Crédit Agricole Assurances has successfully priced 750 million euros of Tier 2 subordinated notes at a fixed annual interest rate of 5.125% under its EMTN programme
Press release Paris, 23 September 2026
This press release may not be distributed or published directly or indirectly in the United States, Australia or Japan.
Crédit Agricole Assurances has successfully priced 750 million euros of Tier 2 subordinated notes at a fixed annual interest rate of 5.125% under its EMTN programme
Crédit Agricole Assurances announces today that it has priced an issuance of Tier 2 subordinated notes (the “Notes”) due December 2038 at a fixed annual rate of 5.125%, for a nominal amount of 750 million euros (the “Issue”).
This transaction is part of Crédit Agricole Assurances’ active capital management policy. Proceeds will be used for general corporate purposes, including financing or refinancing of current indebtedness.
The Issue has been structured so that the Notes are eligible for Tier 2 capital qualification under Solvency II. The Notes will be issued under Crédit Agricole Assurances’ Euro Medium Term Note (EMTN) programme and bear interest at the fixed annual rate of 5.125% until maturity in December 2038 (payment of interest on the Notes shall, in certain circumstances, be deferred in accordance with Solvency II requirements and the terms and conditions of the Notes). The Notes have been rated by S&P Global Ratings at BBB+ and their admission to trading on the regulated market of Euronext Paris will be sought. Settlement of the Notes is scheduled for 29 September 2026.
Crédit Agricole Assurances is rated “A/stable outlook” by S&P Global Ratings.
About Crédit Agricole Assurances Crédit Agricole Assurances, France’s leading insurer, is Crédit Agricole Group’s subsidiary, which brings together all the insurance businesses of Crédit Agricole S.A. Crédit Agricole Assurances offers a range of products and services in savings, retirement, health, personal protection and property insurance. They are distributed by Crédit Agricole’s banks in France and in 9 countries worldwide, and are aimed at individual, professional, agricultural and business customers. At the end of 2025, Crédit Agricole Assurances had more than 7,100 employees. Its 2025 premium income (non-GAAP) amounted to 52.4 billion euros. www.ca-assurances.com
| Press contacts Géraldine Bailacq +33 (0)6 81 75 87 59 Nicolas Leviaux +33 (0)6 19 60 48 53 Julien Badé +33 (0)7 85 18 68 05 service.presse@ca-assurances.fr | Investor relations contacts Yael Beer-Gabel +33 (0)1 57 72 66 84 Gaël Hoyer +33 (0)1 57 72 62 22 Sophie Santourian +33 (0)1 57 72 43 42 Cécile Roy +33 (0)1 57 72 61 86 relations.investisseurs@ca-assurances.fr |
Disclaimers
This press release does not constitute an offer or solicitation to purchase or subscribe for the Notes in the United States, Australia or Japan, or in any state or jurisdiction where such an offer or solicitation would be unlawful in the absence of registration or approval under the laws of that state or jurisdiction.
The offer and subscription of the Notes may be subject in certain countries to specific legal or regulatory restrictions; Crédit Agricole Assurances accepts no liability for any breach by any person of these restrictions.
This press release constitutes a communication of a promotional nature but does not constitute a prospectus within the meaning of the Prospectus Regulation. The distribution of this press release may, in certain jurisdictions, be restricted by law. Persons in possession of this document are required to inform themselves of any local restrictions and to comply with them. Crédit Agricole Assurances accepts no responsibility towards any person in connection with the distribution of this press release or the information contained therein in any jurisdiction. No action has been taken by Crédit Agricole Assurances which would permit an offering of any Notes through a non-exempt offer or distribution of this press release in any country or jurisdiction where action for that purpose is required.
European Economic Area
The Notes may not be and have not been offered to the public in any Member State of the European Economic Area (“EEA”) (each a “Relevant State”), except in accordance with the derogations provided for in Article 1 (4) of the Prospectus Regulation. No action has been or will be taken to permit an offer to the public of the Notes other than to qualified investors in a Relevant State.
PROHIBITION OF SALES TO EUROPEAN ECONOMIC AREA RETAIL INVESTORS – The Notes are not intended to be offered, sold or otherwise made available to, any retail investor in the EEA and must not be offered, sold or otherwise made available to such investor. For these purposes, (A) a retail investor means a person who is one (or both) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive (EU) No 2014/65 (as amended, “MiFID II”); or (ii) a customer within the meaning of Directive (EU) No 2016/97 dated 20 January 2016 on insurance distribution, (as amended the “Insurance Distribution Directive”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. No key information document under Regulation (EU) No 1286/2014 is available, and (B) the expression an “offer” includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes.
MiFID II product governance / target market - The Base Prospectus under which the Notes are issued contains a legend entitled “MiFID II product governance / target market” outlining the target market assessment in respect of the Notes and which channels for distribution of the Notes are appropriate. Any person subsequently offering, selling or recommending the Notes (a “Distributor” as defined in MiFID II) should take into consideration the target market assessment; however a Distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect to the Notes (by either adopting or refining the target market assessment) and determining appropriate distribution channels.
This investment restriction is in addition to the other investment restrictions applicable in each Relevant State.
United Kingdom
The Notes are not intended to be offered, sold, distributed or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom. For these purposes, a retail investor means a person who is either one (or both) of the following: (i) not a professional client, as defined in point (8) of Article 2 of Regulation (EU) No 600/2014 as it forms part of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as amended (“EUWA”); or (ii) not a qualified investor as defined in paragraph 15 of Schedule 1 to the Public Offers and Admissions to Trading Regulations 2024. Consequently, no disclosure document required by the FCA Product Disclosure Sourcebook (“DISC”) for offering, selling or distributing the Notes or otherwise making them available to retail investors in the UK will be prepared in relation to such Notes and therefore offering, selling or distributing such Notes or otherwise making them available to any retail investor in the UK may be unlawful under DISC and the Consumer Composite Investments (Designated Activities) Regulations 2024.
United States
This press release may not be published, distributed or transmitted in the United States. This press release does not constitute a solicitation to purchase or an offer to purchase or subscribe for the Notes in the United States. The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or with any securities regulatory authority of any State or other jurisdiction of the United States and the Notes may include Materialised Notes that are subject to U.S. tax law requirements. The Notes will only be offered or, in the case of Materialised Notes, delivered in the United States or to, or for the account or benefit of, U.S. Persons (as defined in Regulation S under the Securities Act), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable State securities laws.
Canada
The Notes may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the Notes must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.
Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if the Base Prospectus (including any Supplement or amendment thereto) under which the Notes are issued or this press release contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser’s province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser’s province or territory for particulars of these rights or consult with a legal advisor.
Singapore
The Base Prospectus under which the Notes are issued has not been registered as a prospectus with the Monetary Authority of Singapore (MAS). Accordingly, the Notes are not offered or sold, will not be made the subject of an invitation for subscription or purchase and will not be offered or sold or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to any person in Singapore other than (a) to an institutional investor (as defined in Section 4A of the SFA) pursuant to Section 274 of the SFA or (b) to an accredited investor (as defined in Section 4A of the SFA) pursuant to and in accordance with the conditions specified in Section 275 of the SFA.
This press release is not circulated or distributed, nor will it be circulated or distributed, or any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the Notes (including the Base Prospectus under which the Notes are issued).
Australia and Japan
This press release may not be published, communicated or distributed, directly or indirectly, in Australia or Japan. This press release and the information contained herein do not constitute an offer or solicitation to purchase or subscribe for the Notes in these countries.
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