Investor Presentaiton
More predictable L&S Earnings to be mostly driven by the release of CSM
L&S Underlying Earnings
(before tax)
1
1
2
3
Underlying Earnings will primarily be driven by the release of the Contractual Service Margin
(CSM), expected in the range of 9-11% p.a.
Investment result will include non-participating business and shareholders' funds, as well as the
impact of the unwind of discount from non-participating business
Technical experience will include:
▸ Actual experience vs. expected claims & expenses
► Release of Risk Adjustment
► Technical result of short-term business
4
2
IFRS4
IFRS17
26
IFRS17 Presentation | November 3, 2022
A minimal part of the expenses¹ (ca. 5%) will not be projected in the CSM and will be charged to the P&L as
incurred
Limited charges related to onerous contracts going forward, from both continued discipline on new
business and prudent assumptions on transition
All notes are on pages 38-41
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