DEVK Reports Strongest New Business in Nearly 140 Years for 2024

DEVK Insurance Group has reported its financial results for 2024, a year marked by record-breaking performance in new business. The group's total premium income rose by 12.4 percent to 5.4 billion euros, making it one of Germany's most rapidly growing insurance groups.

The company achieved its best new business result in almost 140 years, with new business contributions increasing by 24.1 percent to 1.1 billion euros. This growth was driven significantly by the period for switching auto insurance policies, which attracted over 125,000 new contracts by year-end. Necessary premium adjustments and an expanded sales force also contributed to this success.

In property and casualty insurance within Germany, premium income grew by 13.6 percent to 2.6 billion euros, outpacing the industry average. Auto insurance revenues alone increased by 21.3 percent to 1.4 billion euros. Legal protection insurance also saw growth, with income rising 6.5 percent.

DEVK also expanded its reinsurance business substantially. The number of reinsurance clients grew to 998 from over 120 countries. Gross premiums for DEVK Reinsurance, including external business, reached 1.2 billion euros, a 9.3 percent increase year-on-year.

The company noted that rising repair and material costs for vehicles continue to impact the property and casualty sector, potentially necessitating future premium adjustments. DEVK's investment volume grew by 4.9 percent to 23.4 billion euros, generating a net investment return of 586 million euros.