Performance by segment
The operating result increased to € 3.1 billion (+5.5%) thanks to the development of the technical margin. Premiums at € 49.7 billion (-6.3%) and APE at € 4.8 billion (-6.6%) reflected the increasingly disciplined approach to our product offer. The new business value improved significantly (+14.6%) as well as the NBM of 25.9% (+4.8 p.p.), in line with the objective of creating long-term value.
5 Including € 3,324 bln of premiums related to investment contracts
Operating result in continued growth, at € 2 billion (+2.9%), thanks to an excellent performance of the technical result. Premiums rose to € 21 billion (+2.1%), driven by the motor segment. The combined ratio further improved to 92.5% (-0.7 p.p.), thanks to the declining loss ratio.