Investor Presentaiton
KBC
Non-life and life insurance sales significantly up y-o-y
NON-LIFE SALES (GROSS WRITTEN PREMIUMS)
in m EUR
1,920
+8%
2,083
2021
2022
COMBINED RATIO (NON-LIFE)
in %
89%
89%
2022
2021
LIFE SALES
in m EUR
1,964
2,085
+6%
1,022
996
Guaranteed interest
products
942
1,089
Unit-linked products
2022
2021
VNB* LIFE
in m EUR
Highlights
-10%
288
260
2021
2022
7.7%
8.9%
FY22
41
of 74
■ Sales of non-life insurance products
Up by 8% y-o-y thanks to growth in all classes
■ The non-life combined ratio for FY22 amounted to an excellent 89% (89% in FY21).
This is the result of :
•
8% y-o-y earned premium growth in FY22
4% y-o-y higher technical charges in FY22 due mainly to:
o Higher normal claims and more negative impact of parameter updates
partly offset by:
。 Lower major claims and lower storm claims
Lower ceded reinsurance result (down 26m EUR y-o-y)
Note that the technical charges for Life and Non-Life (after reinsurance) in 2022 included a
release of technical provisions of respectively 31m EUR and 10m EUR, booked in the Czech
Republic, as a result of reassessing the confidence level of the technical provisions
■ Sales of life insurance products
Up by 6% y-o-y
o The 16% y-o-y increase in sales of unit-linked products was mainly the result of the
successful launch of new structured funds in Belgium
o Sales of guaranteed interest products decreased by 3% y-o-y
Sales of unit-linked products accounted for 52% of total life insurance sales
■ Value of New Business (VNB)
•
•
Decrease y-o-y mainly driven by lower fee income on unit-linked products in Belgium,
partly offset by higher interest rates
The VNB/PVNBP increased to 8.9% due to the higher margin on guaranteed interest
rate products, driven by increasing interest rates
* VNB = present value of all future profit attributable to the shareholders from the new life insurance policies written during the year
The VNB of KBC Group includes the expected future income generated by parties other than KBC Insurance, but within KBC Group (e.g. KBC Bank & KBC Asset
Management) arising from the sales of life insurance business. In 2022, this income amounted to 102m EUR (compared with 124m EUR in 2021)
** VNB/PVNBP = VNB compared to the Present Value of New Business Premiums. This ratio reflects the margin earned on total premiums
BU & FY22 view
Company profile
KBC Strategy
Sustainability
Asset quality
MREL & Funding
VNB/PVNBP
Profit & Loss
Capital & Liquidity
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