DFV Deutsche Familienversicherung AG

Investor Presentation • May 25, 2022

Annual General Meeting 2022

DFV Deutsche Familienversicherung AG FRANKFURT/MAIN | 25 May 2022

Welcome to the virtual Annual General Meeting of DFV Deutsche Familienversicherung AG!

Welcome

Dr Hans-Werner Rhein

Agenda

Agenda Item 1	Presentation of the adopted annual financial statements of DFV Deutsche Familienversicherung AG and the approved consolidated financial statements, each as at 31 December 2021, and the management report of DFV Deutsche Familienversicherung AG and the Group as well as the report of the Supervisory Board, each for the 2021 financial year
Agenda Item 2	Resolution on the discharge of the members of the Executive Board
Agenda Item 3	Resolution on the discharge of the members of the Supervisory Board
Agenda Item 4	Resolution on the appointment of the auditor of the annual financial statements and the auditor of the consolidated financial statements as well as the auditor for the audit review of the condensed interim financial statements and the interim management report for the Group for the first half of the financial year 2022 as well as for a possible audit review of additional interim financial information

Agenda Item 5	Resolution on the approval of the remuneration report for the financial year 2021
Agenda Item 6	Resolution on the by-election of members of the Supervisory Board
Agenda Item 7	Resolution on the remuneration of the members of the Supervisory Board for the financial year 2022 and the approval of an amended remuneration system for the members of the Supervisory Board

Presentation of the approved annual financial statements 2021 and the approved consolidated financial statements

1.1. Report of the Supervisory Board on the 2021 financial year

Dr Hans-Werner Rhein

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1.2. Report of the CEO of the 2021 financial year

Dr Stefan M Knoll

Our goals for 2021

Dynamic growth and improvement of the Group result

Significantly stronger growth than planned

€ 10.2 million above plan

Significant increase in gross written premiums

10.3 percentage points above plan

Significantly better result than planned

€ 3.2 million better than planned

Group result 2021 Statement of comprehensive income Statement of comprehensive income

Financial performance overview IFRS €m 2020 2021 Delta €m 2020 2021 Delta

Statement of comprehensive income Gross written premiums (GWP) 114.7 155.2 +40.5

(NEP) earned premiums Net (NEP) premiums €m	61 9 2020	87 4 2021	61 9 +25 5 Delta
from capital Income investments capital investments (GWP) Gross written premiums	0 9 114 7	10 8 155 2	0 9 +10 0 +40 5
Other revenue revenue (NEP) earned Net premiums	0 3 61 9	1 0 87 4	0 3 +0 6 1 +25 5
benefits Insurance benefits from capital Income investments	-39 5 0 9	-58 3 10 8	-39 5 -18 8 2 +10 0
from insurance operations Expenses from insurance operations Other revenue	-30 2 0 3	-37 6 1 0	-30 2 -7 4 +0 6
Other benefits Insurance expenses expenses	-39 5 -3 9	-58 3 -4 1	3 -3 -18 9 8 -0 2
from Expenses insurance operations income	-30 2	-37 6	4 -7 4 -10 6
Operating income Other expenses	-10 6 -3 9	-0 8 -4 1	+9 8 -0 2
Operating income for Financing leases for leases	-10 6 0 0	-0 8 0 0	+9 8 0 0 +0 0
expenses expenses for leases Financing Profit before tax expenses tax	0 0 -10 6	0 0 -0 8	+0 0 -10 6 +9 8
Profit before tax Income taxes taxes	-10 6 3 1	-0 8 -0 9	+9 8 3 1 -4 0
Income taxes Profit after tax tax Profit after tax	3 1 -7 4 -7 4	-0 9 -1 7 -1 7	0 -4 -7 4 +5 7 +5 7

below business volume growth of 41% (net) in the same period.

DFV is profitable in its core business

Operating result

Figures in millions	FY 2021
Gross written premiums	€155.2	Premiums from
Net earned premiums	€87.4	primary insurance and reinsurance
Insurance benefits (net)	€-58.3	business
Operating result I	€29.1
Expenses	€-9.8	Structural profitability
Operating result II	€19.3
Sales expenses	€-30.9	Growth investments
Operating result III	€-11.6
Income from capital investments	€10.8	Profit before taxes
Operating result IV	€-0.8

Financial key figures

2016 2017 2018 2019 2020 2021

Profitable growth

2016 2017 2018 2019 2020 2021

Financial key figures

Significantly measurable successes

Gross written premiums per employee in € thsd. Claims processed per employee*

Positive performance of the investment result

+53.2% increase in current income

Net interest on capital investments: Average interest rate acc. to Sec. 19 German Health Insurance Supervision Ordinance (Krankenversicherungsaufsichtsverordnung). Asset allocation: 2020 (inner ring) and 2021 (outer ring; with percentages)

With scalable sales expenses to profitability

12 MP rule as the basis for success

Acquisition costs in monthly premiums (MP) Average premiums per contract in €

First successes in cooperation with Hyrance AG in the course of formation

New technologies in the claims process

In the future, rule-based systems and neural networks will play an essential role in claims and benefits processing in order to significantly increase the proportion of cases processed automatically.

Successful development of a prototype for the automatic settlement of claims in pet health insurance

• Classification and data extraction of complex document structures
• Determination / derivation of diagnoses from invoice data
• Comparison with the GOT and tariff contents
• Suggestion system for processors for cases that are not automatically regulated

Increasing customer satisfaction through new IT solutions

Introduction of new processes in customer service

Actions

Stronger integration of the cloud-based telephone system into the insurance platform

• Automatic SMS with link to the customer portal for self-service successfully implemented
• Callback service introduced for different occasions

Results

Face-to-face telephone calls could be reduced by almost 50%.

• Higher capacities for sales activities
• Lower operating costs
• Higher customer satisfaction

Increase cyber resilience

The threat situation for Germany continues to increase drastically

Transformation of the entire infrastructure into a highly available data centre

Introduction of new defence mechanisms in client and server operation

Connection to one of the largest security operation centres in Europe Revision and introduction of a new risk and operational management (VAIT)

Voluntarily sustainable

DFV introduces sustainability report

• DFV conducted a materiality analysis for the first time in 2021:
• Requirements of the future amended Corporate Social Responsibility (CSR) Directive
• Based on the Global Reporting Initiative (GRI) standard
• Personal interviews and online survey of the stakeholder groups insureds, business partners and employees
• Materiality of fields of action with regard to DFV's business model
• Produced the first DFV Sustainability Report, integrated into the 2021 Group Annual Report

InsurTechs in comparison

DFV is the leading InsurTech in Germany

Gross written premiums in € million

Result in € million

* Gross written premiums refer to business in Germany. Loss of Lemonade's entire European business in Germany, the Netherlands and France.

• We are bigger than all the others put together
• We are non-life insurer, supplementary health insurer and reinsurer
• We are the only listed InsurTech in Europe since 2018

Source: SFCR report / annual report of the respective company and media reporting e.g. Versicherungsmonitor.

DFV is undervalued

A share price with potential

• Approx. €170m market value
• Approx. €190m gross written premiums planned for 2022
• Over 570,000 customers

Our achievements

Over the past 15 years, we have achieved the following:

Before I conclude my presentation on the 2021 financial year:

Today, too, I would like to thank my employees and my colleagues on the Executive Board for their far above-average commitment to the company and you for your loyalty!

First Corona, now war

Decline in global economic growth expected

• The pandemic is not yet over and is having a dampening effect on economic growth in Europe and Germany.
• War is raging in Europe, the economic impact of which is currently underestimated.
• Worldwide effects of the war: supply bottlenecks in the World Food Programme and price increases in the USA/Europe.
• Worldwide, 100 million people are fleeing due to wars inside and outside their countries.

IW economic forecast for early 2022: Crisis and uncertainty*

War in Ukraine: The Battle for the New World Order

Ukraine war leads to global hunger crisis

More than 100 million refugees for the first time

* Translation of message titles into English by company

Sources:

https://www.iwkoeln.de/studien/michael-groemling-krise-und-unsicherheit.html https://www.waz.de/politik/ukraine-krieg-kampf-neue-weltordnung-id234970029.html https://www.br.de/nachrichten/bayern/ukraine-krieg-weltweite-hungerkrise,T5hXpE8 https://www.tagesschau.de/ausland/un-fluechtlinge-100-millionen-101.html

How DFV responds

DFV is crisis-proof

Growth, security, profitability

With the Q1 2022 results we are on a positive track

DFV is on track

Financial results Q1 2022

Relentless growth momentum

Statement of comprehensive income

			Q1 2022	Q1 2022	Delta
€m	Q1 2021	Q1 2022	Inwards reinsurance	Primary insurance	Primary insurance
(GWP) Gross written premiums	33 0	45 3	9 0	36 3	+3 3
(NEP) earned Net premiums	17 0	29 5	9 0	20 5	+3 5
from capital Income investments	0 5	1 9	0 0	1 9	+1 3
Other revenue	0 0	0 2	0 1	0 1	+0 1
benefits Insurance	-10 7	-20 2	-6 6	-13 6	-2 9
from Expenses insurance operations	-6 0	-9 0	-2 4	-6 6	-0 5
Other expenses	-0 9	-1 0	0 0	-1 0	-0 1
Operating income	-0 1	1 5	0 2	1 3	+1 4
for leases Financing expenses	0 0	0 0	0 0	0 0	+0 0
Profit before tax	-0 1	1 4	0 2	1 3	+1 4

GWP in the primary insurance business increased by 10% in Q1 2022 while the respective NEP grew by 21%.

Insurance benefits in primary insurance rose by 27% year-over-year. This increase was stronger than the NEP growth in the same period, resulting in a net claims ratio of 66.4%, compared to 63.2% in Q1 2021.

The total net claims ratio (including the inwards reinsurance business) amounted to 68.3% in Q1 2022.

DFV is profitable again

Operating result Q1 2022

Figures in millions	Q1 2022
Gross written premiums	€45.3	Premiums from
Net earned premiums	€29.7	primary insurance and reinsurance
Insurance benefits (net )	€ -18.1	business
Operating result I	€11.5
Expenses	€ -8.3	Structural profitability
Operating result II	€3.3
Sales expenses	€ -3.8	Growth investments
Operating result III	€ -0.5
Income from capital investments	€1.9	Profit before taxes
Operating result IV	€1.4

Project 2022 – Back to the former strength

Biggest growth in the industry

The biggest growth in the industry

DFV has been growing far above the market average since the IPO

Focus on:

• Direct sales,
• Online sales and
• DRTV

DFV: Gross written premiums in million EUR Market*: Annual growth rate in %

DFV: Growth rate in supplementary health insurance in %

DFV: Annual growth rate in % Market: Growth rate P&C insurance in %

DFV: Growth rate P&C insurance in % Market: Growth rate supplementary health insurance in %

* Source: GDV preliminary business figures for 2021, 21.01.2022

** Inwards reinsurance

Growth by expanding DFV's strengths

Growth in compliance with the 12 MP rule

of new business premiums from online, direct & DRTV

11% of new business premiums from brokerage business

2%

of new business premiums from cooperation business

Best customer service in the industry

The best customer service in the industry

Transparency in customer satisfaction through hard-hitting evaluations of our customers and not through soft seals

Good ratings are not good enough for us

Increasing the satisfaction of our customers

Implementation of the Net Promoter Score

Net Promoter Score

The goal is to achieve a net promoter score significantly above the market average.

The market average net promoter score in 2021 is 18 points.

Highest automation rate in the industry

The highest automation rate in the industry*

One step ahead of the industry in automation - almost 100 percent automatic policing

Increasing automation rate of claims processing in supplementary health insurance - already at 55% for dental insurance

100,0%

100.0%

* In supplementary dental and pet health insurance

** Source: Industry data, GDV IT survey 2021

supplementary health insurance

Market**: Automation rate health insurance

Leading the way with more technology

Increasing the rate of automation and setting the pace for new technology

Best products in the industry

The best insurance products in the industry

180 seals and 13 test wins at Stiftung Warentest in the past 15 years

New product innovations

Simple.Sensible.

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Best online-communication in the industry

The best online communication in the industry

Mobile First for real-time requests and 24/7 accessibility with the best chatbot* without paper and telephone as regular communication

Example: Decrease in telephony incl. claims/benefits

Jan 21	Feb 21	Mrz 21 Mar	Apr 21	Mai 21 May 21	Jun 21	Jul 21	Aug 21	Sep 21	Okt 21 Oct 21	Nov 21	Dez 21 Dec 21	Jan 22	Feb 22	Mrz 22 Mar 21	Apr 22

Summary

We are sticking to our goal of profitability!

Otherwise, the following applies for the year 2022:

• Biggest growth in the industry
• Best customer service in the industry
• Highest automation in the industry
• Best Products in the industry
• Best online communication in the industry

We will be measured against this.

Thank you very much for your attention!

Presentation of the candidates of the Supervisory Board

Carola Theresia Paschola

Management consultant, resident in Mühlheim/Main

Brief information* on the candidates for the Supervisory Board
Personal information
Year of birth:	1965
Birth place:	Offenbach/Main
Nationality:	German
Education
2019	Certified Blockchain Expert, Frankfurt School of Finance and Management, Frankfurt/Main
1993 – 1995	Master of Business Administration, Harvard Business School, USA
1984 – 1991	Diploma in Business Informatics, Technische Universität Darmstadt, Darmstadt
Career
Since 2018	Management Consultant, Senior Board Advisor, Angel Investor at Opus 1a, Frankfurt Rhein Main
2014 – 2017	Managing Director Germany, Austria and Poland, Domestic & General Versicherung, Wiesbaden
2004 – 2013	Several positions American Express, Frankfurt am Main, at last Head of Branch American Express Payment Services Limited

Extract*, available in full herehttps://ir.deutsche-familienversicherung.de/websites/dfv/German/7000/hauptversammlung.html

Axel Hellmann

Lawyer, resident in Frankfurt/Main

	Brief information* on the candidates for the Supervisory Board
Personal information
Year of birth:	1971
Birth place:	Würzburg
Nationality:	German
Education
1991 – 2000	Studied law in Würzburg and Bristol (UK), first state law examination, research assistant at the University of Würzburg and legal clerkship, second state law examination, in Berlin
Career
Since April 2021	Chairman of the Board of Management Eintracht Frankfurt Fußball AG, Frankfurt/Main
Since June 2012	Member of the Management Board Eintracht Frankfurt Fußball AG, Frankfurt/Main
Seit 2019	Lawyer (Of Counsel) at White & Case LLP., Frankfurt/Main
2014 – 2018	Lawyer (Of Counsel) at Friedrich Graf von Westphalen & Partner mbB Rechtsanwälte, Frankfurt/Main

Agenda

Agenda Item 2	Resolution on the discharge of the members of the Executive Board
Agenda Item 3	Resolution on the discharge of the members of the Supervisory Board
Agenda Item 4	Resolution on the appointment of the auditor of the annual financial statements and the auditor of the consolidated financial statements as well as the auditor for the audit review of the condensed interim financial statements and the interim management report for the Group for the first half of the financial year 2022 as well as for a possible audit review of additional interim financial information
Agenda Item 5	Resolution on the approval of the remuneration report for the financial year 2021
Agenda Item 6	Resolution on the by-election of members of the Supervisory Board
Agenda Item 7	Resolution on the remuneration of the members of the Supervisory Board for the financial year 2022 and the approval of an amended remuneration system for the members of the Supervisory Board

Resolution on the discharge of the members of the Executive Board

Resolution on the discharge of the members of the Supervisory Board

Resolution on the appointment of the auditor of the annual financial statements and the auditor of the consolidated financial statements as well as the auditor for the audit review of the condensed interim financial statements and the interim management report for the Group for the first half of the financial year 2022 as well as for a possible audit review of additional interim financial information

Resolution on the approval of the remuneration report for the financial year 2021

Resolution on the by-election of members of the Supervisory Board

Resolution on the remuneration of the members of the Supervisory Board for the financial year 2022 and the approval of an amended remuneration system for the members of the Supervisory Board

Results

Possibility of objection

Thank you very much for your attention!