REPORT FROM THE SUPERVISOR BOARD

2025 was another successful year for DH Reinsurance. We were delighted to celebrate the company’s 120th anniversary with our business partners. In 2025, DH  Reinsurance continued to implement its long-term growth strategy, and there was once again strong growth in the number of new policies, particularly in the Netherlands and Germany. At the same time, successful reforms took place in both administrative and operational areas, laying a solid foundation for future growth.

The financial statements were prepared by the Management Board, submitted to the Supervisory Board (SB) for approval and audited and provided with an unqualified opinion by Deloitte Accountants B.V.

We discussed the financial statements with the Management Board in the presence of the auditor and propose that the General Meeting of Shareholders adopt them. We approve the Management Board's proposal to distribute € 2.4 million as dividend and to add the remaining amount of € 17.034 to the Other Reserve.

We also propose that the General Meeting of Shareholders discharge the Management Board in respect of its management and the Supervisory Board in respect of its supervision.

The task of the Supervisory Board is to supervise and advise on the policies pursued by the Executive Board and, in addition, to supervise the strategy of DH Reinsurance and the general course of business.

DH Reinsurance has five supervisory directors, each with specific expertise and background. New supervisory directors are selected and nominated for appointment based on a profile approved by the Supervisory Board.

All supervisory directors have taken the Financial Sector Oath or Pledge as required by the Financial Sector Oath or Pledge Regulations 2015. Written statements of this have been prepared.

As a public interest entity (PIE), DH Reinsurance is required by the Decree on establishing of Audit Committees (BIAC) to have an audit committee. In the past, the full Supervisory Board served as the audit committee, and the duties of the audit committee were carried out within the Supervisory Board. In 2025 due to the expansion of the Supervisory Board to five members, a separate Audit and Risk Committee was established, consisting of two members of the Supervisory Board.

The Supervisory Board held four formal meetings during the reporting year, and the Audit and Risk Committee held three. All members of the Supervisory Board attended every meeting. The external auditor was present at three of these meetings, including one attended jointly with the actuary who performs the actuarial function. In the presence of the Executive Board, discussions during the reporting year included general, commercial, and financial developments; the implementation of the long-term strategy; investments; the results and financial statements 2024, market developments; developments in legislation and regulations; and the Digital Operational Resilience Act (DORA) in particular, DH Reinsurance's social mission, and the remuneration policy and its implementation.

Reports from the actuarial function, risk management, internal audit and compliance were also discussed in the presence of the relevant key officers. The Own Risk and Solvency Assessment 2025 (ORSA) was discussed. A periodic review of a number of policy documents also took place. The policy documents, revised in parts, received the approval of the Supervisory Board where necessary.

The engagement confirmation audit 2025, the audit plan and the report of the external auditor as well as the report of the actuarial function, were discussed in their presence.

In 2025 the Supervisory Board also considered a number of special issues, the termination of the operational cooperation with Onderlinge Nederland (ONL), the changes in the Management Board and the composition of the Supervisory Board. 

DH Reinsurance has been able to use work done by departments of ONL for many years. ONL decided in 2024, in view of the greatly increased burden of such cooperation, to terminate services by the end of 2025 at the latest. The consequences of this and the (approach to) the selection of new suppliers have been discussed in several Supervisory Board meetings.

In 2026 Marcel Levi’s third and final term comes to an end. Marcel has been actively involved with DH Reinsurance as a supervisory board member for the full 12-year term. His expertise, dedication, and valuable insights into many aspects of the company have been of great value to DH Reinsurance. His colleagues have found working with Marcel as a supervisory board member to be a very positive experience. In addition, Marcel has regularly shared his knowledge with various stakeholders of DH Reinsurance. DH Reinsurance owes Marcel a debt of gratitude for his many years of dedication to our organization. The Supervisory Board intends to propose at the Annual General Meeting of Shareholders on March 26 2026 to appoint Robin Peeters as a member.

The Supervisory Board expresses its gratitude to the employees and Management Board of DH Reinsurance for their commitment and for the results achieved in the past year.

The Hague, March 27 2026

Lex Geerdes, president
Evelien Greven, vice president
Réseva Engelaer
Martijn Hoogeweegen
Marcel Levi