B. GROUP FINANCIAL RESULTS 2021 P/C: operating profit at EUR 5.7bn Comments • Operating profit up 31% • Expense ratio – excellent performance Better underwriting and investment results partially Continued improvements in several OEs (e.g. GER, FRA) offset by lower ‘other’ result which benefited from a partially compensated by negative business mix effect and positive one-off (EUR +0.1bn) in 2020. positive prior-year one-off in the UK. CR improves -2.5%-p despite higher NatCat impact • Run-off – on normal level (∆ +1.4%-p) driven by the attritional LR (∆ -2.1%-p) 2020 impacted by COVID-19 and AGCS reserve and a normalization in run-off from low level in strengthening. 2020. Prior year included EUR 1.1bn negative • 4Q 2021 – strong operating profit of EUR 1.6bn impact from COVID-19. • Combined ratio by customer segment P/C segment 4Q 2020 4Q 2021 ∆ CR in retail (incl. SME and fleet) at 93.1%. Attritional LR 67.7% 67.7% -0.1%-p Commercial CR at 94.7%. NatCat 1.5% 1.3% -0.2%-p • NatCat & weather – above normal Run-off 0.7% -2.4% -3.1%-p Net NatCat losses of EUR 1,637mn/3.1% ER 27.5% 26.9% -0.6%-p significantly above prior year (EUR 880mn/1.7%) CR 97.4% 93.5% -3.9%-p and 10Y FY average of 1.9%. Largest drivers were Underwriting result (EUR mn) 289 841 +191.3% flood and storm events across Europe in summer. Investment result (EUR mn) 607 695 +14.5% Weather related losses (excl. NatCat) at 1.2% Other result (EUR mn) -14 16 n.m. slightly lower than in previous year (1.3%). OP (EUR mn) 881 1,551 +76.1% 34 B 16