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SFCR Der HDI Gruppe 2020

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SFCR Der HDI Gruppe 2020 HDI Group Solvency and Financial Condition Report 2020 At a glance ■ The HDI Group uses its approved internal model and shows a very strong capitalisation. ■ The HDI Group’s so-called “risk kernel” – the Talanx Group – also clearly meets its strategic risk objectives. ■ Own funds and risk are determined using a range of views that vary in terms of both their model scope and the economic and regulatory aspects used to determine eligible own funds. The resulting key indicators are explained in more detail in this report. ■ The HDI Group proved resilient during the coronavirus pandemic, with our risk management system and very strong capitalisation playing a key role in this. KEY INDICATORS FOR DIFFERENT VIEWS EUR thousand Talanx Group (economic view) HDI Group (regulatory view) HDI Group (excluding transitional) Own funds Basic own funds (BOF) 23,107,965 Eligible own funds 23,073,703 Eligible own funds 18,875,771 (excluding transitional) Solvency capital (Full) economic internal model 8,752,471 Full internal model 8,874,227 Full internal model 9,179,118 requirement Ratio Capital adequacy ratio (Talanx) 264% Solvency II ratio 260% Solvency II ratio 206% (including transitional) (excluding transitional) Contents PAGE Summary 2 PAGE Description of the solvency and financial condition A. Business and performance 12 B. System of governance 20 C. Risk profile 36 D. Valuation for solvency purposes 50 E. Capital management 66 PAGE Further information Lines of business categories 78 Glossary 79 PAGE Annex – Quantitative reporting templates (QRTs) Overview of templates 85 2 HDI Group Solvency and Financial Condition Report 2020 Summary Summary This report presents the HDI Group’s solvency and financial condi- Group structure tion and describes in particular the Talanx Group, which is the HDI Group’s material risk kernel and which is relevant for the capital As the ultimate parent undertaking of the HDI Group, HDI V. a. G. market. Further information is also available in the reports prepared owns 79% of the shares of Talanx AG. In its role as an insurance com- by the various subsidiaries. pany, it contributes to HDI Global SE’s domestic business via a 1‰ co-insurance share. HDI V. a. G. is primarily invested in low risk, highly This report contains disclosures on solvency capital requirements liquid assets. This means that the risk profile of the HDI Group is and own funds as at 31 December 2020. Here we have a very strong essentially defined by the risk profile of the Talanx Group. To this level of capitalisation of 206% excluding transitional and 264% in extent, this forms the risk kernel of the Group. economic view. Talanx AG acts primarily as a finance and management holding company that in turn owns significant participations in insurance companies and cooperates with partners in more than 150 countries. Our business model consists of assuming underwriting and financial risk. Talanx AG also operates as an intragroup reinsurer. The HDI Group works with its companies in several different areas of primary insurance and reinsurance, both in property/casualty insur- ance and in life insurance. Its broad geographical and sectoral positioning is the backbone for our high level of diversification. GROUP STRUCTURE HDI HAFTPFLICHTVERBAND DER DEUTSCHEN INDUSTRIE V. a. G. TALANX AG GESCHÄFTS BEREICH GESCHÄFTSBEREICH GESCHÄFTSBEREICH GESCHÄFTSBEREICH KONZERN­ INDUSTRIE­ PRIVAT­ UND FIRMEN ­ PRIVAT­ UND FIRMEN­ RÜCK VERSICHERUNG FUNKTIONEN VERSICHERUNG VERSICHERUNG VERSICHERUNG DEUTSCHLAND INTERNATIONAL INDUSTRIAL LINES RETAIL GERMANY RETAIL REINSURANCE DIVISION CORPORATE DIVISION DIVISION INTERNATIONAL OPERATIONS DIVISION SCHADEN/ LEBENS­ SCHADEN ­ PERSONEN ­ UNFALL­ VERSICHERUNG RÜCK­ RÜCK­ VERSICHERUNG VERSICHERUNG VERSICHERUNG PROPERTY/ LIFE PROPERTY/ LIFE/HEALTH CASUALTY INSURANCE CASUALTY REINSURANCE INSURANCE REINSURANCE Solvency and Financial Condition Report 2020 HDI Group 3 Brief overview of enterprise risk management ment level in a performance concept that we use as the basis for and targets economic decision-making. Insurance companies can look back on many years of experience In this performance concept, Risk Management performs tasks and with the application of actuarial methods and procedures for pricing functions in both economic and regulatory contexts, making it an and/or defining their risk exposure. These processes have been explicit part of the value chain. The HDI Group’s risk management enhanced in terms of both methodology and content in the period philosophy uses a customised, Solvency II version of the ISO 31000 since the 1990s, thanks to the systematic treatment of issues relating risk management standard, which allows us to harmoniously com- to value management and risk management. Holistic models known bine our Talanx Purpose with technical needs, supervisory require- as enterprise risk management (or ERM) models are used for this, ments and economic imperatives. The risk management process enabling a consistent benchmark to be adopted for measuring, assess- revolves around the Talanx Enterprise Risk Model (TERM) – the HDI ing and managing accepted risks, income generated and capital Group’s internal, holistic risk model. deployed. Synthesizing these components culminates at a man age- PERFORMANCE CONCEPT AND INTEGRATED MANAGEMENT GOVERNANCE PLAN EXECUTE Formulate CAPITAL Implement planned management plan measures SOUNDNESS INTEGRATED PROFITABILITY (CAPITAL ADEQUACY) MANAGEMENT (CAPITAL EFFICIENCY) ADAPT OVERSEE Review RISK PROFIT Monitor plan management plan progress We regard our enterprise risk management as a process, continuously Capital concepts enhancing the approaches we take and adjusting them to changes in the strategic and economic framework. We also refer to the results of The solvency balance sheet presents assets and liabilities on a internal and external audits, and of the internal validation process. market-consistent basis in accordance with Solvency II, and is the focal point for the supervisory framework. We have added a recon- In this respect the Talanx Group’s enterprise risk management system ciliation between “own funds” as per the IFRS financial statements was also examined in the context of the Standard & Poor’s rating and as per the Solvency II balance sheet in section D so as to permit a process and assessed as good. We are also one of the few European comparison with familiar, published information. insurers whose internal model means that S&P requires lower rating capital requirements (thanks to the M-factor). The various concepts for “capital” differ both in terms of their eco- nomic (eligibility of hybrid capital) and their regulatory content We use our ERM approach to derive annual targets for the Group, (transitional and restrictions on availability) and in relation to the taking into account our risk-bearing capacity (soundness), the need valuation principles applied. to maintain our rating (trustworthiness) and the need to meet an ticipated capital market expectations (profitability). Talanx’s basic own funds excluding transitional and the solvency capital requirements are used to assess our risk-bearing capacity, risk budgeting, and Group limits and thresholds. 4 HDI Group Solvency and Financial Condition Report 2020 Summary Regulatory capital requirements are compared with eligible own Risk assessment using TERM, funds. Capital Adequacy Ratio In addition to the volume of own funds, investment liquidity is Given the highly differentiated economic and regulatory concepts particularly important. The HDI Group uses appropriate limits to for capital, it makes sense to use a comparable approach during risk ensure it has a comfortable liquidity position. measurement. For supervisory purposes, eligible own funds are broken down into We use a full internal model that has been approved by the super- different quality categories. This process is known as “tiering”. The visory authority. This takes account of all quantifiable risks under following graphic shows that 86% of the HDI Group’s own funds are Solvency II. assigned to the highest quality tier. This means that the HDI Group has extremely generous levels of high-quality own funds. TERM permits consistent risk modelling and measurement both at subsidiaries and for the Group as a whole, using a combination of BREAKDOWN OF OWN FUNDS event models and corporate models. Event models form the land- scape of the risk factors (e.g. specific natural catastrophes or interest % rate risks) of the HDI Group. The corporate models build on the event 11/11 1/1 models to model the solvency balance sheet for the undertakings Tier 2 Tier 3 that are being analysed, and by doing so allow an assessment of the consequences of potential adverse events for the solvency balance sheet. 2/2 Tier 1 (restricted) TERM uses Monte Carlo simulations to forecast the solvency balance sheets for the individual undertakings and to consolidate them on a Group-wide basis. A one-year horizon is used for the projected distri- 86/86 butions produced for the components and for the net solvency Tier 1 (unrestricted) balance sheet amount. This allows us to determine the Solvency Capital Requirement (SCR) 2020/2019 for all quantifiable risks under Solvency II. The relationship between the SCR and own funds is expressed using the concept of excess cover or the capital adequacy ratio (CAR): KEY RISK PARAMETERS FOR THE HDI GROUP % Limit 2020 Solvency II ratio (HDI Group, excluding transitional) 150 – 200 206 CAR (Talanx, economic) 200 264 Share of market risk (Talanx) ≤ 50 41 A
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