| sections | | id | "9fth4kgfqj-c1" |
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| chunk | 1 |
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| heading | "Document identification" |
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| content | "* HDI Versicherung AG
* Geschäftsbericht 2025
== HDI Versicherung AG at a glance. ==" |
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| id | "9fth4kgfqj-c2" |
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| chunk | 2 |
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| heading | "HDI Versicherung AG at a glance." |
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| content | "**HDI Versicherung AG at a glance.**
| In EUR million | 2025 | 2024 | +/- % |
| --- | --- | --- | --- |
| Gross written premiums | 1,564.8 | 1,588.3 | -1.5 |
| Gross incurred claims | 1,006.0 | 1,045.4 | -3.8 |
| Gross operating expenses | 486.4 | 506.7 | -4.0 |
| Gross combined ratio (in %) | 95.7 | 98.3 | — |
| Net technical provisions | 3,761.9 | 3,678.1 | 2.3 |
| Investments | 3,763.9 | 3,760.8 | 0.1 |
| Income from investments | -31.8 | 112.0 | -128.4 |
| Net investment yield (in %) | -0.8 | 3.0 | — |
| Earnings before profit transfer | 109.5 | 17.6 | 520.4 |
== Contents ==" |
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| id | "9fth4kgfqj-c3" |
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| chunk | 3 |
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| heading | "Table of contents" |
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| content | "* Lagebericht
* Geschäftstätigkeit, Organisation und Struktur
* Wirtschaftsbericht
* Risikobericht
* Prognose- und Chancenbericht
* Versicherungsarten
* Anlage 1 zum Lagebericht
* Jahresabschluss
* Bilanz
* Gewinn- und Verlustrechnung
* Anhang
* Bestätigungsvermerk des unabhängigen Abschlussprüfers
* Bericht des Aufsichtsrats
== Management Report. ==
== Business Activities, Organization and Structure ==
=== Corporate Policy Background ===" |
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| chunk | 4 |
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| heading | "HDI Versicherung AG overview" |
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| content | "* HDI Versicherung AG is part of the Talanx business division Private and Corporate Customers Germany (HDI Deutschland).
* HDI Deutschland bundles the activities of private and corporate customer companies in property and casualty (Property & casualty) insurance, life insurance, and bancassurance within Germany.
* HDI Deutschland AG manages the HDI Deutschland business division.
* The registered office of HDI Versicherung AG is Hannover.
* The company offers broad insurance coverage for private individuals, sole proprietors, freelancers, and small and medium-sized enterprises in liability, accident, property, and motor vehicle insurance.
* HDI Versicherung AG provides comprehensive insurance coverage for companies in trade, services, and crafts through industry solutions and modular insurance packages.
* HDI Versicherung AG aims to be a provider of affordable and transparent insurance products for private and corporate customers.
* The company focuses on price- and performance-conscious customers who independently navigate the market, as well as customers seeking advice and customized insurance products.
* The company uses its in-house sales force organization for a holistic customer care approach.
* The sales force offers HDI's own property and casualty insurance, as well as legal protection, credit, life, and health insurance from other companies.
* Another distribution channel is company-mediated employee business." |
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| chunk | 5 |
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| heading | "Rating agency assessment" |
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| content | "* In February 2025, Standard & Poor's upgraded the financial strength rating for HDI Versicherung AG from A+ to AA-.
* The outlook for HDI Versicherung AG's rating is 'stable'.
* Standard & Poor's certified that the company has a particularly strong financial profile.
=== Our Sales Partners ===" |
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| chunk | 6 |
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| heading | "Distribution strategy and channels" |
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| content | "* HDI aims to provide customers with easy access to insurance products and diverse consulting and service offerings.
* This is achieved by cultivating and expanding cooperation with carefully selected distribution partners across all relevant sales channels.
* Relevant sales channels for HDI include its own exclusive sales organization, distribution through independent intermediaries and multi-agents, and various cooperation partners.
* The functional organization ensures clear responsibilities and establishes the basis for cross-segment work in property and casualty (Property & casualty) (P&C) and life insurance.
* A cross-segment perspective is crucial for improving processes and services for the benefit of customers and distribution partners.
* With the increasing importance of online sales, HDI aims to optimize interfaces with distribution partners and offer them digitally contractible products.
=== Group services and synergies ===" |
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| chunk | 7 |
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| heading | "Group services and synergies" |
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| content | "* HDI Versicherung AG does not employ its own staff.
* Its integration into a large insurance group allows for cross-company organized functions, enabling the efficient use of synergies and resources.
* This structure allows for cost advantages from standardized processing within the group and better conditions with service providers.
* Essential services from cross-functional areas, such as Finance, HR, IT, Operations, and Sales, are provided by HDI AG for the domestic companies of the Talanx Group, including HDI Versicherung AG.
* HDI Versicherung AG also utilizes the central services of Ampega Asset Management GmbH, which manages assets for the insurance companies within the group.
== Economic Report ==
=== Overall economic and industry-specific conditions ===
==== Economic development ====" |
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| chunk | 8 |
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| heading | "Global economic development and US trade policy" |
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| content | "* Global economic growth remained at 3.3% YoY in 2025, the weakest value since the Covid year 2020.
* This was influenced by the start of US President Trump's second term and his administration's trade policy, including the "Liberation Day" in April and subsequent policy reversals." |
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| chunk | 9 |
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| heading | "German and Eurozone economic performance" |
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| content | "* The German economy recorded a 0.2% YoY increase in 2025 after two consecutive recession years.
* Germany's GDP was only 0.1% above its pre-Covid level at the end of 2019.
* Growth in Germany was driven by private and government consumption.
* Declines in construction and equipment investments were not offset by an increase in the defense sector.
* External trade faced headwinds due to trade disputes.
* The special fund for infrastructure announced in March and higher defense spending are expected to have their full effect in the coming years.
* The German economy, similar to France (which experienced political instability and government changes in 2025 due to budget disputes), lagged behind its European peers.
* Eurozone growth accelerated from 0.9% to 1.4% YoY in 2025.
* Excluding Ireland, which saw double-digit GDP growth in 2025 due to sharply rising (pharmaceutical) exports, Eurozone growth would have been only 0.9% YoY." |
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| chunk | 10 |
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| heading | "US economic performance" |
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| content | "* The US economy grew by 2.2% YoY in 2025 despite uncertainties from the new administration.
* Growth was primarily driven by private consumption, though its momentum cooled compared to H2 2024 due to a weaker labor market, persistent high price pressure (partly from tariffs), and a government shutdown in October/November.
* Only 181,000 new jobs were created in the US labor market in 2025 (prior: 1,459,000).
* The unemployment rate rose slightly from 4.1% to 4.4% over the year, as the labor supply decreased due to anti-migration measures.
* Equipment investments were a growth driver, achieving the strongest increase since 2014 due to the AI boom.
* A significant reduction in the foreign trade deficit, resulting from trade restrictions, also contributed to growth." |
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| chunk | 11 |
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| heading | "China and Latin America economic performance" |
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| content | "* China's economic growth was 5.0% YoY in 2025, resisting US tariffs (which reached almost 140% at times) and structural weaknesses in domestic consumption and the real estate sector.
* The government's growth target was met for the third consecutive year, partly due to state-supported industries like robotics and electric mobility.
* Latin American economies increased their growth in 2025 despite the challenging international environment, partly due to central bank interest rate cuts (excluding Brazil).
* The growth rate for Latin America was 2.8% YoY, reaching its 2000-2019 average for the first time since the post-Covid rebound." |
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| chunk | 12 |
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| heading | "Global inflation and interest rates" |
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| content | "* The global economy largely overcame the fiscal policy and energy price-induced inflation shock following the Covid pandemic and the war in Ukraine.
* In the Eurozone, inflation decreased from 2.4% to 2.0% YoY in 2025, reaching the European Central Bank (ECB) target, partly due to falling energy prices and a stronger Euro.
* The ECB cut its key interest rate from 3.00% to 2.00% in several steps during H1 2025.
* In the US, inflation also slightly decreased from 2.9% to 2.7% YoY, as the anticipated strong price effects from US tariff barriers did not fully materialize.
* 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%.
==== Capital markets ====" |
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| id | "9fth4kgfqj-c13" |
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| chunk | 13 |
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| heading | "Global equity market performance 2025" |
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| content | "* International equity markets reached new records in 2025, driven by a stable economic environment, falling key interest rates, positive corporate earnings development, and strong performance of technology and AI stocks.
* The US S&P 500 recorded numerous new record highs after a correction following the 'Liberation Day' shock in April.
* The S&P 500 ended 2025 with a price increase of +16.8% (all performance figures in USD), marking its sixth double-digit gain in the last seven years.
* The S&P 500 lagged behind other international markets in 2025, including overall industrial country stocks (MSCI World: +19.9%) and emerging market stocks (MSCI EM: +30.1%).
* Eurozone stocks (EURO STOXX: +37.9%) led the market in 2025, with Germany (DAX: +39.1%) performing particularly well, surpassing the US for the first time since 2022." |
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| chunk | 14 |
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| heading | "Bond yields and currency movements 2025" |
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| content | "* The yield on 10-year US Treasuries decreased by 0.40 percentage points to 4.17% in 2025, following Fed interest rate cuts, despite political attacks on the Fed's independence and rising national debt.
* The yield on German federal bonds of the same maturity jumped from 2.41% to 2.90% in March 2025 after the announcement of Germany's special fund for infrastructure and increased defense spending.
* The German federal bond yield fell below 2.50% within weeks due to doubts about quick implementation, but ended the year near its annual high at 2.86% (+0.49 percentage points) with the new federal budget and prospect of increased issuance activity.
* The Brent crude oil price fell from USD 75 to USD 61 per barrel in 2025 due to a stronger-than-expected increase in OPEC+ oil supply, with the Israel-Iran conflict causing only a brief rise towards USD 80 per barrel.
* The Euro appreciated significantly against the US Dollar from 1.04 to 1.18 in the first half of 2025, driven by doubts about US debt sustainability and tariff escalation.
* The Euro consolidated slightly below this level in the second half of 2025, against the backdrop of political attacks on the Fed's independence.
=== German insurance industry ===" |
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| id | "9fth4kgfqj-c15" |
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| chunk | 15 |
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| heading | "German insurance market premium growth" |
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| content | "* Insurance market commentary is based on publications from the German Insurance Association (GDV) and includes preliminary data.
* German insurance industry premium income increased by 6.6% to EUR 253.6bn in fiscal year 2025, according to projections.
* Property and casualty (Property & casualty) insurers are estimated to have achieved premium growth of 7.7% to EUR 99.7bn in 2025.
== Legal and regulatory framework ==
=== Supervisory requirements ===" |
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| heading | "Regulatory environment" |
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| content | "* Insurance companies (primary and reinsurance companies), pension funds, and capital management companies are subject to comprehensive legal and financial supervision by regulatory authorities worldwide.
* In Germany, the Federal Financial Supervisory Authority (BaFin) is responsible for this supervision.
* There are also comprehensive legal requirements for business activities.
* Regulatory frameworks have become stricter in recent years, leading to increased complexity.
* This trend of increasing complexity continued in 2025.
==== Insurance Distribution Directive ====" |
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| chunk | 17 |
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| heading | "Regulatory requirements for insurance distribution" |
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| content | "* The distribution of insurance products is subject to extensive legal requirements.
* Primary insurers must comply with legal requirements and the BaFin Circular 11/2018 regarding cooperation with insurance intermediaries and sales risk management when working with intermediaries.
* Product oversight and governance of insurance products are determined by, among other things, the European Commission's Delegated Regulation (EU) 2017/2358.
* A seven-day waiting period for concluding residual credit agreements for general consumer credit agreements was introduced on January 1, 2025.
* 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.
* Services mentioned in the Act include those in electronic commerce, meaning the online sale of insurance products must now comply with applicable accessibility requirements.
==== Minimum requirements for business organization ====" |
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| chunk | 18 |
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| heading | "MaGo implementation" |
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| 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.
* Despite lacking direct legal binding, MaGo is considered in the HDI Group's business organization, particularly in general governance, key functions, risk management system, capital requirements, internal control system, outsourcing, and emergency management." |
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| chunk | 19 |
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| heading | "Anti-money laundering and terrorism financing" |
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| content | "* Insurance undertakings, as per Article 13 No. 1 of Directive 2009/138/EC, are obligated under § 2 Para. 1 No. 7 of the Money Laundering Act (GwG) in conjunction with § 6 GwG to implement internal safeguards against money laundering if they conduct life insurance activities under this directive, offer accident insurance with premium refunds, or grant loans as defined in § 1 Para. 1 Sentence 2 No. 2 KWG.
* The company is therefore obligated to comply with the provisions of the GwG and §§ 52 to 55 VAG regarding the prevention of money laundering, terrorist financing, and other criminal acts due to its loan granting activities as defined in § 1 Para. 1 Sentence 2 No. 2 KWG.
* The company has established regulations and initiated organizational measures to fulfill these legal obligations.
* An anti-money laundering officer and deputy have been appointed.
* Loan granting is carried out as part of capital investment by Ampega Asset Management GmbH.
* A process has been established for control by the anti-money laundering officer.
* 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.
* Drafts for a few Regulatory Technical Standards (RTS) are already available, including the practically very important RTS on Customer Due Diligence (CDD).
* Preparations for implementation are underway.
== Digitalization ==" |
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| chunk | 20 |
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| heading | "Digitalization and regulatory compliance" |
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| content | "* Digitalization has gained increasing importance in recent years, leading to a transition to digital, data-based business models.
* Legal questions and challenges related to IT security are becoming more important for HDI Group companies.
* The EU's Digital Operational Resilience Act (DORA) introduces new requirements for insurance companies, effective January 17, 2025, to strengthen the European financial market against cyber risks and ICT incidents.
* 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.
== Data protection ==" |
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| chunk | 21 |
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| heading | "Data protection and compliance" |
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| content | "* Talanx Group insurance companies process extensive personal data for application, contract, and claims handling.
* The data protection management system is designed to observe and control requirements of data protection laws, including the EU General Data Protection Regulation (GDPR) and the German Federal Data Protection Act.
* Employees are sensitized through training to handle data carefully and are contractually obliged to comply with data protection requirements.
* Central procedures must be followed for process-independent data protection requirements, such as commissioning service providers.
* The same applies to the data protection rights of customers, shareholders, and employees.
* Compliance with applicable law is a prerequisite for the Talanx Group companies' long-term successful business operations.
* The Group pays close attention to adapting its business and products to legal, supervisory, and tax frameworks.
* Mechanisms are in place to ensure that future legal developments and their impact on business activities are identified and evaluated early, allowing for timely adjustments.
== Business performance and situation ==
=== Topics of the reporting year ===" |
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| heading | "HDI Germany strategic program" |
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| content | "* The HDI Germany business division continues its corporate planning under the new strategic program "Substanz" (SBSTNZ.).
* The guidelines of the new strategy program are: Simple - Focused - Successful.
* The goal is to promote sustainable growth, strengthen market position, and contribute to long-term stability within the Group.
* The core of the new strategy is a targeted build-up of excellence along the value chain.
* Central to this strategy are the reduction of complexity and the increase of efficiency in internal processes.
* HDI Germany aims for increased profitability in the medium term by focusing on core competencies and a streamlined product portfolio.
* The company intends to distinguish itself through high-quality service offerings and reliable collaboration with sales partners.
* Comprehensive support for existing customers and ensuring the long-term fulfillment of obligations are also crucial.
* Significant progress was made in the strategic program in the past year.
* The company responded to central challenges by sharpening its strategic direction and achieved initial positive developments towards clearly focused business models and performance-oriented management.
* Operational and financial stability were ensured despite profound changes.
* Targeted profitability was achieved early in individual business segments (Business mix).
* Transformation, key restructuring measures, and cultural development were decisively advanced." |
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| chunk | 23 |
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| heading | "HDI Germany strategic focus areas" |
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| content | "* HDI Versicherung AG focuses on its strengths within the Substanz strategic program: exclusive sales, corporate and freelance professions, and selected business models in other important sales channels.
* In the motor insurance business, the focus is on securing a profitable portfolio in a competitive market environment, driven by high claims inflation and corresponding high claims costs.
* The emphasis is on consistent alignment with market requirements and customer demands for simple products and digital processes.
* Implementation successes of the Substanz strategic program include noticeable efficiency improvements through the further development of operations and claims, particularly by focusing business models, automation, and the use of AI.
* The corporate and freelance professions business division is expanding, especially through competitive, differentiated market and business expertise and systematic management of the portfolio for profitability.
* In fire and multi-risk products, portfolio profitability, professionalization, and process efficiency are being consistently and successfully advanced.
* Average premium income increased due to targeted premium adjustments and restructuring.
* Risk-limiting measures such as cancellations, more intensive inspections, and new underwriting limits led to a sustainable improvement in the risk portfolio.
* The use of generative artificial intelligence is planned for the company's future viability and is currently in a testing phase across various corporate departments.
* Agility is an overarching goal, aiming for the organization to react flexibly to changes and act proactively.
* This includes early recognition and adoption of changing economic conditions to make necessary adjustments proactively and respond to market developments.
* The Agile Delivery Organization (ALO) is continuously reviewed and further developed.
=== IT strategy ===" |
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| chunk | 24 |
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| heading | "IT strategy for Private and Commercial Insurance Germany" |
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| content | "* The IT strategy for Private and Commercial Insurance Germany covers all essential IT aspects for the risk carriers of the HDI Germany business division.
* Requirements of the business strategy for all risk carriers are integrated into the IT strategy.
* Digitization of processes and service offerings, along with the modernization of IT infrastructure, shape HDI Germany's business activities.
* The IT strategy aims to transform the application landscape, aligned with the "Substanz" business strategy and incorporating innovative technologies like artificial intelligence.
* Sustainable implementation of IT compliance and regulatory requirements under the Digital Operational Resilience Act (DORA) is essential.
* Continuous improvement of the security protection level is also a key aspect.
=== Product ratings ===" |
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| id | "9fth4kgfqj-c25" |
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| chunk | 25 |
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| heading | "product ratings and awards" |
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| links | | "Property & casualty" |
| "Business mix" |
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| content | "* HDI Versicherung AG continuously improves products and services, reflected in product ratings, awards, and seals of approval.
* Examples of these evaluations are found across all private non-life insurance (Property & casualty) segments.
* Stiftung Warentest rated the Private Liability Insurance (Premium product line (Business mix)) with "Sehr gut (0.7)".
* Stiftung Warentest also rated the Residential Building Insurance in the Premium product line with "Sehr gut (0.7)".
* Franke & Bornberg Research GmbH awarded the HDI Private Liability Insurance (Premium product line, Single and Premium product line, Family) and the Residential Building Insurance (Premium product line / Multi-family house Premium product) with "FFF+" (excellent) in the HUS-Privat sector.
* The HDI Accident Insurance (Premium, Mitwirkung 100, Schutzbrief) and HDI Household Contents Insurance were also awarded.
=== Sustainability ===" |
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| id | "9fth4kgfqj-c26" |
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| chunk | 26 |
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| heading | "Sustainability strategy and net-zero targets" |
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| content | "* Talanx Group, as an international insurance group and long-term investor, has long been committed to responsible corporate governance focused on sustainable value creation.
* The sustainability strategy is an integral part of the Group strategy, based on implementing ESG aspects across the entire value chain.
* The sustainability strategy focuses on environmental aspects in investments, underwriting, and own operations, the Group's social focus, and ensuring adequate governance.
* Talanx Group is committed to supporting the transformation to a low-carbon economy.
* Talanx Group aims to achieve net-zero emissions by 2050 for its insurance and investment portfolios(1).
* An exit path for thermal coal risks in underwriting was defined by 2038.
* Exclusions for conventional oil and gas projects in underwriting, including a general exclusion for new Greenfield oil and gas projects, came into effect in July 2023.
* Further restrictions have been defined, and the phase-out of all existing oil sands risks was brought forward to the end of 2025.
* Project policies for deep sea mining are also excluded.
* To advance the decarbonization of the investment portfolio, the focus was recently on refining the positioning regarding fossil fuels in investments.
* Since 2024, exclusions for fracking of shale gas and oil apply in the Arctic, in addition to existing exclusions for oil and tar sands and oil and gas drilling.
* A systematic reduction of exposure along the entire oil and gas sector value chain will occur from 2025.
* The oil and gas share of the total portfolio of liquid corporate bonds is to be reduced by 20% from 5.7% to 4.5% over the next five years.
* The existing thermal coal exclusion in investments was tightened in 2024." |
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| id | "9fth4kgfqj-c27" |
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| chunk | 27 |
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| pages | |
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| heading | "Social engagement and strategic action areas" |
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| content | "* In 2022, a unified framework for the mostly decentralized social and community engagement was created and embedded in the Group strategy.
* Four strategic action areas were defined for the Talanx Group:
** Diversity, equal opportunities, and inclusion
** Employee's Journey
** Ensuring access to education
** Promoting access to infrastructure" |
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|
| id | "9fth4kgfqj-c28" |
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| chunk | 28 |
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| heading | "Governance as a sustainability focus" |
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| content | "* Group governance is a significant topic for the capital market and a key focus of the sustainability strategy.
* The Group regularly addresses and implements governance requirements.
=== Performance indicators ===" |
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|
| id | "9fth4kgfqj-c29" |
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| chunk | 29 |
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| pages | |
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| heading | "Financial performance indicators" |
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| content | "* The company has set financial key performance indicators for the 2025 financial year.
* These indicators include gross written premiums, gross expenses for insurance claims, gross expenses for insurance operations, investment income, and net profit before profit transfer.
* The development of these and other key figures will be explained in subsequent chapters." |
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|
| id | "9fth4kgfqj-c30" |
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| chunk | 30 |
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| heading | "Product ratings and awards" |
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| content | "* The HDI Kfz-Versicherung (Premium product line (Business mix)) was rated "FFF" (very good).
* The HDI Kfz-Versicherung (Motor Premium product line) received the top rating of "FFF+" (excellent) from independent analysis firm Franke & Bornberg Research GmbH.
* In the Corporate and Freelance Professions segment, AssCompact awarded the commercial property insurance "Best Product Quality" and "Best Price-Performance Ratio".
* Franke & Bornberg Research GmbH rated the contents insurance All-Risk Property with modules for Gastronomy, Flood, and Backwater as "FFF" (very good).
* The business liability insurance with modules for Construction, Services, Trade, Crafts (ancillary construction trades), and Allied Health Professions received an "FFF+" (excellent) rating.
* The commercial cyber insurance (Cyber insurance for Corporate and Freelance Professions, business interruption due to cloud outage) was also rated "FFF" (very good)." |
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| id | "9fth4kgfqj-c31" |
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| chunk | 31 |
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| heading | "Performance indicators" |
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| content | "(1) Der Talanx Konzern trifft Entscheidungen immer aufgrund der aktuellen Datenlage und vorliegenden Regulatorik. Sollten sich Voraussetzungen ändern, behält sich der Talanx Konzern ein Update der entsprechenden Entscheidungen vor" |
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|
| id | "9fth4kgfqj-c32" |
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| chunk | 32 |
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| pages | |
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| heading | "Key performance indicators" |
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| content | "* The key performance indicators (KPIs) for the HDI Group are based on the IFRS accounting standards.
* The KPIs are used to manage the HDI Group and its segments.
* The KPIs are also used to measure the achievement of strategic goals.
* The KPIs are presented in the "Group Management Report".
* The KPIs are also presented in the "Segment Reporting" section.
* The KPIs are also presented in the "Remuneration Report".
== Earnings position of HDI Versicherung AG ==" |
|---|
|
| id | "9fth4kgfqj-c33" |
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| chunk | 33 |
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| heading | "Overall insurance business performance" |
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| content | "* The overall insurance business performance is discussed." |
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|
| id | "9fth4kgfqj-c34" |
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| chunk | 34 |
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| pages | |
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| heading | "Earnings position of HDI Versicherung AG" |
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| content | "**Earnings position of HDI Versicherung AG**
| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |
| --- | --- | --- | --- | --- |
| Written premiums | 1,564.8 | 1,495.5 | 1,588.3 | 1,513.5 |
| Earned premiums | 1,559.8 | 1,489.9 | 1,579.5 | 1,504.8 |
| Incurred claims | 1,006.0 | 996.0 | 1,045.4 | 1,042.3 |
| Operating expenses | 486.4 | 477.3 | 506.7 | 496.2 |
| Technical result for own account | — | 20.1 | — | -30.7 |
| In % — Loss ratio(1)) | 64.5 | 66.9 | 66.2 | 69.3 |
| In % — Expense ratio(2)) | 31.2 | 32.0 | 32.1 | 33.0 |
| In % — Combined ratio(3)) | 95.7 | 98.9 | 98.3 | 102.2 |
(1)) Incurred claims in relation to earned premiums
(2)) Operating expenses in relation to earned premiums
(3)) Sum of incurred claims and operating expenses in relation to earned premiums" |
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| id | "9fth4kgfqj-c35" |
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| chunk | 35 |
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| heading | "Gross and Net Premiums" |
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| content | "* Gross written premiums decreased by EUR 23.5m to EUR 1,564.8m (prior: EUR 1,588.3m).
* Positive development in corporate lines could not fully offset the decline in motor insurance due to portfolio reductions.
* Freelance professions and private lines also saw a slight decrease in gross written premiums due to portfolio reductions.
* 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.
* Net earned premiums decreased by EUR 14.9m to EUR 1,489.9m (prior: EUR 1,504.8m)." |
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| id | "9fth4kgfqj-c36" |
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| chunk | 36 |
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| heading | "Gross and Net Claims Expenses" |
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| content | "* Gross expenses for insurance claims decreased by EUR 39.4m to EUR 1,006.0m (prior: EUR 1,045.4m) YoY.
* This was primarily due to a EUR 172.4m decrease in gross current year expenses to EUR 1,071.8m (prior: EUR 1,244.1m), driven by a reduction in frequency claims, especially in motor insurance.
* Increased expenses for large claims, particularly in motor and multi-risk lines, were largely offset by decreasing expenses from natural catastrophes, especially in comprehensive and building insurance lines.
* Gross settlement gains 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.
* The overall gross loss ratio decreased by 1.7pts to 64.5% (prior: 66.2%) YoY.
* Net expenses for insurance claims decreased by EUR 46.3m to EUR 996.0m (prior: EUR 1,042.3m).
* Net current year claims expenses decreased by EUR 165.6m to EUR 1,067.0m (prior: EUR 1,232.6m).
* Net settlement gains decreased by EUR 119.2m to EUR 71.0m (prior: EUR 190.2m).
* The net loss ratio decreased from 69.3% to 66.9%." |
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|
| id | "9fth4kgfqj-c37" |
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| chunk | 37 |
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| pages | |
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| heading | "Operating Expenses and Combined Ratio" |
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| content | "* Gross operating expenses for insurance business decreased by EUR 20.3m to EUR 486.4m (prior: EUR 506.7m).
* Administration costs significantly decreased due to the success of the strategic program SBSTNZ. and a special write-down in the previous year.
* Commissions increased due to changes in the business mix.
* Net operating expenses for insurance business decreased by EUR 19.0m to EUR 477.3m (prior: EUR 496.2m).
* The gross expense ratio slightly decreased to 31.2% (prior: 32.1%) despite lower premium levels.
* The net expense ratio decreased to 32.0% (prior: 33.0%).
* The gross combined ratio decreased from 98.3% to 95.7%.
* The net combined ratio decreased from 102.2% to 98.9%." |
|---|
|
| id | "9fth4kgfqj-c38" |
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| chunk | 38 |
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| pages | |
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| heading | "Technical Result" |
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| content | "* EUR 14.4m (prior: EUR 9.0m) was withdrawn from the fluctuation reserve.
* The net technical result after fluctuation reserve improved by EUR 50.8m to EUR 20.1m (prior: -EUR 30.7m).
* The figures relate to directly written insurance business." |
|---|
|
| id | "9fth4kgfqj-c39" |
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| chunk | 39 |
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| pages | |
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| heading | "Earnings position of HDI Versicherung AG" |
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| tags | |
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| content | "**Earnings position of HDI Versicherung AG**
| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |
| --- | --- | --- | --- | --- |
| Written premiums | 1,564.8 | 1,495.4 | 1,588.3 | 1,513.4 |
| Earned premiums | 1,559.8 | 1,489.8 | 1,579.5 | 1,504.8 |
| Incurred claims | 1,006.0 | 996.0 | 1,045.5 | 1,042.3 |
| Operating expenses | 486.4 | 477.3 | 506.7 | 496.2 |
| Technical result for own account | — | 20.1 | — | -30.7 |
| In % — Loss ratio | 64.5 | 66.9 | 66.2 | 69.3 |
| In % — Expense ratio | 31.2 | 32.0 | 32.1 | 33.0 |
| In % — Combined ratio | 95.7 | 98.9 | 98.3 | 102.2 |
=== Motor insurance ===" |
|---|
|
| id | "9fth4kgfqj-c40" |
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| chunk | 40 |
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| pages | |
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| heading | "Motor insurance" |
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| content | "**Motor insurance**
| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |
| --- | --- | --- | --- | --- |
| Written premiums | 521.6 | 518.4 | 577.6 | 572.1 |
| Earned premiums | 520.7 | 517.5 | 573.4 | 568.0 |
| Incurred claims | 366.3 | 363.8 | 482.7 | 481.1 |
| Operating expenses | 107.4 | 107.4 | 124.9 | 124.9 |
| Technical result for own account | — | -2.6 | — | -39.0 |
| In % — Loss ratio | 70.4 | 70.3 | 84.2 | 84.7 |
| In % — Expense ratio | 20.6 | 20.8 | 21.8 | 22.0 |
| Combined loss / — Expense ratio | 91.0 | 91.0 | 106.0 | 106.7 |" |
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|
| id | "9fth4kgfqj-c41" |
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| chunk | 41 |
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| pages | |
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| heading | "Motor insurance performance" |
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| content | "* Gross written premiums in the motor division decreased by EUR 56.0m to EUR 521.6m (prior: EUR 577.6m).
* This decline was primarily driven by portfolio reductions following the application of the premium adjustment clause and the discontinuation of new business in selected sales channels.
* Reinsurance premiums decreased to EUR 3.2m (prior: EUR 5.5m).
* Earned net premiums decreased by EUR 50.4m to EUR 517.5m (prior: EUR 568.0m).
* Gross expenses for insurance claims significantly decreased by EUR 116.3m from EUR 482.7m to EUR 366.3m.
* 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).
* Drivers for the decrease in gross current year claims expenses were lower frequency claims and the absence of cumulative natural catastrophe claims.
* Conversely, the gross run-off gain decreased by EUR 32.1m to EUR 62.2m (prior: EUR 94.3m), resulting from necessary reserve adjustments in the motor liability division.
* The gross loss ratio decreased to 70.4% (prior: 84.2%).
* Net expenses for insurance claims decreased by EUR 117.3m to EUR 363.8m (prior: EUR 481.1m).
* This was caused by a decrease in net current year claims expenses by EUR 148.4m to EUR 428.5m (prior: EUR 576.9m), following the gross trend.
* The net run-off gain decreased by EUR 31.1m to EUR 64.7m (prior: EUR 95.8m).
* The net loss ratio decreased by 14.4 percentage points from 84.7% to 70.3%.
* Gross and net expenses for insurance operations decreased to EUR 107.4m (prior: EUR 124.9m), mainly driven by declining administrative expenses.
* Consequently, the gross cost ratio decreased from 21.8% to 20.6%, and the net cost ratio decreased from 22.0% to 20.8%.
* The combined loss/cost ratios were lower than the previous year, at 91.0% gross (prior: 106.0%) and 91.0% net (prior: 106.7%).
* EUR 50.2m (prior: EUR 0.0m) was allocated to the fluctuation reserve.
* Overall, the net technical result for the motor insurance division was -EUR 2.6m (prior: -EUR 39.0m).
=== Liability insurance ===" |
|---|
|
| id | "9fth4kgfqj-c42" |
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| chunk | 42 |
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| pages | |
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| heading | "Liability insurance" |
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| content | "**Liability insurance**
| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |
| --- | --- | --- | --- | --- |
| Written premiums | 355.1 | 350.8 | 357.2 | 353.7 |
| Earned premiums | 353.9 | 349.7 | 357.6 | 354.0 |
| Incurred claims | 277.4 | 267.9 | 182.6 | 177.2 |
| Operating expenses | 131.5 | 131.5 | 137.9 | 137.9 |
| Technical result for own account | — | 6.8 | — | 26.7 |
| In % — Loss ratio | 78.4 | 76.6 | 51.1 | 50.0 |
| In % — Expense ratio | 37.2 | 37.6 | 38.6 | 38.9 |
| In % — Combined ratio | 115.5 | 114.2 | 89.6 | 89.0 |" |
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|
| id | "9fth4kgfqj-c43" |
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| chunk | 43 |
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| pages | |
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| heading | "Liability insurance performance" |
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| content | "* Gross written premiums for liability insurance decreased by EUR 2.2m to EUR 355.1m (prior: EUR 357.2m).
* Corporate liability segment showed positive effects on gross written premiums from continued portfolio growth.
* Premiums in the "Freie Berufe" (liberal professions) medical liability segment remained stable with slight portfolio growth.
* Premiums in private liability, planning liability, and financial loss liability insurance segments slightly declined, following portfolio development.
* Reinsurance premiums slightly increased to EUR 4.2m (prior: EUR 3.6m).
* Net earned premiums decreased by EUR 4.4m to EUR 349.7m (prior: EUR 354.0m).
* Gross expenses for insurance claims significantly increased by EUR 94.8m to EUR 277.4m (prior: EUR 182.6m).
* The increase in gross expenses for insurance claims was due to a decrease in gross claims settlement result by EUR 92.0m to EUR -55.8m (prior: EUR 36.2m).
* The decrease in gross claims settlement result was a result of necessary reserve adjustments, primarily for major claims from older years and an increase in late claims reserves.
* Gross claims incurred for the financial year rose to EUR 221.6m (prior: EUR 218.8m), particularly in the corporate liability segment, following portfolio development.
* Gross loss ratio increased by 27.3 percentage points to 78.4% (prior: 51.1%).
* Net expenses for insurance claims increased by EUR 90.8m to EUR 267.9m (prior: EUR 177.2m).
* The increase in net expenses for insurance claims was mainly due to the decreased net claims settlement result of EUR -46.3m (prior: EUR 41.7m).
* Net claims incurred for the financial year increased from EUR 218.8m to EUR 221.6m.
* Net loss ratio increased by 26.6 percentage points to 76.6% (prior: 50.0%).
* 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 write-down in the previous year.
* Gross expense ratio slightly decreased to 37.2% (prior: 38.6%).
* Net expense ratio slightly decreased to 37.6% (prior: 38.9%).
* Combined ratio (gross) increased to 115.5% (prior: 89.6%).
* Combined ratio (net) increased to 114.2% (prior: 89.0%).
* The liability insurance segment recorded a net underwriting result of EUR 6.8m (prior: EUR 26.7m) after the fluctuation reserve.
* EUR 56.6m was withdrawn from the fluctuation reserve, following an allocation of EUR 12.9m in the previous year.
=== Accident insurance ===" |
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|
| id | "9fth4kgfqj-c44" |
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| chunk | 44 |
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| pages | |
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| heading | "Accident insurance" |
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| tags | |
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| content | "**Accident insurance**
| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |
| --- | --- | --- | --- | --- |
| Written premiums | 60.2 | 60.2 | 61.9 | 61.9 |
| Earned premiums | 60.6 | 60.6 | 62.3 | 62.3 |
| Incurred claims | 29.8 | 29.8 | 26.6 | 26.6 |
| Operating expenses | 22.3 | 22.3 | 23.5 | 23.5 |
| Technical result for own account | — | 14.6 | — | 15.8 |
| In % — Loss ratio | 49.2 | 49.2 | 42.7 | 42.7 |
| In % — Expense ratio | 36.8 | 36.8 | 37.7 | 37.7 |
| In % — Combined ratio | 86.0 | 86.0 | 80.4 | 80.4 |" |
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|
| id | "9fth4kgfqj-c45" |
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| chunk | 45 |
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| heading | "Accident insurance premiums" |
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| content | "* Gross written premiums in accident insurance decreased by EUR 1.7m to EUR 60.2m (prior: EUR 61.9m).
* This decrease was due to a slight decline in the number of insurance contracts in the portfolio.
* Net earned premiums decreased to EUR 60.6m (prior: EUR 62.3m)." |
|---|
|
| id | "9fth4kgfqj-c46" |
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| chunk | 46 |
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| pages | |
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| heading | "Accident insurance claims and expenses" |
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| effective_tags | |
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| content | "* Gross and net expenses for insurance claims increased by EUR 3.2m to EUR 29.8m (prior: EUR 26.6m).
* This increase was due to higher business year expenses resulting from increased large loss burdens, both gross and net, to EUR 46.9m (prior: EUR 42.8m).
* Gross and net settlement results increased to EUR 17.1m (prior: EUR 16.2m).
* The gross and net loss ratios accordingly increased to 49.2% (prior: 42.7%).
* Gross and net expenses for insurance operations decreased by EUR 1.2m to EUR 22.3m (prior: EUR 23.5m).
* This reduction was mainly due to a decrease in administrative costs, which positively impacted the expense ratio.
* Despite the slightly declining premium development, this led to a decrease in the gross and net expense ratios to 36.8% (prior: 37.7%)." |
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|
| id | "9fth4kgfqj-c47" |
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| chunk | 47 |
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| pages | |
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| heading | "Accident insurance combined ratio and technical result" |
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| content | "* The combined loss/expense ratios accordingly increased, both gross and net, to 86.0% (prior: 80.4%).
* Overall, a net technical result of EUR 14.6m (prior: EUR 15.8m) was achieved for the accident insurance segment after allocation to the fluctuation reserve.
* EUR 6.0m (prior: EUR 3.4m) was withdrawn from the fluctuation reserve.
=== Multi Risk ===" |
|---|
|
| id | "9fth4kgfqj-c48" |
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| chunk | 48 |
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| pages | |
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| heading | "Multi Risk" |
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| tags | |
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| content | "**Multi Risk**
| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |
| --- | --- | --- | --- | --- |
| Written premiums | 168.1 | 148.1 | 166.5 | 141.2 |
| Earned premiums | 168.0 | 148.0 | 166.3 | 141.0 |
| Incurred claims | 116.2 | 117.2 | 92.6 | 100.0 |
| Operating expenses | 63.6 | 60.2 | 64.6 | 61.3 |
| Technical result for own account | — | -29.6 | — | -20.1 |
| In % — Loss ratio | 69.2 | 79.2 | 55.7 | 70.9 |
| In % — Expense ratio | 37.8 | 40.7 | 38.9 | 43.5 |
| In % — Combined ratio | 107.0 | 119.9 | 94.6 | 114.4 |" |
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|
| id | "9fth4kgfqj-c49" |
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| chunk | 49 |
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| pages | |
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| heading | "Multi Risk segment performance" |
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| tags | |
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| effective_tags | |
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| content | "* Gross written premiums for Multi Risk increased by EUR 1.6m to EUR 168.1m (prior: EUR 166.5m).
* Premium growth was positively impacted by premium adjustments.
* Reinsurance premiums decreased by EUR 5.3m to EUR 20.0m (prior: EUR 25.3m).
* The decrease in reinsurance premiums was due to lower reinsurance costs payable, mainly from a reduction in the provision for reinstatement premiums.
* Net earned premiums increased by EUR 7.0m to EUR 148.0m (prior: EUR 141.0m).
* Gross claims expenses increased by EUR 23.6m to EUR 116.2m (prior: EUR 92.6m).
* The main factor for the increase in gross claims expenses was a decrease in gross run-off gains by EUR 30.7m to EUR 3.3m (prior: EUR 34.0m).
* The prior year had above-average run-off gains from reserve reductions for major claims.
* Conversely, current year claims expenses decreased by EUR 7.1m to EUR 119.5m (prior: EUR 126.6m) due to the absence of accumulation expenses, which overcompensated for increased major claims burden.
* The gross loss ratio increased by 13.5 percentage points to 69.2% (prior: 55.7%).
* Net claims expenses increased by EUR 17.3m to EUR 117.2m (prior: EUR 100.0m).
* Net run-off gains decreased by EUR 19.6m to EUR 0.9m (prior: EUR 20.4m), following the decrease in gross run-off.
* Net current year claims expenses decreased by EUR 2.3m to EUR 118.1m (prior: EUR 120.4m).
* The net loss ratio increased by 8.3 percentage points to 79.2% (prior: 70.9%).
* Gross expenses for insurance operations decreased to EUR 63.6m (prior: EUR 64.6m).
* The decrease in gross expenses was due to lower administrative costs after considering a special write-down in the prior year.
* Net expenses for insurance operations decreased by EUR 1.0m to EUR 60.2m (prior: EUR 61.3m).
* The gross expense ratio decreased from 38.9% to 37.8%.
* The net expense ratio decreased from 43.5% to 40.7%.
* The combined ratios reflected the aforementioned developments.
* Gross combined ratio was 107.0% (prior: 94.6%).
* Net combined ratio was 119.9% (prior: 114.4%).
* Net underwriting result was EUR -29.6m (prior: EUR -20.1m).
=== Combined residential building insurance ===" |
|---|
|
| id | "9fth4kgfqj-c50" |
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| chunk | 50 |
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| pages | |
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| heading | "Combined residential building insurance" |
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| tags | |
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| data_items | |
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| effective_tags | |
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| content | "**Combined residential building insurance**
| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |
| --- | --- | --- | --- | --- |
| Written premiums | 166.6 | 154.0 | 168.0 | 152.1 |
| Earned premiums | 164.0 | 151.4 | 163.6 | 147.8 |
| Incurred claims | 74.0 | 75.0 | 103.1 | 102.4 |
| Operating expenses | 53.8 | 51.9 | 58.0 | 56.3 |
| Technical result for own account | — | 18.6 | — | -3.0 |
| In % — Loss ratio | 45.1 | 49.5 | 63.0 | 69.3 |
| In % — Expense ratio | 32.8 | 34.3 | 35.4 | 38.1 |
| In % — Combined ratio | 77.9 | 83.8 | 98.5 | 107.4 |" |
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|
| id | "9fth4kgfqj-c51" |
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| chunk | 51 |
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| pages | |
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| heading | "Combined residential building insurance performance" |
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| tags | |
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| content | "* Gross written premiums in combined residential building insurance decreased by EUR 1.4m to EUR 166.6m (prior: EUR 168.0m) due to a portfolio transfer to commercial fire insurance.
* Reinsurance premiums decreased to EUR 12.6m (prior: EUR 15.8m).
* Net earned premiums increased by EUR 3.7m to EUR 151.4m (prior: EUR 147.8m).
* Gross claims expenses decreased by EUR 29.1m to EUR 74.0m (prior: EUR 103.1m).
* The decrease in gross claims expenses was due to lower current year claims expenses of EUR 89.0m (prior: EUR 101.8m), primarily from declining frequency claims and no cumulative claims from natural catastrophes.
* The gross settlement result improved by EUR 16.3m YoY to EUR 15.0m (prior: -EUR 1.3m) due to reserve reviews from older accident years.
* The gross loss ratio decreased by 17.9pts to 45.1% (prior: 63.0%).
* Net claims expenses decreased by EUR 27.4m to EUR 75.0m (prior: EUR 102.4m).
* Net current year claims expenses decreased by EUR 12.2m to EUR 89.0m (prior: EUR 101.2m).
* The net settlement result increased by EUR 15.1m to EUR 14.0m (prior: -EUR 1.2m).
* The net loss ratio decreased by 19.7pts to 49.5% (prior: 69.3%).
* Gross operating expenses decreased to EUR 53.8m (prior: EUR 58.0m) due to lower administrative costs.
* Net operating expenses decreased to EUR 51.9m (prior: EUR 56.3m).
* The gross cost ratio decreased to 32.8% (prior: 35.4%).
* The net cost ratio decreased to 34.3% (prior: 38.1%).
* The gross combined ratio was 77.9% (prior: 98.5%).
* The net combined ratio was 83.8% (prior: 107.4%).
* Net underwriting result improved by EUR 21.6m YoY to EUR 18.6m (prior: -EUR 3.0m) after fluctuation reserve.
* EUR 1.5m was allocated to the fluctuation reserve, following a withdrawal of EUR 12.6m in the previous year.
=== Combined household insurance ===" |
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| id | "9fth4kgfqj-c52" |
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| chunk | 52 |
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| heading | "Combined household insurance" |
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| content | "**Combined household insurance**
| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |
| --- | --- | --- | --- | --- |
| Written premiums | 72.4 | 69.2 | 75.2 | 70.7 |
| Earned premiums | 72.8 | 69.6 | 75.1 | 70.7 |
| Incurred claims | 26.3 | 26.5 | 33.2 | 33.0 |
| Operating expenses | 26.0 | 25.5 | 27.3 | 26.9 |
| Technical result for own account | — | 18.2 | — | 13.6 |
| In % — Loss ratio | 36.1 | 38.1 | 44.2 | 46.8 |
| In % — Expense ratio | 35.7 | 36.6 | 36.3 | 38.1 |
| In % — Combined ratio | 71.8 | 74.7 | 80.5 | 84.8 |" |
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| id | "9fth4kgfqj-c53" |
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| chunk | 53 |
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| pages | |
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| heading | "Gross and net premiums" |
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| content | "* Gross written premiums in combined household insurance decreased to EUR 72.4m (prior: EUR 75.2m) due to a decline in portfolio.
* Reinsurance premiums slightly decreased to EUR 3.2m (prior: EUR 4.5m).
* Earned net premiums decreased to EUR 69.6m (prior: EUR 70.7m)." |
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| id | "9fth4kgfqj-c54" |
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| chunk | 54 |
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| pages | |
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| heading | "Claims expenses and loss ratios" |
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| content | "* Gross expenses for insurance claims reduced to EUR 26.3m (prior: EUR 33.2m).
* Gross claims expenses for the financial year decreased by EUR 2.8m to EUR 32.9m (prior: EUR 35.7m).
* This reduction was due to the absence of cumulative natural catastrophe claims and lower expenses for both frequency and large claims.
* Gross settlement gains increased to EUR 6.6m (prior: EUR 2.5m).
* The gross loss ratio decreased by 8.1 percentage points to 36.1% (prior: 44.2%).
* Net expenses for insurance claims decreased to EUR 26.5m (prior: EUR 33.0m).
* Net claims expenses for the financial year decreased by EUR 2.7m to EUR 32.9m (prior: EUR 35.6m), similar to the gross development.
* Net settlement gains increased to EUR 6.4m (prior: EUR 2.6m).
* The net loss ratio decreased by 8.7 percentage points to 38.1% (prior: 46.8%)." |
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| id | "9fth4kgfqj-c55" |
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| chunk | 55 |
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| pages | |
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| heading | "Operating expenses and combined ratios" |
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| content | "* Gross expenses for insurance operations decreased to EUR 26.0m (prior: EUR 27.3m).
* Net expenses for insurance operations decreased to EUR 25.5m (prior: EUR 26.9m) due to lower administrative costs.
* The gross cost ratio decreased to 35.7% (prior: 36.3%).
* The net cost ratio decreased to 36.6% (prior: 38.1%).
* Gross combined ratio decreased from 80.5% to 71.8%.
* Net combined ratio decreased from 84.8% to 74.7%." |
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|
| id | "9fth4kgfqj-c56" |
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| chunk | 56 |
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| pages | |
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| heading | "Underwriting result" |
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| content | "* Net underwriting result after fluctuation reserve was EUR 18.2m (prior: EUR 13.6m).
* EUR 1.6m (prior: EUR 3.5m) was allocated to the fluctuation reserve.
=== Other insurance ===" |
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|
| id | "9fth4kgfqj-c57" |
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| chunk | 57 |
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| heading | "Other insurance" |
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| content | "**Other insurance**
| In EUR million | 2025 Gross | 2025 Net | 2024 Gross | 2024 Net |
| --- | --- | --- | --- | --- |
| Written premiums | 220.8 | 194.7 | 181.9 | 161.7 |
| Earned premiums | 219.8 | 193.0 | 181.2 | 161.1 |
| Incurred claims | 115.9 | 115.7 | 124.7 | 122.1 |
| Operating expenses | 81.8 | 78.4 | 70.5 | 65.5 |
| Technical result for own account | — | -6.0 | — | -24.7 |
| In % — Loss ratio | 52.8 | 59.9 | 68.8 | 75.8 |
| In % — Expense ratio | 37.2 | 40.6 | 38.9 | 40.7 |
| In % — Combined ratio | 90.0 | 100.5 | 107.7 | 116.5 |" |
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|
| id | "9fth4kgfqj-c58" |
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| chunk | 58 |
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| pages | |
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| heading | "Other Insurance business performance" |
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| content | "* Other Insurance includes Fire, Transport, Assistance, Cyber, and Technical Insurance lines.
* Gross premiums for Other Insurance increased by EUR 38.9m to EUR 220.8m (prior: EUR 181.9m).
* 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.
* The Cyber segment also showed positive development from new business growth.
* Technical Insurance and Transport Insurance segments experienced a slight premium increase YoY.
* Reinsurance premiums increased by EUR 5.9m to EUR 26.2m (prior: EUR 20.2m), driven by the internal portfolio transfer.
* Net earned premiums increased by EUR 32.0m to EUR 193.0m (prior: EUR 161.1m).
* Gross claims expenses decreased by EUR 8.8m to EUR 115.9m (prior: EUR 124.7m).
* The decrease in gross claims expenses was primarily due to a EUR 8.2m reduction in gross current year claims expenses to EUR 133.3m (prior: EUR 141.5m), mainly from the absence of natural catastrophe accumulation expenses and lower large loss burden in the Fire segment.
* Gross run-off gains increased to EUR 17.4m (prior: EUR 16.8m), mainly due to increased run-off in the Cyber segment.
* The gross loss ratio for Other Insurance decreased by 16.1 percentage points to 52.8% (prior: 68.8%).
* Net claims expenses decreased by EUR 6.4m to EUR 115.7m (prior: EUR 122.1m).
* 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).
* Net run-off gains decreased by EUR 0.4m to EUR 14.3m (prior: EUR 14.7m).
* The net loss ratio for Other Insurance decreased to 59.9% (prior: 75.8%).
* Gross operating expenses increased to EUR 81.8m (prior: EUR 70.5m).
* Net operating expenses increased to EUR 78.4m (prior: EUR 65.5m).
* The increase in operating expenses was mainly due to higher commissions related to the premium growth in the Fire segment.
* The gross expense ratio decreased to 37.2% (prior: 38.9%).
* The net expense ratio decreased to 40.6% (prior: 40.7%).
* The gross combined ratio improved to 90.0% (prior: 107.7%).
* The net combined ratio improved to 100.5% (prior: 116.5%).
* The net underwriting result was EUR -6.0m (prior: EUR -24.7m) after the fluctuation reserve.
* A withdrawal of EUR 1.9m (prior: EUR 2.4m) was made from the fluctuation reserve.
=== Investment result ===" |
|---|
|
| id | "9fth4kgfqj-c59" |
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| chunk | 59 |
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| heading | "Investment income and expenses" |
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| content | "* Current income was EUR 95.9m (prior: EUR 118.7m).
* Distributions from equity funds were significantly lower at EUR 1.3m (prior: EUR 20.0m) due to the sale of all equity holdings in the previous year.
* Lower income was generated from participations.
* The asset class "shares in affiliated companies and participations" contributed EUR 4.3m (prior: EUR 17.2m) to the result.
* Slightly higher income was generated in fixed-income investment classes in direct investments due to an increased reinvestment rate for the full year.
* Current expenses (including scheduled depreciation) were EUR 8.1m (prior: EUR 7.5m).
* Current result was EUR 87.8m (prior: EUR 111.3m).
* A current average return(1) of 3.0% (prior: 3.0%) was achieved.
* Extraordinary gains and losses from the disposal of investments amounted to -EUR 101.8m (prior: EUR 4.4m).
* These extraordinary gains and losses primarily resulted from the sale of a property and various fixed-income securities.
* Extraordinary additions and write-downs amounted to -EUR 17.7m (prior: -EUR 3.7m), driven by extraordinary write-downs on equity investments.
* The total extraordinary result was -EUR 119.5m (prior: EUR 0.6m).
* The investment result (Net investment income) before deduction of technical interest income was -EUR 31.7m (prior: EUR 111.9m).
* A net return(2)(footnote: Alle Erträge abzüglich aller Aufwendungen für Kapitalanlagen im Verhältnis zum mittleren Bestand der Kapitalanlagen zum 1.1. und 31.12. des jeweiligen Geschäftsjahres) of -0.8% (prior: 3.0%) was achieved for the reporting year.
=== Other income ===" |
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|
| id | "9fth4kgfqj-c60" |
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| chunk | 60 |
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| pages | |
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| heading | "Other income and expenses" |
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| content | "* Other income was EUR 122.2m (prior: -EUR 62.5m).
* This included other income of EUR 144.8m (prior: EUR 18.2m) and other expenses of EUR 22.6m (prior: EUR 80.7m).
* Of the other expenses, EUR 17.8m (prior: EUR 77.4m) were attributable to expenses for the company as a whole.
* HDI Versicherung AG realized investment losses as part of the group-wide investment strategy.
* These losses were offset by an income-effective subsidy of EUR 132.7m from Talanx AG.
* This income was reported in other income." |
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|
| id | "9fth4kgfqj-c61" |
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| chunk | 61 |
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| pages | |
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| heading | "Other income" |
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| tags | |
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| content | "(1) Laufende Bruttoerträge abzüglich Aufwendungen für die Verwaltung von Kapitalanlagen abzüglich planmäßiger Abschreibungen im Verhältnis zum mittleren Bestand der Kapitalanlagen zum 1.1. und 31.12. des jeweiligen Geschäftsjahres" |
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|
| id | "9fth4kgfqj-c62" |
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| chunk | 62 |
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| pages | |
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| heading | "Other income" |
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| tags | |
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| effective_tags | |
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| content | "(2) Alle Erträge abzüglich aller Aufwendungen für Kapitalanlagen im Verhältnis zum mittleren Bestand der Kapitalanlagen zum 1.1. und 31.12. des jeweiligen Geschäftsjahres
=== Total comprehensive income of HDI Versicherung AG ===" |
|---|
|
| id | "9fth4kgfqj-c63" |
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| chunk | 63 |
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| pages | |
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| heading | "Total comprehensive income of HDI Versicherung AG" |
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| content | "**Total comprehensive income of HDI Versicherung AG**
| In EUR million | 2025 | 2024 |
| --- | --- | --- |
| Technical result for own account | 20.1 | -30.7 |
| Investment result (Net investment income) after technical interest deduction | -32.8 | 111.0 |
| Other income | 122.2 | -62.5 |
| Income from ordinary activities | 109.5 | 17.8 |
| Taxes | 0.0 | 0.1 |
| Profit transferred to HDI Deutschland AG | 109.5 | 17.6 |" |
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|
| id | "9fth4kgfqj-c64" |
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| chunk | 64 |
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| pages | |
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| heading | "Profit transfer to parent company" |
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| content | "* A profit of EUR 109.5m (prior year: EUR 17.6m) was transferred to the parent company, HDI Deutschland AG, in the fiscal year due to the existing control and profit transfer agreement.
== Financial position ==
=== Shareholders' equity ===" |
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|
| id | "9fth4kgfqj-c65" |
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| chunk | 65 |
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| pages | |
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| heading | "Equity" |
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| content | "* Equity remained unchanged YoY at EUR 57.1m (prior: EUR 57.1m).
=== Liquidity position ===" |
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|
| id | "9fth4kgfqj-c66" |
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| chunk | 66 |
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| pages | |
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| heading | "Liquidity and cash flow" |
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| content | "* The company receives liquid funds from ongoing premium income, capital gains, and returns from investments.
* Liquidity required for ongoing payment obligations is ensured by current liquidity planning, which considers the projected liquidity development for the next twelve months.
* As of the balance sheet date, liquid funds in the form of deposits and current balances with credit institutions amounted to EUR 88.1m (prior: EUR 51.3m).
=== Asset position ===
==== Investments ====" |
|---|
|
| id | "9fth4kgfqj-c67" |
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| chunk | 67 |
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| pages | |
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| heading | "Investment portfolio composition" |
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| content | "* Investment volume of HDI Versicherung AG was EUR 3,763.9m (prior: EUR 3,760.8m) at year-end 2025, slightly above the previous year's level.
* Investments were primarily in fixed-income securities held directly.
* Fixed-income securities comprised 66.7% (prior: 70.9%) of total investments at the end of 2025.
* Investments were mainly in bearer bonds, promissory note loans, and registered bonds of good credit quality.
* Other significant asset classes included bond funds at 17.5% (prior: 15.7%) and equity interests and shares in affiliated companies at 6.9% (prior: 7.2%).
* The average rating of fixed-income investments, determined by a linear methodology, was AA (prior: AA).
* Loans to affiliated companies and companies with which an equity relationship exists were EUR 223.2m (prior: EUR 172.8m), at the same level as the previous year.
* Equity interests and participations decreased slightly YoY to EUR 258.4m (prior: EUR 269.7m).
* Real estate funds remained constant at EUR 34.1m (prior: EUR 35.3m).
* Other funds increased slightly to EUR 39.8m (prior: EUR 38.0m).
* Equity funds were continuously built up again after a reduction at the beginning of 2025, reaching approximately EUR 39.8m (prior: EUR 147.8m) at the end of the fiscal year." |
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|
| id | "9fth4kgfqj-c68" |
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| chunk | 68 |
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| pages | |
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| heading | "Investment market values" |
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| content | "* Market values of recognized investments totaled EUR 3,835.1m (prior: EUR 3,701.4m).
* Valuation differences amounted to EUR 71.2m (prior: EUR -59.5m).
== Technical provisions ==" |
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|
| id | "9fth4kgfqj-c69" |
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| chunk | 69 |
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| pages | |
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| heading | "Technical provisions" |
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| tags | |
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| content | "* Net technical provisions increased by EUR 83.7m to EUR 3,761.9m (prior: EUR 3,678.1m).
* This item primarily includes provisions for outstanding insurance claims.
* Net provisions for outstanding insurance claims are almost unaffected by currency fluctuations because HDI Versicherung AG operates exclusively in the German market.
== Overall assessment of the economic situation ==" |
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|
| id | "9fth4kgfqj-c70" |
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| chunk | 70 |
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| pages | |
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| heading | "HDI Versicherung AG operating performance" |
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| content | "* HDI Versicherung AG's operating business was influenced by transformation and restructuring in the past fiscal year.
* The company significantly improved its net technical insurance result before fluctuation reserves.
* Net written premiums for the company saw a slight decline.
* Negative effects from continued claims inflation were overcompensated by a continued decrease in frequency claims.
* An increase in net large loss burden was offset by a decrease in claims expenses for natural catastrophes in motor and property lines due to the absence of cumulative events.
* The company's result after fluctuation reserves increased as planned compared to the previous year.
* This increase was due to positive operational development and a higher withdrawal from fluctuation reserves compared to the previous year.
* The company's net premium volume declined slightly YoY, as expected.
* 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.
* Net claims expenses were below the previous year's level, as expected.
* This was primarily driven by a decrease in claims expenses for the fiscal year due to lower frequency claims in motor and private lines.
* A decrease in claims expenses for natural catastrophes in motor and property lines due to the absence of cumulative events was offset by an increase in large loss burden.
* Claims settlement declined due to increased expenses for necessary reserve adjustments for large losses from previous years, particularly in corporate and freelance professional lines.
* Expenses for insurance operations decreased YoY due to lower administrative costs, as forecasted.
* This led to a significantly improved technical insurance result, in line with expectations.
* Investment income was significantly below the previous year's level, contrary to expectations.
* This was caused by one-off effects from loss realizations in extraordinary investment income.
* This was offset by an income subsidy in other non-technical insurance income, 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.
* These developments collectively led to the expected increase in net income." |
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|
| id | "9fth4kgfqj-c71" |
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| chunk | 71 |
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| pages | |
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| heading | "Economic situation assessment" |
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| content | "* The economic situation of HDI Versicherung AG is assessed as unchanged and stable at the time of preparing the management report.
== Risk Report ==
=== Summary of the Risk Situation ===" |
|---|
|
| id | "9fth4kgfqj-c72" |
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| chunk | 72 |
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| pages | |
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| heading | "Risk management and solvency" |
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| effective_tags | |
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| content | "* The company's risk management regularly examines risks.
* Established risk management systems and control bodies support early identification, assessment, and management of risks that could significantly impact the company's earnings, financial position, and assets.
* The company currently considers itself able to permanently fulfill all obligations from existing insurance contracts.
* Risks threatening the company's existence, specifically material risks with existential loss potential, could arise from systemic risks like a financial system collapse.
* No company-specific risks threatening existence are currently apparent." |
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|
| id | "9fth4kgfqj-c73" |
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| chunk | 73 |
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| pages | |
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| heading | "Risk profile and influencing factors" |
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| content | "* The company's risk profile is strongly characterized by underwriting risks and market risks.
* Key risk-relevant influencing factors in the reporting year include the continued subdued overall economic situation in Germany, with international trade policy likely to increase risks for the global economy.
* The geopolitical situation remains tense and is worsening in some aspects.
* Various legal requirements continue to pose substantial challenges and risks.
* Intensive strategic considerations and measures in the reporting year created the conditions for focused substance accumulation to strengthen risk resilience." |
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|
| id | "9fth4kgfqj-c74" |
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| chunk | 74 |
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| pages | |
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| heading | "Regulatory capital requirements" |
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| content | "* The company meets regulatory capital requirements.
* Specific ratios will be published in April 2026 (Year 2026) in the Solvency and Financial Condition Report (SFCR) for December 31, 2025.
* The SFCR is not subject to the audit.
==== Fundamentals of Risk Management ====" |
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|
| id | "9fth4kgfqj-c75" |
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| chunk | 75 |
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| pages | |
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| heading | "Risk management compliance" |
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| tags | |
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| effective_tags | |
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| content | "* The company's risk management fulfills the requirements of the German Stock Corporation Act (§ 91 Abs. 2 AktG).
* This report fulfills the company's obligation to report on the significant risks of its prospective development (§ 289 Abs. 1 HGB).
==== Risk Management System ====" |
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|
| id | "9fth4kgfqj-c76" |
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| chunk | 76 |
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| pages | |
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| heading | "Risk Management System Overview" |
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| effective_tags | |
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| content | "* The basis of risk management is the risk strategy, adopted annually by the Management Board and derived from the business strategy.
* The risk strategy is a binding, integral part of entrepreneurial activities.
* The company uses an internal control system to implement and monitor the risk strategy.
* Risk understanding is holistic, encompassing opportunities and risks, with a focus on negative deviations from targets (risks in the narrower sense).
* Strategic risk objectives include adherence to defined risk tolerance and risk budget.
* The company's risk management is integrated into the risk management of the HDI Germany business unit (Business mix) and the Group, adhering to Group guidelines.
* A supervisory-approved Internal Model according to Solvency II is used to quantify risks.
* The model's time horizon is one calendar year.
* The company's risk management system is continuously developed and adapted to factual and legal requirements, as well as Group specifications.
* The risk management system is closely integrated with the company's central control system." |
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|
| id | "9fth4kgfqj-c77" |
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| chunk | 77 |
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| pages | |
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| heading | "Risk Assessment and Monitoring" |
|---|
| tags | |
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| effective_tags | |
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| content | "* Significant quantifiable risks are regularly assessed using the risk model, systematically analyzed, and backed by solvency capital.
* Strategic risks, project risks, reputational risks, and emerging risks resulting from target deviations are also considered.
* Identified risks are managed through coordinated measures, and quantifiable risks are monitored via a limit and threshold system.
* The Management Board is regularly informed about the current risk situation through risk reporting.
* Immediate reporting to the Management Board is ensured for acute risks.
* The company conducts an Own Risk and Solvency Assessment (ORSA) at least once a year as a key part of its risk management system.
* The ORSA reviews the overall solvency needs, considering the company's specific risk profile.
* In the investment sector, the risk management system includes specific instruments for ongoing monitoring of current risk positions and risk-bearing capacity.
* All investments are under constant observation and analysis by the Investment division and operational investment controlling.
* Scenario analyses and stress tests simulate the effects of capital market fluctuations to enable early response if needed.
* Extensive reporting ensures transparency of all developments related to investments." |
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| chunk | 78 |
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| heading | "Risk Organization and Future Risks" |
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| content | "* The company uses Ampega Asset Management GmbH for trading and settlement activities in the investment sector.
* The organizational structure of risk management ensures segregation of duties between active risk-taking and independent risk monitoring.
* Key bodies include the entire Management Board and key functions as per § 7 No. 9 VAG: Independent Risk Controlling Function, Compliance Function, Internal Audit, Actuarial Function, and Risk Officers.
* The entire Management Board has non-delegable responsibility for implementing and developing risk management, setting the risk strategy, and making key risk management decisions.
* The Independent Risk Controlling Function is outsourced to HDI AG based on existing outsourcing agreements and is managed by an organizational unit led by the Chief Risk Officer.
* This outsourcing centralizes expertise and ensures efficient resource utilization.
* An outsourcing officer within the company monitors the outsourcing.
* The Independent Risk Controlling Function is primarily responsible for identifying, assessing, and analyzing the risk profile, and for monitoring limits and risk mitigation measures at an aggregated level.
* This task is performed by the Chief Risk Officer with support from risk management and the Risk Committee of the HDI Germany business unit (Business mix).
* The Risk Committee makes recommendations to the Management Board.
* Risk Officers are responsible for identifying and assessing significant risks within their areas of responsibility, proposing risk reduction measures, and implementing appropriate risk control measures.
* Knowledge exchange between Risk Officers and the Independent Risk Controlling Function occurs through regular Risk Steering Committee meetings and risk discussions.
* Internal Audit is responsible for process-independent auditing of business areas, including risk management.
* The head of Internal Audit is a guest in the Risk Committee for discussions on risk-relevant topics.
* The company is integrated into the Compliance organization of the HDI Germany business unit to support proper business organization and ensure compliance with legal and regulatory requirements.
* Compliance sends a representative to the Risk Committee.
* The Actuarial Function contributes to the effective implementation of the risk management system and the ORSA, particularly regarding the calculation of technical provisions, underwriting and acceptance policy, and the adequacy of reinsurance arrangements.
* The Actuarial Function is also represented in the Risk Committee.
* Internal Audit, Compliance, and the Actuarial Function are also outsourced to HDI AG.
* The risk situation of the company is discussed based on described risk categories.
* Underwriting risks: the danger that actual expenses for claims and benefits deviate from expected expenses due to chance, error, or change.
* Premium risks: arise because pre-determined insurance premiums must later cover claims of initially unknown amounts, potentially leading to premiums not covering actual damages.
* The company uses actuarial models for tariff setting and continuously monitors claims development.
* Portfolio analyses are conducted for key lines of business to assess profitability, including individual segments within a line.
* Claims departments have extensive claims controlling.
* The portfolio is also covered by reinsurance.
== Reserve Risks ==" |
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| id | "9fth4kgfqj-c79" |
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| chunk | 79 |
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| heading | "Reserve risk definition and mitigation" |
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| content | "* Reserve risk is the danger that technical provisions are insufficient to fully settle outstanding and unknown claims that have already occurred.
* This insufficiency could lead to a need for additional reserves.
* The company addresses premium and reserve risk by using conservative assumptions in calculations.
* The level of provisions is regularly reviewed by internal and external actuaries, who provide reserve reports to the company.
* The company manages the potential impact of simultaneous natural catastrophes and cumulative losses from technical insurance risks by securing peak loads through adequate reinsurance protection.
* To control and reduce risks, the company also uses claims analyses, natural catastrophe modeling, selective underwriting, and regular monitoring of claims development.
== Surrender Risks ==" |
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| id | "9fth4kgfqj-c80" |
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| chunk | 80 |
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| heading | "Surrender risk definition and management" |
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| content | "* Surrender 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 surrender, termination, renewal, and repurchase rates of insurance contracts.
* The company regularly analyzes the surrender situation and takes appropriate control measures as needed.
== Market Risks ==" |
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| id | "9fth4kgfqj-c81" |
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| chunk | 81 |
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| heading | "Market risk management" |
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| 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.
* The company has detailed capital investment guidelines that define the investment universe, specific quality characteristics, issuer limits, and investment limits.
* 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.
* A clear separation of functions between the operational management of capital investment risk and risk controlling is maintained.
* Parametric stress tests are calculated as part of monthly reporting to determine the portfolio's sensitivity to significant changes in market data.
== Equity and Participation Risks ==" |
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| id | "9fth4kgfqj-c82" |
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| chunk | 82 |
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| heading | "Equity risk definition and impact" |
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| content | "* Equity risk refers to the risk arising from changes in stock price levels.
* Potential changes in stock price levels affect the valuation of equities and asset positions modeled as equities in the risk model, particularly any equity investments of the company.
* Equity risk has limited hazard potential due to the company's low equity ratio.
* A sensitivity analysis shows the percentage changes in the market value of investments for a hypothetical loss/gain in equity investments (calculated as of the balance sheet date)." |
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| id | "9fth4kgfqj-c83" |
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| chunk | 83 |
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| heading | "Assumed change in equity investments by Percentage change in market value of investments" |
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| content | "**Assumed change in equity investments by Percentage change in market value of investments**
| Assumed change in equity investments: | -10% | +10% |
| --- | --- | --- |
| Percentage change in market value of investments: | -0.1% | 0.1% |
== Interest Rate Risks ==" |
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| id | "9fth4kgfqj-c84" |
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| chunk | 84 |
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| heading | "Interest rate risk management" |
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| content | "* Interest rate risk describes the sensitivity of assets, liabilities, and financial instruments to changes in the interest rate curve or interest rate volatility.
* Interest rate risk is managed through regular asset-liability analyses, continuous monitoring of investments and capital markets, and appropriate measures.
* Capital market instruments, such as derivatives, are used as needed.
* A sensitivity analysis shows percentage changes in the market value of investments for a hypothetical decrease/increase in interest rates (parallel shift of the interest rate curve, calculated at the balance sheet date)." |
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| id | "9fth4kgfqj-c85" |
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| chunk | 85 |
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| heading | "Percentage change in market value of investments by assumed shift in the interest rate curve" |
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| content | "**Percentage change in market value of investments by assumed shift in the interest rate curve**
| Assumed shift in the interest rate curve: | -50bp | +50bp |
| --- | --- | --- |
| Percentage change in market value of investments: | 2.1% | -2.0% |
== Currency Risks ==" |
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| id | "9fth4kgfqj-c86" |
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| chunk | 86 |
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| heading | "currency risk exposure" |
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| content | "* Currency risk describes the sensitivity of assets, liabilities, and financial instruments to changes in the level or volatility of exchange rates.
* Currency risk plays a minor role for the company because capital investments are almost exclusively made in Euros.
== Real Estate Risks ==" |
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| id | "9fth4kgfqj-c87" |
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| chunk | 87 |
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| heading | "Real estate risk definition and management" |
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| content | "* Real estate risk represents the risk from fluctuations in the value of real estate held in investments.
* This includes both real estate in the narrower sense (e.g., land and buildings) and real estate funds.
* For direct real estate investments, yield and other key performance indicators (e.g., vacancies or arrears) are regularly measured at the property and portfolio level.
* For indirect real estate investments, risk is controlled by regularly observing fund development and performance.
* A sensitivity analysis below shows percentage changes in the market value of investments given a hypothetical loss in value of real estate investments (calculated as of the balance sheet date)." |
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| id | "9fth4kgfqj-c88" |
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| chunk | 88 |
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| pages | |
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| heading | "Assumed change in real estate investments by percentage change in market value of investments" |
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| content | "**Assumed change in real estate investments by percentage change in market value of investments**
| Assumed change in real estate investments: | -10% |
| --- | --- |
| Percentage change in market value of investments: | -0.1% |
== Credit Risks from Investments ==" |
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| id | "9fth4kgfqj-c89" |
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| chunk | 89 |
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| heading | "Credit risk management" |
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| 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.
* Credit risks manifest as counterparty default risks, spread risks, or market risk concentrations.
* The company regularly conducts credit assessments of existing debtors.
* Credit risks below investment grade and without a rating are only entered into to a limited extent.
* Rating categories and hedging instruments are considered for managing default and credit risk.
* The creditworthiness of debtors is continuously monitored.
* Rating classes assigned by external agencies such as Standard & Poor's, Moody's, Fitch, or Scope Analysis are a key indicator for investment decisions made by portfolio management.
=== Credit Quality Structure of Fixed-Income Investments ===" |
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| id | "9fth4kgfqj-c90" |
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| chunk | 90 |
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| pages | |
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| heading | "Credit Quality Structure of Fixed-Income Investments" |
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| content | "**Credit Quality Structure of Fixed-Income Investments**
| | Market value EUR million | Share % |
| --- | --- | --- |
| AAA | 1,299.8 | 38.2 |
| AA | 660.1 | 19.4 |
| A | 833.7 | 24.5 |
| BBB | 358.4 | 10.5 |
| BB | 87.8 | 2.6 |
| B | 0.0 | 0.0 |
| Not rated | 158.9 | 4.7 |
| Total | 3,398.5 | 100.0 |" |
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| id | "9fth4kgfqj-c91" |
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| chunk | 91 |
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| heading | "Investment concentration risk management" |
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| content | "* Investment concentration risk is mitigated by a broad mix and diversification of investments.
* Dependencies on individual debtors are avoided as much as possible.
=== Classification of Fixed-Income Investments by Type of Issuer ===" |
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| id | "9fth4kgfqj-c92" |
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| chunk | 92 |
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| heading | "Market value & Share by Type of issuer" |
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| content | "**Market value & Share by Type of issuer**
| | Market value EUR million | Share % |
| --- | --- | --- |
| Government and municipal bonds | 575.3 | 16.9 |
| Covered bonds | 1,003.4 | 29.5 |
| Industrial bonds | 799.7 | 23.5 |
| Senior bonds of financial institutions | 528.9 | 15.6 |
| Subordinated bonds of financial institutions | 70.3 | 2.1 |
| Mortgages and policy loans | 83.3 | 2.5 |
| Affiliated companies | 183.4 | 5.4 |
| ABS(1) | 154.2 | 4.5 |
| Total | 3,398.5 | 100.0 |
(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).
== Infrastructure Investment Risks ==" |
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| id | "9fth4kgfqj-c93" |
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| chunk | 93 |
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| heading | "infrastructure investment risks" |
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| content | "* Risks from infrastructure investments relate to changes in value and fluctuations in returns of corresponding infrastructure assets.
* Management of these risks involves careful due diligence checks in advance and ongoing monitoring measures.
* Specialized expertise is maintained for this purpose.
== Derivatives and Structured Products ==" |
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| id | "9fth4kgfqj-c94" |
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| chunk | 94 |
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| heading | "Derivatives and Structured Products" |
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| content | "* Derivative transactions for yield enhancement, acquisition preparation, and portfolio hedging, as well as structured product transactions, are conducted within the company's internal guidelines.
* Derivative positions and transactions are detailed in reporting.
* Derivatives are efficient and flexible instruments for portfolio management due to low transaction costs, high market liquidity, and transparency.
* The use of derivatives involves additional risks that are closely monitored and managed.
* The company's Inflation-Swap-Portfolio (Inflation Receivers) was further expanded to hedge against inflation risk.
* Structured products had a total book value of EUR 547.2m (prior: EUR 306.9m) in the direct portfolio as of December 31, 2025.
* Market risk management includes regular monitoring of key figures like Value at Risk (VaR), which represents the maximum expected loss within a defined period at a given probability.
* VaR is measured as a percentage of the market values of the capital investments under consideration.
* An Asset-Management-VaR (AMVaR) is determined to measure asset-side risks in capital investments, considering risks from rating migrations, credit defaults, credit spread widening, and equity risks (including alternative investments).
* The AMVaR measures the company's risk contribution to the Talanx Group risk over a 1-year horizon with a 99.5% confidence level.
* The AMVaR as of December 31, 2025, was 7.38%.
* The ALM-VaR considers capital investments and projected cash flows of insurance liabilities, measuring loss potentials from interest rate, currency, and inflation risks relevant for ALM management.
* The ALM-VaR measures the company's isolated risk over a 1-year horizon with a 99.5% confidence level.
* The ALM-VaR as of December 31, 2025, was 2.16%.
* Counterparty default risk covers risk-reducing contracts (e.g., reinsurance agreements, securitizations) and claims against intermediaries and other credit risks not otherwise included in risk measurement.
* Information on default risks in capital investments is found under credit risks.
* Risks from default of claims against reinsurers involve the possibility of default on reinsurers' shares of insurance liabilities, net of reinsurance deposits or other collateral.
* To mitigate risk, the creditworthiness of reinsurance partners is considered during selection and monitored throughout the contract.
* The risk of default on claims from reinsurance business is low due to the favorable credit assessment of reinsurance partners.
* Claims against reinsurers amounted to EUR 1.7m (prior: EUR 14.6m) as of the balance sheet date.
* The breakdown of claims against reinsurers by rating as of December 31, 2025, was: AA (47.1%), A (39.7%), and Unrated (13.2%).
* Risks from default of claims against insurance intermediaries primarily involve the possibility that commission clawbacks may not be sufficiently valuable in the event of increased policy cancellations by policyholders.
* The company addresses this risk through intensive monitoring of intermediary creditworthiness using a detailed control system.
* The risk of default on claims against policyholders is mitigated by the diversification of these claims.
* Liquidity risk is the risk that the company cannot realize assets to meet financial obligations at maturity, potentially due to illiquid markets or inability to close open positions without discounts.
* To monitor liquidity risks, each security type is assigned a liquidity indicator reflecting its marketability at fair prices.
* These indicators are regularly reviewed by Ampega Asset Management GmbH's risk controlling, validated with market data and portfolio management assessment, and modified if necessary.
* The data is then incorporated into standard reports for the company's CFO.
* The liquidity structure of capital investments as of December 31, 2025, was: Cash and equivalents (3%), readily marketable without significant discount (26%), marketable with discount (42%), and difficult/not marketable (29%).
* Liquidity risks are managed by continuously aligning the maturities of capital investments and financial obligations.
* Individual minimum limits for highly liquid securities and maximum limits for less liquid securities are in place.
* Minimum limits are derived from the temporal nature of insurance payment obligations.
* A sufficiently liquid investment structure ensures the company can make required payments at all times.
* Operational risk is the risk of loss from inadequate or failed internal processes, people, or systems, as well as external events.
* Business Continuity and IT Service Continuity risks refer to the threat, damage, or disruption of business operations due to natural or man-made hazards.
* This includes losses and additional costs from IT system failures or technical problems, destruction or damage to buildings/facilities, or other work environment disruptions.
* The company reduces risks from building infrastructure disruptions through effective risk management measures, including adherence to safety and maintenance regulations, fire protection, and widespread mobile work options.
* A crisis management system is established to ensure a rapid return to normal operations in case of disruption.
* Emergency preparedness includes an emergency manual, business impact analyses, and the establishment of a crisis team and emergency team.
* IT infrastructure failure risk is reduced through regular controls, redundant systems, backup and recovery procedures, and on-call services.
* Targeted investments in IT security and availability maintain and enhance the existing high security level.
* Process risks describe the risk of loss from inadequate or failed internal processes, including data quality weaknesses.
* The company has an Internal Control System (ICS) to systematically identify and control process risks.
* The necessity, completeness, and effectiveness of control measures are evaluated in regular process reviews by the respective process owner.
* Internal Audit regularly assesses the adequacy and effectiveness of controls from an objective standpoint.
* 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.
* Compliance risks include legal risks and risks from changes in legislation, including tax legislation and statutory reporting obligations.
* Legal risks arise from contracts and general legal frameworks, such as business-specific uncertainties in commercial and tax law.
* Compliance risks in sales are regularly monitored, also with regard to the GDV Code of Conduct for Sales.
* A Compliance Steering Committee HDI Germany has been established for this purpose.
* Relevant legal requirements arise from sources such as the Digital Operational Resilience Act (DORA) or conduct requirements from insurance supervision.
* Potential developments in supreme court rulings or legislative changes, particularly in corporate, product, or tax law, are identified early and closely monitored.
== Fraud Risks ==" |
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| heading | "Fraud risks and mitigation" |
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| content | "* Fraud risks include the risk of intentional violation of laws or rules by internal employees (internal fraud risks) and/or by third parties (external fraud risks) to gain personal advantage.
* Fraud risks are broadly defined to include not only fraud but also other property offenses.
* The company addresses the risk of fraudulent acts through regulations and internal controls in the departments.
* Payment flows and declarations of commitment are subject to strict authorization and approval regulations.
* Segregation of duties in workflows, the four-eyes principle for important decisions, and random checks for serial business transactions make fraudulent acts more difficult.
* Internal Audit reviews systems, processes, and individual cases throughout the company.
== Personnel Risks ==" |
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| id | "9fth4kgfqj-c96" |
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| chunk | 96 |
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| heading | "Personnel risk management" |
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| content | "* Personnel risks are defined as the risk arising from insufficient staffing or inadequate employee behavior.
* Qualified employees are necessary for customer-oriented business and the implementation of important projects.
* To mitigate personnel risks, the company emphasizes education and training.
* Employees can adapt to current market requirements through individual development plans and qualification offers.
* Modern management tools and adequate monetary and non-monetary incentive systems promote high employee commitment.
* Measures for employee health promotion, process documentation, and representation rules also contribute to reducing personnel risks.
== Information and IT Security Risks ==" |
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| id | "9fth4kgfqj-c97" |
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| chunk | 97 |
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| heading | "Information and IT security risks" |
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| content | "* Information and IT security risks describe risks that could potentially jeopardize the completeness, confidentiality, or availability of information or IT systems.
* IT security risk includes cybersecurity risk.
* The availability of applications, the security and confidentiality, and the integrity of the data used are crucial for the company.
* IT security within the company is ensured through access controls, access authorization systems, and security systems for programs and data storage.
* A protective firewall technology is installed for connecting internal and external networks, which is regularly checked and continuously developed.
== Outsourcing Risks ==" |
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| id | "9fth4kgfqj-c98" |
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| chunk | 98 |
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| heading | "Outsourcing risk management" |
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| content | "* Outsourcing risks are defined as risks arising from outsourcing functions or insurance activities, either directly or through further outsourcing, that could otherwise be performed by the company itself.
* A distinction is made between outsourcing tasks up to sales and outsourcing sales services.
* Risks from outsourced functions or services are integrated into the risk management process, identified, assessed, managed, and monitored, even if the service is provided within the group.
* Initial risk analyses are conducted before outsourcing activities or areas.
* The company contractually secures necessary information and instruction rights from the service provider, allowing the Executive Board to issue individual instructions at any time and influence outsourced areas.
* Adequate and continuous control and assessment of service providers are ensured through various evaluation measures, including defining product catalogs with Service Level Agreements and conducting customer satisfaction surveys to verify compliance with agreed performance and quality criteria.
== ICT Risks ==" |
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| id | "9fth4kgfqj-c99" |
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| chunk | 99 |
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| pages | |
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| heading | "ICT Risk Management" |
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| content | "* ICT risks manifest as operational risks across various subcategories.
* An ICT risk control function was established in the reporting year in the context of the EU Digital Operational Resilience Act (DORA).
* The Group Security function performs this ICT risk control for the company.
* The operational integration of ICT risk management into the overarching risk management system occurred in the reporting year and is continuously being expanded.
== Other material risks ==
=== Strategic risks ===" |
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| id | "9fth4kgfqj-c100" |
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| chunk | 100 |
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| pages | |
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| heading | "Strategic risks and management" |
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| content | "* Strategic risks describe risks arising from strategic business decisions.
* Strategic risk also includes the risk that business decisions are not adapted to a changed economic environment.
* The company reviews its business and risk strategy at least annually for consistency and adjusts processes and structures as needed.
* Strategic risks are addressed within the planning and control processes.
* Intensive strategic work in the reporting year created the conditions for focused substance accumulation.
* Sales risks are given appropriate importance at the company, as sales performance is a central success factor.
=== Project risks ===" |
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| id | "9fth4kgfqj-c101" |
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| chunk | 101 |
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| pages | |
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| heading | "Project risks management" |
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| content | "* Project risks describe risks that endanger the intended course or non-achievement of project goals, including strategic and IT-related projects.
* Project risks and their impacts are systematically identified within project management.
* Project progress is regularly reviewed and evaluated.
* The company uses mandatory processes and measures to control and manage both the project portfolio and individual projects.
* This ensures that timely countermeasures can be taken if difficulties arise regarding the achievement of time and quality goals.
=== Reputation risks ===" |
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| id | "9fth4kgfqj-c102" |
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| chunk | 102 |
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| pages | |
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| heading | "Reputation risk management" |
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| content | "* Reputation risks are defined as risks arising from potential damage to the company's reputation due to negative public perception.
* Reputation risks are intensively monitored.
* A professional complaint management system is in place to reduce reputation risks.
* The risk of reputation damage is limited by quality requirements for products, continuous quality management of essential business processes, measures for money laundering prevention, and strict data protection and compliance guidelines.
* Crisis communication management is regulated.
=== Emerging Risks ===" |
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| id | "9fth4kgfqj-c103" |
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| chunk | 103 |
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| pages | |
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| heading | "Emerging Risks identification and management" |
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| content | "* Emerging Risks are potential threats or hazards resulting from new developments or factors that are changing, complex, uncertain, difficult to predict, or hard to assess.
* Emerging Risks often stem from trends or long-term structural developments with indirect impacts on political, social, technological, ecological, and/or economic environments.
* Emerging Risks are identified and managed annually within the company's risk management framework through a group-wide coordinated process.
* Results and insights 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.
=== Sustainability risks ===" |
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| heading | "Sustainability Risks Overview" |
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| content | "* Sustainability risks are events or conditions from the environmental, social, or governance (ESG) areas that can have actual or potential significant negative impacts on the earnings, financial position, asset situation, and reputation of the company.
* 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.
* Sustainability risks can materialize as a meta-risk across all risk categories.
* The company monitors these risks within its risk management system.
* The company also considers sustainability aspects in its business activities, such as in capital investments.
== Forecast and opportunity report ==" |
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| chunk | 105 |
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| heading | "Forward-looking statement" |
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| content | "* The following statements are based on expert assessments from third parties and internal plans and forecasts, representing a subjective assessment.
* Actual developments may differ from the expected developments presented.
=== Economic conditions ===" |
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| chunk | 106 |
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| heading | "Global economic outlook and risks" |
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| content | "* Global economic growth slightly cooled in 2025 due to escalating tariff disputes and geopolitical conflicts, but did not collapse.
* Global economic growth is expected to continue this trend in 2026 (Year 2026), with a forecast of +2.7% YoY.
* Stable growth is supported by the delayed effect of central bank interest rate cut cycles ending and persistently high or increasing fiscal stimulus.
* The global economy is gradually adapting to the new global trade order, with no expectation of further escalation of US-initiated trade conflicts or a collapse in increased AI investments.
* In the Eurozone, higher fiscal stimulus, particularly increased government investments in infrastructure and defense in Germany, is expected to slightly accelerate growth dynamics during the year.
* Solid purchasing power from lower inflation and stable growth should support private consumption in the Eurozone.
* External trade in the Eurozone faces headwinds from the reorganization of global trade, including weak exports and increasing (cheap) imports from China due to trade diversion away from the US.
* Lower energy prices YoY and a stronger Euro, along with increased imports from China, are expected to contribute to a further decline in the Eurozone's inflation rate.
* US economic growth is expected to stabilize at the previous year's level.
* Consumer restraint in lower and middle-income households in the US, due to labor market weakness and increased prices (partly tariff-related), may be partially offset by wealthy households, but no further acceleration is expected.
* Investments in AI are expected to continue providing tailwinds in the US, though it remains to be seen if announced high investments by large tech companies fully materialize.
* Very expansive fiscal policy, including tax cuts, should also support the US economy.
* A significant increase in the US unemployment rate in 2026 is expected to be avoided by a simultaneously lower labor supply (less migration).
* The US inflation rate is expected to reach its tariff-related peak by mid-year but will exceed the Fed's 2% target for the sixth consecutive year on average.
* Upside risks to the global economic outlook include stronger fiscal support, a potential ceasefire in the Ukraine war, or an AI-driven productivity boost.
* Risks to the global economic outlook are predominantly on the downside.
* Primary downside risks include various geopolitical conflicts (e.g., Venezuela, Greenland, Iran, Taiwan, Ukraine) that could lead to significant deterioration.
* Additional risks include potentially unstable government constellations in many countries (e.g., US Midterms, German state elections, France, Japan).
* Political attacks on the Federal Reserve and other institutions in the US pose a significant risk to political and economic stability.
* Increased politicization of the Fed, combined with the sharply increased US national debt, could lead to a serious crisis of confidence with repercussions on international capital markets.
* 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.
* The sustainability of high government debt outside the US also remains a concern.
* Structural risks such as climate change, demographic development, and de-globalization could increase inflation risk in the medium term and lead central banks to adopt a sustainably more restrictive monetary policy.
=== Capital markets ===" |
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| id | "9fth4kgfqj-c107" |
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| chunk | 107 |
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| heading | "Central bank interest rates" |
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| content | "* The ECB is likely to maintain its deposit rate at 2.00% by the end of 2026 (Year 2026), supported by inflation slightly below its 2% target and subdued positive economic momentum.
* The Fed's room for maneuver is limited by persistent US inflation above 2%.
* The US key interest rate is expected to be 3.25% at year-end, following two further interest rate cuts of 0.25 percentage points each, due to a weakening US labor market and political pressure." |
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| chunk | 108 |
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| heading | "Bond yields and equity outlook" |
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| content | "* The yield on 10-year German government bonds is expected to rise towards 3.00% during the year due to increased issuance activity for additional expenditures.
* The yield on 10-year US Treasuries is expected to be 4.25% at year-end, only slightly above its value at the end of 2025.
* Slight further price gains for equities are anticipated, provided the mentioned risks do not materialize to a greater extent.
== Future industry situation ==" |
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| heading | "macroeconomic environment and growth outlook" |
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| content | "* The macroeconomic environment continues to be characterized by significant risk factors and uncertainty in both national and international insurance markets.
* Growth prospects for the national market in the coming years are primarily supported by announced fiscal spending.
=== German insurance industry ===" |
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| chunk | 110 |
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| heading | "German insurance market outlook" |
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| content | "* The German insurance market is expected to continue growing in 2026 (Year 2026), but with less momentum compared to the strong premium growth of the past fiscal year.
==== Property and Casualty Insurance ====" |
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| chunk | 111 |
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| heading | "German P&C outlook" |
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| links | | "Property & casualty" |
| "Year 2026" |
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| effective_tags | | "Property & casualty" |
| "Year 2026" |
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| content | "* For German P&C (Property & casualty) insurance, slight follow-up effects are expected in 2026 (Year 2026) for sum and premium adjustments, driven by cost increases and inflation from recent years.
* Premium income growth is expected to approach the long-term average again.
=== Opportunities from the development of framework conditions ===
==== Digitalization ====" |
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| chunk | 112 |
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| heading | "Digitalization and AI strategy" |
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| content | "* Digitalization is fundamentally reshaping the insurance industry, impacting business processes and models through digital technologies.
* This development is crucial for the competitiveness of insurance companies, creating new opportunities in customer communication, claims processing, data analysis, and new business development.
* Numerous projects are underway to manage digital transformation, including creating added value through artificial intelligence (AI).
* The Talanx Group has implemented its own generative AI solution, Chat@HDI, and integrated Microsoft Copilot to gain real-time insights from unstructured text or image data to support employees.
* Benefits for customers and employees are already apparent, primarily time savings through optimized processes, while adhering to data protection and compliance regulations.
* This includes the European Union's (EU) Artificial Intelligence Act (AI Act), which came into force on August 1, 2024, with most regulations to be implemented by August 2, 2026 (Year 2026).
* The AI Act aims to regulate the development and use of AI in the EU, protect fundamental rights of individuals and groups, build trust in the technology, and foster innovation through clear guidelines.
* If digitalization projects are implemented faster and adopted by customers more quickly than currently expected, it could positively impact premium development and earnings, potentially leading to exceeding forecasts.
==== Knowledge management ====" |
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| id | "9fth4kgfqj-c113" |
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| chunk | 113 |
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| heading | "Knowledge and innovation management" |
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| content | "* Knowledge and innovation management are increasingly important in the insurance industry.
* The Talanx Group established a Best Practice Lab to promote targeted knowledge and innovation exchange.
* Experts exchange ideas in Excellence Teams on an international level regarding specialized topics and jointly develop new solutions.
* Topics for new solutions include pricing, sales, marketing, claims, fraud management, customer service centers, and digitalization.
* Results and solutions from the Best Practice Lab are provided to Talanx Group companies to continuously improve their processes and methods.
* Faster generation and implementation of new solutions and ideas through the Best Practice Lab could positively impact premium development and earnings, potentially leading to exceeding forecasts.
==== Agility ====" |
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| chunk | 114 |
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| heading | "Agile organization strategy and benefits" |
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| content | "* The globalized world in the information age is characterized by increasing speed of change, volatility, uncertainty, complexity, and ambiguity (VUCA).
* To keep pace with the speed of change, HDI Versicherung is transitioning to an agile organization.
* Being an agile organization means being a learning organization focused on customer benefit to increase company profit.
* HDI Versicherung employs interdisciplinary and creative teams, open and direct communication, flat hierarchies, and a culture that embraces mistakes.
* Initiatives support the transition to an agile organization by designing workplaces to shorten communication paths and promote cross-departmental exchange.
* Hybrid work allows employees to work remotely up to 60% of the time, improving work-life balance while maintaining direct colleague interaction.
* Agility offers opportunities for customers, employees, and investors.
* Customers benefit from new insurance solutions tailored to their needs.
* Employees gain more design options and growth opportunities through agile work.
* Investors benefit from increased company profit when customers are satisfied and employees reach their full potential.
* Faster-than-expected implementation of the agile transformation could positively impact earnings and lead to exceeding forecasts.
== Development of HDI Versicherung AG ==" |
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| chunk | 115 |
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| heading | "Financial stability and 2026 outlook" |
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| content | "* HDI Versicherung AG has high financial stability, providing a good basis to capitalize on competitive opportunities.
* For fiscal year 2026, an ongoing challenging market environment is expected, with continued inflation in spare parts and artisan costs.
* Premium adjustments are anticipated, particularly in motor and building insurance lines, due to inflation.
* For corporate lines, the portfolio review in commercial customer business and the reduction of loss-making portfolios will continue.
* A moderate decrease in premium volume is expected for fiscal year 2026.
* A slight decrease in expenses for insurance claims is also expected, despite an anticipated normalization of natural catastrophe claims in the coming year.
* A moderate decrease in insurance operating expenses is projected, following continued cost discipline.
* Overall, a slight decrease in the underwriting result after fluctuation provision is expected for fiscal year 2026." |
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| chunk | 116 |
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| heading | "Investment and non-underwriting results outlook" |
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| content | "* A significant increase in investment income is expected, driven by rising extraordinary investment income after loss realizations in the current reporting year.
* The non-underwriting result is expected to decline slightly overall.
* The net income for the coming year is expected to be slightly below the previous year's result.
== Types of insurance (Appendix 1 to the management report) ==" |
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| heading | "Insurance types operated in 2025" |
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| content | "* The following types of insurance were operated in the 2025 financial year as individual, group, or collective insurance policies against single or ongoing premiums: General liability insurance, Private liability insurance, Financial loss liability insurance, Cyber insurance, Medical professional liability insurance, Planning liability insurance, Motor vehicle liability insurance, Other motor vehicle insurance, General accident insurance, Multi-risk insurance, Transport insurance, Technical insurance, Fire insurance, Combined residential building insurance, Combined household contents insurance." |
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| chunk | 118 |
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| heading | "Financial report Brazil" |
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| content | "* Financial report Brazil
* Financial report Brazil
== Annual financial statements ==" |
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| id | "9fth4kgfqj-c119" |
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| chunk | 119 |
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| heading | "Financial statement components" |
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| content | "* Balance Sheet
* Profit and Loss Account
* Notes
* Information on the Company
* Accounting and Valuation Methods
* Notes to the Balance Sheet - Assets
* Notes to the Balance Sheet - Liabilities
* Notes to the Profit and Loss Account
* Other Information
== Balance sheet as of December 31, 2025 ==" |
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| chunk | 120 |
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| heading | "Balance sheet as of December 31, 2025" |
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| content | "**Balance sheet as of December 31, 2025**
| 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 |
| --- | --- | --- | --- | --- |
| 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 |
| B. Investments | B. Investments | B. Investments | B. Investments | B. Investments |
| 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 |
| 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 |
| 1. Shares in affiliated companies | 1. Shares in affiliated companies | 256,451 | — | 267,706 |
| 2. Loans to affiliated companies | 2. Loans to affiliated companies | 203,261 | — | 153,261 |
| 3. Participations | 3. Participations | 1,964 | — | 1,965 |
| 4. Loans to companies with which there is a participating interest | 4. Loans to companies with which there is a participating interest | 19,939 | — | 19,575 |
| — | — | — | 481,615 | 442,508 |
| III. Other investments | III. Other investments | III. Other investments | III. Other investments | III. Other investments |
| 1. Shares, units or shares in investment funds and other non-fixed-interest securities | 1. Shares, units or shares in investment funds and other non-fixed-interest securities | 772,675 | — | 822,816 |
| 2. Bearer bonds and other fixed-interest securities | 2. Bearer bonds and other fixed-interest securities | 1,870,241 | — | 1,553,894 |
| 3. Other loans | 3. Other loans | — | — | — |
| a) Registered bonds | a) Registered bonds | 473,581 | — | 782,990 |
| b) Promissory note receivables and loans | b) Promissory note receivables and loans | 165,763 | — | 158,387 |
| — | — | 639,344 | — | 941,377 |
| — | — | — | 3,282,259 | 3,318,087 |
| — | — | — | 3,763,874 | 3,760,811 |
| C. Receivables | C. Receivables | C. Receivables | C. Receivables | C. Receivables |
| 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: |
| 1. Policyholders | 1. Policyholders | 77,529 | — | 107,925 |
| 2. Insurance intermediaries | 2. Insurance intermediaries | 7,194 | — | 9,854 |
| — | — | — | 84,723 | 117,779 |
| 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 |
| 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 |
| — | — | — | 259,305 | 654,671 |
| D. Other assets | D. Other assets | D. Other assets | D. Other assets | D. Other assets |
| 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 |
| — | — | — | 88,055 | 51,289 |
| E. Deferred expenses and accrued income | E. Deferred expenses and accrued income | E. Deferred expenses and accrued income | E. Deferred expenses and accrued income | E. Deferred expenses and accrued income |
| I. Accrued interest and rents | I. Accrued interest and rents | 36,129 | — | 32,597 |
| II. Other deferred expenses and accrued income | II. Other deferred expenses and accrued income | 1,345 | — | 4 |
| — | — | — | 37,475 | 32,601 |
| F. Active difference from asset netting | F. Active difference from asset netting | — | 0 | 6 |
| Total assets | Total assets | — | 4,150,862 | 4,503,332 |
== Financial report Brazil / Financial report Brazil Balance sheet. ==" |
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| heading | "Financial report Brazil / Financial report Brazil Balance sheet." |
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| content | "**Financial report Brazil / Financial report Brazil Balance sheet. (A. Shareholders' equity)**
| Liabilities In EUR thousand | 31.12.2025 | 31.12.2025 | 31.12.2024 | 31.12.2024 |
| --- | --- | --- | --- | --- |
| I. Subscribed capital | 51,000 | — | 51,000 | — |
| II. Capital reserves | 6,100 | — | 6,100 | — |
| — | — | 57,100 | — | 57,100 |
| B. Technical provisions | B. Technical provisions | B. Technical provisions | B. Technical provisions | B. Technical provisions |
| I. Unearned premiums | I. Unearned premiums | I. Unearned premiums | I. Unearned premiums | I. Unearned premiums |
| 1. Gross amount | 225,520 | — | 220,539 | — |
| 2. Less: Reinsurers' share | 1,179 | — | 1,790 | — |
| — | — | 224,341 | — | 218,748 |
| II. Premium reserve | II. Premium reserve | II. Premium reserve | II. Premium reserve | II. Premium reserve |
| 1. Gross amount | 8,905 | — | 9,342 | — |
| 2. Less: Reinsurers' share | 0 | — | 3 | — |
| — | — | 8,905 | — | 9,339 |
| III. Claims outstanding | III. Claims outstanding | III. Claims outstanding | III. Claims outstanding | III. Claims outstanding |
| 1. Gross amount | 3,383,083 | — | 3,298,028 | — |
| 2. Less: Reinsurers' share | 121,637 | — | 129,715 | — |
| — | — | 3,261,447 | — | 3,168,313 |
| IV. Provision for profit-dependent and profit-independent premium refunds | IV. Provision for profit-dependent and profit-independent premium refunds | IV. Provision for profit-dependent and profit-independent premium refunds | IV. Provision for profit-dependent and profit-independent premium refunds | IV. Provision for profit-dependent and profit-independent premium refunds |
| 1. Gross amount | 900 | — | 2,500 | — |
| 2. Less: Reinsurers' share | 0 | — | 0 | — |
| — | — | 900 | — | 2,500 |
| V. Equalization reserves and similar provisions | — | 252,856 | — | 267,266 |
| VI. Other technical provisions | VI. Other technical provisions | VI. Other technical provisions | VI. Other technical provisions | VI. Other technical provisions |
| 1. Gross amount | 13,439 | — | 11,981 | — |
| 2. Less: Reinsurers' share | 0 | — | 0 | — |
| — | — | 13,439 | — | 11,981 |
| — | — | — | 3,761,887 | 3,678,147 |
| C. Other provisions | C. Other provisions | C. Other provisions | C. Other provisions | C. Other provisions |
| I. Provisions for pensions and similar obligations | — | 847 | — | 785 |
| II. Other provisions | — | 20,763 | — | 19,930 |
| — | — | — | 21,610 | 20,715 |
| D. Other liabilities | D. Other liabilities | D. Other liabilities | D. Other liabilities | D. Other liabilities |
| I. Liabilities from direct insurance business to | I. Liabilities from direct insurance business to | I. Liabilities from direct insurance business to | I. Liabilities from direct insurance business to | I. Liabilities from direct insurance business to |
| 1. Policyholders | 100,391 | — | 571,021 | — |
| 2. Insurance intermediaries | 13,505 | — | 15,526 | — |
| — | — | 113,897 | — | 586,547 |
| II. Settlement liabilities from reinsurance business - thereof to affiliated companies: 16,354 TEUR (11,153 TEUR) | — | 22,634 | — | 17,901 |
| 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 |
| — | — | — | 309,825 | 746,720 |
| E. Deferred expenses and accrued income | — | — | 440 | 651 |
| Total liabilities | | | 4,150,862 | 4,503,332 |" |
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| heading | "Pension provision" |
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| content | "* The pension provision, including uncollected pensions, recorded under Liabilities B.III. in the balance sheet for the end of fiscal year 2025, amounts to EUR 63,698.
* The pension provision under Liabilities B.III. was calculated in accordance with § 341f and § 341g HGB, and the legal ordinance issued under § 88 Abs. 3 VAG.
== Income statement for the period January 1 to December 31, 2025 ==" |
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| heading | "Income statement for the period January 1 to December 31, 2025" |
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| content | "**Income statement for the period January 1 to December 31, 2025**
| In EUR thousand | | | 2025 | 2024 |
| --- | --- | --- | --- | --- |
| 1. Earned premiums for own account — a) Gross written premiums | 1,564,825 | — | — | 1,588,316 |
| 1. Earned premiums for own account — b) Reinsurance premiums ceded | -69,365 | — | — | -74,861 |
| 1. Earned premiums for own account — — | — | 1,495,460 | — | 1,513,455 |
| 1. Earned premiums for own account — c) Change in gross unearned premiums | -4,982 | — | — | -8,784 |
| 1. Earned premiums for own account — d) Change in reinsurers' share of gross unearned premiums | -611 | — | — | 92 |
| 1. Earned premiums for own account — — | — | -5,593 | — | -8,692 |
| 1. Earned premiums for own account — — | — | — | 1,489,867 | 1,504,763 |
| 1. Earned premiums for own account — 2. Technical interest income for own account | — | — | 1,020 | 1,052 |
| 1. Earned premiums for own account — 3. Other technical income for own account | — | — | 360 | 1,679 |
| a) Claims paid — aa) Gross amount | -920,737 | — | — | -1,111,769 |
| a) Claims paid — bb) Reinsurers' share | 17,877 | — | — | 41,572 |
| a) Claims paid — — | — | -902,861 | — | -1,070,197 |
| b) Change in the provision for outstanding claims — aa) Gross amount | -85,282 | — | — | 66,347 |
| b) Change in the provision for outstanding claims — bb) Reinsurers' share | -7,852 | — | — | -38,486 |
| b) Change in the provision for outstanding claims — — | — | -93,134 | — | 27,862 |
| b) Change in the provision for outstanding claims — — | — | — | -995,994 | -1,042,335 |
| a) Premium reserve — aa) Gross amount | 437 | — | — | 836 |
| a) Premium reserve — bb) Reinsurers' share | -3 | — | — | -12 |
| a) Premium reserve — — | — | 433 | — | 823 |
| a) Premium reserve — b) Other net technical provisions | — | -1,458 | — | 3,236 |
| a) Premium reserve — — | — | — | -1,025 | 4,059 |
| a) Premium reserve — 6. Expenses for profit-dependent and profit-independent premium refunds for own account | — | — | -7 | -2,008 |
| 7. Underwriting expenses for own account — a) Gross underwriting expenses | — | -486,415 | — | -506,721 |
| 7. Underwriting expenses for own account — b) Less: commissions received and profit participation from reinsurance ceded | — | 9,142 | — | 10,484 |
| 7. Underwriting expenses for own account — — | — | — | -477,273 | -496,237 |
| 7. Underwriting expenses for own account — 8. Other technical expenses for own account | — | — | -11,229 | -10,709 |
| 7. Underwriting expenses for own account — 9. Subtotal | — | — | 5,719 | -39,736 |
| 7. Underwriting expenses for own account — 10. Change in fluctuation reserves and similar reserves | — | — | 14,410 | 9,026 |
| 7. Underwriting expenses for own account — 11. Technical result for own account | — | — | 20,130 | -30,710 |" |
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| chunk | 124 |
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| heading | "Accounting note" |
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| content | "* Note: Expense items are marked with a minus sign before the corresponding amount." |
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| id | "9fth4kgfqj-c125" |
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| chunk | 125 |
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| heading | "Income statement for the period January 1 to December 31, 2025" |
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| content | "**Income statement for the period January 1 to December 31, 2025 (Investment income)**
| II. Non-technical account In EUR thousand 1. | II. Non-technical account | II. Non-technical account | II. Non-technical account | 2025 | 2024 |
| --- | --- | --- | --- | --- | --- |
| — | 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 |
| — | 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) | — | — |
| — | aa) Income from land, rights equivalent to land, and buildings, including buildings on leased land | aa) Income from land, rights equivalent to land, and buildings, including buildings on leased land | 361 | — | 1,066 |
| — | bb) Income from other investments | bb) Income from other investments | 91,084 | — | 100,444 |
| — | c) Income from revaluations | c) Income from revaluations | 0 | — | 75 |
| d) | Gains from the disposal of investments | Gains from the disposal of investments | 23,819 | — | 4,420 |
| e) | Income from profit-sharing agreements, profit and partial profit transfer agreements | Income from profit-sharing agreements, profit and partial profit transfer agreements | 2 | — | 82 |
| — | — | — | — | 119,591 | 123,310 |
| 2. | Investment expenses | Investment expenses | Investment expenses | | |
| a) | Expenses for the administration of investments, interest expenses, and other investment expenses | Expenses for the administration of investments, interest expenses, and other investment expenses | -8,082 | — | -7,427 |
| — | b) Depreciation on investments | b) Depreciation on investments | -17,734 | — | -3,718 |
| c) | Losses from the disposal of investments | Losses from the disposal of investments | -125,585 | — | -158 |
| — | — | — | — | -151,400 | -11,303 |
| — | — | — | — | -31,809 | 112,008 |
| 3. | Technical interest income | Technical interest income | — | -1,020 | -1,052 |
| — | — | — | — | -32,830 | 110,956 |
| 4. | Other income | Other income | — | 144,773 | 18,208 |
| 5. | Other expenses | Other expenses | — | -22,581 | -80,700 |
| — | — | — | — | 122,193 | -62,492 |
| 6. | Income from ordinary activities | Income from ordinary activities | Income from ordinary activities | 109,493 | 17,754 |
| 7. | Income and earnings taxes | Income and earnings taxes | — | -15 | -5 |
| 8. | Other taxes | Other taxes | — | -7 | -105 |
| — | — | — | — | -23 | -110 |
| 9. | Profits transferred due to a profit-sharing agreement, a profit transfer, or a partial profit transfer agreement | Profits transferred due to a profit-sharing agreement, a profit transfer, or a partial profit transfer agreement | Profits transferred due to a profit-sharing agreement, a profit transfer, or a partial profit transfer agreement | -109,470 | -17,644 |
| 10. | Net income/net loss or retained earnings | Net income/net loss or retained earnings | Net income/net loss or retained earnings | 0 | 0 |" |
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| id | "9fth4kgfqj-c126" |
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| chunk | 126 |
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| heading | "Accounting notes" |
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| content | "* Expense items are indicated with a minus sign before the corresponding amount.
== Notes ==
=== Company information ===" |
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| id | "9fth4kgfqj-c127" |
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| chunk | 127 |
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| heading | "Company registration details" |
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| content | "* HDI Versicherung AG is registered with the Amtsgericht Hannover under commercial register number HRB 58934.
* The company's registered office is in Hanover.
=== Accounting and valuation methods ===" |
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| id | "9fth4kgfqj-c128" |
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| chunk | 128 |
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| heading | "Accounting standards" |
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| content | "* The annual financial statements and management report of the company are prepared according to the regulations for insurance companies under the German Commercial Code (HGB), the German Stock Corporation Act (AktG), the German Insurance Supervision Act (VAG), and relevant ordinances, particularly the Ordinance on the Accounting of Insurance Undertakings (RechVersV), in their version valid at the balance sheet date.
=== Assets ===" |
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| id | "9fth4kgfqj-c129" |
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| chunk | 129 |
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| heading | "Intangible assets and investments valuation" |
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| content | "* Intangible assets are capitalized at acquisition cost less linear depreciation over an estimated useful life of five years.
* Self-created intangible assets of fixed assets are not capitalized per § 248 Abs. 2 Satz 1 HGB.
* Shares in affiliated companies and participations are valued at acquisition cost, reduced by any write-downs according to the mitigated lower of cost or market principle (§ 341b Abs. 1 Satz 2 HGB in conjunction with § 253 Abs. 1 Satz 1, Abs. 3 Satz 5 HGB).
* 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.
* Capital investments are recognized at the purchase price upon acquisition.
* The difference to the repayment amount is amortized using the effective interest method.
* Necessary write-downs are made according to the mitigated lower of cost or market principle.
* 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.
* The principle of value recovery is observed (§ 341b Abs. 2 HGB in conjunction with §§ 255 Abs. 1 and 253 Abs. 1 Satz 1, Abs. 4 and Abs. 5 HGB).
* Securities intended to serve the business permanently are valued according to the mitigated lower of cost or market principle, following the regulations for fixed assets (§ 341b Abs. 2 zweiter Halbsatz HGB in conjunction with § 253 Abs. 1 Satz 1, Abs. 3 Satz 5 HGB).
* Permanent impairments are written off through profit or loss.
* To assess permanent impairment for bearer bonds, other fixed-interest securities, and debt instruments held through funds (recognized as fixed assets), credit checks of issuers and rating developments are considered.
* For publicly traded shares, the criteria recommended by the IDW Insurance Expert Committee are used to determine permanent impairment.
* A permanent impairment may exist if the fair value of a security has been consistently more than 20% below its book value for the six months preceding the balance sheet date, or if the average daily stock price over the last 12 months is more than 10% below the book value.
* The assessment of the probable permanence of an impairment for units or shares in investment funds with an unrealized loss on the investment unit at the balance sheet date is based on the assets held in the fund (look-through-approach)." |
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| id | "9fth4kgfqj-c130" |
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| chunk | 130 |
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| pages | |
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| heading | "Securities and loans valuation" |
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| content | "* For securities acquired above or below par, the difference is amortized over the term using the effective interest method.
* Registered bonds, promissory note receivables, and loans are recognized at amortized cost (§ 341c Abs. 3 HGB).
* Capital investments are recognized at the acquisition price upon acquisition.
* The difference to the repayment amount is amortized using the effective interest method.
* Necessary write-downs are made according to the mitigated lower of cost or market principle (§ 341b Abs. 2 zweiter Halbsatz HGB in conjunction with § 253 Abs. 1 Satz 1, Abs. 3 Satz 5 HGB).
* Structured products in the form of bearer bonds, registered bonds, promissory note receivables, loans, and loans to affiliated companies and companies with which an equity relationship exists are held in the portfolio.
* These structured products are recognized and valued according to the balance sheet item in which they are classified.
* Structured products in the portfolio are financial instruments where a fixed-income cash instrument is contractually combined with one or more derivatives.
* If the conditions of IDW RS HFA 22 are met, these are uniformly recognized at amortized cost according to the regulations for capital investments recognized as fixed assets, using the mitigated lower of cost or market principle (§ 341b Abs. 1 Satz 2 HGB in conjunction with § 253 Abs. 3 Satz 5 HGB)." |
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| id | "9fth4kgfqj-c131" |
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| chunk | 131 |
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| heading | "Asset revaluation and receivables" |
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| content | "* In accordance with the value recovery principle (§ 253 Abs. 5 Satz 1 HGB), write-ups are made to assets that were written down in previous years, up to the amortized cost or a lower market or stock exchange value, if the reasons for the permanent impairment have ceased to exist and a recovery in value has occurred.
* Receivables from direct insurance business are recognized at nominal amounts.
* The general valuation allowance for receivables from policyholders is determined for the reporting year based on historical experience (past defaults).
* A general rate of 1% is applied for receivables from intermediaries.
* Settlement receivables and other receivables are capitalized at nominal amounts.
* Due to the cost cut-off before the balance sheet date, cost bookings incurred after the cut-off date are recorded under other receivables.
* 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." |
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| id | "9fth4kgfqj-c132" |
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| chunk | 132 |
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| heading | "Cash and accruals" |
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| content | "* Current balances with credit institutions, checks, and cash on hand are recognized at nominal value.
* Items to be included in active accruals are recognized at nominal value.
* 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).
=== Liabilities ===" |
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| id | "9fth4kgfqj-c133" |
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| chunk | 133 |
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| pages | |
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| heading | "Equity and Reinsurance Accounting" |
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| content | "* Subscribed capital, capital reserves, and retained earnings in equity are recognized at nominal value.
* Reinsurers' contractual shares of relevant gross positions are determined and booked for material reinsurance contracts as of the current reporting date.
* For selected reinsurance contracts, a one-month time lag relative to gross positions is applied, with separate estimated bookings for material movements (e.g., major claims) made and considered up to the current reporting date." |
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| id | "9fth4kgfqj-c134" |
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| chunk | 134 |
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| heading | "Premium and Claims Reserves" |
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| content | "* Unearned premiums are calculated for directly written business using the 1/360 system or on a daily pro rata temporis basis, in accordance with supervisory regulations and the letter from the Federal Minister of Finance dated April 30, 1974.
* Reinsured portions are accrued in line with contractual agreements.
* The premium reserve for lifetime household insurance policies is calculated using the prospective method, adhering to § 341f HGB and the legal ordinance issued under § 65 Abs. 1 VAG, on an individual contract basis and considering future costs.
* The technical interest rate valid at the time of contract inception is used.
* The reserve for outstanding claims in directly written business is determined individually for each claim.
* For participation business, data from leading insurance companies is adopted.
* If data from leading insurers was not available by the balance sheet date, reserves per business relationship are estimated based on past experience.
* Group valuation is used for small outstanding claims in motor liability, comprehensive, and partial comprehensive insurance.
* A late claims reserve is calculated for claims not yet reported by the balance sheet date, based on historical data.
* The number of expected late claims and the average expected claim amount are determined actuarially.
* For long-tail lines where the standard method is unsuitable, the HGB late claims reserve is derived from the actuarially determined IFRS reserve, including a surcharge.
* If current information is available in individual cases, an appropriate amount is reserved based on that information.
* The pension reserve calculated according to § 65 VAG and the reserve for expected settlement expenses are also reported.
* The reserve for settlement costs comprises external and internal costs.
* The external claims settlement cost reserve is formed specifically for each individual claim.
* The internal settlement cost reserve is determined using a factor-based approximation method.
* This method uses paid claims as a volume measure for incurred costs and determines future internal settlement cost reserves as a percentage of current claims reserves for compensation.
* The percentage/factor is calculated as the average of historical observation years.
* 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." |
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| id | "9fth4kgfqj-c135" |
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| chunk | 135 |
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| pages | |
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| heading | "Pension and Other Technical Reserves" |
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| content | "* The pension reserve (gross) included in the reserve for outstanding claims is calculated based on actuarial principles.
* The calculation uses the German Actuarial Association (DAV) 2006 HUR mortality tables for women and men.
* The technical interest rate is set as the minimum of the originally valid maximum technical interest rate and the reference interest rate, according to § 5 Abs. 4 of the Reserve Ordinance.
* Technical interest rates for pension obligations:
** before 2015: 1.57%
** 2015 to 2016: 1.25%
** 2017 to 2021: 0.90%
** 2022 to 2024: 0.25%
** 2025: 1.00%
* Claims from recourse, recoveries, and sharing agreements for already settled claims are treated as deductions within the claims reserve.
* The formation of the reserve for premium refunds complies with contractual provisions.
* The calculation of the fluctuation reserve follows the regulations of § 29 and the appendix to § 29 RechVersV, as well as the Insurance Reporting Ordinance (BerVersV).
* 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.
** The reserve for obligations arising from membership in Verkehrsopferhilfe e.V. is formed according to the association's notification.
** The reserve for impending losses from directly written or reinsured insurance business, reported 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.
** Income includes expected premiums and interest effects thereon.
** Expenses include claims expenses and administrative costs.
** Expense items are derived from past data and adjusted if the forecast of future development would be distorted by effects from previous claims years.
* For technical provisions from reinsured business, the reserves reported by the primary insurers are generally recognized, unless better internal information is available.
* If information is not available at the time of balance sheet preparation, claims reserves are estimated based on the previous year's data.
* Pension obligations are recognized at the fulfillment amount deemed necessary based on reasonable judgment, according to § 253 Abs. 1 Satz 2 HGB.
* These obligations are discounted according to § 253 Abs. 2 Satz 2 HGB using the average interest rate over the last ten years, published by the Bundesbank according to the Reserve Discounting Ordinance (RückAbzinsV) as of September 30, 2025, and projected for December 31, 2025, with an assumed remaining term of 15 years.
* The principles of IDW RH FAB 1.021 apply to the valuation of reserves for reinsured direct commitments.
* Pension provisions for unfunded employer-financed commitments are determined using the projected unit credit method.
* Pension provisions for non-securities-linked employee-financed commitments are determined using the projected unit credit method, unless benefits are covered by reinsurance.
* For reinsured benefits, the fulfillment amount corresponds to the fair value of the coverage capital of the life insurance contract plus profit participation." |
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|
| id | "9fth4kgfqj-c136" |
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| chunk | 136 |
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| pages | |
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| heading | "Pension Valuation Assumptions and Other Liabilities" |
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| content | "* The valuation is based on the HEUBECK-RICHTTAFELN 2018 G withdrawal probabilities, which have been strengthened in line with the risk profile observed in the portfolio.
* Other assumptions for the calculation include:
** Salary dynamics: 3.25% (prior: 3.50%)
** Pension dynamics: 2.08% (prior: 2.14%)
** Interest rate: 2.06% (prior: 1.90%)
* The total expected return required for the valuation of reinsured direct commitments ranges from 3.30% to 3.60%, depending on the life insurer.
* The considered fluctuation corresponds to company-specific probabilities diversified by age and gender.
* Securities-linked employee-financed commitments exclusively consist of benefit-congruent reinsured pension commitments, which must be valued according to IDW RS HFA 30 Rz. 74 in conjunction with § 253 Abs. 1 Satz 3 HGB.
* For these commitments, the fulfillment amount is at least the fair value of the coverage capital of the life insurance contract plus profit participation.
* Other provisions are recognized at their probable necessary fulfillment amount based on prudent commercial judgment.
* If expected maturities exceed one year, these 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) over the last seven years, published by the Bundesbank according to the Reserve Discounting Ordinance (RückAbzinsV).
* Other liabilities are recognized at their fulfillment amounts.
* Deferred income is reported under passive deferred items for income received before the balance sheet date that represents earnings for a specific period thereafter.
* Foreign currency positions are converted 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.
* For monthly foreign currency valuation, inventory positions are converted at the respective spot rate at the end of the month.
* The conversion rate for the monthly valuation of profit and loss statement items is the respective closing rate of the previous month.
* These positions are valued using a rolling procedure.
* The addition of the converted individual values effectively results in a conversion using average rates.
* To improve the clarity of the financial statements, the balance sheet, income statement, and notes are prepared in thousands of Euros.
* Individual items, subtotals, and totals are commercially rounded.
* The sum of individual values may therefore differ from subtotals and totals due to rounding differences.
=== Notes to the balance sheet - Assets ===
==== Development of asset items A. and B.I. to B.III. in fiscal year 2025 ====" |
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|
| id | "9fth4kgfqj-c137" |
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| chunk | 137 |
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| pages | |
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| heading | "Development of asset items A. and B.I. to B.III. in fiscal year 2025" |
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| content | "**Development of asset items A. and B.I. to B.III. in fiscal year 2025**
| In EUR thousand | Prior year balance sheet values | Additions | Reclassification | Disposals | Additions | Depreciation | Balance sheet values fiscal year |
| --- | --- | --- | --- | --- | --- | --- | --- |
| A. Intangible assets — Acquired concessions, industrial property rights and similar rights and values, and licenses for such rights and values | 3,953 | 0 | 0 | 0 | 0 | 1,800 | 2,153 |
| B. Investments — I. Land, rights equivalent to land, and buildings, including buildings on third-party land | 217 | 0 | 0 | 216 | 0 | 0 | 0 |
| II. Investments in affiliated companies and participations — 1. Shares in affiliated companies | 267,706 | 765 | 0 | 12,020 | 0 | 0 | 256,451 |
| II. Investments in affiliated companies and participations — 2. Loans to affiliated companies | 153,261 | 50,000 | 0 | 0 | 0 | 0 | 203,261 |
| II. Investments in affiliated companies and participations — 3. Participations | 1,965 | 0 | 0 | 0 | 0 | 2 | 1,964 |
| II. Investments in affiliated companies and participations — 4. Loans to companies with which there is a participating interest | 19,575 | 750 | 0 | 365 | 0 | 21 | 19,939 |
| II. Investments in affiliated companies and participations — Total B.II. | 442,508 | 51,515 | 0 | 12,385 | 0 | 23 | 481,615 |
| III. Other investments — 1. Shares, units or shares in investment funds and other non-fixed-interest securities | 822,816 | 72,987 | 0 | 111,636 | 0 | 11,492 | 772,675 |
| III. Other investments — 2. Bearer bonds and other fixed-interest securities | 1,553,894 | 1,527,331 | 0 | 1,210,939 | 0 | 45 | 1,870,241 |
| 3. Other loans — a) Registered bonds | 782,990 | 89,480 | 0 | 398,889 | 0 | 0 | 473,581 |
| 3. Other loans — b) Promissory note receivables and loans | 158,387 | 30,605 | 0 | 17,055 | 0 | 6,174 | 165,763 |
| 3. Other loans — Total B.III. | 3,318,087 | 1,720,402 | 0 | 1,738,520 | 0 | 17,711 | 3,282,259 |
| 3. Other loans — Total B. | 3,760,811 | 1,771,917 | 0 | 1,751,121 | 0 | 17,734 | 3,763,874 |
| 3. Other loans — Total | 3,764,764 | 1,771,917 | 0 | 1,751,121 | 0 | 19,534 | 3,766,027 |" |
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| id | "9fth4kgfqj-c138" |
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| chunk | 138 |
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| pages | |
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| heading | "Currency exchange differences" |
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| content | "* Inflows and outflows include currency exchange differences on prior year balance sheet values.
=== To B. Investments ===
=== Determination of fair values of investments ===" |
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|
| id | "9fth4kgfqj-c139" |
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| chunk | 139 |
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| pages | |
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| heading | "Valuation of investments in affiliated companies and participations" |
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| content | "* The fair value of shares in affiliated companies and participations is determined differently based on the company's purpose and size.
* Companies valued using the earnings value method are typically assessed at the present value of future distributable financial surpluses (earnings value).
* For companies that subscribe to equity instruments not traded on the capital market (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.
* The fair values of loans to affiliated companies and companies with participation relationships, registered bonds, promissory note receivables, and loans are determined using a present value method with product- and rating-specific yield curves.
* Special features such as deposit insurance, guarantor liability, or subordination are considered in the spread surcharges used." |
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|
| id | "9fth4kgfqj-c140" |
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| chunk | 140 |
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| pages | |
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| heading | "Valuation of other investments" |
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| content | "* The fair value of other investments is generally determined based on the over-the-counter value according to § 56 RechVersV.
* For investments with a market or stock exchange price (shares, units or shares in investment funds, bearer bonds, and other fixed-income securities), the fair value is the value on the balance sheet date or the last preceding day for which a market or stock exchange price was ascertainable.
* In cases where no stock exchange listings are available, yield curves based on pricing procedures established in financial markets are used.
* Investments are valued at most at their expected realizable value, considering the principle of prudence.
* The fair values of special funds held in the portfolio correspond to the determined redemption price.
* The fair value of publicly traded shares and equity funds accounted for as fixed assets is determined using the EPS (earnings per share) method, an earnings value method per share based on annual earnings expectations estimated by independent analysts or the higher market values.
* If the EPS value exceeds 120% of the market value, it is capped at 120%.
* For fixed-income securities held via special funds and accounted for as fixed assets, the bonds are recognized at amortized cost, provided there are no indications of an expected permanent impairment.
* The creditworthiness of the issuer and the development of ratings are used for this assessment.
* For default titles and titles whose market value is less than 50% of the nominal value, the lower market value is generally used.
* The fair value of Private Equity, Infrastructure, and Real Estate funds held in the portfolio is determined based on the last Net Asset Value (Capital Account) reported by the General Partner, which is updated to the reporting date for interim calls and distributions.
* For determining the fair value of swaps, the Discounted Cash Flow method is applied separately for both legs of a swap.
* For the fixed-rate leg, the entire cash flow is rolled out until maturity, and for the variable-rate leg, the cash flow is rolled out until the next interest rate adjustment date.
* The sum of the present values (considering the sign for the long/short position) results in the theoretical price or the current asset and liability position of the entire swap transaction." |
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|
| id | "9fth4kgfqj-c141" |
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| chunk | 141 |
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| pages | |
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| heading | "Investments with hidden liabilities and impairments" |
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| content | "* For the following investments accounted for at acquisition cost, the fair values are below the book values:
** Shares in affiliated companies: Book value EUR 9,416k; Fair value EUR 7,743k; Balance -EUR 1,673k.
** Loans to affiliated companies: Book value EUR 104,696k; Fair value EUR 99,516k; Balance -EUR 5,180k.
** Loans to companies with participation relationships: Book value EUR 3,471k; Fair value EUR 3,171k; Balance -EUR 300k.
** Units or shares in investment funds: Book value EUR 159,472k; Fair value EUR 144,298k; Balance -EUR 15,175k.
** Bearer bonds and other fixed-income securities: Book value EUR 1,335,690k; Fair value EUR 1,315,553k; Balance -EUR 20,137k.
** Other loans to companies with participation relationships: Book value EUR 451,127k; Fair value EUR 436,112k; Balance -EUR 15,015k.
** Total: Book value EUR 2,063,873k; Fair value EUR 2,006,393k; Balance -EUR 57,480k.
* Depreciation of EUR 35,313k (prior year: EUR 111,638k) was avoided for investments accounted for as fixed assets, applying § 341b para. 2 HGB.
* These are considered temporary impairments.
* To assess the existence of a permanent impairment for fixed-income securities, creditworthiness checks of issuers and rating developments are used.
* These hidden liabilities were not written off extraordinarily according to § 253 para. 3 sentence 5 HGB, as they are essentially interest-induced and thus not considered permanent.
* Due to the creditworthiness of the issuers, payment defaults are not expected.
* For determining the existence of an expected permanent impairment of units or shares in investment funds, the criteria recommended by the Insurance Expert Committee of the IDW are used.
* A permanent impairment may exist if the fair value of a security has been permanently more than 20% below the book value in the six months preceding the balance sheet date, or if the average daily stock exchange price in the last 12 months is more than 10% below the book value.
* If the necessary information for a look-through approach is available, the assessment of the expected permanence of an impairment for units or shares in investment funds with a hidden liability at the balance sheet date is based on the assets held in the fund.
* Depreciation on investments includes extraordinary depreciation according to § 277 para. 3 sentence 1 HGB of EUR 11,492k (prior year: EUR 794k).
== To B.II. Investments in affiliated companies and participations ==" |
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| id | "9fth4kgfqj-c142" |
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| chunk | 142 |
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| pages | |
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| heading | "significant investments and participations" |
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| content | "* Significant shares in affiliated companies and participations are listed below.
* Companies of minor economic importance without significant influence on the asset, financial, and earnings situation are not presented, in accordance with § 286 No. 3 Sentence 1 HGB." |
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| id | "9fth4kgfqj-c143" |
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| chunk | 143 |
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| pages | |
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| heading | "Shareholders' equity, Net income & Share of capital by Name, registered office" |
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| content | "**Shareholders' equity, Net income & Share of capital by Name, registered office**
| Name, registered office In EUR thousand | Shareholders' equity (1)) vor Ergebnisabführung und Ausschüttung, Angaben basierend auf dem letzten vorliegenden testierten Jahresabschluss) | Net income (1)) vor Ergebnisabführung und Ausschüttung, Angaben basierend auf dem letzten vorliegenden testierten Jahresabschluss) | Share of capital (2)) Die Anteilsquote ergibt sich aus der Addition aller direkt und indirekt gehaltenen Anteile nach Maßgabe des § 16 Abs. 2 und 4 AktG) |
| --- | --- | --- | --- |
| Domestic: — Enhanced Sustainable Power Fund Nr. 3 GmbH & Co. KG geschlossene Investment KG, Grünwald (3)) Angaben zu Eigenkapital und Jahresergebnis betreffen das Geschäftsjahr vom 30.9.2021 bis 30.9.2022) | 187,778 | 11,679 | 2.0 % |
| Domestic: — Fair Claims GmbH, Hannover | 4,025 | 546 | 100.0 % |
| Domestic: — GDV Dienstleistungs-GmbH, Hamburg | 29,653 | 983 | 3.0 % |
| Domestic: — hector digital GmbH, Marpingen (4)) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG) | 119 | -4 | 19.0 % |
| Domestic: — Infrastruktur Ludwigsau GmbH & Co KG, Köln (4)) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG) | 21,353 | 1,126 | 100.0 % |
| Domestic: — Infrastruktur Windpark Vier Fichten GbR, Bremen (4)) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG) | 8 | 4 | 41.7 % |
| Domestic: — KOP4 GmbH & Co. KG, München | 45,942 | 2,962 | 7.2 % |
| Domestic: — MachDigital GmbH, Neunkirchen | 539 | -1,461 | 49.0 % |
| Domestic: — Neodigital Versicherung AG, Neunkirchen | 8,158 | -19,531 | 5.5 % |
| Domestic: — Riethorst Grundstücksgesellschaft AG & Co. KG, Hannover | 133,025 | 6,607 | 50.0 % |
| Domestic: — SSV Schadenschutzverband GmbH, Hannover | 200 | 591 | 100.0 % |
| Domestic: — Talanx Infrastructure France 2 GmbH, Köln (4)) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG) | 79,180 | 6,315 | 100.0 % |
| Domestic: — Talanx Infrastructure Portugal 2 GmbH, Köln | 32,460 | 3,047 | 50.0 % |
| Domestic: — Talanx Infrastructure Portugal GmbH, Köln (4)) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG) | 731 | -0 | 70.0 % |
| Domestic: — TD Real Assets GmbH & Co. KG, Köln | 582,933 | 15,285 | 17.0 % |
| Domestic: — TD Sach Private Equity GmbH & Co. KG, Köln | 94,254 | 9,434 | 100.0 % |
| Domestic: — Windfarm Bellheim GmbH & Co. KG, Köln (4)) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG) | 38,825 | 1,459 | 85.0 % |
| Domestic: — Windpark Mittleres Mecklenburg GmbH & Co. KG, Köln (4)) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG) | 13,379 | 3,007 | 100.0 % |
| Domestic: — Windpark Parchim GmbH & Co. KG, Köln (4)) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG) | 12,765 | 1,680 | 51.0 % |
| Domestic: — Windpark Rehain GmbH & Co. KG, Köln (4)) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG) | 21,958 | 677 | 100.0 % |
| Domestic: — Windpark Sandstruth GmbH & Co. KG, Köln (4)) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG) | 4,252 | 62,961 | 100.0 % |
| Domestic: — Zweite Riethorst Grundstücksgesellschaft mbH | 123,915 | 1,742 | 50.0 % |
| Foreign: — Augusta Ireland 2 Limited Partnership, Irland, Dublin | -540 | -385 | 100 % |
| Foreign: — CEF BKR03 NL B.V., Niederlande, Amsterdam (4)) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG) | 55,039 | -1,090 | 5.2 % |
| Foreign: — EIP Gas Transit Switzerland SCS, Luxemburg, Luxemburg (5)) Angaben zu Eigenkapital und Jahresergebnis betreffen das Geschäftsjahr vom 30.6.2024 bis 30.6.2025) | 141,838 | -6,222 | 2.8 % |
| Foreign: — EIP Wind Power Central Norway SCS, Luxemburg, Luxemburg (4)) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG) | 88,335 | -36,888 | 10.9 % |
| Foreign: — Escala Braga - Sociedade Gestora do Edificio S.A., Portugal, Braga (4)) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG) | 5,829 | 1,774 | 49.0 % |
| Foreign: — Escala Parque - Gestao de Estacionamento S.A., Portugal, Linhó (4)) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG) | 1,588 | 1,527 | 49.0 % |
| Foreign: — Escala Vila Franca - Sociedade Gestora do Edificio S.A., Portugal, Linhó (4)) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG) | 15,427 | 2,283 | 49.0 % |
| Foreign: — Ferme Eolienne du Confolentais SNC, Frankreich, Toulouse (4)) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG) | 12,847 | 708 | 100.0 % |
| Foreign: — Iberia Termosolar 1, S.L.U., Spanien, Sevilla (4)) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG) | 45,559 | 626 | 33.4 % |
| Foreign: — Infrastorm Co-Invest 1 SCA, Luxemburg, Luxemburg (4)) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG) | 11,342 | -60 | 45.0 % |
| Foreign: — Le Chemin de La Milaine S.N.C., Frankreich, Lille (4)) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG) | 16,451 | 1,706 | 100.0 % |
| Foreign: — Le Louveng S.A.S, Frankreich, Lille (4)) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG) | 12,282 | 753 | 100.0 % |
| Foreign: — Les Vents de Malet S.N.C., Frankreich, Lille (4)) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG) | 16,625 | 1,907 | 100.0 % |
| Foreign: — PNH - Parque do Novo Hospital S.A., Portugal, Linhó (4)) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG) | 546 | 486 | 49.0 % |
(1)) 1) vor Ergebnisabführung und Ausschüttung, Angaben basierend auf dem letzten vorliegenden testierten Jahresabschluss
(2)) 2) Die Anteilsquote ergibt sich aus der Addition aller direkt und indirekt gehaltenen Anteile nach Maßgabe des § 16 Abs. 2 und 4 AktG
(3)) 3) Angaben zu Eigenkapital und Jahresergebnis betreffen das Geschäftsjahr vom 30.9.2021 bis 30.9.2022
(4)) 4) indirekte Beteiligung, Beteiligungsquote gemäß § 16 Abs. 2 und 4 AktG
(5)) 5) Angaben zu Eigenkapital und Jahresergebnis betreffen das Geschäftsjahr vom 30.6.2024 bis 30.6.2025" |
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|
| id | "9fth4kgfqj-c144" |
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| chunk | 144 |
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| pages | |
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| heading | "Annual Financial Statements" |
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| content | "* The document is the annual financial statement for HDI Versicherung AG.
=== To B.III. Other investments ===" |
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|
| id | "9fth4kgfqj-c145" |
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| chunk | 145 |
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| pages | |
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| heading | "Equity investments" |
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| tags | |
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| content | "* Item B.III. 1. Shares, units or shares in investment funds and other non-fixed-income securities includes shares in EU/domestic investment funds where the company holds over 10% of the shares.
* There are no restrictions on the daily redemption of these shares." |
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|
| id | "9fth4kgfqj-c146" |
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| chunk | 146 |
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| pages | |
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| heading | "To B.III. Other investments" |
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| content | "**To B.III. Other investments (Rentenfonds:)**
| In EUR thousand | Buchwerte | Zeitwerte | Saldo | Ausschüttung |
| --- | --- | --- | --- | --- |
| HDI Gerling Sach Industrials Master | 487,697 | 498,340 | 10,643 | 15,700 |
| BeGo Corp. Direct Lend. Debt Fund III (close-end) | 77,569 | 79,844 | 2,275 | 4,279 |
| Aktienfonds: | Aktienfonds: | Aktienfonds: | Aktienfonds: | Aktienfonds: |
| HV Aktien | 39,348 | 40,503 | 1,155 | 1,315 |
| Immobilienfonds: | Immobilienfonds: | Immobilienfonds: | Immobilienfonds: | Immobilienfonds: |
| Talanx Deutschland Real Estate Value | 28,518 | 28,007 | -510 | 0 |
| Total | 633,131 | 646,694 | 13,563 | 21,294 |" |
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|
| id | "9fth4kgfqj-c147" |
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| chunk | 147 |
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| pages | |
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| heading | "Impairment of special funds" |
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| content | "* Impairments according to § 253 Abs. 3 Satz 5 HGB were not fully recognized for special funds showing hidden burdens, as these were assessed to be temporary impairments.
=== To C.III. Other receivables ===" |
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|
| id | "9fth4kgfqj-c148" |
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| chunk | 148 |
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| pages | |
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| heading | "Forderungen an verbundene Unternehmen by Forderungen aus Konsortialgeschäft" |
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| tags | |
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| content | "**Forderungen an verbundene Unternehmen by Forderungen aus Konsortialgeschäft**
| In EUR thousand | 31.12.2025 | 31.12.2024 |
| --- | --- | --- |
| Forderungen an verbundene Unternehmen (1)) Forderungen stammen im Wesentlichen aus Beteiligungserträgen und aus Dienstleistungsverkehr.) | 147,670 | 497,557 |
| Forderungen aus Konsortialgeschäft | 14,731 | 15,172 |
| Forderungen aus Cash Collaterals | 3,600 | 3,490 |
| Forderungen aus dem Verkauf von Kapitalanlagen | 3,393 | 3,825 |
| Forderungen aus Zinsen und Mieten | 1,443 | 149 |
| Forderungen aus debitorischen Lieferungen und Leistungen | 0 | 1,238 |
| Verschiedenes | 2,007 | 868 |
| Gesamt | 172,845 | 522,299 |
(1)) 1) Forderungen stammen im Wesentlichen aus Beteiligungserträgen und aus Dienstleistungsverkehr.
=== To D.I. Current balances with credit institutions, checks and cash on hand ===" |
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|
| id | "9fth4kgfqj-c149" |
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| chunk | 149 |
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| pages | |
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| heading | "Current balances with credit institutions" |
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| content | "* Current balances with credit institutions totaled EUR 88,055k (prior: EUR 51,289k).
=== To E. Prepaid expenses and accrued income ===" |
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|
| id | "9fth4kgfqj-c150" |
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| chunk | 150 |
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| pages | |
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| heading | "Accrued interest" |
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| content | "* The total amount of EUR 37,475k (prior: EUR 32,601k) primarily consists of accrued interest.
==== To F. Active difference from asset offsetting ====" |
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|
| id | "9fth4kgfqj-c151" |
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| chunk | 151 |
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| pages | |
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| heading | "Active difference amount from asset offsetting" |
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| content | "* The item "Aktiver Unterschiedsbetrag aus der Vermögensverrechnung" (active difference amount from asset offsetting) includes the amount of cover assets exceeding the corresponding liabilities as defined in § 246 Abs. 2 Satz 3 HGB (German Commercial Code)." |
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|
| id | "9fth4kgfqj-c152" |
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| chunk | 152 |
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| pages | |
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| heading | "To F. Active difference from asset offsetting" |
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| content | "**To F. Active difference from asset offsetting**
| In EUR thousand | 31.12.2025 | 31.12.2024 |
| --- | --- | --- |
| Forderungen aus Rückdeckungsversicherungen | 1,312 | 1,573 |
| Erfüllungsbetrag der verrechneten Schulden aus arbeitnehmerfinanzierten Zusagen | -1,312 | -1,567 |
| Total | 0 | 6 |" |
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|
| id | "9fth4kgfqj-c153" |
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| chunk | 153 |
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| pages | |
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| heading | "Pension commitments" |
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| content | "* Life insurance contracts concluded for pension commitments from deferred compensation are fully pledged to beneficiaries.
== Notes to the balance sheet - Liabilities ==
==== To A.I. Subscribed capital ====" |
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|
| id | "9fth4kgfqj-c154" |
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| chunk | 154 |
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| pages | |
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| heading | "To A.I. Subscribed capital" |
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| tags | |
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| data_items | |
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| effective_tags | |
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| content | "**To A.I. Subscribed capital**
| In EUR thousand | 31.12.2025 | 31.12.2024 |
| --- | --- | --- |
| Stand am Anfang des Geschäftsjahres | 51,000 | 51,000 |
| Stand am Ende des Geschäftsjahres | 51,000 | 51,000 |" |
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|
| id | "9fth4kgfqj-c155" |
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| chunk | 155 |
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| pages | |
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| heading | "Share capital structure" |
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| tags | |
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| effective_tags | |
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| content | "* The capital is divided into 51,000 registered no-par value shares and is fully paid up.
==== To A.II. Capital reserves ====" |
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|
| id | "9fth4kgfqj-c156" |
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| chunk | 156 |
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| pages | |
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| heading | "To A.II. Capital reserves" |
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| tags | |
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| data_items | |
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| effective_tags | |
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| content | "**To A.II. Capital reserves**
| In EUR thousand | 31.12.2025 | 31.12.2024 |
| --- | --- | --- |
| Stand am Anfang des Geschäftsjahres | 6,100 | 6,100 |
| Stand am Ende des Geschäftsjahres | 6,100 | 6,100 |" |
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|
| id | "9fth4kgfqj-c157" |
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| chunk | 157 |
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| pages | |
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| heading | "Legal reserve requirement" |
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| content | "* The formation of a legal reserve is not required because § 150 para. 2 AktG ("legal reserve fund") is already fulfilled by the formation of the capital reserve in accordance with § 272 para. 2 no. 1 HGB.
== To B. Technical provisions ==" |
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|
| id | "9fth4kgfqj-c158" |
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| chunk | 158 |
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| pages | |
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| heading | "gross values" |
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| content | "* Gross values are presented below." |
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|
| id | "9fth4kgfqj-c159" |
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| chunk | 159 |
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| pages | |
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| heading | "Technical provisions by lines of business" |
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| content | "**Technical provisions by lines of business (Business mix)**
| In EUR thousand | 31.12.2025 | 31.12.2024 |
| --- | --- | --- |
| Unfallversicherung | 108,210 | 112,318 |
| Liability insurance | 1,865,072 | 1,780,426 |
| Motor third-party liability insurance | 1,099,476 | 1,106,022 |
| Other motor insurance | 165,646 | 157,827 |
| Fire and property insurance | 420,211 | 444,037 |
| thereof a) Fire insurance | 144,604 | 148,092 |
| b) Combined household contents insurance | 51,153 | 54,194 |
| c) Combined residential building insurance | 212,770 | 227,203 |
| d) Other property insurance | 11,684 | 14,548 |
| Assistance insurance | 217 | 218 |
| Other insurance | 225,870 | 208,807 |
| Total | 3,884,703 | 3,809,655 |" |
|---|
|
| id | "9fth4kgfqj-c160" |
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| chunk | 160 |
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| pages | |
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| heading | "Technical provisions breakdown" |
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| tags | |
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| content | "* Gross provision for outstanding claims: EUR 3,383,083k (prior: EUR 3,298,028k)
* Fluctuation provision and similar provisions: EUR 252,856k (prior: EUR 267,266k)
== To B.III. Provision for outstanding claims ==" |
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|
| id | "9fth4kgfqj-c161" |
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| chunk | 161 |
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| pages | |
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| heading | "Gross values representation" |
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| tags | |
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| data_items | |
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| effective_tags | |
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| content | "* Gross values are presented below." |
|---|
|
| id | "9fth4kgfqj-c162" |
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| chunk | 162 |
|---|
| pages | |
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| heading | "Provision for outstanding claims by lines of business" |
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| effective_tags | |
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| content | "**Provision for outstanding claims by lines of business (Business mix)**
| In EUR thousand | 31.12.2025 | 31.12.2024 |
| --- | --- | --- |
| Unfallversicherung | 96,491 | 94,261 |
| Liability insurance | 1,694,273 | 1,554,466 |
| Motor third-party liability insurance | 1,049,583 | 1,060,562 |
| Other motor insurance | 77,216 | 113,484 |
| Fire and property insurance | 251,560 | 277,309 |
| thereof a) Fire insurance | 129,613 | 133,247 |
| b) Combined household contents insurance | 22,923 | 23,548 |
| c) Combined residential building insurance | 89,316 | 107,810 |
| d) Other property insurance | 9,709 | 12,704 |
| Assistance insurance | 38 | 26 |
| Other insurance | 213,921 | 197,920 |
| Total | 3,383,083 | 3,298,028 |
== To B.IV. Provision for profit-dependent and profit-independent premium refunds ==" |
|---|
|
| id | "9fth4kgfqj-c163" |
|---|
| chunk | 163 |
|---|
| pages | |
|---|
| heading | "Provision for premium refunds" |
|---|
| tags | |
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| data_items | |
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| effective_tags | |
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| content | "* The provision for premium refunds reported in the financial year was EUR 900k (prior: EUR 2,500k) and exclusively concerns profit-independent premium refunds.
=== To B.V. Fluctuation reserves and similar reserves ===" |
|---|
|
| id | "9fth4kgfqj-c164" |
|---|
| chunk | 164 |
|---|
| pages | |
|---|
| heading | "To B.V. Fluctuation reserves and similar reserves" |
|---|
| tags | |
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| effective_tags | |
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| content | "**To B.V. Fluctuation reserves and similar reserves**
| In EUR thousand | 31.12.2025 | 31.12.2024 |
| --- | --- | --- |
| Unfallversicherung | 1,515 | 7,510 |
| Liability insurance | 111,286 | 167,862 |
| Motor third-party liability insurance | 0 | 0 |
| Other motor insurance | 50,212 | 0 |
| Fire and property insurance | 88,259 | 90,788 |
| thereof a) Fire insurance | 7,237 | 9,649 |
| b) Combined household contents insurance | 0 | 1,632 |
| c) Combined residential building insurance | 81,022 | 79,507 |
| Assistance insurance | 0 | 0 |
| Other insurance | 1,584 | 1,105 |
| Total | 252,856 | 267,266 |
=== To B.VI. Other technical provisions ===" |
|---|
|
| id | "9fth4kgfqj-c165" |
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| chunk | 165 |
|---|
| pages | |
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| heading | "Other technical provisions" |
|---|
| tags | |
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| effective_tags | |
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| content | "* Other technical provisions totaled EUR 13,439k (prior year: EUR 11,981k).
* This includes a cancellation reserve of EUR 12,512k (prior year: EUR 11,054k).
* This also includes a provision for traffic victim assistance of EUR 926k (prior year: EUR 926k).
=== To C.I. Provisions for pensions and similar obligations ===" |
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| id | "9fth4kgfqj-c166" |
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| chunk | 166 |
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| pages | |
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| heading | "To C.I. Provisions for pensions and similar obligations" |
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| content | "**To C.I. Provisions for pensions and similar obligations**
| In EUR thousand | 31.12.2025 | 31.12.2024 |
| --- | --- | --- |
| Fulfillment amount of pension obligations | 2,159 | 2,352 |
| less plan assets | 1,312 | 1,567 |
| Total | 847 | 785 |" |
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|
| id | "9fth4kgfqj-c167" |
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| chunk | 167 |
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| pages | |
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| heading | "Pension provisions valuation" |
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| content | "* Covering assets are recognized at fair value according to § 253 Abs. 1 Satz 4 HGB.
* This corresponds to the coverage capital of the insurance contract, including the actuarial bases of premium calculation plus already allocated profit participations, and thus the amortized cost.
* The difference amount subject to distribution restrictions according to § 253 Abs. 6 Satz 1 is EUR -5k (prior: EUR -5k).
* This difference amount was determined by comparing the discounted and recognized liability amount, using the average interest rate of the last ten years, with the amount that would have resulted from discounting with the average interest rate of the last seven years.
* The deficit due to unrecorded pension obligations according to Art. 28 Abs. 1 EGHGB amounts to EUR 482k (prior: EUR 475k).
=== To C.II. Other provisions ===" |
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|
| id | "9fth4kgfqj-c168" |
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| chunk | 168 |
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| pages | |
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| heading | "To C.II. Other provisions" |
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| content | "**To C.II. Other provisions**
| In EUR thousand | 31.12.2025 | 31.12.2024 |
| --- | --- | --- |
| a) Remuneration still to be paid | 6,523 | 5,398 |
| b) Outstanding commissions | 5,520 | 4,850 |
| c) Other provisions from investments | 4,680 | 4,495 |
| d) Provisions for impending losses | 2,425 | 4,340 |
| e) Provisions for administration and consulting | 1,258 | 0 |
| f) Annual financial statement costs | 346 | 279 |
| g) Other provisions | 11 | 568 |
| Total | 20,763 | 19,930 |
=== To D.III. Other liabilities ===" |
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|
| id | "9fth4kgfqj-c169" |
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| chunk | 169 |
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| pages | |
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| heading | "To D.III. Other liabilities" |
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| tags | |
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| content | "**To D.III. Other liabilities**
| In EUR thousand | Term < 1 year 31.12.2025 | Term < 1 year 31.12.2024 | Term > 1 year 31.12.2025 | Term > 1 year 31.12.2024 | Total 31.12.2025 | Total 31.12.2024 |
| --- | --- | --- | --- | --- | --- | --- |
| Liabilities to affiliated companies(1)) The liabilities essentially arise from service transactions.) | 148,923 | 118,065 | 0 | 0 | 148,923 | 118,065 |
| Liabilities to tax authorities | 12,098 | 12,573 | 0 | 0 | 12,098 | 12,573 |
| Liabilities from external management business | 6,556 | 7,254 | 0 | 0 | 6,556 | 7,254 |
| Verschiedenes | 5,697 | 4,368 | 19 | 12 | 5,717 | 4,380 |
| Total | 173,274 | 142,260 | 19 | 12 | 173,294 | 142,272 |
(1)) 1) The liabilities essentially arise from service transactions." |
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| id | "9fth4kgfqj-c170" |
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| chunk | 170 |
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| pages | |
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| heading | "Other liabilities maturity" |
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| content | "* Other liabilities do not include liabilities with a remaining maturity of more than five years.
=== To E. Prepaid expenses and accrued income ===" |
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|
| id | "9fth4kgfqj-c171" |
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| chunk | 171 |
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| pages | |
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| heading | "Other deferred income and expenses" |
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| content | "* The total amount of EUR 440k (prior: EUR 651k) represents other deferred income and expenses.
=== Notes to the income statement ===" |
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|
| id | "9fth4kgfqj-c172" |
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| chunk | 172 |
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| pages | |
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| heading | "Insurance business reporting" |
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| content | "* The following section reports the sum of directly written and assumed reinsurance business.
* A separate presentation of assumed reinsurance business is omitted because it is 100% retroceded and of minor importance to the earnings of HDI Versicherung AG.
==== To I.1.a) Gross written premiums ====" |
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|
| id | "9fth4kgfqj-c173" |
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| chunk | 173 |
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| pages | |
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| heading | "Gross written premiums by lines of business" |
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| tags | |
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| links | | "Gross written premiums" |
| "Business mix" |
|
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| data_items | |
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| effective_tags | | "Business mix" |
| "Gross written premiums" |
|
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| content | "**Gross written premiums by lines of business (Business mix)**
| In EUR thousand | 2025 | 2024 |
| --- | --- | --- |
| Unfallversicherung | 60,222 | 61,896 |
| Liability insurance | 355,069 | 357,250 |
| Motor third-party liability insurance | 305,413 | 331,878 |
| Other motor insurance | 216,185 | 245,743 |
| Fire and property insurance | 425,823 | 394,877 |
| thereof a) Fire insurance | 164,923 | 130,446 |
| b) Combined household contents insurance | 72,422 | 75,186 |
| c) Combined residential building insurance | 166,564 | 167,951 |
| d) Other property insurance | 21,914 | 21,294 |
| Assistance insurance | 417 | 446 |
| Other insurance | 201,696 | 196,227 |
| Total | 1,564,825 | 1,588,316 |
==== To I.1. Earned gross premiums ====" |
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| id | "9fth4kgfqj-c174" |
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| chunk | 174 |
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| pages | |
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| heading | "Earned gross premiums by lines of business" |
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| content | "**Earned gross premiums by lines of business (Business mix)**
| In EUR thousand | 2025 | 2024 |
| --- | --- | --- |
| Unfallversicherung | 60,587 | 62,275 |
| Liability insurance | 353,947 | 357,562 |
| Motor third-party liability insurance | 299,769 | 332,462 |
| Other motor insurance | 220,951 | 240,985 |
| Fire and property insurance | 422,913 | 389,871 |
| thereof a) Fire insurance | 164,123 | 129,761 |
| b) Combined household contents insurance | 72,792 | 75,129 |
| c) Combined residential building insurance | 164,043 | 163,589 |
| d) Other property insurance | 21,955 | 21,391 |
| Assistance insurance | 430 | 460 |
| Other insurance | 201,247 | 195,917 |
| Total | 1,559,843 | 1,579,531 |
==== To I.1. Earned net premiums ====" |
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|
| id | "9fth4kgfqj-c175" |
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| chunk | 175 |
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| pages | |
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| heading | "Earned net premiums by lines of business" |
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| content | "**Earned net premiums by lines of business (Business mix)**
| In EUR thousand | 2025 | 2024 |
| --- | --- | --- |
| Unfallversicherung | 60,587 | 62,275 |
| Liability insurance | 349,665 | 354,036 |
| Motor third-party liability insurance | 299,398 | 330,662 |
| Other motor insurance | 218,150 | 237,301 |
| Fire and property insurance | 386,268 | 358,151 |
| thereof a) Fire insurance | 164,124 | 129,632 |
| b) Combined household contents insurance | 69,572 | 70,658 |
| c) Combined residential building insurance | 151,443 | 147,783 |
| d) Other property insurance | 1,129 | 10,078 |
| Assistance insurance | 430 | 460 |
| Other insurance | 175,369 | 161,876 |
| Total | 1,489,867 | 1,504,763 |
== To I.2. Technical interest income ==" |
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|
| id | "9fth4kgfqj-c176" |
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| chunk | 176 |
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| pages | |
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| heading | "technical interest income calculation" |
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| content | "* Technical interest income in the directly concluded gross insurance business was calculated on the pension provision and the premium provision.
* Income was determined monthly on the previous month's provision balance using the associated actuarial interest rate.
== To I.4. Gross claims incurred ==" |
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|
| id | "9fth4kgfqj-c177" |
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| chunk | 177 |
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| pages | |
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| heading | "Gross claims incurred by lines of business" |
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| content | "**Gross claims incurred by lines of business (Business mix)**
| In EUR thousand | 2025 | 2024 |
| --- | --- | --- |
| Unfallversicherung | 29,808 | 26,573 |
| Liability insurance | 277,405 | 182,616 |
| Motor third-party liability insurance | 224,057 | 231,050 |
| Other motor insurance | 142,288 | 251,613 |
| Fire and property insurance | 200,999 | 245,948 |
| thereof a) Fire insurance | 98,470 | 103,876 |
| b) Combined household contents insurance | 26,274 | 33,194 |
| c) Combined residential building insurance | 74,046 | 103,106 |
| d) Other property insurance | 2,210 | 5,772 |
| Assistance insurance | 462 | 312 |
| Other insurance | 131,000 | 107,311 |
| Total | 1,006,019 | 1,045,422 |
== To I.7.a) Gross expenses for insurance operations ==" |
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|
| id | "9fth4kgfqj-c178" |
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| chunk | 178 |
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| pages | |
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| heading | "Gross expenses for insurance operations by lines of business" |
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| tags | |
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| content | "**Gross expenses for insurance operations by lines of business (Business mix)**
| In EUR thousand | 2025 | 2024 |
| --- | --- | --- |
| Unfallversicherung | 22,322 | 23,486 |
| Liability insurance | 131,529 | 137,891 |
| Motor third-party liability insurance | 61,606 | 73,770 |
| Other motor insurance | 45,802 | 51,167 |
| Fire and property insurance | 147,080 | 140,714 |
| thereof a) Fire insurance | 60,731 | 48,314 |
| b) Combined household contents insurance | 25,981 | 27,287 |
| c) Combined residential building insurance | 53,750 | 57,976 |
| d) Other property insurance | 6,617 | 7,137 |
| Assistance insurance | 122 | 128 |
| Other insurance | 77,954 | 79,566 |
| Total | 486,415 | 506,721 |" |
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|
| id | "9fth4kgfqj-c179" |
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| chunk | 179 |
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| pages | |
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| heading | "Gross expenses for insurance operations" |
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| content | "* Gross expenses for insurance operations include EUR 52,675k (prior: EUR 58,128k) for acquisition expenses and EUR 433,739k (prior: EUR 448,594k) for administrative expenses.
==== Reinsurance balance ====" |
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|
| id | "9fth4kgfqj-c180" |
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| chunk | 180 |
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| pages | |
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| heading | "Reinsurance balance" |
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| tags | |
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| content | "**Reinsurance balance**
| In EUR thousand | 2025 | 2024 |
| --- | --- | --- |
| Unfallversicherung | 0 | 0 |
| Liability insurance | 5,212 | 1,934 |
| Motor third-party liability insurance | 2,100 | -1,667 |
| Other motor insurance | -2,723 | -2,245 |
| Fire and property insurance | -35,533 | -26,982 |
| thereof a) Fire insurance | 1 | -54 |
| b) Combined household contents insurance | -2,926 | -3,936 |
| c) Combined residential building insurance | -11,786 | -13,395 |
| d) Other property insurance | -20,821 | -9,597 |
| Other insurance | -19,865 | -32,237 |
| Total | -50,809 | -61,198 |" |
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|
| id | "9fth4kgfqj-c181" |
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| chunk | 181 |
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| pages | |
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| heading | "Reinsurance balance components" |
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| content | "* The reinsurance balance is composed of earned premiums from the reinsurer, the reinsurer's share of gross insurance claims expenses, and gross insurance operating expenses.
* A positive balance is in favor of the reinsurers.
==== Run-off result for own account ====" |
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|
| id | "9fth4kgfqj-c182" |
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| chunk | 182 |
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| pages | |
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| heading | "Run-off result for own account" |
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| content | "* HDI Versicherung AG achieved a run-off profit for its own account of EUR 71k (prior: EUR 190,228k) in the fiscal year.
* Information on the run-off results of individual segments is explained in the management report under the earnings position.
==== To I.11. Technical result for own account ====" |
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|
| id | "9fth4kgfqj-c183" |
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| chunk | 183 |
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| pages | |
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| heading | "Technical result for own account by lines of business" |
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| tags | |
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| content | "**Technical result for own account by lines of business (Business mix)**
| In EUR thousand | 2025 | 2024 |
| --- | --- | --- |
| Unfallversicherung | 14,649 | 15,846 |
| Liability insurance | 6,839 | 26,704 |
| Motor third-party liability insurance | 17,150 | 26,002 |
| Other motor insurance | -19,767 | -64,960 |
| Fire and property insurance | 29,547 | -11,269 |
| thereof a) Fire insurance | 593 | -22,114 |
| b) Combined household contents insurance | 18,193 | 13,556 |
| c) Combined residential building insurance | 18,624 | -3,021 |
| d) Other property insurance | -7,863 | 310 |
| Assistance insurance | -152 | 20 |
| Other insurance | -28,137 | -23,054 |
| Total | 20,130 | -30,710 |
==== Commissions and other remuneration of insurance agents, personnel expenses ====" |
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|
| id | "9fth4kgfqj-c184" |
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| chunk | 184 |
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| pages | |
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| heading | "Commissions and other remuneration of insurance agents, personnel expenses" |
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| tags | |
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| content | "**Commissions and other remuneration of insurance agents, personnel expenses**
| In EUR thousand | 2025 | 2024 |
| --- | --- | --- |
| 1. Commissions of any kind for insurance agents within the meaning of § 92 HGB for self-concluded insurance business | 258,909 | 274,730 |
| 2. Other remuneration for insurance agents within the meaning of § 92 HGB | 0 | 0 |
| 3. Wages and salaries | 3,045 | 4,213 |
| 4. Social security contributions and expenses for support | 0 | 0 |
| 5. Expenses for pensions | 111 | 444 |
| Total | 262,065 | 279,387 |
==== Number of insurance contracts with a term of at least one year ====" |
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|
| id | "9fth4kgfqj-c185" |
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| chunk | 185 |
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| pages | |
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| heading | "Total number of contracts by Self-concluded insurance business" |
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| content | "**Total number of contracts by Self-concluded insurance business**
| Units | 2025 | 2024 |
| --- | --- | --- |
| Self-concluded insurance business — Unfallversicherung | 333,287 | 348,545 |
| Self-concluded insurance business — Liability insurance | 1,075,441 | 1,102,391 |
| Self-concluded insurance business — Motor third-party liability insurance (1)) In motor insurance, the number of risks was taken into account here.) | 849,190 | 1,072,894 |
| Self-concluded insurance business — Other motor insurance (1)) In motor insurance, the number of risks was taken into account here.) | 676,394 | 862,196 |
| Self-concluded insurance business — Fire and property insurance | 823,197 | 863,717 |
| Self-concluded insurance business — thereof a) Fire insurance | 47,988 | 48,351 |
| Self-concluded insurance business — b) Combined household contents insurance | 497,236 | 520,441 |
| Self-concluded insurance business — c) Combined residential building insurance | 214,128 | 224,090 |
| Self-concluded insurance business — d) Other property insurance | 63,845 | 70,835 |
| Self-concluded insurance business — Assistance insurance | 0 | 2,558 |
| Self-concluded insurance business — Other insurance | 56,165 | 57,264 |
| Self-concluded insurance business — Total | 3,813,674 | 4,309,565 |
| Self-concluded insurance business — Total number of contracts | 3,137,971 | 3,445,203 |
| Self-concluded insurance business — Change due to consideration of risks in motor insurance | 675,703 | 864,362 |
| Self-concluded insurance business — Total | 3,813,674 | 4,309,565 |
(1)) 1) In motor insurance, the number of risks was taken into account here.
==== To II.4. Other income ====" |
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|
| id | "9fth4kgfqj-c186" |
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| chunk | 186 |
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| pages | |
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| heading | "To II.4. Other income" |
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| tags | |
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| effective_tags | |
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| content | "**To II.4. Other income**
| In EUR thousand | 2025 | 2024 |
| --- | --- | --- |
| Income grants Talanx | 132,735 | 0 |
| Income from services rendered | 6,680 | 6,370 |
| Interest and similar income (1)) Interest income includes EUR 1,203 (2,283) thousand from affiliated companies. No income from discounting is included.) | 5,223 | 8,326 |
| Verschiedenes | 136 | 3,512 |
| Total | 144,773 | 18,208 |
(1)) 1) Interest income includes EUR 1,203 (2,283) thousand from affiliated companies. No income from discounting is included." |
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|
| id | "9fth4kgfqj-c187" |
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| chunk | 187 |
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| pages | |
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| heading | "Pension obligations" |
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| content | "* Income from pension obligation coverage assets was EUR 38k (prior: EUR 44k).
* This income was offset by expenses from the interest accretion of pension obligation provisions of EUR 55k (prior: EUR 54k).
== To II.5. Other expenses ==" |
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|
| id | "9fth4kgfqj-c188" |
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| chunk | 188 |
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| pages | |
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| heading | "To II.5. Other expenses" |
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| tags | |
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| effective_tags | |
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| content | "**To II.5. Other expenses**
| In EUR thousand | 2025 | 2024 |
| --- | --- | --- |
| Expenses for the company as a whole | 17,770 | 77,399 |
| Specific valuation allowance on agent receivables | 2,000 | -3 |
| Depreciation | 1,863 | 2,059 |
| Interest and similar expenses (1)) Interest expenses include EUR 55 (60) thousand from interest accretion.) | 623 | 1,002 |
| Foreign exchange losses | 14 | 10 |
| Verschiedenes | 311 | 233 |
| Total | 22,581 | 80,700 |
(1)) 1) Interest expenses include EUR 55 (60) thousand from interest accretion.
== To II.7. Income taxes ==" |
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|
| id | "9fth4kgfqj-c189" |
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| chunk | 189 |
|---|
| pages | |
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| heading | "Withholding tax" |
|---|
| tags | |
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| content | "* The reported amount of EUR 15k (prior: EUR 5k) is attributable to creditable withholding tax.
== To II.8. Other taxes ==" |
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|
| id | "9fth4kgfqj-c190" |
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| chunk | 190 |
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| pages | |
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| heading | "Other taxes" |
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| tags | |
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| content | "* Other taxes amounted to EUR 7k (prior: EUR 105k).
* These taxes are included in the insurance company's expenses.
== Company bodies ==
=== Supervisory board ===" |
|---|
|
| id | "9fth4kgfqj-c191" |
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| chunk | 191 |
|---|
| pages | |
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| heading | "Supervisory board" |
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| tags | |
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| effective_tags | |
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| content | "<table id="51">
<caption>Supervisory board</caption>
<tr><th>Member</th></tr>
<tr><td><strong>Dr. Jan-Philipp Lüdtke</strong><br/>Chairman<br/>Senior Manager of HDI AG<br/>Isernhagen</td></tr>
<tr><td><strong>Barbara Riebeling</strong><br/>(Deputy Chairwoman)<br/>Chairwoman of the Supervisory Board of neue leben Unfallversicherung AG<br/>Cologne</td></tr>
<tr><td><strong>Nicolas Heine</strong><br/>(since 1.8.2025)<br/>Senior Manager of HDI AG<br/>Leverkusen</td></tr>
<tr><td><strong>Johanna Weigand</strong><br/>(since 1.1.2025; until 31.7.2025)<br/>Senior Manager of HDI AG<br/>Cologne</td></tr>
</table>
=== Management board ===" |
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|
| id | "9fth4kgfqj-c192" |
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| chunk | 192 |
|---|
| pages | |
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| heading | "Member by Executive Board departments" |
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| effective_tags | |
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| content | "**Member by Executive Board departments**
| Member | Executive Board departments |
| --- | --- |
| Dr. Daniel Schulze Lammers Chairman Hannover | ■ IT ■ Produktmanagement (Privat) (vormals SHUK) ■ Produkttechnik und Bestandssysteme Sach ■ Betrieb Sach ■ Schaden ■ Vermögensanlage und -verwaltung ■ Geldwäschebekämpfung ■ Mathematik und Geschäftssteuerung Sach (inkl. Rückversicherung) |
| Norbert Eickermann Hannover | ■ Sales EVT |
| Dr. Philipp Horsch (since 1.4.2025) Hannover | ■ Product Management Corporate/Freelance Professions ■ Operations Corporate/Freelance Professions |
| Thorsten Jahnke (since 1.1.2026 (Year 2026)) Hannover | ■ Broker Sales / Cooperations |
| Thomas Lüer Hannover | ■ HDI Sales ■ Sales Management ■ Marketing |
| Jens Warkentin Hannover | ■ Controlling ■ Risk Management ■ Actuarial Function ■ Accounting, Financial Reporting and Taxes ■ Data Protection ■ Legal ■ Audit ■ Compliance |
== Executive bodies' compensation ==" |
|---|
|
| id | "9fth4kgfqj-c193" |
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| chunk | 193 |
|---|
| pages | |
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| heading | "Executive and supervisory board compensation" |
|---|
| tags | |
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| content | "* Total compensation for active Executive Board members for their work in the company was EUR 2,071k (prior: EUR 2,443k).
* Executive Board members also received compensation for their work in other Talanx Group companies if they were also officers of those companies.
* Under the share-based compensation system, the Executive Board was allocated 7,989 (prior: 10,103) virtual shares from the Talanx Performance Share Award Program for the reporting year, with a fair value of EUR 744k (prior: EUR 704k).
* Provisions for current pensions and entitlements for former Executive Board members or their surviving dependents for their previous work in the company amounted to EUR 147k (prior: EUR 149k).
* Supervisory Board members received compensation of EUR 6k (prior: EUR 6k) for their work in the company.
== Other financial obligations and contingent liabilities ==" |
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|
| id | "9fth4kgfqj-c194" |
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| chunk | 194 |
|---|
| pages | |
|---|
| heading | "Pension obligations and co-liabilities" |
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| content | "* Talanx AG, Hannover, and HDI Global SE, Hannover, have assumed the fulfillment of the company's pension obligations for former employees and board members, both internally and externally.
* The company has co-liability from 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.
* 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 premium income from self-written motor third-party liability insurance in the penultimate calendar year.
* The management board assesses the likelihood of claims arising from these liabilities as improbable." |
|---|
|
| id | "9fth4kgfqj-c195" |
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| chunk | 195 |
|---|
| pages | |
|---|
| heading | "Association memberships" |
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| content | "* The company is a member of Versicherungsombudsmann e.V., Berlin, with costs covered by member contributions based on gross written premiums from self-written domestic business." |
|---|
|
| id | "9fth4kgfqj-c196" |
|---|
| chunk | 196 |
|---|
| pages | |
|---|
| heading | "Financial commitments and guarantees" |
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| content | "* HDI Versicherung AG has other financial obligations from open commitment calls totaling EUR 109,434k, stemming from an investment program with a total subscription volume of EUR 302,208k.
* This includes open remaining commitment calls of EUR 79,141k to affiliated and associated companies from a subscription volume of EUR 222,885k.
* Commitments to affiliated companies include: TD Sach Private Equity GmbH & Co. KG (EUR 59,414k), TD Real Assets GmbH & Co. KG (EUR 18,547k), and Talanx Infrastructure Portugal 2 GmbH (EUR 1,179k).
* There are no commitments to associated companies.
* Other commitments include: NRD Frankfurt TERRA (FOUR) MC (Nachrang) (EUR 11,225k), Ardian Private Credit V S.C.S., SICAV-RAIF (Fund) (EUR 9,606k), Barings Europ Private Loan Fund III SCSp SICAV-SIF (EUR 3,742k), BeGo Corp. Direct Lend. Debt Fund III (close-end) (EUR 3,498k), Enhanced Sustainable Power Fund Nr. 3 GmbH & Co. KG (EUR 941k), WindPV Operation GmbH-Projekt Tomorrow (EUR 874k), and CEF BKR03 NL BV (Darwin-Borkum Rifg 3) SHL 2 (sub.) (EUR 407k).
* No other contractual obligations exist.
* No further commitments from shares, bills of exchange liabilities, or other liabilities of any kind exist.
* Guarantees (Avalkredite) amount to EUR 1,850k (prior: EUR 1,850k).
== Significant contracts ==" |
|---|
|
| id | "9fth4kgfqj-c197" |
|---|
| chunk | 197 |
|---|
| pages | |
|---|
| heading | "control and profit transfer agreements" |
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| content | "* The control and profit transfer agreement between HDI Deutschland AG (controlling company) and HDI Versicherung AG continues to exist.
* The control and profit transfer agreement between HDI Versicherung AG (controlling company) and HDI next GmbH (controlled company) was terminated effective March 31, 2025, via a termination agreement dated February 17, 2025.
== Shareholdings in the company ==" |
|---|
|
| id | "9fth4kgfqj-c198" |
|---|
| chunk | 198 |
|---|
| pages | |
|---|
| heading | "Shareholder structure" |
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| content | "* HDI Deutschland AG is the sole shareholder of HDI Versicherung AG, holding 100% of the share capital.
* HDI Deutschland AG directly holds a majority stake in HDI Versicherung AG, Hannover (as per § 20 Abs. 4 AktG).
* HDI Deutschland AG also directly holds more than one-quarter of the shares in HDI Versicherung AG (as per § 20 Abs. 1 and 3 AktG).
== Relationships with related companies and persons ==" |
|---|
|
| id | "9fth4kgfqj-c199" |
|---|
| chunk | 199 |
|---|
| pages | |
|---|
| heading | "Related party reinsurance and services" |
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| content | "* The company maintains extensive reinsurance relationships with Talanx AG companies.
* Appropriate consideration is paid and received for reinsurance coverage and related services received or provided.
* These transactions have no impact on the company's financial position or earnings compared to using or providing these services with non-related parties.
* Essential services from cross-functional areas (e.g., Finance, HR, IT, Operations, Sales) are provided by HDI AG to domestic Talanx Group companies, including HDI Versicherung AG.
* HDI Versicherung AG also uses central services from Ampega Asset Management GmbH, which manages assets for the Group's insurance companies.
== Total auditor fees ==" |
|---|
|
| id | "9fth4kgfqj-c200" |
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| chunk | 200 |
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| pages | |
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| heading | "Auditor remuneration and services" |
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| content | "* Auditor remuneration is included proportionally in the consolidated financial statements of HDI Haftpflichtverband der Deutschen Industrie V.a.G and Talanx AG, categorized by expenses for audit services, other assurance services, and other services.
* The auditor examined the annual financial statements and management report as of December 31, 2025, and the reporting package prepared according to International Financial Reporting Standards (IFRS).
* Quarterly reporting packages prepared under IFRS were subjected to a review.
* The Solvency Overview as of December 31, 2025, was also audited.
== Consolidated financial statements ==" |
|---|
|
| id | "9fth4kgfqj-c201" |
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| chunk | 201 |
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| pages | |
|---|
| heading | "Group consolidation and reporting requirements" |
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| content | "* The company is a group company of HDI Haftpflichtverband der Deutschen Industrie Versicherungsverein auf Gegenseitigkeit, Hannover, and Talanx AG, Hannover.
* HDI Haftpflichtverband der Deutschen Industrie Versicherungsverein auf Gegenseitigkeit (parent company of the HDI Group) prepares consolidated financial statements (largest group) in accordance with § 341i in conjunction with § 290 HGB, which include the company.
* Talanx AG, as the parent company of the Talanx Group, is also obliged to prepare consolidated financial statements (smallest group) in accordance with § 341i in conjunction with § 290 HGB.
* The Talanx AG consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU), based on § 315e (1) HGB in conjunction with Article 4 of Regulation (EC) No. 1606/2002.
* The consolidated financial statements are published in the company register.
* The inclusion of HDI Versicherung AG in the consolidated financial statements of HDI Haftpflichtverband der Deutschen Industrie Versicherungsverein auf Gegenseitigkeit and Talanx AG exempts the company from preparing its own consolidated financial statements, according to § 291 (1) HGB.
== Subsequent events report ==" |
|---|
|
| id | "9fth4kgfqj-c202" |
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| chunk | 202 |
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| pages | |
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| heading | "Post-balance sheet events" |
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| content | "* No events of particular significance occurred after the balance sheet date that would sustainably influence the earnings, financial, and asset position of the company." |
|---|
|
| id | "9fth4kgfqj-c203" |
|---|
| chunk | 203 |
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| pages | |
|---|
| heading | "Board of management signatures" |
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| content | "* Hannover, February 25, 2026 (Year 2026).
* The Board of Management: Dr. Daniel Schulze Lammers (Chairman), Norbert Eickermann, Dr. Philipp Horsch, Thorsten Jahnke, Thomas Lüer, Jens Warkentin.
== Independent auditor's report. ==" |
|---|
|
| id | "9fth4kgfqj-c204" |
|---|
| chunk | 204 |
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| pages | |
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| heading | "Auditor's Report Recipient" |
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| content | "* The auditor's report is addressed to HDI Versicherung AG, Hannover.
=== Report on the audit of the financial statements and the management report ===
=== Audit opinions ===" |
|---|
|
| id | "9fth4kgfqj-c205" |
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| chunk | 205 |
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| pages | |
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| heading | "Audit opinion on financial statements and management report" |
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| content | "* The audit covered the annual financial statements of HDI Versicherung AG, Hannover, for the fiscal year from January 1 to December 31, 2025, including the balance sheet as of December 31, 2025, the income statement, and the notes, including accounting and valuation methods.
* The audit also covered the management report of HDI Versicherung AG for the fiscal year from January 1 to December 31, 2025.
* The annual financial statements comply in all material respects with German commercial law provisions and, in accordance with German generally accepted accounting principles, present a true and fair view of the company's assets, liabilities, financial position as of December 31, 2025, and its results of operations for the fiscal year from January 1, 2025, to December 31, 2025.
* The management report provides an accurate overall picture of the company's situation.
* The management report is consistent in all material respects with the annual financial statements, complies with German legal requirements, and accurately presents the opportunities and risks of future development.
* In accordance with § 322 Abs. 3 Satz 1 HGB, the audit did not lead to any objections regarding the regularity of the annual financial statements and the management report.
=== Basis for the audit opinions ===" |
|---|
|
| id | "9fth4kgfqj-c206" |
|---|
| chunk | 206 |
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| pages | |
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| heading | "Audit basis and auditor independence" |
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| content | "* The audit of the annual financial statements and management report was conducted in accordance with § 317 HGB and the EU Auditor Regulation (No. 537/2014; 'EU-APrVO').
* The audit followed German Generally Accepted Auditing Standards (GAAS) as determined by the Institute of Public Auditors in Germany (IDW).
* The auditor's responsibility is further described in the 'Responsibility of the Auditor for the Audit of the Annual Financial Statements and Management Report' section of the audit opinion.
* The auditor is independent of the company in accordance with European law, German commercial law, and professional regulations.
* Other German professional obligations were fulfilled in accordance with these requirements.
* In accordance with Article 10 (2) (f) EU-APrVO, no prohibited non-audit services under Article 5 (1) EU-APrVO were provided.
* The audit evidence obtained is considered sufficient and appropriate to serve as a basis for the audit opinions on the annual financial statements and management report.
=== Key audit matters in the audit of the financial statements ===" |
|---|
|
| id | "9fth4kgfqj-c207" |
|---|
| chunk | 207 |
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| pages | |
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| heading | "Key audit matters in the audit of the financial statements" |
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| content | "* Key audit matters are those deemed most significant in the audit of the financial statements for the fiscal year January 1 to December 31, 2025.
* 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 given on these matters.
* The most significant matters in the audit were: valuation of investments and valuation of loss reserves.
* The presentation of these key audit matters is structured as follows: facts and issues, audit approach and findings, and reference to further information.
* Investments are reported on the balance sheet at EUR 3,763,874k, representing 90.7% of total assets.
* The commercial law valuation of individual investments is based on acquisition costs and the lower fair value or current value.
* According to § 341b Abs. 2 Satz 1 HGB, certain investments of insurance companies intended for permanent business operations can be valued according to the provisions applicable to fixed assets.
* 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 only temporary impairments are carried forward as hidden burdens to subsequent years.
* Classification as serving permanent business operations requires an intention and ability to hold these investments permanently.
* Market prices are used to determine fair value or current value where available.
* For investments not valued based on market prices (e.g., shares in affiliated companies, alternative investment funds, registered bonds, promissory note receivables, and loans), there is an increased valuation risk due to the need for model calculations.
* Management's discretionary decisions, estimates, and assumptions, including the impact of macroeconomic and geopolitical factors (such as interest rate developments), are required for investment valuation.
* Minor changes in these assumptions and methods can significantly impact investment valuation.
* 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 the estimation uncertainties associated with management's discretion.
* The audit assessed the models used by the company and the assumptions made by management, utilizing internal specialists for investments, valuation expertise, and industry knowledge.
* The audit evaluated the design and effectiveness of the company's controls for investment valuation and recording investment results.
* Individual audit procedures were performed on investment valuation, including assessing management's estimates regarding the impact of macroeconomic and geopolitical factors (including interest rate developments).
* The audit also verified the underlying valuations and their recoverability based on provided documents and checked the consistent application of valuation methods and period allocation [p.64, p.65].
* For hidden burdens, the audit assessed whether the conditions for the intention and ability to hold permanently were met and if existing impairments were not permanent.
* Valuation reports (including applied parameters and assumptions) for significant shares in affiliated companies were also assessed.
* Based on audit procedures, management's assessments and assumptions for investment valuation were found to be justified and sufficiently documented.
* Information on investments is provided in the "Accounting and Valuation Methods" section and the notes to "Balance Sheet - Assets" in the appendix.
==== ❷ Valuation of loss reserves ====" |
|---|
|
| id | "9fth4kgfqj-c208" |
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| chunk | 208 |
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| pages | |
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| heading | "Technical provisions valuation" |
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| content | "* Technical provisions (Schadenrückstellungen) of EUR 3,261,447k are reported under the balance sheet item 'Provision for outstanding claims' in the company's financial statements, representing 78.5% of the balance sheet total.
* Insurance companies must form technical provisions to the extent necessary, based on sound commercial judgment, to ensure the continuous fulfillment of obligations from insurance contracts.
* Determining assumptions for valuing technical provisions requires management to consider commercial and regulatory requirements, assess future events, and apply suitable valuation methods.
* This includes the expected impact of increased inflation rates on the formation of claims provisions in affected segments.
* The methods and calculation parameters used to determine the amount of claims provisions are based on management's discretionary decisions and assumptions.
* Minor changes to these assumptions and methods can significantly impact the valuation of claims provisions.
* The valuation of claims provisions was particularly important for the audit due to their material significance for the company's financial position and earnings, as well as the considerable discretion of management and associated estimation uncertainties.
* The audit assessed the methods used by the company and the assumptions made by management, considering industry knowledge, experience, and recognized methods.
* The audit also evaluated the design and effectiveness of the company's controls for determining and recording claims provisions.
* Further analytical and individual case audit procedures were performed regarding the valuation of claims provisions.
* Data underlying the calculation of the fulfillment amount was reconciled with basic documents.
* The calculated results for the amount of provisions were verified against applicable legal regulations, and the consistent application of valuation methods and period delimitations were checked.
* Management's assessment of increased inflation rates on affected segments was also evaluated.
* Based on audit procedures, the assessments and assumptions made by management for the valuation of claims provisions were found to be justified and sufficiently documented.
* Information on the company's claims provisions is included in the 'Accounting and Valuation Methods' section of the notes.
=== Other information ===" |
|---|
|
| id | "9fth4kgfqj-c209" |
|---|
| chunk | 209 |
|---|
| pages | |
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| heading | "Auditor responsibility for other information" |
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| content | "* The legal representatives are responsible for the other information.
* Other information includes the business report (excluding further cross-references to external information), with the exception of the audited annual financial statements, the audited management report, and the auditor's confirmation.
* The auditor's audit opinions on the annual financial statements and the management report do not extend to the other information, and accordingly, the auditor does not express an audit opinion or any other form of audit conclusion on it.
* In connection with the audit, the auditor has the responsibility to read the aforementioned other information and to assess whether it contains material inconsistencies with the annual financial statements, the content-audited management report disclosures, or the knowledge obtained during the audit, or otherwise appears to be materially misstated.
=== Responsibility of the legal representatives and the Supervisory Board for the financial statements and the management report ===" |
|---|
|
| id | "9fth4kgfqj-c210" |
|---|
| chunk | 210 |
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| pages | |
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| heading | "Responsibilities for financial statements and management report" |
|---|
| tags | |
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| content | "* The legal representatives are responsible for preparing the annual financial statements in accordance with German commercial law, ensuring they present a true and fair view of the company's assets, financial position, and earnings.
* The legal representatives are responsible for internal controls deemed necessary to enable the preparation of annual financial statements free from material misstatements due to fraud or error.
* The legal representatives are responsible for assessing the company's ability to continue as a going concern and for disclosing relevant matters related to going concern.
* The legal representatives are responsible for preparing the annual financial statements based on the going concern principle, unless actual or legal circumstances preclude it.
* The 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 annual financial statements, complies with German legal requirements, and accurately presents future opportunities and risks.
* The legal representatives are responsible for the arrangements and measures (systems) deemed necessary to enable the preparation of a management report in accordance with applicable German legal requirements and to provide sufficient appropriate evidence for the statements in the management report.
* The Supervisory Board is responsible for overseeing the company's accounting process for the preparation of the annual financial statements and the management report.
=== Periodenabgrenzung überprüft. Hinsichtlich der Beurteilung vorhandener stiller Lasten haben wir gewürdigt, inwieVerantwortung des Abschlussprüfers für die Prüfung des Jahresabschlusses und des Lageberichts ===" |
|---|
|
| id | "9fth4kgfqj-c211" |
|---|
| chunk | 211 |
|---|
| pages | |
|---|
| heading | "Periodenabgrenzung überprüft. Hinsichtlich der Beurteilung vorhandener stiller Lasten haben wir gewürdigt, inwieVerantwortung des Abschlussprüfers für die Prüfung des Jahresabschlusses und des Lageberichts" |
|---|
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| content | "* The auditor's objective is to obtain reasonable assurance that the financial statements are free from material misstatement due to fraud or error, and that the management report provides a true and fair view of the company's situation, complies with German legal requirements, and accurately presents future development opportunities and risks.
* Reasonable assurance is a high level of assurance, but not a guarantee that an audit conducted in accordance with § 317 HGB and the EU-APrVO, observing German auditing principles established by the IDW, will always detect a material misstatement.
* Misstatements can result from fraudulent acts or errors 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.
* The auditor assessed the valuation reports (including parameters and assumptions) for significant investments in affiliated companies.
* The auditor confirmed that management's assessments and assumptions for valuing investments are justified and sufficiently documented.
* Information on the company's investments is in the "Accounting and Valuation Methods" section and the "Balance Sheet - Assets" notes of the appendix.
* The financial statements include technical provisions for outstanding claims (Schadenrückstellungen) of EUR 3,261,447m, representing 78.5% of the balance sheet total.
* Insurance companies must form technical provisions as necessary, based on sound commercial judgment, to ensure the long-term fulfillment of obligations from insurance contracts.
* Determining assumptions for valuing technical provisions requires management to consider commercial and regulatory requirements, assess future events, and apply appropriate valuation methods.
* This includes the expected impact of increased inflation rates on the formation of claims provisions in affected segments.
* The methods and calculation parameters used to determine claims provisions are based on management's discretionary decisions and assumptions.
* Minor changes to these assumptions and methods can have a material impact on the valuation of claims provisions.
* The valuation of claims provisions was particularly important due to their material significance for the company's financial position and earnings, as well as the considerable discretion of management and associated estimation uncertainties.
* 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.
* 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.
* The auditor obtains an understanding of internal controls relevant to the audit of the financial statements and arrangements/measures relevant to the audit of the management report, to plan appropriate audit procedures, but not to express an opinion on their effectiveness.
* The auditor, with internal valuation specialists, assessed the methods and assumptions used by the company for claims provisions, considering industry knowledge and recognized methods.
* The auditor evaluated the design and effectiveness of the company's controls for determining and recording claims provisions.
* Further analytical and individual case audit procedures were performed on the valuation of claims provisions.
* The data underlying the calculation of the fulfillment amount was reconciled with basic documents.
* 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.
* Management's assessment of increased inflation rates on affected segments was also evaluated.
* Based on audit procedures, the auditor confirmed that management's assessments and assumptions for valuing claims provisions are justified and sufficiently documented.
* The auditor assesses the appropriateness of accounting methods applied by management and the reasonableness of estimated values and related disclosures.
* The auditor draws conclusions on the appropriateness of management's going concern assumption and whether there is material uncertainty related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern.
* If material uncertainty exists, the auditor is required to draw attention to related disclosures in the financial statements and management report or modify the audit opinion if disclosures are inappropriate.
* Conclusions are based on audit evidence obtained up to the date of the audit opinion; future events or conditions may cause the company to cease operations.
* The auditor assesses the overall presentation, structure, and content of the financial statements, including disclosures, and whether they present a true and fair view of the company's assets, financial position, and results of operations in accordance with German generally accepted accounting principles.
* The auditor assesses the consistency of the management report with the financial statements, its legal compliance, and the picture it conveys of the company's situation.
* Audit procedures are performed on the forward-looking statements presented by management in the management report.
* Based on sufficient appropriate audit evidence, the auditor verifies the significant assumptions underlying the forward-looking statements and assesses their appropriate derivation from these assumptions.
* The auditor does not express a separate audit opinion on the forward-looking statements or their underlying assumptions.
* There is a significant unavoidable risk that future events may differ materially from the forward-looking statements.
* The auditor discusses with those charged with governance the planned scope and timing of the audit, significant audit findings, including any material deficiencies in internal controls identified during the audit.
* The auditor provides a declaration 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, where applicable, actions taken or safeguards applied to eliminate threats to independence.
* 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.
* These matters are described in the audit opinion, unless law or regulation precludes public disclosure.
=== Other legal and regulatory requirements ===
=== Other information in accordance with Article 10 EU Audit Regulation ===" |
|---|
|
| id | "9fth4kgfqj-c212" |
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| chunk | 212 |
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| pages | |
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| heading | "Auditor appointment and tenure" |
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| content | "* The auditor was elected by the Annual General Meeting on March 13, 2025.
* The auditor was commissioned by the Supervisory Board on March 17, 2025.
* The auditor has continuously served as the auditor for HDI Versicherung AG, Hanover, since the 2018 financial year.
* The audit opinions in this confirmation are consistent with the additional report to the Audit Committee under Article 11 EU-APrVO (Audit Report).
=== Responsible auditor ===" |
|---|
|
| id | "9fth4kgfqj-c213" |
|---|
| chunk | 213 |
|---|
| pages | |
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| heading | "Responsible auditor" |
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| content | "* The responsible auditor for the audit is Christian Sack.
* The audit was conducted in Hannover on March 10, 2026 (Year 2026).
* The auditing firm is PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft.
* The auditors are Christian Sack (Wirtschaftsprüfer ppa.) and Frédéric Esser (Wirtschaftsprüfer).
== Report of the Supervisory Board ==" |
|---|
|
| id | "9fth4kgfqj-c214" |
|---|
| chunk | 214 |
|---|
| pages | |
|---|
| heading | "Supervisory Board activities" |
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| content | "* The Supervisory Board regularly monitored the Management Board of HDI Versicherung AG in the reporting year based on detailed written and oral reports from the Management Board.
* The Supervisory Board held two ordinary meetings to inform itself about the business development and situation of the company and to pass resolutions.
* The Supervisory Board was also informed about the company's situation, strategic direction, business performance, and risk management through regular submission of documents.
* The Supervisory Board intensively questioned and discussed individual topics and, where required by law, articles of association, or rules of procedure, cast a vote after thorough review and consultation.
* Additionally, four resolutions were passed by circular procedure outside of a meeting for topics requiring short-term attention between meetings.
=== Key areas of discussion in the plenary session ===" |
|---|
|
| id | "9fth4kgfqj-c215" |
|---|
| chunk | 215 |
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| pages | |
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| heading | "HDI Germany 'SBSTNZ.' strategy" |
|---|
| tags | |
|---|
| links | | "Business mix" |
| "Property & casualty" |
|
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| data_items | |
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| effective_tags | | "Business mix" |
| "Property & casualty" |
|
|---|
| content | "* The new 'SBSTNZ.' strategy for the HDI Germany business unit (Business mix) will be implemented in the next strategy cycle, laying the foundation for the next generation of HDI Germany with clear goals, focused business models, and a strong performance culture.
* The 'SBSTNZ.' strategy aims for sustainable growth, strong market positioning, and long-term stability within the Talanx Group.
* 'SBSTNZ.' bundles the departmental strategies of the business unit, including powerful sales, a focused property and casualty (Property & casualty) insurer, a lean life insurance group, and concentrated portfolio management, all based on integrated IT and stable finances.
* The goal is to drive the implementation of the defined objectives and milestones.
* HDI Versicherung AG is a key component of the focused property and casualty insurer.
* The turnaround for HDI Versicherung AG was successfully completed in 2025, with the next phase focusing on building excellence.
* The objective is to ensure functioning portfolio management processes and profitability across all portfolios for existing business.
* For new business, viable actuarial sales prices, functional offering processes, and marketable products are essential." |
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| id | "9fth4kgfqj-c216" |
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| chunk | 216 |
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| heading | "Supervisory Board transactions and self-assessment" |
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| content | "* The Supervisory Board was fully informed about the dissolution of the joint venture and the associated sale of all shares in MachDigital GmbH at its meeting on March 13, 2025.
* Effective December 31, 2025, the Supervisory Board decided to sell all shares held in SSV Schadenschutzverband GmbH.
* This decision also approved the termination of the existing control and profit and loss transfer agreement between HDI Deutschland AG (controlling company) and SSV Schadenschutzverband GmbH (controlled company).
* A cooperation agreement for long-term collaboration with the buyer was concluded in parallel.
* The Supervisory Board was fully informed and passed the necessary resolutions on this matter.
* The results of the annual self-assessment by Supervisory Board members were reported at the Supervisory Board meeting on November 6, 2025, and were satisfactory.
* The Supervisory Board has not yet decided on any adjustments to the thematic areas for the next self-assessment in mid-2026." |
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| id | "9fth4kgfqj-c217" |
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| chunk | 217 |
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| heading | "Supervisory Board training and information" |
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| content | "* In fiscal year 2025, three digital training courses were conducted for the Supervisory Board to continuously strengthen the expertise of its members, as required by BaFin's governance requirements and EIOPA guidelines.
* All training sessions were recorded and made available to Supervisory Board members for self-study and follow-up.
* Training topics included:
** Conduct and customer benefits (regulatory requirements from VAG and IDD, and current BaFin expectations).
** DORA@HD Awareness-Training 2025 (introduction to Digital Operational Resilience Act (DORA) requirements and their implementation).
** Actuarial science and capital investment for life and property & casualty (deepening fundamentals and current developments).
* Due to the increasing importance of Artificial Intelligence (AI), the Supervisory Board will continuously and more intensively address technological and regulatory developments, including further in-depth training.
* 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.
* The Supervisory Board was regularly informed in 2025 about the company's situation, particularly regarding finances, capital investments, and solvency.
* Reporting in 2025 considered current economic, financial, and political developments.
* The Supervisory Board was informed on November 6, 2025, about the annual reporting requirement for non-audit services provided by the auditor for PIEs and the utilization of defined caps." |
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| id | "9fth4kgfqj-c218" |
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| chunk | 218 |
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| heading | "Auditor selection and corporate governance" |
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| content | "* The Supervisory Board decided to publicly tender the audit engagement for fiscal year 2028 onwards, as the statutory maximum term for the appointment of the same auditor ends with the audit for fiscal year 2027.
* The tender will be for a comprehensive offer to audit all Public Interest Entities (PIEs) within the HDI, Talanx, and Hannover Rück Groups, and their consolidated subsidiaries and branches.
* The Management Board submitted transactions requiring approval to the Supervisory Board, which granted the necessary approvals in all cases as per the articles of association or rules of procedure.
* Quarterly reports under § 90 AktG detailed new business development, contributions, profitability, costs, and capital investments.
* The Chairman of the Supervisory Board was continuously informed by the CEO about important developments and upcoming decisions.
* The entire Management Board decides on the preparation and annual review of the business and risk strategy, as per its assigned duties.
* The Supervisory Board discussed the risk strategy for fiscal year 2025 at its meeting on March 13, 2025.
* The Supervisory Board was informed about the current status of risk management in its meetings and was satisfied with the performance of the risk management system.
* Quarterly risk reports were provided to the Supervisory Board for comprehensive information.
* The Supervisory Board received detailed information on the company's risk situation and planned measures by the Management Board when needed.
* Questions regarding Artificial Intelligence (AI) were included in the scheduled review of the business organization.
* The use of AI applications is already considered in risk assessment and further development regarding use cases and governance within risk reporting.
* The ORSA report was submitted to the Supervisory Board with the meeting documents for the autumn 2025 Supervisory Board meeting.
* These measures collectively meet the supervisory requirements for risk management within good and responsible corporate governance and oversight.
* In the spring 2025 meeting, the Supervisory Board was also informed about the current status of other governance functions (actuarial function, compliance, and internal audit) in addition to risk management, and was satisfied with their performance.
* A detailed report on the actuarial function was provided in autumn 2025, alongside the risk management report.
* There were no current issues regarding compliance and internal audit, so reporting will occur as scheduled in spring 2026 (Year 2026).
* The Supervisory Board did not find it necessary to take examination measures under § 111 Abs. 2 AktG in fiscal year 2025.
* The Supervisory Board was satisfied that the Management Board had correctly set its operational priorities and taken appropriate measures.
* Overall, the Supervisory Board was convinced of the legality, appropriateness, regularity, and economic efficiency of the corporate management within its statutory and constitutional responsibilities.
=== Audit of the annual financial statements ===" |
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| id | "9fth4kgfqj-c219" |
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| chunk | 219 |
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| heading | "Annual financial statements and audit" |
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| content | "* The annual financial statements, management report, and auditor's report were submitted to the Supervisory Board.
* The annual financial statements as of December 31, 2025, and the management report submitted by the Management Board, including the accounting records, were audited by PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft, Hannover.
* The audit found no objections; the unqualified audit opinion states that the annual financial statements comply with German commercial law in all material respects and, in accordance with German generally accepted accounting principles, present a true and fair view of the company's assets and financial position as of December 31, 2025, and its earnings for the fiscal year from January 1 to December 31, 2025.
* The management report provides an accurate overall picture of the company's situation, is consistent with the annual financial statements in all material respects, complies with German legal requirements, and accurately presents the opportunities and risks of future development.
* The auditor confirmed, in accordance with § 322 Abs. 3 Satz 1 HGB, that the audit did not lead to any objections regarding the regularity of the annual financial statements and the management report.
* The audit documents and auditor's reports were provided to all Supervisory Board members in a timely manner before the meeting.
* The auditor attended the Supervisory Board meeting on March 11, 2026 (Year 2026), where the annual financial statements and management report were discussed.
* The auditor reported on the conduct and quality of the audit and was available to the Supervisory Board for additional information regarding the annual financial statements, management report, and audit report.
* The Supervisory Board discussed the annual financial statements prepared by the Management Board, reviewed the auditor's report, and asked the auditor specific questions.
* The Supervisory Board concluded that the audit report complies with §§ 317 and 321 HGB and raised no concerns.
* The Supervisory Board also concluded that the management report fulfills the requirements of § 289 HGB and is consistent with the statements in the reports to the Supervisory Board according to § 90 AktG.
* The management report is consistent with the Supervisory Board's own assessment of the company's situation, and the Supervisory Board agrees with the management report, particularly its statements on future corporate development.
* The Supervisory Board also assessed the quality of the audit based on the submitted reports.
* Following its own review of the annual financial statements and management report, the Supervisory Board found no objections, thus concurring with the auditor's judgment and approving the annual financial statements prepared by the Management Board on March 11, 2026.
* The annual financial statements have thus been adopted.
=== Appointments to the Management Board and Supervisory Board and other mandates ===" |
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| id | "9fth4kgfqj-c220" |
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| chunk | 220 |
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| heading | "Management Board appointments" |
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| content | "* Norbert Eickermann was reappointed as a member of the Management Board in the Supervisory Board meeting on March 13, 2025, effective February 1, 2026 (Year 2026).
* Dr. Philipp Horsch was appointed as a member of the Management Board in the Supervisory Board meeting on March 13, 2025, effective April 1, 2025.
* Dr. Philipp Horsch is responsible for the Product Management Corporate/Freelancers and Operations Corporate/Freelancers departments.
* Thorsten Jahnke was appointed as an additional member of the Management Board in the Supervisory Board meeting on November 6, 2025, effective January 1, 2026.
* Thorsten Jahnke assumed responsibility for the Broker Sales and Cooperations departments from Thomas Lüer.
* Thomas Lüer is responsible for the HDI Sales, Sales Management, and Marketing departments, effective January 1, 2026." |
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| id | "9fth4kgfqj-c221" |
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| chunk | 221 |
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| heading | "Supervisory Board changes" |
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| content | "* Johanna Weigand resigned her mandate as a member of the Supervisory Board, effective July 31, 2025.
* Nicolas Heine was elected to the Supervisory Board as her successor by the extraordinary general meeting on July 17, 2025, effective August 1, 2025.
* Nicolas Heine's term is for the remainder of the period until the end of the general meeting that resolves on the discharge for the 2027 financial year.
=== Appreciation to the Management Board and employees ===" |
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| id | "9fth4kgfqj-c222" |
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| chunk | 222 |
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| pages | |
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| heading | "Appreciation and Signatories" |
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| 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.
* Hannover, March 11, 2026 (Year 2026).
* For the Supervisory Board: Dr. Jan-Philipp Lüdtke, Chairman.
* Barbara Riebeling and Nicolas Heine are Deputy Chairpersons.
== Imprint ==
=== HDI Versicherung AG ===" |
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| id | "9fth4kgfqj-c223" |
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| chunk | 223 |
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| heading | "Contact information" |
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| content | "* HDI-Platz 1, 30659 Hannover
* Phone: +49 511 645-0
* Fax: +49 511 645-4545
* Website: www.hdi.de
* Website: www.talanx.com
=== Group Communications ===" |
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| id | "9fth4kgfqj-c224" |
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| chunk | 224 |
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| heading | "Contact information" |
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| content | "* Telephone: +49 511 3747-2022
* Telefax: +49 511 3747-2525
* Email: gc@talanx.com" |
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| id | "9fth4kgfqj-c225" |
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| chunk | 225 |
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| heading | "Group Communications" |
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| content | "[Chart/image description:]
The image displays a group structure chart for Talanx AG, titled "Konzernstruktur" and "Group structure". The chart is organized into five main vertical columns, each representing a different business area or group function, with sub-entities listed below each." |
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| id | "9fth4kgfqj-c226" |
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| chunk | 226 |
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| pages | |
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| heading | "Main participations by division" |
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| content | "* The Corporate & Specialty Division includes HDI Global SE, HDI Global Specialty SE, HDI Versicherung AG (Austria), HDI Global Seguros S.A. (Mexico), HDI Global SA Ltd. (South Africa), HDI Global Insurance Company (USA), HDI Global Network AG, and HDI Reinsurance (Ireland) SE.
* The Private and Corporate Insurance International Retail International Division includes HDI International AG, HDI Seguros S.A. (Brazil), Yelum Seguros S.A. (Brazil), HDI Seguros S.A. (Chile), HDI Seguros Colombia S.A., HDI Seguros S.A. de C.V. (Mexico), TUíR WARTA S.A. (Poland), TU Europa S.A. (Poland), HDI Assicurazioni S.p.A. (Italy), and HDI Sigorta A.Ş. (Türkiye).
* The Private and Corporate Insurance Germany Retail Germany Division includes HDI Deutschland AG, HDI Lebensversicherung AG, HDI Pensionsfonds AG, HDI Pensionskasse AG, HDI Pensionsmanagement AG, HDI Versicherung AG, HDI Vorsorge Lebensversicherung AG, Lifestyle Protection Lebensversicherung AG, Lifestyle Protection AG, LPV Lebensversicherung AG, NEH Neue Hildener Versicherung AG, neue leben Lebensversicherung AG, and neue leben Unfallversicherung AG.
* The Reinsurance Division includes Hannover Rück SE, E+S Rückversicherung AG, Argenta Holdings Limited, Hannover ReTakaful B.S.C. (c) (Bahrain), Hannover Re (Bermuda) Ltd., Hannover Life Re of Australasia Ltd, Hannover Re (Ireland) DAC, Hannover Re South Africa Limited, and Hannover Life Reassurance Company of America.
* Group Operations includes HDI AG, Ampega Asset Management GmbH, Ampega Investment GmbH, and Talanx Reinsurance Broker GmbH." |
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| id | "9fth4kgfqj-c227" |
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| chunk | 227 |
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| pages | |
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| heading | "Main participations context" |
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| content | "* The listed entities represent the main participations as of January 1, 2026 (Year 2026)." |
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| id | "9fth4kgfqj-c228" |
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| chunk | 228 |
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| heading | "HDI Versicherung AG contact information" |
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| content | "* HDI Versicherung AG is located at HDI-Platz 1, 30659 Hannover.
* Contact phone number is +49 511 645-0.
* Contact fax number is +49 511 645-4545.
* Websites are www.hdi.de and www.talanx.com." |
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