DEVK on a Growth Trajectory: Best New Business in 140 Years

Overall, the 2025 results build on the strong performance of the previous financial year. “The DEVK Group’s gross written premiums rose by 7 percent to EUR 5.75 billion in 2025”, says CEO Michael Knaup, who assumed office on January 1, 2026. “It is particularly worth noting that we have continued to grow on our own.”

Record new business

With EUR 1.33 billion in new business in 2025, DEVK achieved a 17.6 percent increase, making it the best new business result in the company’s 140-year history. The number of insured risks and policies decreased by 0.4 percent to 14.7 million (previous year: 14.8 million). This is due to the targeted streamlining of outdated policies. Around 4.2 million customers place their trust in DEVK. They receive personal support nationwide at 1,160 branch offices and 19 regional head offices.

Growth across all lines of business

Domestic primary non-life insurance business grew by 9.7 percent to EUR 2.80 billion, exceeding the industry average (8.0 percent). In motor insurance, DEVK increased its written premiums to EUR 1.58 billion (+14.8 percent) and once again outperformed the industry (13.9 percent). Legal expenses insurance rose by 5.5 percent to EUR 229 million (industry: 6.0 percent). In life insurance (including pension funds), premiums also improved by 4.9 percent to EUR 1.14 billion (industry: 6.7 percent). Health insurance performed particularly strongly: premium income climbed by 11.6 percent to EUR 134 million and was thus above the industry average (8.0 percent).

A stable capital base and solid earnings

DEVK continues to strengthen its financial base and is building up provisions for years with high claims volumes. The Group’s investment volume rose by 2.9 percent to EUR 24.07 billion. This was primarily due to lower current income from participations and write-ups, as well as higher investment expenses, particularly in life insurance. Equity rose to EUR 3.04 billion (previous year: EUR 2.85 billion). This represents an increase of 6.9 percent and underscores DEVK’s robust capital base.

Net profit rises significantly

The non-life underwriting result improved significantly in 2025 thanks to a low-claims year. Before adjustments to the equalisation provision, it rose to EUR 143 million (previous year: EUR 12 million). At the same time, DEVK transferred EUR 125 million to the equalisation provision (previous year: EUR 72 million). After this allocation, the company achieved an underwriting result of EUR 18 million (previous year: EUR -61 million). Combined with the results from life and health insurance, as well as pension fund business, this results in a total underwriting result of EUR 33 million (previous year: EUR -43 million) – and thus a clearly positive figure again.

The non-underwriting result also improved significantly: lower write-downs and higher write-ups led to an investment result of EUR 273 million (previous year: EUR 227 million). Overall, profit from ordinary activities rose to EUR 248 million (previous year: EUR 106 million). Net profit after tax increased to EUR 136 million, almost tripling year-on-year (previous year: EUR 49 million).

Reinsurance strengthens value and diversification

DEVK’s reinsurance business also continued to grow. Premiums written from non-group business (DEVK RE and Echo Re) rose to EUR 1.41 billion (+3.2 percent) The number of clients rose to 1,057 (previous year: 998) from 132 countries.

The reinsurance portfolio was developed in a targeted manner during the 2025 financial year and diversified across regions and lines of business. The combined ratio before allocation to the equalisation provision stood at 90.4 percent, as the impact of individual and catastrophe losses was moderate. As a result, the two reinsurance units achieved a pleasing underwriting result whilst simultaneously strengthening their capital base and resilience.

Michael Knaup emphasises the importance of reinsurance: “Our reinsurers are a key driver of value and diversification for the DEVK Group and now account for around a quarter of premium income.” Three further pillars each contribute a quarter to the premium volume: motor insurance, property insurance and personal insurance, including life, health and pension funds.

The motor insurance sector faces cost pressures

In the non-life business of DEVK Sach- und HUK-Versicherungsverein and DEVK Allgemeine, premiums rose by 10.5 percent. The portfolio stood at 11.6 million policies. Overall, the combined ratio improved significantly to 94.3 percent (previous year: 98.5 percent). In motor insurance, it decreased to 105 percent (previous year: 111.5 percent). Price pressure remains high in this sector: since 2017, the costs of car spare parts and workshop hours have risen by more than 60 percent. In addition, expenses for lawyers and experts have also increased. At the same time, intense competition limits the extent to which premium adjustments can be implemented.

New pension fund product provides a stimulus

New business at DEVK’s life insurers was once again higher in 2025 than in the previous year. The main driver was the new flexible unit-linked pension with guaranteed components, the DEVK-Rente ZukunftPlus, which was introduced in the middle of the year and is suitable for both private and occupational pension provision. Gross written premiums by DEVK’s life insurance companies in the narrower sense grew by 2.6 percent to EUR 783.8 million (previous year: EUR 764 million).

Outlook: DEVK is approaching the 6 billion mark

For 2026, DEVK expects premium growth of around 4 percent and a significantly improved consolidated pre-tax profit. At the same time, DEVK is taking a deliberately cautious approach to its business: it is underwriting risks more selectively, reducing the proportion of reinsurance and strengthening the equalisation provision.

The key growth drivers in primary insurance remain the non-life and pension fund sectors. In property insurance, DEVK is focusing on a new residential property insurance tariff, which has been on the market since this spring. When assessing natural hazards, the company is breaking new ground: AI-supported simulations of heavy rainfall events enable a more precise risk assessment and ensure competitive terms for customers.

Overall, the DEVK Group is on track to achieve premium income of around EUR 6 billion in the current financial year, thus reaching the next billion Euro milestone.