B. GROUP FINANCIAL RESULTS 2021 P/C: operating profit at EUR 5.7bn Operating profit drivers (EUR mn) Combined ratio (in %) +30.6% -2.5%-p 96.3 93.8 +1,386 +86 5,710 Loss ratio 69.5 67.0 4,371 -133 1.7 3.1 NatCat impact2 (in %-p) Expense ratio 26.8 26.7 2020 2021 3 Run-off ratio (in %) Operating Underwriting1 Investment Other Operating +1.8%-p profit profit 2.6 2020 ∆ 2021/2020 2021 2021 3,026 2,642 42 0.8 2020 1,639 2,556 175 2020 2021 1) Underwriting result incl. change in reserves 2) NatCat costs (without reinstatement premiums and run-off) 33 3) Positive run-off ratio implies a positive P&L impact from prior year reserve movements B 15