Operational Capital Generation and Market Analysis

Strong increase in NBV largely driven by higher margins agency New Business Value* In RMB mio @100% +28% 3,646 13.5% 2,838 -1 pp 12.2% New Business margin In % of APE 6M 2022 6M 2023 6M 2022 6M 2023 Margin 17.3% 18.6% 6.0% 3.6% +32% New Business Value* Agency In RMB mio @100% 2,290 3,023 6M 2022 6M 2023 * +8% 395 428 6M 2022 6M 2023 New Business Value based on the China local framework New Business Value* Banca In RMB mio @100% ageas. 13

View entire presentation