PDF (716 KB)

Conference Call on Q3/2021 financial results

Hannover, 4 November 2021

Agenda

1	Group overview	2
2	Property & Casualty reinsurance	6
3	Life & Health reinsurance	11
4	Investments	14
5	Target Matrix	17
6	Outlook	19
	Appendix	22

2 Conference Call on Q3/2021 financial results

| 1 Group overview | 2 | 3 | 4 | 5 | 6 |

Strong nine-month results demonstrate resilience and earnings power in a heavily loss-affected year

	GWP	F/x-adj. +14.4%
24.000	19,295	21,620
12.000
		+12.0%
0
	Q1-3/2020	Q1-3/2021

NPE	F/x-adj. +13.9%
24.000	17,634
15,772
12.000
	+11.8%
0
Q1-3/2020	Q1-3/2021

EBIT
1400	1,281
903
700
	+41.8%
0
Q1-3/2020	Q1-3/2021

Group net income

1400
668	856
700
	+28.2%
0
Q1-3/2020	Q1-3/2021

10.2%		EUR 94.60	239%
Return on Equity		Book value per share		Solvency II ratio
above target of 8.9%		+3.8%; favourable earnings and slight increase in net OCI	30.09.2021
	offset by dividend payments

P&C R/I

C/R: 97.9%

• Strong and diversified premium growth (f/x-adj. +17.7%)
• Combined ratio of 97.9% above target due to large losses of EUR 1,070 m. exceeding the budget for Q1-3/2021 by EUR 221 m. (1.8% of NPE)
• Covid-19net loss estimate unchanged at EUR 950 m.

L&H R/I

EBIT: 220 m.

• Favourable premium growth (f/x-adj. +6.9%)
• EBIT impacted by Covid-19 mortality claims of EUR 404 m., partly offset by positive one-off effects from restructuring within US mortality portfolio in Q1/2021 (EUR 129 m.) and from Longevity (EUR 99 m.)

Investments

RoI: 2.9%

• AuM increased by 12.3% to EUR 55 bn. mainly driven by very strong operating cash flow
• RoI from AuM: 2.9%, above full-year target of 2.4%
• Increase in ordinary investment income mainly due to higher contribution from alternative investments and volume growth

Figures in EUR millions, unless otherwise stated

3 Conference Call on Q3/2021 financial results

| 1 Group overview | 2 | 3 | 4 | 5 | 6 |

Very strong operating cash flow driven by profitable premium growth

AuM +12.3%, cash flow and f/x effects more than offset lower asset valuation

Operating cash flow

in m. EUR

4,193

			3,231	1,513
			641
		2,509
	2,225	39
		941	919	994
	515
1,694
225
561	692		736
	821
519	390			1,686
		935
	627	709
389
2017	2018	2019	2020	2021

Q1 Q2 Q3 Q4

Assets under own management (AuM)		in m. EUR
				55,030
	47,629			49,002
42,197
40,057

2017

2018

2019

2020

30.09.2021

4 Conference Call on Q3/2021 financial results

| 1 Group overview | 2 | 3 | 4 | 5 | 6 |

Shareholders' equity up by 3.8%
Policyholders' surplus			in m. EUR Change in shareholders' equity		in m. EUR
			14,071	15,238		856				11,409
							509
		13,589		10,995
			2,978
			2,232			(543)
						(408)
		2,234
10,779	11,035		844	852
826
1,492	1,493
758	765
		10,528	10,995	11,409
8,528	8,777
2017	2018	2019	2020	30.09.2021	Shareholders'	Net	Dividend	Change in	Currency	Shareholders'
Shareholders' equity	Non-controlling interests	Hybrid	equity	income	payment	unrealised	translation	equity
31.12.2020			gains/losses	and other	30.09.2021

5 Conference Call on Q3/2021 financial results