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

"heading": "Company and Report Title",

"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 interest margin (in %) | -0.8 | 3.0 | — |\n| Earnings before profit transfer | 109.5 | 17.6 | 520.4 |\n\n== Contents =="

"heading": "Management Report sections",

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

3

"heading": "Management Report appendix",

"links": [],

"effective_tags": [],

"content": "* Anlage 1 zum Lagebericht"

3

"heading": "Annual Financial Statements sections",

"content": "* Jahresabschluss\n* Bilanz\n* Gewinn- und Verlustrechnung\n* Anhang"

3

"heading": "Audit and supervisory reports",

"links": [],

"effective_tags": [],

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

"heading": "HDI Versicherung AG overview",

"links": [

"Property \u0026 casualty"

],

"effective_tags": [

"Property \u0026 casualty"

],

"content": "* HDI Versicherung AG is part of the Talanx business division Private and Corporate Insurance Germany (HDI Deutschland).\n* HDI Deutschland bundles the activities of private and corporate customer companies in property and casualty (Property \u0026 casualty) insurance, life insurance, and bancassurance within Germany.\n* HDI Deutschland AG manages the HDI Deutschland business division.\n* The registered office of HDI Versicherung AG is Hannover.\n* The company offers broad insurance coverage for private individuals, sole proprietors, freelancers, and small to medium-sized businesses.\n* Coverage is provided in the liability, accident, property, and motor vehicle insurance sectors.\n* HDI Versicherung AG offers comprehensive insurance solutions for companies in trade, services, and crafts through industry-specific solutions and modular insurance packages.\n* HDI Versicherung AG aims to provide affordable and transparent insurance products for private and corporate customers.\n* The company targets both price- and performance-conscious customers who independently navigate the market, and advice-oriented customers seeking customized insurance products.\n* The company uses its in-house sales force for a holistic customer support approach.\n* Through its sales force, the company also offers legal protection, credit, life, and health insurance from other companies, in addition to its own property and casualty insurance.\n* Another distribution channel is company-mediated employee business."

4

"heading": "S\u0026P rating",

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

4

"heading": "Distribution strategy and channels",

"Property \u0026 casualty"

"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 ===="

4

"heading": "Group services and synergies",

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

"heading": "Global Economic Development 2025",

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

"heading": "German and Eurozone Economic Performance 2025",

"links": [

"Headwind"

],

"effective_tags": [

"Headwind"

],

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

5

"heading": "US Economic Performance 2025",

"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."

5

"heading": "China Economic Performance 2025",

"links": [

"Headwind"

],

"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."

5

"heading": "Latin America Economic Performance 2025",

"links": [],

"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."

5

"heading": "Inflation and Interest Rates 2025",

"links": [],

"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 ====="

5,

"heading": "Global equity market performance 2025",

"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."

"heading": "Bond yields, oil prices, and currency movements 2025",

"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 ===="

6

"heading": "German insurance market overview",

"links": [

"Property \u0026 casualty"

],

"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 ====="

6

"heading": "Regulatory environment",

"links": [

"Capital management"

],

"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 ======"

6

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

"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 ======"

6

"heading": "BaFin MaGo guidelines",

"links": [],

"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."

7

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

"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 money laundering or terrorist financing, which will largely apply from July 10, 2027.\n* Drafts for a few Regulatory Technical Standards (RTS) are already available, including the practically very important RTS on Customer Due Diligence (CDD).\n* Preparations for implementation are underway.\n\n==== Digitalization ===="

7

"heading": "Digitalization and regulatory impact",

"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.\n* DORA aims to strengthen the European financial market against cyber risks and incidents in information and communication technology.\n* The EU also enacted the Artificial Intelligence Act (Regulation (EU) 2024/1689) in 2024, which affects the insurance industry and will have a concrete impact on the HDI Group.\n\n==== Data Protection ===="

7

"heading": "Data protection management",

"links": [],

"effective_tags": [],

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

7,

8

"heading": "HDI Deutschland strategic program",

"links": [

"Business mix"

],

"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."

8

"heading": "HDI Versicherung AG strategic focus",

"links": [

"Business mix"

],

"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."

8

"heading": "AI and agility",

"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 ===="

8

"heading": "IT strategy and objectives",

"links": [],

"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 ===="

8,

"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 =="

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

"content": "* Talanx Group, as an international insurance group and long-term investor, has long been committed to responsible corporate 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)."

9

"heading": "Underwriting thermal coal and fossil fuel exclusions",

"content": "* An exit path for thermal coal risks in underwriting was defined until 2038.\n* Exclusions for conventional oil and gas projects in underwriting came into effect in July 2023, including a general exclusion 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."

9

"heading": "Investment portfolio decarbonization",

"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."

9

"heading": "Social and community engagement",

"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."

9

"heading": "Corporate governance",

"links": [],

"effective_tags": [],

"content": "* Corporate governance is a significant topic for the capital market and a key focus of the sustainability strategy.\n* The Group regularly addresses and implements governance requirements.\n\n== Performance indicators =="

9

"heading": "Financial performance indicators",

"links": [

"Gross written premiums"

],

"effective_tags": [

"Gross written premiums"

],

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

9

"heading": "Performance indicators",

"links": [],

"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 ====="

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

"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"

"heading": "Gross and Net Premiums",

"links": [

"Gross written premiums"

],

"effective_tags": [

"Gross written premiums"

],

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

10

"heading": "Gross and Net Claims Expenses",

"content": "* Gross expenses for insurance claims decreased by EUR 39.4m to EUR 1,006.0m (prior: EUR 1,045.4m).\n* Gross business year expenses decreased by EUR 172.4m to EUR 1,071.8m (prior: EUR 1,244.1m) due to a decline in frequency claims, especially in motor insurance.\n* Increased expenses for major claims in motor and multi-risk lines were largely offset by decreasing expenses from natural catastrophes, particularly in comprehensive and building insurance.\n* Gross settlement gain decreased by EUR 133.0m to EUR 65.8m (prior: EUR 198.7m), mainly in liability and motor liability lines due to reserve adjustments for prior year claims.\n* Gross total claims ratio decreased by 1.7 percentage points to 64.5% (prior: 66.2%).\n* Net expenses for insurance claims decreased by EUR 46.3m to EUR 996.0m (prior: EUR 1,042.3m).\n* Net business year claims expenses decreased by EUR 165.6m to EUR 1,067.0m (prior: EUR 1,232.6m).\n* Net settlement gain decreased by EUR 119.2m to EUR 71.0m (prior: EUR 190.2m).\n* Net claims ratio decreased from 69.3% to 66.9%."

10

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

"Business mix"

"Business mix"

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

10

"heading": "Technical Result",

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

10

"heading": "Directly written insurance business",

"links": [],

"effective_tags": [],

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

11

"heading": "Motor insurance",

"content": "* Kraftfahrtversicherung"

11

"heading": "Motor insurance",

"links": [],

"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 a.r. | — | -2.6 | — | -39.0 |\n| In % | In % | In % | In % | In % |\n| Loss ratio | 70.4 | 70.3 | 84.2 | 84.7 |\n| Expense ratio | 20.6 | 20.8 | 21.8 | 22.0 |\n| Combined ratio | 91.0 | 91.0 | 106.0 | 106.7 |"

11

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

"links": [

"Gross written premiums"

],

"effective_tags": [

"Gross written premiums"

],

"content": "* Gross written premiums in motor insurance decreased by EUR 56.0m to EUR 521.6m (prior: EUR 577.6m).\n* This decline was primarily driven by portfolio reductions after applying the premium adjustment clause and discontinuing new business in selected sales channels.\n* Reinsurance premiums decreased to EUR 3.2m (prior: EUR 5.5m).\n* Net earned premiums decreased by EUR 50.4m to EUR 517.5m (prior: EUR 568.0m).\n* Gross expenses for insurance benefits significantly decreased by EUR 116.3m from EUR 482.7m to EUR 366.3m.\n* This reduction was due to a decrease in gross current year claims expenses by EUR 148.4m to EUR 428.5m (prior: EUR 576.9m).\n* Drivers for the decrease in gross current year claims expenses included lower frequency claims and the absence of natural catastrophe accumulation claims.\n* Conversely, the gross run-off result decreased by EUR 32.1m to EUR 62.2m (prior: EUR 94.3m) due to necessary reserve adjustments in motor liability insurance.\n* The gross loss ratio decreased to 70.4% (prior: 84.2%).\n* Net expenses for insurance benefits decreased by EUR 117.3m to EUR 363.8m (prior: EUR 481.1m).\n* This was primarily due to a decrease in net current year claims expenses by EUR 148.4m to EUR 428.5m (prior: EUR 576.9m), following the gross trend.\n* The net run-off result decreased by EUR 31.1m to EUR 64.7m (prior: EUR 95.8m).\n* The net loss ratio decreased by 14.4 percentage points from 84.7% to 70.3%."

11

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

"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."

11

"heading": "Motor insurance technical result",

"content": "* EUR 50.2m (prior: EUR 0.0m) was allocated to the fluctuation reserve.\n* The net technical result for motor insurance was -EUR 2.6m (prior: -EUR 39.0m).\n\n==== Liability insurance ===="

12

"heading": "Liability insurance",

"tags": [],

"links": [],

"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 a.r. | — | 6.8 | — | 26.7 |\n| In % — Loss ratio | 78.4 | 76.6 | 51.1 | 50.0 |\n| In % — Expense ratio | 37.2 | 37.6 | 38.6 | 38.9 |\n| In % — Combined ratio | 115.5 | 114.2 | 89.6 | 89.0 |"

},

{

"id": "9fth4kgfqj-c50",

"chunk": 50,

"pages": [

12

],

"heading": "Liability Insurance Performance",

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

"id": "9fth4kgfqj-c51",

"chunk": 51,

13

"heading": "Accident insurance",

"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 a.r. | — | 14.6 | — | 15.8 |\n| In % — Loss ratio | 49.2 | 49.2 | 42.7 | 42.7 |\n| In % — Expense ratio | 36.8 | 36.8 | 37.7 | 37.7 |\n| In % — Combined ratio | 86.0 | 86.0 | 80.4 | 80.4 |"

"id": "9fth4kgfqj-c52",

"chunk": 52,

13

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

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

"id": "9fth4kgfqj-c53",

"chunk": 53,

13

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

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

13

"heading": "Accident insurance underwriting result",

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

14

"heading": "Multi Risk",

"content": "**Multi Risk**\n\n| 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 a.r. | — | -29.6 | — | -20.1 |\n| In % — Loss ratio | 69.2 | 79.2 | 55.7 | 70.9 |\n| In % — Expense ratio | 37.8 | 40.7 | 38.9 | 43.5 |\n| In % — Combined ratio | 107.0 | 119.9 | 94.6 | 114.4 |"

14

"heading": "Multi Risk segment performance",

"links": [

"Gross written premiums"

],

"effective_tags": [

"Gross written premiums"

],

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

15

"heading": "Combined residential building insurance",

"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 |"

15

"heading": "Combined residential building insurance performance",

"links": [

"Gross written premiums"

],

"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 =="

16

"heading": "Combined household insurance",

"links": [],

"effective_tags": [],

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

16

"heading": "Gross and net premiums",

"links": [

"Gross written premiums"

],

"effective_tags": [

"Gross written premiums"

],

"content": "* Gross written premiums 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)."

16

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

"content": "* Gross claims expenses decreased to EUR 26.3m (prior: EUR 33.2m).\n* Gross claims expenses for the financial year decreased by EUR 2.8m to EUR 32.9m (prior: EUR 35.7m).\n* This reduction was due to the absence of cumulative expenses from natural catastrophes and declining expenses for both frequency and large 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%)."

16

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

"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%."

16

"heading": "Underwriting result",

"links": [],

"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 ===="

17

"heading": "Other insurance",

"content": "**Other insurance**\n\n| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |\n| --- | --- | --- | --- | --- |\n| Written premiums | 220.8 | 194.7 | 181.9 | 161.7 |\n| Earned premiums | 219.8 | 193.0 | 181.2 | 161.1 |\n| Incurred claims | 115.9 | 115.7 | 124.7 | 122.1 |\n| Operating expenses | 81.8 | 78.4 | 70.5 | 65.5 |\n| Technical result 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 |"

17

"heading": "Other insurance lines performance",

"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 =="

18,

19

"heading": "Investment result",

"links": [

"Net investment income"

],

"effective_tags": [

"Net investment income"

],

"content": "* Current income, primarily from coupon payments on fixed-income investments, was EUR 95.9m (prior 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 ===="