Full-year Results 2020
Business review International
EUR million (IFRS basis, VNB)
FY 2019
FY 2020
Change
GWP incl. PHD
2 071
1 253
-39%
Fee and commission
income 1)
282
260
-8%
•
•
Lower premiums primarily with private clients due to
reduced client activity in Covid-19 environment
Lower fee income due to Covid-19 impacts in business
with private clients and reduced client interactions at
owned IFAs in specific regions
Disciplined cost management
Operating expense
-103
-97
-5%
.
Segment result
73
73
0%
•
Resilient segment result
•
Fee result
53
48
-11%
•
Risk result
11
15
+41%
Value of new business
NBM (% PVNBP)
48
30
-38%
•
2.4%
2.6%
1) Net earned policy fees and commission income
14 | Investor presentation | Full-year results 2020
Lower fee result in line with income development
Higher risk result with corporate clients due to higher
risk premiums and positive claims experience
Increased margins driven by improved business mix
despite lower volumes
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