DFV Deutsche Familienversicherung AG

Investor Presentation • May 20, 2020

Annual General Meeting

DFV Deutsche Familienversicherung AG FRANKFURT/MAIN | 20th May 2020

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

Agenda

• Agenda item 1 | Presentation of the adopted Annual Financial Statements 2019 of DFV Deutsche Familienversicherung AG and the approved Consolidated Financial Statements 2019 as well as the corresponding Management Reports and the Report of the Supervisory Board
• Agenda item 2 | Resolution on the formal approval of the Management Board members' actions
• Agenda item 3 | Resolution on the formal approval of the actions of the members of the Supervisory Board
• Agenda item 4 | Resolution on the remuneration of Supervisory Board members for the 2020 financial year
• Agenda item 5 | Resolution on the amendment of § 3 para. 2 (Announcements and transmission of information) and § 18 para. 3 sentence 1 (Participation and exercise of voting rights) of the Company's Articles of Association

Agenda item 1 Presentation of the adopted Annual Financial Statements 2019 of DFV Deutsche Familienversicherung AG

1.1 Report of the Supervisory Board on the 2019 financial year

1.2. Report of the Chairman of the Management Board on the company results for 2019

Dr. Stefan Knoll

A word in advance about the current situation

The Corona Pandemic DFV Deutsche Familienversicherung AG in six areas:

Corona and operations

• In 2019, all employees were equipped with a new generation of devices. This included notebooks and mobile VPN connection options.
• The entire value chain at Deutsche Familienversicherung can be carried out from the so-called home office without restriction (exception: physical work, such as opening incoming paper mail).
• 80% of the employees use the home office option. At present, there is no noticeable reduction in productivity.

Corona and financial investments

• The effects have been limited so far: Financial investments still amounted to € 122.5 million at the end of 2019, but fell to € 109.4 million at the end of Q1 2020.
• The composition of the financial investment was restructured by selling Italian and Spanish government bonds and shares. Cash positions and corporate bonds, as well as German government bonds, were expanded.
• As at 31.03.2020, a write-down of € 4.8 million (HGB) was necessary due to market developments.
• Depending on the development of the capital markets, the annual result will change. We expect the market value of bonds to recover, in the best case up to 50%.
• In order to rule out further losses, the bonds with high hidden losses were excluded from sale.

Shareholder Question No. 09: Which capital investment strategy is currently being pursued in the context of the Corona crisis?

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Corona and sales

Compensation for Henkel new business

New business (number of contracts)

Increase in online sales by + 27% compared to Q1 2019.

Corona and sales

• Whether the annual target set for new business can be maintained after the end of Q2 2020 depends on the level of relaxation in the tourism sector and the economic recovery.
• However, in view of the existing uncertainties, DFV is sticking to its sales targets. The company intends to generate 100,000 new contracts in the full year, increase the premium volume between € 25 to 30 million and raise gross premiums written by at least 30%.
• Due to the politically induced 'lockdown' of the economy, the management team has observed a decline in Google and Bing searches not initiated by Deutsche Familienversicherung in the second half of March. In addition, sales of foreign travel health insurance have collapsed completely due to the worldwide travel warnings.

33,134

Despite COVID-19, we are still on track with 33,134 new contracts in April.

Corona and claim settlement

Despite the higher premium volume in relation to the 2019 financial year, a decline in claims, particularly in supplementary dental insurance, can be observed.

Other types of insurance have shown no signs of being impacted by the current COVID-19 situation.

The average number of claims is declining:

Corona and human resources

The largest recruitment campaign of Deutsche Familienversicherung COD has reached its peak with more than 3,700 applications despite restrictions by the current COVID-19 situation.

Deutsche Familienversicherung will fill all the open positions and will close the recruitment for 2020.

Corona and share price development

So far, the overall negative economic development caused by COVID-19 is only having a marginal impact on DFV AG.

Key figures:

• Market cap: ~ € 235 million
• Average trading volume 2020: 15,475 shares / day
• Average share value 2019: € 11,31
• Average share value 2020: € 18,14

Presentation of the approved annual financial statements 2019

Agenda item 1 | Presentation of the approved annual financial statements 2019

Report of the Chairman of the Management Board on the 2019 results | Dr. Stefan Knoll

• What happened in 2019
• New business and contracts development as well as results 2019
• Planning 2020, interim status and outlook

What happened in

What is particularly remarkable from the year 2019:

• Leadership
• Products
• IT
• Sales successes
• Recruitment

Leadership

Changes in the Management Board

Dr. Stefan Knoll Founder, CEO & CFO

Assessor jur. PhD in insurance law

Career

• 2007 | Deutsche Familienversicherung AG
• 2000 2005 | SNT Deutschland AG
• 1994 2000 | DIATEL DIREKT

Responsible for:

Finance, Corporate Communications, Investor Relations, Legal, Human Resources

Stephan Schinnenburg CSO

Insurance salesman

Career

• 2014 2018 | Member of Board ERGO & ERGO Life
• 2010 2014 | Managing Director, Morgen & Morgen
• 2008 2009 | CEO & Principal Authorised Representative, Hartford Life Ltd.

Responsible for:

Sales, Product Development, Marketing, Customer Service, Operations

Marcus Wollny CIO

Health insurance business economist

Career

• 2015 2018 | Principal Authorised Representative, Deutsche Familienversicherung
• 2013 2015 | Chief of staff, Deutsche Familienversicherung
• 2013 2015 | Head of Department, KKH Kaufmännische Krankenkasse

Responsible for:

IT-Infrastructure, IT-Applications, Claims and Benefits, Auditing

Shareholder Question No. 02:

What were the reasons for the resignation of the Chief Financial Officer Mr. Morgenstern? How long was the remaining term of his contract? Was a severance payment or similar paid? If so, in what amount?

Leadership by example

We have adopted

• the DFV–corporate and
• the DFV–mangagement principles.

Products

Confirmation of our product quality by Stiftung Warentest

We achieved the development of 'very good' digital products in 2019 with only 122 employees.

For the 4th time in a row, we were the test winner in supplementary dental insurance with Stiftung Warentest.

We became the winner of the Stiftung Warentest test in the tariffs:

• DFV–SickPayCare,
• DFV–InpatientCare,
• DFV–Long-termCare.

We have the most simple and comprehensive supplementary dental insurance on the German market:

• Nearly 100% reimbursement from the dentist or orthodontist.
• Only the GOZ and medical necessity are relevant for reimbursement.
• Simplified cost recovery for orthodontics regardless of age and diagnosis. ²⁴

5th time in a row: test winner in supplementary dental insurance

For the 5th time in a row, DFV AG has been awarded the product 'DFV–DentalCare Exclusive 100' as test winner by Stiftung Warentest.

Successful market entry: pet health insurance

Product development to market readiness – Successful market entry

On 14.12.2019 we introduced pet health insurance. By 31.12.2019, 2,442 policies and a premium volume of approximately € 1.1 million had been added. It covers all risks that dog and cat owners run in the event of their pets becoming ill. In selling our pet health insurance, we rely on various distribution channels: Online, ProSiebenSat.1 and Check24.

The ongoing development of our IT

In addition to the introduction of Skype for Business for all our communications and a new generation of devices for all our employees, we have:

• Outsourced our IT infrastructure, which is still underway.
• Started to implement our idea of cloud-based neural system analogy.
• Optimized our DFV Portal and further developed the DFV customer app.
• Increased dark processing up to 80%.

In 2019, we spent a total of € 4.4 million on IT (excluding salaries). Of this amount, € 0.8 million is attributable to depreciation and amortisation.

Shareholder Question No. 07: What are the total costs of IT?

DFV -Portal

About 98% of all new customers actively use the customer portal of Deutsche Familienversicherung.

• This is the result of continuous ongoing development and focusing on customer benefit.
• In order to improve customer communication, a messenger was developed and integrated into the portal so that our customers can easily communicate with us . This allows us to answer all questions conveniently and in accordance with the basic data protection regulation (DSGVO) quickly and easily.
• In addition, the registration procedure and the notification of claims have been simplified and made much clearer .

DFV customer app: App Insights

Our customer communication via app works

26k submitted invoices

660 insurance contracts

via the Discover section

19k installations

4.8 stars in the Play Store

512 real customer reviews

55 'Unhappy' feedback messages

which we were able to transfer into our channels

25k submitted invoices

Dark processing of claims

In some types of claims we have succeeded in increasing the dark processing to up to 80%. In 2019, we have integrated new technologies into our dark processing and are now able to successively increase the processing quotas.

Input	Data extraction	Claim evaluation	Claim settlement Core system
File  portal  mobile app  e-mail Paper  scan to file	All invoice data  invoice positions  date of treatment  amounts  factors  deductions / advance payment	Is it insured? How much is it insured?  reduce factor 5.0 to 3.5  reduced advance payments from other insurers	 registration of the claim  review of the payment of contributions  control of payment ceilings  payment of the claim

Sales successes

The historical momentum of bargaining policy in Germany

On 21.11.2019, the IG BCE and the BAVC agreed on the following, among others:

In the pharmaceutical and chemical industry, a total of

• 580,000 people
• in 1,900 companies
• with approx. 5,000 individual businesses

are given the opportunity to take out employer-financed supplementary longterm care.

Of these, 400,000 employees are directly covered by the collective agreement. In the case of 180,000 non-pay-scale employees, the individual employer decides.

Family members can optionally be included in the insurance cover.

The history of CareFlex

...an example of strategic business planning...

CareFlex Chemie

Benefits of the tariff-based supplementary long-term care

Modules

CareFlex Chemie basic coverage

CareFlex family CareFlex	Monthly care benefit	Benefits for home care or day care	Inpatient care or night care services
supplement CareFlex employers	Care level 1	-	-
	Care level 2	€ 300	€ 1,000
CareFlex Chemie by collective agreement	Care level 3	€ 300	€ 1,000
	Care level 4	€ 300	€ 1,000
state payments	Care level 5	-	€ 1,000

Age-independent collective contribution of € 33.65

Exemption from contributions in the event of a benefit claim for the insured degrees of care

What does CareFlex mean?

First industry solution in company health insurance: First consortium to implement a nationwide employer-financed supplementary long-term care

DFV R+V Barmenia

What does CareFlex mean for us?

+ € 70 million + 500,000 + € 41 million

increase of premiums

After a successful planned premium volume growth of another € 25 million in 2020, CareFlex Chemie is expected to increase the premium volume by another € 70 million This will result in a total premium volume of € 200 million in 2021.

customers

From almost 514,000 customers in 2019 and about 550,000 customers in 2020, CareFlex Chemie is expected to gain up to 500,000 more new customers in 2021. From 2021, a total of over 1 million customers will be insured with DFV.

increase in financial investments

Financial investments will continue to rise. Starting from € 122.5 million in 2019, investments are estimated to increase by € 41 million in 2021 to a total of € 163.5 million in 2021.

For this we have to invest in 2020.

CareFlex means:

The greatest sales success in our company history.

Increasing of business by 100% in 2021.

Deutsche Familienversicherung becomes the leading long-term care insurer.

Recruitment

In order to be able to handle CareFlex at all, it also requires an increase in human resources € 200 million

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COD – Recruiting campaign 2020

We have identified 55 positions that we intend to fill in 2019 and 2020. A separate recruitment programme has been set up for this purpose under the designation COD.

Situation in	Our	Our	Our
Germany	target	strategy	actions
124,000 vacancies for IT specialists in Germany.	The doubling of our insurance premium volume.	Nationwide recruiting offensive COD to win 55 new employees.	Out-of-home campaign, Online targeting, Personnel advertising

We had a widespread presence in the Rhine-Main region

Premium Partner Exchange Premium Test Winner

COD – Recruiting campaign 2020

The costly advertising measures are worthwhile:

• 55 advertised positions, 29 set
• Over 3,700 applications
• 200 interviews conducted so far
• Almost all management positions filled

New business and contracts development as well as results 2019

We present you the best results in the company's history

The 2019 financial year at a glance

DFV Deutsche Familienversicherung AG (DFV) can look back on a very successful 2019 business year.

• With 100,034 new contracts (2018: 55,227), DFV generated 81.1% additional new business. This is accounted for by the additionally generated premium volume of € 29.9 million (2018: € 17.6 million), which represents an increase of 69.4%. In the area of supplementary health insurance, DFV grew by 58.8% in terms of premium volume. In the area of property & casuality insurances, it even grew by a brilliant 686%, which was largely due to the success of the newly introduced pet health insurance and liability insurance.
• As a consequence of the sales success, the total amount of contracts grew by 13% from about 455,000 contracts in 2018 to about 514,000 contracts in 2019.
• This growth is also reflected in gross premiums written. These rose by 36.7% from € 66.5 million in 2018 to € 90.9 million in 2019.
• The excellent business year is completed by the fact that DFV recorded a 63.8% lower loss than expected. Instead of the planned € -11 million, EBIT amounts to € -5.2 million (before taxes).

Notable sales successes & new business 2019

We remember:

With the IPO, we promised to increase the number of new customers from 55,000 in 2018 to 100,000.

This target was achieved with 100,034 new contracts.

With the IPO, we have promised an increase in the amount of new business by € 30 million

This target was achieved with € 29.98 million

The increase in new business in 2019 (number of contracts) is well above the market average (0.8%*).

On average, only 122 employees are behind the new business development in 2019.

The product approach of Deutsche Familienversicherung aims at providing full insurance cover.

An increasing number of clients opted for premium and exclusive tariffs in 2019, which had a positive impact on premium growth.

New business development (number of contracts)

New business development (premium volume in € million)

Our multi-channel sales mix provides a solid foundation for our growth ambitions

• We do not infect anyone.
• We distribute through home offices.
• We offer insurance products that are easy to understand. ⁴⁷

Online presence of DFV: Visibility

Since 15.01.2020, Google has rolled out a new Core Update with focus on the page quality [E-A-T (Expertise, Authoritativeness, Trustworthiness)] of YMYL pages (Your Money or Your Life). As part of the update, our visibility (Sistrix OVI) has improved by a further 30%, underlining the quality of our online sales.

Increase in sales – additional sales investment

The providers of supplementary health insurance on the German market

DFV AG in the top group for customer growth in 2019(1)
Company	Customer growth	Employees	Customer	Foundation
	95,000(2)	14,600	1,163,000	1922
	71,400	15,771	2,100,000	1890
	67,528	122	514,000(3)	2007
	52,300	./.	1,656,582	1984
	43,000	1,914	1,292,000	1904
	35,000	493	488,000	1820
	23,780(4)	4,100(4)	642,614(4)	1935
	20,000	15,610	2,530,000	1905
	14,191(4)	1,441(4)	1,238,369(4)	1875
	10,800	./.	3,521,000	1927
	- 5,200	9,038	928,000	1839
	-4,100(4)	7,329(4)	1,917,000(4)	1907
	n.a.	105	< 5,000	2017

With our sales investment of € 33 million, we have increased our sales result by 100% with 100,034 new contracts compared to 2018.

We have thus managed to catch up with the top 3 of the largest German insurance companies in the supplementary health insurance segment.

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1: The figures are based on publicly available sources and reflect the lines of business of supplementary health insurance benefits. DFV AG has checked the sources for plausibility, but does not accept any responsibility for their accuracy and completeness.

2: These figures include an increase of 1.9% in the number of insured persons in full health insurance.

4: Figures refer to the year 2018.

3: Including the property insurance contracts.

Development of existing business 2019

Premium volume in € million

Contracts development (number of contracts)

The reasons for the excellent growth of the existing

• In the year 2018, approx. 37,000 customers from the residential building insurance contracts and the electronic insurance contracts were deliberately disposed of. This explains the decline of the existing business in the years 2016 - 2018.
• Our growth leader is DFV–DentalCare. The test winner of Stiftung Warentest makes a contribution to the successful development of premium volume of +11.51%, which brings the contracts to about 514,000 thousand contracts. We are recording very good gains through online sales and the cooperation with ProSiebenSat.1. Our newly introduced pet health insurance policy is also contributing to growth and is strongly represented in the media on ProSiebenSat.1.
• The increase in monthly premiums also has a positive effect on the development of premium volume. In percentage terms, premium volume in 2019 rose by +34% compared to the previous year. ⁵⁰

Profit development in € million 2015–2019

The reasons for this business result include:

• The costs of human resources of € 9.5 million were € 1.5 million below the planned expenditure of € 11 million.
• Good investment result of € 3.4 million (previous year's loss of € 2.3 million).
• Extraordinary tax effect of € 3.1 million, in particular due to the capitalisation of deferred taxes on losses carried forward.

*The reported loss is the value before deduction of taxes. After deduction of taxes, the loss amounts to € -2.1 million. The planned loss was between € -9–11 million.

Key financial figures 2019

Claims ratio in %

Combined ratio in %

Solvency ratio in %

Financial investments in € million

Shareholder Question No. 14:

What are the reasons for the significant increase in insurance benefits (from € 27 million to € 35 million)?

Key financial figures 2019

Development of employee numbers

Premium volume per employee in € thousand

Premium volume in € million

Contracts per employee

Summary results 2019

• A far above-average new business with a plus of 69.9% contrasts losses of € -5.25 million
• Despite the loss, this is once again the best business year in the company's history.

Planning 2020, interim status and outlook

We set out the following measures for review in 2019:

Foreign Investment

Expansion of IT

Adjustment of the scope of reinsurance (from 2020)

Increase in sales

Review

Within the commitment as co-leader in the CareFlex consortium, the first company of supplementary longterm care, we have taken a look on the possibilities.

CareFlex means:

• Between 400,000 and 580,000 new customers by 01.07.2021.
• An increase in the premium volume by approximately € 70 million.
• The development of a processing platform for 1,900 companies and approx. 5,000 companies behind it.

Shareholder Question No. 05:

How is the long-term care sector for employees in the chemical and pharmaceutical industry developing (number of contracts)?

An example for complexity

• An individually calculated tariff
• Nevertheless: standard premium per employee
• Various interruption modalities:
• Parental leave
• Sabbatical
• Prolonged incapacity to work
• Monthly notification by the employer
• Monthly contribution collection and distribution according to individual criteria

It pushed us to:

To postpone a foreign investment,

ongoing development of IT at an even faster pace,

to leave the scope of reinsurance as it is,

and nevertheless, we will continue sales at the level of 2019.

Our targets until 2021

Customer base: 1,000,000 customers Premium volume: € 200 million «

Q1 results 2020

Targets 2020 – new business development on track

We have also set ourselves the target of acquiring 100,000 new customers in 2020.

DFV is on track. As at 31.03.2020, 27.72% of the annual target were achieved (time target: 25%).

On average, we sell 305 new policies per day.

As at 31.03.2020, the number of new active contracts (after first cancellation) was 27,718, which corresponds to a achievement rate of 27.72%.

Financial figures Q1 2020

Premium volume in € million New business (number of contracts)

Claims ratio in % Combined ratio in %

Financial figures Q1 2020

Number of employees

Solvency ratio in %

Financial investments in € million

Salaries in € thousand

Q1 results 2020

Profit development 2017 – Q1 2020

EBIT before taxes

As planned, DFV closed the first quarter of 2020 with a loss.

* € -9–11 million

DFV closed Q1 2020 with a loss of € -5.6 million (IFRS before taxes). The planned profit and loss account loss according to IFRS before taxes was € -2.5 million.

The deterioration is mainly due to a realised loss of € 2.8 million from the

• distortions on the capital market as a result of the COVID-19 turbulence and
• € 2.8 million to the actuarial reserve in the area of long-term care, which is non-linear but expected.

Shareholder Question No. 16:

The first quarter of 2020 has brought a pre-tax loss of € 5.6 million, € 2.5 million was expected. What are the causes?

Shareholder Question No. 17:

What is the forecast for 2020, given the current difficult situation, of course? (New business, annual result)

Possibly one could have doubts, because we are still a small insurance company, but we convince through:

Growth

Our sales success and sales expenditure have paid off: with our growth course we have managed to catch up with the top 3 insurance companies in the field of supplementary health insurance. We are consistently pursuing this course.

Quality

We have the best products – according to Stiftung Warentest. More than 528,000 customers trust our excellent product quality.

Innovative Technology

We are an almost completely digitalised insurance company. Artificial intelligence and automation prove technology to be essential for a scalable business model.

Reliability

We keep our promises. Our target is to be profitable in 2021 and to manage € 200 million in premium volume and 1 million customers. We will succeed in achieving our targets.

Furthermore, I would like to thank my team, my employees and my colleagues on the Management Board for their far above-average commitment to the company and you, for your outstanding loyalty!

Questions answered submitted in advance

Question No. 1 |

Does DFV plan to include women on the Management and Supervisory Boards in future?

Answer:

• DFV currently has a 52% female quota across the company.
• Of 14 heads of department, 5 are female (35%). An equal share of women is also aimed for in the organs of the DFV.
• But:
• The Supervisory Board is currently made up of representatives of the major shareholders.
• The Executive Board will continue to work together in this constellation for the next 3–5 years.

Question No. 2 | What were the reasons for the departure of CFO Mr. Morgenstern? How long was the remaining term of his contract? Was a severance payment or similar paid? If so, in what amount?

Answer:

• The reasons are personal, for reasons of respect for Mr. Morgenstern this will not be discussed.
• The remaining term of his contract runs until 31.03.2021.
• No severance pay was paid.

Question No. 3 |

Please describe how offers in the area of property insurance are developing, in particular:

a) what types of property insurance?

b) what gross premiums are expected in each case?

Answer:

Product	Q1 2020		FY 2019		FY 2018
	Number of contracts	Premium volume in € thousand	Number of contracts	Premium volume in € thousand	Number of contracts	Premium volume in € thousand
Total	528,830	108,300	514,104	101,168	454,964	95,790
Property & casuality insurances in total	103,610	7,463	102,103	6,382	110,491	6,356
Electronic insurance	41,852	1,864	44,182	1,889	56,187	2,418
Other P&C insurances	57,185	3,533	55,479	3,370	54,286	3,620
Pet health insurance	4,573	2,067	2,442	1,123	./.	./.

We are striving for a continuous expansion of property insurance.

Question No. 4 |

How is the marketing of the company's own IT system to third parties affected?

Answer:

• The implementation of CareFlex represents the first step towards marketing of our own IT for third parties.
• Although agreement has been reached on the distribution of cost rates within the framework of CareFlex, the Management Board does not wish to comment on this until the contracts have been signed.

Question No. 5 |

How is the long-term care sector for employees in the chemical and pharmaceutical industry developing (number of contracts)?

Answer:

Answered on page 57.

Question No. 6 |

What are the costs of the cooperation with ProSiebenSat.1?

Answer:

• Basically, we calculate the acquisition of new policies at 12 monthly premiums.
• This calculation applies to all distribution channels, i.e. and thus also to DRTV (Direct Response TV).
• Details regarding the payment of ProSiebenSat.1 are subject to trade secrecy.

Question No. 7 | What is the total cost of IT?

Answer:

Answered on page 28.

Question No. 8 | Are there any legal disputes within the company?

Answer:

• In 2019, DFV processed a total of 140,000 claims and benefits.
• Of the cases completely or partly rejected, 12 lawsuits were filed in 2019. The current status of legal disputes is 33 proceedings.
• As shown in the Complaints Report 2020, the complaint rate is 0.11% in relation to the premium volume and 0.4% in relation to the claims.

Question No. 9 |

Which capital investment strategy is currently being pursued in the context of the Corona crisis?

Answer:

Answered on page 10.

Question No. 10 | Who are the members of the Investment Committee?

Answer:

The members of the Investment Committee are:

• The Management Board,
• a representative of MainFirst AG,
• a representative of Monega,
• the actuary in charge,
• the head of the financial planning/financial control department and
• the URCF.

Question No. 11 |

What is the current status of the electronic insurance run off?

Answer:

2018 2019

56,187 454,964 Contracts: Electronic insurance Contracts: Total insurance contracts

44,182 514,104 Contracts: Electronic insurance Contracts: Total insurance contracts

41,000 ~560,000 Contracts: Electronic insurance Contracts: Total insurance contracts

2020 plan

36,000 1,000,000 Contracts: Electronic insurance Contracts: Total insurance contracts

2021 plan

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Question No. 12 |

On page 41 of the annual report, what does the matter of expenses for raising equity capital in the amount of € 2.6 million mean?

Answer:

• The IPO (4.12.2018) resulted in total costs of € 2.6 million
• Of this amount, € 2.47 million were incurred in 2018 and another € 130,000 (after tax) in 2019 due to the so-called greenshoe.
• According to IFRS, costs for the procurement of equity capital are calculated against the existing equity capital and thus remain 'standing' permanently.

Question No. 13 |

On page 70 of the annual report, the term 'other assets' is mentioned (miscellaneous assets). What is meant by this?

Answer:

'Other assets' are composed as follows:

• € 850,000 in receivables from interest coupons on bonds and dividends on shares in the fund.
• € 595,000 advance payments for the advertising and hospitality services of Eintracht Frankfurt for 2020.
• € 16,000 various other receivables.

Question No. 14 |

What are the reasons for the significant increase in insurance benefits (from € 27 million to € 35 million)?

Answer:

Answered on page 52.

Question No. 15 |

What is meant by deposit interest in the area of other expenses (Annual Report page 81)?

Answer:

• Insurance products that are calculated according to the type of life insurance are reinsured as well.
• Reinsurance typically does not include responsibility for the investment of the premium received.
• DFV must earn the calculated interest for insurance products that are calculated according to the type of life insurance. This refers to 100% of the capital to be invested, i.e. also to the portion subject to reinsurance.

Question No. 16 |

The first quarter of 2020 has brought a pre-tax loss of € 5.6 million, € 2.5 million was expected. What are the causes?

Answer:

Answered on page 65.

Question No. 17 | What is the forecast for 2020 regarding the current difficult situation? (new business, annual result)

ANSWER:

• Whether it will be possible to further maintain the annual target set for new business after the close of the second quarter will depend on the extent to which restrictions are eased in tourism and on the revival of the economy. Despite the existing uncertainties, DFV nevertheless affirms its sales targets for the time being. In the year 2020 as a whole, the company plans to generate 100,000 new policies, to raise the volume of existing policies by € 25 to € 30 million and to increase gross premiums written by at least 30%.
• The result in the current financial year will continue to be affected by high growth investments in further extending the policy portfolio, expenditure on increasing digitization and the establishment and extension of new distribution channels and the organization. In this regard, the preparations for the care industry solution Careflex will have a particular impact. Accordingly, DFV anticipates a pre-tax loss (EBIT) of € 9 to 11 million for fiscal 2020. Based on a linear progression of these ambitious targets, Deutsche Familienversicherung expects to compensate the planned losses of 2020 in the year 2021 despite the high investments being made to foster growth.

Thank you for your kind attention!

Further items on the agenda

• Agenda item 2 | Resolution on the formal approval of the Management Board members' actions
• Agenda item 3 | Resolution on the formal approval of the actions of the members of the Supervisory Board
• Agenda item 4 | Resolution on the remuneration of Supervisory Board members for the 2020 financial year
• Agenda item 5 | Resolution on the amendment of § 3 para. 2 (Announcements and transmission of information) and § 18 para. 3 sentence 1 (Participation and exercise of voting rights) of the Company's Articles of Association

Resolution on the discharge of the members of the Supervisory Board

Resolution on the remuneration of Supervisory Board members for the 2020 financial year

Resolution on the amendment of § 3 para. 2 (Announcements and transmission of information) and § 18 para. 3 sentence 1 (Participation and exercise of voting rights) of the Company's Articles of Association

Thank you for your kind attention!