Crédit Agricole Assurances reveals a resilient enterprise and an excellent stage of solvency Paris Inventory Trade:CAAA

Against the backdrop of an unprecedented health crisis, Crédit Agricole Assurances remained mobilized until 2020 serve the economy and its most vulnerable customers through financial support measures to very small businesses and SMEs, health professionals and by supporting the most affected individual customers.

Crédit Agricole Assurances continued in 2020 to diversify its business model by developing his priority business areas, Protection of assets and individuals (+ 5.7% 1 compared to 2019) and unit-linked products in savings and retirement. Crédit Agricole Assurances were booked including inflows denominated in euros Sales of 29.4 billion eurosThis corresponds to a decrease of 20% compared to 2019, where exceptionally high euro inflows were recorded.

in the Property and accident, Crédit Agricole Assurances continued its strong Business growth momentumWith written rewards to reach EUR 4.8 billion End of 2020 plus 5.8% 1 compared to 2019. With a net contribution of more than 508,000 contracts During the year the number of P&C contracts was reached 14.6 million At the end of 2020 an increase of 3.6% compared to the previous year.
The growth in equipment rates of retail customers, in France in the Regional banks (41.7% 2 at the end of 2020, an increase of 1.0 points compared to the previous year) and LCL (25.5% 2 at the end of 2020, plus 0.5 points more than in the previous year) and in Italy in CA Italy (17.1% 3 at the end of 2020, +1.7 points compared to the previous year) confirms the strength of the business model and still significant growth potential. The combined ratio reached 94.9% 4 End of 2020.

Death and disability, creditor and group insurance premiums amounted to EUR 4.2 billion, plus 5.7% 1 year-on-year, driven by all three business areas.

in the savings / Retirement, Crédit Agricole Assurances continued its Shift towards unit-linked products.
End of 2020 Unity linked Products reached a level of 38.7% of gross new inflows5, by 9.8 percentage points compared to 2019.
With a very high net fund-linked inflows, at the EUR 4.9 billion End of 2020 and Net outflows of – € 3.9 billion from euro contractsThe total net inflows amount to EUR 1.0 billion.
Life insurance costs increased 1.4% Year after year up EUR 308.3 billion6 including Unit-linked products worth EUR 74.5 billion (+ 7.5% compared to the end of 2019) and euro-denominated contracts amounting to EUR 233.8 billion (-0.5%). The Share of unit-linked products reached 24.2% increased by 1.4 percentage points compared to the previous year.
The average return on investment of the Crédit Agricole Assurances Group 2.13% in 2020 still well above that average guaranteed minimum rate (0.27% End of 2020). In addition, adjusting the profit sharing on euro-denominated contracts associated with low interest rates helps to close a significant gap between the return on investment and return on liabilities.

New partnerships:

• On January 13, 2021, Crédit Agricole Assurances and Europ help Conclusion of the conclusion of a partnership agreement which is contained in the Pacifica takes over 50% of Europ Assistance France – Europ Assistance’s main service unit, bringing the Group’s expertise and resources to the French market.

In January 2022 We will therefore entrust all of our aid activities in France to Europ-Aidwho becomes the auxiliary partner of the insurers of the Crédit Agricole group (Predica, Pacifica, CAMCA and La Médicale).

• In line with its international development strategy, Crédit Agricole Assurances announced on October 9, 2020 the signing of a Agreement with Novo Banco for the Takeover of 25% of GNB Seguros, a non-life insurance company in Portugal. Crédit Agricole Assurances thus increased its stake 100% of the capital of GNB Seguros.

This transaction also includes a 22-year distribution contract for non-life insurance between Novo Banco and GNB Seguros for the distribution of the GNB Seguros guidelines in Portugal.

Crédit Agricole Assurances has responded to the health and economic crisis Support measures and contributions to solidarity funds amounting to almost EUR 350 million for the Crédit Agricole Group, confirming its role as an insurer, investor and responsible company.

• In particular, the group supported its professional customers with a voluntary mutual support program worth € 239 million.
• The group also contributed € 38 million to Solidarity fund set up by the authorities for very small businesses and the self-employed in sectors particularly affected by the crisis.
• In addition, the group participated in the Exceptional contribution from additional health insurers to expenses related to the fight against the Covid-19 epidemic for € 40 million.
• Most recently the group contributed to Solidarity fund of the Crédit Agricole group to support the elderly and has set one up Solidarity Fund for Health Workers Fight against the spread of the epidemic.

As an investor, the Group has also launched an investment package of EUR 250 million to support the economic recovery and strengthen the health sector in France.

In this context, the Net income group share of Crédit Agricole Assurances reached € 1,230 million 7. Except for exceptional items related to the health situation8 and the monetary compensation paid to Crédit Agricole SA9, which The NIGS amounted to € 1,434 millionThis corresponds to a decrease of -5.5% compared to the NIGS at the end of 2019, which had reached a particularly high level.

Crédit Agricole Assurance has also proven this Solidity and resiliencewith a steadily high Solvency II supervisory rate of 227% as of December 31, 2020.
In addition, Crédit Agricole Assurances is building its Policyholder participation rate (PSA) who stood at EUR 11.6 billion End of 2020 (+ EUR 0.8 billion in 2020) 5.6% of the euro expenditure10.

On July 17, 2020, Crédit Agricole Assurances successfully placed EUR 1 billion in subordinated debt to finance them early repayment of intragroup debts. These notes carry a fixed interest rate of 2.00% pa until the due date in 2030 and are eligible as Core capital under Solvency II.

The Standard & Poor’s rating of the main operating units of Crédit Agricole Assurances A / stable outlook.

1 growth adjusted to a methodical correction of the accounting in 2020; Without the restatement, the combined growth in asset and individual protection was + 6.8%, in property and casualty protection + 7.5% and in death and disability, creditor and group insurance + 6.1%.

2 Percentage of customers with at least one contract in an automotive, multi-risk household, healthcare, legal, any cell phone, or accident insurance contract.

3 Percentage of CA Italia customers who have marketed at least one contract with CA Assicurazioni, a non-life subsidiary of Crédit Agricole Assurances

4 Ratio of (receivables + operating costs + commissions) to premium income, minus reinsurance, Pacifica scope, excluding the cost of the voluntary business interruption support scheme, the contribution to the state solidarity fund for very small businesses and self-employed, and the exceptional contribution of the additional health insurers to the expenses in connection with combating the Covid-19 epidemic. Without adjustments, the rate reached 97.6% at the end of 2020.

5 In local GAAP.

6 Savings, Retirement, and Death and Disability.

7 The contribution to the net profit group share of Crédit Agricole SA was € 1,056 million. The difference in the share of the Crédit Agricole Assurances net profit group is mainly due to analytical adjustments that affect the insurance business. RT1) Debt coupons in the amount of € 76 million and the elimination of the cash compensation paid to Crédit Agricole SA in the amount of € 49 million

8 Specific items include solidarity and support measures (contribution to the state solidarity fund for very small businesses and self-employed, contribution to the solidarity fund set up by the Crédit Agricole group for the elderly, costs of the mutual support mechanism for the business interruption and non-contractual measure in favor of vulnerable persons) for a total of almost – EUR 140 million in NIGS and the exceptional contribution of the additional health insurers to the expenditure related to the fight against the Covid-19 epidemic (- EUR 15 million) in NIGS).

9 Crédit Agricole Assurances paid Crédit Agricole SA cash compensation of € 54 million before tax (€ 49 million after tax) for the early repayment of subordinated bonds totaling € 1 billion. This early repayment was made in July 2020 following a new issue of subordinated debt in the subordinated debt market for EUR 1 billion.

10 “Life France Scope”.

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