B. GROUP FINANCIAL RESULTS 2021 P/C: good underlying performance Comments • Germany –impacted by NatCat • LatAm–OP declines driven by Brazil and Mexico High NatCat losses partially compensated by Motor deterioration in Brazil driven by higher frequency and improvements in attritional LR and ER. inflation following market trend. OP in Mexico benefited from a • UK – CR on good level positive F/X one-off in 2020. Improvement in LR more than offset by higher ER • Turkey – challenging market environment which included a positive one-off in 2020 (~-4%-p). Higher operating profit in local currency more than offset by OP supported by change in internal reinsurance. F/X development. • France – OP stable • AGCS –strict portfolio actions pay off Higher attritional LR partially offset by lower ER. CR significantly improved vs. prior year and also slightly better • Italy – CR remains very strong than 2021 target level of 98%. Higher LR due to normalization of frequency in motor. • Allianz Partners – OP rises sharply • Australia – CR improves substantially Strong top-line and good CR. Favorable claims trend in travel Lower AY LR driven by underlying performance and more than offsets higher ER from change in business mix. better ER. • Euler Hermes – outstanding CR • CEE –profitability on excellent level Historically low claims environment drives favorable run-off Continued improvement of ER (∆ -0.5%-p) partially and lower AY LR. NPE grow 16% driven by economic offset by higher LR. recovery and exit of all relevant state schemes by end of June. • Spain – CR at 94% Increase in attritional LR of MidCorp business, normalization in motor frequency as well as higher 36 NatCat & weather related losses. B 18