| 25/11/2025 12:50 |
| Investor presentation Crédit Agricole Assurances - HY-25 figures and Strategic Plan ACT 2028 |
INFORMATION REGLEMENTEE
|
INVESTOR
PRESENTATION CRÉDIT AGRICOLE ASSURANCES Data and figures at end of June 2025 November 2025 CAA INVESTOR RELATIONS DISCLAIMER 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. 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. 2 INVESTOR PRESENTATION November 2025 SUMMARY 1 COMPANY OVERVIEW 5 6 SUMMARY OF THE MEDIUM-TERM PLAN AMBITIONS 2025 30 2 A ROBUST BUSINESS MODEL 11 7 ESG STRATEGY AND AMBITIONS 32 3 SOLVENCY & CAPITAL MANAGEMENT 16 8 APPENDICES 37 4 DISCIPLINED RISK MANAGEMENT 20 9 CAA CONTACT LIST 45 5 MEDIUM-TERM PLAN ACT 2028 28 10 NOTES 47 3 INVESTOR PRESENTATION November 2025 CRÉDIT AGRICOLE ASSURANCES – KEY MESSAGES 1 Diversified business mix and strong net inflows in savings over the past quarters 2 Robust and recurring profitability 3 Strong Solvency II ratio over the years 4 Comfortable financial structure 4 INVESTOR PRESENTATION November 2025 CHAPTER 1 COMPANY OVERVIEW 5 INVESTOR PRESENTATION November 2025 1. COMPANY OVERVIEW CRÉDIT AGRICOLE ASSURANCES: KEY ITEMS Market shares in our main countries SAVINGS / RETIREMENT €20.8bn, +24.6% 15%4 8%9 6%11 n.s. 2%13 n.a. €27.5bn in gross written DEATH & DISABILITY 24%5 premiums1 6%12 for H1-25 CREDITOR €2.7bn, +1.8% 20%6 n.s. n.a. Creditor n.a. n.s. GROUP INSURANCE 1%7 +19.4% vs H1-24 PROPERTY & CASUALTY €4.0bn, +8.5% 7%8 8%10 n.a. n.a. n.s. 1%14 • Spain and Germany: nascent operations n.s.: non-significant n.a.: absent from market • Greece in run-off • Ireland: Pan-European management platform Strong Financial Profile Leader in Europe • Net income Group share (vs. H1-24) €1,016m, +5.8%16 No. 1 BANK INSURER IN • Solvency II ratio2 (vs. end 2024) 202%, +2 pts EUROPE15 • Life insurance outstandings3 (vs. end 2024) €359bn, +3.5% See notes on page 47 and following 6 INVESTOR PRESENTATION November 2025 1. COMPANY OVERVIEW A SIZEABLE ASSET WITHIN THE CRÉDIT AGRICOLE GROUP A significant part of Crédit Agricole S.A.1 CAA Group revenues by distribution model2 Large Bancassurance model: distribution of personal insurance, customers property & casualty and creditors insurance in Crédit Agricole Asset gathering group’s banking networks in France, Italy and Poland. 34% Asset servicing 41% 4% Insurance 23% Group partnerships: internal financial partners together with complementary channels. CIB 30% H1-25 92% net income excl. CC: €4.3bn Asset Mngt Leasing & 16% Factoring Open architecture: e.g. group insurance, independent 2% Wealth Mngt wealth management advisors and partnerships with local banks. Consumer IRB LCL 2% finance 11% 8% Spec. fin. Serv. 4% 6% Retail banking 1 Excluding Corporate centre 19% 8% 2 As a percentage of gross written premiums at end-June 2025 7 INVESTOR PRESENTATION November 2025 1. COMPANY OVERVIEW PROFILE IN FRANCE No. 1 • Very well positioned in France, particularly in individual Death & Disability, Creditor INSURANCE GROUP insurance, Life insurance and Retirement IN FRANCE1 • Strong prospects in Property & Casualty Improving our market shares in France, almost exclusively through organic growth Life insurance market shares P&C market shares 11.0% 11.2% 9.9% 7.0% 7.4% 23.2% 23.9% 20.8% 19.3% 20.1% 17.7% 14.8% 14.8% 15.0% 13.4% 15.1% 11.0% 5.5% 5.9% 5.9% 2021 2024 2025 2021 2024 2025 5 4 3 2 10 11 Retirement Life insurance Creditor insurance Individual Death & Disability Car insurance Individual property insurance All Products12 SAVINGS & DEATH & DISABILITY / CREDITOR / PROPERTY & CASUALTY13 RETIREMENT GROUP INSURANCE #1 #2 #1 #1 #2 #1 Equipment rates16: 44.2% in French Regional Banks Life insurer Retirement insurer Individual Death & Disability Creditor insurer Home insurer Home, car and health in France6 in France7 insurer in France8 in France9 in France14 bancassurer in France15 28.4% in LCL See notes on page 47 and following 8 INVESTOR PRESENTATION November 2025 1. COMPANY OVERVIEW INTERNATIONAL PROFILE CAA distributes its Life insurance, Property & Casualty, Almost €4.1bn written premiums outside France and Creditor insurance products in 9 countries Property & Casualty More than 40 banking partnerships including In € billion Italy Other countries Savings & Retirement 4.2 4.1 Creditor insurance Pan-European management platform CACI 1.2 1.1 JAPAN 2.6 0.8 3.0 3.0 1.9 H1-23 H1-24 H1-25 POLAND United Kingdom LUXEMBOURG P&C equipment rate in Italy1 GERMANY FRANCE 20.6% 19.7% ITALY 17.9% PORTUGAL SPAIN H1-23 H1-24 H1-25 1Percentage of CA Italia network customers with at least one policy marketed by CA Assicurazioni, Italian Crédit Agricole Assurances' non-life insurance subsidiary 9 INVESTOR PRESENTATION November 2025 1. COMPANY OVERVIEW WORKING EVERY DAY IN THE INTEREST OF OUR CUSTOMERS AND SOCIETY Expanding offers and services to cover all customer needs, for instance: set up of voluntary payments on the savings contracts autonomously using Ma Banque1 1 mobile app (2024), as well as home, car and health insurance solutions now fully available in self- care on the Ma Banque1 and LCL Mes Comptes apps (2024); launch of the first Article 9 General Account on the market by Spirica (2024) or a more inclusive home-insurance (2024); or the reshaping of international product offering with for instance, the launch of a new euro fund in Luxembourg (2024) Accompanying our customers in their retirement, with the creation in 2022 of Crédit Agricole Assurances Retraite, our Group Pension Fund (Fonds de Retraite 2 Professionnel Supplémentaire – FRPS), which supports Crédit Agricole Assurances' long-term development ambitions in this supplementary pensions market. Expanding our core businesses to accompany our customers 3 internationally, with some recent examples of new or strengthened partnerships: CA Auto Bank / CACI (GAP products) in Italy, JAP group / Mudum Seguros (car products), CA Bank Polska and EFL / CATU (Car and machinery breakdown), Banco BPM, Abanca Seguros Generales (new health product)… 1 Banking application of the Crédit Agricole Regional Banks 10 INVESTOR PRESENTATION November 2025 CHAPTER 2 A ROBUST BUSINESS MODEL 11 INVESTOR PRESENTATION November 2025 2. A ROBUST BUSINESS MODEL DIVERSIFIED BUSINESS MIX Gross written premiums by line of business In € billion CAGR Total premiums CAGR: +3.0% 2010-2024 43.6 37.2 12% +5.3% Covid 35.3 +19.4% crisis 14% 14% +6.4% 29.5 13% +11.2% 28.8 15% 27.5 9% 14% 15% 26% +9.8% 9% 23.1 10% 11% 16% 20.8 15% 30% 33% 74% 12% 12% 16% 27% 17% 25% 82% 26% 71% 48% +0.1% 32% 42% 38% 50% 42% 46% 39% 2010 2020 2022 2023 2024 H1-23 H1-24 H1-25 Death&Disability / Creditor / Group insurance P&C Savings & Retirement - UL Savings & Retirement - € 12 INVESTOR PRESENTATION November 2025 2. A ROBUST BUSINESS MODEL SOLID LIFE INSURANCE ACTIVITY Savings & retirement – Net inflows1 In € billion Contractual Service Margin3 evolution +8.2 In € billion +3.9 +0.3 +4.4 +3.8 +6.3% +0.4 +2.2 +2.5 (3.5) +1.7 H1-23 H1-24 H1-25 26.8 +1.0 (1.1) Euro Unit-Linked Total 25.2 Life insurance outstandings2 In € billion +6.8% CAGR UL 347 359 321 330 308 30% 30% 219 24% 26% 29% CSM stock Reevaluation New business CSM release to P&L CSM stock 01/01/2025 of the stock 30/06/2025 19% • Positive stock revaluation effect, in relation to favourable market impact 234 239 235 243 251 177 • Strong contribution from new business driven by revenues growth, exceeding the CSM release 2010 2020 2022 2023 2024 June 2025 • CSM allocation factor4: 8.0% See notes on page 47 and following Euro Share of Unit-Linked 13 INVESTOR PRESENTATION November 2025 2. A ROBUST BUSINESS MODEL P&C PROFITABLE GROWTH Expansion of the portfolio1 Combined ratio2 evolution In million policies • In H1 2025, stability of the net discounted combined ratio at 94.7%. • The net undiscounted combined ratio was 97.4% for H1-2025, compared with 97.3% for H1-2024. 16.9 16.7 94.7% 16.4 H1-25 70.7% 2.0% 15.8 94.6% 15.6 H1-24 70.8% 1.0% 95.9% H1-23 FY-23 H1-24 FY-24 H1-25 H1-23 70.4% 2.3% Net discounted combined ratio o/w Claims ratio o/w undiscounted NatCat ratio* See notes on page 47 and following 14 INVESTOR PRESENTATION November 2025 2. A ROBUST BUSINESS MODEL STRONG AND RECURRING PROFITABILITY Net income Group share In € billion 2022 => 2024 CAGR NIGS: +12.3% 1,959 1,756 +5.8%* 1,554 +8.8% 1,033 1,016 950 2022 2023 2024 H1-23 H1-24 H1-25 IFRS17 * Excluding the effect of the exceptional corporate income tax. Including the exceptional tax contribution, the change was -1.7%. 15 INVESTOR PRESENTATION November 2025 CHAPTER 3 SOLVENCY & CAPITAL MANAGEMENT 16 INVESTOR PRESENTATION November 2025 3. SOLVENCY & CAPITAL MANAGEMENT STRONG SOLVENCY II RATIO OVER THE YEARS Solvency II ratio evolution Sensitivities at end-June 2025 Net of the estimated Solvency II ratio dividend related to Dividends impact H1 2025 results Solvency II ratio June-25 202% +11 pts +3 pts +12 pts +5 pts +5 pts Interest rate +50bps 183% Interest rate -50bps 225% 215% 222% Equities -25% 196% 201% 200% 202% Spreads Corporate +75bps 189% Spreads Govies +75bps 181% Dec. 2023 Dec. 2024 June 2023 June 2024 June 2025 Solvency ratio at a high level: • Solvency II prudential ratio of 202% at 30 June 2025, 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). 17 INVESTOR PRESENTATION November 2025 3. SOLVENCY & CAPITAL MANAGEMENT SOLVENCY CAPITAL REQUIREMENT (SCR) AND CAPITAL STRUCTURE AT END-JUNE 2025 Breakdown of the Solvency Capital Requirement1 Eligible own funds (EOF) In € billion Health Operational risk underwriting risk 6% 5.4 4% 0.2 1.0 Non-life Other underwriting risk 8% 4.7 Surplus funds Market risk 43% Share capital €13.6bn 7.1 & related 27.6 premiums 21.3 Life underwriting risk 36% Reconciliation 9.3 reserve Counterparty default risk 3% Unrestricted Restricted Tier 2 Eligible Tier 1 Tier 1 own funds • Use of the Standard formula with no transitional measures applied • Inclusion of the eligible policyholder participation reserve (PPE) in surplus funds; Tier 2 represents 39% of the SCR • Unrestricted and restricted T1 cover 163% of SCR 1 Solvency Capital Requirement (SCR) breakdown presented before diversification and after loss absorbing capacity by technical provisions and including operational risk 18 INVESTOR PRESENTATION November 2025 3. SOLVENCY & CAPITAL MANAGEMENT SUBORDINATED DEBTS BREAKDOWN AND RATINGS Total debt nominal value at end-October 20251: • Restricted Tier 1: €750m • Tier 2: €5,550m Financial Strength Rating (Crédit Agricole Assurances main External Tier 1 operating subsidiaries) External Tier 2 Intra-group Tier 2 A+ / Stable €1,000m 30NC10 Issuer Credit Rating (Crédit Agricole Assurances S.A.) A / Stable At end-October 2025 the stock of grandfathered subordinated debt is Tier 2 subordinated notes rating completely cleared. €1,000m €1,000m €1,000m BBB+ 32NC12 10YB 10YB €750m €750m €500m 10YB PNC 10.75 Restricted Tier 1 subordinated €300m 10YB notes rating 10YB 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 BBB Last review date: 10th October 2025 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 19 INVESTOR PRESENTATION November 2025 CHAPTER 4 DISCIPLINED RISK MANAGEMENT 20 INVESTOR PRESENTATION November 2025 4. DISCIPLINED RISK MANAGEMENT STRONG ADAPTABILITY TO THE INTEREST RATE ENVIRONMENT Average return rate, policyholders’ yields and minimum Buffers to manage shocks guaranteed rate1 3.40% 3.6% €9.5bn 30.06.2025 H1 2025 Unrealised gain on CAA’s Predica reinvestment yield diversification investments 2.3% 2.1% 2.1% 2.1% 3.2% 2.9% 2.8% 2.6% 2.8% 2.6% €7.5bn €2.6bn 2.3% 31.12.2024 1.9% 30.06.2025 Policyholder participation Capitalisation reserve2 1.3% 1.3% reserve2 (PPE) 2012 2020 2022 2023 2024 Strong customer loyalty Predica crediting rate Market average crediting rate* Surrender rate3 Predica portfolio average return rate 5.8% 5.5% 5.6% 5.0% 4.4% 3.7% 4.2% Very low structural exposure of CAA to minimum guaranteed rates1 with an average of 0.05% at end- 2024 (0.08% at end-2023) See notes on page 47 and following H1-22 FY-22 H1-23 FY-23 H1-24 FY-24 H1-25 21 INVESTOR PRESENTATION November 2025 4. DISCIPLINED RISK MANAGEMENT REINSURANCE POLICY IN LINE WITH OUR RISK APPETITE • Capital protection Placement of a €160m Cat Bond Cautious • Control over the volatility of the result policy on • Diversifies our sources of reinsurance technical • Annual analysis of ceilings and coverage risks • 4 years protection from January 2024, locked • Optimization of the coverage/price ratio challenged price by brokers and internal analysis CAA • Issued by Taranis Re DAC and supported by Guy Carpenter reinsurance policy Class A Providing €110m of Ultimate Net Loss, Per Occurrence cover, losses from • Relationship with reinsurers meeting a minimum Notes windstorm and hailstorm financial strength criterion (A-) Rigorous Providing €50m of Ultimate Net Loss, approach to • Rules for diversifying reinsurers and limiting the Class B Annual Aggregate cover, second event counterparty concentration of premiums ceded Notes basis, losses from windstorm only risk • Securing the provisions ceded by means of standard collateral clauses 22 INVESTOR PRESENTATION November 2025 4. DISCIPLINED RISK MANAGEMENT CONSERVATIVE AND DIVERSIFIED ASSET ALLOCATION General Account investments by asset class1 Investments by geographical area1 Europe excl. United States €278bn €282bn €291bn Eurozone 6% Rest of the world 4% Supra 3% Italy 3% 6% 1% 2% 3% Spain 7% 7% Eurozone excl. 5% 7% Short term investments H1-25: France 8% 8% 8% €291bn 23% Belgium, 3% 9% France Netherlands, 3% 8% 8% 61% Equity Germany, 2% Rest of Eurozone 4% Private equity, infrastructures, Investments by economic sector1 alternate investments Real estate Other 7% 76% 75% 74% Corporates Real Estate 24% 11% Interest rate products Supra & H1-25: agencies 12% €291bn Sovereign & assimilated Financials 23% 23% 2023 2024 H1-25 See notes on page 47 and following 23 INVESTOR PRESENTATION November 2025 4. DISCIPLINED RISK MANAGEMENT HIGH-QUALITY AND DIVERSIFIED BOND PORTFOLIO Bond portfolio by nature1 Bond portfolio by issue rating1 BB ou < BB NR 1% 1% AAA Supranational 9% & agencies 17% Sovereign & BBB assimilated 26% 34% H1-25: H1-25: AA Corporates - €208bn €208bn 35% Non financials 23% Corporates - A Financials 28% 26% • Part of the bond portfolio covered by caps See notes on page 47 and following 24 INVESTOR PRESENTATION November 2025 4. DISCIPLINED RISK MANAGEMENT BONDS PORTFOLIO ORIENTED TOWARDS FRENCH GOVERNMENT BONDS AND SENIOR FINANCIAL DEBT Exposure to sovereign debt1 (sovereign and assimilated, supranational and agencies) Financial debt exposure by seniority2 Other 2% Italy 9% Spain Germany Covered bonds Supranational 7% 2.3% Subordinated 13% 9% bonds Belgium United States 7% 1.7% 17% Netherlands H1-25: Other 1.8% H1-25: Austria €105bn 12% 0.9% €54bn Various countries France 5.0% 56% Senior bonds 68% See notes on page 47 and following 25 INVESTOR PRESENTATION November 2025 4. DISCIPLINED RISK MANAGEMENT DIVERSIFIED NON-FINANCIAL DEBT EXPOSURE Non-financial debt exposure by macro-economic sector1 based on an exposure of €48bn at end-June 2025 UTILITIES 15.2% INDUSTRY 13.3% TELECOM 11.9% PRODUCTION & DISTRIBUTION OF FOOD 8.7% HEALTH FACILITY & PHARMACY 8.8% PROPERTY 7.1% CAR MANUFACTURER 7.2% ENERGY 5.8% • Well-balanced non-financial IT 4.4% corporate portfolio CORPORATE SERVICES 3.6% LAND TRANSPORT & LOGISTICS 3.6% • Exposure over more than 15 MEDIA 2.4% macro-economic sectors EQUIPMENT SUPPLIER 2.1% CLOTHING AND LUXURY 2.1% RESTORATION, HOTEL & LEISURE 1.7% AIR TRANSPORT 1.1% CIVIL ENGINEERING & CONSTRUCTION 0.9% PUBLIC ADMINISTRATION 0.02% Other 0.003% 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. 26 INVESTOR PRESENTATION November 2025 4. DISCIPLINED RISK MANAGEMENT SOLID SOLVENCY II RATIO AND LIMITED SENSITIVITY TO SOVEREIGN RISK Exposure to French sovereign risk1 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 30.06.2025 VFA model3 Total assets on other models4 Total CAA French sovereign risk (including assimilated)2 €45.8bn €4.1bn €49.9bn Net impact at end-2024 on the measurement of insurance and reinsurance contracts and Net income CSM Solvency II ratio Financial investments Solvency II ratio Amount at end-2024 €1,959m €25.2bn 202% June 2025 Spreads Govies Spread Govies +100bps €(52)m €(877)m 181% +75bps Spreads Corporate Spread corporate +100bps €(11)m €(22)m 189% +75bps Higher impacts on CSM while remaining High level of solvency Impacts on net income very limited largely absorbable by CAA in each regulatory scenario See notes on page 47 and following 27 INVESTOR PRESENTATION November 2025 CHAPTER 5 MEDIUM-TERM PLAN ACT 2028 28 INVESTOR PRESENTATION November 2025 5. MEDIUM-TERM PLAN ACT 2028 Crédit Agricole Speed up our diversification and Assurances strengthen our European footprint Become the leading insurer for all our customers 2028 AMBITION • 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) > €400bn Life insurance outstandings1 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 3m • Expand our bankinsurer model for entrepreneurs, farmers and corporates Number of Health • Boost Health and Retirement insurance activities through innovative offers and by tapping into Group synergies beneficiaries2 • Prepare an ambitious growth plan for our telemonitoring solution Intensify international expansion > 20m • Amplify our integrated and non-Group bancassurance activities in Italy, Poland and the Iberian Peninsula Property & Casualty • Create an operational system dedicated to pan-European BtoB partnerships primarily for Mobility offerings contracts > €9bn 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 International premium income Transform ourselves to become more efficient and safeguard our customer promise (CAGR 24-28: +7% per year) • Reduce time to market of offers and digital journeys through a “product mode” organisation • Improve Property & Casualty claims processes by integrating service providers3 > 3% • Improve productivity, especially using an industrial approach to AI in coordination with relationship-based banks and internally GOI CAGR 24-28 (back-offices, processes,…) See notes on page 47 and following 29 INVESTOR PRESENTATION November 2025 CHAPTER 6 SUMMARY OF THE MEDIUM- TERM PLAN AMBITIONS 2025 30 INVESTOR PRESENTATION November 2025 6. SUMMARY OF THE MEDIUM-TERM PLAN AMBITIONS 2025 MEDIUM-TERM PLAN AMBITIONS 2025 ASSESSMENT Leader in France in savings, protection, creditor insurance and home insurance markets, CAA undertakes business and services development initiatives, as well as geographic and distribution diversification 2025 Ambitions FY-24 • Supporting life insurance inflows: dynamism of the Savings & Retirement > €345bn €324bn activity confirmed Savings outstandings (2021: €304bn) €23bn €23bn Retirement outstandings (2021: €19bn) • Pursuing business and geographic diversification: strong growth across business lines; success of commercial initiatives in Italy and Luxembourg > €110bn €104bn Unit-linked (UL) savings (2021: €87bn) and retirement outstandings • Answering the growing need for protection: #1 in individual death & +2.5m +1.3m disability in France, #1 in the creditor insurance ranking in France for the first time, Individual P&C contracts significant tenders won in Group business (e.g. IEG effective starting July 1, 2025) +40% +19% Health beneficiaries • Adapting the organization to become the benchmark digital insurer: €1.5bn €1.5bn Major digital developments, such as voluntary payments on savings contracts Corporate insurance GWP (2021: €1.3bn) through mobile app or P&C solutions fully available in self-care 25% 16% of total insurance GWP (2021: 20.3%) from international activity • Contributing to the Group ESG project: more than 25 000 farms protected x2 As the regulations have against climate risks by Pacifica, launch in June 2024 of the new offering of Outstandings on certified changed, this objective has responsible UL funds been discarded committed home insurance, creation by Spirica in April 2024 of the "Euro Climate Objective Fund” 14 GW 14 GW Installed renewable energy capacity (2021: 8.5 GW) by CAA equity financing < 15% 12.0% Cost/income ratio (IFRS17) (2022 proforma: 11.2%) 31 INVESTOR PRESENTATION November 2025 CHAPTER 7 ESG STRATEGY AND AMBITIONS 32 INVESTOR PRESENTATION November 2025 7. ESG STRATEGY AND AMBITIONS INSURANCE, A FUNDAMENTAL PART OF THE CRÉDIT AGRICOLE GROUP'S RAISON D'ÊTRE WORKING 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 ➔ 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 RESPONSIBLE RESPONSIBLE INSURER INVESTOR COMPANY Taking into account the STRENGTHENING Addressing environmental social and environmental ACTING FOR THE CLIMATE MAKING AGRICULTURAL Integrating environmental SOCIAL and social issues through impacts of our business and AND THE TRANSITION TO A AND AGRI-FOOD and social criteria into our COHESION AND responsible product focusing on the LOW-CARBON ECONOMY TRANSITIONS A SUCCESS investment decisions INCLUSION offerings development of our employees 33 INVESTOR PRESENTATION November 2025 7. ESG STRATEGY AND AMBITIONS INSURANCE, A FUNDAMENTAL PART OF THE CRÉDIT AGRICOLE GROUP'S RAISON D'ÊTRE CLIMATE RESPONSIBLE RESPONSIBLE RESPONSIBLE INSURER INVESTOR COMPANY Addressing environmental and social issues through Integrating environmental and social criteria into our Taking into account the social and environmental impacts of our responsible product offerings investment decisions business and focusing on the development of our employees • NZAOA membership since 2021 • Reducing our direct carbon footprint by 17% on energy, • 100% of new products designed using our CSR fleet and business travel (between 2019 and 2025) guidelines by 2025 • Expanding our commitment to renewable energy infrastructure so that it reaches 14 GW by 2025 • Designing low-carbon Claims Management Units (CMU) • Increasing carbon capture and committing to ➔ Inauguration in 2023 of two low-carbon CMUs, in (compared with 5.2 GW at the end of 2020), biodiversity through reforestation. CAA, France's Grenoble and Caen, and three others in 2024: Saint- equivalent to the annual electricity consumption of leading forest insurance company, planted or Etienne, Dijon and Pau more than 5 million homes in France ➔ target protected 4 million trees between 2019 and 2025 achieved by end-2024 • Raising employee awareness of social issues: • Insuring new forms of mobility and soft mobility ➔ • Reducing the carbon footprint of the portfolio • Launch of a training course for CAA employees NVEI insurance, portability of PDC on bicycles, (equities and corporate bonds): target of -25% by in April 2023, with a web conference on social electric vehicle insurance 2025 compared with 2019, reached as of 2024 issues followed by an e-learning module. • Developing our prevention systems • CAA, fully committed to the transition of its • Creation and coordination of a network of CSR • Member of FIT (Forum for Insurance Transition to investment portfolios, has made a further ambassadors with reinforcement of eco-friendly Net-Zero) commitment for 2030: it now aims to reduce by programmes 50% the carbon footprint (in tonnes of CO₂ equivalent per million euros invested) of its • Seminars with BU management committees on investment portfolios listed in equities and societal topics and societal masterclass for the corporate and real estate bonds held directly by executive committee the end of 2029 compared with the end of 2019. 34 INVESTOR PRESENTATION November 2025 7. ESG STRATEGY AND AMBITIONS INSURANCE, A FUNDAMENTAL PART OF THE CRÉDIT AGRICOLE GROUP'S RAISON D'ÊTRE AGRI - AGRO INCLUSION RESPONSIBLE RESPONSIBLE RESPONSIBLE INSURER INVESTOR COMPANY Addressing environmental and social challenges through Integrating environmental and social criteria into our Taking into account the social and environmental impacts of our responsible and committed product offerings investment decisions business and focusing on the development of our employees • Developing and enhancing investments in access • Providing access to insurance for all - entry-level • Continuing our commitment to helping caregivers to housing, food, health and digital services for as motor and home insurance through the annual call for proposals since 2013 many people as possible in the regions • Developing employees' commitment to solidarity with • Given the frequency and intensity of these climatic • Continuing to invest in support of the farming and the introduction of skills sponsorship ➔ The program hazards, Crédit Agricole Assurances is committed to agri-food industries was launched in May 2023 and made permanent in supporting 1 in 4 farmers by supporting crop insurance 2024. In 2024, employees carried out 383 assignments reform and the market in doubling the number of for the benefit of 50 associations. agricultural multi-risk policies covering renewable • Deployment of the rounding-off of salaries ➔ in 2024, energy installations by 2025 payment of more than €10,000 to the association la Maison des Femmes de Saint-Denis to enable it to improve the support of women victims of violence hosted within the structure. 35 INVESTOR PRESENTATION November 2025 7. ESG STRATEGY AND AMBITIONS CRÉDIT AGRICOLE S.A.’S NON-FINANCIAL RATING AS AT 1 OCTOBER 2025 AA CCC AAA AAA 1 20 10 17.7 Severe risk (100) Negligible risk (0) AA 2 C+ D- C+ … 3 A- D+ A A- 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 Climate change rating 36 INVESTOR PRESENTATION November 2025 CHAPTER 8 APPENDICES 37 INVESTOR PRESENTATION November 2025 8. APPENDICES OTHER SENSITIVITIES: LIMITED IMPACTS Net impact at end-2024 on the measurement of insurance and reinsurance contracts and Net income CSM Solvency II ratio Financial investments Solvency II ratio Amount at end-2024 €1,959m €25.2bn 202% June 2025 Interest rate Risk-free rates +100bps €+9m €(182)m 183% +50bps Interest rate Risk-free rates -100bps €(19)m €(835)m 225% -50bps Equity market +10% €+61m €+737m Equity market -10% €(63)m €(746)m Equities -25% 196% Real estate market +10% €+80m €+378m Real estate market -10% €(84)m €(392)m Higher impacts on CSM while remaining High level of solvency Impacts on net income very limited largely absorbable by CAA in each regulatory scenario 38 INVESTOR PRESENTATION November 2025 8. APPENDICES Crédit Agricole No.1 insurer in France and No. 6 in Europe1 Assurances A comprehensive and diversified insurer A leading player (2024 data) (2024 data unless otherwise stated) €43.6bn 1st insurer in France4 “non-GAAP” premium income2 (+17.2% vs 2023) Death & disability, Savings – Retirement Property & Casualty Creditor, Group insurance Savings – Retirement €32.1bn +21.5% Death & disability, #1 #2 #1 #1 #2 #6 Creditor, Group €5.3bn +4.6% Life Retirement Death & disability Creditor Home Property and insurance insurance5 insurance5 insurance5 insurance5 insurance5 liability insurance4 Property & €6.2bn +8.2% Casualty €347bn 16.7m +6,7007 Life insurance outstandings6 P&C contracts employees Geographical breakdown of premium income2 UL rate: 30% 84% 16% International France Contribution to Group P&L Net Promoter Score 9th insurer in Italy €7.8bn of Group revenues A robust business model including €5.0bn of fee and commission income 97% for Savings – and €2.8bn of CAA Revenues Retirement 201% 94.4% 91% for P&C Solvency II ratio Combined ratio3 €1.9bn of net income Group share See notes on page 47 and following 39 INVESTOR PRESENTATION November 2025 CRÉDIT AGRICOLE S.A. 8. APPENDICES AG – INSURANCE Savings/Retirement Property and personal insurance (1) Net inflows (€bn) Premium income (€bn) Contribution to earnings Q2-25 ∆ Q2/Q2 H1-25 ∆ H1/H1 +4.2 +4.0 (in €m) 3.8% +1.8 4.0 Q2/Q2 Revenues 790 +2.1% 1,517 +1.5% +2.0 Gross operating income 703 +2.5% 1,335 +1.4% 2.7 2.8 +1.5 2.6 +8.4% Income before tax 703 +2.2% 1,334 +1.2% +0.7 +2.4 1.3 1.4 +1.9 Net income Group Share 557 +12.6% 997 +0.8% +0.8 -0.6% 1.4 1.4 1.4 Q2-24 Q1-25 Q2-25 Q2-24 Q1-25 Q2-25 Death & disability / Creditor / Group Property & Casualty In Eutros Unit-linked High premium income at €12.7bn (+18% Q2/Q2) Revenues (3) growth supported by Savings/Retirement in line with the increase in business and a favourable financial result, Property & Savings/Retirement: record net inflows in a buoyant environment, particularly in France Casualty which benefited from a good level of business and financial • Gross inflows: €9.9bn (+22% Q2/Q2) driven by France; UL rate stable at 32.0% results, and the performance of Death and Disability which offset a • Outstandings (2): €359.4bn (+3% June/Dec.). supported by net inflows and positive market narrowing of technical margins in creditor insurance. effects; UL rate at 30.2% CSM: €26.8bn (+6.3% June/Dec.); new business contribution higher than Property & casualty: performance driven by the increase in average premium (pricing CSM allocation and positive market effect. Annualised CSM allocation revisions due to climate change and inflation in repair costs, as well as changes in the product factor: 8.0% in H1 2025 mix) and portfolio growth of +3% year-on-year (>16.9m contracts) Combined ratio (4) 94.7% at end-June (stable over one year, +1.4 pt vs Personal insurance: growth in individual death & disability insurance (+7%) linked to an end-March) increase in the average amount of cover, decline in creditor insurance (-4%), particularly in international consumer finance, Group insurance up slightly (+2%) Solvency 2 ratio: estimated at 202% 3. See slide 61 of the Q2-25 Crédit Agricole S.A. slide pack for a breakdown of revenues by activity. 4. Combined property & casualty ratio in France (Pacifica) including discounting and excluding undiscounting. net of 1. Death and disability, creditor. group insurance reinsurance: (claims + operating expenses + fee and commission income)/gross premiums earned. Undiscounted 2. Savings, retirement and funeral insurance. ratio: 97.4% (+0.1 pt year-on-year) 40 2ND QUARTER AND 1ST HALF-YEAR 2025 RESULTS CRÉDIT AGRICOLE S.A. 8. APPENDICES AG – INSURANCE Savings/Retirement Property and personal insurance (1) Net inflows (€bn) Premium income (€bn) (2) Q3/Q3 Contribution to earnings Q3-25 ∆ Q3/Q3 9M-25 ∆ 9M/9M +9.2% (in €m) +4.2 +3.8 2.8 2.8 Revenues 675 +6.3% 2,192 +2.9% +1.8 2.5 (2) +1.9 Gross operating income 572 +4.0% 1,907 +2.2% 1.4 1.4 +12% 1.2 +1.6 Income before tax 572 +4.0% 1,906 +2.1% (2) +0.9 +2.4 +7% +1.9 1.4 Net income Group Share 465 (2.7%) 1,461 (0.4%) 1.3 1.4 +0.8 Q3-24 Q2-25 Q3-25 Q3-24 Q2-25 Q3-25 Death & disability / Creditor / Group Property & Casualty In Euros Unit-linked High premium income at €11.8bn (+21% Q3/Q3) Revenues (4) grew, supported by Savings/Retirement, while Property Savings/Retirement: high net inflows, particularly in France & Casualty claims rose (due to bad weather and fires) and technical • Gross inflows: €9.0bn (+26% Q3/Q3), particularly strong in France (+29%), with strong margins narrowed in Creditor insurance momentum in UL (+34%) and in euro funds(+21%); UL rate of 35% (+2.2 pp Q3/Q3) CSM: €27.3bn (+8.3% Sept./Dec.); new business contribution higher • AuM (3): €366.7bn (+6% Sept/Dec), benefiting from net inflows and positive market effects; than CSM allocation and positive market effect UL rate at 30.6% Combined ratio(5): 95.4% at the end of September (stable over 1 Property & Casualty: growth both in France and internationally, reflecting in particular the year, +0.7 pp vs. the end of June) increase in the average premium and the growth of the portfolio (+4% (2) year-on-year to 17.2m contracts) Personal protection: growth in individual death and disability insurance and group insurance, including the launch of the IEG contract on 1 July. Creditor insurance remained stable. 4. See slide 64 for a breakdown of revenues by activity. 1. Death and disability, creditor, group insurance 2. On a like-for-like basis (excl. Abanca SG): +7% in property and personal insurance; +8% 5. Combined property & casualty ratio in France (Pacifica) including discounting and excluding undiscounting, net of in P&C; +6% in personal protection; +3% increase in property and casualty portfolio reinsurance: (claims + operating expenses + fee and commission income)/gross premiums earned. Undiscounted 3. Savings, retirement and funeral insurance. ratio: 97.6% (-0.1 pp year-on-year) 41 3RD QUARTER AND NINE MONTHS RESULTS OF 2025 8. APPENDICES CRÉDIT AGRICOLE GROUP SCOPE AND SHAREHOLDING STRUCTURE Crédit Agricole Group includes Crédit Agricole S.A. as well as all of the regional banks and local banks and their subsidiaries. As of December 31, 2024 REGIONAL BANKS Holding Holding FLOAT 12.1 M cooperative shareholders hold the shares of 2,383 Local Banks 62.4% 37.6% 23.6% institutional investors 6.9% 39 Regional Banks individual shareholders jointly holding the majority of Crédit Agricole S.A.’s share capital through SAS Rue La Boétie(1) 6.5% Employees via employee savings plans Political link NS(3) 100% ± 25% Treasury shares Fédération Nationale Sacam Mutualisation du Crédit Agricole (FNCA)(2) ASSET GATHERING AND SPECIALISED FINANCIAL RETAIL BANKING LARGE CUSTOMERS SPECIALISED BUSINESSES AND SUBSIDIARIES INSURANCE SERVICES (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 the Regional Banks vis-à-vis their stakeholders. (3) Non-significant: 0.53% treasury shares, including buy-backs in 2024 that will be cancelled in 2025. 42 INVESTOR PRESENTATION November 2025 8. APPENDICES CRÉDIT AGRICOLE GROUP INSURANCE COMPANIES Simplified organizational chart (as of end-November 2025) 43 INVESTOR PRESENTATION November 2025 8. APPENDICES OUR STORY Natural extension of Creation of CA Life Diversification and • Creation of CA Zycie, life insurance company in Poland Creation of a 100% subsidiary 1st consolidation of Crédit banking network’s Japan – partnership enhanced presence • Creation of ASG (non-life insurance in Spain) with a dedicated to retirement Agricole Towaraystow savings business into with 50 Japanese at top of range and on 50% stake products Ubezpieczeń (subsidiary in life insurance banks web • Acquisition of 100% of the share capital of GNB Poland created in 2014) Seguros (non-life insurance in Portugal) Abanca Seguros Launch of group Generales1 insurance offerings P&C insurance Predica CA Life Japan Spirica Crédit Agricole CATU Life insurance Creditor insurance Life insurance Assurances Retraite P&C insurance CA Zycie Life insurance Life insurance 1986 1990 2006 2008 2011 2012 2015 2018 2020 2021 2022 2023 2024 Pacifica CACI CA Vita Europ Banco BPM P&C insurance Creditor insurance Life insurance Life insurance Assistance partnership partnership with Home care services P&C, personal protection, Credito Valtelinese S.p.A. (Italy) creditor insurance Development of Creation of CACI Acquisition of Acquisition of 50% of the property and personal Business managed 100% of the share share capital of Europ Acquisition2 of 65% of the protection business from Dublin and Lille capital of CA Vita Assistance share capital of Vera in 10 countries Assicurazioni, Vera Protezione and Banco BPM Assicurazioni 1 ASG was first consolidated at end-September 2025 2 Since September 1st 2025, Vera Protezione and Vera Assicurazioni have become PiùVera Protezione and PiùVera Assicurazioni, in which Banco BPM Assicurazioni has been incorporated since November 1 st 2025. 44 INVESTOR PRESENTATION November 2025 CHAPTER 9 CAA CONTACT LIST 45 INVESTOR PRESENTATION November 2025 9. CAA CONTACT LIST CAA CONTACT LIST CAA Investor Relations relations.investisseurs@ca-assurances.fr Yael Beer-Gabel yael.beer-gabel@ca-assurances.fr Head of Financial Communication, Ratings & Investor relations Gaël Hoyer gael.hoyer@ca-assurances.fr Financial Communication, Ratings & Investor relations manager Sophie Santourian sophie.santourian@ca-assurances.fr Financial Communication, Ratings & Investor relations manager Cécile Roy cecile.roy@ca-assurances.fr Financial Communication, Ratings & Investor relations manager 46 INVESTOR PRESENTATION November 2025 CHAPTER 10 NOTES 47 INVESTOR PRESENTATION November 2025 10. NOTES NOTES (1/4) Page 6 1 Non-GAAP revenues 2 Calculated using the standardised approach without transitional measures other than the grandfathering of subordinated debts. 3 Savings, retirement, death and disability (funeral) 4 France Assureurs data and Predica estimates – Life insurance outstandings at end-2024 5 France Assureurs data and Predica estimates – Individual death, Funeral and Dependence gross written premiums at end-2024 6 France Assureurs data and CAA estimates – Creditor insurance gross written premiums from retail banking excluding CAPFM at end-2024 7 France Assureurs data and Predica estimates – Group health and protection gross written premiums at end-2024 8 L'Argus de l'assurance, December 13th, 2024, and CAA estimates - Property and liability insurance gross written premiums at end-2023 9 Market share calculated by Italian consultancy firm IAMA Consulting, on the Life bancassurance market, based on gross written premiums at end-April 2025 10 Market share calculated by Italian consultancy firm IAMA Consulting, on the Non-life bancassurance market, based on gross written premiums at end-December 2024 including Banco BPM Assicurazioni, Vera Assicurazioni and Vera Protezione figures 11 Data Commissariat aux Assurances and CALIE estimates – Life insurance outstandings at end-March 2025 12 Statistics of Life Insurance Business in Japan Fiscal 2023 published in December 2024 and CA Life Japan estimates – Creditor insurance premiums at end-March 2024 13 Data PIU (Polish Chamber of Insurance - Polska Izba Ubezpieczeń) and CA Zycie estimates – Life premiums at end-March 2025 14 Preliminary data Autoridade de Supervisão de Seguros e Fundos de Pensões and CAA estimates – Gross written premiums at May-2025 15 Internal source CAA – Gross written premiums at end-2023 16 Change adjusted for the exceptional tax contribution on the profits of large companies. Including the exceptional tax contribution, the change was -1,7%. Page 8 1 Source: L’Argus de l’assurance, December 13th, 2024, gross written premiums at end-2023 2 Source: France Assureurs data and Predica estimates – Individual death, Funeral and Dependence gross written premiums at end-2024 3 Source: France Assureurs data and CAA estimates – Creditor insurance gross written premiums from retail banking excluding CAPFM at end-2024 4 Source: France Assureurs data and Predica estimates – Life insurance outstandings at end-2024 5 Source: France Assureurs data and CAA estimates – Individual & group supplementary retirement savings gross written premiums at end-2024 6 Source: L’Argus de l’assurance, April 4th, 2025, gross written premiums at end-2024 7 Source: L’Argus de l’assurance, September 26th, 2025, gross written premiums at end-2024 8 Source: L’Argus de l’assurance, April 18th, 2025, gross written premiums at end-2024 9 Source: L’Argus de l’assurance, May 23rd, 2025, gross written premiums at end-2024 48 INVESTOR PRESENTATION November 2025 10. NOTES NOTES (2/4) Page 8 (continued) 10 Source: France Assureurs data and Pacifica estimates – Car insurance gross written premiums at end-2024 11 Source: France Assureurs and Pacifica estimates – Individual property insurance gross written premiums at end-2024 12 Source: L'Argus de l'assurance, December 13th, 2024, and CAA estimates - Property and liability insurance gross written premiums at end-2023 13 #6 property and liability insurer in France (source: L’Argus de l’assurance, December 13th, 2024, gross written premiums at end-2023) 14 Source: L’Argus de l’assurance, August 27th, 2025, gross written premiums at end-2024 15 Source: L’Argus de l’assurance, November 28th, 2025, gross written premiums at end-2024 16 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 Page 13 1 In local GAAP 2 Savings, retirement, death and disability (funeral) 3 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 4 Annualised CSM allocation factor = CSM release to P&L / (opening CSM stock + revaluation of stock + new business) Page 14 1 P&C portfolio at current scope 2 P&C combined ratio in France (Pacifica) including discounting and excluding undiscounting, net of reinsurance: (claims + operating expenses + commissions) to gross earned premiums. For H1-25, the total of (claims + operating expenses + commissions) of Pacifica was €2,865m. The H1-25 gross earned premiums of Pacifica amounted to €3,026m. * Impact of undiscounted Cat Nat claims in France (Pacifica), all years, net of reinsurance, as a percentage of gross earned premiums Page 21 * Source: ACPR 1 Since 2020: rate calculated considering contractual guarantees gross of fees, following the launch in 2017 of products which apply negative guarantees for customers 2 France life scope 3 Annualised amount of surrenders since January 1st compared to the corresponding provisions at the beginning of the financial year 49 INVESTOR PRESENTATION November 2025 10. NOTES NOTES (3/4) Page 23 1CAA Group’s investments at market value without look-through approach, net of securities under repurchase agreement and liabilities towards holders of units in consolidated investment funds, notably. 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 Page 24 1Scope: bonds owned by the CAA Group 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 Page 25 1 Scope: debt owned by the CAA Group, 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 2 Scope: bonds owned by the CAA Group at market value with look-through approach for equity and bonds funds, excluding repurchase agreements. Page 27 1 Bonds only 2 French government bond (OAT) and public sector debt securities equivalent to those of central, regional or local governments 3 VFA model (Variable Fee Approach): Savings, Retirement and Funeral 4 BBA model (Building Block Approach): Personal protection (death & disability / creditor / group insurance); PAA model (Premium Allocation Approach): P&C Page 29 1 Savings, retirement and funeral coverage 2 Group and individual 3 Example: construction trades, repair, reconditioning, circular economy 50 INVESTOR PRESENTATION November 2025 10. NOTES NOTES (4/4) Page 39 1 According to AM Best’s 2024 rankings (premiums as of end-2022 excluding UK & Switzerland) 2 IFRS consolidation scope as of end-2024 3 Combined ratio of P&C in France (Pacifica) including discounting and excluding undiscounting, net of reinsurance: (claims costs + operating expenses + fee and commission income) / gross earned premiums 4 L’Argus de l’assurance, 2024 ranking (premium income at end of 2023) 5 L’Argus de l’assurance, 2025 ranking (premium income at end of 2024) 6 Savings, retirement and funeral insurance 7 Number of permanent contracts, fixed-term contracts and work-study students at end-December 2024 across the entire scope of CAA (consolidated and non-consolidated entities) 51 INVESTOR PRESENTATION November 2025 |