Full-year Results 2020
Business review Germany
EUR million (IFRS basis, VNB)
FY 2019
FY 2020
Change
GWP incl. PHD
1 236
1 297
+5%
Fee and commission
income¹)
448
515
+15%
Operating expense
-224
-234
+5%
Segment result
167
168
0%
Fee result
66
87
+32%
•
Risk result
33
28
-14%
Value of new business
NBM (% PVNBP)
55
72
+30%
•
3.3%
3.5%
1) Net earned policy fees and commission income
13 | Investor presentation | Full-year results 2020
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Higher premiums with modern, modern-traditional and
disability products (market 0%)
Strong revenue increase at owned IFAs due to growing
number of financial advisors and higher productivity
Business growth and investments in growth initiatives
such as further digitalisation of owned IFAs
Resilient segment result due to higher fee result that
offset lower savings, risk and cost results
Fee result increased due to higher revenues and
productivity gains at owned IFAs
Lower risk result in disability business
Continued shift to modern products with significant
volume growth and lower guarantees
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