January 26, 2026 – The insurance profit rates of the 25 largest private health insurers were between 17.2 (LKH) and 6.9 percent (Debeka) on a six-year average. This is shown by the “Industry Monitor 2025: Health Insurance” from VERS Leipzig. The Munich club had the lowest rate in one of the years at minus 0.4 percent (2024), while the LKH had the highest at almost 21.4 percent. For the former, the range of fluctuation was the greatest at over 14 percentage points.
On average from 2019 to 2024, the 25 highest-grossing providers of private health insurance (PKV) achieved insurance business results (according to the PKV key figures catalog (PDF; 248 KB)) between 751.72 million euros (DKV Deutsche Krankenversicherung AG) and 27.55 million euros (Nürnberger Krankenversicherung AG).
This can be found in the “Industry Monitor 2025: Health Insurance” from VERS Leipzig GmbH. The publication contains overviews of numerous key figures from the 25 largest companies (premium volume) in this branch with around 97 percent market share. This includes, among other things, lists of damage and costs (Insurance Journal January 8, 2026).
The private health insurers with the highest/lowest ratios
Table of Contents
The insurance business result rate (also according to the PKV key figure catalog) was between 17.2 percent (Landeskrankenhilfe VVaG (LKH)) and 6.9 percent (Debeka Krankenversicherungsverein aG) over a six-year period (2019 to 2024).
Comparatively low values in the single-digit percentage range are also reported for Huk-Coburg-Krankenversicherung AG, Barmenia Krankenversicherung AG and Ergo Krankenversicherung AG, which is not active in full insurance business. The same applies to the Münchener Verein Krankenversicherung aG and the Bavarian Civil Service Health Insurance Fund AG (BBKK).
R+V Krankenversicherung AG, Generali Deutschland Krankenversicherung AG, Universa Krankenversicherung aG, DKV and LVM-Krankenversicherungs-AG recorded comparatively high result rates of a good 16 percent to over 14 percent.
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Munich club with the lowest value in the observation period
In 2024, the Munich club had the lowest overall rate of minus 0.4 percent. With administrative expenses falling slightly to 20.15 million euros, acquisition costs rose by over a quarter to 74.55 million euros.
Claims expenses increased by an eighth to 568.4 million. At the same time, gross premiums earned only increased by five percent to 660.2 million euros.
Closing costs for new business were burdensome
The company explains the negative underwriting result ratio in the 2024 Group annual report (PDF, 6.6 MB) as follows: “In addition to the high increase in benefits, which is also influenced by a significantly negative settlement result for 2023, the acquisition costs for the extremely positive new business also have a burdensome impact, as these will only be financed by the contributions later in the insurance period.”
Otherwise, the PKV provider was over eleven percent four times during the period under review, with a peak of 13.6 percent. For comparison: in 2024, the 25 players listed in the industry monitor achieved the lowest average value (7.02 percent). Twelve other providers were below the market average.
Up to almost ten percent fluctuation range
During the observation period, LKH achieved the highest insurance business profit rate of 21.4 percent in 2020. It also had the highest ratio of listed market participants in 2024, 2023 and 2020. The greatest fluctuation was observed at the Munich club at over 14 percentage points.
The “Industry Monitor 2025: Health Insurance” contains numerous other key figures for the insurance sector. The approximately 120-page study can be ordered as a PDF version for 803.25 euros gross including VAT from Maik Entrich by email or by telephone on 0341 24659262.
