Investor Presentaiton
Impact to KPIs (cont'd)
CSM
Shareholder's equity
ROE
Financial leverage ratio
28
AXA
CNP Assurances
Not commented
►Decrease when incl. OCI,-
stable at transition excl.
OCI
► No expected change
► Improvement due to the
inclusion of CSM in the
denominator
The CSM (excluding taxes
and non-controlling
interests) increased by
€1.3b at 30 June 2022,
mainly due to higher
interest rates
►IFRS 17 equity at 30
June 2022 to be less
volatile than under IFRS
4 (€1.7b vs. €3.6b)
Not commented
Not commented
Generali
► CSM expected to be
~€33b, reflecting profit
of in-force business
► Broadly stable (decrease
of €2b in life offset by
increase of €2b in P&C)
► Not commented
►Decrease due to the
inclusion of net CSM in
comprehensive equity
Great-West Lifeco
CSM growth to moderate
over time as earnings
mix shifts to US and
other less impacted
product lines
▸ Expected to reduce by
10% to 15% due to
establishment of the CSM
►Increase in ROE by 2% to
16% -17% due to
reduction in SHE
No impact is expected
►
HISCOX
Not applicable (PAA only)
►Marginal increase
expected on transition
due to discounting
▸ Impact expected through
change in profit
emergence
►Decrease due to the
increase in SHE on
transition with no
changes to the valuation
of borrowings
Market updates on impact of IFRS 17 and IFRS 9
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