DFV Deutsche Familienversicherung AG

  • ISIN: DE000A2NBVD5
  • Land: Deutschland

Nachricht vom 30.12.2020 | 20:22

CareFlex: New consortium distribution with reinsurance role for Deutsche Familienversicherung

DFV Deutsche Familienversicherung AG / Key word(s): Alliance
CareFlex: New consortium distribution with reinsurance role for Deutsche Familienversicherung

30-Dec-2020 / 20:22 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

CareFlex: New consortium distribution with reinsurance role for Deutsche Familienversicherung

- DFV assumes role of reinsurer and is no longer primary insurer and IT service provider in the CareFlex consortium

- Outlook 2021: No profitability yet, but additional organic growth planned in 2021

Frankfurt am Main, 30 December 2020 - DFV Deutsche Familienversicherung AG ("DFV" or "Deutsche Familienversicherung"), a fast-growing and leading InsurTech company in Europe, came up with the idea for the first employer-financed supplementary long-term care insurance CareFlex. This has been implemented by the collective bargaining parties in the collective agreement for the chemical industry at the end of 2019 as CareFlex Chemie. A consortium of Barmenia Krankenversicherung AG, DFV and R+V Krankenversicherung AG was formed for this purpose. DFV had a 35% share in this consortium.

Based on intensive communication with the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) to prove sufficient security in the calculation of the actuarial interest rate for CareFlex Chemie, the Management Board of DFV reviewed the overall project again. Against the background of an expected additional investment capital of € 50 million per year at DFV, the Management Board decided that the risk of generating the calculated actuarial interest rate clearly outweighs the advantages of remaining a primary insurer in the CareFlex consortium. At DFV's request, the tariff parties and the members of the consortium have therefore agreed today that DFV will withdraw from the CareFlex Chemie project as primary insurer. DFV will conclude a reinsurance contract with Barmenia. DFV will thus no longer be responsible for the IT implementation of CareFlex Chemie. The necessary agreements have been signed today. The CareFlex tariff was calculated and launched at the end of 2019 in a phase of economic prosperity. Triggered by the global Corona pandemic, Germany experienced two waves of infection and two lock-downs of the economy. An end to the current lock-down is not in sight. Experts predict a third wave of infection and a "herd immunity" cannot be expected before 2022. Against this background, the Management Board considers the disproportionate increase of the investment capital by €50 million annually to be too risky and no longer justifiable for the size of Deutsche Familienversicherung.

DFV remains convinced of the innovative CareFlex Chemie project and will continue to be involved as a reinsurer in the first industry solution of this kind. As a reinsurer, however, DFV will no longer assume the risk of the capital investment, but only the underwriting risks, which are not subject to any influences from Corona pandemic or its economic consequences. Due to DFV's withdrawal as primary insurer from the CareFlex consortium, the originally planned portfolio growth of € 70 million gross in 2021 will no longer be realised. Instead, DFV as a reinsurer expects a portfolio increase of € 40 million in the same period.

Since DFV as a reinsurer is no longer responsible for the run-off of CareFlex Chemie, the financial compensation calculated for this no longer applies, although this is not offset by any additional CareFlex-related expenses. DFV can therefore concentrate on its core business. For 2021, DFV is aiming for a disproportionate increase in new business, the internationalisation of the company and the introduction of new digital insurance products as well as the continuation of digitalisation overall. Against this background, DFV does not yet expect a positive result in 2021.

Press & Investor Relations Contact

Lutz Kiesewetter
Head of Corporate Communications & Investor Relations
Phone: +49 69 74 30 46 396
E-mail: Lutz.Kiesewetter@deutsche-familienversicherung.de

Information and Explanation of the Issuer to this News:

About DFV Deutsche Familienversicherung AG

DFV Deutsche Familienversicherung AG (ISIN DE000A0KPM74) is a fast-growing Insurtech company. As a digital insurance company, DFV covers the entire value chain with its own products. The aim of the company is to offer insurance products that people really need and understand immediately ('Simple & Sensible'). DFV offers its customers award-winning supplementary health insurance (dental, health and long-term care insurance) as well as accident and property insurance policies. Based on its ultra-modern and scalable IT system developed in-house, the company is setting new standards in the insurance industry with consistently digital product designs and the option of taking out policies via digital language assistants. The shares of DFV Deutsche Familienversicherung AG (ISIN: DE000A2NBVD5) are listed on the Regulated Market of the Frankfurt Stock Exchange (Prime Standard).

30-Dec-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

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