German Private Health Insurers Compared: Financial Strength (2025 Reports)

Eligible own funds divided by the Solvency Capital Requirement, the capital supervisors require given the insurer's risks. 100% is the legal minimum (§89 VAG). 300% means the company reports three times the required capital. Some insurers apply the volatility adjustment (VA) or a transitional rule, which can raise the ratio. The table shows the ratio as reported and, in the notes, the ratio without them where the report gives it. Allianz states that it uses an internal model.

The premiums the company invoiced in the year, before reinsurance, in million euros. It shows size and growth. A jump can come from premium adjustments, new customers or both, and it says nothing about quality.

The number of people insured in full health insurance (Krankheitskostenvollversicherung), the cover that can replace statutory insurance. The notes give the total including supplementary and care policies where the report states it.

Money set aside from premiums while members are younger, to pay for higher claims later and to soften premium increases. In the accounts it appears as the Deckungsrückstellung, which holds the ageing provisions (§341f HGB). A larger amount reflects a larger and older book of business, so compare it with size, not as a score.

The premium refund buffer (Rückstellung für Beitragsrückerstattung) in relation to premium income, as defined in the industry association's key-figure catalogue. The buffer holds surplus for policyholders. Part of it is used to limit premium increases, especially for people aged 65 and over, with the trustee's approval (§150(4), §155(2) VAG). A ratio shows how much is available. It is not a promise about future increases.

The share of premiums that goes towards claims, following the industry association's formula. It is a rough guide to how much of each euro flows back as benefits. The exact formula can differ slightly between reports, so look at the gaps, not the decimals.

Administration expenses as a share of premiums. It shows how much of premium income goes to running the insurer.

Costs of winning new contracts, such as commissions, as a share of premiums. It varies with how fast an insurer is adding customers and which sales channels it uses. AXA's report does not print the ratio, so we show no figure for it.

What the insurer's investments earned after costs. It matters because the premium is calculated on an assumed return, and the calculation rate is capped at 3.5% (§4 KVAV).

The share of the surplus that goes back to policyholders, for example through the RfB or credits to ageing provisions, rather than staying with the company. Mutual insurers (VVaG, a.G.) and stock companies (AG) have different ownership structures, so read it with the legal form in mind.