DELA Natura- en levensverzekeringen N.V. (DELA Natura) is an international funeral insurer and part of Coöperatie DELA. We have been providing care and financial peace of mind around when a loved one passes away for nearly 90 years now. That is our core. It forms the basis on which we build our relationships with customers, suppliers, and partners. DELA Natura is active in three countries: the Netherlands, Belgium, and Germany.

We strive for an affordable and dignified funeral for everyone while keeping the cost of funerals and insurance premiums as low as possible. Inflation makes funerals more expensive every year, which has an impact on insurance premiums. Growth and efficient business operations have been key to achieving that since our very beginning. Growth gives us scale advantages, while continuous process improvement enables us to keep costs low and provide high-quality services.

With our collective purchasing power and by investing our premiums, we are able to inflation-proof our funeral insurance and keep increases in premium rates under control. It is not our goal to maximise profit: profit is a means to invest, grow, and strengthen our solid financial basis – to keep increases in premium rates under control and safeguard our future.

We always look to the long term because we also have financial obligations that need to be fulfilled in the distant future. We therefore continue adapting our products, services, and facilities to the changing requirements of customers and to trends in society. Customers are taking more charge of their choices and expect transparency about options and costs. Sustainability and community involvement are becoming increasingly important in the expectations of customers, employees, and partners. In addition, technology, data, and artificial intelligence are changing how we work as they contribute to transparency and remote collaboration and create opportunities for service innovation. Geopolitical tensions, economic uncertainty, and changing laws and regulations make the world less predictable.

Every day, our committed employees are there to serve our policyholders with personal care and attention. We tailor our services to what people really need by listening to what they have to say.

In 2025, we developed a new strategic plan that sets the course for the next five years. We stay true to our core: funeral insurance with care, quality, and commitment. That is where we want to excel and to make a difference for our customers. The new strategy gives us a three-pronged approach. We will continuously strengthen our services to improve the well-being of customers. We will accelerate innovation through digitalisation, among other things, so that our services better meet the needs of today and tomorrow. And we are taking extra steps to support customers in their well-being in the period before, during, and after a loved one dies. This course will lead to added value for customers, an organisation where employees are proud to work, and sustainable business continuity.

In 2025, our stakeholder dialogue was further intensified to make more targeted use of the outcomes in defining and implementing our strategic course. We drew a distinction in that respect between a dialogue about material topics that are strategically relevant and the regular dialogue via departments and employees. This way of working was developed after consultation within DELA and with external experts; it included defining the protocols for providing the stakeholder groups with feedback.

We will use information from the regular conversations with our stakeholders and the more in-depth discussions about the strategically relevant topics as input for the successful implementation of our strategic course for 2026-2030. We take account of what is important to stakeholders, the environment, and our organisation. By truly engaging in dialogue and gaining insight into our choices, we will succeed in building on long-term relationships and a resilient organisation.

To achieve our strategic goals, we will require digital support, which is one area in particular where we see opportunities for organising across country borders. We have set up a management organisation to coordinate the creation of a strategic project portfolio, to professionalise and standardise our way of working, and to achieve synergy in our IT landscape. For this purpose, the three country IT organisations have been combined.

We aim to implement this plan based on three core principles:

• Ultimate customer focus – a clear, recognisable experience, accessible, personal, and tailored to customer needs
• Simplification – simple, replicable processes
• Disciplined execution – clear targets, clear roles, and continuous improvement

We aim to grow by establishing strong relationships. That is reflected not only by our level of customer satisfaction and our reputation but also by the upward trend in the number of people that we insure.

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.

In the Netherlands, we have seen a slight decrease in customer satisfaction in spite of the targeted action to optimise our website, our communication with customers, and MijnDELA. The way in which questions are handled could stand further optimisation in particular. Customer satisfaction in Belgium saw a further increase, which was due in part to online customer journeys and a proactive approach to customers.

We made improvements in areas such as the user-friendliness of online platforms, streamlined customer inflow, and ensured clear information and support for premium payments and customer interaction. These initiatives contributed to heightened efficiency in the provision of our services and a better customer experience. In the German market, insurance intermediaries traditionally play an important role in addition to the online channel. We are proud that, with an NPS of 57, we enjoy the highest level of customer satisfaction in the German market for funeral and life insurance.

In Belgium, we received the DECAVI award in October 2025 for the ninth time in a row for the best funeral insurance in the Belgian market. DECAVI is an independent external organisation that annually presents awards for both life and non-life insurance products.

In the German market, insurance intermediaries traditionally play an important role in addition to the online channel. We are proud that in 2025 we still have the best funeral insurance (without a waiting period) (2025 Beste Risikolebensversicherungen according to WirtschaftsWoche) and term life insurance in the German market (2025 Risikolebensversicherung 'sehr gut' according to Handelsblatt).

DELA enjoyed a robust and strong reputation in the past calendar year. In comparison with the previous year, we saw a slight increase of two points, which shows that our activities aimed at maintaining and strengthening our reputation are paying off. The Dutch and Belgian brand campaigns definitely helped to build our strong reputation. Both policyholders and non-policyholders in the Netherlands perceive DELA as reliable, successful, and socially responsible. In Belgium, we saw our reputation rise once again. In 2025, we strengthened our name in the Belgian market.

We do not yet specifically measure our reputation in Germany. Our focus here is on building up our core activity and infrastructure. We will measure our reputation and monitor the results as we continue to grow. A brand campaign for Germany has been prepared for 2026.

At 31 points, Natura's eNPS remains high. However, this is lower than last year, mainly due to a decrease in employee satisfaction in the Netherlands. This development is connected to points for improvement around the timely supply of information, the design of our working processes, and capitalising on ideas and suggestions from employees. That serves as a basis for targeting improved communications, process optimisation, and taking action on feedback, with teams and departments also addressing their own results. In Belgium and Germany, employee satisfaction remained the same as in the previous year.

Thanks to the high scores for good employment practices in the employee experience survey, DELA in the Netherlands and Belgium received Effectory's World-class Workplace label. This label is for organisations that outperform the benchmark for eNPS and employment practices.

Our policyholders should be able to look to the future with as much confidence as possible with inflation-proof funeral insurance that we offer for the lowest possible premium. We aim for an optimum balance between equity, profit sharing, and solvency.

The €90.9 million in operating 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.

Coverage developments in percentage points:

Solvency ratio developments in percentage points:

Corporate governance at DELA stands for prudent management, good oversight, and transparent accountability. We comply with national laws and regulations, European directives and regulations (including Solvency II), and policy rules. As a voluntary member of the Dutch Association of Insurers, we commit to complying with several standards, such as the Dutch Code of Conduct for Insurers. Compliance with these codes of conduct by the members of the Dutch Association of Insurers is monitored by the foundation for insurer compliance, Stichting toetsing verzekeraars.

The design of our governance structure is set out in a governance charter, which we regularly evaluate and update where necessary.

DELA Coöperatie U.A. holds all the shares in DELA Holding N.V.

DELA Holding N.V. includes three principal companies: DELA Natura- en levensverzekeringen N.V. (hereinafter: DELA Natura), DELA Uitvaartverzorging N.V., and DELA Holding Belgium N.V.

DELA Natura accommodates all Dutch, Belgian, and German insurance activities. The Belgian and German insurance activities are conducted via a branch of the Dutch insurer in those countries.

As an insurer, DELA Natura, including its branches in Belgium and Germany, is subject to the prudential supervision of the Dutch central bank (DNB). In addition, DELA Natura is subject to the supervision of the Authority for the Financial Markets (AFM) in the Netherlands, the Financial Services and Markets Authority (FSMA) in Belgium and the Federal Financial Supervisory Authority (BaFin) in Germany as concerns business conduct supervision for insurance activities.

DELA Uitvaartverzorging N.V. is responsible for the funeral activities in the Netherlands. Belgian funeral activities fall under DELA Holding Belgium N.V.

The Supervisory Board oversees the Management Board and advises it about objectives, strategy, risks, and laws and regulations. The Supervisory Board approves, among other things, the financial statements, budget, large investments, and the remuneration policy, nominates members of the Executive Board, and assesses the performance of the Management Board. The Supervisory Board acts in the interest of the company, carefully balances the interests of stakeholders, and works according to internal rules. In principle, members of the Supervisory Board are appointed for a term of four years. They may be reappointed for a second terms of four years and for another two terms of two years each up to a total of twelve years.

For the proper performance of its tasks, the Supervisory Board has established an audit committee, risk committee, and a remuneration and appointments committee. These committees prepare decision-making by the Supervisory Board and advise the Supervisory Board and the Management Board. The composition of the Supervisory Board and its committees is illustrated below.

On 31 January 2026, Mrs Caderius van Veen stepped down from the Supervisory Board as her final term ended after 12 years. On that same date, Mrs Alma was appointed as a member of the Supervisory Board for a first term of four years.

The investment advisory committee evaluates whether proposals are consistent, comprehensive, and sound with regard to return, risk, and sustainability. The investment advice committee consists of at least three external persons. The Supervisory Board appoints the members of the investment advice committee on the recommendation of the Management Board.

DELA applies the Three Lines Model for risk management and control.

We safeguard the independence of the second and third lines so that the risk management system can function effectively.

Our risk appetite per risk category is as follows:

• Strategic risks – neutral risk appetite based on solidarity and our core values, with a view to interests and prospects for stakeholders and valuable products and services for our members
• Financial risks – neutral risk appetite aimed at robust solvency and long-term value creation for our policyholders through a well-spread investment portfolio and managing financial risks
• Operational risks – neutral risk appetite aimed at managing operational risks
• Integrity risks – low risk appetite aimed at compliance with laws and regulations

We take extra measures if the risks exceed the limits and/or are larger than desired. Limits may only be deliberately exceeded – temporarily – if approved by the Management Board.

The basic idea is to reduce risks that exceed our risk appetite to a lower risk level by using a mix of risk mitigation solutions. Additional actions are defined if limits are exceeded. If a KRI limit is exceeded, it is a sign that a risk has manifested itself. That can be a reason to take remedial action or to tighten up the internal controls.

Management regularly goes through the Risk Control Self Assessment (RCSA) process. That results in an 'in control statement' (ICS). In addition, the Internal Audit department evaluates the design and effectiveness of the risk management system.

The capital policy defines various actions should the solvency ratio drop below the internal minimum solvency capital requirement. The solvency ratio was constantly higher than the solvency requirement during 2025.

Financial continuity is essential for implementing our strategy. Stress tests show that while our solvency position is robust, our equity position is sensitive to scenarios with low interest rates and low inflation. We take preparatory measures or make different choices where necessary. The main preconditions and actions are set out in our capital policy, which is evaluated annually. We do not maintain any required capital for strategic risks.

More detailed information on the development of the financial risks (including the associated quantification) is provided in the risk section of the financial statements.

We are confident – and realistic – about the future. We continue to build on what we have achieved so far and make choices to remain relevant in the coming decades as well.

In 2026, we will take our first steps towards implementing our new strategic course as we pool our strengths across national borders more than ever before. We are working on an attractive and future-proof portfolio of insurance products. In Belgium, we are preparing to introduce a new insurance product that gives bereaved families financial peace of mind and support for their other concerns when someone dies.

Our employees play a central role in this endeavour. They form the heart of our organisation. We provide room for development, responsibility, and initiative so they can do their job with professionalism and commitment. In 2026, we developed a vision for the skills that we need for the future, both in leadership and within the organisation as a whole.

We are also investing in technology and process improvement so that we can adapt to changes more quickly and keep developing our services. We are working on a modular application landscape that supports flexibility and resilience.

In addition, sustainability remains an important part of our course. We are taking further steps to reduce our ecological footprint and are investing in employee vitality and long-term employability.

Finally, we are careful with our resources as we safeguard our financial basis. That helps us keep our services accessible while continuing to invest in quality, innovation, and the future of our organisation.

Our policyholders are at the heart of everything we do. It is through our continuous investment in people, processes, products, and services that we are able to promote their well-being. Our employees, suppliers, and partners make all the difference in that area every day, and we are very grateful to them for their hard work and commitment.