20240405_海通证券_保险行业2023年报回顾与展望：负债端高歌猛进精算假设调整压实EV_32页.pdf-资源下载-

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20240405_海通证券_保险行业2023年报回顾与展望：负债端高歌猛进精算假设调整压实EV_32页.pdf

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20240405_海通证券_保险行业2023年报回顾与展望：负债端高歌猛进精算假设调整压实EV_32页.pdf

Table_MainInfo/2024 04 05 Table_InvestInfo Table_QuoteInfo-18.88%-10.05%-1.22%7.62%16.45%25.28%2023/4 2023/7 2023/10 2024/1 Table_ReportInfo 2 2024.04.01 2024.03.19 2 2024.03.17 Table_AuthorInfo:Tel:(010)50949926 Email:S0850515040002:Tel:010-56760090 Email:S0850523070002 EV 2023 Table_Summary 2023-27%1 2023-31%-23%-27%-60%-10%-34%2-20%-0.4%3 2023 A H 6.0%8.1%NBV EV 1 15%50%2 2023 EV/NBV EV NBV NBV+14%+36%+31%+65%+70%NBV 78%116%242%NBV margin 0.4pct 3.0pct 3.4pct 3 14%-5%20%4 3.9%+1.0%1+6%+1%+11%-0.7pct 2 97.6%100.7%97.7%+0.9pct+1.1pct+0.8pct 1+11%15%2+5.3pct+FVOCI 3-0.6pct-1.2pct+0.6pct FVOCI I9 2022 1 2 4 3 2.28%3 2024 4 3 0.35-0.68 2024E P/EV 2 1.6 1.1 27.2%.6 1.1.1 2023.6 1.1.2 2022.7 1.2 27.2%.8 1.3.9 1.4.9 2.NBV EV.10 2.1 Q2.10 2.2-14%.12 2.3 EV NBV.13 2.3.1 EV.14 2.3.2.15 2.3.3 NBV margin.18 2.4.19 2.5 EV/NBV.20 3.+5.7%.20 3.1+5.7%.20 3.2+COR.22 4.24 4.1.24 4.2-0.6/-1.2/+0.6pct.25 4.3+.26 4.4.27 5.2024.29 YWFUxOnQtQqRpRpMrMrOqRbRdN6MoMqQsQmQlOrRrNfQpPpQbRqRqQvPnNtRwMoPmO 3 1 2023 ROE.6 2 2023%.7 3 2023%.7 4 2023-19.7%.8 5 2023-0.4%.8 6.9 7.10 8 3 29.10 9 2023.11 10 2023.11 11 2014-2023.12 12 2019-2023.12 13.13 14 NBV.13 15 2023 EV.14 16 EV.14 17 EV.14 18 EV.14 19 2023 NBV.15 20 2007-2023 NBV.15 21 NBV.16 22 NBV.16 23 2023 Q1-4 NBV.17 24 2023 Q1-4 NBV.17 25 2022-2023 NBV.17 26 2023 NBV Margin.18 27.18 28 2023.18 29 2023/.19 30 2023.19 4 31.20 32.20 33.20 34 2023.21 35 2023-0.7pct.21 36 2023.22 37 2023.23 38 2023.23 39.24 40 2016-2023.25 41 2023.25 42 2023 2.9%.26 43.26 44.28 45 AAA.29 46%.29 47 2024%.30 yIP70s0 xXOXOSazlqCyEfsiCYydMK33bsDsO0TSEcfa7AKACvzMX/A1Qye3zraBK 5 1 2023.6 2.8 3.8 4.9 5 2023+12.6%.9 6 2023.13 7.13 8 2023 EV.15 9 NBV NBV margin.18 10.21 11.22 12.22 13.23 14.24 15.24 16 2023+.27 17 2023.27 18 2023.28 19 2023.28 20.31 6 1.1.1 27.2%2023 1906-27.2%Q4-69.9%Q3 2023 462 857 273 87 228-30.7%-22.8%-27.1%-59.5%-10.2%211-34.2%Q4 49+364%2023 ROE 2023 1 2023 2022 2023 2022 2023 2022 2023 555 355-36.0%667 462-30.7%112 106-4.7%928 876-5.6%1110 857-22.8%182-19 306 231-24.4%374 273-27.1%68 41-39.3%113 95-15.5%215 87-59.5%102-8 243 205-15.5%254 228-10.2%11 23 105.1%2145 1763-17.8%2619 1906-27.2%475 143-69.9%2023 1 2023 ROE 4.7%9.7%11.4%7.9%9.6%0.0%5.0%10.0%15.0%20.0%25.0%30.0%2016 2017 2018 2019 2020 2021 2022 2023 2016-2023 2022-2023 1.1.1 2023 2023 2023 300 A-11.4%-5.2%-19.4%-3.7%2022-21.6%-18.7%-29.4%-15.1%300 A-7.0%-3.8%-5.6%-4.4%2022+1.8%+2.9%+2.5%+2.1%7 2 2023%-25.0%-20.0%-15.0%-10.0%-5.0%0.0%5.0%10.0%15.0%300 A Wind 2023 1 2023 1 28 2.93%2 3 8 8 21 2.54%3 8 4 11 PMI 12 2.56%2bps 2023 28bps Q4 12bps 2022 6bps Q4 8bps 2.7%3 2023%2.93 2.54 2.72 2.56 2.502.552.602.652.702.752.802.852.902.953.00 Wind 1.1.2 2022 2023 I17 I9 8 2 2022 321 838 246 98 244 1747 2022 667 1110 374 215 254 2619 107.8%32.5%51.9%118.9%3.9%49.9%2022 2023 3 2022 4362 8587 2284 1029 2215 18477 2022 3660 8692 1965 980 2229 17525-16.1%1.2%-14.0%-4.8%0.6%-5.2%2022 2023 1.2 27.2%2023 5%4.5%2023 1180 355-19.7%-0.4%-3.2%+0.4%4 2023-19.7%1484 14691180-10010030050070090011001300150017002022 2022 2023-1.0%-19.7%2022-2023 5 2023-0.4%4013573553003203403603804004202022 2022 2023-11.1%-0.4%2022-2023=+2023 748-7.2%8.9%9 4 2023 2022 88587 91710-3.4%74787 80590-7.2%6029 5884 2.5%7771 5236 48.4%25589 21785 17.5%114176 113495 0.6%-8092-3685 119.6%106083 109810-3.4%105070 108544-3.2%2023 1.3 FVOCI 2023 2023 19731 12.6%0.4%2023+30.3%+3.4%+27.0%+7.2%+8.8%+0.5%-0.5%+4.6%-3.0%+0.8%2023 4601+5.5%+4.1%5 2023+12.6%2022 2023Q3 2023Q3 2023 2023 2023 Q3 3660 4747 29.7%4771 30.3%0.5%8692 9031 3.9%8990 3.4%-0.5%1965 2385 21.4%2496 27.0%4.6%980 1083 10.6%1051 7.2%-3.0%2229 2404 7.9%2424 8.8%0.8%17525 19651 12.1%19731 12.6%0.4%2023 1.4 2023 0.43 2.43 1.02 0.85 0.16-12.2%-21.3%-6.0%0.4%6 0.000.501.001.502.002.503.00 2019 2020 2021 2022 2023 Wind 10 30%2023 58%51%36%30%30%15pct-2pct-4pct-4pct 2023 37%28%+8pct+3pct 2022/2023 7 20%25%30%35%40%45%50%55%60%2019 2020 2021 2022 2023 Wind 3 29 A 1.5%6.0%4.4%2.9%3.0%H 5.1%8.1%8.2%6.8%6.9%8 3 29 1.5%6.0%4.4%2.9%3.0%5.1%8.1%8.2%6.8%6.9%0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%9.0%A H Wind 2.NBV EV 2.1 Q2 2023+16.7%+26.0%+52.2%+31.8%+37.1%1+12.6%+27.9%+32.3%+9.8%+19.9%2+39.4%+36.9%+170.2%+60.5%+53.7%2023 11+9.4%+10.0%+4.2%-25.8%+9.4%+79.2%+69.6%+88.8%+103.5%+243.0%+69.9pct+59.6pct+84.5pct+233.6pct+16.0%+28.9%+37.9%+9.9%+43.7%Q3-25.7%+25.4%+44.8%+24.1%-1.6%Q2 Q3 7 8 Q3 Q2+30.4%+2.7%-3.6%+8.2%-21.6%+56.1pct-22.7pct-48.3pct-15.8pct-20.0pct Q4 22 23 9 2023 964268442123132178611824911257310637635199235382502216.7%26.0%52.2%31.8%37.1%0.0%10.0%20.0%30.0%40.0%50.0%60.0%020000400006000080000100000120000 2022 2023%2022 2023 10 2023-50.0%0.0%50.0%100.0%150.0%200.0%250.0%300.0%Q1 Q2 Q3 Q4 2022-2023 12 2.2-14%2023 2023-13.6%-5.1%-22.0%-17.4%-21.3%-8.8%1 2023 63.4-5.1%2023-4.1%41 22.4-4.7%-5.9%2 35.6-26%34.7-22%3 21-24.7%19.9-17.4%4 15.5-21.3%-9.4%2.7-40%5-9%8.9 2.1 11 2014-2023 74.397.9149.5 157.8143.9161.3137.882.066.8 63.463.687.0111.1138.6141.7116.7102.460.044.534.734.448.265.387.484.779.074.952.524.119.917.525.932.834.837.050.760.638.919.715.514.218.925.624.639.141.418.69.78.90501001502002503003504004505002014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2022-2023 1 6+1+13.6%+2.1pct+28.6%2 53.3%+2.5pct+39.2%NBV+89.5%2023+25.2pct 3 2023 67.9%+4.5pct+51.8%+26.6%+46.3%4 15.8%+0.8pct+94.4%5+8.9%FYC+60.5%12 2019-2023 60.9%58.8%33.1%49.3%57.8%23.8%47.0%52.1%19.1%50.8%63.4%15.0%53.3%67.9%15.8%0%10%20%30%40%50%60%70%80%2019 2020 2021 2022 2023 13 6 2023 2020 2021 2022 2023 2022 NBV/40688 39031 47639 90285 89.5%/5793 5758 7051 9813 39.2%/4629 4651 5390 7402 37.3%-34376 43503 26.6%-4136 6051 46.3%2617 2725 3237 6294 94.4%2020-2023 13 020004000600080001000012000140001600018000200002011 2012 2013 2014 2015 2016 20172018 2019 2020 2021 2022 2023 2011-2023 14 NBV 0100020003000400050006000700080002012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2012-2023 2.3 EV NBV 2023 EV NBV 2023 5%4.5%2pct 1.5pct 1pct 8%9.5%1 2 EV/NBV NBV EV 3 EV/NBV 7 2022 2023 2022 2023 5%4.5%10.0%8.0%11.0%9.5%11.0%9.0%11.0%9.0%10.0%9.0%2023 14 2.3.1 EV 2023 EV 1.26 1.39 5295 2505 1015+2.4%-2.4%+1.9%-2.0%-2.2%15 2023 EV 123051423851962556103812606139015295250510152.4%-2.4%1.9%-2.0%-2.2%-3.0%-2.0%-1.0%0.0%1.0%2.0%3.0%0200040006000800010000120001400016000 2022 2023%2022-2023 2022 2023 1 2023 2022 2022 2.9%4.1%2023 EV+5.6%+2.0%2 2022 2023 2023 EV+4.6%6.7%16 EV 123051194212606116001180012000122001240012600128002022(2022 2023-2.9%+5.6%2022-2023 17 EV 103899510159709809901000101010201030104010502022(2022 2023-4.1%+2.0%2022-2023 18 EV 1423814893139011340013600138001400014200144001460014800150002022 2023(2023(+4.6%-6.7%2022-2023 15 8 2023 EV EV/EV 6.8%4.8%7.8%6.2%8.2%7.6%NBV/EV 3.0%2.5%4.1%2.5%3.3%1.2%/EV-6.0%-2.0%-3.3%-4.1%-5.5%-5.6%/EV-3.3%-0.7%-1.1%-4.2%-5.5%-5.2%/EV 2.0%-6.9%-12.4%1.5%0.4%0.1%2.4%-2.4%-5.0%1.9%1.0%-2.0%2023 2.3.2 2023 NBV 369 311 110 30 37+2.4%+7.8%+19.1%+24.8%+37.3%NBV 19 2023 NBV 360.0288.292.124.2 26.7368.6310.8109.630.236.62.4%7.8%19.1%24.8%37.3%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%0.050.0100.0150.0200.0250.0300.0350.0400.0 2022 2023%2022 2023 20 2007-2023 NBV-80%-60%-40%-20%0%20%40%60%80%2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2007-2023 EV NBV 1 2023 2022 2022 16 8.5%19.1%2023 NBV+11.9%+69.6%2 2022 2023 2023 NBV+14.0%+36.2%+30.8%+65.1%10.2%20.8%8.9%24.4%21 NBV 360044103536860288203926231080920512039109622423399930240500010000150002000025000300003500040000450002022 2023 2023 2022 2023 2023 2022 2023 2023 2022 2023 2023+14.0%-10.2%+36.2%-20.8%+30.8%-8.9%+65.1%-24.4%2017-2022 2023 2022 2023 2023 2023 2023 22 NBV 36004329443686026692160366405000100001500020000250003000035000400002022 2022 2023 2022 2022 2023-8.5%+11.9%-19.1%+69.6%2022 2022 2022 2022 2023 2022 Q2 NBV Q4 NBV+13.9%+3.3%Q3 22 17 23 2023 Q1-4 NBV 1131965845920499613702122587614568821.1%86.2%28.6%13.9%0.0%20.0%40.0%60.0%80.0%100.0%0200040006000800010000120001400016000Q1 Q2 Q3 Q4 E 2022 NBV 2023NBV%2022 2023 2023 2022 24 2023 Q1-4 NBV 3406219019521657397133902967171116.6%54.8%52.0%3.3%0.0%20.0%40.0%60.0%050010001500200025003000350040004500Q1 Q2 Q3 Q4 E 2022NBV 2023NBV%2022 2023 2023 2022 2023 NBV 2023 NBV+10.4%+40.3%+8.8%+25.4%+41.3%-1.3pct+2.4pct-7.8pct+0.5pct-14.1pct NBV+77.7%+115.6%+17.6%+241.6%+2.2pct+7.6pct-0.8pct+13.8%25 2022-2023 NBV 95.3%94.0%79.6%81.9%90.6%82.7%96.5%97.0%84.5%70.4%7.1%9.3%9.3%16.9%14.3%13.5%13.6%27.3%4.7%6.0%-20%0%20%40%60%80%100%2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022-2023 2023 2022 2022 2023 18 2.3.3 NBV margin 2023 NBV margin 17.5%18.7%13.3%6.7%-2.0pct-5.4pct+1.7pct+1.2pct NBV margin NBV margin 2022 2023 NBV margin 19.5%23.7%14.6%8.9%-0.4pct+3.0pct+3.4pct NBV margin 29.9%32.0%+2.5pct-4.3pct+1.1pct 26 2023 NBV Margin 17.5%43.7%47.9%18.7%43.7%13.3%30.3%8.9%0.0%10.0%20.0%30.0%40.0%50.0%60.0%2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2022 2023 9 NBV NBV margin 133662 50.3%29.1%-2.9 pct 100513 59.3%32.0%-4.3 pct 18091 69.1%20.1%+0.9 pct 15058-0.4%20.5%-2.4 pct 32122 5.6%1.1%-0.1 pct 165784 38.9%23.7%-0.4 pct 2023 2022 27 0.0%20.0%40.0%60.0%80.0%2017 2018 2019 2020 2021 2022 2023+28 2023 52.2%53.4%60.7%52.9%28.5%41.9%41.2%52.7%47.8%46.6%39.3%47.1%71.5%58.1%58.8%47.3%0%10%20%30%40%50%60%70%80%90%100%2022 2023 2022 2023 2022 2023 2022 2023 2022-2023 19 2.4 2023 8277+1.0%2023 7684 3240 1690 756-6.1%-0.8%-3.6%+6.5%=+-2023 29 2023/8197 8187 3265 1753 710 8277 7684 3240 1690 756 1.0%-6.1%-0.8%-3.6%6.5%-8.0%-6.0%-4.0%-2.0%0.0%2.0%4.0%6.0%8.0%0100020003000400050006000700080009000 2022)2023)(%)2022-2023 30 2023 2023 2023 90.4%92.8%95.7%89.8%92.2%+7.4pct+2.5pct+7.7pct+7.2pct+9.5pct 20 31 70.0%75.0%80.0%85.0%90.0%95.0%100.0%2018 2019 2020 2021 2022 2023 2018-2023 14 13 2.5 EV/NBV 50BP 2023 12.7%21.0%33.8%49.7%2022 8.7pct 24.2%36.3%86.0%73.3%2022 20.7pct 17.5pct 37.5pct 10BP 2023 22.0%29.2%EV/NBV EV/NBV 32-60%-50%-40%-30%-20%-10%0%2019 2020 2021 2022 2023 2019-2023 2022 50BP 2023 50BP 50BP 33-100%-90%-80%-70%-60%-50%-40%-30%-20%-10%0%2019 2020 2021 2022 2023 2019-2023 2022 50BP 2023 50BP 50BP 3.+5.7%3.1+5.7%2023+5.7%+6.3%+1.4%+11.4%2022-2.0pct-9.0pct-0.2pct 21 63.4%-0.7pct 34 2023 10.2%7.0%4.1%1.7%5.4%4.6%-4.6%0.3%16.8%11.5%6.5%9.9%-10%-5%0%5%10%15%20%23Q1 23Q2 23Q3 23Q4 2022-2023 35 2023-0.7pct 33.5%33.1%33.0%33.2%31.8%32.8%32.7%32.5%19.2%20.5%21.0%20.8%21.0%19.7%20.0%19.0%10.4%9.9%10.0%10.2%10.9%11.2%11.5%11.9%0%5%10%15%20%25%30%35%40%2016 2017 2018 2019 2020 2021 2022 2023 2016-2023 2023 Q1-Q4+10.1%+7.1%+1.6%+2.7%Q3 Q4 1 Q1-Q4+6.3%+5.1%+5.7%+5.7%+5.5%+6.2%+5.5%Q4+5.0%+6.4%+5.9%Q3-0.3pct+0.2pct+0.1pct 2 Q3 Q1-Q4+11.7%+12.5%-5.6%-5.0%Q3 Q4 Q4-6.6%-16.5%+18.8%3 2023 44.6%29.2%45.6%+0.5pct-3.2pct+3.0pct 10 2022 2023 2022 2023 271160 285626 5.3%55.9%55.4%-0.5 pct 52054 58229 11.9%10.7%11.3%+0.6 pct 88999 92228 3.6%18.3%17.9%-0.5 pct 33772 34208 1.3%7.0%6.6%-0.3 pct 15496 16585 7.0%3.2%3.2%-23953 28931 20.8%4.9%5.6%+0.7 pct 485434 515807 6.3%100.0%100.0%-2022 2023 22 11 2022 2023 2022 2023 车险 201298 213851 6.2%67.5%70.8%+3.2 pct 责任保险 21783 23221 6.6%7.3%7.7%+0.4 pct 健康保险 9693 13250 36.7%3.3%4.4%+1.1 pct 意外伤害保险 13989 10160-27.4%4.7%3.4%-1.3 pct 企业财产保险 8208 9423 14.8%2.8%3.1%+0.4 pct 保证保险 21934 665-97.0%7.4%0.2%-7.1 pct 整体 298038 302160 1.4%100.0%100.0%-2022 2023 12 2022 2023 2022 2023 车险 97992 103514 5.6%58.0%55.0%-3.0 pct 责任险 14956 19657 31.4%8.8%10.4%+1.6 pct 农业险 13754 17721 28.8%8.1%9.4%+1.3 pct 健康险 14641 17361 18.6%8.7%9.2%+0.6 pct 企财险 6335 6813 7.5%3.7%3.6%-0.1 pct 其他 21395 23276 8.8%12.7%12.4%-0.3 pct 整体 169073 188342 11.4%100.0%100.0%-2022 2023 3.2+COR 2023 2023 97.6%100.7%97.7%+0.9pct+1.1pct+0.8pct 70.4%71.5%69.1%+0.9pct+0.2pct+1.1pct 27.2%29.2%28.6%+0.9pct-0.3pct 36 2023 96.7%97.6%99.6%100.7%96.9%97.7%93%94%95%96%97%98%99%100%101%102%2017 2018 2019 2020 2021 2022 2023 2017-2023 2022-2023 23 37 2023 70.4%71.5%69.1%50%55%60%65%70%75%2017 2018 2019 2020 2021 2022 2023 2017-2023 2022-2023 38 2023 27.2%29.2%28.6%20%25%30%35%40%45%2017 2018 2019 2020 2021 2022 2023 2017-2023 2022-2023 97.6%+0.9pct 111-22.1%+2.4pct-1.7pct/-0.7/-2.8/-2.1/-0.4pct 1+0.9pct 70.4%+2.1pct+1.8pct+0.1pct+0.3pct 2 27.2%-0.8pct-4.6pct-0.7pct+0.3pct 13 2022 2023 94.5%96.9%+2.4 pct 8623 94.7%94.0%-0.7 pct 3146 100.5%97.7%-2.8 pct 1007 109.1%107.0%-2.1 pct-2300 104.2%103.8%-0.4 pct-661 96.8%95.6%-1.2 pct 1258 96.7%97.6%+0.9 pct 11073 2023 2 100.7%+1.1pct 97.7%131.1%98.4%20.8 2022 10.8 24 14 2022 2023 车险-97.7%-4732 责任保险 101.7%106.3%+4.6 pct-1373 健康保险-95.2%-511 意外伤害保险-106.0%-672 企业财产保险 99.2%97.7%-1.5 pct 213 保证保险 125.6%131.1%+5.5 pct-6834 2023 3 97.7%+0.8pct 41.4-15.6%97.6%+1.1pct 97.7%-0.4pct-3.3pct 98.8%99.2%15 2022 2023 车险 96.5%97.6%+1.1 pct 2410 责任险-100.6%-109 农险 99.2%98.8%-0.4 pct 194 健康险 102.5%99.2%-3.3 pct 72 企财险-97.2%-206 整体 96.9%97.7%+0.8 pct 4140 2023 4.4.1 2023 5.7 4.7 2.3 1.3 1.4+12.0%+9.0%+11.3%+15.4%+11.4%39 5065056734433294722220219225011157613361 12864143310100002000030000400005000060000700002022 2023 2022 2023 2022 2023 2022 2023 2022 2023+12.0%+11.3%+15.4%+9.0%+11.4%2022-2023 2022 25 4.2-0.6/-1.2/+0.6pct 2023 2022 FVOCI 2023 2022 2023 1 2023 3.8%4.2%4.0%3.4%4.5%-0.2pct-0.5pct-0.3pct-1.2pct-0.6pct 5 4.0%-0.6pct 40 2016-2023 3.0%3.5%4.0%4.5%5.0%5.5%6.0%2016 2017 2018 2019 2020 2021 2022 2023 2016-2023 2023 2 2023 2.7%3.0%2.6%1.8%3.3%-1.3pct+0.6pct-1.5pct-2.5pct-1.3pct 5 2.7%2022-1.2pct 41 2023 0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%2016 2017 2018 2019 2020 2021 2022 2023 2023 3 2023 3.2%3.6%2.3%1.8%3.4%+1.3pct+0.9pct-0.4pct+1.4pct 5 2.9%2022+0.6pct 26 42 2023 2.9%3.8%4.2%4.0%3.4%4.5%2.7%3.0%2.6%1.8%3.3%3.2%3.6%2.7%1.8%3.4%0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%4.5%5.0%2023 4.3+2023+1.4pct-0.3pct-1.1pct+5.3pct+3.1pct+3.5pct+8.7pct+8.8pct+2.2pct 51.6%58.1%51.7%50.4%43.6%2023 43 12.9%10.0%8.7%7.0%12.8%8.8%21.2%20.9%11.1%7.7%48.5%51.6%54.6%58.1%43.0%51.7%41.6%50.4%41.4%43.6%15.6%14.2%13.9%12.3%25.5%22.3%10.1%6.0%15.0%15.1%11.4%11.2%11.2%11.5%12.0%11.1%14.6%14.3%13.7%11.4%11.6%12.9%11.6%11.1%6.7%6.1%12.5%8.4%18.8%22.2%0%20%40%60%80%100%2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2023+1+10.2%+12.1%3.1%12.7%-7.4%11.2%11.5%11.1%14.3%11.4%-0.2%+0.3pct-0.9pct-0.3pct-2.3pct FVOCI 1+8.6%+1.5%FVOCI+110%-7.5%-7.2%2+0.3pct-0.8pct-7.1pct+4.0pct 27 16 2023+2022 4327 1453-8.5%2.9%11.4%-2023H1 4359 1662 4.2%8.0%3.1%11.1%-0.3 pct 2023 4302 2068 10.2%7.6%3.6%11.2%-0.2 pct 2022 2288 2559-5.3%5.9%11.2%-2023H1 2825 2811 16.3%6.1%6.1%12.2%+1.0 pct 2023 2921 2515 12.1%6.2%5.3%11.5%+0.3 pct 2022 1821 613-9.0%3.0%12.0%-2023H1 1896 608 2.9%9.0%2.9%11.8%-0.2 pct 2023 1885 624 3.1%8.4%2.8%11.1%-0.9 pct 2022 822 871-7.1%7.5%14.6%-2023H1 987 890 10.9%7.8%7.1%14.9%+0.3 pct 2023 1062 846 12.7%7.9%6.3%14.3%-0.3 pct 2022 556 1203-4.3%9.4%13.7%-2023H1 472 1135-8.6%3.4%8.2%11.6%-2.0 pct 2023 455 1174-7.4%3.2%8.2%11.4%-2.3 pct 2022 2023 17 2023 FVTPL FVOCI FVOCI FVTPL FVOCI FVOCI 2022 2288 573 1715-25.1%74.9%-2023H1 2825 931 1894-33.0%67.0%-2023 2921 1170 1751-7.5%40.1%59.9%-7.1 pct 2022 1822 0.1 1822-0.0%100.0%-2023H1 1896 1629 267-85.9%14.1%-2023 1885 1613 271 1.5%85.6%14.4%+0.3 pct 2022 822 82 740-9.9%90.1%-2023H1 987 929 58-94.2%5.8%-2023

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