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 policy of more selective underwriting and rebalancing of the portfolio. Present value of new business premiums (PVNBP) amounts to € 4.8 billion (+4.01%). The new business value (NBV) improved significantly (+53.86%) standing at € 1.8 billion and the new business margin (NBM) at 4.01% (+1.46 p.p.) is in line with the target of creating long-term value.
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.) placed us in first place amongst our peers.