Delvag closed the 2023 financial year with an extremely successful result in a challenging economic and geopolitical environment. The profit before tax amounted to EUR 19.9 million, a significant increase of more than EUR 5 million compared to the previous year (2022: EUR 14.2 million).

Martin Schmatz, member of the Executive Board of Delvag, classifies the result:
"The year 2023 was characterized by a weak economy and continued high inflation rates. Despite an increase in premium income, the insurance industry also had to accept high profit losses in some cases. However, our business model proved to be robust and resilient. As a result, Delvag was able to achieve a very good business result, with which we are very satisfied. Our balance strength, our operating performance and our prudent risk management are further evidenced by our rating, which was upgraded to A by A.M. Best in December."

"The positive result not least confirms the corporate strategy of the Delvag Group. We would like to take this opportunity to thank our employees in particular, whose commitment makes our economic success possible in the first place. We would also like to thank our business partners for the trust they have placed in us and the good collaboration", adds Executive Board member Tobias Winkler.

Increased premiums, improved investment result and positive solvency ratio

The gross premiums written in the 2023 financial year amounted to EUR 84.8 million, an increase of 7% compared to the previous year (2022: EUR 79.3 million). Gross premiums in direct business increased compared to 2022 and amounted to EUR 59.5 million (previous year: EUR 53.5 million). This is due to the aviation insurance business (+5 million euros) and other damage to property insurance (+1.7 million euros) in particular.

Delvag Versicherungs-AG generated gross premiums of EUR 25.3 million (previous year: EUR 25.8 million) for the inwards reinsurance business.

The net loss ratio rose to 76.2% in the reporting year (previous year: 46.3%). The increase was mainly due to the significant rise in technical provisions for outstanding claims compared to the previous year.

Investment result increased to 19.5 million euros in 2023 (2022: 12.6 million euros). The main driver for the increase was a higher profit transfer from the subsidiary Albatros Versicherungsdienste GmbH of EUR 17.1 million (previous year: EUR 13.0 million).

As in the previous year, the net profit was fully transferred to Deutsche Lufthansa AG.

The Solvency II coverage ratio amounted to 289.1 at the end of 2023 and thus remains at a high level.

Outlook: Focus on growth in core business

In 2024, Delvag Versicherungs-AG will focus on profit-oriented growth in its core business.
Moreover, Delvag will continue its value-oriented and sustainable corporate management. The management measures derived from this will be pursued with the aim of achieving a balanced relationship between the risk side to the income and cost side.

For the Marine Insurance division, which grew strongly due to the jewellers’ block segment in the 2023 financial year, the aim is to stabilize the business through diversification with a slight increase in premiums. In addition, the company will continue to explore new markets and partnerships.

The focus of the Aviation Insurance division is on expanding the aviation liability business and personal insurance. 

Further information on the result and the individual divisions are available in the annual report. 

The Delvag 2023 financial year - economic data at a glance

(Values may contain rounding differences.)

From Corporate Communications Delvag Group
Delvag Versicherungs-AG
Tel. +49 221 8292 238
kommunikation@delvag.de