Investor presentation Crédit Agricole Assurances 30.06.2026
INVESTOR PRESENTATION
CRÉDIT AGRICOLE ASSURANCES
Data and figures at end of June 2026
DISCLAIMER
INVESTOR PRESENTATION September 2026
This document has been prepared by Crédit Agricole Assurances S.A. for information purposes only and is available on its website (https://www.ca-assurances.com/en/investors/). It is not to be reproduced by any person, nor to be forwarded or distributed to any person unless so authorised by Crédit Agricole Assurances S.A.. Failure to comply with this directive may result in a violation of the Securities Act of 1933 as amended (the “Securities Act”), or the applicable laws of other jurisdictions. None of Crédit Agricole Assurances S.A. or its affiliates, advisers, dealers or representatives takes any responsibility for the use of these materials by any person.
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Forward Looking Statements
This communication contains forward looking information and prospective statements about Crédit Agricole Assurances S.A. that are not historical facts. These statements may include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance and has been developed from scenarios based on a number of economic assumptions in the context of a given competitive and regulatory environment (including but not limited to applicable accounting principles and methods and the applicable prudential regulations). Such statements do not represent profit forecasts and estimates within the meaning of the COMMISSION DELEGATED REGULATION (EU) 2019/980 of 14 March 2019.
Forward looking statements may be identified by the words “believe”, “expect”, “anticipate”, “target” or similar expressions. Although Crédit Agricole Assurances S.A.’s management believes that the expectations reflected in such forward looking statements are reasonable, investors are cautioned that forward looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Crédit Agricole Assurances S.A. that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward looking information and statements. Crédit Agricole Assurances S.A. undertakes no obligation to publicly revise or update any forward-looking statements given as at the date of this document in light of new information or future events. More detailed information on the risks that could affect Crédit Agricole Assurances S.A.’s financial position and results can be found in the section “Risk Factors” in our Universal Registration Document filed with the French Autorité des Marchés Financiers (available here). Readers must take all these risk factors and uncertainties into consideration before making their own judgement.
Presentation of financial information
The figures presented in this document have been prepared in accordance with International Financial Reporting Standards, as adopted in the European Union (“IFRS”). IFRS 17 “Insurance contracts” is mandatorily applicable for reporting periods beginning on or after 1 January 2023. Comparative information as at and for the year ended 31 December 2022 has been restated when relevant.
Some figures presented in this document have been subject to rounding adjustments. Accordingly, in certain instances, the totals shown for a column or row in tables may not conform exactly to the arithmetic sum of the figures presented.
SUMMARY
INVESTOR PRESENTATION September 2026
| Section | Page |
|---|---|
| COMPANY OVERVIEW | 5 |
| ROBUST BUSINESS MODEL | 10 |
| DISCIPLINED RISK MANAGEMENT | 15 |
| SOLVENCY & CAPITAL MANAGEMENT | 22 |
| MEDIUM-TERM PLAN ACT 2028 | 27 |
| ESG STRATEGY AND AMBITIONS | 29 |
| APPENDICES | 35 |
| CAA CONTACT LIST | 41 |
| NOTES | 43 |
CRÉDIT AGRICOLE ASSURANCES – KEY MESSAGES
INVESTOR PRESENTATION September 2026
- Diversified business mix and strong net inflows in savings over the past quarters
- Robust and recurring profitability
- Strong Solvency II ratio over the years
- Comfortable financial structure
CHAPTER
1
COMPANY OVERVIEW
INVESTOR PRESENTATION September 2026
CRÉDIT AGRICOLE ASSURANCES: KEY ITEMS
INVESTOR PRESENTATION September 2026
Leader in Europe
€31.9bn
in gross written premiums1 for H1-2026
+15.9% vs H1-2025
n.s.: non-significant
n.a.: absent from market
Market shares in our main countries
SAVINGS / RETIREMENT €24.4bn, +17.5%
PROPERTY & CASUALTY €4.5bn, +10.5%
DEATH & DISABILITY
CREDITOR
GROUP INSURANCE
€3.1bn, +12.1%
n.s.
7%13
Creditor n.s.
25%6
20%7
1%8
n.a. n.a.
Strong Financial Profile
- Net income Group share (H1-26) €961m
- Solvency II ratio2 (H1-26) 195%
- Life insurance outstandings3 (H1-26) €392bn
- Distributable items4 (at end-2025) €8,146m
• Spain and Germany: nascent operations
• Greece in run-off
• Ireland: Pan-European management platform
Leader in Europe
No. 1 BANK INSURER IN EUROPE16
See notes on pages 43 and following
1. COMPANY OVERVIEW
A SIZEABLE ASSET WITHIN THE CRÉDIT AGRICOLE GROUP
INVESTOR PRESENTATION September 2026
A significant part of Crédit Agricole S.A.1
H1-26 net income excl. CC: €4bn
Insurance 24%
Asset Mngt 12%
Wealth Mngt 3%
LCL 9%
IRB 12%
Consumer finance 1%
Leasing & Factoring 2%
CIB 29%
Asset servicing 8%
12%
88%
11%
89%
CAA revenues by distribution model2
Large customers
37%
Asset gathering
39%
Retail banking
21%
Spec. fin. Serv.
3%
Bancassurance model: distribution of personal insurance, property & casualty and creditors insurance in Crédit Agricole group’s banking networks in France, Italy and Poland.
Group partnerships: internal financial partners together with complementary channels.
Open architecture: e.g. group insurance, independent wealth management advisors and partnerships with local banks.
See notes on pages 43 and following
1. COMPANY OVERVIEW
PROFILE IN FRANCE
INVESTOR PRESENTATION September 2026
No. 1 INSURANCE GROUP IN FRANCE1
Life insurance market shares
2021 2024 2025
Retirement2 11.0% 14.8% 13.4%
Life insurance3 17.7% 19.5% 15.1%
Creditor insurance4 20.8% 20.1% 17.7%
Individual Death & Disability5 19.5% 23.2% 23.9%
P&C market shares
2021 2024 2025
Car insurance10 5.5% 5.9% 5.9%
Individual property insurance11 7.0% 7.0% 7.1%
All Products12 9.9% 11.0% 11.2%
- Very well positioned in France, particularly in individual Death & Disability, Creditor insurance, Life insurance and Retirement
- Strong prospects in Property & Casualty
SAVINGS & RETIREMENT
#1
Life insurer in France6
#2
Retirement insurer in France7
DEATH & DISABILITY / CREDITOR / GROUP INSURANCE
#1
Individual Death & Disability insurer in France8
#1
Creditor insurer in France9
PROPERTY & CASUALTY13
#2
Home insurer in France14
#1
Home, car and health bancassurer in France15
Equipment rates16:
44.7% in French Regional Banks
28.5% in LCL
See notes on pages 43 and following
1. COMPANY OVERVIEW
INTERNATIONAL PROFILE
INVESTOR PRESENTATION September 2026
13.4% of premiums written outside France
Savings & Retirement, Property & Casualty and Creditor insurance
CAA distributes its Life insurance, Property & Casualty, and Creditor insurance products in 9 countries
- Pan-European management platform CACI
- More than 40 banking partnerships including new
JAPAN
PORTUGAL
SPAIN
FRANCE
ITALY
GERMANY
LUXEMBOURG
POLAND
United Kingdom
Premium income by geography (In € billion)
H1-23: Italy 1.9, Other countries 0.8, Total 2.6
H1-24: Italy 3.0, Other countries 1.2, Total 4.2
H1-25: Italy 3.0, Other countries 1.1, Total 4.1
H1-26: Italy 2.7, Other countries 1.6, Total 4.3
P&C equipment rate in Italy1
H1-24 19.7%
H1-25 20.6%
H1-26 21.2%
See notes on pages 43 and following
1. COMPANY OVERVIEW
CHAPTER
2
ROBUST BUSINESS MODEL
INVESTOR PRESENTATION September 2026
DIVERSIFIED BUSINESS MIX
Gross written premiums by line of business
In € billion
2010 28.8
2020 29.5
2023 37.2
2024 43.6
2025 52.4
Death&Disability / Creditor / Group insurance, P&C, Savings & Retirement - UL, Savings & Retirement - €
2010: 71% Savings & Retirement - €, 11% Savings & Retirement - UL, 9% P&C, 9% Death&Disability / Creditor / Group insurance (82%)
2025: 49% Savings & Retirement - €, 26% Savings & Retirement - UL, 13% P&C, 11% Death&Disability / Creditor / Group insurance (76%)
Total premiums CAGR: +4.1%
+1.6% CAGR 2010-2025
+10.5%
+6.7%
+5.5%
Covid crisis
H1-24 to H1-26
H1-24 23.1
H1-25 27.5
H1-26 31.9
46% 50% 50% Savings & Retirement - €
26% 25% 26% Savings & Retirement - UL
16% 15% 14% P&C
12% 10% 10% Death&Disability / Creditor / Group insurance
+19.4% (H1-24 to H1-25)
+15.9% (H1-25 to H1-26)
2. ROBUST BUSINESS MODEL
SOLID LIFE INSURANCE ACTIVITY
INVESTOR PRESENTATION September 2026
Savings & retirement – Net inflows1
In € billion
H1-24: Euro +0.3, Unit-Linked +2.2, Total +2.5
H1-25: Euro +4.4, Unit-Linked +3.8, Total +8.2
H1-26: Euro +6.6, Unit-Linked +5.2, Total +11.8
Life insurance outstandings2
In € billion
2010 219 (Euro 177, Share of Unit-Linked 19%)
2021 323 (Euro 236, Share of Unit-Linked 27%)
2024 347 (Euro 243, Share of Unit-Linked 30%)
2025 373 (Euro 257, Share of Unit-Linked 31%)
June 2026 392 (Euro 266, Share of Unit-Linked 32%)
+7.4% CAGR UL
+7.2%
Contractual Service Margin3 evolution
In € billion
CSM stock 01/01/2026 27.5
Reevaluation of the stock +1.1
New business +2.3
CSM release to P&L (1.2)
CSM stock 30/06/2026 29.5
- Positive stock revaluation effect, in relation to favourable market impact
- Strong contribution from new business driven by revenues growth, exceeding the CSM release
- CSM allocation factor4: 7.8%
See notes on pages 43 and following
2. ROBUST BUSINESS MODEL
P&C PROFITABLE GROWTH
INVESTOR PRESENTATION September 2026
Expansion of the portfolio1
In million policies
H1-24 16.4
FY-24 16.7
H1-25 16.9
FY-25 17.9
H1-26 18.2
+468k
+1,220k
+1,241k
• At constant scope, the P&C portfolio grew by +2.2% year-on-year
Combined ratio2 evolution
H1-24: Combined ratio 94.6%, Claims ratio 70.8%, Undiscounted NatCat ratio* 1.0%
H1-25: Combined ratio 94.7%, Claims ratio 70.7%, Undiscounted NatCat ratio* 2.0%
H1-26: Combined ratio 96.7%, Claims ratio 73.8%, Undiscounted NatCat ratio* 0.9%
- In H1-26, increase of the net discounted combined ratio at 96.7% with significant climatic events in Q1-26
- The net undiscounted combined ratio was 100.0% for H1-26, compared with 97.4% for H1-25.
- Wildfires and heatwaves during Q3-26 impacted the French market overall.
- Life insurance growth, supported by precautionary savings inflows, is expected to offset Q3 climate-claim gross impact.
See notes on pages 43 and following
2. ROBUST BUSINESS MODEL
STRONG AND RECURRING PROFITABILITY
INVESTOR PRESENTATION September 2026
Operating income
In € million
2023: Life 2,207, Non-life 205, Total 2,411
2024: Life 2,420, Non-life 333, Total 2,754
2025: Life 2,486, Non-life 375, Total 2,861
H1-26: Life 1,350, Non-life 154, Total 1,504
+3.9%
Net income Group share
In € million
2023 1,756
2024 1,959
2025 2,030
H1-26 961
+3.6%
CAGR 2023 → 2025 : 5.9%
2. ROBUST BUSINESS MODEL
CHAPTER
3
DISCIPLINED RISK MANAGEMENT
INVESTOR PRESENTATION September 2026
STRONG ADAPTABILITY TO THE INTEREST RATE ENVIRONMENT
INVESTOR PRESENTATION September 2026
Strong increase in the average return rate
2023: Predica fixed income reinvestment yield 4.2%, Predica portfolio average return rate 2.1%, Minimum guaranteed rate* 0.08%
2024: 3.7%, 2.3%, 0.05%
2025: 3.6%, 2.7%, 0.00%
H1-26: 4.0%, 3.1%, 0.00%
Strong customer loyalty
Surrender rate3
FY-22 4.2%
H1-23 5.8%
FY-23 5.5%
H1-24 5.6%
FY-24 5.0%
H1-25 4.4%
FY-25 4.1%
H1-26 4.1%
Buffers to manage shocks
- Policyholder participation reserve2 (PPB) €6.5bn H1-26
- Unrealised gain on CAA’s diversification investments €12.2bn H1-26
- Capitalisation reserve2 €2.3bn H1-26
€2.3bn H1-26
€6.5bn H1-26
€12.2bn H1-26
See notes on pages 43 and following
3. DISCIPLINED RISK MANAGEMENT
REINSURANCE POLICY IN LINE WITH OUR RISK APPETITE
INVESTOR PRESENTATION September 2026
CAA reinsurance policy
Cautious policy on technical risks
- Capital protection
- Control over the volatility of the result
- Annual analysis of ceilings and coverage
- Optimization of the coverage/price ratio challenged by brokers and internal analysis
Rigorous approach to counterparty risk
- Relationship with reinsurers meeting a minimum financial strength criterion (A-)
- Rules for diversifying reinsurers and limiting the concentration of premiums ceded
- Securing the provisions ceded by means of standard collateral clauses
Placement of a €160m Cat Bond
- Diversifies our sources of reinsurance
- 4 years protection from January 2024, locked price
- Issued by Taranis Re DAC and supported by Guy Carpenter
Class A Notes
Providing €110m of Ultimate Net Loss, Per Occurrence cover, losses from windstorm and hailstorm
Class B Notes
Providing €50m of Ultimate Net Loss, Annual Aggregate cover, second event basis, losses from windstorm only
3. DISCIPLINED RISK MANAGEMENT
CONSERVATIVE AND DIVERSIFIED ASSET ALLOCATION
INVESTOR PRESENTATION September 2026
General Account investments by asset class1
€282bn 2024, €293bn 2025, €310bn H1-26
Interest rate products 75% 74% 73%
Real estate 8% 8% 8%
Private equity, infrastructures, alternative investments 8% 8% 7%
Equity 7% 8% 9%
Short term investments 2% 2% 3%
Investments by geographical area1
H1-26: €310bn
France 62%
Eurozone excl. France 20% (Italy 5%, Spain 5%, Belgium 3%, Netherlands 2%, Germany 1%, Rest of Eurozone 4%)
Europe excl. Eurozone 6%
Supra 3%
United States 6%
Rest of the world 3%
Investments by economic sector1
H1-26: €310bn
Sovereign & assimilated 23%
Financials 24%
Corporates 24%
Supra & agencies 12%
Real Estate 9%
Other 8%
See notes on pages 43 and following
3. DISCIPLINED RISK MANAGEMENT
HIGH-QUALITY AND DIVERSIFIED BOND PORTFOLIO
INVESTOR PRESENTATION September 2026
- Part of the bond portfolio covered by caps
Bond portfolio by nature1
H1-26: €210bn
Sovereign & assimilated 34%
Corporates - Financials 26%
Corporates - Non financials 23%
Supranational & agencies 17%
Bond portfolio by issue rating1
H1-26: €210bn
AAA 8%
AA 7%
A 58%
BBB 25%
BB or <BB 1%
NR 0.5%
See notes on pages 43 and following
3. DISCIPLINED RISK MANAGEMENT
BONDS PORTFOLIO ORIENTED TOWARDS FRENCH GOVERNMENT BONDS AND SENIOR FINANCIAL DEBT
INVESTOR PRESENTATION September 2026
Exposure to sovereign debt1
(sovereign and assimilated, supranational and agencies)
H1-26: €107bn
France 57%
Supranational 8%
Italy 8%
Spain 8%
Belgium 7%
Germany 2.1%
United States 1.8%
Netherlands 1.7%
Canada, 0.6%
Various countries 4.6%
Other 12%
Financial debt exposure by seniority2
H1-26: €56bn
Senior bonds 68%
Subordinated bonds 17%
Covered bonds 12%
Other 3%
See notes on pages 43 and following
3. DISCIPLINED RISK MANAGEMENT
DIVERSIFIED NON-FINANCIAL DEBT EXPOSURE
INVESTOR PRESENTATION September 2026
- Well-balanced non-financial corporate portfolio
- Exposure over more than 15 macro-economic sectors
Non-financial debt exposure by macro-economic sector1
based on an exposure of €48bn at end-June 2026
Utilities 16.7%
Industry 13.1%
Telecom 13.6%
Production & distribution of food 8.1%
Health facility & pharmacy 8.9%
Property 6.2%
Car manufacturer 6.9%
Energy 4.9%
IT 4.5%
Corporate services 4.8%
Land transport & logistics 2.9%
Media 2.4%
Equipment supplier 2.3%
Clothing and luxury 1.5%
Catering, hotel & leisure 1.0%
Air transport 1.1%
Civil engineering & construction 0.9%
Public administration 0.01%
Other 0.15%
1 Scope: bonds owned by Group CAA at market value with look-through approach for equity and bonds funds, excluding repurchase agreements. The macro-economic sectors are the result of a consolidation of NACE sectors.
3. DISCIPLINED RISK MANAGEMENT
CHAPTER
4
SOLVENCY & CAPITAL MANAGEMENT
INVESTOR PRESENTATION September 2026
STRONG SOLVENCY II RATIO OVER THE YEARS
INVESTOR PRESENTATION September 2026
Solvency ratios at a high level at the end of June 2026:
- Solvency II prudential ratio of 195%, demonstrating the strength of CAA;
- MCR coverage ratio of 384%1.
=> Strong level of solvency over time despite large dividend distributed to shareholder (recurrent and/or exceptional)
Solvency II ratio evolution
June 2025 202%
Dec. 2025 195%
June 2026 195%
+5pts +9pts +6pts
Sensitivities at end-June 2026
Solvency II ratio June-26 195%
Interest rate +50bps 181%
Interest rate -50bps 214%
Equities -25% 189%
Spreads Corporate +75bps 183%
Spreads Govies +75bps 179%
Dividends impact
Net of the estimated dividend related to HY results
See notes on pages 43 and following
4. SOLVENCY & CAPITAL MANAGEMENT
SOLID SOLVENCY II RATIO AND LIMITED SENSITIVITY TO SOVEREIGN RISK
INVESTOR PRESENTATION September 2026
Exposure to French sovereign risk1
| 30.06.2026 | VFA model3 | Total assets on other models4 | Total CAA |
|---|---|---|---|
| French sovereign risk (including assimilated)2 | €48.2bn | €4.0bn | €52.2bn |
92% of total French sovereign risk (including assimilated)2 is accounted with VFA model3 under IFRS 17 with no material impact on net income due to symmetrical valuation effects on assets and liabilities
Net impact at end-2025 on the measurement of insurance and reinsurance contracts and Financial investments
| Net income | CSM | |
|---|---|---|
| Amount at end-2025 | €2,030m | €27.5bn |
| Spread Govies +100bps | €(59)m | €(1,046)m |
| Spread corporate +100bps | €(20)m | €(556)m |
Impacts on net income very limited
Higher impacts on CSM while remaining largely absorbable by CAA
Solvency II ratio
Solvency II ratio June 2026 195%
Spreads Govies +75bps 179%
Spreads Corporate +75bps 183%
See notes on pages 43 and following
4. SOLVENCY & CAPITAL MANAGEMENT
SOLVENCY CAPITAL REQUIREMENT (SCR) AND CAPITAL STRUCTURE
INVESTOR PRESENTATION September 2026
Breakdown of the Solvency Capital Requirement1
In € billion
Total SCR €15.0bn
Market risk 45%
Life underwriting risk 35%
Non-life underwriting risk 8%
Health underwriting risk 4%
Counterparty default risk 2%
Operational risk 6%
Eligible own funds
In € billion
Reconciliation reserve 10.9
Share capital & related premiums 7.1
Surplus funds 4.2
Other 0.6
Unrestricted Tier 1 22.7
Restricted Tier 1 1.5
Tier 2 5.1
Eligible own funds 29.3
- Use of the Standard formula with no transitional measures applied
- Inclusion of the eligible policyholder participation reserve (PPB) in surplus funds; Tier 2 represents 34% of the SCR
- Unrestricted and restricted T1 cover 161% of SCR
See notes on pages 43 and following
4. SOLVENCY & CAPITAL MANAGEMENT
SUBORDINATED DEBTS BREAKDOWN AND RATINGS
INVESTOR PRESENTATION September 2026
Total debt nominal value at end-June 20261:
- Restricted Tier 1: €1,500m
- Tier 2: €5,250m
Subordinated issues
10YB €778m 32NC12 FR0013203734
30NC10 €472m FR0013312154
10YB €1,000m FR0013523602
10YB €1,000m FR0014005RZ4
10YB €750m FR001400KSZ7
10YB €750m FR001400RCO0
10YB €750m FR0014015970
PNC 6.5 €750m FR00140193E6
PNC 10.75 €750m FR001400Y7R4
2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036
1 Maturity date for bullet issues and first call date for callable issues
NB: The indication of the first call date is not an indication of the issuer’s intention to call or not to call the instruments
Ratings
Financial Strength Rating (Crédit Agricole Assurances main operating subsidiaries) A+ / Stable
Issuer Credit Rating (Crédit Agricole Assurances S.A.) A / Stable
Tier 2 subordinated notes rating BBB+
Restricted Tier 1 subordinated notes rating BBB
Last review date: 10th October 2025
4. SOLVENCY & CAPITAL MANAGEMENT
CHAPTER
5
MEDIUM-TERM PLAN ACT 2028
INVESTOR PRESENTATION September 2026
2028 AMBITION
INVESTOR PRESENTATION September 2026
Crédit Agricole Assurances
Speed up our diversification and strengthen our European footprint
Become the leading insurer for all our customers
- Build tailormade and digital customer journeys by design
- Strengthen customers’ multi-equipment notably through direct distribution to serve relationship-banks
- Aim for very high client satisfaction in line with the market’s best standards to serve our customers (benefits and claims)
Speed up our diversification in France to confirm our leadership
- Set up customer capture through insurance for relationship-based banks
- Expand life insurance distribution outside Group networks for affluent customers
- Expand our bankinsurer model for entrepreneurs, farmers and corporates
- Boost Health and Retirement insurance activities through innovative offers and by tapping into Group synergies
- Prepare an ambitious growth plan for our telemonitoring solution
Intensify international expansion
- Amplify our integrated and non-Group bancassurance activities in Italy, Poland and the Iberian Peninsula
- Create an operational system dedicated to pan-European BtoB partnerships primarily for Mobility offerings
Become a key player in Prevention and strengthen regional foothold
- Offer risk adaptation and mitigation services for all customers
- Invest in transitions, sovereignty and innovation to serve territories
Transform ourselves to become more efficient and safeguard our customer promise
- Reduce time to market of offers and digital journeys through a “product mode” organisation
- Improve Property & Casualty claims processes by integrating service providers3
- Improve productivity, especially using an industrial approach to AI in coordination with relationship-based banks and internally (back-offices, processes,…)
2028 AMBITION
> €400bn
Life insurance outstandings1
3m
Number of Health beneficiaries2
> 20m
Property & Casualty contracts
> €9bn
International premium income (CAGR 24-28: +7% per year)
> 3%
GOI CAGR 24-28
See notes on pages 43 and following
5. MEDIUM-TERM PLAN ACT 2028
CHAPTER
6
ESG STRATEGY AND AMBITIONS
INVESTOR PRESENTATION September 2026
THE CSR APPROACH OF CRÉDIT AGRICOLE ASSURANCES IS PART OF THE CRÉDIT AGRICOLE GROUP’S RAISON D’ÊTRE:
INVESTOR PRESENTATION September 2026
"WORKING EVERY DAY IN THE INTEREST OF OUR CUSTOMERS AND SOCIETY"
Natively integrated into the 4 long-term commitments of Crédit Agricole Assurances and the 6 ambitions of our corporate project, the CSR approach of CAA is based on the following pillars:
- A controlled environmental footprint
- Risk prevention and adaptation to the effects of climate change
- Amplifying our territorial impact and in favor of inclusion
A CSR approach at the heart of our business activities:
RESPONSIBLE INSURER
Adressing environmental and social issues through responsible product offerings
RESPONSIBLE INVESTOR
Integrating environmental and social criteria into our investment decisions
RESPONSIBLE COMPANY
Improving the environmental and social impacts of our activities, promoting quality of life at work and the solidarity commitment of our employees
6. ESG STRATEGY AND AMBITIONS
RESPONSIBLE INSURER
INVESTOR PRESENTATION September 2026
Proposing responsible and committed product offerings that integrate environmental and social challenges: anticipate and prevent the occurrence of risks and protect from their consequences
Responsible, sustainable and accessible insurance offerings for the greatest number of people
- Integrate societal challenges in the design of our insurance offerings (prevention, inclusion, environment, clarity…) using CSR guidelines, an internal analysis grid
- Promote access to insurance for the greatest number of people: by developing guarantees and services adapted to different life stages and situations of vulnerability (financial, social, health status…), by strengthening the clarity and readability of our offerings, through accessible rates and essential guarantees, or through solidarity mechanisms
- Improve the environmental impact of claims management and of our insurance activities: promote circular economy among our customers (repair, recycling, reuse…), through partnerships for instance
- Promote responsible savings for our customers: by offering quality savings solutions adapted to our customers who wish to invest in socially responsible and/or environmental projects
A comprehensive prevention approach to meet the evolving needs of our customers, support them in facing new risks and thus contribute to a more resilient society
- Anticipate, alert, adapt, support our customers facing the intensification of Climate, Health, Safety and Financial Protection risks: studies and experiments; prevention in all our offerings; health assessments, preventive driving courses, financial education, prevention advice on climate, health, everyday risks…
Some illustrations
- Signatory of the Principles for Responsible Insurance (PSI)
- Member of the Forum for Insurance Transition to Net Zero (FIT)
- Participation and partnership with Murfy, an expert in the repair and reconditioning of household appliances
- Participation in actions supporting vulnerable customers (Points Passerelle)
- Creation of a forest fire observatory
- Experiments to co-build solutions adapted to territories and maintain their insurability: flood risk for individuals, water, drought / clay shrinkage/swelling (RGA)
6. ESG STRATEGY AND AMBITIONS
RESPONSIBLE INVESTOR
INVESTOR PRESENTATION September 2026
Integrating environmental and social challenges at the heart of our investment decisions, to actively contribute to the transition towards a more sustainable, solidarity-based and environmentally respectful economy
Integration of ESG criteria in investment choices
- Systematically integrate ESG analysis into our investment processes. Various action levers are implemented: sectoral policies and exclusions, ESG rating, shareholder engagement and dialogue with issuers, collective engagement.
A decarbonization trajectory
- For several years, Crédit Agricole Assurances has set targets to reduce the carbon footprint of its investment portfolio.
Thematic investments in favor of societal utility, territorial development and transitions
- Develop and enhance investments in essential areas such as access to health, housing, food, digital services, transport and energy, in agri-food industries, through a real estate portfolio…
Some illustrations
- CAA Responsible Investment Policy
- Signatory of the Principles for Responsible Investment (PRI)
- Member of the NZAOA since 2021
- Member of Finance for Biodiversity Foundation since 2026
- Participation in the "Objective Biodiversity" initiative
- Launch in 2025 of the CAA Future and Territories Fund, endowed with €100M, managed by Idia
- Target : contribution to financing 17.3 GW in renewable energy by end of 2025 (CAA's share: 5.6 GW)
- Target : 50% reduction in carbon footprint of investments in listed equities, corporate fixed income and real estate directly held by end of 2029 (base year 2019)
6. ESG STRATEGY AND AMBITIONS
RESPONSIBLE COMPANY
INVESTOR PRESENTATION September 2026
Taking into account the social and environmental impacts of our activities, promoting quality of life at work and the solidarity commitment of our employees
Raising employee’s awareness of societal challenges
- Inform and mobilize all our employees to improve our social and environmental impacts through training, activities, information webinars, CSR ambassadors…
Improving the environmental and social impact of our operations
- Measure our greenhouse gas emissions through a carbon footprint and implement reduction actions: around mobility (electrification of the vehicle fleet, reduction of air travel, promotion of carpooling…), building operations (energy performance, reduction of resource consumption, green electricity, biodiversity actions…), purchases and digital
- Strengthen responsible purchasing: with decarbonization targets and in terms of inclusive purchasing, CSR criteria in our purchases, support for main suppliers, awareness of prescribers…
- Implement responsible digital: eco-design, limitation of IT infrastructure, extension of equipment lifespan/use, digital accessibility…
A committed HR policy
- Promote diversity, inclusion, skills development and quality of life at work for all our employees: through policies, company agreements and various actions (gender diversity and professional equality, disability, employee caregivers, experienced employees, professional insertion of young people, health and psychosocial risks prevention…)
Committed patronage in favor of health and protection of vulnerable people
- Crédit Agricole Assurances Foundation: Since its creation in 2026, it supports organizations of general interest that develop prevention and risk reduction on health projects and projects related to the protection of the most vulnerable people. This commitment continues the actions carried out for more than 15 years.
- Promote the employees’ commitment to solidarity through skills sponsorship for instance.
Some illustrations
- Target : 40% of spending covered by SBT suppliers by 2027
- Target : 100% of sites powered by green electricity by end of 2030
- Support for forest and agricultural decarbonization projects via Carbioz
- 1,972 participants in CSR webinars since 2023
- 263 projects supported with the caregiver call for projects since 2010, €2.5 million distributed and more than 20,000 caregivers supported
- 1st institutional sponsor of France Parkinson association
- 6% of employees have already committed to an association through skills sponsorship
6. ESG STRATEGY AND AMBITIONS
CRÉDIT AGRICOLE S.A.’S NON-FINANCIAL RATING
INVESTOR PRESENTATION September 2026
AAA
AA
A
Ratings as of 01/07/2026
1. ESG risk score on a reverse scale (100-0): the lower the score, the better the ESG risk
2. C+ is the best ESG rating assigned by ISS ESG in its Commercial Banks & Capital Markets sector.
3. The Workforce Disclosure Initiative measures the transparency of published data on a variety of topics including human capital, governance and procurement (+20 points vs 2021).
Sustainalytics 17.7 (Severe risk 100 – Negligible risk 0)
ISS ESG C+ (D- … C+ …)
S&P Global 63 (0 – 100)
CDP A (D+ – A)
WDi 92% (0% – 100%)
6. ESG STRATEGY AND AMBITIONS
CHAPTER
7
APPENDICES
INVESTOR PRESENTATION September 2026
OTHER SENSITIVITIES: LIMITED IMPACTS
INVESTOR PRESENTATION September 2026
Net impact at end-2025 on the measurement of insurance and reinsurance contracts and Financial investments
| Net income | CSM | |
|---|---|---|
| Amount at end-2025 | €2,030m | €27.5bn |
| Risk-free rates +100bps | €(47)m | €(1,212)m |
| Risk-free rates -100bps | €(6)m | €+481m |
| Equity market +10% | €+41m | €+738m |
| Equity market -10% | €(50)m | €(730)m |
| Real estate market +10% | €+61m | €+403m |
| Real estate market -10% | €(65)m | €(410)m |
Impacts on net income very limited
Higher impacts on CSM while remaining largely absorbable by CAA
Solvency II ratio
Solvency II ratio June 2026 195%
Interest rate +50bps 181%
Interest rate -50bps 214%
Equities -25% 189%
See notes on pages 43 and following
7. APPENDICES
CRÉDIT AGRICOLE S.A.
2ND QUARTER AND 1ST HALF-YEAR 2026 RESULTS
AG – INSURANCE
Savings/Retirement
Net inflows (€bn)
Q2-25: In Euros +2.4, Unit-linked +2.4, Total +4.2
Q1-26: In Euros +3.0, Unit-linked +2.7, Total +5.7
Q2-26: In Euros +3.5, Unit-linked +2.6, Total +6.1
Property and personal insurance
Premium income (€bn)
Q2-25: Death & disability / Creditor / Group 1.4, Property & Casualty 1.4, Total 2.8
Q1-26: 1.4, 1.5, Total 2.9
Q2-26: 1.6, 1.5, Total 3.1
+11% Q2/Q2
+12%
+13%
Record Q2 premium income of €15.0bn (+18%1 vs Q2-25)
Savings/Retirement: record net inflows in Q2 at €6.1bn
- Gross inflows: €11.8bn, showing strong growth (+19% Q2/Q2), particularly in France; UL rate at 33.5%
- AuM2: €392 billion (+5% June/Dec.), supported by net inflows and positive market effects; UL rate at 32.0%; Oriance a success with nearly €5bn
Property and casualty: performance driven by price changes, scope effects and portfolio growth to 18.2 million policies (+7.3%3)
Personal protection: all business lines performed well; creditor insurance (+14%) driven by home loans and consumer finance, individual death & disability insurance (+10%) and group insurance (+22%)
Contribution to earnings (in €m)
| Q2-26 | ∆ Q2/Q2 | H1-26 | ∆ H1/H1 | |
|---|---|---|---|---|
| Revenues | 862 | +9.1% | 1,566 | +3.2% |
| Gross operating income | 747 | +6.2% | 1,344 | +0.6% |
| Income before tax | 747 | +6.3% | 1,343 | +0.7% |
| Net income Group Share | 529 | (5.1%) | 951 | (4.6%) |
Revenue4: growth supported by activity across all business lines and by favourable market conditions, particularly in Savings/Retirement
CSM: €29.5bn (+7.2% June/Dec.); new business contribution higher than CSM allocation and positive market effect. Annualised CSM allocation factor: 7.8% in H1-26
Combined ratio5 96.7% end June (+2.1 pp YoY in line with weather-related claims)
Solvency 2 Ratio: estimated at 195% at end-June
1. Premium income on a like-for-like basis (excl. Abanca SG, PiùVera Assicurazioni and PiùVera Protezione): +17% overall; +8% in property and personal protection; +7% in property and casualty; +8% in personal protection
2. Savings, retirement and funeral insurance
3. On a like-for-like basis: +2.2% for the property & casualty portfolio
4. Abanca SG, PiùVera Assicurazioni and PiùVera Protezione scope effect: €18m
5. Combined property & casualty ratio in France (Pacifica) including discounting and excluding undiscounting. net of reinsurance: (claims + operating expenses + fee and commission income)/gross premiums earned. Undiscounted ratio: 100.0% (+2.6 pp/2025)
7. APPENDICES
CRÉDIT AGRICOLE GROUP PERIMETER
INVESTOR PRESENTATION September 2026
As of December 31, 2025
Crédit Agricole Group includes Crédit Agricole S.A. as well as all the Regional banks and Local banks and their subsidiaries.
Holding 63.5% REGIONAL BANKS
Holding 36.5% FLOAT
12.3M mutual shareholders who hold mutual shares in the 2,376 Local banks
39 Regional banks which together hold the majority of the share capital of Crédit Agricole S.A. via SAS Rue La Boétie1
100% SACAM Mutualisation
25% Political link Fédération nationale du Crédit Agricole (FNCA)2
21.8% Institutional investors
8.1% Individual shareholders
6.6% Employee Share Ownership Plans (ESOP)
NS3 Treasury shares
1. The Regional bank of Corsica, 99.9% owned by Crédit Agricole S.A., is a shareholder of SACAM Mutualisation.
2. The Fédération nationale du Crédit Agricole (FNCA) acts as a think-tank, a mouthpiece and a representative body for Regional banks vis-à-vis their stakeholders.
3. Non-significant (~0.013%).
7. APPENDICES
CRÉDIT AGRICOLE GROUP INSURANCE COMPANIES
INVESTOR PRESENTATION September 2026
Simplified organizational chart (as of end-December 2025)
Other entities:
• CAAS is the common employer for Crédit Agricole Assurances, Predica and CACI Gestion employees
• CACI, Space Lux and Space Holding are holdings
Savings & Retirement
Death & Disability / Creditor / Group insurance
Property & Casualty
7. APPENDICES
OUR STORY
INVESTOR PRESENTATION September 2026
Natural extension of banking network’s savings business into life insurance
1986
Predica
Life insurance
1990
Pacifica
P&C insurance
Development of property and personal protection business
2006
CA Life Japan
Creditor insurance
Creation of CA Life Japan – partnership with 50 Japanese banks
2008
CACI
Creditor insurance
Creation of CACI Business managed from Dublin and Lille in 10 countries
2011
Spirica
Life insurance
Diversification and enhanced presence at the top of range and on web
2012
CA Vita
Life insurance
Acquisition of 100% of the share capital of CA Vita
2014
CATU
P&C insurance
2015
Launch of group insurance offerings
2018
Life insurance partnership with Credito Valtelinese S.p.A (Italy)
2020
Abanca Seguros Generales
Mudum Seguros
P&C insurance
CA Zycie
Life insurance
Launch of businesses in Poland, Portugal and Spain
2021
Europ Assistance
Home care services
Acquisition of 50% of the share capital of Europ Assistance
2022
Crédit Agricole Assurances Retraite
Life insurance
Creation of a 100% subsidiary dedicated to retirement products
2023
Banco BPM partnership
P&C, personal protection, creditor insurance
Acquisition1 of 65% of the share capital of Vera Assicurazioni, Vera Protezione and Banco BPM Assicurazioni
2026
Acquisition of Milleis Vie
Life insurance
1 In 2025, Banco BPM Assicurazioni and Vera Assicurazioni merged ; Vera Assicurazioni and Vera Protezione became PiùVera Assicurazioni and PiùVera Protezione, both consolidated on December 31, 2025 with retroactive effect at January 1, 2025
7. APPENDICES
CHAPTER
8
CAA CONTACT LIST
INVESTOR PRESENTATION September 2026
CAA CONTACT LIST
INVESTOR PRESENTATION September 2026
CAA Investor Relations
relations.investisseurs@ca-assurances.fr
Yael Beer-Gabel
Head of Financial Communication, Ratings & Investor relations
yael.beer-gabel@ca-assurances.fr
Gaël Hoyer
Financial Communication, Ratings & Investor relations manager
gael.hoyer@ca-assurances.fr
Sophie Santourian
Financial Communication, Ratings & Investor relations manager
sophie.santourian@ca-assurances.fr
Cécile Roy
Financial Communication, Ratings & Investor relations manager
cecile.roy@ca-assurances.fr
8. CAA CONTACT LIST
CHAPTER
9
NOTES
INVESTOR PRESENTATION September 2026
Notes
- Non-GAAP revenues
- Calculated using the standardised approach without transitional measures
- Savings, retirement, death and disability (funeral)
- Available distributable items are calculated at Crédit Agricole Assurances S.A. level (on an unconsolidated basis) and not at the Crédit Agricole Assurances Group level. The amount of available distributable items is calculated on the basis of the figures as at the end of the financial year ended December 31, 2025, and takes into account (i) the interim dividend paid in 2025 by Crédit Agricole Assurances S.A. to shareholders in respect of this year, and (ii) the dividend paid in 2025 by Crédit Agricole Assurances S.A. to shareholders in respect of the preceding year.
- France Assureurs data and Predica estimates – Life insurance outstandings at end-2025
- France Assureurs data and Predica estimates – Individual death, Funeral and Dependence gross written premiums at end-2025
- France Assureurs data and CAA estimates – Creditor insurance gross written premiums from retail banking excluding CAPFM at end-2024
- France Assureurs data and Predica estimates – Group health and protection gross written premiums at end-2025
- L'Argus de l'assurance, December 12th, 2025, and CAA estimates - Property and liability insurance gross written premiums at end-2024
- Market share calculated by Italian consultancy firm IAMA Consulting, on the Life bancassurance market, based on gross written premiums at end-April 2026
- Market share calculated by Italian consultancy firm IAMA Consulting, on the Non-life bancassurance market, based on gross written premiums at end-April 2026
- Data Commissariat aux Assurances and CALIE estimates – Life insurance outstandings at end-March 2026
- Statistics of Life Insurance Business in Japan and CA Life Japan estimates – Creditor insurance premiums at end-March 2025
- Data KNF (Komisja Nadzoru Finansowego - Polish supervisory authority) and CA Zycie estimates – Life premiums at end-March 2026
- Preliminary data Autoridade de Supervisão de Seguros e Fundos de Pensões and CAA estimates – Non-Life gross written premiums at end-2025
- Internal source CAA – Insurance revenue at end-2025
- Excluding Corporate centre
- As a percentage of H1-26 gross written premiums
- Source: L’Argus de l’assurance, December 12th, 2025, gross written premiums at end-2024
- Source: France Assureurs data and CAA estimates – Individual & group supplementary retirement savings gross written premiums at end-2024
- Source: France Assureurs data and Predica estimates – Life insurance outstandings at end-2024
- Source: France Assureurs data and CAA estimates – Creditor insurance gross written premiums from retail banking excluding CAPFM at end-2024
- Source: France Assureurs data and Predica estimates – Individual death, Funeral and Dependence gross written premiums at end-2024
- Source: L’Argus de l’assurance, April 3th, 2026, gross written premiums at end-2025
- Source: L’Argus de l’assurance, September 26th, 2025, gross written premiums at end-2024
- Source: L’Argus de l’assurance, April 17th, 2026, gross written premiums at end-2025
- Source: L’Argus de l’assurance, May 13th, 2026, gross written premiums at end-2025
- Source: France Assureurs data and Pacifica estimates – Car insurance gross written premiums at end-2024
- Source: France Assureurs and Pacifica estimates – Individual property insurance gross written premiums at end-2024
- Source: L'Argus de l'assurance, December 12th, 2025, and CAA estimates - Property and liability insurance gross written premiums at end-2024
- #6 property and liability insurer in France (source: L’Argus de l’assurance, December 12th, 2025, gross written premiums at end-2024)
- Source: L’Argus de l’assurance, April 30th, 2026, gross written premiums at end-2025
- Source: L’Argus de l’assurance, November 28th, 2025, gross written premiums at end-2024
- Percentage of Regional banks and LCL customers with at least one motor, home, health, legal, mobile/portable or personal accident insurance policy marketed by Pacifica, French Crédit Agricole Assurances' non-life insurance subsidiary
- Percentage of CA Italia network customers with at least one policy marketed by CA Assicurazioni, Italian Crédit Agricole Assurances' non-life insurance subsidiary
- In local GAAP
- Savings, retirement, death and disability (funeral)
- CSM or Contractual Service Margin: corresponds to the expected profits by the insurer on the insurance activity, over the duration of the contract, for profitable contracts, for Savings, Retirement, Death and Disability and Creditor products
- Annualised CSM allocation factor = CSM release to P&L / (opening CSM stock + revaluation of stock + new business)
- P&C portfolio at current scope
- See definition in chapter 8.4 "Alternative Performance Indicator (API)" of Crédit Agricole Assurances' 2025 Universal Registration Document available on Investors - Crédit Agricole Assurances Institutional Website. For FY-25, the total of (claims + operating expenses + commissions) of Pacifica was €5,836m. The FY-25 gross earned premiums of Pacifica amounted to €6,169m.
- Since 2020: rate calculated considering contractual guarantees gross of fees, following the launch in 2017 of products which apply negative guarantees for customers
- Annualised amount of surrenders since January 1st compared to the corresponding provisions at the beginning of the financial year
- CAA Group’s investments excluding Abanca Seguros Generales, PiùVera Assicurazioni and PiùVera Protezione, at market value without look-through approach, including securities under repurchase agreement and net of liabilities towards holders of units in consolidated investment funds. Assimilated: related to bonds with explicit guarantees from a State. Agencies: ownership >50% by a local authority or ownership >50% by the government but without guarantee or ownership <50% by the government but sponsors of government policy
- Scope: bonds owned by the CAA Group excluding Abanca Seguros Generales, PiùVera Assicurazioni and PiùVera Protezione, at market value with look-through approach for equity and bonds funds, excluding repurchase agreements. Assimilated: related to bonds with explicit guarantees from a State. Agencies: ownership >50% by a local authority or ownership >50% by the government but without guarantee or ownership <50% by the government but sponsors of government policy
- Scope: debt owned by the CAA Group excluding Abanca Seguros Generales, PiùVera Assicurazioni and PiùVera Protezione, including sovereign and assimilated, supranational and agencies, at market value with look-through approach for equity and bonds funds, excluding repurchase agreements. Assimilated: related to bonds with explicit guarantees from a State. Agencies: ownership >50% by a local authority or ownership >50% by the government but without guarantee or ownership <50% by the government but sponsors of government policy
- Scope: bonds owned by the CAA Group excluding ASG, PiùVera Assicurazioni and PiùVera Protezione, at market value with look-through approach for equity and bonds funds, excluding repurchase agreements.
- At the end of June 2026, the total eligible own funds to meet the minimum consolidated group SCR and the Minimum consolidated group SCR amounted to €24.4bn and €6.4bn, respectively.
- Bonds only
- French government bond (OAT) and public sector debt securities equivalent to those of central, regional or local governments
- VFA model (Variable Fee Approach): Savings, Retirement and Funeral
- BBA model (Building Block Approach): Personal protection (death & disability / creditor / group insurance); PAA model (Premium Allocation Approach): P&C
- Solvency Capital Requirement (SCR) breakdown presented before diversification and after loss absorbing capacity by technical provisions and including operational risk
- Maturity date for bullet issues and first call date for callable issues
- Savings, retirement and funeral coverage
- Example: construction trades, repair, reconditioning, circular economy
- Group and individual
- Premium income on a like-for-like basis (excl. Abanca SG, PiùVera Assicurazioni and PiùVera Protezione): +17% overall; +8% in property and personal protection; +7% in property and casualty; +8% in personal protection
- Savings, retirement and funeral insurance
- On a like-for-like basis: +2.2% for the property & casualty portfolio
- Abanca SG, PiùVera Assicurazioni and PiùVera Protezione scope effect: €18m
- Combined property & casualty ratio in France (Pacifica) including discounting and excluding undiscounting. net of reinsurance: (claims + operating expenses + fee and commission income)/gross premiums earned. Undiscounted ratio: 100.0% (+2.6 pp/2025)
- The Regional bank of Corsica, 99.9% owned by Crédit Agricole S.A., is a shareholder of SACAM Mutualisation.
- The Fédération nationale du Crédit Agricole (FNCA) acts as a think-tank, a mouthpiece and a representative body for Regional banks vis-à-vis their stakeholders.
- Non-significant (~0.013%).
- In 2025, Banco BPM Assicurazioni and Vera Assicurazioni merged ; Vera Assicurazioni and Vera Protezione became PiùVera Assicurazioni and PiùVera Protezione, both consolidated on December 31, 2025 with retroactive effect at January 1, 2025