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La Mondiale Full Year 2018 Earnings

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La Mondiale Full Year 2018 Earnings LA MONDIALE FULL YEAR 2018 EARNINGS April 2019 1 Cautionary note Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results and La Mondiale’s plan and objectives to differ materially from those expressed or implied in the forward looking statements. Please refer to “La Mondiale Rapport Financier 2018” (*) for a description of certain important factors, risks and uncertainties that may affect La Mondiale’s business and/or results of operations. La Mondiale undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise. Unless otherwise specified, financial statements are calculated in accordance with IFRS as adopted by the European Union. The IFRS figures are subject to the review by the statutory auditors, whose work is still in progress. In the presentation, SGAM AG2R LA MONDIALE MATMUT is called “SGAM” and is a french prudential insurance group. (*) available at the end of May 2019 2 Executive summary (SGAM AG2R LA MONDIALE MATMUT, as of 12/31/2018) Resilient balance sheet Diversified and well-balanced Sound asset allocation & risk and robust solvency business model management (La Mondiale) SGAM SGAM 4.1% High level of policyholder surplus of reserves reserve with €2.2bn 220% S2 ratio (-6pts / FY 2017) €11.9bn Premiums 14% P&C Around 15% of investments rated BBB+ or below 33% Protection & Health (lower than the market) €8.1bn IFRS Equity capital (+6% / FY 2017) 15% Pensions 37% Life & Savings La Mondiale Complete and competitive player on €91bn Liabilities the French market 268% S2 ratio (-12pts / FY2017) Net income3 €370m 2nd in Supplementary Pension 9th in P&C €4.5bn IFRS Equity capital 4th in Health Insurance 11th in Savings (+€0.6bn / FY2017) La Mondiale 4th in Protection Top3 in Private Wealth Management Capital items €6.2bn Premiums, 37%/63% UL1/GA2 mix above the french market (28%/72%) €2.3bn Total amount of subordinated Rated A- / positive outlook debt €80bn Liabilities, 30%/70% UL1/GA2 mix above the french market (21%/79%) A- confirmed by Standard & Poor’s €136m Total amount of mutual certificates in October 2018, improvement of outlook (unrestricted Tier 1) €293m Net income from stable to positive 1 : Unit Linked are low capital need products 2 : General Account products are more capital intensive that Unit Linked ones 3 : See details in appendix p39-40 3 Contents 1. Group profile 2. La Mondiale : a resilient business model 3. Invested assets 4. Solvency & Risk management 5. Capital management 6. Appendix 4 More than a century of presence and diversification A Solid Access to Capital Markets 1989: La 2004: Tap of the 2013: Tender and Mondiale has been PerpNC10 issued in Exchange Offer on the first French 2003 to reach a final the PerpNC10 mutual insurance size of €400m total issued in 2003 into a 2018: Issuance of company to issue new €331.7m $310m of 30NC10 Perpetual 31NC11 and new Tier 2 securities issue of $600m of 2014: Tender and successfully PerpNC6 : Issuance of a Exchange offer on launching 2003 €175m hybrid debt in the 31NC11 and FRF500m the European 2006: New €200m PerpNC10. New 2017: Issuance 2019: Call of institutional market – hybrid offering in the issue of € PerpNC11 of $530m of PerpNC6 PerpNC10 European 30NC10 Tier 2 Issued in 2013 institutional market – 2016: Launch of + $400m of PerpNC10 Mutual Certificates 30NC10 Tier 2 Program … … 1905 2008 2019 LA MONDIALE SGAM AG2R LA MONDIALE SGAM AG2R LA MONDIALE MATMUT Creation Life, savings, pensions, protection, health Life and P&C insurance Life insurance 8 000 employees 16 000 employees Premiums €7.3bn Premiums €11.9bn 6m policyholders 13m policyholders A long story of sustained growth 5 The strength of the mutual insurance model Mutual Insurance model is based on three main pillars. A mutual life insurance company is a company with no shareholders. Results are shared or accumulated into equity. Equality Solidarity Prudent reserving policy Members are equal between Members provide insurance to The benefits remaining after each other. each other, they are individually policies remuneration are insured and collectively retained within the group and insurers. not redistributed via dividends. Policyholders are the only beneficiaries of the value created by the company. In case of merger, no capital movement. 6 6 As of January 1st 2019, creation of a new group A full range of insurance services for 13 millions of clients Protection & Health Pensions & Savings Property & Casualty Protection against major risks (work Individual retirement plans, group incapacity, disability and death) Car & home protection insurance, supplementary pensions Healthcare fees reimbursement civil liability guarantees, family Life insurance, employee (medical fees, hospitalization, protection, legal protection savings plans, financial investments pharmaceutical products), optics fees Formerly + Formerly 7 Group structure Eligible Own funds = €13.8bn SCR = €6.3bn S2 ratio = 220% SGAM AG2R LA MONDIALE MATMUT Premiums = €11.9bn SGAPS AG2R LA MONDIALE SGAM MATMUT LA MONDIALE LA MONDIALE MATMUT SAM Protection & Health Pensions & Savings Property & Casualty Full Full Eligible Own Funds = €1.3bn financial Eligible Own Funds = €9.9bn financial Eligible Own Funds = €2.2bn SCR = €0.9bn solidarity SCR = €3.7bn solidarity SCR = €1.1bn S2 ratio = 145% S2 ratio = 268% S2 ratio = 203% S2 standards S2 standards S2 standards Premiums = €3.5bn Premiums = €6.2bn Premiums = €2.2bn* Total balance sheet = €11.6bn Total balance sheet = €97.5bn Total balance sheet = €5.7bn SGAM’s prudential scope Full financial solidarity in proportion of capital surplus * : including €0.3bn Health, €0.2bn Life All securities issued from 2016 have a dual trigger at SGAM and La Mondiale solvency. 8 AG2R LA MONDIALE MATMUT financial solidarity Financial solidarity function of solvency ratios Financial solidarity - description Financial solidarity rules are set in a way such that, SCR ratio or 125% MCR ratio if the solvency ratio of a member were to go below 110%, other members will have to provide additional capital to restore a 115% ratio, as long as this does Target 115% not make other members breach their own solvency. Trigger 110% Starting at 125%, an audit is performed in order to reduce the risk of triggering financial solidarity. Financial solidarity in proportion of capital surplus 9 Leading positions in the Group's business lines : protection, health and P&C Protection / Market share : 7% €2.2bn P&C / Market share : 4% €1.9bn 1 €1.5bn €1.5bn 2 10 10 €9.0bn 3 11 €1.3bn 4 €1.6bn 9 9 5 €1.7bn €8.9bn 8 22 8 €2.4bn €5.6bn €2.7bn Health / Market share : 7% 7 €5.0bn 7 3 €3.2bn €3.2bn €5.4bn 3 6 €3.7bn €2.8bn 1 6 €2.5bn 2 5 4 3 5 €2.1bn 4 5 2017 ranking 10 Source : Argus de l’assurance Leading positions in the Group's business lines : pensions and savings * Partnership #1 AG2R LA MONDIALE MATMUT #4 Pensions Savings excluding bankinsurers €18.6bn 1 10 €2.2bn 11 10 1 1 1 €3.7bn €0.4bn 9 9 9 10 €4.4bn €0.6bn €18.0bn €2.1bn 2 2 * 8 8 9 €4.6bn 8 €0.8bn 2 2 €1.2bn 7 €0.9bn €5.0bn €12.1bn 7 3 8 3 €0.9bn €1.1bn 3 3 €9.7bn 6 €0.9bn €6.0bn 6 7 4 €6.6bn €8.8bn 55 4 * 6 5 2017 ranking France + Luxembourg market 11 Source : Argus de l’assurance Contents 1. Group profile 2. La Mondiale : a resilient business model 3. Invested assets 4. Solvency & Risk management 5. Capital management 6. Appendix 12 Business activity Premiums : Stability of premiums compared to the FY 2017 amount : Premiums (in €m) Controlled decrease of GA exposure and focus on Unit Linked exposure UL share (37%), far above the market Total 6 611 6 205 6 161 Significant focus on net inflows Savings Pension Lapse : Decrease of the insurance claims ratio (in line with the French market) Others 4 497 Net inflows : Controlled GA net inflows in a low interest rate environment 4 224 3 529 At mid-year, a historically low lapse ratio was observed. Measures have been taken to maintain the volume in GA while keeping good UL net inflow. 2 532 1 960 1 793 As of note on supplementary pensions : impact of the tax deductibility postponement of pension contributions, as part of the transformation of the 154 144 143 income tax payment in France FY 2016 FY 2017 FY 2018 G/A 71% 63% 63% Net inflows (including arbitrages, in €m) UL 29% 37% 37% 1 220 1 161 986 Unit Linked Insurance lapse ratio 1 038 6.3% 5.9% 5.5% 578 General Account -98 FY 2016 FY 2017 FY 2018 FY 2016 FY 2017 FY 2018 - Focus La Mondiale 13 2018 Net inflows A reactive steering to face strong claims General Account Another prosperous year for the UL inflows, despite volatile market ratio decrease Net General Account inflows Net Unit Linked inflows 1.1 1.0 1.4 0.9 0.9 1.2 0.5 -0.1 jan feb mar apr may jun jul aug sep oct nov dec jan feb mar apr may jun jul aug sep oct nov dec - Focus La Mondiale 14 Core businesses’ financial structure Outstanding liabilities €80.1bn Liabilities : stability (+0,3% compared to FY 2017) Unit Linked General account : +3.0% €23.8bn + 1.0% from net inflows 30% + 2.0% : contracts revaluation (profit-sharing) General account €56.3bn Unit linked : -5.6% 70% +2.3% : net inflows and transfers UL/GA -7.9% : market impact Liabilities by products UL liabilities represent 30% of total liabilities (about €80.1bn 10pts above the market).
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