3Q 2023: PVNBP, the present value of new business premiums, increased to 14.4 (13.5) billion euros, driven by higher volumes in Italy and the United States, partially offset by foreign currency translation effects in the United States, Asia Pacific, and Türkiye, as well as unfavorable economic impacts primarily from discounting in Germany, France, and Italy.
Operating profit softened slightly to 1.3 (1.4) billion euros primarily driven by foreign currency translation effects and transitional impacts linked to the adoption of IFRS 17 in the United States in the prior year. The release of the Contractual Service Margin (CSM) remained stable at 1.3 (1.3) billion euros.
Contractual service margin (CSM) decreased to 52.1 (52.9) billion euros due to unfavorable economic developments with higher interest rates and lower equity markets, and from a cost correction at Germany. New business and expected in-force return were lower than previous quarter, which led to normalized growth of 0.7 percent in the third quarter.
The new business margin (NBM) was 6.2 percent (6.5 percent). The value of new business (VNB) remained stable at 0.9 (0.9) billion euros, with increased volume in Italy, and an improved business mix in Asia Pacific.
9M 2023: PVNBP decreased to 50.6 (51.1) billion euros, including unfavorable economic impacts primarily from discounting in Germany, France, and Italy, offset by increases in volume in the United States.
Operating profit increased to 3.8 (3.2) billion euros as last year was affected mainly by transitional impacts linked to adoption of IFRS 17 in the United States. The release of the Contractual Service Margin (CSM) was stable at 3.7 (3.7) billion euros.
Contractual service margin (CSM) was stable at 52.1 (52.2) billion euros, with a slight decrease triggered by the third quarter. The normalized growth was 3.3 percent.
The new business margin increased to 5.9 percent (5.7 percent), driven by overall favorable economics across entities. The value of new business remained stable at 3.0 (2.9) billion euros, with slight increase due to higher volumes and favorable economic impacts.