Performance by segment
The operating result increased up to € 3.1 billion (+1.8%), thanks to the development of the net investment result. Premiums at € 47.8 billion (-1.0%) are consistent with the more selective underwriting policy and the portfolio rebalancing. Present value of new business premiums (PVNBP) amounts to € 45.4 billion (-2,3%). The new business value (NBV) significantly improved (+53.86%), at € 1.8 billion, and the new business margin (NBM), at 4.01% (+1.46 p.p.), reflect the improved return vs. risk profile of the products.
Operating result amounts to € 2 billion (-4.9%). Premiums grew to € 20.7 billion (+1.7%) thanks to the positive performance of both business lines. The excellent combined ratio at 92.8% (+0.5 p.p.) confirmed our leadership position among large European peers.