Hallmark Financial Announces Second Quarter 2020 Results

Nachrichtenquelle: globenewswire
10.08.2020, 22:05  |  101   |   |   

DALLAS, Aug. 10, 2020 (GLOBE NEWSWIRE) -- Hallmark Financial Services, Inc. (“Hallmark Financial”) (NASDAQ: HALL) today announced financial results for the second quarter and six months ended June 30, 2020.


  Second Quarter   Year-to-Date
    2020     2019       2020     2019  
$ in millions (unaudited):          
Net Income (Loss) $ 6.7   $ 13.0     $ (57.6 ) $ 28.1  
Operating Earnings (1) $ 5.1   $ 7.6     $ 9.7   $ 13.2  
           
$ per diluted share:          
Net Income (Loss) $ 0.37   $ 0.71     $ (3.18 ) $ 1.54  
Operating Earnings (1) $ 0.28   $ 0.42     $ 0.53   $ 0.73  
(1)  See “Non-GAAP Financial Measures” below
 

Second Quarter 2020 Highlights (all comparisons to same prior year period):

  • Hallmark Financial reported a net combined ratio of 98.4% as compared to 94.5% for the second quarter of 2019.  During the first quarter of 2020, the Company announced its decision to exit the Binding Primary Auto business.  The second quarter net combined ratio was negatively impacted by 2.6 points from this discontinued line of business. 
     
  • Hallmark Financial saw continued momentum on rate increases, as rates were up an average of 18% for all lines and 23% for the Specialty Commercial Segment.
     
  • Gross premiums written decreased 16% to $183.6 million
     
  • Net premiums written decreased 12% to $109.0 million
     
  • Net premiums earned increased 18% to $125.6 million
     
  • Net income of $6.7 million, or $0.37 per diluted share, compared to net income of $13.0 million, or $0.71 per diluted share
     
  • Operating earnings of $5.1 million, or $0.28 per diluted share, compared to $7.6 million, or $0.42 per diluted share (see “Non-GAAP Financial Measures” below)
     
  • Net investment gains of $2.1 million compared to net investment gains of $6.8 million 
     
  • Net catastrophe losses of $6.6 million, inclusive of $3.7 million net losses for COVID-19 claims, contributed 5.2 points to the net combined ratio compared to $2.0 million contributing 1.9 points

Year-to-Date 2020 Highlights (all comparisons to same prior year period):

  • Hallmark Financial reported a net combined ratio of 98.0% as compared to 95.4% for the first six months of 2019.  During the first quarter of 2020, the Company announced its decision to exit the Binding Primary Auto business.  The year-to-date combined ratio was negatively impacted by 5.0 points from this discontinued line of business. 
     
  • Hallmark Financial saw continued momentum on rate increases, as rates were up an average of 15% for all lines and 19% for the Specialty Commercial Segment.
     
  • Gross premiums written decreased 5% to $385.2 million
     
  • Net premiums written decreased 2% to $235.5 million
     
  • Net premiums earned increased 21% to $249.5 million
     
  • Net loss of $57.6 million, or $3.18 per diluted share, compared to net income of $28.1 million, or $1.54 per diluted share
     
  • Operating earnings of $9.7 million, or $0.53 per diluted share, compared to $13.2 million, or $0.73 per diluted share (see “Non-GAAP Financial Measures” below)
     
  • Net investment losses of ($27.3) million compared to net investment gains of $18.8 million
     
  • Net catastrophe losses of $12.6 million, inclusive of $5.0 million net losses for COVID-19 claims, contributed 5.0 points to the net combined ratio compared to $4.0 million contributing 2.0 points
     
  • In connection with its normal process for evaluating impairment triggering events during the first quarter of 2020, the Company determined that a significant decline in its market capitalization below its stockholders’ equity indicated the impairment of the goodwill and indefinite-lived intangible assets included in its balance sheet.  As a result, the Company took a $44.7 million charge to goodwill and a $1.3 million charge to indefinite-lived assets as of March 31, 2020.

Naveen Anand, President and Chief Executive Officer, commented, “While the Company has had numerous challenges to overcome this year, through the efforts of our employees, board of directors, and business partners, we have worked to onboard a new auditor, regain Nasdaq compliance, and timely file our second quarter financial results.  It is no small feat that this was all accomplished in the midst of the COVID-19 challenges, where the Company transitioned quickly and effectively to become an almost entirely remote workforce.  It is quite remarkable what our employees have been able to accomplish.”

“Our exit from the Binding Primary Auto business, following growing severity in claims from prior years, combined with our efforts to secure reinsurance on the prior year reserves associated with this business, will serve to limit the Company’s future exposure and reduce the volatility associated with a book of business that has been responsible for the vast majority of the Company’s net unfavorable prior year reserve development over the past 5 years,” continued Mr. Anand.

“Additionally, while we have reduced premium targets in certain lines of business, we continue to capitalize on favorable market opportunities that have continued to accelerate throughout the current year.  While seeking to reduce exposure through limits deployment and limiting terms and conditions, we also experienced continued momentum on rate increases, with rates up an average of 18% for all lines and 23% for the Specialty Commercial Segment in the second quarter of 2020 compared to last year. Excluding the Binding Primary Auto business presently in runoff, gross premiums declined by 3.4% in the quarter and increased by 5.7% on a year-to-date basis compared to 2019,” said Mr. Anand.

               
  Second Quarter   Year-to-Date
    2020     2019   % Change     2020     2019   % Change
($ in thousands, unaudited)              
Gross premiums written   183,644     218,236   -16 %     385,233     405,552   -5 %
Net premiums written   108,987     123,843   -12 %     235,492     241,246   -2 %
Net premiums earned   125,596     106,499   18 %     249,529     205,529   21 %
Investment income, net of expenses   3,196     5,412   -41 %     7,654     10,523   -27 %
Investment gains (losses), net   2,058     6,817   -70 %     (27,272 )   18,754   -245 %
Net income (loss)   6,701     13,029   -49 %     (57,609 )   28,054   -305 %
Operating earnings (loss)(1)   5,075     7,644   -34 %     9,659     13,238   -27 %
Net income (loss) per share - basic $ 0.37   $ 0.72   -49 %   $ (3.18 ) $ 1.55   -305 %
Net income (loss) per share - diluted $ 0.37   $ 0.71   -48 %   $ (3.18 ) $ 1.54   -306 %
Operating earnings (loss) per share - diluted (1) $ 0.28   $ 0.42   -33 %   $ 0.53   $ 0.73   -27 %
Book value per share $ 11.14   $ 15.98   -30 %        
(1)  See “Non-GAAP Financial Measures” below                  
 

Second Quarter and Year-to-Date 2020 Financial Review

Gross Premiums Written
During the three and six months ended June 30, 2020, Hallmark Financial’s gross premiums written were $183.6 million and $385.2 million, respectively, representing a decrease of 16% and 5%, respectively, from the $218.2 million and $405.6 million in gross premiums written for the same periods in 2019.

Net Premiums Written
During the three and six months ended June 30, 2020, Hallmark Financial’s net premiums written were $109.0 million and $235.5 million, respectively, representing a decrease of 12% and 2%, respectively, from the $123.8 million and $241.2 million in net premiums written for the same periods of 2019. 

Net Premiums Earned
Hallmark Financial’s net premiums earned were $125.6 million and $249.5 million for the three and six months ended June 30, 2020, respectively, representing a 18% and 21% increase, respectively, from the $106.5 million and $205.5 million in net premiums earned for the same periods in 2019. 

Investments
During the three and six months ended June 30, 2020, net investment income was $3.2 million and $7.7 million, respectively, as compared to $5.4 million and $10.5 million during the same periods in 2019.  Net investment gains were $2.1 million for the three months ended June 30, 2020 as compared to net investment gains of $6.8 million for the same period the prior year.  Net investment losses were $27.3 million for the six months ended June 30, 2020 as compared to net investment gains of $18.8 million for the same period the prior year. 

The declines in net investment income were primarily due to lower interest rates in the first half of 2020 compared to the prior year and an increase in the proportion of short-term investments held relative to longer maturity investments. The net investment losses in the first half of 2020 were primarily due to an overall reduction of investment in equity securities in the first quarter of 2020 during the historic market declines associated with the novel coronavirus (COVID-19) pandemic.

At June 30, 2020 fixed-income securities were $553.3 million, with a tax equivalent book yield of 2.2% compared to 3.6% as of June 30, 2019.  As of June 30, 2020, the fixed-income portfolio had an average modified duration of 0.9 years and 90% of the securities had remaining time to maturity of five years or less.  As of June 30, 2020, 3% of the investment portfolio was invested in equity securities.

At June 30, 2020, total investments were $571.6 million.  Cash and cash equivalents, including restricted cash were $128.5 million.  Total investments, cash and cash equivalents, and restricted cash were $700.0 million or $38.59 per share.

Pre-Tax Income
Hallmark Financial had pre-tax income of $5.6 million for the three months ended June 30, 2020, as compared to pre-tax income of $16.5 million reported during the same period in 2019.  Hallmark Financial had a pre-tax loss of $64.0 million for the six months ended June 30, 2020, as compared to pre-tax income of $35.4 million reported during the same period in 2019. 

The decline in pre-tax results for the three months ended June 30, 2020 was predominately driven by adverse prior year net loss reserve development of $10.8 million as compared to $1.5 million for the same period the prior year, as well as the $4.8 million decline in net investment gains during the quarter as compared to the second quarter of 2019.

The decline in pre-tax results for the six months ended June 30, 2020 was predominately driven by the impairment of goodwill and other intangible assets of $46.0 million, net investment losses of $27.3 million as compared to net investment gains of $18.8 million reported during the same period in 2019 and unfavorable prior year net loss reserve development of $19.3 million as compared to $1.4 million reported for the same period the prior year.

Loss and Loss Adjustment Expenses (“LAE”) and Net Combined Ratios
Losses and LAE for the three and six months ended June 30, 2020 increased $21.6 million and $45.0 million, respectively, as compared to the prior year periods due primarily to increased net premiums earned, as well as unfavorable net prior year reserve development.  Hallmark Financial reported $10.8 million and $19.3 million, respectively, of net unfavorable prior year loss reserve development during the three and six months ended June 30, 2020 as compared to net unfavorable prior year loss reserve development of $1.5 million and $1.4 million, respectively, during the same periods the prior year.

Hallmark Financial had a net loss ratio of 75.5% for both the three and six months ended June 30, 2020 as compared to 68.8% and 69.7%, respectively, reported during the same periods in 2019.  Catastrophe losses contributed 5.2 points and 5.0 points, respectively, to the net loss ratio for the three and six months ended June 30, 2020, as compared to 1.9 points and 2.0 points, respectively, for the same periods of the prior year.  Included in the 2020 net catastrophe losses are reserves for COVID-19 claims that contributed 3.0 points and 2.0 points, respectively, to the total net loss ratio for the three and six months ended June 30, 2020.  

The expense ratio was 22.9% and 22.5%, respectively, for the three and six months ended June 30, 2020 as compared to 25.7% and 25.7%, respectively, reported during the same periods in 2019.  The Company reported a net combined ratio of 98.4% and 98.0%, respectively, for the three and six months ended June 30, 2020 as compared to 94.5% and 95.4%, respectively, during the same periods in 2019. 

Net Income
Hallmark Financial reported net income of $6.7 million and a net loss of $57.6 million, respectively, for the three and six months ended June 30, 2020 as compared to net income of $13.0 million and $28.1 million for the three and six months ended June 30, 2019, respectively. 

On a diluted basis per share, the Company reported net income of $0.37 per share and a net loss of $3.18 per share, respectively, for the three and six months ended June 30, 2020 as compared to net income of $0.71 per share and $1.54 per share, respectively, for the three and six months ended June 30, 2019, respectively.

Non-GAAP Financial Measures

The Company’s financial statements are prepared in accordance with United States generally accepted accounting principles (“GAAP”).  However, the Company also presents and discusses certain non-GAAP financial measures that it believes are useful to investors as measures of operating performance. Management may also use such non-GAAP financial measures in evaluating the effectiveness of business strategies and for planning and budgeting purposes.  However, these non-GAAP financial measures should not be viewed as an alternative or substitute for the results reflected in the Company’s GAAP financial statements.  In addition, the Company’s definitions of these items may not be comparable to the definitions used by other companies. 

Operating earnings and operating earnings per share are calculated by excluding net investment gains and losses and impairment of goodwill and other intangible assets from GAAP net income.  Management believes that operating earnings and operating earnings per share provide useful information to investors about the performance of and underlying trends in the Company’s core insurance operations.  Net income and net income per share are the GAAP measures that are most directly comparable to operating earnings and operating earnings per share.  A reconciliation of operating earnings and operating earnings per share to the most comparable GAAP financial measures is presented below.

                           
($ in thousands) Income
Before Tax
Less Tax
Effect
Net
After Tax
Weighted
Average
Shares Diluted
Diluted
Per Share
Second Quarter 2020          
Reported GAAP measures $ 5,583   $ (1,118 ) $ 6,701   18,141 $ 0.37  
Excluded investment (gains)/losses $ (2,058 ) $ (432 ) $ (1,626 ) 18,141 $ (0.09 )
Operating earnings $ 3,525   $ (1,550 ) $ 5,075   18,141 $ 0.28  
           
Second Quarter 2019          
Reported GAAP measures $ 16,484   $ 3,455   $ 13,029   18,251 $ 0.71  
Excluded investment (gains)/losses $ (6,817 ) $ (1,432 ) $ (5,385 ) 18,251 $ (0.30 )
Operating earnings $ 9,667   $ 2,023   $ 7,644   18,251 $ 0.42  
           
Year-to-Date 2020          
Reported GAAP measures $ (64,003 ) $ (6,394 ) $ (57,609 ) 18,132 $ (3.18 )
Excluded impairment of goodwill          
and other intangible assets $ 45,996   $ 273   $ 45,723   18,132 $ 2.52  
Excluded investment (gains)/losses $ 27,272   $ 5,727   $ 21,545   18,132 $ 1.19  
Operating earnings $ 9,265   $ (394 ) $ 9,659   18,132 $ 0.53  
           
Year-to-Date 2019          
Reported GAAP measures $ 35,402   $ 7,348   $ 28,054   18,250 $ 1.54  
Excluded investment (gains)/losses $ (18,754 ) $ (3,938 ) $ (14,816 ) 18,250 $ (0.81 )
Operating earnings $ 16,648   $ 3,410   $ 13,238   18,250 $ 0.73  
                           

About Hallmark Financial

Hallmark Financial is a specialty property and casualty insurance holding company with a diversified portfolio of insurance products written on a national platform.  With six insurance subsidiaries and offices in Dallas/Fort Worth, San Antonio, Chicago, Jersey City and Atlanta, Hallmark Financial markets, underwrites and services commercial and personal insurance in select markets.  Hallmark Financial is headquartered in Dallas, Texas and its common stock is listed on NASDAQ under the symbol "HALL."  

Forward-looking statements in this release are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that actual results may differ materially from such forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, continued acceptance of the Company’s products and services in the marketplace, competitive factors, interest rate trends, general economic conditions, the availability of financing, underwriting loss experience and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission.

     For further information, please contact:
Mr. David Webb, Senior Vice President of Corporate Development at 817.348.1600
www.hallmarkgrp.com

 
Hallmark Financial Services, Inc. and Subsidiaries
Consolidated Balance Sheets        
($ in thousands, except par value) Jun. 30 Dec. 31
ASSETS 2020 2019
Investments:   (unaudited)  
Debt securities, available-for-sale, at fair value (amortized cost: $552,266 in 2020 and $569,498 in 2019) $ 553,322   $ 574,279  
Equity securities (cost: $21,249 in 2020 and $71,895 in 2019)   17,949     99,215  
Other investment (cost: $3,763 in 2020 and $3,763 in 2019)   295     2,169  
Total investments   571,566     675,663  
Cash and cash equivalents   126,619     53,336  
Restricted cash   1,858     1,612  
Ceded unearned premiums   144,169     164,221  
Premiums receivable   128,924     148,288  
Accounts receivable   5,046     4,286  
Receivable for securities   1,304     12,581  
Reinsurance recoverable   377,988     315,466  
Deferred policy acquisition costs   23,110     22,994  
Goodwill   -     44,695  
Intangible assets, net   2,556     5,087  
Federal income tax recoverable   9,258     8,995  
Deferred federal income taxes, net   9,031     2,185  
Prepaid expenses   3,654     2,603  
Other assets   29,313     33,262  
Total Assets $ 1,434,396   $ 1,495,274  
LIABILITIES AND STOCKHOLDERS’ EQUITY        
Liabilities:        
Senior unsecured notes due 2029 (less unamortized debt issuance cost of $893 in 2020 and $942 in 2019) $ 49,107   $ 49,058  
Subordinated debt securities (less unamortized debt issuance cost of $820 in 2020 and $846 in 2019)   55,882     55,856  
Reserves for unpaid losses and loss adjustment expenses   670,936     620,355  
Unearned premiums   354,837     388,926  
Reinsurance balances payable   55,818     59,274  
Pension liability   1,223     1,388  
Payable for securities   3     1,648  
Accounts payable and other accrued expenses   44,418     55,487  
Total Liabilities   1,232,224     1,231,992  
Commitments and contingencies        
Stockholders’ equity:        
Common stock, $.18 par value, authorized 33,333,333 shares; issued 20,872,831 shares in 2019 and 2018 3,757     3,757  
Additional paid-in capital   122,729     123,468  
Retained earnings   102,961     160,570  
Accumulated other comprehensive (loss) income   (2,243 )   688  
Treasury stock (2,731,335 shares in 2020 and 2,749,738 shares in 2019), at cost   (25,032 )   (25,201 )
Total Stockholders’ Equity   202,172     263,282  
Total Liabilities & Stockholders' Equity $ 1,434,396   $ 1,495,274  
 

 

                           
Hallmark Financial Services, Inc. and Subsidiaries        
Consolidated Statements of Operations Three Months Ended   Six Months Ended
($ in thousands, except per share amounts, unaudited) June 30,   June 30,
  2020 2019   2020 2019
Gross premiums written $ 183,644   $ 218,236     $ 385,233   $ 405,552  
Ceded premiums written   (74,657 )   (94,393 )     (149,741 )   (164,306 )
Net premiums written   108,987     123,843       235,492     241,246  
Change in unearned premiums   16,609     (17,344 )     14,037     (35,717 )
Net premiums earned   125,596     106,499       249,529     205,529  
                   
Investment income, net of expenses   3,196     5,412       7,654     10,523  
Investment (losses) gains, net   2,058     6,817       (27,272 )   18,754  
Finance charges   1,528     1,797       3,172     3,531  
Commission and fees   260     364       584     657  
Other income   14     14       33     30  
Total revenues   132,652     120,903       233,700     239,024  
                   
Losses and loss adjustment expenses   94,873     73,226       188,278     143,313  
Operating expenses   30,259     29,336       59,407     56,582  
Interest expense   1,320     1,240       2,788     2,493  
Impairment of goodwill and other intangible assets   -     -       45,996     -  
Amortization of intangible assets   617     617       1,234     1,234  
Total expenses   127,069     104,419       297,703     203,622  
                   
(Loss) income before tax   5,583     16,484       (64,003 )   35,402  
Income tax (benefit) expense   (1,118 )   3,455       (6,394 )   7,348  
Net (loss) income $ 6,701   $ 13,029     $ (57,609 ) $ 28,054  
                   
Net (loss) income per share:                  
Basic $ 0.37   $ 0.72     $ (3.18 ) $ 1.55  
Diluted $ 0.37   $ 0.71     $ (3.18 ) $ 1.54  
           

   

                     
Hallmark Financial Services, Inc. and Subsidiaries
Consolidated Segment Data        
Three Months Ended Jun. 30 
  Specialty Commercial Segment Standard Commercial Segment Personal Segment Corporate Consolidated
($ in thousands, unaudited)   2020     2019     2020     2019     2020     2019     2020     2019   2020     2019  
Gross premiums written $ 138,627   $ 172,940   $ 23,842   $ 21,835   $ 21,175   $ 23,461   $ -   $ - $ 183,644   $ 218,236  
Ceded premiums written   (64,640 )   (83,370 )   (7,037 )   (7,170 )   (2,980 )   (3,853 )   -     -   (74,657 )   (94,393 )
Net premiums written   73,987     89,570     16,805     14,665     18,195     19,608     -     -   108,987     123,843  
Change in unearned premiums   14,350     (20,216 )   (404 )   1,611     2,663     1,261     -     -   16,609     (17,344 )
Net premiums earned   88,337     69,354     16,401     16,276     20,858     20,869     -     -   125,596     106,499  
                     
Total revenues   91,124     73,592     17,096     17,310     22,464     23,116     1,968     6,885   132,652     120,903  
                     
Losses and loss adjustment expenses   69,262     48,374     10,775     10,613     14,836     14,239     -     -   94,873     73,226  
                     
Pre-tax income (loss)   5,882     10,427     802     2,057     1,884     2,441     (2,985 )   1,559   5,583     16,484  
                     
Net loss ratio (1)   78.4 %   69.7 %   65.7 %   65.2 %   71.1 %   68.2 %       75.5 %   68.8 %
Net expense ratio (1)   18.5 %   22.1 %   34.4 %   29.0 %   21.0 %   23.3 %       22.9 %   25.7 %
Net combined ratio (1)   96.9 %   91.8 %   100.1 %   94.2 %   92.1 %   91.5 %       98.4 %   94.5 %
                     
Favorable (Unfavorable) Prior Year Development   (9,315 )   (3,277 )   (794 )   1,778     (680 )   29     -     -   (10,789 )   (1,470 )
                     
(1)  The net loss ratio is calculated as incurred losses and loss adjustment expenses divided by net premiums earned, each determined in accordance with GAAP.  The net expense ratio is calculated as total underwriting expenses offset by agency fee income divided by net premiums earned, each determined in accordance with GAAP.  The net combined ratio is calculated as the sum of the net loss ratio and the net expense ratio.
 


Hallmark Financial Services, Inc. and Subsidiaries
Consolidated Segment Data        
Six Months Ended Jun. 30
  Specialty Commercial Segment Standard Commercial Segment Personal Segment Corporate Consolidated
($ in thousands, unaudited)   2020     2019     2020     2019     2020     2019     2020     2019   2020     2019  
Gross premiums written $ 288,097   $ 307,339   $ 50,218   $ 47,363   $ 46,918   $ 50,850   $ -   $ - $ 385,233   $ 405,552  
Ceded premiums written   (128,604 )   (140,731 )   (14,500 )   (15,273 )   (6,637 )   (8,302 )   -     -   (149,741 )   (164,306 )
Net premiums written   159,493     166,608     35,718     32,090     40,281     42,548     -     -   235,492     241,246  
Change in unearned premiums   15,816     (33,066 )   (2,899 )   1,560     1,120     (4,211 )   -     -   14,037     (35,717 )
Net premiums earned   175,309     133,542     32,819     33,650     41,401     38,337     -     -   249,529     205,529  
                     
Total revenues   183,244     141,559     34,732     35,683     44,787     42,599     (29,063 )   19,183   233,700     239,024  
                     
Losses and loss adjustment expenses   130,145     94,323     22,630     22,264     35,503     26,726     -     -   188,278     143,313  
                     
Pre-tax income (loss)   22,174     18,395     1,518     3,564     (3,771 )   4,014     (83,924 )   9,429   (64,003 )   35,402  
                     
Net loss ratio (1)   74.2 %   70.6 %   69.0 %   66.2 %   85.8 %   69.7 %       75.5 %   69.7 %
Net expense ratio (1)   18.1 %   22.2 %   32.9 %   29.7 %   24.7 %   22.8 %       22.5 %   25.7 %
Net combined ratio (1)   92.3 %   92.8 %   101.9 %   95.9 %   110.5 %   92.5 %       98.0 %   95.4 %
                     
Net Favorable (Unfavorable) Prior Year Development   (12,468 )   (5,203 )   (919 )   3,583     (5,961 )   216         (19,348 )   (1,404 )
 
(1)  The net loss ratio is calculated as incurred losses and loss adjustment expenses divided by net premiums earned, each determined in accordance with GAAP.  The net expense ratio is calculated as total underwriting expenses offset by agency fee income divided by net premiums earned, each determined in accordance with GAAP.  The net combined ratio is calculated as the sum of the net loss ratio and the net expense ratio.
 

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