12M 2021: PVNBP4 jumped to 78.7 (61.5) billion euros, driven by higher sales volumes for fixed index annuities in the United States and improvements in Italy and France through back-book management. Other contributing factors were higher volumes from unit-linked products in Italy and a large reinsurance treaty at Allianz Reinsurance.
Operating profit rose to 5.0 (4.4) billion euros, due to higher reserve loadings, an improved investment margin, and the previous year’s loss recognition in the United States. Higher unit-linked management fees in Italy, a higher investment margin in France, and an improved technical margin in both German life and health businesses supported this development.
The new business margin increased to 3.2 percent (2.8 percent), driven by a better business mix. The value of new business grew to 2.5 (1.7) billion euros, due to higher volumes and increased margins.
4Q 2021: PVNBP, the present value of new business premiums, grew to 19.8 (19.0) billion euros, predominantly due to higher sales volumes of fixed index annuities in the United States.
The new business margin (NBM) increased to 3.4 percent (2.7 percent), driven by an improved business mix in the United States, France and Italy. Favorable market developments supported this growth.
The value of new business (VNB) grew to 0.7 (0.5) billion euros, due to higher volumes and margins.
Operating profit decreased to 1.3 (1.4) billion euros. The impact of a lower investment margin in the German life business, a write-off for an administrative system in Benelux and higher claims in Indonesia was partly offset by an increase in management fees for unit-linked products in Italy.