Full-year Results 2020
Disciplined ALM continued to safeguard
the interest rate margin
Aggregated view, IFRS basis, in % technical reserves
Quality of earnings
and earnings
growth
4.0
3.0
2.0
1.0
0.0
2017
2018
2019
2020
26 | Investor presentation | Full-year results 2020
Net investment
yield
excl. net gains/
losses, after
FX hedging
costs
Guarantees
incl. conversion
rate expenses
Interest rate
margin
before policyholder
sharing
Interest rate margin resilient as a
result of disciplined ALM
•
•
•
Long asset duration supports yield
Narrow duration gap protects interest
rate margin
Reserve strengthening and focus on
profitable new business reduce
guarantees
Lower expenses for guarantees and
FX hedging offset by lower net
investment yield and slightly higher
conversion rate expenses resulting in
a resilient margin
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