To mark its 100th anniversary, Delvag achieved another extremely successful result in the 2024 financial year. With a profit before tax of EUR 25.3 million, it significantly exceeded the previous year's result (2023: EUR 19.9 million).

Martin Schmatz, member of the Executive Board of Delvag, comments accordingly very satisfied: 
"We can look back with pride on an exceptional financial year. Our 100th anniversary was not only a significant milestone that we celebrated together with our employees - we were also able to underpin it with a very good business result. The result reflects a strong operating performance that was made possible above all by the dedicated commitment of our experts, prudent risk management and our healthy liquidity and balance sheet structure."

Executive Board member Tobias Winkler also draws an extremely positive conclusion with a view to 2024: "In the past financial year, we once again succeeded in clearly focussing on our customers. The strong result is a joint success - driven by the outstanding work of our employees, the high level of customer satisfaction with our products and services and a service-oriented customer relationship on eye-level. We will consistently build on these success factors in the future. I would also like to express my gratitude to our business partners for their trust and our close, reliable cooperation."
 

Increased premiums and improved combined ratio

The gross premiums written increased to EUR 86.1 million in 2024 (previous year: EUR 84.8 million). The retention rate remained at the previous year's level and changed only marginally from 68.1% to 68.2%, meaning that net premiums written also recorded an increase to EUR 58.7 million (previous year: EUR 57.7 million).

Loss and loss adjustment expenses (net) totalling EUR 34.4 million (previous year: EUR 43.4 million) were down significantly. As a result of the positive claims development, the combined ratio fell to 85.8% (previous year: 102.4%). Overall, the technical result increased to EUR 8.25 million (previous year: EUR 0.2 million).

The net investment return remained at a high level in 2024 at 11.8% (2023: 12.8%). The investment result amounted to EUR 18.4 million (2023: EUR 19.5 million) and was significantly impacted by the profit transfer from the subsidiary Albatros Versicherungsdienste GmbH in the amount of EUR 15.7 million (previous year: EUR 17.1 million).

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

The solvency capital requirements under Solvency II were again clearly exceeded in 2024. At the end of the year, the solvency ratio was 266.2%.
 

Continuity at Executive Board level

Delvag will continue to rely on continuity at the top of the company in the future. In the course of today's Supervisory Board meeting (15 May 2025), the contract of Executive Board member Tobias Winkler was prematurely extended by a further five years. Last December, Martin Schmatz was already appointed to the Executive Board for a further term of five years. The two contract extensions form the basis for stable and sustainable leadership at Executive Board level in the coming years.

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

Annual report (german language) 

The Delvag 2024 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