy in other non-technical insurance results offset these losses, as HDI Versicherung AG realized investment losses within the group-wide investment strategy, which were compensated by Talanx AG with an income-effective subsidy of EUR 132.7m.\n* These developments collectively led to the expected increase in net income for the year."
},
{
Line 995 ⟶ 1,001:
"chunk": 70,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The financial position of HDI Versicherung AG is considered consistently stable as of the reporting date.\n\n== Risk report ==\n\n=== Summary of the risk situation ==="
},
{
Line 1,008 ⟶ 1,014:
"chunk": 71,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The company's risk management regularly examines risks.\n* Established risk management systems and control bodies support early identification, assessment, and management of risks that could significantly impact the company's earnings, financial, and asset situation.\n* The company currently believes it can permanently meet all obligations from existing insurance contracts.\n* Risks threatening the company's existence, defined as significant risks with existential loss potential, could arise from systemic risks such as a financial system collapse.\n* No company-specific risks threatening the company's existence are currently apparent."
},
{
Line 1,025 ⟶ 1,027:
"chunk": 72,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The company's risk profile is strongly influenced by underwriting risks and market risks.\n* Key risk-relevant influencing factors in the reporting year include the continued subdued economic situation in Germany, with international trade policy 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 may continue to arise from various legal requirements.\n* Intensive strategic considerations and measures in the reporting year created the conditions for focused capital accumulation to strengthen risk resilience."
},
{
Line 1,038 ⟶ 1,040:
"chunk": 73,
"pages": [
],
"heading": "
"tags": [],
"links": [
"Year 2026"
],
"data_items": [],
"effective_tags": [
"Year 2026"
],
"content": "* The company meets regulatory 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 1,051 ⟶ 1,057:
"chunk": 74,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The company's risk management fulfills the requirements of the German Stock Corporation Act (§ 91 Abs. 2 AktG).\n* This report fulfills the company's obligation to report on the significant risks of its prospective development (§ 289 Abs. 1 HGB).\n\n=== Risk management system ==="
},
{
Line 1,064 ⟶ 1,070:
"chunk": 75,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The risk management basis is the risk strategy, annually approved by the Management Board, derived from the business strategy, and an integral part 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 deviations from targets.\n* Risk strategic goals include adhering to defined risk tolerance and risk budget.\n* The company's risk management is integrated into the risk management of the HDI Germany business division and the Group, adhering to Group guidelines.\n* An Internal Model approved by the supervisory authority, compliant with Solvency II, is used for risk quantification.\n* The model's time horizon is one calendar year.\n* The company's risk management system is continuously developed to adapt to factual and legal requirements and Group specifications.\n* The risk management system is closely linked with the company's central control system."
},
{
Line 1,078 ⟶ 1,083:
"chunk": 76,
"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 receives regular updates on the current risk situation from risk management 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, to review overall solvency needs based on its specific risk profile."
},
{
Line 1,091 ⟶ 1,096:
"chunk": 77,
"pages": [
21
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The investment risk management system includes specific tools for ongoing monitoring of current risk positions and risk-bearing capacity.\n* All investments are continuously observed and analyzed by the Investment business division and operational investment controlling.\n* Scenario analyses and stress tests simulate the effects of capital market fluctuations to enable early responses.\n* Extensive reporting ensures transparency of all investment-related developments.\n* The company uses services from Ampega Asset Management GmbH for trading and settlement activities in the investment sector.\n\n=== Risk organization ==="
},
{
Line 1,104 ⟶ 1,110:
"chunk": 78,
"pages": [
],
"heading": "
"tags": [],
"links": [
"
],
"data_items": [],
"effective_tags": [
"
],
"content": "* The organizational structure of the company's risk management ensures a functional separation between active risk assumption and independent risk monitoring.\n* Key bodies include the company's entire Management Board, the key functions according to § 7 No. 9 VAG (Independent Risk Controlling Function, Compliance Function, Internal Audit, Actuarial Function), and the Risk Officers.\n* The entire Management Board has non-delegable responsibility for implementing and developing risk management within the company.\n* The Management Board defines the risk strategy and makes significant risk management decisions derived from it.\n* The Independent Risk Controlling Function is outsourced to HDI AG based on applicable outsourcing agreements and is performed by an organizational unit led by the Chief Risk Officer.\n* This outsourcing bundles know-how and ensures efficient resource utilization.\n* An outsourcing officer is appointed within the company to monitor the outsourcing.\n* The Independent Risk Controlling Function is primarily responsible for identifying, assessing, and analyzing the risk profile, as well as monitoring limits and risk mitigation measures at an aggregated level.\n* This task is performed by the Chief Risk Officer with support from the Risk Management and Risk Committee of the HDI Deutschland business unit (Business mix).\n* The Risk Committee makes recommendations to the entire Management Board.\n* Risk Officers are responsible for identifying and assessing the significant risks within their area of responsibility.\n* They are also responsible for proposing risk reduction measures and implementing appropriate risk control measures.\n* The exchange of insights between Risk Officers and the Independent Risk Controlling Function occurs during regular risk steering committee meetings and risk discussions.\n* Internal Audit is responsible for the process-independent review of business units, including risk management.\n* The head of Internal Audit is a guest member of the Risk Committee for discussions on 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 supervisory 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 to risk and solvency assessment within its statutory duties.\n* This contribution is particularly in relation to 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 1,123 ⟶ 1,127:
"chunk": 79,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "*
},
{
Line 1,136 ⟶ 1,140:
"chunk": 80,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Insurance 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 1,149 ⟶ 1,153:
"chunk": 81,
"pages": [
22
],
"heading": "
"tags": [],
"links": [
"Business mix"
],
"data_items": [],
"effective_tags": [
"Business mix"
],
"content": "* Premium risk (or premium/claims risk) arises because insurance premiums, set in advance, must later cover compensation amounts that are initially unknown.\n* There is a risk that the actual claims experience may deviate from the expected, potentially leading to premiums not covering actual claims.\n* The company uses actuarial models for tariff setting and continuously monitors claims experience.\n* Portfolio analyses are conducted for key segments to evaluate profitability, including individual segments within a line of business (Business mix).\n* Claims departments have extensive claims controlling.\n* The portfolio is also covered by reinsurance.\n\n===== Reserve risks ====="
},
{
Line 1,162 ⟶ 1,171:
"chunk": 82,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Reserve risk is the danger that technical provisions are insufficient to fully settle claims that have occurred but are not yet processed or known.\n* This could lead 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 and provided to the company in the form of reserve reports."
},
{
Line 1,179 ⟶ 1,184:
"chunk": 83,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The company addresses the potential impact of simultaneous natural catastrophes and accumulation losses from technical insurance risks by securing peak loads through adequate reinsurance protection.\n* To manage and reduce these risks, the company primarily uses claims analyses, natural catastrophe modeling, selective underwriting, and regular monitoring of claims development.\n\n===== Lapse risks ====="
},
{
Line 1,192 ⟶ 1,197:
"chunk": 84,
"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 1,209 ⟶ 1,210:
"chunk": 85,
"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 supervisory 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 the monthly reporting to determine the portfolio's sensitivity to significant changes in market data.\n\n====== Equity and participation risks ======"
},
{
Line 1,222 ⟶ 1,223:
"chunk": 86,
"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 participations.\n* Equity risk has limited hazard potential due to the company's low equity ratio.\n* A sensitivity analysis 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 1,240 ⟶ 1,236:
"chunk": 87,
"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 1,257 ⟶ 1,249:
"chunk": 88,
"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 primarily through regular asset-liability analyses, continuous monitoring of investments and capital markets, and implementation of appropriate measures.\n* Capital market instruments, such as derivatives, are used as needed to manage interest rate risk."
},
{
Line 1,270 ⟶ 1,262:
"chunk": 89,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The following section provides percentage changes in the market value of investments based on a hypothetical decrease/increase in interest rates, calculated as a parallel shift of the interest rate curve at the balance sheet date, for sensitivity analysis purposes."
},
{
Line 1,283 ⟶ 1,275:
"chunk": 90,
"pages": [
22
],
"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 =====\n\n===== Currency risks ====="
},
{
Line 1,301 ⟶ 1,288:
"chunk": 91,
"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 capital investments are almost exclusively made in Euros.\n\n===== Real estate risks =====\n\n===== Real estate risks ====="
},
{
Line 1,314 ⟶ 1,301:
"chunk": 92,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Real estate risk is defined as the risk arising from fluctuations in the value of real estate held in investments.\n* This risk includes both real estate in the strict 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 property and portfolio levels.\n* For indirect real estate investments, risk is controlled by regularly observing fund development and performance.\n* A sensitivity analysis is provided for hypothetical value losses in real estate investments, showing percentage changes in the market value of investments (calculated as of the balance sheet date)."
},
{
Line 1,327 ⟶ 1,314:
"chunk": 93,
"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 =====\n\n===== Credit risks from investments ====="
},
{
Line 1,340 ⟶ 1,327:
"chunk": 94,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Credit risks are defined as 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* Credit 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 undertaken 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* Rating classes assigned by external agencies such as Standard \u0026 Poor's, Moody's, Fitch, or Scope Analysis are a key indicator for investment decisions made by portfolio management.\n\n===== Credit quality structure of fixed-income investments =====\n\n===== Credit quality structure of fixed-income investments ====="
},
{
Line 1,353 ⟶ 1,340:
"chunk": 95,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**
},
{
Line 1,366 ⟶ 1,353:
"chunk": 96,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Concentration risk is mitigated by ensuring a broad mix and diversification of investments.\n* Dependencies on individual debtors are avoided where possible.\n\n===== Breakdown of fixed-income investments by type of issuer =====\n\n===== Breakdown of fixed-income investments by type of issuer ====="
},
{
Line 1,379 ⟶ 1,366:
"chunk": 97,
"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 from financial institutions | 528.9 | 15.6 |\n| Subordinated bonds from 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) 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 =====\n\n===== Infrastructure investment risks ====="
},
{
Line 1,394 ⟶ 1,381:
23
],
"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 checks in advance and ongoing monitoring measures.\n* Specialized expertise is maintained for this purpose.\n\n===== Derivatives and structured products =====\n\n===== Derivatives and structured products ====="
},
{
Line 1,405 ⟶ 1,392:
"chunk": 99,
"pages": [
23,
24
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Derivative transactions are conducted within internal company 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 portfolio management tools due to low transaction costs, high market liquidity, and transparency.\n* The use of derivatives also entails additional risks that are closely monitored and managed.\n* The company's inflation swap portfolio (Inflation Receivers) was further expanded to hedge against inflation risk.\n* Structured products in the direct portfolio had a total book value of EUR 547.2m as of December 31, 2025 (prior: EUR 306.9m).\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.\n* VaR is measured as a percentage of the market values of the capital investments under consideration.\n* An Asset Management VaR (AMVaR) is calculated to measure asset-side risks in capital investments, considering risks from rating migrations, credit defaults, credit spread widening, and equity risks (including alternative investments).\n* 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 as of December 31, 2025, was 7.38%.\n* The ALM-VaR considers capital investments and projected cash flows of technical provisions, measuring potential losses relevant for ALM management from interest rate, currency, and inflation risks.\n* ALM-VaR measures the isolated risk of the company over a 1-year horizon with a 99.5% confidence level.\n* The ALM-VaR as of December 31, 2025, was 2.16%.\n* Counterparty default risk covers risk-reducing contracts like reinsurance agreements or securitizations, as well as claims against intermediaries and all other credit risks not otherwise included in risk measurement.\n* Information on default risks in capital investments is found under credit risks.\n* The risk of default on claims against reinsurers is 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 term.\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 as of the balance sheet date (prior: EUR 14.6m).\n* As of December 31, 2025, the breakdown of claims against reinsurers by rating was: AA at 47.1%, A at 39.7%, and Unrated at 13.2%, totaling 100.0%.\n* The risk of default on claims against insurance intermediaries primarily involves the possibility that commission clawbacks may not be sufficiently valuable in the event of increased policyholder cancellations.\n* The company addresses this risk through intensive monitoring of intermediary creditworthiness 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 when due.\n* Illiquidity of markets can lead to assets not being sold, or being sold with delays or price reductions."
},
{
Line 1,418 ⟶ 1,406:
"chunk": 100,
"pages": [
],
"heading": "Liquidity risk monitoring and reporting",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Each security type is assigned a liquidity indicator to monitor liquidity risks, specifying the degree of marketability at fair prices.\n* These indicators are regularly reviewed by the risk controlling department of Ampega Asset Management GmbH.\n* Indicators are validated using market data and portfolio management assessments, and modified if necessary.\n* The data is then incorporated into the standardized reporting to the company's Chief Financial Officer.\n* The liquidity structure as of the balance sheet date is presented as follows.\n\n===== Liquidity structure of investments as of 31.12.2025 in % ====="
},
{
Line 1,431 ⟶ 1,419:
"chunk": 101,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Liquidity structure of investments as of 31.12.2025 in %**\n\n| 0 – Cash and cash 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 1,444 ⟶ 1,432:
"chunk": 102,
"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 for less liquid securities.\n* Minimum limits are derived from the temporal nature of insurance technical payment obligations.\n* A sufficiently liquid investment structure ensures the company can meet required payments at all times.\n\n===== Operational Risks ====="
},
{
Line 1,457 ⟶ 1,445:
"chunk": 103,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "*
},
{
Line 1,470 ⟶ 1,458:
"chunk": 104,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Risks from Business Continuity and IT Service Continuity 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, or other impairments to the work environment.\n* The company reduces risks from building infrastructure disruptions through effective risk control measures, including compliance with safety and maintenance regulations, fire protection measures, and widespread mobile working capabilities.\n* To address risks from business interruptions due to crises or emergencies, the company has established crisis management to ensure a rapid return to normal operations in the event 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 unit and emergency 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 security level.\n\n====== Risks from Processes ======"
},
{
Line 1,483 ⟶ 1,471:
"chunk": 105,
"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 1,496 ⟶ 1,484:
"chunk": 106,
"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 obligations.\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 for HDI Germany has been established for this purpose.\n* Legal requirements of current relevance arise from the Digital Operational Resilience Act (DORA) and from conduct requirements of the insurance supervisory authority.\n* Potential 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 1,509 ⟶ 1,498:
"chunk": 107,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Fraud risks include the risk of intentional violation of laws or rules by employees (internal fraud risks) and/or by third parties (external fraud risks) to gain personal advantage.\n* Fraud risks are broadly defined to include 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 1,523 ⟶ 1,511:
"chunk": 108,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Personnel risks refer to the risk arising from insufficient staffing or inadequate employee behavior.\n* Qualified employees are necessary for customer-oriented business and the implementation of important projects.\n* To mitigate personnel risks, the company emphasizes education and training.\n* Employees can adapt to current market requirements through individual development plans and appropriate qualification offers.\n* Modern management tools and adequate monetary and non-monetary incentive systems promote high employee commitment.\n* Measures for employee health promotion, process documentation, and substitution rules also contribute to reducing personnel risks.\n\n===== Information and IT Security Risks ====="
},
{
Line 1,536 ⟶ 1,524:
"chunk": 109,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Information and IT security risks describe potential threats to the completeness, confidentiality, or availability of information or IT systems.\n* IT security risk includes cybersecurity risk.\n* The availability of applications, the security and confidentiality, and the integrity of 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 1,549 ⟶ 1,537:
"chunk": 110,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Outsourcing risks refer to the risk arising from outsourcing functions or insurance activities, either directly or through further outsourcing, that could otherwise be performed by the company itself.\n* A distinction is made between outsourcing tasks up to sales and outsourcing sales services.\n* Risks from outsourced functions or services are integrated into the risk management process and are identified, assessed, managed, and monitored, even if the service is provided within the group.\n* Initial risk analyses are conducted before outsourcing activities/areas.\n* The company contractually secures the necessary information and instruction rights from the service provider, which authorizes the Management Board to issue individual instructions at any time.\n* This enables the Management Board to influence outsourced areas.\n* Appropriate 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 1,562 ⟶ 1,550:
"chunk": 111,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Information and communication technology (ICT) risks manifest as operational risks across various subcategories.\n* An ICT risk control function was established during the reporting year in the context of the EU Digital Operational Resilience Act (DORA).\n* The Group Security function is responsible for this ICT risk control function within the company.\n* The operational integration of ICT risk management into the overarching risk management system occurred during the reporting year and is continuously being expanded.\n\n===== Other Material Risks =====\n\n====== Strategic Risks ======"
},
{
Line 1,575 ⟶ 1,563:
"chunk": 112,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Strategic risks describe risks arising from strategic business decisions.\n* This 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 through planning and control processes.\n* Intensive strategic work in the reporting year created the conditions for focused substance growth.\n* Sales performance is a central success factor, so sales risks are given appropriate importance within the company.\n\n====== Project Risks ======"
},
{
Line 1,588 ⟶ 1,576:
"chunk": 113,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Project risks describe risks that endanger the planned course or non-achievement of project goals, including strategic and IT-related projects.\n* Project risks and their effects are systematically identified as part of project management.\n* Project progress is regularly reviewed and evaluated.\n* The company uses mandatory processes and measures to control and manage both the project portfolio and individual projects.\n* These measures ensure that countermeasures can be taken in a timely manner if difficulties arise regarding the achievement of time and quality goals.\n\n====== Reputation Risks ======"
},
{
Line 1,602 ⟶ 1,589:
"chunk": 114,
"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* Reputation risks are closely monitored.\n* Professional complaint management 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 is regulated.\n\n====== Emerging Risks ======"
},
{
Line 1,615 ⟶ 1,602:
"chunk": 115,
"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 1,628 ⟶ 1,615:
"chunk": 116,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Sustainability risks are events or conditions from environmental, social, or governance (ESG) areas that can have actual or potentially significant negative impacts on the earnings, financial position, assets, and reputation of the company.\n* These risks include 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, and 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 1,641 ⟶ 1,628:
"chunk": 117,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The following statements are based on expert assessments from third parties and internal planning and forecasts, representing a subjective assessment.\n* Actual developments may differ from the expected developments presented.\n\n== Economic Environment =="
},
{
Line 1,654 ⟶ 1,641:
"chunk": 118,
"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* Global economic growth is expected to continue this trend in 2026 (Year 2026), with a projected YoY growth of 2.7%.\n* Stable growth is supported by the delayed effects of central bank interest rate cycles ending and continued 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 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 throughout the year.\n* Solid purchasing power from lower inflation and stable growth should support private consumption in the Eurozone.\n* External trade faces headwinds from global trade reordering, including weak exports and increasing (cheaper) imports from China due to trade diversion away from the US.\n* Lower energy prices YoY and a stronger Euro, alongside increased imports from China, are expected to contribute to a further decline in the Eurozone 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 a weak labor market and higher prices (partially tariff-related), may be partially offset by wealthy households, but no further acceleration is expected.\n* Investment in AI is expected to continue providing tailwinds, though it remains to be seen if the high investments announced by major tech companies will fully materialize.\n* Very expansive fiscal policy, including tax cuts, should also support the US economy.\n* A significant increase in the unemployment rate in 2026 is expected to be avoided due to 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 for the sixth consecutive year on average."
},
{
Line 1,667 ⟶ 1,660:
"chunk": 119,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Risks to the global economic outlook are predominantly on the downside, despite potential upside risks like stronger fiscal support, a possible ceasefire in Ukraine, or an AI-driven productivity boost.\n* Primary downside risks include various geopolitical conflicts (e.g., Venezuela, Greenland, Iran, Taiwan, Ukraine), which 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) pose additional risks.\n* Political attacks on the Federal Reserve 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 rising 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 due to 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* Structural risks such as 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 1,680 ⟶ 1,673:
"chunk": 120,
"pages": [
29
],
"heading": "
"tags": [],
"links": [
"Year 2026"
],
"data_items": [],
"effective_tags": [
"Year 2026"
],
"content": "* The European Central Bank (ECB) is expected to maintain its deposit rate at 2.00% by the end of 2026 (Year 2026), supported by an inflation rate slightly below the 2% target and moderately positive economic momentum.\n* The US Federal Reserve (Fed) is expected to implement two further interest rate cuts of 0.25 percentage points each, bringing the US key interest rate to 3.25% by the end of the year, due to a weakening US labor market and political pressure.\n* Persistent US inflation significantly above the 2% target limits the Fed's room for maneuver.\n* The yield on 10-year German government bonds is expected to rise towards 3.00% during the year due to increased issuance activity to finance additional expenditures.\n* The yield on 10-year US Treasuries is expected to be 4.25% at the end of the year, only slightly above its value at the end of 2025.\n* Slight further price gains for equities are anticipated, provided that the aforementioned risks do not materialize to a greater extent.\n\n== Future industry situation =="
},
{
Line 1,693 ⟶ 1,691:
"chunk": 121,
"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 expenditures.\n\n=== German Insurance Industry ==="
},
{
Line 1,706 ⟶ 1,704:
"chunk": 122,
"pages": [
],
"heading": "
"tags": [],
"links": [
"Year 2026"
],
"data_items": [],
"effective_tags": [
"Year 2026"
],
"content": "* The German insurance market is expected to continue growing through 2026 (Year 2026), but with less momentum compared to the strong premium growth in the past fiscal year.\n\n==== Property \u0026 Casualty ===="
},
{
Line 1,719 ⟶ 1,721:
"chunk": 123,
"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 sector expects slight follow-up effects in sum and premium adjustments.\n* These adjustments are 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 changes in underlying conditions ==\n\n=== Digitalization ==="
},
{
Line 1,732 ⟶ 1,740:
"chunk": 124,
"pages": [
],
"heading": "
"tags": [],
"links": [
"Year 2026"
],
"data_items": [],
"effective_tags": [
"Year 2026"
],
"content": "* Digitalization is fundamentally changing 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 creates new opportunities in customer communication, claims processing, data evaluation, and the development of new business areas.\n* The Talanx Group 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 solutions allow for real-time insights from unstructured data in text or image form to support employees.\n* Benefits for customers and employees are already evident, primarily through time savings from optimized processes.\n* These processes adhere to applicable data protection and compliance regulations, including the European Union's (EU) Artificial Intelligence Regulation (AI Act).\n* The AI Act 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 the development and use of AI in the EU, protect fundamental rights, strengthen trust in the technology, and promote 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 the current forecast.\n\n=== Knowledge management ==="
},
{
Line 1,745 ⟶ 1,757:
"chunk": 125,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Knowledge and innovation management are gaining importance 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 ideas on specialist topics and develop new solutions, including pricing, sales, marketing, claims, fraud management, customer service centers, and digitalization.\n* Results and solutions from the Best Practice Lab are made available 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 leading to exceeding forecasts.\n\n=== Agility ==="
},
{
Line 1,758 ⟶ 1,770:
"chunk": 126,
"pages": [
30
],
"heading": "
"tags": [],
"links": [
"Year 2026"
],
"data_items": [],
"effective_tags": [
"Year 2026"
],
"content": "* The globalized world in the information age is characterized by volatility, uncertainty, complexity, and ambiguity (VUCA).\n* To keep pace with the speed of change, HDI Versicherung is transforming into an agile organization.\n* An agile organization for HDI means being a learning organization focused on customer benefit to increase company profit.\n* HDI uses interdisciplinary and creative teams, open and direct communication, flat hierarchies, and a culture that embraces mistakes.\n* Initiatives support the agile transformation by shortening communication channels and promoting cross-departmental exchange.\n* HDI implements hybrid work, allowing employees to work remotely up to 60% of the time, balancing work and family while maintaining direct colleague interaction.\n* Agility offers opportunities for customers (new tailored insurance solutions), employees (more autonomy and growth), and investors (increased company profit from satisfied customers and fully utilized employee potential).\n* Faster-than-expected agile transformation could positively impact earnings and exceed forecasts.\n* HDI Versicherung AG has high financial stability, providing a good basis to capitalize on competitive opportunities.\n* For fiscal year 2026, HDI expects a challenging market environment with continued inflation in spare parts and artisan costs, leading to premium adjustments, especially in motor and building insurance.\n* For corporate divisions, HDI plans to continue portfolio review in commercial customer business and reduce loss-making portfolios.\n* A moderate decrease in premium volume is expected for fiscal year 2026.\n* A slight decrease in claims expenses is expected, despite an anticipated normalization of natural catastrophe claims in the coming year.\n* A moderate decrease in insurance operating expenses is projected due to continued cost discipline.\n* A slight decrease in the underwriting result after fluctuation provision is expected for fiscal year 2026.\n* A significant increase in investment income is anticipated, driven by higher extraordinary investment income after loss realizations in the current reporting year.\n* The non-underwriting result is expected to decline slightly overall, leading to a net income slightly below the previous year for the coming year.\n\n== Types of insurance (Appendix 1 to the management report) =="
},
{
Line 1,777 ⟶ 1,788:
"chunk": 127,
"pages": [
],
"heading": "
"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:\n** General liability insurance\n** Private liability insurance\n** Financial loss liability insurance\n** Cyber insurance\n** Medical professional liability insurance\n** Planning liability insurance\n** Motor third-party liability insurance\n** Other motor insurance\n** General accident insurance\n** Multi-risk insurance\n** Transport insurance\n** Technical insurance\n** Fire insurance\n** Combined residential building insurance\n** Combined household contents insurance"
},
{
Line 1,790 ⟶ 1,801:
"chunk": 128,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Financial report Brazil\n* Financial report Brazil\n\n== Financial statements =="
},
{
Line 1,808 ⟶ 1,815:
"chunk": 129,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Balance Sheet\n* Profit and Loss Statement\n* Appendix\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 Profit and Loss Statement\n* Other Information\n\n=== Balance sheet as of December 31, 2025 ==="
},
{
Line 1,821 ⟶ 1,828:
"chunk": 130,
"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| Acquired concessions, industrial property rights and similar rights and values, and licenses for such rights and values | Acquired concessions, industrial property rights and similar rights and values, and licenses for 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-income securities | 1. Shares, units or shares in investment funds and other non-fixed-income securities | 772,675 | — | 822,816 |\n| 2. Bearer bonds and other fixed-income securities | 2. Bearer bonds and other fixed-income 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: | I. Receivables from direct insurance business from: | 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 the netting of assets | F. Deferred tax asset from the netting of assets | — | 0 | 6 |\n| Total assets | Total assets | — | 4,150,862 | 4,503,332 |\n\n| Liabilities In EUR thousand | | | 31.12.2025 | 31.12.2024 |\n| --- | --- | --- | --- | --- |\n| A. Shareholders' equity — I. Subscribed capital | — | 51,000 | — | 51,000 |\n| A. Shareholders' equity — II. Capital reserves | — | 6,100 | — | 6,100 |\n| A. Shareholders' equity — — | — | — | 57,100 | 57,100 |\n| I. Unearned premiums — 1. Gross amount | 225,520 | — | — | 220,539 |\n| I. Unearned premiums — 2. thereof: share for business ceded in reinsurance | 1,179 | — | — | 1,790 |\n| I. Unearned premiums — — | — | 224,341 | — | 218,748 |\n| II. Provision for unexpired risks — 1. Gross amount | 8,905 | — | — | 9,342 |\n| II. Provision for unexpired risks — 2. thereof: share for business ceded in reinsurance | 0 | — | — | 3 |\n| II. Provision for unexpired risks — — | — | 8,905 | — | 9,339 |\n| III. Claims outstanding — 1. Gross amount | 3,383,083 | — | — | 3,298,028 |\n| III. Claims outstanding — 2. thereof: share for business ceded in reinsurance | 121,637 | — | — | 129,715 |\n| III. Claims outstanding — — | — | 3,261,447 | — | 3,168,313 |\n| IV. Provision for profit-dependent and profit-independent premium refunds — 1. Gross amount | 900 | — | — | 2,500 |\n| IV. Provision for profit-dependent and profit-independent premium refunds — 2. thereof: share for business ceded in reinsurance | 0 | — | — | 0 |\n| IV. Provision for profit-dependent and profit-independent premium refunds — — | — | 900 | — | 2,500 |\n| IV. Provision for profit-dependent and profit-independent premium refunds — V. Equalization provision and similar provisions | — | 252,856 | — | 267,266 |\n| VI. Other technical provisions — 1. Gross amount | 13,439 | — | — | 11,981 |\n| VI. Other technical provisions — 2. thereof: share for business ceded in reinsurance | 0 | — | — | 0 |\n| VI. Other technical provisions — — | — | 13,439 | — | 11,981 |\n| VI. Other technical provisions — — | — | — | 3,761,887 | 3,678,147 |\n| C. Other provisions — I. Provisions for pensions and similar obligations | — | 847 | — | 785 |\n| C. Other provisions — II. Other provisions | — | 20,763 | — | 19,930 |\n| C. Other provisions — — | — | — | 21,610 | 20,715 |\n| I. Liabilities from direct insurance business to — 1. Policyholders | 100,391 | — | — | 571,021 |\n| I. Liabilities from direct insurance business to — 2. Insurance intermediaries | 13,505 | — | — | 15,526 |\n| I. Liabilities from direct insurance business to — — | — | 113,897 | — | 586,547 |\n| I. Liabilities from direct insurance business to — II. Settlement liabilities from reinsurance business – thereof to affiliated companies: 16,354 TEUR (11,153 TEUR) | — | 22,634 | — | 17,901 |\n| I. Liabilities from direct insurance business to — 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| I. Liabilities from direct insurance business to — — | — | — | 309,825 | 746,720 |\n| I. Liabilities from direct insurance business to — E. Prepaid expenses and accrued income | — | — | 440 | 651 |\n| I. Liabilities from direct insurance business to — Total liabilities | — | — | 4,150,862 | 4,503,332 |"
},
{
Line 1,838 ⟶ 1,842:
"chunk": 131,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The pension provision, including uncollected pensions, recorded under Liabilities B.III. in the balance sheet for the end of the 2025 financial year, amounts to EUR 63,698.\n* The pension provision recorded 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.\n\n=== Income statement for the period from January 1 to December 31, 2025 ==="
},
{
Line 1,857 ⟶ 1,855:
"chunk": 132,
"pages": [
37
],
"heading": "
"tags": [],
"links": [
"
],
"data_items": [],
"effective_tags": [
"
],
"content": "**Technical result for own account by income and expenses (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 unearned premiums | -4,982 | — | — | — | -8,784 |\n| d) Change in reinsurers' share of gross unearned premiums | -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) Payments for insured events | a) Payments for insured events | a) Payments for insured events | a) Payments for insured events | a) Payments for insured events | a) Payments for insured events |\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 the provision for outstanding claims | b) Change in the provision for outstanding claims | b) Change in the provision for outstanding claims | b) Change in the provision for outstanding claims | b) Change in the provision for outstanding claims | b) Change in the provision for outstanding claims |\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. Underwriting expenses for own account | 7. Underwriting expenses for own account | 7. Underwriting expenses for own account | 7. Underwriting expenses for own account | 7. Underwriting expenses for own account | 7. Underwriting expenses for own account |\n| a) Gross underwriting expenses | — | -486,415 | — | — | -506,721 |\n| b) less: commissions received and profit participation from business ceded in reinsurance | — | 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 fluctuation reserve and similar reserves | — | — | — | 14,410 | 9,026 |\n| 11. Technical result for own account | — | — | — | 20,130 | -30,710 |\n\n**Investment income**\n\n| II. Non-underwriting account In EUR thousand 1. | II. Non-underwriting account | II. Non-underwriting account | II. Non-underwriting account | 2025 | 2024 |\n| --- | --- | --- | --- | --- | --- |\n| — | a) Income from equity investments – thereof from affiliated companies: 4,325 TEUR (17,108 TEUR) | a) Income from equity investments – thereof from affiliated companies: 4,325 TEUR (17,108 TEUR) | 4,325 | — | 17,224 |\n| — | 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| — | 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| — | bb) Income from other investments | bb) Income from other investments | 91,084 | — | 100,444 |\n| — | c) Income from write-ups | c) Income from write-ups | 0 | — | 75 |\n| — | d) Gains from the disposal of investments | d) Gains from the disposal of investments | 23,819 | — | 4,420 |\n| — | e) Income from profit-sharing agreements, profit and partial profit transfer agreements | e) Income from profit-sharing agreements, profit and partial profit transfer agreements | 2 | — | 82 |\n| — | — | — | — | 119,591 | 123,310 |\n| 2. | Investment expenses | Investment expenses | Investment expenses | | |\n| — | a) Expenses for the administration of investments, interest expenses, and other investment expenses | a) Expenses for the administration of investments, interest expenses, and other investment expenses | -8,082 | — | -7,427 |\n| — | b) Amortization of investments | b) Amortization of investments | -17,734 | — | -3,718 |\n| — | c) Losses from the disposal of investments | c) Losses from the disposal of investments | -125,585 | — | -158 |\n| — | — | — | — | -151,400 | -11,303 |\n| — | — | — | — | -31,809 | 112,008 |\n| 3. | Technical interest income | Technical interest income | — | -1,020 | -1,052 |\n| — | — | — | — | -32,830 | 110,956 |\n| 4. | Other income | Other income | — | 144,773 | 18,208 |\n| 5. | Other expenses | Other expenses | — | -22,581 | -80,700 |\n| — | — | — | — | 122,193 | -62,492 |\n| 6. | Income from ordinary activities | Income from ordinary activities | Income from ordinary activities | 109,493 | 17,754 |\n| 7. | Income taxes | Income taxes | — | -15 | -5 |\n| 8. | Other taxes | Other taxes | — | -7 | -105 |\n| — | — | — | — | -23 | -110 |\n| 9. | Profits transferred due to a profit-sharing agreement, a profit transfer agreement, or a partial profit transfer agreement | Profits transferred due to a profit-sharing agreement, a profit transfer agreement, or a partial profit transfer agreement | Profits transferred due to a profit-sharing agreement, a profit transfer agreement, or a partial profit transfer agreement | -109,470 | -17,644 |\n| 10. | Net income/net loss or retained earnings | Net income/net loss or retained earnings | Net income/net loss or retained earnings | 0 | 0 |"
},
{
Line 1,874 ⟶ 1,873:
"chunk": 133,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Expense items are indicated with a minus sign before the corresponding amount.\n\n== Notes ==\n\n=== Information about the company ==="
},
{
Line 1,887 ⟶ 1,886:
"chunk": 134,
"pages": [
],
"heading": "
"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 1,901 ⟶ 1,899:
"chunk": 135,
"pages": [
],
"heading": "Financial
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The annual financial statements and management report are prepared in accordance with the provisions of the German Commercial Code (HGB), the German Stock Corporation Act (AktG), the German Insurance Supervision Act (VAG), and relevant ordinances, particularly the German Insurance Accounting Ordinance (RechVersV), as applicable to insurance companies at the balance sheet date.\n\n=== Assets ==="
},
{
Line 1,914 ⟶ 1,912:
"chunk": 136,
"pages": [
39
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Intangible assets are capitalized at acquisition cost less scheduled, straight-line depreciation over an estimated useful life of five years.\n* Self-created intangible assets of fixed assets are not capitalized per § 248 Abs. 2 Satz 1 HGB.\n* Shares in affiliated companies and participations are valued at acquisition cost, reduced by any depreciation according to the softened 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).\n* Loans to affiliated companies and companies with which an equity relationship exists are recognized at amortized cost using the effective interest method, per § 341c Abs. 3 HGB.\n* Capital investments are recognized at the purchase price upon acquisition.\n* The difference to the repayment amount is amortized using the effective interest method.\n* Necessary depreciations are made according to the softened lower of cost or market principle.\n* Shares, units or shares in investment funds, as well as bearer bonds and other fixed-interest 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 reverse write-downs 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 to serve the business permanently are valued according to the regulations applicable to fixed assets, using the softened 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 depreciated through profit or loss.\n* To assess the existence of a permanent impairment for bearer bonds, other fixed-interest securities, and debt instruments held through funds that are recognized as fixed assets, creditworthiness checks of the issuers and rating developments are considered.\n* For publicly traded shares, 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 has been permanently more than 20% below its book value in the six months preceding the balance sheet date, or if the average daily stock exchange price over the last 12 months is more than 10% below the book value.\n* The assessment of the probable permanence of an impairment for shares or units 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 acquisition.\n* The difference to the repayment amount is amortized using the effective interest method.\n* Necessary depreciations are made according to the softened 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.\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 the underlying instrument, a fixed-income cash instrument, is contractually combined with one or more derivatives.\n* If the conditions of IDW RS HFA 22 are met, these structured products are uniformly recognized at amortized cost according to the regulations for capital investments recognized as fixed assets, using the softened 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 reverse write-downs (§ 253 Abs. 5 Satz 1 HGB), write-ups are made to assets that were depreciated in previous years, up to the amortized acquisition costs 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 1,933 ⟶ 1,926:
"chunk": 137,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"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* Cost bookings incurred after the cut-off date are recorded under other receivables due to the cost cut-off before the balance sheet date.\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."
},
{
Line 1,946 ⟶ 1,939:
"chunk": 138,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Items to be included in active 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 life insurance policies).\n\n=== Liabilities ==="
},
{
Line 1,960 ⟶ 1,952:
"chunk": 139,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Subscribed capital, capital reserves, and retained earnings in equity are recognized at nominal value.\n* Reinsurers' contractual shares of relevant gross positions are determined and booked for material reinsurance contracts as of the current reporting date.\n* For selected reinsurance contracts, a one-month time lag is applied to gross figures, with separate estimated bookings for material movements (e.g., major claims) considered up to the current reporting date."
},
{
Line 1,973 ⟶ 1,965:
"chunk": 140,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Unearned premiums for directly written business are calculated using the 1/360 system or on a pro rata temporis basis, in accordance with supervisory authority regulations and the Federal Minister of Finance's letter of April 30, 1974.\n* Reinsured portions are accrued according to contractual agreements.\n* The premium reserve for lifetime household insurance policies is calculated using the prospective method, considering § 341f HGB and the legal ordinance issued under § 65 Abs. 1 VAG, on an individual contract basis and including future costs.\n* The technical interest rate valid at the time of contract inception is used."
},
{
Line 1,987 ⟶ 1,978:
"chunk": 141,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The reserve for outstanding claims in directly written business is determined individually for each claim.\n* For participating business, data from leading insurance companies is adopted.\n* If data from leading insurers is not available by 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 by the balance sheet date, based on historical data.\n* The number of expected late claims and the expected average claim amount are determined actuarially.\n* Since the standard method is not suitable for long-tail lines, the HGB late claims reserve in these cases is derived from the actuarially determined IFRS reserve, with an additional surcharge.\n* In individual cases where current insights are available, an appropriate amount is reserved based on this information.\n* The pension reserve calculated according to § 65 VAG and the reserve for expected settlement expenses are also reported.\n* The reserve for settlement costs comprises external and internal costs.\n* The external claims settlement cost reserve is formed specifically for each individual claim.\n* The internal settlement cost reserve is determined using a factor-based approximation method, which uses paid claims as a volume measure for incurred costs.\n* This method determines future internal settlement cost 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* A reduction of the determined factor is applied based on line-specific experience, assuming that part of the claims settlement for known claims has already been performed."
},
{
Line 2,000 ⟶ 1,991:
"chunk": 142,
"pages": [
41,
42
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The gross pension reserve included in the reserve for outstanding claims is calculated according to actuarial principles.\n* The calculation is based on the German Actuarial Association (DAV) 2006 HUR mortality tables for women and men.\n* The technical interest rate is formed as the minimum of the originally valid maximum technical interest rate and the reference interest rate, according to § 5 Abs. 4 of the Deckungsrückstellungsverordnung.\n* Claims from recourse, salvage, and sharing agreements for already settled claims are considered 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 according to § 29 and the appendix to § 29 RechVersV, as well as the regulations of the Versicherungsberichterstattungsverordnung (BerVersV).\n* Other technical provisions are determined as follows: 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 due to the obligation from membership in Verkehrsopferhilfe e.V. is formed according to the association's notification.\n* The reserve for impending losses from directly written or reinsured insurance business, shown under other technical provisions according to § 31 Abs. 1 Nr. 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 past claims years.\n* For technical provisions from reinsured business, the reserves ceded by the primary insurers are generally recognized, unless better internal knowledge is available.\n* If data 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 fulfillment amount deemed necessary according to reasonable judgment, as per § 253 Abs. 1 Satz 2 HGB.\n* These obligations are discounted according to § 253 Abs. 2 Satz 2 HGB using the average interest rate of the last ten years, published by the Bundesbank according to the Rückstellungsabzinsungsverordnung (RückAbzinsV) as of September 30, 2025, and projected for December 31, 2025, with an assumed remaining term of 15 years.\n* The principles of IDW RH FAB 1.021 apply to the valuation of reserves for reinsured direct commitments.\n* Pension provisions for non-reinsured employer-financed commitments 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 a reinsurance policy.\n* For reinsured benefits, the fulfillment amount corresponds to the fair value of the coverage capital of the life insurance contract plus profit participation.\n* The valuation is based on the HEUBECK-RICHTTAFELN 2018 G withdrawal probabilities, which have been strengthened according to the risk profile observed in the portfolio.\n* The following assumptions were used for the calculation:\n** 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%"
},
{
Line 2,017 ⟶ 2,006:
"chunk": 143,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Liabilities**\n\n| Salary dynamics: | 3.25 %(3.50 %) |\n| --- | --- |\n| Pension dynamics: | 2.08 %(2.14 %) |\n| Interest rate: | 2.06 %(1.90 %) |"
},
{
Line 2,030 ⟶ 2,019:
"chunk": 144,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* 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 fluctuation considered corresponds to company-specific probabilities diversified by age and gender.\n* Securities-linked employee-financed commitments are exclusively pension commitments reinsured on a performance-congruent basis, which must be valued according to IDW RS HFA 30 Rz. 74 in accordance with § 253 Abs. 1 Satz 3 HGB.\n* For these commitments, the fulfillment amount is at least equal to the fair value of the coverage capital of the life insurance contract plus profit participation."
},
{
Line 2,048 ⟶ 2,032:
"chunk": 145,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Other provisions are recognized at their probable necessary fulfillment amount based on prudent commercial valuation principles.\n* For expected maturities exceeding one year, other provisions are discounted according to § 253 Abs. 2 Satz 1 HGB using the average interest rate (reporting date interest rate as of December 31, 2025) for the last seven years published by the Bundesbank in accordance with the Rückstellungsabzinsungsverordnung (RückAbzinsV).\n* Other liabilities are recognized at their fulfillment amounts.\n* Deferred income is reported under passive deferred items for revenues received before the reporting date that represent income for a specific period thereafter.\n\n== Currency translation =="
},
{
Line 2,061 ⟶ 2,045:
"chunk": 146,
"pages": [
],
"heading": "
"tags": [],
"links": [
"Foreign exchange"
],
"data_items": [],
"effective_tags": [
"Foreign exchange"
],
"content": "* 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, inventory positions are translated at the respective spot rate at the end of the month.\n* The translation rate for the monthly valuation of profit and loss statement items is the respective closing 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\n== Note: =="
},
{
Line 2,074 ⟶ 2,062:
"chunk": 147,
"pages": [
43
],
"heading": "Financial statement
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The balance sheet, income statement, and notes are prepared in thousands of euros for improved clarity.\n* Individual items, subtotals, and totals are commercially rounded.\n* The sum of individual values may differ from subtotals and totals due to rounding differences.\n* The annual financial statements of HDI Versicherung AG are included in the notes.\n\n=== Notes to the Balance Sheet - Assets ===\n\n==== Development of assets A. and B.I. to B.III. in fiscal year 2025 ===="
},
{
Line 2,087 ⟶ 2,076:
"chunk": 148,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"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 balance sheet values\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\u003C/th\u003E\u003Cth\u003ECarrying amounts fiscal year\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\u003EAcquired concessions, industrial property rights and similar rights and values, and licenses for 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\u003Cth\u003ETotal B.II.\u003C/th\u003E\u003Cth\u003E442,508\u003C/th\u003E\u003Cth\u003E51,515\u003C/th\u003E\u003Cth\u003E0\u003C/th\u003E\u003Cth\u003E12,385\u003C/th\u003E\u003Cth\u003E0\u003C/th\u003E\u003Cth\u003E23\u003C/th\u003E\u003Cth\u003E481,615\u003C/th\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-income 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-income 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\u003Cth\u003ETotal B.III.\u003C/th\u003E\u003Cth\u003E3,318,087\u003C/th\u003E\u003Cth\u003E1,720,402\u003C/th\u003E\u003Cth\u003E0\u003C/th\u003E\u003Cth\u003E1,738,520\u003C/th\u003E\u003Cth\u003E0\u003C/th\u003E\u003Cth\u003E17,711\u003C/th\u003E\u003Cth\u003E3,282,259\u003C/th\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Cth\u003ETotal B.\u003C/th\u003E\u003Cth\u003E3,760,811\u003C/th\u003E\u003Cth\u003E1,771,917\u003C/th\u003E\u003Cth\u003E0\u003C/th\u003E\u003Cth\u003E1,751,121\u003C/th\u003E\u003Cth\u003E0\u003C/th\u003E\u003Cth\u003E17,734\u003C/th\u003E\u003Cth\u003E3,763,874\u003C/th\u003E\u003C/tr\u003E\n\u003Ctr\u003E\u003Cth\u003ETotal\u003C/th\u003E\u003Cth\u003E3,764,764\u003C/th\u003E\u003Cth\u003E1,771,917\u003C/th\u003E\u003Cth\u003E0\u003C/th\u003E\u003Cth\u003E1,751,121\u003C/th\u003E\u003Cth\u003E0\u003C/th\u003E\u003Cth\u003E19,534\u003C/th\u003E\u003Cth\u003E3,766,027\u003C/th\u003E\u003C/tr\u003E\n\u003C/table\u003E"
},
{
Line 2,100 ⟶ 2,089:
"chunk": 149,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Additions and disposals include currency exchange differences on prior year balance sheet values.\n\n=== To B. Investments ===\n\n=== Determination of fair values of investments ==="
},
{
Line 2,113 ⟶ 2,102:
"chunk": 150,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Fair values of shares in affiliated companies and participations are determined differently based on the company's purpose and size.\n* Companies valued using the earnings value method are generally recognized at the present value of future distributable financial surpluses (earnings value).\n* For companies holding 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."
},
{
Line 2,127 ⟶ 2,115:
"chunk": 151,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Fair values of loans to affiliated companies, companies with participating interests, registered bonds, promissory note receivables, and loans are determined using a present value method with product- and rating-specific yield curves.\n* Spread surcharges consider special features such as deposit insurance, guarantor liability, or subordination."
},
{
Line 2,140 ⟶ 2,128:
"chunk": 152,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Fair value determination for other investments is generally based on the open market value according to § 56 RechVersV.\n* For investments with a market or exchange price (shares, units or shares in investment funds, bearer bonds, and other fixed-income securities), the fair value is the value at the balance sheet date or the last preceding day for which a market or exchange price was ascertainable.\n* In cases without stock exchange listings, yield curves based on established financial market pricing methods 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 the portfolio correspond to the determined redemption price."
},
{
Line 2,153 ⟶ 2,141:
"chunk": 153,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Fair value for publicly traded shares and equity funds recognized as fixed assets is determined using the EPS method (earnings per share).\n* The EPS method is an earnings value method 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%."
},
{
Line 2,166 ⟶ 2,154:
"chunk": 154,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* For fixed-income securities held in special funds and recognized as fixed assets, fair value is determined at amortized cost, unless there are indications of a probable permanent impairment.\n* This involves assessing the issuer's creditworthiness and rating developments.\n* For defaulted securities and those with a market value less than 50% of the nominal value, the lower market value is generally used."
},
{
Line 2,180 ⟶ 2,167:
"chunk": 155,
"pages": [
],
"heading": "Valuation
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Fair value determination for Private Equity, Infrastructure, and Real Estate funds held in the portfolio is based on the last Net Asset Value (Capital Account) reported by the General Partner.\n* This Net Asset Value is updated to the reporting date for interim calls and distributions."
},
{
Line 2,197 ⟶ 2,180:
"chunk": 156,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The discounted cash flow method is applied separately to both legs of a swap to determine its fair value.\n* For the fixed-rate leg, the entire cash flow is rolled out until maturity.\n* For the variable-rate leg, the cash flow is rolled out until the next interest rate adjustment date.\n* The sum of the present values (considering the sign for long/short positions) yields the theoretical price or the current receivable/payable position of the entire swap transaction."
},
{
Line 2,210 ⟶ 2,193:
"chunk": 157,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "*
},
{
Line 2,223 ⟶ 2,206:
"chunk": 158,
"pages": [
],
"heading": "Carrying amounts, Fair values, and Balance by Investments with hidden liabilities",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Carrying amounts, Fair values, and Balance by Investments with hidden liabilities**\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 there is a participating interest | 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 2,236 ⟶ 2,219:
"chunk": 159,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Avoided impairments on investments recognized as fixed assets under § 341b Abs. 2 HGB amounted to EUR 35,313k (prior: EUR 111,638k).\n* These impairments are considered temporary value reductions.\n* For fixed-income securities, the creditworthiness of issuers and rating developments are used to assess permanent impairment.\n* These unrealized losses were not written down as extraordinary depreciation under § 253 Abs. 3 Satz 5 HGB because they are primarily interest-induced and not considered permanent.\n* Payment defaults are not expected due to the issuers' creditworthiness."
},
{
Line 2,249 ⟶ 2,232:
"chunk": 160,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The IDW Insurance Committee's recommended criteria are used to determine permanent impairment for shares in investment funds.\n* A permanent impairment may exist if the fair value of a security is consistently more than 20% below its 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 a look-through approach is possible, the assessment of the permanence of an impairment for investment fund shares with an unrealized loss at the balance sheet date is based on the assets held within the fund."
},
{
Line 2,264 ⟶ 2,247:
47
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "*
},
{
Line 2,275 ⟶ 2,258:
"chunk": 162,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Material holdings in affiliated companies and participations are listed below.\n* Companies of minor economic importance without significant impact on the asset, financial, and earnings position are not presented, in accordance with § 286 No. 3 Sentence 1 HGB."
},
{
Line 2,288 ⟶ 2,271:
"chunk": 163,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Shareholders' equity, Net income, Share of capital by Name, registered office**\n\n| Name, registered office In EUR thousand | Shareholders' equity (1)) before profit transfer and distribution, data based on the last available audited annual financial statements) | Net income (1)) before profit transfer and distribution, data based on the last available audited annual financial statements) | Share of capital (2)) The shareholding ratio results from the addition of all directly and indirectly held shares in accordance with § 16 para. 2 and 4 AktG) |\n| --- | --- | --- | --- |\n| Domestic: — Enhanced Sustainable Power Fund Nr. 3 GmbH \u0026 Co. KG geschlossene Investment KG, Grünwald (3)) Information on equity and annual results relates to the fiscal year from 30.9.2021 to 30.9.2022) | 187,778 | 11,679 | 2.0% |\n| Domestic: — Fair Claims GmbH, Hannover | 4,025 | 546 | 100.0% |\n| Domestic: — GDV Dienstleistungs-GmbH, Hamburg | 29,653 | 983 | 3.0% |\n| Domestic: — hector digital GmbH, Marpingen (4)) indirect participation, participation ratio according to § 16 para. 2 and 4 AktG) | 119 | -4 | 19.0% |\n| Domestic: — Infrastruktur Ludwigsau GmbH \u0026 Co KG, Köln (4)) indirect participation, participation ratio according to § 16 para. 2 and 4 AktG) | 21,353 | 1,126 | 100.0% |\n| Domestic: — Infrastruktur Windpark Vier Fichten GbR, Bremen (4)) indirect participation, participation ratio according to § 16 para. 2 and 4 AktG) | 8 | 4 | 41.7% |\n| Domestic: — KOP4 GmbH \u0026 Co. KG, München | 45,942 | 2,962 | 7.2% |\n| Domestic: — MachDigital GmbH, Neunkirchen | 539 | -1,461 | 49.0% |\n| Domestic: — Neodigital Versicherung AG, Neunkirchen | 8,158 | -19,531 | 5.5% |\n| Domestic: — Riethorst Grundstücksgesellschaft AG \u0026 Co. KG, Hannover | 133,025 | 6,607 | 50.0% |\n| Domestic: — SSV Schadenschutzverband GmbH, Hannover | 200 | 591 | 100.0% |\n| Domestic: — Talanx Infrastructure France 2 GmbH, Köln (4)) indirect participation, participation ratio according to § 16 para. 2 and 4 AktG) | 79,180 | 6,315 | 100.0% |\n| Domestic: — Talanx Infrastructure Portugal 2 GmbH, Köln | 32,460 | 3,047 | 50.0% |\n| Domestic: — Talanx Infrastructure Portugal GmbH, Köln (4)) indirect participation, participation ratio according to § 16 para. 2 and 4 AktG) | 731 | -0 | 70.0% |\n| Domestic: — TD Real Assets GmbH \u0026 Co. KG, Köln | 582,933 | 15,285 | 17.0% |\n| Domestic: — TD Sach Private Equity GmbH \u0026 Co. KG, Köln | 94,254 | 9,434 | 100.0% |\n| Domestic: — Windfarm Bellheim GmbH \u0026 Co. KG, Köln (4)) indirect participation, participation ratio according to § 16 para. 2 and 4 AktG) | 38,825 | 1,459 | 85.0% |\n| Domestic: — Windpark Mittleres Mecklenburg GmbH \u0026 Co. KG, Cologne (4)) indirect participation, participation ratio according to § 16 para. 2 and 4 AktG) | 13,379 | 3,007 | 100.0% |\n| Domestic: — Windpark Parchim GmbH \u0026 Co. KG, Cologne (4)) indirect participation, participation ratio according to § 16 para. 2 and 4 AktG) | 12,765 | 1,680 | 51.0% |\n| Domestic: — Windpark Rehain GmbH \u0026 Co. KG, Cologne (4)) indirect participation, participation ratio according to § 16 para. 2 and 4 AktG) | 21,958 | 677 | 100.0% |\n| Domestic: — Windpark Sandstruth GmbH \u0026 Co. KG, Cologne (4)) indirect participation, participation ratio according to § 16 para. 2 and 4 AktG) | 4,252 | 62,961 | 100.0% |\n| Domestic: — Zweite Riethorst Grundstücksgesellschaft mbH | 123,915 | 1,742 | 50.0% |\n| International: — Augusta Ireland 2 Limited Partnership, Ireland, Dublin | -540 | -385 | 100% |\n| International: — CEF BKR03 NL B.V., Netherlands, Amsterdam (4)) indirect participation, participation ratio according to § 16 para. 2 and 4 AktG) | 55,039 | -1,090 | 5.2% |\n| International: — EIP Gas Transit Switzerland SCS, Luxembourg, Luxembourg (5)) Information on equity and annual results relates to the fiscal year from 30.6.2024 to 30.6.2025) | 141,838 | -6,222 | 2.8% |\n| International: — EIP Wind Power Central Norway SCS, Luxembourg, Luxembourg (4)) indirect participation, participation ratio according to § 16 para. 2 and 4 AktG) | 88,335 | -36,888 | 10.9% |\n| International: — Escala Braga - Sociedade Gestora do Edificio S.A., Portugal, Braga (4)) indirect participation, participation ratio according to § 16 para. 2 and 4 AktG) | 5,829 | 1,774 | 49.0% |\n| International: — Escala Parque - Gestao de Estacionamento S.A., Portugal, Linhó (4)) indirect participation, participation ratio according to § 16 para. 2 and 4 AktG) | 1,588 | 1,527 | 49.0% |\n| International: — Escala Vila Franca - Sociedade Gestora do Edificio S.A., Portugal, Linhó (4)) indirect participation, participation ratio according to § 16 para. 2 and 4 AktG) | 15,427 | 2,283 | 49.0% |\n| International: — Ferme Eolienne du Confolentais SNC, France, Toulouse (4)) indirect participation, participation ratio according to § 16 para. 2 and 4 AktG) | 12,847 | 708 | 100.0% |\n| International: — Iberia Termosolar 1, S.L.U., Spain, Seville (4)) indirect participation, participation ratio according to § 16 para. 2 and 4 AktG) | 45,559 | 626 | 33.4% |\n| International: — Infrastorm Co-Invest 1 SCA, Luxembourg, Luxembourg (4)) indirect participation, participation ratio according to § 16 para. 2 and 4 AktG) | 11,342 | -60 | 45.0% |\n| International: — Le Chemin de La Milaine S.N.C., France, Lille (4)) indirect participation, participation ratio according to § 16 para. 2 and 4 AktG) | 16,451 | 1,706 | 100.0% |\n| International: — Le Louveng S.A.S, France, Lille (4)) indirect participation, participation ratio according to § 16 para. 2 and 4 AktG) | 12,282 | 753 | 100.0% |\n| International: — Les Vents de Malet S.N.C., France, Lille (4)) indirect participation, participation ratio according to § 16 para. 2 and 4 AktG) | 16,625 | 1,907 | 100.0% |\n| International: — PNH - Parque do Novo Hospital S.A., Portugal, Linhó (4)) indirect participation, participation ratio according to § 16 para. 2 and 4 AktG) | 546 | 486 | 49.0% |\n\n(1)) 1) before profit transfer and distribution, data based on the last available audited annual financial statements\n(2)) 2) The shareholding ratio results from the addition of all directly and indirectly held shares in accordance with § 16 para. 2 and 4 AktG\n(3)) 3) Information on equity and annual results relates to the fiscal year from 30.9.2021 to 30.9.2022\n(4)) 4) indirect participation, participation ratio according to § 16 para. 2 and 4 AktG\n(5)) 5) Information on equity and annual results relates to the fiscal year from 30.6.2024 to 30.6.2025\n\n== To B.III. Other investments =="
},
{
Line 2,301 ⟶ 2,284:
"chunk": 164,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Item B.III.1. Shares, units or shares in investment funds and other non-fixed-interest securities includes shares in EU/domestic investment funds where the company holds over 10% of the shares.\n* There are no restrictions on the daily redemption of these shares."
},
{
Line 2,314 ⟶ 2,297:
"chunk": 165,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**To B.III. Other investments (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| HV Aktien | 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 2,327 ⟶ 2,310:
"chunk": 166,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Depreciation according to § 253 Abs. 3 Satz 5 HGB was not fully recognized for special funds showing hidden burdens, as these are considered temporary impairments.\n\n== To C.III. Other receivables =="
},
{
Line 2,340 ⟶ 2,323:
"chunk": 167,
"pages": [
],
"heading": "To C.III. Other receivables",
"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 investment income and service transactions.) | 147,670 | 497,557 |\n| Receivables from syndicated 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 investment income and service transactions.\n\n== To D.I. Current balances with credit institutions, checks and cash in hand =="
},
{
Line 2,355 ⟶ 2,338:
49
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "*
},
{
Line 2,368 ⟶ 2,351:
49
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The total amount of EUR 37,475k (prior year: EUR 32,601k) primarily consists of accrued interest.\n\n==== To F. Active difference from asset offsetting ===="
},
{
Line 2,379 ⟶ 2,362:
"chunk": 170,
"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 Abs. 2 Satz 3 HGB."
},
{
Line 2,392 ⟶ 2,375:
"chunk": 171,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**To F. Active difference from asset offsetting**\n\n| In EUR thousand | 31.12.2025 | 31.12.2024 |\n| --- | --- | --- |\n| Receivables from reinsurance policies | 1,312 | 1,573 |\n| Fulfillment amount of netted liabilities from employee-funded commitments | -1,312 | -1,567 |\n| Total | 0 | 6 |"
},
{
Line 2,405 ⟶ 2,388:
"chunk": 172,
"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==== To A.I. Subscribed capital ===="
},
{
Line 2,418 ⟶ 2,401:
"chunk": 173,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Subscribed capital by fiscal year end**\n\n| In EUR thousand | 31.12.2025 | 31.12.2024 |\n| --- | --- | --- |\n| Balance at beginning of fiscal year | 51,000 | 51,000 |\n| Balance at end of fiscal year | 51,000 | 51,000 |"
},
{
Line 2,431 ⟶ 2,414:
"chunk": 174,
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The
},
{
Line 2,446 ⟶ 2,429:
50
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Capital reserve by fiscal year end balance**\n\n| In EUR thousand | 31.12.2025 | 31.12.2024 |\n| --- | --- | --- |\n| Balance at beginning of fiscal year | 6,100 | 6,100 |\n| Balance at end of fiscal year | 6,100 | 6,100 |"
},
{
Line 2,459 ⟶ 2,442:
50
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The formation of a legal reserve is not required because § 150 para. 2 AktG (\"statutory reserve fund\") is already fulfilled by the formation of the capital reserve in accordance with § 272 para. 2 no. 1 HGB.\n\n=== To B. Technical provisions ==="
},
{
"id": "9fth4kgfqj-c177",
"chunk": 177,
"pages": [
51
Line 2,545 ⟶ 2,463:
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
51
Line 2,559 ⟶ 2,477:
"Business mix"
],
"content": "**Technical provisions by lines of business (Business mix)**\n\n| In EUR thousand | 31.12.2025 | 31.12.2024 |\n| --- | --- | --- |\n| Accident insurance | 108,210 | 112,318 |\n| Liability insurance | 1,865,072 | 1,780,426 |\n| Motor vehicle liability insurance | 1,099,476 | 1,106,022 |\n| Other motor vehicle insurance | 165,646 | 157,827 |\n| Fire and property insurance | 420,211 | 444,037 |\n| thereof a) Fire insurance | 144,604 | 148,092 |\n| b)
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
51
Line 2,572 ⟶ 2,490:
"data_items": [],
"effective_tags": [],
"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=== To B.III. Provision for outstanding claims ==="
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
51
],
"heading": "Gross values presentation",
"tags": [],
"links": [],
Line 2,588 ⟶ 2,506:
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
51
Line 2,602 ⟶ 2,520:
"Business mix"
],
"content": "**Provision for outstanding claims by lines of business (Business mix)**\n\n| In EUR thousand | 31.12.2025 | 31.12.2024 |\n| --- | --- | --- |\n| Accident insurance | 96,491 | 94,261 |\n| Liability insurance | 1,694,273 | 1,554,466 |\n| Motor vehicle liability insurance | 1,049,583 | 1,060,562 |\n| Other motor vehicle insurance | 77,216 | 113,484 |\n| Fire and property insurance | 251,560 | 277,309 |\n| thereof a) Fire insurance | 129,613 | 133,247 |\n| b)
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
51
Line 2,615 ⟶ 2,533:
"data_items": [],
"effective_tags": [],
"content": "* The provision for premium refunds reported in the financial year was EUR 900k (prior
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
52
Line 2,632 ⟶ 2,550:
"Business mix"
],
"content": "**Fluctuation reserves and similar provisions by lines of business (Business mix)**\n\n| In EUR thousand | 31.12.2025 | 31.12.2024 |\n| --- | --- | --- |\n| Accident insurance | 1,515 | 7,510 |\n| Liability insurance | 111,286 | 167,862 |\n| Motor vehicle liability insurance | 0 | 0 |\n| Other motor vehicle insurance | 50,212 | 0 |\n| Fire and property insurance | 88,259 | 90,788 |\n| thereof a) Fire insurance | 7,237 | 9,649 |\n| b)
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
52
Line 2,645 ⟶ 2,563:
"data_items": [],
"effective_tags": [],
"content": "* Other technical provisions totaled EUR 13,439k (prior year: EUR 11,981k).\n* This includes a cancellation reserve of EUR 12,512k (prior year: EUR 11,054k).\n*
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
52
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
52
Line 2,671 ⟶ 2,589:
"data_items": [],
"effective_tags": [],
"content": "*
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
53
],
"heading": "To C.II. Other provisions",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**To C.II. Other provisions**\n\n| In EUR thousand | 31.12.2025 | 31.12.2024 |\n| --- | --- | --- |\n| a) Remuneration still to be paid | 6,523 | 5,398 |\n| b) Outstanding commissions | 5,520 | 4,850 |\n| c) Other provisions from investments | 4,680 | 4,495 |\n| d) Provisions for impending losses | 2,425 | 4,340 |\n| e) Provisions for administration and consulting | 1,258 | 0 |\n| f) Financial statement costs | 346 | 279 |\n| g) Other provisions | 11 | 568 |\n| Total | 20,763 | 19,930 |\n\n=== To D.III. Other liabilities ==="
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
53
],
"heading": "To D.III. Other liabilities",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**To D.III. 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
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
53
Line 2,710 ⟶ 2,628:
"data_items": [],
"effective_tags": [],
"content": "* Other liabilities do not include liabilities with a remaining maturity of more than five years.\n\n===
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
53
],
"heading": "Other deferred income and expenses",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Other deferred income and expenses totaled EUR 440k (prior year: EUR 651k).\n\n=== Notes to the
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
53
Line 2,736 ⟶ 2,654:
"data_items": [],
"effective_tags": [],
"content": "* The self-
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
54
],
"heading": "
"tags": [],
"links": [
"Gross written premiums",
"Business mix"
],
"data_items": [],
"effective_tags": [
"Business mix",
"Gross written premiums"
],
"content": "**Gross written premiums by lines of business (Business mix)**\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) Combined household contents insurance | 72,422 | 75,186 |\n| c) Combined 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==== To I.1. Gross earned premiums ===="
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
54
],
"heading": "
"tags": [],
"links": [
"Business mix"
],
"data_items": [],
"effective_tags": [
"Business mix"
],
"content": "**Gross earned premiums by lines of business (Business mix)**\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) Combined household contents insurance | 72,792 | 75,129 |\n| c) Combined 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==== To I.1. Net earned premiums ===="
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
54
],
"heading": "
"tags": [],
"links": [
"Business mix"
],
"data_items": [],
"effective_tags": [
"Business mix"
],
"content": "**Net earned premiums by lines of business (Business mix)**\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) Combined household contents insurance | 69,572 | 70,658 |\n| c) Combined 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-
"chunk":
"pages": [
55
],
"heading": "Annual
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The document refers to the Annual
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
55
Line 2,801 ⟶ 2,733:
"data_items": [],
"effective_tags": [],
"content": "* Technical interest income in the directly written gross insurance business was calculated on the pension provision and the premium provision.\n*
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
55
],
"heading": "
"tags": [],
"links": [
"Business mix"
],
"data_items": [],
"effective_tags": [
"Business mix"
],
"content": "**Gross claims incurred by lines of business (Business mix)**\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) Combined household contents insurance | 26,274 | 33,194 |\n| c) Combined 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== To I.7.a) Gross expenses for insurance operations =="
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
55
],
"heading": "
"tags": [],
"links": [
"Business mix"
],
"data_items": [],
"effective_tags": [
"Business mix"
],
"content": "**Gross expenses for insurance operations by lines of business (Business mix)**\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) Combined household contents insurance | 25,981 | 27,287 |\n| c) Combined 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": [
55
Line 2,840 ⟶ 2,780:
"data_items": [],
"effective_tags": [],
"content": "* Gross expenses for insurance operations
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
56
Line 2,857 ⟶ 2,797:
"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)
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
56
],
"heading": "Reinsurance balance
"tags": [],
"links": [],
"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
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
56
Line 2,883 ⟶ 2,823:
"data_items": [],
"effective_tags": [],
"content": "* HDI Versicherung AG achieved a run-off
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
56
Line 2,900 ⟶ 2,840:
"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)
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
57
],
"heading": "Commissions and other remuneration for insurance agents, personnel expenses",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "**Commissions and other remuneration for insurance agents, personnel expenses**\n\n| In EUR thousand | 2025 | 2024 |\n| --- | --- | --- |\n| 1. Commissions of any kind for insurance agents within the meaning of § 92 HGB for self-concluded insurance business | 258,909 | 274,730 |\n| 2. Other remuneration for insurance agents within the meaning of § 92 HGB | 0 | 0 |\n| 3. Wages and salaries | 3,045 | 4,213 |\n| 4. Social security contributions and expenses for support | 0 | 0 |\n| 5. Expenses for retirement benefits | 111 | 444 |\n| Total | 262,065 | 279,387 |\n\n==== Number of insurance policies with a term of at least one year ===="
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
57
Line 2,939 ⟶ 2,866:
"data_items": [],
"effective_tags": [],
"content": "**Units by self-concluded insurance business**\n\n| Units | 2025 | 2024 |\n| --- | --- | --- |\n| Self-concluded insurance business — Accident insurance | 333,287 | 348,545 |\n| Self-concluded insurance business — Liability insurance | 1,075,441 | 1,102,391 |\n| Self-concluded insurance business — Motor vehicle liability insurance
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
57
Line 2,952 ⟶ 2,879:
"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
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
57
Line 2,965 ⟶ 2,892:
"data_items": [],
"effective_tags": [],
"content": "* Income from plan assets for pension obligations was EUR 38k (prior
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
58
Line 2,982 ⟶ 2,909:
"Foreign exchange"
],
"content": "**To II.5. Other expenses**\n\n| In EUR thousand | 2025 | 2024 |\n| --- | --- | --- |\n| Expenses for the company as a whole | 17,770 | 77,399 |\n| Individual
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
58
Line 2,995 ⟶ 2,922:
"data_items": [],
"effective_tags": [],
"content": "* The reported amount of EUR 15k (prior: EUR 5k) is attributable to creditable withholding tax.\n\n==== To II.8. Other taxes ===="
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
58
Line 3,008 ⟶ 2,935:
"data_items": [],
"effective_tags": [],
"content": "* Other taxes amounted to EUR 7k (prior: EUR 105k)
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
59
Line 3,021 ⟶ 2,948:
"data_items": [],
"effective_tags": [],
"content": "\u003Ctable id=\"
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
59
],
"heading": "
"tags": [],
"links": [
Line 3,038 ⟶ 2,965:
"Year 2026"
],
"content": "**
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
60
],
"heading": "Executive and board compensation",
"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 members of those companies' bodies.\n* Under the share-based compensation system,
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
60
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Talanx AG, Hannover, and HDI Global SE, Hannover, have assumed the fulfillment of pension obligations for former employees and board members of HDI Versicherung AG, both internally and externally.\n* HDI Versicherung AG has co-liability for these pension commitments, amounting to EUR 47,686k (prior: EUR 58,542k) to Talanx AG and EUR 22,679k (prior: EUR 24,472k) to HDI Global SE at year-end.\n* HDI Versicherung AG is a member of Verkehrsopferhilfe e.V., Berlin, obligating it 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 assesses the likelihood of claims arising from these liabilities as improbable."
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
60
],
"heading": "
"tags": [],
"links": [
Line 3,107 ⟶ 3,008:
"Gross written premiums"
],
"content": "* The company is a member of the Versicherungsombudsmann e.V., Berlin.\n*
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
60,
Line 3,121 ⟶ 3,022:
"data_items": [],
"effective_tags": [],
"content": "* HDI Versicherung AG has other financial commitments from open capital calls (
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
61
Line 3,137 ⟶ 3,038:
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
61
],
"heading": "
"tags": [],
"links": [],
"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
],
"heading": "
"tags": [],
"links": [],
"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, ensuring no impact on the company's financial position or earnings compared to using or providing these services with non-related
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
61
Line 3,173 ⟶ 3,074:
"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,
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
61,
62
],
"heading": "Group consolidation and reporting
"tags": [],
"links": [],
"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 3,203 ⟶ 3,104:
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
62
],
"heading": "Board of Management
"tags": [],
"links": [
Line 3,217 ⟶ 3,118:
"Year 2026"
],
"content": "* Hannover, February 25, 2026 (Year 2026).\n* The Board of Management:\n** Dr. Daniel Schulze Lammers (Chairman)\n** Norbert Eickermann\n** Dr. Philipp Horsch\n** Thorsten Jahnke\n** Thomas Lüer\n** Jens Warkentin\n\n== Independent auditor's report
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
63
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "*
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
63
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
63
],
"heading": "Audit basis and auditor
"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,
64,
65
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Key audit matters are those deemed most significant in the audit of the annual 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.\n* The most significant matters in the audit were: ❶ Valuation of investments and ❷ Valuation of loss reserves.\n* The presentation of these key audit matters is structured as follows: ① Matter and problem, ② Audit approach and findings, ③ Reference to further information.\n* Investments are reported on the balance sheet at EUR 3,763,874k, representing 90.7% of total assets.\n* Commercial law valuation of individual investments is based on acquisition costs and the lower fair value or current value.\n* According to § 341b Abs. 2 Satz 1 HGB, certain investments of insurance companies intended for permanent business operations can be valued according to the rules for fixed assets.\n* In such cases, unscheduled write-downs to the lower fair value are only made for permanent impairments (mitigated lower-of-cost-or-market principle), and temporary impairments are carried forward as hidden burdens to subsequent years.\n* Classification as serving permanent business operations requires an intention and ability to hold these investments permanently.\n* Fair value or current value is determined using the market price of the respective investment, if available.\n* Investments not valued based on stock exchange or other market prices (e.g., shares in affiliated companies, alternative investment funds, registered bonds, promissory note loans, and loans) carry an increased valuation risk due to the need for model calculations.\n* Management's discretionary decisions, estimates, and assumptions, including potential macroeconomic and geopolitical factors and interest rate developments, are required for valuation.\n* Minor changes in assumptions or methods can significantly impact investment valuation.\n* The valuation of investments was particularly important due to their material significance for the company's financial position and earnings, the extent of hidden burdens carried forward under the mitigated lower-of-cost-or-market principle, and management's discretion and associated estimation uncertainties.\n* The audit involved assessing the models and assumptions used by the company, in collaboration with internal investment specialists, considering investment valuation expertise, industry knowledge, and experience.\n* The design and effectiveness of the company's controls for investment valuation and income recognition were evaluated.\n* Individual audit procedures were performed on investment valuation, including assessing management's view on macroeconomic and geopolitical factors and interest rate developments.\n* Underlying valuations and their recoverability were reviewed based on provided documents, and the consistent application of valuation methods and period allocation was checked.\n* For hidden burdens, the audit assessed whether the conditions for permanent holding intent and ability were met and if impairments were not permanent.\n* Valuation reports (including parameters and assumptions) for significant shares in affiliated companies were evaluated.\n* Based on audit procedures, the auditor was satisfied that management's assessments and assumptions for investment valuation were justified and adequately documented.\n* Information on investments is provided in the \"Accounting and Valuation Methods\" section and the \"Balance Sheet - Assets\" explanations in the notes to the financial statements.\n\n==== ❷ Valuation of claims provisions ===="
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The company's financial statements
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Legal representatives are responsible for other information.\n* Other information includes the management report, excluding further cross-references to external information, the audited annual financial statements, the audited management report, and the auditor's report.\n* Audit opinions on the annual financial statements and management report do not extend to other information, and therefore no audit opinion or other form of audit conclusion is issued on it.\n* In connection with the audit, the responsibility is to read the other information and assess whether it contains material inconsistencies with the annual financial statements, the content-audited management report disclosures, or knowledge obtained during the audit.\n* The responsibility also includes assessing whether the other information otherwise appears materially misstated.\n\n== Responsibility of the legal representatives and the Supervisory Board for the annual financial statements and the management report =="
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
66
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Legal representatives are responsible for preparing financial statements that comply with German commercial law and present a true and fair view of the company's assets, financial position, and earnings.\n* Legal representatives are responsible for internal controls deemed necessary to prepare financial statements free from material misstatement due to fraud or error.\n* Legal representatives are responsible for assessing the company's ability to continue as a going concern when preparing financial statements.\n* Legal representatives must disclose matters related to going concern, if applicable, and prepare financial statements based on the going concern principle unless actual or legal circumstances prevent it.\n* Legal representatives are responsible for preparing the management report, ensuring it provides a true and fair view of the company's situation, aligns with the financial statements, complies with German legal requirements, and accurately presents future opportunities and risks.\n* Legal representatives are responsible for the systems and measures deemed necessary to prepare the management report in accordance with applicable German legal requirements and to provide sufficient appropriate evidence for its statements."
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
66
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The Supervisory Board is responsible for overseeing the company's accounting process for preparing the 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": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "*
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Information on investments is in the \"Accounting and Valuation Methods\" section and \"Balance Sheet - Assets\" notes of the appendix.\n* Technical provisions, specifically \"provision for outstanding claims,\" amount to TEUR 3,261,447 (78.5% of the balance sheet total).\n* Insurance companies must form technical provisions as necessary to ensure the fulfillment of obligations from insurance contracts.\n* Reasonable assurance is a high level of assurance, but not a guarantee that an audit conducted in accordance with § 317 HGB and EU-APrVO, observing IDW's German principles of proper auditing, will always detect a material misstatement.\n* Misstatements can result from fraud or error and are considered material if they could reasonably be expected to influence the economic decisions of users based on the financial statements and management report.\n* Determining assumptions for valuing technical provisions requires management to consider commercial and regulatory requirements, assess future events, and apply appropriate valuation methods.\n* This includes the expected impact of increased inflation rates on the formation of claims provisions in affected segments.\n* The methods and calculation parameters used to determine claims provisions are based on management's discretionary decisions and assumptions.\n* Minor changes to these assumptions and methods can have a material impact on the valuation of claims provisions.\n* The valuation of claims provisions was particularly important due to their material significance for the company's financial position and earnings, and the considerable discretion and associated estimation uncertainties of management.\n* The auditor identifies and assesses risks of material misstatement in the financial statements and management report due to fraud or error, plans and performs audit procedures in response to these risks, and obtains sufficient and appropriate audit evidence.\n* The risk of not detecting a material misstatement resulting from fraud is higher than from error, as fraud can involve collusion, forgery, intentional omissions, misleading representations, or overriding internal controls.\n* The auditor obtains an understanding of internal controls relevant to the audit of the financial statements and arrangements relevant to the audit of the management report to plan appropriate audit procedures, not to express an opinion on the effectiveness of these controls or arrangements.\n* The auditor, together with internal valuation specialists, assessed the methods used and assumptions made by management, applying industry knowledge and recognized methods.\n* The auditor assesses the appropriateness of accounting methods applied by management and the reasonableness of estimated values and related disclosures.\n* The auditor evaluated the design and effectiveness of the company's controls for determining and recording claims provisions.\n* Based on this, the auditor performed further analytical and individual case audit procedures regarding the valuation of claims provisions.\n* The auditor reconciled the data underlying the calculation of the fulfillment amount with the basic documents.\n* The auditor verified the company's calculated results for the amount of provisions against applicable legal regulations and checked the consistent application of valuation methods and period cut-offs.\n* The auditor also assessed management's estimation regarding increased inflation rates on the affected segments.\n* The auditor concluded that management's assessments and assumptions for valuing claims provisions are justified and sufficiently documented.\n* The auditor draws conclusions on the appropriateness of the going concern accounting principle applied by management and whether there is a material uncertainty related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern.\n* If a material uncertainty exists, the auditor is obliged to draw attention to the related disclosures in the financial statements and management report or, if these disclosures are inadequate, to modify the audit opinion.\n* Conclusions are based on audit evidence obtained up to the date of the audit opinion, but future events or conditions may cause the company to cease its operations.\n* The auditor assesses the overall presentation, structure, and content of the financial statements, including disclosures, and whether they present the underlying business transactions and events in a way that, in compliance with German principles of proper accounting, provides a true and fair view of the company's assets, financial position, and earnings."
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
68
],
"heading": "Management report assessment",
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The auditor assesses the consistency of the management report with the financial statements, its compliance with legal requirements, and the picture it conveys of the company's situation.\n* The auditor performs audit procedures on the forward-looking information presented by management in the management report.\n* Based on sufficient appropriate audit evidence, the auditor verifies the significant assumptions underlying the forward-looking information and assesses the appropriate derivation of this information from these assumptions.\n* The auditor does not express a separate audit opinion on the forward-looking information or the underlying assumptions.\n* There is a significant unavoidable risk that future events may differ materially from the forward-looking information."
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
68
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The auditor discusses with those charged with governance the planned scope and timing of the audit, significant audit findings, and any material deficiencies in internal controls identified during the audit.\n* The auditor provides a statement to those charged with governance that relevant independence requirements have been met and discusses all relationships and other matters that could reasonably be thought to bear on independence, and, if applicable, actions taken or safeguards applied to eliminate threats to independence.\n* From the matters discussed with those charged with governance, the auditor determines those that were most significant in the audit of the financial statements for the current reporting period and are therefore the key audit matters.\n* These matters are described in the audit opinion, unless laws or other regulations preclude public disclosure.\n\n=== Other legal and regulatory requirements ===\n\n=== Other information in accordance with Article 10 EU-APrVO ==="
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
68
],
"heading": "Other information in accordance with Article 10 EU-APrVO",
"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 been continuously active as the auditor of HDI Versicherung AG, Hannover, since the 2018 financial year.\n* The audit opinions in the confirmation notice are consistent with the additional report to the audit committee under Article 11 EU-APrVO (audit report).\n\n=== Responsible auditor ==="
},
{
"id": "9fth4kgfqj-c237",
"chunk": 237,
"pages": [
69
Line 3,393 ⟶ 3,307:
"Year 2026"
],
"content": "* The
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
70
Line 3,406 ⟶ 3,320:
"data_items": [],
"effective_tags": [],
"content": "* The Supervisory Board
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
70
],
"heading": "HDI Deutschland strategy and
"tags": [],
"links": [
Line 3,425 ⟶ 3,339:
"Property \u0026 casualty"
],
"content": "* The new 'SBSTNZ.' strategy was developed for the HDI Deutschland business unit (Business mix) and will be implemented in the next strategy cycle.\n* The 'SBSTNZ.' strategy aims for sustainable growth, strong market positioning, and long-term stability within the Talanx Group.\n* The strategy bundles
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
70,
71
],
"heading": "Supervisory Board
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* The results of the annual self-assessment by Supervisory Board members were reported
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
71
],
"heading": "Supervisory Board oversight and
"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.\n* Reporting in 2025 considered current economic, financial, and political developments.\n*
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
71,
Line 3,483 ⟶ 3,384:
"Year 2026"
],
"content": "* The Management Board
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
72,
73
],
"heading": "Annual financial
"tags": [],
"links": [
Line 3,501 ⟶ 3,402:
"Year 2026"
],
"content": "* The annual financial statements
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
73
Line 3,518 ⟶ 3,419:
"Year 2026"
],
"content": "* Norbert Eickermann was reappointed
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
73
Line 3,531 ⟶ 3,432:
"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 as her successor to the Supervisory Board by the extraordinary general meeting on July 17, 2025, effective August 1, 2025
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
73
],
"heading": "
"tags": [],
"links": [
Line 3,548 ⟶ 3,449:
"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*
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
74
Line 3,561 ⟶ 3,462:
"data_items": [],
"effective_tags": [],
"content": "* HDI-Platz 1, 30659 Hannover\n*
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
74
Line 3,577 ⟶ 3,478:
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
75
],
"heading": "
"tags": [],
"links": [],
"data_items": [],
"effective_tags": [],
"content": "* Corporate \u0026 Specialty Division:\n** HDI Global SE\n** HDI Global Specialty SE\n** HDI Versicherung AG (Austria)\n** HDI Global Seguros S.A. (Mexico)\n** HDI Global SA Ltd. (South Africa)\n** HDI Global Insurance Company (USA)\n** HDI Global Network AG\n** HDI Reinsurance (Ireland) SE\n* Private and Corporate Insurance International Retail International Division:\n** HDI International AG\n** HDI Seguros S.A. (Brazil)\n** Yelum Seguros S.A. (Brazil)\n** HDI Seguros S.A. (Chile)\n** HDI Seguros Colombia S.A.\n** HDI Seguros S.A. de C.V. (Mexico)\n** TUıR WARTA S.A. (Poland)\n** TU Europa S.A. (Poland)\n** HDI Assicurazioni S.p.A. (Italy)\n** HDI Sigorta A.Ş. (Türkiye)\n* Private and Corporate Insurance Germany Retail Germany Division:\n** HDI Deutschland AG\n** HDI Lebensversicherung AG\n** HDI Pensionsfonds AG\n** HDI Kasse AG\n** HDI Pensionsmanagement AG\n** HDI Versicherung AG\n** HDI Vorsorge Lebensversicherung AG\n** Lifestyle Protection Lebensversicherung AG\n** Lifestyle Protection AG\n** LPV Lebensversicherung AG\n** NEH Neue Hildener Versicherung AG\n** neue leben Lebensversicherung AG\n** neue leben Unfallversicherung AG\n* Reinsurance Division:\n** Hannover Rück SE\n** E+S Rückversicherung AG\n** Argenta Holdings Limited\n** Hannover ReTakaful B.S.C. (c) (Bahrain)\n** Hannover Re (Bermuda) Ltd.\n** Hannover Life Re of Australasia Ltd\n** Hannover Re (Ireland) DAC\n** Hannover Re South Africa Limited\n** Hannover Life Reassurance Company of America\n* Group Operations:\n** HDI AG\n** Ampega Asset Management GmbH\n** Ampega Investment GmbH\n** Talanx Reinsurance Broker GmbH"
},
{
"id": "9fth4kgfqj-
"chunk":
"pages": [
75,
76
],
"heading": "
"tags": [],
"links": [
Line 3,618 ⟶ 3,506:
"Year 2026"
],
"content": "* The chart
}
],
| |||