DFV Deutsche Familienversicherung AG

Investor Presentation • Jan 24, 2020

THE LEADING EUROPEAN INSURTECH

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• Who we are
• What makes us different
• Where we want to go
• Q3 Results 2019
• Appendix

Who we are

The first digitized insurer and functioning Insurtech on the German market

Fully digital insurance company

DFV has almost fully completed the digitization of all processes.

Our insurance products

Supplementary health insurance

• dental,
• outpatient,
• inpatient and
• LTC insurance as well as
• foreign health and
• daily benefits insurance

Property and casuality insurance

• household,
• legal,

• dog liability insurance

• liability and
• legal care insurance

Fullfilling our targets – preliminary numbers 2019

Portfolio in million of €

55.263 30.049 49.105 70.539 100.000 100.034 2018 FY Q1/2019 Q2/2019 Q3/2019 2019 FY plan 2019 FY

New business (units)

5 reasons:

• DFV is the fastest growing Insurtech with a net growth in new business of 100,034 units in 2019
• DFV achieved portfolio growth of at least €26 million to €101 million in premium volume in 2019
• DFV is using AI and automated processes for claim settlement and customer communication
• DFV covers the entire value chain of an insurance company with unique digital capabilities and just 116 employees
• DFV uses a java- and event-based IT-platform which enables the Insurtech to grow personal-lean while using scalable sales

What makes us different

Easy, understandable products

Confirmation of leading product quality by Stiftung Warentest

DFV-ZahnSchutz

Very good (0.5) Financial test 05/19 Test winner

DFV-KrankenGeld

Good (1.7) Financial test 06/18 Test winner

DFV-KlinikSchutz

Very good (0.7) Financial test 12/18 Test winner

DFV-UnfallSchutz Exklusiv

Very good (1.3) Financial test 05/18 3rd place

In addition to the continuation of sales growth, in 2019 Deutsche Familienversicherung once again succeeded in strengthening its exceptional position in product innovation and will continue to do so in 2020. The development of "very good" digital products is an expression of the efficiency of the DFV and is not a matter of course with 116 employees.

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DFV-DentalCare Exclusive 100 confirmed by Stiftung Warentest as leading product

Easiest dental care insurance on the german market:

« Virtually 100% reimbursement at the dentist or orthodontist.

« Only GOZ and medical necessity are relevant for reimbursement.

« Simplified coverage for orthodontics – regardless of age and diagnosis.

…only we can provide this!

Most comprehensive dental care insurance on the german market – awarded four times in the last seven years:

Expansion of IT - Continuation of digitization

The continuation of digitization is to take place essentially through the expansion of automation of claims/benefit processing and the replacement of subsystems such as the existing mailbox/file system.

Expansion of IT – Development of an IT platform capable of third-party marketing

A fully digitised and also fully integrated system for overall inventory management is to be available for third-party marketing in 2021 (Project CNS* 2020).

*Cloud-based neural system analogy

Expansion of IT – Outsourcing of IT infrastructure

The increased demands placed on the IT systems of an insurance company mean that it is not advisable to operate the infrastructure in-house on a permanent basis.

Against this background, Deutsche Familienversicherung has decided to start outsourcing its IT infrastructure gradually before the end of 2019 – a process that should be completed by 2020.

Deutsche Familienversicherung will concentrate its efforts on IT development in the future!

Scalable IT and automated processes

Java- and event-based core system

Easy, understandable products and smart processes need a powerful IT-system. Therefore we developed the "product module editor".

All our insurance products cover more than 1,500 input options so that the entire user interface, correspondence and policies handling is controlled centrally.

The core system was developed in-house and the source code belongs to DFV.

World innovation: insurance take out via Alexa

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The future lies in the use of digital voice assistants:

Forms and protracted sales discussions for self-evident facts are a thing of the past.

Deutsche Familienversicherung is the first and to date the only InsurTech to cover the entire sales process from providing

• information and the
• conclusion of the contract to
• payment

via Alexa.

Care situation in Germany

«

Women: 75% Men: 50%

«

2.000€ from private funds

In every family there is a

50% men and 75% women are in need of

long-term care case.

care.

* Range of 20-60 years old people in Germany. ca. 2.25 Mio. people*

«

Who is affected by the financial gap?

poor alimented

have to use privat funds for their long-term care insurances.

rich wealthy

Demand of IG BCE

On average, people in need of long-term care pay 2.000€ to cover the financing gap between the statutory nursing insurance contributions and the actual expenses for a nursing home place.

Nationwide: First consortium in occupational health insurance

financial security risk taking excellent services «« «

Responsibilities of the Deutsche Familienversicherung

DFV R+V Barmenia

We perform:

The growth with basis CareFlex Chemie

Growth

DFV R+V Barmenia

Where we want to go

New unit: 1,000,000 customers » Portfolio: €200 million

Use of IPO funds – reduction in scope of reinsurance

With the successful IPO, Deutsche Familienversicherung now has sufficient financial resources at its disposal to gradually dispense with this form of co-financing sales. Deutsche Familienversicherung will therefore review its reinsurance portfolio as of 31 December 2019 in order to terminate the reinsurance portion for the purpose of pre-financing new business if necessary.

Ø Average customer retention: 8.5 years

Goals 2020 and beyond

Loss due to unfavourable ratio of existing premium to new business investment

The ratio of existing premiums to new business investment in the case of the Deutsche Familienversicherung is just 2 : 1. This is in comparison to established competitors, some of whom have insurance portfolios of many hundreds of millions.

The new business planning of Deutsche Familienversicherung will lead to a gradual improvement of the ratio with a linear sales target.

Reaching the profit zone in 2021

From a ratio of 5 : 1 an insurance company may be expected to make a profit.

Valuation opportunities

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Differentiation from our insurtech-competitors**
Company	Premium written	Combined Ratio	Claim Ratio	Employees	Established in	Rating
	280 Mio. US\$	126 %	91 %	700+	2015	3 Billion US\$
	166 Mio. US\$	103 %	72 %	288	2011	1 Billion US\$
	90 Mio. US\$	119 %	69 %	266	2015	2 Billion US\$
	1,069 Mio. US\$ (2018)	c. 2000 %	91,5 % (2018)	105 (2019)	2017	116 Mio. US\$
	0,805 Mio. US\$ (2018)	not available	25,8 % (2018)	200+*	2018	1 Billion US\$
	112 Mio. US\$	110,5 %	60,5 %	116	2007	278 Mio. US\$

* One Insurance is part of WeFox company. One Insurance has eight employees. WeFox has more than 200 employees.

** The figures based on publicly available sources believed to be reliable. DFV AG has checked the information for plausibility but not for accuracy or completeness.

Highly scalable sales mix

Through the increasing use of direct sales, Deutsche Familienversicherung is able to attract new customers at low, stable costs. We spend up to 12 monthly premiums to win a new customer.

Dental spot Maxcare

Q3 Results 2019

Key financial figures Q3 2019

Portfolio in million of €

2018 FY Q1/2019 Q2/2019 Q3/2019 2019 FY plan

New business (units)

Claim Ratio in % Combined Ratio in %

Key financial figures Q3 2019

Financial investments in million of €

Cumulated salaries in t of €

Number of employees

Key financial figures Q3 2019

Premiums per employee in t €

Contracts per employee

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Profit development 2015 – Q3 2019

Profit development in millions of €

The financial Q3 2019 at Deutsche Familienversicherung was closed as planned with a loss.

*9-11 millions of €

Key figures Q3 2019– property insurance

Appendix

Investor Relations

Shareholder structure in number of shares

Pesarini	3 038 748
SK Beteiligungen (Dr. Knoll)	2 826 712
Erbengemeinschaft Vogel	2 788 485
VPV	2 083 300
Ethenea	897 496
Freefloat	1 626 869
Total shares	13 261 620
Shares before IPO	8 953 875

Share issue 4 307 745 The existing shareholders did not sell any shares as part of the IPO. Shareholders Mr Pesarini and Dr Knoll increased their shares within the scope of the IPO. All existing shareholders are subject to a "lock-up" period of 12 months.

The market is penetration-ready and yields vast opportunities

The market potential amounts to 165 million insurance contracts in Germany.

INSURANCE TYPE	REMAINING PENETRATION POTENTIAL IN GERMANY	PENETRATION POTENTIAL IN MILLION CONTRACTS
Long-Term care	94%*	42,3
Accident	70%	31,5
Nursing Care	70%	31,5
Dental	60%	27,0
Household	30%	13,5
Liability	20%	9,0

*Age range 20 – 60 years

Digital Customer Journey spot

Investor Relations

Lutz Kiesewetter Head of IR & PR

+49 (0)69 / 74 30 46 396 lutz.kiesewetter@deutschefamilienversicherung.de

Our next IR dates:

18/03	Metzler MicroCap Days
19/03	Full Year Report 2019
28/04	Munich Capital Market Conference
12/05	Mainfirst SmidCap One-on-One Forum
14/05	Q1 Report 2020
19/05	Equity Forum

Thank you very much for your attention! Any questions?

Thank you very much for your attention! Any questions?

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