Investor Presentaiton

Impact to KPIs (cont'd) P&C combined ratio P&C profitability NBV AXA Not commented ► Future profitability to be determined by combination of CSM and risk adjustment release A CNP Assurances Not commented Not commented Generali ► Ratio methodology to change, incl. all expenses in the numerator Slightly higher, owing to higher restated expense ratio and prior-year development ► Operating result more sensitive to interest rates due to discounting Not commented Not commented Will be key (newly introduced) life KPI going fwd.1 NBV margin and APE Not commented Not commented Not commented Great-West Lifeco ►Life business only HISCOX ► Slight deterioration expected due to increase in numerator (now gross basis) Life business only New business gains recorded as CSM ►New business gains deferred and recognized over the life of contracts Not commented ►Reduced volatility as changes to investment return arising from interest rate movements are now partially offset by discount rate on net insurance liabilities Not commented Not commented 1 Compared to the old representation of NBV, the new definition considers IFRS 17 economic assumptions, different contractual boundaries and risk adjustment in place of Cost of Capital & Non-Hedgeable Risk (CoC &NHR). 24 Market updates on impact of IFRS 17 and IFRS 9 EY

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