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DFV Deutsche Familienversicherung AG: Release according to § 109 Paragraph 2 Sentence 1 WpHG

DGAP-News: DFV Deutsche Familienversicherung AG / Key word(s): Miscellaneous DFV Deutsche Familienversicherung AG: Release according to § 109 Paragraph 2 Sentence 1 WpHG 01.02.2021 / 18:10 The issuer is solely responsible for the content of this announcement. DFV Deutsche Familienversicherung AG Frankfurt / Main

Release according to § 109 Paragraph 2 Sentence 1 WpHG

The German Financial Reporting Enforcement Panel (FREP) has determined that the consolidated financial statements of Deutsche Familienversicherung AG, Frankfurt am Main, as at 31 December 2018 and the group management report for the 2018 financial year are incorrect:

I. Costs of the IPO

In the consolidated income statement for the 2018 financial year, the consolidated income before tax is overstated, as costs in connection with the IPO in December 2018 were not deducted as expenses, but directly deducted from equity as transaction costs (IAS 39.9 - transaction costs). Approximately EUR 0.8 million of these costs were costs that did not meet the requirements of IAS 32.35 and IAS 32.37 for recognition directly in equity, of which EUR 0.6 million related to the issue of employee shares. Of the other costs of EUR 2.8 million, approximately EUR 2.2 million relate to both the issuance of 3.8 million new shares and the initial listing of 9.0 million existing shares. These costs of EUR 2.2 million are attributable to both the equity raising and the IPO as a whole as two transactions that are independent of each other in terms of cost allocation. As these costs were not allocated to the two transactions on the basis of an appropriate distribution and were therefore not recognised proportionately as expenses, there is a violation of IAS 32.35 and IAS 32.38.

In addition, the other income of approximately EUR 2.5 million is too low, because the costs of the IPO of EUR 3.6 million less tax effects of EUR 1.1 million, which were recognised in equity, were included. This violates IAS 1.109.

The presentation in the statement of changes in equity of the transaction costs deducted directly from equity as a separate equity component also contravenes IAS 1.106 (d) (iii) in conjunction with IAS 1.109.