What a wild year so far, one record after another, so it's time for an update and a rough overview of the portfolio.

First of all, some rough facts:

- just under a year ago I was able to report a portfolio balance of 600k euros, now it's already just under 700k ... that's crazy

- I currently have total gains of over 300k (current performance, dividends, sales)

- my total historical gross dividend will crack the 100k mark this year

The portfolio balance is of course only a snapshot and I am therefore particularly pleased about the dividend development. At the end of this year it will be well over 20k. So far, so good ... what do the details say?

Changes in the portfolio:

Ok, what has happened in the portfolio since the beginning of the year?

I have sorted out some low performers, including $MMM (+0,88%)
$COK (-0,49%)
$LAND (-1,05%)

My $INTC (-5,72%) I also sold my position completely in 3 steps, after the last purchases around 20$ this is currently too much euphoria and above all a crazy valuation. $ROP (+0,42%) I have reduced my position a little, which is only possible after a holding period of 4 years, simply to spread it a little more widely. I will also do that from time to time.

The money freed up by the sales has not yet been completely reinvested, but the majority of it has. With $EIX (-0,8%) and $BKW (-0,94%) I have built up a separate energy share and that $DTE (-0,49%) is now also in the portfolio - I'm in. My $XDJP (-1,74%) ETF is doing splendidly and my $XD5E (-1,68%)
$VFEM (-1,8%) and $VAPX (-3,17%) ETFs are doing well and will be expanded further. Otherwise, a lot has flowed into existing candidates (e.g. $ABBV (-0,39%) or $PG) (-0,48%)many US stocks have been increased and $BRK.B (-0,04%) bought a little more. The CHF portfolio was increased by $ZURN (+0,74%) , $SLHN (+0,57%) , $VZN (+1,01%) and the $PGHN (-1,08%) and $BCHN (-0,61%) I have increased my purchases.

Oh and yes, the chip shop $NOVO B (-1,83%) still seems to be alive :-)

My savings plans are continuing as usual, regardless of the current mood. The aim remains to build up a decent passive income with dividends in the long term.

I would say it's going well 🤓

Zurich Insurance Group ($ZURN (+0,74%) ) presented its figures for the full year 2025 this morning, showing once again that they have their business under control and are doing what we as investors expect of them.

-Operating profit: USD 8.9 billion (+14% YoY)

-Net profit: jumped 17% to USD 6.8 bn (up from USD 5.8 bn last year).

-EPS: increase of 13% to USD 45.1.

-Dividend increases significantly by 7% to CHF 30.00 per share (previous year: CHF 28.00).

The DZ Bank analysts have drawn up two lists of shares that they consider to be particularly attractive. For more defensive investors and for investors who rely on continuous cash flows, they recommend the so-called "dividend aristocrats": In other words, companies that have regularly paid and raised dividends.

Top dividend aristocrats:

Pfizer $PFE (-1,36%), Verizon $VZ (-1,14%), BNP Paribas $BNP (-2,91%)Zurich Insurance $ZURN (+0,74%), Enel $ENEL (-2,27%), Sanofi $SAN (+0,22%), Hannover Re $HNR1 (+0,17%) , Man and Machine $MUM (+0,28%), Generali $G (-1,08%) and Allianz $ALV (-0,96%)

Another list has been compiled for investors with a somewhat higher risk appetite: Stocks with attractive dividend yields and additional share price potential. These not only pay a good dividend of at least three percent, but could also increase significantly in price in the future. However, the continuity of dividends in the past plays a lesser role - and this strategy is correspondingly riskier.

Top dividend rockets:

Man and machine $MUM (+0,28%) , Cancom $COK (-0,49%), Bastei Lübbe $BST (+3,02%), Sixt $SIX2 (-1,29%), Kontron $KTN (-0,87%), Fresenius Medical Care $FME (+1,37%), Vonovia $VNA (-2,52%), Hawesko $HAW (-0,98%), ElringKlinger $ZIL2 (+2,13%) and Hannover Re $HNR1 (+0,17%)

Source text (excerpt) & graphic: World | AAA, 19.02.2026

The insurer Zurich $ZURN (+0,74%) and Deutsche Telekom $DTE (-0,49%) with its subsidiaries Deutsche Telekom Security GmbH and DeTeAssekuranz, have presented a new cyber insurance solution at the current it-sa, Europe's largest trade fair for IT security. With the aim of creating a clear and, above all, comprehensive protection package for customers, the jointly developed cyber insurance combines state-of-the-art IT security services with real-time risk analyses in a single product. This gives customers a comprehensive bundled offer that goes far beyond a conventional IT security solution.

The focus is on telecoms customers from SMEs and industry with a turnover of between EUR 100 million and EUR 2 billion, who can optionally expand their cyber protection as part of the MDR (Managed Detection & Response) product family.

They receive a transparent offer that is determined using a reduced questionnaire and takes individual requirements into account.

The special feature of the new insurance offer is that customers can take advantage of an optional extended cover limit with a term of up to 36 months. This offers them planning security over the entire term and also provides long-term premium stability.

》True cyber resilience requires an intelligent ecosystem《

Many customers find the cyber insurance market confusing. They come across numerous tariffs with rarely comparable modules and complex contractual conditions. This makes it difficult to find the right insurance cover.

At the same time, the risks posed by cyber attacks, data leaks and IT failures are constantly increasing. Regulatory requirements are also growing significantly, which highlights the urgent need for a holistic protection solution.

"At Zurich, we are convinced that true cyber resilience requires more than isolated tools - it needs a holistic and intelligent ecosystem that combines insurance, IT security and cyber intelligence. Through our strategic collaboration with Deutsche Telekom, we are creating an offering that meets precisely these requirements. Together we are setting new standards," emphasizes Petra Riga-Müller, Board Member Commercial Insurance Germany at Zurich Group Germany.

"In my opinion, there is no such thing as 100% technical security, so supplementary insurance can be a sensible investment. A highly motivated, experienced team meets a reliable insurer for a tailor-made product," says Telekom Security CEO Thomas Tschersich.

Further increased my CH values. Soon the $JFN (-2,58%) will be added!

In addition, today $SREN (+0,95%) bought today.

I have decided to sell my $KER (-2,73%) -shares. The position has been clearly in the red for some time and I am no longer convinced by the fundamental development. The problems at Gucci in particular are weighing on the outlook and make $KER (-2,73%) currently more of a risky turnaround bet. Instead of tying up capital in an unclear recovery, I would like to deploy it more efficiently. My focus is now on stocks with more stable fundamentals and better prospects: value and dividend stocks such as $ALV (-0,96%) or $ZURN (+0,74%) as well as growth stocks in areas such as cloud, cybersecurity or AI, such as $CRWD (+2,77%) . A global ETF such as $VWRL (-1,24%) remains interesting for broad hedging.

👉 What would you invest the freed-up capital in?

I topped up my CH stocks today! Do you have Zurich Insurance $ZURN (+0,74%) in your portfolio?

$LMND (-3,67%)

• over 90% in the last 3 months
• just under 50% in the last month

Short quota just under 30% 🫣

The market is slowly recognizing the potential, momentum continues

Currently, 98% of all onboarding and 55% of all claims processing is handled by native AI agents without human interaction

This means that scaling is possible without an increase in personnel.

This means an increase in efficiency and operational leverage.

AI-centric design also reduces costs.

The majority of costs in the insurance industry arise from claims settlement.

This is because humans used to be heavily involved in this.

As $LMND (-3,67%) now handling this with the help of AI, their loss ratio is also falling.

Lower costs lead to lower prices.

Some of these cost savings are passed on to customers in the form of lower prices.

Currently, prices are on average 68% lower than those of the competition.

This creates a positive feedback cycle:

- Operating leverage reduces costs.

- Reduced costs increase efficiency.

- This allows $LMND (-3,67%) charge lower prices.

- Lower prices attract more customers.

- Larger scale increases operating leverage again.

A cycle of growth 🚀

$ALV (-0,96%)
$MUV2 (+1,37%)
$ALL (+0,78%)
$PGR (+1,81%)
$BRO (+0,31%)
$ZURN (+0,74%)
$CS (-1,03%)
$BRK.B (-0,04%)

$LMND (-3,67%)

One of the most impressive key figures when you have growth of 80 % (800,000 customers)

while operating costs continue to fall.

This shows very nicely how AI and automation can have an impact on a company/business model that has been built and trained from the ground up with artificial intelligence.

There are hardly any other companies where the number of employees remains almost the same or the number of employees is likely to have decreased between 2022 and 2025, but the company continues to grow strongly.

Employees 2022: approx. 1367

Employees 2025 approx. 1235

(According to my internet research)

$PGR (+1,81%)
$BRO (+0,31%)
$ALV (-0,96%)
$MUV2 (+1,37%)
$ALL (+0,78%)
$UNH (-3,16%)
$HNR1 (+0,17%)
$BRK.B (-0,04%)
$ZURN (+0,74%)
$CS (-1,03%)

$LMND (-3,67%)

• Revenue: $164.1M (Est. $161.4M) ✅; UP +46% YoY
• EPS: -$0.60 (Est. -$0.80) ✅
• In-Force Premium: $840M; UP +22% YoY

Customer & Premium Metrics

• Premium per Customer: $394; UP +11% YoY
• Total Customers: 2.1M; UP +10% YoY
• Policies in Force: 2.13M
• Annual Dollar Retention (ADR): 87%

Other Q2 Metrics:

• Gross Profit: $41.3M; UP +91% YoY
• Adj EBITDA: -$30.4M
• Net Loss: $41.6M
• Gross Loss Ratio: 77% (vs. 94% YoY)
• Cash & Investments: $888M
• Net Cash Used in Operating Activities: -$29.8M

CEO comment:

🟡 "We achieved record sales and margin improvements. This is the strongest second quarter in Lemonade's history."

🟡 "We are on track to achieve our target of adjusted EBITDA profitability by mid-2026."

$BRO (+0,31%)
$BRK.B (-0,04%)
$BRK.A (-0,04%)
$PGR (+1,81%)
$ALV (-0,96%)
$MUV2 (+1,37%)
$CS (-1,03%)
$HNR1 (+0,17%)
$UNH (-3,16%)
$ALL (+0,78%)
$601318
$CB (+2,23%)
$ZURN (+0,74%)
$TLX (+1,44%)
$HSX (+10,83%)