Investor Presentaiton
3 Contractual Service Margin (CSM) of ca. €34bn on transition
Building Blocks of New Business
Contractual Service Margin
► Application scope
Calculated by group of contracts for long-term Life & Savings
and Health products
► CSM mechanism
CSM absorbs changes in technical assumptions for all business
and financial variance for participating business only
▸ Onerous contracts
Loss from onerous contracts charged to the P&L on Day 1 and
recorded as loss component on the Balance Sheet
Premiums
Claims &
Attributable
Expenses
Risk
Adjustment
Discounting
Opening
Contractual Service
Margin
ca.
€9bn
17
IFRS17 Presentation | November 3, 2022
Life &
Savings
ca.
€25bn
Contractual
Service Margin
Health
All notes are on pages 38-41
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