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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 EY
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