DFV Deutsche Familienversicherung AG · LSX:A41YH3
DFV Deutsche Familienversicherung — Shareholder Meeting (May 2021)
64 slides from DFV Deutsche Familienversicherung's shareholder meeting presentation, May 19, 2021
Slide 1: Annual General Meeting 2021
Annual General Meeting 2021 DFV Deutsche Familienversicherung AG FRANKFURT/MAIN | 19 May 2021
Slide 2: Welcome to the virtual Annual General Meeting
Welcome to the virtual Annual General Meeting of DFV Deutsche Familienversicherung AG!
Slide 3: Agenda (I)
Agenda (I) Presentation of the adopted annual financial statements of DFV Deutsche Familienversicherung AG and the approved consolidated financial statements, each Agenda as at 31 December 2020, and the management report of DFV Deutsche Item 1 Familienversicherung AG and the Group as well as the rep
Slide 4: Agenda (II)
Agenda (II) Resolution on the cancellation of the Authorised Capital 2018, the creation of an Agenda Authorised Capital 2021 against contributions in cash and/or in kind with the Item 6 possibility to exclude the subscription right and corresponding amendment of the Articles of Association Resolutio
Slide 5: Agenda Item 1: Presentation of the 2020 annual financial statements
Agenda Item 1 Presentation of the approved 2020 annual financial statements and the approved consolidated financial statements
Slide 6: Report of the Supervisory Board on the 2020 financial year
1.1. Report of the Supervisory Board on the 2020 financial year Dr Hans-Werner Rhein
Slide 7: Report of the CEO on the corporate result 2020
1.2. Report of the CEO on the corporate result 2020 Dr Stefan M Knoll S1
Slide 8: What "hard targets" have we set ourselves?
What "hard targets" have we set ourselves? € 30m 25% € 9-11m new premiums increase of Pre-tax loss gross written premiums S2
Slide 9: What have we achieved?
What have we achieved? New business in premiums: New business in € million 30.0 29.3 Plan 2020: € 30.0 million new business Actual 2020: € 29.3 million new business Achieving the sales target despite the Covid 19 pandemic Plan Actual S3
Slide 10: Gross written premiums increased by 26.2%
Gross written premiums increased by 26.2% Loss on target Steigerung der gebuchten Bruttobeiträge: Gross written premiums in € million +26.2% Plan 2020: Increase by 25% 114.7 Actual 2020: Increase by 26.2% 90.9 66.5 Fulfilment of the target 2018 2019 2020 Planned pre-tax loss: Pre-tax loss in €
Slide 11: Modern technical equipment for all employees for mobile working
Modern technical equipment for all employees for mobile working We were the first insurance company that was technically able to let all employees work from home on a mobile basis. S5
Slide 12: A big thank you to our employees
A big thank you to our employees No downturn in business, despite a challenging time 90 - 95 % of our employees have been working from home offices since the start of the Covid 19 pandemic in March 2020. And this despite the challenging situation of having to do justice to both family and work a
Slide 13: Steady productivity despite Covid pandemic
Steady productivity despite Covid 19 pandemic Claims and benefits processed Consistently high level of customer contact and claims handling 196,988 125,658 Production measurement in sales, 2019 2020 claims and benefits management as well as Received calls received calls. 239,451 222,092 Co
Slide 14: Other annual results at a glance
Other annual results at a glance Capital investement Development of insurance benefits Operating expenses Personnel costs IT S8
Slide 15: The basic structure of the capital investment
The basic structure of the capital investment Forward-looking management for the future Security assety by asset class in % as at 29.02.2020 2.6% 0.4% 7.2% Deutsche Familienversicherung basically manages two types of assets: free assets and security 23.9% assets. € 67.8 million security asset* D
Slide 16: Capital investment during the Covid pandemic
Capital investment during the Covid 19 pandemic Stock market collapse at the beginning of the pandemic Preventive sale of shares for reasons of prudence to avoid liquidity bottlenecks. The sale of shares explains why we have a significant decline in investment from € 3.4 million net income to €
Slide 17: Impact of the Covid pandemic on DFV
Impact of the Covid 19 pandemic on DFV Discontinuation of business from foreign health insurance. Increase in pet health insurance. Less investment income from selling shares too early. Extremely robust online sales, even with contact restrictions. S11
Slide 18: The development of insurance benefits
The development of insurance benefits Stable development of loss ratios Development of the loss ratio in % 63.0 DFV 61.5 60.6 57.3 56.0 target 60% - 70% Expected increase in insurance benefits, given the increased business volume. Stable claims ratio, which can be rated as good in FY 2016 FY 201
Slide 19: Development of the capital investment
Development of the capital investment Improving and professionalising capital investment Development of capital investment in € million management 140.0 122.5 95.9 Since 2011, investment of customer funds from 83.1 insurance products calculated in the manner of life 66.4 insurance. 45.7 56.0 56.1
Slide 20: Development of the capital investment
Development of the capital investment Restructuring of the investment management Management Board Helaba CMC Investment Committee MainFirst Security Trustee AM Internal operational unit Head of Department S14
Slide 21: German InsurTechs in comparison
German InsurTechs in comparison Our calculated loss is balanced by exceptional income Gross written premiums and result in € thousands FY 2020 114,700 We have more premiums We offer property and health 40,900 insurance 33,817 9,029 6,789 5,633 200 7 2,002 1,000 650 We are listed on the stock -
Slide 22: We are subject to more extensive reporting obligations than the competition
We are subject to more extensive reporting obligations than the competition Annual review of the triggering factors Morality Benefit occurrence probability Benefit duration Notification of BaFin by 30.04. Calculation of premium adjustment Coordination with responsible actuary and premi
Slide 23: Leading role at CareFlex
Leading role at CareFlex We had the idea We have: Provided the idea and structure. 35% 45% Insurance cover for Designed and proposed the product. up to 580,000 employees Invested 3.0 million euros. 20% S17
Slide 24: CareFlex Chemie
CareFlex Chemie The decision situation Together with the consortium, we have agreed on an actuarial interest rate of 2%. The proof of sufficient security has been provided from the company's point of view. The discussion on this could not be concluded with the BaFin until the start of the proj
Slide 25: The development of the DFV AG share price
The development of the DFV AG share price Development since the IPO until 17.05.2021 Collapse of the share price at the beginning of the year. The termination agreement between the underwriters was signed on 30 December 2020 after the close of trading. S19
Slide 26: Review of products by type of life insurance
Review of products by type ‘ of life insurance Request from BaFin on 06.01.2021. Coordination of expert with BaFin on 08.01.2021. Experts commissioned on 15.01.2021. 1st interim report on 30.04.2021. S20
Slide 27: Welcome Dr Karsten Paetzmann
Welcome Dr Karsten Paetzmann New CFO of DFV Deutsche Familienversicherung AG since 01.02.2021 Career: 2001 – 2021: Management Consultant, until 2021 Chair Financial Services Germany and Head of Global FS Corporate Finance at BDO; prior to that Insurance Sector Leader Transactions & Restructuring a
Slide 28: Expenditure for insurance operations
Expenditure for insurance operations Increase due to planned investments Development of operating expenses in € million 34.1 Investment composition: 3.0 million € investments in CareFlex Consultant costs 30.7 IT investments 2019 2020 S22
Slide 29: New business from 2018 until today
New business from 2018 until today We keep our promises 120000 35 29.9 29.3 30.0 30 100000 100,034 100,000 In 2018, we announced our intention 90,389 25 to double our sales success by 80000 doubling our sales spend. 20 In 2019 and 2020, we achieved our 60000 55,227 17.6 sales targets. 15 In 20
Slide 30: An efficient sales system thanks to stable acquisition costs
An efficient sales system thanks to stable acquisition costs Our acquisition costs are based on the 12 MB rule. We get 1 euro of new business for 1 euro we spend. S24
Slide 31: DFV-TierKrankenversicherung on the road to success
DFV-TierKrankenversicherung on the road to success Deutsche Familienversicherung defies Corona 9% market share in pet new business in 2020: Market launch of DFV-TierKrankenversicherung in 9% May 2019. At market launch, there were 4 competitors - today 0% there are 14. 2019 2020 The "small" Deu
Slide 32: IT outsourcing and service provider
The requirements for IT security have increased Outsourcing fundamentally changes the IT infrastructure from DFV IaaS to SaaS. Applications | Databases The outsourcing with our partner operational services is largely completed and will end in June 2021. Operating System Advantages of outsourcing
Slide 33: The development of personnel costs
The development of personnel costs Development of personnel costs in € million Growth needs manpower. 170 122 111 12.3 10.0 10.3 Width needs staff. 2018 2019 2020 Number of employees S27
Slide 34: Frankfurt no longer has an insurance cluster
Frankfurt no longer has an insurance cluster We are therefore breaking new ground in recruitment with regional branding and nationwide resonance COD in figures - period: February - July 2020 Number of applications 4,176 Number of hires 30 Number of interviews 182 Initial interviews 146 Second interv
Slide 35: Annual results 2020
Annual results 2020 Consolidated statement of comprehensive income Consolidated statement of comprehensive income €m 2019 2020 Delta in % Gross premiums written 90.9 114.7 +23.8 +26% Net earned premiums 54.4 61.9 +7.5 14% Investment income 3.4 0.9 -2.5 -75% Other income 0.6 0.3 -0.3 -48% Claim payme
Slide 36: Further key figures for the year 2020 at a glance
Further key figures for the year 2020 at a glance Relaxed smile and Focus on health: powerful bite: Our premium income from daily Our premium income from sickness benefits insurance supplementary dental insurance increased by 60% in 2020. increased by 27% in 2020. Well protected: Animal well-being:
Slide 37: Development of the combined ratio and solvency ratio
Development of the combined ratio and solvency ratio Development of the combined ratio in % 109.6 98.0 102.6 DFV 95.1 The combined ratio and solvency ratio are 88.5 target 90% - 110% developing within DFV's target corridors. The combined ratio deteriorated in 2020, FY 2016 FY 2017 FY 2018 FY 201
Slide 38: Strong demand for capital increase
Strong demand for capital increase Friday, 03.07.2020: Information to the Chairman of the Supervisory Board with request to convene a meeting of Development of the share price between the Supervisory Board 01.06.2020 - 06.07.2020 Monday, 06.07.2020, 15:30: Resolution of the Executive Board to im
Slide 39: A personal remark
A personal remark I am extremely sorry that some are having to observe a bitter loss in the share price. We are continuing our successful innovative business model. Deutsche Familienversicherung is an extraordinary company - with a lot of potential. S33
Slide 40: DFV is undervalued
DFV is undervalued Share price since IPO Deadline 18.05.2021 Market capitalisation in € million 175.35 3,702.83 Existing premiums in € million FY 2020 124.8 173.4 Gross premiums written in € million FY 2020 114.7 174.5 Profit in € million FY 2020 -10.6 -99.6 S34
Slide 41: German Financial Reporting Enforcement Panel (FREP)
German Financial Reporting Enforcement Panel (FREP) The FREP has been commissioned by BaFin to conduct a sample examination of DFV's 2018 balance sheet. In addition to minor comments, a disagreement arose on the allocation of IPO costs. In order to avoid a protracted legal dispute, DFV agreed
Slide 42: DFV was awarded 17 seals in 2020
DFV was awarded 17 seals in 2020 In 2020, DFV has acquired 8 seals that indicate a clear added value for the customer 4 3 2 4 1 1 1 1 January May June July August September November December Number of seals received in the designated month S36
Slide 43: We set new standards with the best of both worlds
We set new standards with the best of both worlds We set new standards for supplementary long-term care insurance. We set new market standards with our supplementary long-term care insurance. We were the first insurance company to succeed in complete digitalisation. DFV–DeutschlandPflege 3rd t
Slide 44: We are leading markets
We are leading markets Whoever chooses us, chooses the original and not the copy In 2021, we became the test winner in supplementary dental insurance for the 6th time in a row. Our award-winning product was copied, so that in 2021 there are a total of 13 test winners in supplementary dental insu
Slide 45: What else we have achieved in 2020
What else we have achieved in 2020 We are extremely successful in the cooperation business and have laid the foundations for further growth. September: Product launch of the new DFV- HundhaftpflichtSchutz. December: Revised DFV UnfallSchutz available. Technical foundations laid for the new com
Slide 46: First of all you need an understandable insurance product
First of all you need an understandable insurance product The customer must get immediately a feeling what the product is about and why it is important for him to buy it Therefore we invented the 16 square matrix: Everything is included. The customer can decide the cover in respect of his person
Slide 47: Policy in 50 seconds
A very short closing process helps to become a happy Understandable message Less data Noy payment restricition + + Everything included Only age All payment systems Best insurance product Login with Amazon Amazon Pay and Pay Pal Daily termination = Policy in 50 seconds S41
Slide 48: Our messages
Our messages Everything included Best product Termination on daily bases This is presented by using DRTV or Google and other digital channels. Digitalisation starts with the insurance product! S42
Slide 49: Best customer portal – best Chatbot
Best customer portal – best Chatbot* Customer-centricity at its best Fast, uncomplicated, reliable. I am 100% satisfied. Never had any problems. Very simple and understandable for everyone. All his insurance policies under control. Fast submission of the invoice, very good service, very good communi
Slide 50: The DFV app becomes a media platform
The DFV app becomes a media platform Discover more with the DFV App Over 550,000 contracts promise huge potential for cross-selling at low sales costs. Over 71,000 user IOS: 40,000 Android: 31,000 That is why a sales call centre is being As at 30.04.2021 set up. Highly rated app App Store: 4.9 sta
Slide 51: Continuous automation
Continuous automation Expansion and optimisation of automated processes What we have achieved in 2020: Successful automation of new service types (fillings/root treatment). Improvement of classification / optical recognition Reduction of the rework rate Connection of e-mail claims to Abbyy
Slide 52: Digitalisation works
Digitalisation works … on the process side Documentation input by channel The figures show it: our app is 45,00% 42% gaining in importance and is replacing the regular inbox. 40,00% 37% 36% In Q1 2020, 42% of documents 35,00% 34% were still submitted by post. In Q1 2021, it was 13 percentage points
Slide 53: A successful 2020 business year
A successful 2020 business year Continuation of our core insurance business, despite: CareFlex Chemie COVID-19 Pandemic Two lockdowns Achievement of our targets with stable sales costs of 12 monthly premiums: ~ € 30 million new business S47
Slide 54: Before I finish my presentation...
Before I finish my presentation... Today, I would like to thank my team, my employees and my colleagues on the Executive Board for a far above-average commitment to the company and you for your loyalty! S48
Slide 55: What we want to achieve in 2021
What we want to achieve in 2021: Continuation of the growth course Market entry in Austria as of 30.06.2021 New combined product as of 30.06.2021 Contract negotiations started with Barmenia for the conclusion of a reinsurance contract S49
Slide 56: Thank you very much for your attention!
Thank you very much for your attention!
Slide 57: Agenda Item 2
Agenda Item 2 Resolution on the formal exoneration of the members of the Executive Board
Slide 58: Agenda Item 3
Agenda Item 3 Resolution on the formal exoneration of the members of the Supervisory Board
Slide 59: Agenda Item 4
Agenda Item 4 BResolution on the approval of the remuneration system for the members of the Executive Board
Slide 60: Agenda Item 5
Agenda Item 5 Resolution on the approval of the remuneration system for the members of the Supervisory Board
Slide 61: Agenda Item 6
Agenda Item 6 Resolution on the cancellation of the Authorised Capital 2018, the creation of an Authorised Capital 2021 against contributions in cash and/or in kind with the possibility to exclude the subscription right and corresponding amendment of the Articles of Association
Slide 62: Agenda Item 7
Agenda Item 7 Resolution on the granting of an authorisation to issue convertible bonds, bonds with warrants and/or profit participation rights and/or profit participation rights (or combinations of these instruments) with the possibility of excluding subscription rights, the creation of a Condition
Slide 63: Agenda Item 8
Agenda Item 8 Resolution on the authorisation of the Company to acquire own shares also under exclusion of a right to tender and to use them also under exclusion of the statutory subscription right of the shareholders as well as authorisation to redeem acquired own shares and capital reduction
Slide 64: Deutsche Familienversicherung
DEUTSCHE €> Familienversicherung
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