DAS LEI

1. D.A.S. Group
Company Profile and LPI Market
Seoul, 12.01.2012
Rainer Huber

2. 2
Agenda
D.A.S. Group
D.A.S. International business

3. D.A.S. Group

4. 4Strategy D.A.S. International, 2010-02-09
D.A.S. Legal Protection
How we started…

5. 5
The field of legal protection shows a high level of internationalization (59 % GWP)
D.A.S. is market leader in Germany and throughout Europe
No. 1 in Europe with 20 %
market share
No. 1 in Germany with
13.3 % market share
About 12 million customers
D.A.S. Group
Present in 18 markets worldwide

6. 6
D.A.S. Group
Mission Statement
by granting access to law for all clients in our markets,
by creating awareness for legal protection at a fair price,
by offering solutions for every legal problem,
by independent advice and specialization in legal protection,
by means of an international network of partners and experts.
Affordable justice for all

7. 7
D.A.S. Group
First mover in LPI and more than 80 years experience
until 1928
1955 – 1959
2007 ff.
1941
1954
 Das Geschäftsmodell Rechtsschutz entsteht:
Gründung der D.A.S. in Frankreich, Belgien, Schweiz und Deutschland
 Wandel zum internationalen Rechtsschutz-Versicherer:
Gründungen in den „Reiseländern“ Österreich, Italien, Spanien
 Worldwide expansion outside Europe (Korea / Canada)
 Zulassung in Deutschland als Versicherungsunternehmen
 Wandel vom reinen Kraftfahrt-Rechtsschutz-Versicherer zum allgemeinen
Rechtschutz-Versicherer
 Change to International Legal Protection Insurer
 Formation in Austria, Italy, Spain
(typical tourist meccas for Germans in the 50s)
 Change from pure Car Legal Protection Insurer to General Legal
Protection Insurer
 Authorization in Germany as insurance company
(before: mere service company)
 Development of LPI business model:
Formation of DAS France, Swiss, Belgium, Germany

8. 8
D.A.S. Group
Our business model
 Founded as “Contre Assurance”:
special interest group against liability
insurance companies
 Taking care of legal interests
 Cost coverage and legal services
LPI
LegislativeCustomers
 Need for LPI because of complex
and complicated legal systems
 Securing equal opportunities
in legal matters
 Increase in legal conflicts in society
 Business model possible
with self-regulation and regulation by
third-party lawyers
 Cost structure for lawyers’
fees and court charges essential
 Regulators and lawyers as
partners of D.A.S.
 Business model which needs
intensive explanation
 Active sales – push product
 High level of judicial know-how
for claims management essential
Characteristics
Legal protection as specialist insurance business demands
special know-how in the fields “Legal” and “Lawyers’ Management”

9. 9
000
Structure as of second half-year 2010
VIWIS
GmbH
100%
D.A.S.
companies abroad
99,0 %100 %
100 %
D.A.S. Rechtsschutz-
Versicherungs-AG
….
D.A.S. Group
D.A.S. in the Munich Re Group structure

10. 10
Note: figures incl. Italy, local GAAP
World market split according to competitors 2010
TOTAL
~ €7 bn
Other
~€3,900
(~55.7%)
D.A.S. / ERGO
1,030 (14.7 %)
Generali
~344 (~5.0%)
ARAG
707 (10.1%)
Allianz
~624
(~9.0%)
Axa
~385 (~5.5%)
€m
Source: CEA, GDV, Annual Reports, DI
World market split according to countries 2010
Netherland
771
Germany
3,248
France
~ 800
Belgium
368
Austria
429
UK
729
€m
Other
674
TOTAL
~ €7 bn
D.A.S. Market Position
D.A.S. has asserted its market leadership over years

11. 11
D.A.S. Group – Market Share
International Business – Domestic Market Germany
Source: CEA, GDV, Annual Reports, DI*Note: figures incl. Italy, local GAAP, basis GWP
Legal protection
No. 1
Market share 2009*
International Germany
Legal protection
No. 1
19,0
9%
20%
9.9%
5.8%
5.2 %
D.A.S. /
ERGO
Allianz
ARAG
AXA
Generali
Others
5%
6%
6%
7%
38%
10%
13%
Roland
HUK Coburg
AdvoCard
ÖRAG
ARAG
Others
D.A.S. /
ERGO
Allianz
51.1 %
13.3 %

12. 12
Agenda
D.A.S. Group
D.A.S. International business

13. 13
D.A.S. International business
Strong position in the market
D.A.S. operates as specialist insurer in LPI with the brand
D.A.S.
Expansion
in selected markets out of Europe
12 million customers
Europe's No. 1 in LPI –
market leadership in 10 countries
Active in 16 European countries

14. 14
Phase II: 1994 - 2006 Phase III: since 2007Phase I: 1955 - 1974
 Foundation of 8
companies in Europe:
 1956 DAS Austria
 1958 DAS Spain
 1959 DAS Italy
 1963 DAS Netherlands
 1970 DAS Belgium
 1970 DAS Greece
 1971 DAS Luxembourg
 1974 DAS UK
 Rounding off Western
Europe: Switzerland (1994)
and Ireland (1996)
 Entering CEE:
 1995 DAS Czech
Republic
 1997 DAS Slovakia
 2000 DAS Poland
 2002 DAS Hungary
 2006 DAS Estonia
 Further expansion Europe
and implementation of
„global selective player“
strategy
 Market entry Asia:
2009 DAS Korea
 Market entry
North America:
2010 DAS Canada
Consolidation
1975 - 1993
D.A.S. – Market Leader in Legal Protection Insurance
Successful internationalization since 1955

15. 15
D.A.S.
Specialization in LP,
no conflict of interest,
independent advice
International
Network
cooperation partners,
lawyers and experts
Top green field
Expertise, pioneer in
different markets
worldwide
Innovation
Pioneer in product,
performance and
service orientation
Know How transfer
offering solutions for every
legal problem in different
markets
High market share and
Market leadership
Key success factors in diverse markets
with the D.A.S. brand
Profile as specialised Legal Protection Insurer and provider of Legal
Services

16. 16
 Enlarging the
product offer in LPI
 Extending Legal
Services
 Enlarging the
product offer in LPI
 Extending Legal
Services
1. Extending the
product range
and legal services
1. Extending the
product range
and legal services
D.A.S. “Legal Powerhouse”
 Joint Venture
experience in D.A.S.
over years
 Extension of existing
cooperations
 Fostering
cooperations with
ERGO sister
companies
 Building up new
cooperations
 Joint Venture
experience in D.A.S.
over years
 Extension of existing
cooperations
 Fostering
cooperations with
ERGO sister
companies
 Building up new
cooperations
2.Cooperation and
Partnering
2.Cooperation and
Partnering
 Entering new
business
segments,
affiliated to LPI
 Examples:
Debt collection in
Netherlands
Shareholding in
law firms
 Entering new
business
segments,
affiliated to LPI
 Examples:
Debt collection in
Netherlands
Shareholding in
law firms
3.Developing New
Business Lines
3.Developing New
Business Lines
4.Expansion in new
markets
4.Expansion in new
markets
 Expansion in new
markets worldwide
(selective global
strategy)
 Mostly Greenfield
approach
 M&As as
opportunities
 100 %
shareholding and
joint-venture
approach
 Expansion in new
markets worldwide
(selective global
strategy)
 Mostly Greenfield
approach
 M&As as
opportunities
 100 %
shareholding and
joint-venture
approach
Strengthening Market Position as No. 1 in
Legal Protection

17. 17
DAS Group: Product Portfolio (extract)
LPI
 Road traffic LPI
 Family LPI
 Real estate/Landlord LPI
 Company LPI
 LPI for special target groups:
youths, seniors, doctors,
tax advisors, etc.
 Patients LPI
 [...]
 Legal advice
 Lawyer
recommendation
 Mediation
 Experts
 Document check
 Contract issuing/check
 Debt management/collection
for private
customers
 [...]
 Prepaid legal services
 Debt management/collection
for companies
 Combined products:
LEI/legal advice/debt
management
 Outsourced legal department
for SMEs
 Law firm shareholding
 [...]
Legal Advice/Service Current Innovations
D.A.S. Group: product portfolio (extract)
LPI
§ Road traffic LPI
 Family LPI
 Real estate/Landlord LPI
 Company LPI
 LPI for special target groups:
youths, seniors, doctors,
tax advisors, etc.
§ Patients LPI
 [...]
 Legal advice
 Lawyer
recommendation
 Mediation
 Experts
 Document check
 Contract issuing/check
 Debt management/collection
for private
customers
 [...]
 Prepaid legal services
 Debt management/collection
for companies
 Combined products:
LPI/legal advice/debt
management
 Outsourced legal department
for SMEs
 Law firm shareholding
 [...]
Legal advice/service Current innovations
Product Management
Broad product portfolio and innovations
DAS: First in LegalDAS: First in Legal

18. 18
D.A.S. International business
Dynamic growth of premiums over years (in m €)
local gaap
87
101 111 123
150
169
184
205 216
241
276
316
362
399
455 465
488
526 538
577
609
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10
CAGR 1990 - 2010: 10,5 %

19. 19
D.A.S. International business
Sustainable profit over years (in m €)
27,5
19,2
27,6 27,1
33,8
47
52,3
63,3
48,2
30,3
45,8
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Gross/ before tax/ local gaap
2001: crash of stock markets shows strong impact on the investment results,
nevertheless result keep in the profit zone
2008: result is decreasing due to the financial crisis and restructuring of the asset
portfolio, remaining on a high level
2009: strengthening of reserves due to a strong increase of labour claims

20. 20
874
986
1.054
1.105
1.235
1.302
1.330
1.334
1.510
1.607
1.703
1.807
1.902
2.109
2.172
2.193
2.249
2.371
2.573
2.873
2.901
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10
D.A.S. International
Employees of D.A.S. International companies
Without Germany

21. 21
D.A.S. International
Key Data 2010
IFRS incl. Italy
Market position 10 x market leader, 3 x 2nd, 1 x 3rd, 1 x 5th
Gross Written premium €619.9m
Investments €973m
Production €102m
ROE 12.4%
Combined ratio (net) 96%
Result €41.5m
Claims payments €289.5m
Reported claims/ Legal advice 535 thsd./ 475 thsd.

22. 22
Strategic Position
D.A.S. with selective global ambitions
The field of legal protection shows a high level of internationalization (59% GWP)
National and international market leader in the field of legal protection

23. 2323

24. 24
Business Development – International business
Foundation of DAS Canada and Korea
 Applied for LPI insurance licence
in December 2008
 Head office opened in Toronto in April 2009
 Launch operations planned for spring 2010
 Main approval by FSC in May 2009
 Preparing launch operations:
Focus on top quality and service
in sales/operations/claims management
 Launch operations: November 16, 2009
 Applied for LPI insurance licence
in December 2008
 Head office opened in Toronto in April 2009
 Launch operations: August, 2010
 Main approval by FSC in May 2009
 Preparing launch operations:
Focus on top quality and service
in sales/operations/claims management
 Launch operations: November 16, 2009

25. 25
DAS Canada

26. 26

27. 27
D.A.S. International – Business Planning and Development
Homeshopping in Korea
•4.530 Policies (Full product, Average premium 200 €)
•900.000 € portfolio per 31.12.2010

28. 28
Screening / scoring
Overview
 Green: 100 – 60 points  Dark blue: Present D.A.S. countries
 Yellow: 59,9 – 45 points  Light blue 1: Countries already under investigation
 Red: 44,9 – 0 points  Light blue 2: Opportunities already under investigation
 Grey: countries with insufficient data  Light blue 3: D.A.S. company not belonging to ERGO

29. 29
D.A.S. Hungary - 2002 and seven years later

30. 30
D.A.S. Hungary - Superbrand 2009, 2010