The balance of receivables from reinsurance concerns the balance of the current accounts based on operational activities.

4.1. Liquid assets

Up to an amount of GBP 1,000 of the cash balance has been blocked in connection with a letter of credit issued by our bank to a ceding insurer at our request. 

The liability adequacy test is performed on the basis of the Guideline for the Annual Reporting 605, articles 534 to 537. The liability adequacy test compares the balance sheet value of the provision for insurance liabilities (less the related capitalized acquisition costs, intangible assets and receivables from deferred profit sharing) with the best-estimate provision, the current estimates of all (discounted) contractual cash flows and related cash flows such as claims handling costs, cash flows from embedded options and guarantees taking into account uncertainty margins. If the investments that serve to cover the technical provision are not valued at current value, the difference between the current value and the balance sheet value of these investments is included in the liability adequacy test. Discounting takes place using the interest rate term structure published by EIOPA on the balance sheet date without volatility adjustment.

The balance sheet provision must be at least equal to the best-estimate provision corrected by the mismatch between the allocated assets at book value and the current value. The value thus calculated is 18.362 (2024: 20.544).

The balance sheet provision before reinsurance amounts to 22.077 (2024: 22.913). The results of the test show that the technical provision is adequate (+).

The De Hoop Leven fund was started by DH Reinsurance at the end of 2018 with the aim of supporting research in the field of medical death risks that are difficult to (re)insure. In particular:

• research related to chronic diseases relevant to the target group of DH Reinsurance; and
• research into the insurability of people with chronic conditions and the way in which medically aggravated risks can be dealt with
  

The term of the fund was set at ten years in 2018, with De Hoop making an annual contribution of 100 to the fund’s capital. De Hoop is entitled to suspend contributions to the fund’s capital if, in the founder’s opinion, one or more exceptional circumstances arise during the term. In 2025, De Hoop decided to extend the fund through 2035. The contributions starting in 2028 have yet to be determined.

In 2019, a ten-year rental contract was entered into for housing and service costs, which expires on 1 July 2029. The rental price for housing was 63 in 2025. This rental price is indexed annually according to the change in the consumer price index.

DH Reinsurance has subscribed to three loan funds. In 2021 the SME Loan Programme was subscribed to for 5.000. In 2024 and 2025 this was already partially paid off. In 2023 DH Reinsurance subscribed to Polestar Capital Debt Fund for 5.000. The payments up until the end of  2025 were 693. Additionally, in 2025, we subscribed to SME Loan Programme 2 for 3,000. Payments up til the end of 2025 were 798.