B. GROUP FINANCIAL RESULTS 2021 L/H: operating profit up 15% to EUR 5bn Comments • OP is EUR 0.6bn above FY target range midpoint Operating profit by line Operating profit driven by investment margin (+6%), • Protection & health UL management fees (+22%), loadings from reserves Low prior-year result (LTC loss recognition in the U.S.). (+10%) and technical margin (+15%). • UL w/o guarantees • Loadings & fees supported by UL business Operating profit up 19%. Increase driven by higher UL Increase due to higher UL management fees and management fees in Italy. loadings from reserves. • Capital-efficient products • Technical margin – higher contribution from USA Operating profit increases by 34%. Higher contribution from In addition better results from Germany and the U.S. (+34%) and German Life business (+42%). Switzerland. • Guaranteed savings & annuities • Investment margin very good at 87bps Slightly higher operating profit despite declining reserves Investment margin up 6% to EUR 4.4bn, largely driven (-3%). Improvement mainly due to better result from France. by business growth. • 2021 RoE at 13.0% • Expenses – new business growth 4Q 2020 4Q 2021 ∆ Acquisition expenses driven by new business growth. PVNBP (EUR mn) 18,974 19,750 +4.1% Admin expense ratio stable. NBM 2.7% 3.4% +0.7%-p • Impact of change in DAC – new business growth VNB (EUR mn) 521 672 +28.8% Higher capitalization driven by new business growth, Investment margin 33bps 24bps -9bps e.g. USA and France. Lower amortization due to prior- Operating profit (EUR mn) 1,429 1,264 -11.6% year effect (LTC loss recognition in the U.S.). 42 B 24