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DGAP-News: DFV Deutsche Familienversicherung AG / Key word(s): Quarterly / Interim Statement/9 Month figures
Deutsche Familienversicherung is a reinsurer, grows faster and reduces loss
Frankfurt am Main, 11 November 2021 - DFV Deutsche Familienversicherung AG ("DFV", "Deutsche Familienversicherung"), the digital insurance company and a leading InsurTech in Europe, continues to grow.
As announced, the company has assumed liability as reinsurer of the CareFlex Chemie (Group) consortium. Primary insurance shares of Barmenia Krankenversicherung AG, Wuppertal, with a volume of around EUR 35-40 million will be taken over by DFV by way of a reinsurance agreement with retroactive effect from 1 June 2021. The growth of Deutsche Familienversicherung, which is already around 20 percent in the core primary insurance business in 2021, will thus accelerate once again. The active reinsurance business will increase DFV's premium income by an additional EUR 20 million in 2021. From 2022 onwards, premium income of around EUR 35-40 million per year can be expected from the reinsurance contract.
In addition, despite the ongoing COVID 19 pandemic, the company recorded an increase of around 12.5% in existing premiums in primary insurance to over EUR 140 million in the first nine months of the 2021 financial year (9M 2021: EUR 125 million). Gross written premiums in primary insurance increased by 21.8% to EUR 101.7 million in the first nine months of 2021 (9M 2020: EUR 83.5 million). While premiums in supplementary health insurance increased by 19.4%, growth in property insurance was a pleasing 52.9%. This development is in line with the Group strategy, which provides for increasing diversification of DFV's product portfolio in order to broaden the company's base.
Increase in profitability
Consolidated net income after taxes improved significantly to EUR -1.1 million in the first nine months of 2021 (9M 2020: EUR -4.7 million). The slightly positive consolidated net income before taxes of EUR 0.1 million (9M 2020: EUR -6.9 million) represents an important step towards the targeted profitability. The main drivers for this are a strongly improved investment result of EUR 8.5 million (9M 2020: EUR -1.2 million), the initiated implementation of measures to reduce operating expenses (opex) and lower distribution expenses. Professional investment management and measures introduced to increase cost discipline have proven to be relevant profitability drivers in 2021.
DFV recorded an increase in the claims ratio to 71.8% in the first nine months of 2021 (FY 2020: 63.0%). However, the company confirms the long-term target corridor of up to 70%. The combined ratio improved by 3 percentage points to 103.0% (9M 2020: 106.0%), as operating costs increased only moderately despite the strong new business.
DFV's insurance products once again achieved top marks. In its current test 10/2021, Stiftung Warentest awarded the insurtech company's tariff a quality rating of "very good" (0.6) for both "basic cover and sum insured" and "extended cover". This places the company in the top 3 of 363 liability insurance policies tested by Stiftung Warentest Finanztest.
Both the roll-out of the business model in Austria with the sale of animal health insurance and the market launch of the new combination product "DFV-KombiSchutz" got off to a successful start at the end of June.
In DFV's sales activities in the core business of primary insurance, a new cooperation, which was expected to start in the fourth quarter of 2021, has been postponed until 2022. New primary insurance business for 2021 is now forecast at around EUR 24 million. Overall, Deutsche Familienversicherung expects the pre-tax consolidated loss 2021in 2021, which was planned at EUR 4 million, to be significantly lower, estimated at around EUR 2 million.
DFV Deutsche Familienversicherung AG (ISIN DE000A2NBVD5) is a fast-growing InsurTech company. As a digital insurance company, DFV covers the entire value chain with its own products. The company's goal is to offer insurance products that people really need and understand immediately ("Simple. Sensible."). DFV offers its customers multiple award-winning supplementary health insurance (dental, health, supplementary long-term care insurance) as well as accident and property insurance. Based on the state-of-the-art and scalable IT system developed in-house, the company is setting new standards in the insurance industry with digital product designs throughout as well as the option of taking out policies via digital voice assistants.
11.11.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
DFV Deutsche Familienversicherung AG
069 74 30 46 396
069 74 30 46 46
Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange
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