Full-year Results 2020
Business review France
EUR million (IFRS basis, VNB)
FY 2019
FY 2020
Change
GWP incl. PHD
5 304
5 857
+10%
Fee and commission
income¹)
293
316
+8%
•
Operating expense
-341
-355
+4%
•
Segment result
247
203
-18%
•
Fee result
75
76
+2%
Risk result
97
88
-9%
Value of new business
131
151
+16%
NBM (% PVNBP)
2.4%
2.4%
1) Net earned policy fees and commission income
12 | Investor presentation | Full-year results 2020
.
Life: +14% (market -20%); UL share 57% (market 34%);
Health & protection: +2% with individual protection +6%;
P&C: +5%
Higher UL fees due to strong net inflows
Business growth and investments in growth projects
Lower savings result due to lower net investment result
in context of Covid-19; lower cost and risk results
Higher fee result due to UL business, partly offset by
investments in growth projects
Lower risk result mainly due to Covid-19 premium taxes
and contributions
Higher volumes in life with stronger UL share; improved
business mix in health & protection; strong decrease in
interest rates
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