Operational Capital Generation and Market Analysis

Conclusions Sustainable operational value & capital generation Excellent top line growth with sound margins ■ Focus on Quality over Quantity in distribution development ■ New Business Value and New Business CSM supportive of future profits High IFRS 17 results and operational capital generation reflecting a strong operational performance ■ Cyclical pressure on Solvency manageable without shareholder capital injection Significant potential of the Life, Health and Pension market ageas. 28

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