DFV Deutsche Familienversicherung AG

Investor Presentation • May 12, 2021

DFV Deutsche Familienversicherung AG FRANKFURT/MAIN | 12 May 2021

Agenda

1. Welcome

Dr Stefan M Knoll

2. Financial results Q1 2021

Dr Karsten Paetzmann

3. Outlook 2021 Dr Stefan M Knoll

Welcome

to the publication of the 9th quarterly figures since the IPO on 04.12.2018

• In every quarterly reporting we have confirmed the fulfilment of the announced targets.
• This also includes today's presentation of the Q1 results.
• After the forced exit from the CareFlex Chemie project, we can show with the Q1 figures 2021 that we are continuing reliably and robustly on the path we initiated with the IPO.
• We are and remain the most successful InsurTech in the German market.

New business from 2018 until today

We keep our promises

• In 2018, we announced our intention to double our sales success by doubling our sales spend.
• In 2019 and 2020, we achieved our sales targets.
• In 2021, we will also deliver what we announced: New business € 30 million.

Business success despite Corona

Deutsche Familienversicherung defies Corona

The figures presented below are above the planned time targets.

• Productivity as a whole i.e. in all departments corresponds to the "pre-Corona time" despite a roughly 90 % use of the home office.
• Despite the Corona pandemic, the sales performance is consistently high and stable.
• The "small" Deutsche Familienversicherung holds a market share of 2% in supplementary dental insurance and 9% in pet health insurance in new business.
• The quarterly result Q1 2021 is balanced.

Dr Karsten Paetzmann CFO

Financial performance – Q1 2021 snapshot

GWP (gross written premiums) growth and Opex: Change year-over-year Loss ratio: Insurance benefits (net) as percentage of net earned premiums Opex: IFRS expenses from insurance operations

Financial performance – overview

Statement of comprehensive income

€m	Q1 2020	Q1 2021	Delta	in %	2019	2020	Delta	in %
(GWP) Gross written premiums	26 4	33 0	+6 6	+25%	90 9	114 7	+23 8	+26%
(NEP) earned premiums Net	0 14	0 17	+3 0	22%	54 4	61 9	+7 5	14%
from capital investments Income	-2 8	0 5	+3 3	-119%	3 4	0 9	-2 5	-75%
Other revenue	0 0	0 0	-0 0	-97%	0 6	0 3	-0 3	-48%
benefits Insurance	-9 2	-10 7	-1 5	16%	-33 0	-39 5	-6 6	20%
from Expenses insurance operations	-6 3	-6 0	+0 2	-4%	-25 4	-30 2	-4 8	19%
Other expenses	-1 3	-0 9	+0 4	-30%	-5 3	-3 9	+1 3	-25%
Operating income	-5 6	-0 1	+5 5	-97%	-5 2	-10 6	-5 4	103%
for leases Financing expenses	0 0	0 0	+0 0	0%	0 0	0 0	-0 0	2%
Profit before tax	-5 6	-0 1	+5 5	-97%	-5 2	-10 6	-5 4	103%
Income taxes	1 8	0 0	-1 7	-98%	3 1	3 1	+0 0	1%
Profit after tax	-3 8	-0 1	+3 7	-97%	-2 1	-7 4	-5 3	254%
Unrealised and losses from capital gains investments	-5 7	0 2	+5 8	-103%	1 5	2 2	+0 8	53%
Total comprehensive income	-9 5	0 1	+9 5	-101%	-0 6	-5 2	-4 6	721%
per policy - annualised GWP in €	200	237			177	207
of staff Average #	133	171			122	150
claims Net ratio	66 1%	63 2%			60 6%	63 9%

Financial performance – movements year-over-year

Financial position

Consolidated balance sheet

€m	Q4 2020	Q1 2021	Delta	in %
Intangible assets	8 8	8 5	-0 4	-4%
of for Rights IFRS 16 property pursuant to use	1 4	2 1	-0 2	-12%
Investments	135 1	153 6	+18 6	+14%
Receivables	4 1	4 1	-0 0	-1%
Current bank balances	37 8	21 6	-16 2	-43%
Share of underwriting reinsurers in provisions	55 9	55 7	-0 2	-0%
receivables Tax	5 0	5 1	+0 0	+1%
Other assets	2 6	2 3	-0 3	-11%
Total assets	250 6	252 0	+1 4	+1%
underwriting Gross provisions	91 1	91 0	-0 1	-0%
Other provisions	3 4	2 6	-0 8	-24%
Liabilities	65 3	67 6	+2 3	+4%
liabilities Tax	0 0	0 0	-0 0	-100%
Total debt	159 8	161 1	+1 4	+1%
Equity	90 9	90 9	+0 1	+0%

Implementation of
a. separate SAAs for the 'security assets' and 'free assets' investment portfolios;
b. enhanced in-house capabilities (Head of Investments);
c. efficient working capital/cash manage ment routines;
d. optimised cost management, e.g. on processing fees charged by the bank

Equity Q4 2020	€90.9m
Consolidated profit after tax	€-0.1m
Unrealised gains from invest-	€0.2m
ments (OCI)
Equity Q1 2021	€90.9m

Summary and outlook

GWP in the first quarter considerably increased – 25% growth year-over-year

Favourable loss ratios for both the health and non-life business

Income from investments substantially improved – restructuring programme implemented

Cost management initiative has been started

Burdens from the ongoing Covid-19 crisis are well manageable thanks to the stable market position, the digital business model and a strong balance sheet

Key earnings drivers for the future develop as scheduled – planning of €-4 million profit before tax for 2021 confirmed

3. Outlook 2021

Dr Stefan M Knoll CEO

And the recognition does not cease

Supporter, Innovator, Test Winner, Broker Champion

In 2021, we have already received 14 seals and acquired 4. In 2020 we received 17 seals.

For more than 10 years, DFV has acquired more than 140 seals. They are an expression of the company's high performance and innovative capacity.

Digitalisation works

… on the customer side

14 * More than 770 in 2021. Over 550,000 contracts promise huge potential for cross-selling at low sales costs.

• That is why a sales call centre is being set up.
• That is why a marketing strategy for the DFV app is being developed.

Our App: Top rated by our customers

Digitalisation works

... from a service point of view

Since 01.04.2021, all customers of the DFV-TierkrankenSchutz have the option of free and digital video consultations with the online veterinarian FirstVet. FirstVet is a young company founded in Stockholm. It operates in six European countries.

The new service optimally complements the existing product and increases safety for everyone: For our customers and the insured pets.

Digitalisation works

… on the process side

Documentation input by channel

The figures show it: our app is gaining in importance and is replacing the regular inbox.

In Q1 2020, 42% of documents were still submitted by post. In Q1 2021, it was 13 percentage points less.

At the same time, the share of documents submitted via app increased by 12 percentage points to 34% in Q1 2021.

German InsurTechs at a glance

We are leading the InsurTech in Germany

Gross written premiums in € thousands FY 2020

We are the market leader from Frankfurt/Main in the German InsurTech market in 2020.

In underwriting business we recorded gross written premiums of € 114.7 million. This is a total of € 14.9 million more in gross written premiums than all other German InsurTechs together.

17

German InsurTechs in comparison

Our calculated loss is balanced by exceptional income

Gross written premiums and result in € thousands FY 2020

Gross written premiums in € thousands Result in € thousands

Almost all InsurTechs in Germany made losses in 2020.

While at DFV the planned loss falls short of gross written premiums by a factor of 11, losses exceed gross premiums by a factor of 5 at Mailo, by a factor of 2 at Coya and by a factor of 1.3 at Element.

18 Source: https://versicherungsmonitor.de/2021/05/07/so-steht-es-um-die-deutscheninsurtechs/ Furthermore, the SFCR report of the respective company.

What else needs to be said:

We confirm:

19

• Market entry in Austria by 30.06.2021
• New combined product as of 30.06.2021
• Contract negotiations commenced with Barmenia for the conclusion of a reinsurance contract
• First expert report on the examination of insurance products by type of life with regard to the actuarial interest rate is available and confirms DFV's approach
• IT outsourcing almost completed

Summary

1. Strong first quarter

2. Sales are on target

3. All annual targets will be achieved

4. Leading InsurTech in Germany

Thank you for your attention!

Dr Stefan M. Knoll CEO

Your contact:

Lutz Kiesewetter Head of IR & PR +49 (0)69 / 74 30 46 396 lutz.kiesewetter@deutsche-familienversicherung.de

Dr Karsten Paetzmann CFO

Our next IR dates:

19/05	Annual General Meeting
30/06	Capital Markets Day
12/08	Publication half-yearly financial report