As a cooperative funeral insurer, we strive to make an affordable and dignified funeral possible for everyone. In 30 years from now, today's funerals will be much more expensive due to inflation. That is what drives up the premium for funeral insurance, usually every year. As a cooperative, we keep this increase in premium rates as low as possible by keeping funeral costs under control. Since we have our own locations for funerals, this is something we can influence directly. Our strong collective purchasing power and the investment of premiums also help to inflation-proof our funeral insurance and keep premiums affordable.

We have seen a decrease in the Netherlands. The DELA UitvaartPlan portfolio grew, but the Yarden portfolio shrank now that it is no longer sold to new customers and because some of its current policyholders have died. In 2025, DELA's focus for the DELA LeefdoorPlan was on the migration of the portfolio to the new online platform. In the competitive market for term life insurance, this resulted in a relatively limited commercial drive during this period. Due to the debate on box 3 tax, there was also less demand for our savings-linked product.

We have offered customers an 'all set' check ('Goed Geregeld Check') so they can re-evaluate their needs and arrangements at their convenience. This quick check tells them whether their insurance and funeral arrangements are all set for the future. In 2025, all Yarden package policyholders were again informed about the arrangements made for their policy during the acquisition of Yarden in 2021.

The distribution strategy in Belgium has been paying off, and we are seeing encouraging growth. In 2025, we passed the one million mark for the number of people we insure in Belgium: a milestone that we are proud of. Great emphasis was also placed on the development of our new insurance product: the Nalatenschapzorgplan. This product provides estate planning and financial certainty for families so they can get on with their lives with peace of mind. This product will be introduced in 2026.

In spite of the less favourable economic situation in Germany, we have seen slight growth there as well. At the same time, however, competition is on the rise. Based on this growth perspective, we will further strengthen our distribution in controlled steps.

The €90.9 million in profit from insurance business was a €10.2 million increase on 2024. This was mainly attributable to the steady growth in the portfolio and the increase in premiums rates.

The funeral business recorded a loss of €3.3 million, down from a profit of €2.5 million in 2024. This is largely attributable to the higher staff costs combined with a decrease in the number of funerals.

The cooperative recorded an operating loss of €21.7 million (2024: loss of €29.1 million). This mainly concerns costs for activities for the cooperative and group functions. The result was improved by the acquisition of DFW Group B.V. and lower costs for holding company and central services departments.

If the cost of a funeral rises due to inflation, more premium must also be paid over the previous years. We call this extra premium over past periods the past-service costs. This year, however, those did not lead to an increase of premium, as we were able to fund all of the past-service costs from the annual profit share. Nor has there been any additional increase in premium rates, known as 'premium action'. The total increase of premium at 1 January 2026 therefore remains the same as the inflation on funeral costs.

The value of our investment portfolio fluctuates due to trends in the financial markets. We invest with a specific goal: to achieve a sufficient return to guarantee a dignified funeral for the lowest possible premium in the future as well. The nature of our insurance policies (which are in most cases paid out upon death) translates into long-term obligations. By accepting a calculated risk in our investment strategy, we are able to achieve the required results over the years. Fluctuations in the value of our investment portfolio are a consequence of this policy.

Coverage developments in percentage points:

The solvency ratio increased from 200 per cent to 213 per cent at year-end and remains robust.

The Solvency II ratio decreased by ten percentage points on the back of developments in investment income, equity markets, interests rates, and inflation. Developments in the insurance portfolio during 2025 reduced the ratio by four percentage points. Changes to the underwriting parameters resulted in a three percentage point increase. Effective 2025, all insurance activities are taxed in the Netherlands, regardless of whether the policies are managed at our head office in the Netherlands or at one of our branches in Germany or Belgium. That has a positive impact on the mitigating effect of taxation, with the Solvency II ratio increasing by seven percentage points. Other changes to models, such as adapting the coverage ratio to the Solvency II calculation rules, resulted in a 17 percentage point increase.

Solvency ratio developments in percentage points: