B. GROUP FINANCIAL RESULTS 2021 L/H: successful new business management Comments PVNBP by line PVNBP by OE • Strong new business across preferred lines • Germany Life – new business remains on high level Protection & health increases 52% resp. EUR 5.7bn Good acceptance of modified products. NBM close to target level. supported by one large contract in corporate business. Share of P&H is up to 11% with NBM 6.8%. UL is up by 36%, resp. EUR 4.8bn, driven by various • USA –strong sales performance across all lines All lines with NBM >3%. countries. Higher sales in Italy (∆ EUR +1.5bn) and France (∆ EUR +1.9bn), the latter benefitting from • Asia Pacific – double-digit growth with 5.7% NBM back-book management. UL business grows by 40%. Good growth across Taiwan, Malaysia Capital-efficient business is up by 19%, resp. and the Philippines. EUR 5.4bn, with largest volume expansion in the USA • Italy – back-book management and UL growth (∆ EUR +3.4bn). Higher sales in France (∆ EUR +2.0bn) GS&A up due to renegotiation of contracts in corporate business were supported by back-book management. (EUR 2.8bn). UL sales grow 23%. GS&A is up 15%, resp. EUR 1.3bn, driven by the • France – active back-book management renegotiation of corporate contracts in Italy (EUR 2.8bn). Successful transfer of in-force business (EUR 2.8bn) into newly Adjusted for back-book management total growth is 12% launched product with UL and capital-efficient component. with prior-year sales being affected by lockdown • Other OEs – large contract in corporate business measures. Allianz Re with one large contract (EUR 3.7bn) in corporate P&H • NBM very good at 3.2% business with NBM of 3.4%. Strong recovery of NBM for capital-efficient products. • Germany Health – 1/4 growth and 3/4 model changes NBM for UL and protection & health at very good level. and other 40 B 22