B. GROUP FINANCIAL RESULTS 2021 L/H: investment margin very good at EUR 4.4bn Comments • Investment margin up 6% • Investment margin very good at 87bps Result of slightly higher investment margin (∆ +1bp to PHP of 79.8% vs. 79.5% in prior year. 87bps) and growth of reserve base (+4.1%). FY level for 2022 expected at ~75bps assuming • Higher current yield normalization of investment income. Current yield based on aggregate policy reserves up • Change in duration by 10bps. Increase driven by higher dividends. Duration of liabilities down mainly due to higher interest • Net harvesting and other in line with expectations rates. • Average minimum guarantee down by 9bps Decline in line with expectations. reflecting continuous switch to capital-efficient products. • Gross investment margin up 13bps to 247bps Result of higher current yield and lower minimum guarantee. 46 B 28