Delvag Versicherungs-AG closed the 2025 financial year with an overall solid result despite a persistently challenging economic and geopolitical environment. Profit before tax amounted to EUR 19.1 million and was therefore below the exceptionally strong prior-year result (2024: EUR 25.3 million).

Martin Schmatz, member of the Executive Board of Delvag, classifies the result:
“The year 2025 was characterized by ongoing geopolitical tensions, economic uncertainty and increased claims expenses in our core segments. Against this backdrop, our result is to be considered very solid. At the same time, we deliberately implemented measures to further strengthen our risk-bearing capacity – particularly through the targeted expansion of our reinsurance coverage. While these decisions had a short-term dampening effect on earnings, they contribute to the long-term stability and resilience of our business model.”

Executive Board member Tobias Winkler also emphasizes the strategic perspective:
“In 2025, our clear focus was on sustainable stabilization and the further development of our business. The achieved result demonstrates that we are able to operate profitably even under challenging market conditions. I would especially like to thank our employees for their strong commitment as well as our business partners for their trust and close cooperation.”
 

Premium growth and targeted strengthening of the risk position

Gross premiums written increased to EUR 87.9 million in 2025 (previous year: EUR 86.1 million). Growth was mainly driven by the personal insurance segment within the aviation business line. Net premiums written amounted to EUR 55.1 million and were therefore below the previous year’s level (2024: EUR 58.7 million). This was primarily due to a targeted expansion of reinsurance coverage.

The combined ratio increased to 96.2% in the reporting year (previous year: 85.8%). In addition to a higher claims volume, the increased use of reinsurance coverage also had an impact. The technical result decreased to EUR 1.8 million (previous year: EUR 8.3 million).
The investment result amounted to EUR 12.2 million in 2025 (previous year: EUR 18.4 million) and once again made a substantial contribution to the overall result. The decline was mainly due to a lower profit transfer from the subsidiary Albatros Versicherungsdienste GmbH. The lower result of Albatros Versicherungsdienste GmbH was mainly attributable to declining premium volumes in the Aviation segment. In addition, losses on disposals resulting from the contribution of fixed-income securities to a special fund had a negative impact on investment income.

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

The solvency capital requirements under Solvency II were again clearly exceeded in 2025. At the end of the year, the solvency ratio amounted to 246.7%.
 

Outlook: Focus on stabilization and sustainable profitability

Against the backdrop of a continued volatile market environment, Delvag Versicherungs-AG expects overall stable business development for the 2026 financial year. The focus will remain on the further optimization of the risk structure as well as sustainable profitability.
Based on current planning, profit before tax for 2026 is expected to remain at the previous year’s level. Positive effects from an improved technical result and a higher investment result are expected to be offset in particular by lower contributions from the valuation of plan assets as well as a neutral foreign exchange result.
 

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

Annual report (german language) 

The Delvag 2025 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