Investor presentation Crédit Agricole Assurances 30.06.2024

CRÉDIT AGRICOLE

ASSURANCES

INVESTOR PRESENTATION

Data and figures at end of June 2024

C A A I N V E S T O R S R E L A T I O N S

DISCLAIMER

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No representation or warranty expressed or implied is made as to the fact that the entire information within this document has been subjected to a full independent review, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information or opinions contained herein. Unless otherwise specified, the sources for the business rankings and market positions are internal. The information in this document relating to parties other than Crédit Agricole Assurances S.A. or taken from external sources has not been subjected to independent verification. None of Credit Agricole Assurances S.A. or its affiliates, advisers, dealers or representatives, or any other person, shall have any liability whatsoever (in negligence or otherwise) for any loss arising from any use of this document or its contents or otherwise arising in connection with this document.

Without limiting the foregoing, this document is not an offer to sell or the solicitation of an offer to purchase or subscribe for securities in the United States nor in any other jurisdiction, and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Crédit Agricole Assurances S.A. does not intend to register any portion of any offering in the United States or to conduct a public offering of securities in the United States.

This document is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation.

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

MANAGEMENT      8 SOLVENCY & CAPITAL        P.14  CAA CONTACT LIST        P.40 MANAGEMENT      9

                       DISCIPLINED RISK                                           P.18                      NOTES                                                     P.42

5 ESG STRATEGY AND AMBITIONS                   P.24

KEY MESSAGES

CRÉDIT AGRICOLE ASSURANCES – KEY MESSAGES

INVESTOR PRESENTATION

CHAPTER 1 COMPANY OVERVIEW

CRÉDIT AGRICOLE ASSURANCES (CAA): KEY ITEMS

SAVINGS / RETIREMENT

DEATH & DISABILITY CREDITOR

GROUP INSURANCE

PROPERTY & CASUALTY

Strong Financial Profile

•    Net income Group share (vs H1-23)

•    Solvency II ratio² (vs Q4-23)

•    Life insurance outstandings³(vs Q4-23)

See notes on page 42 and following

INVESTOR PRESENTATION

CAA: A SIZEABLE ASSET WITHIN THE CRÉDIT AGRICOLE

GROUP

                                                                                                                                   22%                                 

See notes on page 42 and following

CRÉDIT AGRICOLE ASSURANCES: PROFILE IN FRANCE

•        Very well positioned in France, particularly in individual Death

& Disability, Creditor insurance, Life insurance and Retirement

•        Strong prospects in Property & Casualty

Improving our market shares in France, almost exclusively through organic growth

Size of the French non-life market and CAA's positioning

                                                                                                                                                                                                                            #1                                                       #1                                                       #2

Retirement bancassurer Individual Death & Disability Creditor insurer in France⁹ insurer in France¹⁰ in France¹¹

PROPERTY & CASUALTY¹²

                                                                                                                                                                                                                            #1                                                 Equipment rates:

} 43.5%¹⁵ in French Regional Banks

Home, car and health _} 27.8%15 in LCL bancassurer in France¹⁴

See notes on page 42 and following

CRÉDIT AGRICOLE ASSURANCES: INTERNATIONAL PROFILE

          CAA distributes its Life insurance, Property & Casualty, and Creditor insurance           The recent acquisitions and distribution agreement with Banco BPM

See notes on page 42 and following

WORKING EVERY DAY IN THE INTEREST OF OUR

CUSTOMERS AND SOCIETY

Expanding offers and services to cover all customer needs, _for

instance through the launch of the first Article 9 Euro fund on the market by Spirica in May 2024 or a more inclusive home-insurance in June 2024, the 2023 integration into Ma Banque¹ and LCL Mes Comptes of the car quote and multi-risk home insurance subscription (following on the multi-risk home insurance quote that was already integrated), or the Pacifica / Mobilize Financial Services partnership signed in 2022.

Accompanying our customers in their retirement, _{with the creation}

in 2022 of Crédit Agricole Assurances Retraite, our Group Pension Fund (Fonds de Retraite Professionnel Supplémentaire – FRPS), which supports Crédit Agricole Assurances' longterm development ambitions in this supplementary pensions market.

Expanding our core businesses to accompany our customers

internationally, with some recent examples of new or strengthened partnerships: Banco

BPM, Abanca Seguros Generales…

See notes on page 42 and following

CHAPTER 2 A ROBUST

BUSINESS MODEL

02. A ROBUST BUSINESS MODEL

DIVERSIFIED BUSINESS MIX AND SOLID LIFE

INSURANCE OUTSTANDINGS

See notes on page 42 and following                                                                                                                                                                                                                                           Euro                                                                                                                                                    Unit-Linked

INVESTOR PRESENTATION

02. A ROBUST BUSINESS MODEL

STRONG AND RECURRING PROFITABILITY

Net Income Group Share Net Income Group Share restated

97.1%

95.9%

• Profitable growth                       94.7%                                                                                           94.6%

Ø Net combined ratio under 100%

• Expansion of the portfolio         ^93.8%

                                                                               Q1-23                H1-23               9M-23                FY-23                Q1-24               H1-24

One year portfolio growth³

(thousand policies)

CSM roll forward and evolution

• Contribution from new business, driven by an increased activity exceeding the CSM release

• Economic variance notably due to the

rise in interest rates over the first half of the year.

• Annualized CSM allocation factor: 8.7%

CHAPTER 3 SOLVENCY &

CAPITAL MANAGEMENT

A STRONG SOLVENCY II RATIO OVER THE YEARS

                                              Dividends impact    S2 ratio

+19%

              +27%                             +11%

          Dec. 2022                                                  Dec. 2023June 2022

Solvency ratio at a high level:

June 2023        June 2024

•    The Solvency II prudential ratio was estimated at 200% at 30 June 2024, demonstrating the strength of CAA.

•    CAA has maintained a high level of solvency over time despite strong dividend distributed to shareholder (recurrent and/or exceptional).

CAA SOLVENCY CAPITAL REQUIREMENT (SCR) AND

CAPITAL STRUCTURE AT THE END OF JUNE 2024

In € billion

Market risk

Counterparty default risk

Life underwriting risk

Non-life underwriting risk

Health underwriting risk

Operational risk

​

•    Use of the Standard formula

•    No transitional measures applied

•    Inclusion of the eligible policyholder participation reserve (PPE) in surplus funds

•    Unrestricted and restricted T1 cover 167% of SCR; Tier 2 represents 33% of the SCR

•    Group’s subordinated debt valued at €5.7 billion under Solvency II, of which €284 million held by Crédit Agricole Group

See notes on page 42 and following

16       INVESTOR PRESENTATION – AUGUST 2024

SUBORDINATED DEBTS BREAKDOWN AND FINANCIAL STRENGTH RATING

Breakdown of the subordinated debts¹

NB: The indication of the first call

                                                                                                                         Tier 1 - external                     Tier 2 - external                                                                                        Tier 2 - intra-group          date is not an indication of the

issuer’s intention to call or not to call the instruments

CHAPTER 4

DISCIPLINED RISK MANAGEMENT

FLEXIBILITY TO SERVE ATTRACTIVE CREDITING RATES TO CLIENTS

4.2%

0.16%2,8%

                                       2021              2022              2023         

Ability to adapt our crediting rates

                                                                                                                                                 €8.7bn        €9.2bn

                                                                                                                                                       30.06.2024                               30.06.2024

Unrealised gain on CAA’s Policyholder participation diversification investments reserve****(PPE)

• Strong customer loyalty with an annualised surrender rate of 5.6% at H1-24 • Part of the bond portfolio covered by caps

A REINSURANCE POLICY IN LINE WITH OUR RISK APPETITE

•    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

•    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

A PRUDENT AND DIVERSIFIED ASSET ALLOCATION

45%

40%

35%

30%

25%

20%

15%

10%

5%

0%

FLEXIBILITY TO SERVE ATTRACTIVE CREDITING RATE TO CLIENTS

France

Italy

Austria

Belgium

Spain

Other countries

SOLID SOLVENCY II RATIO AND LIMITED SENSITIVITY TO SOVEREIGN RISK

CAA’s exposure to French sovereign risk⁽¹⁾

91% of total French sovereign risk is accounted with VFA model under IFRS 17 (related to Savings, Retirement and Funeral liabilities scope) with no material impact on net income due to symmetrical valuation effects on assets and liabilities

Net impact at end 2023 on the measurement of insurance and reinsurance contracts and Financial investments

Risk-free rates +100 bps

Risk-free rates -100 bps

                                                                                                                                                                                                         Higher impacts on CSM while remaining                                                                                                 High level of solvency

Impacts on net income very limited

                                                                                                                                                                                                                            largely absorbable by the group                                                                                       in each regulatory scenario

CHAPTER 5 ESG STRATEGY

AND AMBITIONS

05. ESG STRATEGY AND AMBITIONS

INSURANCE, A FUNDAMENTAL PART OF THE CRÉDIT AGRICOLE GROUP'S RAISON D'ÊTRE

ACT EVERY DAY IN THE INTEREST OF OUR CUSTOMERS AND SOCIETY

As an insurer, our mission is to support all our customers to meet all their needs, at every stage of their lives è we are a universal bancassurer

As a leader in our markets and a major investor, we have the ability and the responsibility to act and to have a positive impact on our customers and on society.

Thanks to our employees, the strength of our Group and our partner banks, we are multiplying the impact of our actions to work in favour of the climate, inclusion and the agricultural and agri-food transition

      THREE PRIORITIES OF THE GROUP'S SOCIAL PROJECT      CAA: A CSR STRATEGY AT THE HEART OF ITS

BUSINESSES

RESPONSIBLE

INVESTOR

Integrating environmental and social criteria into our investment decisions RESPONSIBLE

COMPANY

Taking into account the social and environmental impacts of our business and focusing on the development of our employees

05. ESG STRATEGY AND AMBITIONS

CRÉDIT AGRICOLE S.A.’S NON-FINANCIAL RATINGS

CHAPTER 6

AMBITIONS 2025

06. AMBITIONS 2025                                                                                                                                        Crédit Agricole Group model

A WINNING FORMULA CREATING THE BANK OF STRONG AND LASTING RELATIONSHIPS

Constantly renewed potential for organic growth, driven by customer acquisition, customer equipment and the development of offers

See notes on page 42 and following

06. AMBITIONS 2025

CAA | EXPANDING OFFERS AND SERVICES TO                           2025 Targets

COVER ALL CUSTOMER NEEDS, PARTICULARLY IN

HEALTH AND RETIREMENT

Comprehensive and service-oriented Health insurance approach

•   Health insurance for all markets (seniors, small business owners & self-employed professionals, corporates) and new segments (students, public sector)

•   A single individual and group Health Platform providing 100% digitised customer journeys and access to a services and care ecosystem

Complete offer for Seniors and Retirement

•   A range of “ageing well in the future” solutions: insurance, assistance and services, capitalising on Europ Assistance France and Nexecur

•   Digital advisory platform on retirement planning

•   Crédit Agricole Assurances Retraite, new insurance company dedicated to retirement, to accelerate the development of this activity

CSR: Core of our offers and business model

•    Responsible offers, in line with our NZIA5 commitments (e.g., insurance for low-impact mobility) and reduction in our investment portfolio's carbon emissions (NZAOA6 commitments)

•    Entry-level offers, affordable for all (EKO)

•    Strong positioning on Crop insurance and prevention, supporting the agri-food transition

Best-in-class digital customer journeys

+40%

Health beneficiaries¹

€23bn

Retirement outstandings² x2

Outstandings on certified responsible unit-linked funds³

Corporates GWP

14W

Installed capacity in renewable energy⁴  financed by CAA

Equivalent to the average consumption of over

5 million households

•   Increasing visibility and use of digital bancassurance journeys

•   Personalising the customer relationship and improving equipment rates and satisfaction using data

See notes on page 42 and following

20%

Of P&C underwriting in self-care⁷

CRÉDIT AGRICOLE ASSURANCES (CAA): 2023 KEY ITEMS

SAVINGS / PENSIONS

DEATH & DISABILITY CREDITOR

GROUP INSURANCE

PROPERTY & CASUALTY

                                                                                                                                                                                                                                 •                                                                                                               Ireland: Pan-European management platform

Strong Financial Profile

•    IFRS Net income Group share at end-2023        €1.8bn, +21%²

•    Solvency II ratio³ at end-2023  215%, +11 pts

•    Life insurance outstandings⁴ at end-2023  €330,3bn, +3%

See notes on page 42 and following

CRÉDIT AGRICOLE GROUP PERIMETER

CRÉDIT AGRICOLE GROUP KEY FIGURES

                                                    Rankings and key figures     

2.   The Banker 2023

3.   L’Argus de l’assurance, 13 December 2023 (data at end-2022)

4.   IPE « Top 500 Asset Managers », June 2023

5.   The 2023 World Cooperative Monitor, January 2024 (in revenues)

CRÉDIT AGRICOLE GROUP INSURANCE COMPANIES

Simplified organizational chart (December 2023)

In France,

•     Life insurance and Death &            CACI develops creditor disability activities, with        insurance worldwide

                          Predica, CAAR and Spirica                                                                                 Presence in several

•     Property & casualty insurance       countries, mainly Italy and activity led by Pacifica     Luxembourg

OUR STORY

Acquisition of 65% of the

Natural extension of          Development of Acquisition of 50% of the                 share capital of Vera banking network’s               Creditor insurance             Launch of the Group life share capital of Europ       Assicurazioni, Vera savings business               business managed             insurance offering              Assistance             Protezione and Banco BPM

into life insurance                                                           from Dublin           Assicurazioni in 10 countries           Increased Banco BPM

                                                                                                                                                        ownership                                                                                                                                                      Life insurance                                     partnership

   Life insurancePredica                                             Creditor insuranceCACI      of CA Vita (Italy) to 100%    partnership with Credito Valtelinese S.p.A. (Italy)                                                  ^AssistanceEurop P&C, personal protection, creditor insurance

               1986        1990                        2006           2008      2011               2012          2014                    2017           2018        2020                        2021           2022      2023

                                   Pacifica                                                                       Spirica                                     CA Insurance                                    Abanca                                                               Crédit Agricole

                        Property & Casualty                                                     Life insurance                                      Poland                                  CA Zycie                                                         Assurances Retraite

                                                                         Creation of                                                                                 Life                                                                                                                            Life insurance

insurance

                                                                      Crédit Agricole                                                                                               Creation of a subsidiary

Development ^{Life Japan} Diversification Creation of Crédit •Creation of CA Zycie, life insurance in dedicated to retirement of and enhanced Agricole Insurance Poland products

                                Property &                                                            presence at top                            Poland (Non-life            •Creation of Abanca Seguros

Casualty                of range and on insurance in Poland)                Generales (Non-life insurance in business   web                Spain) with 50% of capital owned

•Increased ownership of Mudum

Seguros to 100% of the share capital

(Non-life insurance in Portugal)

•Launch of the Property & Casualty commercial lines

CHAPTER 8

CAA CONTACT LIST

08. CONTACT LIST

CAA CONTACT LIST

CHAPTER 9 NOTES

NOTES (1/4)

Page 6 ¹ “Non-GAAP” revenue

^[1] Calculated using the standardised approach without transitional measures other than the grandfathering of subordinated debts ³ Savings, Retirement and Protection

⁴  Data FA 2022 – life insurance outstandings

⁵  Data FA 2022 and Predica estimates – Death, Funerals and Dependence premiums

⁶  Data FA 2022 and CAA estimates – Creditor insurance premiums from retail banking excluding CACF

⁷  Data FA 2022 and CAA estimates – Health premiums

⁸  CAA estimates - Premiums at end-2022

⁹  CA VITA estimates of the Life bancassurance market – Premiums at end-2023

^[2]0 Statistics compiled by Italian consultancy firm IAMA Consulting, in market shares, based on data at end of June 2023

¹¹ CALIE estimates – Life insurance outstandings at end-2023

^1[3] Statistics of Life Insurance Business in Japan Fiscal 2022 published Dec 2023 and CA Life Japan estimates – Creditor insurance premiums at end-2022 ^1[4] Data KNF and CAA estimates – Life premiums at end-2022

^1[5] CAA estimates – Premiums at end-2023

^1[6][7][8] Internal source CAA, premiums at end-2022

Page 7

¹ Excluding Corporate centre

NOTES (2/4)

Page 8 (continued)

⁹ Source: L’Argus de l’assurance, May 31st, 2024, premiums at end-2023

^[9]0 Source: L’Argus de l’assurance, April 26th, 2024, premiums at end-2023

¹¹ Source: L’Argus de l’assurance, September 1st, 2023, premiums at end-2022

^1[10] #6 in France (source: L’Argus de l’assurance, December 13th, 2023, premiums at end-2022)

^1[11] Source: L’Argus de l’assurance, May 10th, 2024, premiums at end-2023

^[12]4 Source: L’Argus de l’assurance, May 31st, 2024, premiums at end-2023

^[13]5 Share of retail customers having at least one contract in automotive, household, health, legal, all mobiles or accident insurance

Page 9

¹  Statistics compiled by Italian consultancy firm IAMA Consulting, in market shares, based on data at end of June 2023

²  Calculation based on data at end-2022

³  Share of CA Italia’s retail customers having at least one contract marketed by CA Assicurazioni, non-life insurance subsidiary of Crédit Agricole Assurances

Page 10

¹ Banking application of the Crédit Agricole Regional Banks

Page 13

NOTES (3/4)

Page 19

¹ Rate calculated considering contractual guarantees gross of fees, following the launch in 2017 of products which apply negative guarantees for customers. * Source: ACPR

** Source: ACPR

*** Predica scope

**** France Life scope

Page 21

¹  Net of repurchase agreements

²  Société Civile Immobilière: non-trading real estate investment company

Page 22

¹  Scope: CAA Group assets owned directly, excluding Mudum Seguros and CA Assicurazioni as well as derivatives, repurchase agreements, Intragroup loans

²  Exposure to sovereign debt is presented as net of impairment, before hedging, and corresponds to an exposure before application of sharing mechanisms between insurer and policyholder specific to life insurance.

Page 23

¹  Bonds only

²  French government bond (OAT) and public sector debt securities assimilated to central, regional or local administrations

³  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

Page 30

¹  LCL and CR market share in household and similar lending at end-Sept. 23 – Banque de France study

²  Market share in UCITS in France at end-December 2023 for all customer segments

³  Banque de France OSMP 2023 reports (2022 data)

⁴  Internal data end-2022

⁵  35% of the French population – Sofia 2021 KANTAR

NOTES (4/4)

Page 31

¹  International subsidiaries

²  2025 IFRS4 Cost/income ratio: <30%

Page 32

¹  Individual and Group Health, 1.7m health beneficiaries at end-2021

²  Individual and group retirement, €19bn at end-2021

³  ISR, Greenfin, Finansol

⁴  Renewable energy - mainly solar, wind, hydropower, and hydrogen

⁵  Net Zero Insurance Alliance - Committed to accelerating the industry’s role in the green transition with a zero-carbon target ⁶ Net Zero Asset Owner Alliance

⁷ Web and Web-to-store

Page 34

¹  “Non-GAAP” revenue

²  At constant scope excluding La Médicale

³  Calculated using the standardised approach without transitional measures other than the grandfathering of subordinated debts ⁴ Savings, Retirement and Protection

⁵     Data FA 2022 – life insurance outstandings

⁶     Data FA 2022 and Predica estimates – Death, Funerals and Dependence premiums

⁷     Data FA 2022 and CAA estimates – Creditor insurance premiums from retail banking excluding CACF

⁸     Data FA 2022 and CAA estimates – Health premiums

⁹     CAA estimates - Premiums at end-2022

¹⁰  CA VITA estimates of the Life bancassurance market – Premiums at end-2023

¹¹  Statistics compiled by Italian consultancy firm IAMA Consulting, in market shares, based on data at end of June 2023

¹²  CALIE estimates – Life insurance outstandings at end-2023

¹³  Statistics of Life Insurance Business in Japan Fiscal 2022 published Dec 2023 and CA Life Japan estimates – Creditor insurance premiums at end-2022 ¹⁴ Data KNF and CAA estimates – Life premiums at end-2022

¹⁵ CAA estimates – Premiums at end-2023

¹⁶ Internal source CAA, premiums at end-2022