B. GROUP FINANCIAL RESULTS 2021 L/H: value of new business up 45% Comments New business Operating profit • NBM very good at 3.2% • Germany Life – strong performance Improvement driven by better business mix (+0.5%-p). Increase driven by higher technical margin. Most countries with improving or stable NBM. • USA –largest contributor to operating profit • VNB 17% above pre-pandemic level 2019 Strong underlying performance further supported by VNB growth of 45% as result of higher NBM (∆ +0.4%-p) favorable capital markets. and increased new business volume (+28%). • Asia Pacific – good underlying development • VNB multiplier in the range of 3.0-3.5 Higher contribution from Thailand and Taiwan partially offset Conversion to undiscounted operating profit. by Indonesia. Technical result in Indonesia impacted by • Business mix improves claims related to COVID-19. Trend towards products with <100% principal protection • Italy – operating profit driven by higher UL fees continues with good acceptance of modified products Operating profit from UL increases by 42%. Share of UL in across almost all countries. Share of GS&A in new total operating profit is at 72%. business down to 12%. • France – double-digit profit growth • Successful back-book management Increase mainly driven by higher investment margin. Back-book management in Switzerland, France, Italy and • Benelux – Belgium with lower contribution the U.S. included reserves of EUR ~38bn resp. 7% of Lower investment margin due to disposal of back-book and aggregate policy reserves. This results in a capital higher admin expenses. release of EUR ~4bn, uplift for SII-ratio of +11%-p and • Germany Health – better technical and uplift for RoE L/H of +1.4%-p. investment margin 44 B 26