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TOGETHER, LET’S CREATE THE INSURANCE SOLUTIONS FOR THE FUTURE 2015 BUSINESS REPORT The insurer for a changing world CONTENTS 1 – 4 5 – 18 19 – 26 2 MINUTES 20 MINUTES 15 MINUTES TO UNDERSTAND TO (RE)DISCOVER TO LEARN ABOUT HOW WE ARE HOW WE DO HOW WE ARE PREPARING DIFFERENT BUSINESS THE FUTURE 5 action principles Keys to building the insurance The insurance revolution which make us distinctively different of tomorrow PAGE 20 PAGE 2 Interview with Pierre de Villeneuve, Executive Chairman, and Renaud Dumora, A year at the Cardif Lab’ A few figures Chief Executive Officer PAGE 22 that say a lot about us PAGE 6 PAGE 3 Perspectives on the new world of insurance Insights from members of the Executive Committee PAGE 10 2015 in words and numbers PAGE 12 Facts with meaning A year of advances PAGE 13 BNP Paribas Cardif #cardiflab and BNP Paribas Group Insurance PAGE 28 Management of financial assets Some of the photos in this annual PAGE 31 report were shot at Cardif Lab’. 27 – 44 Income for the year This forward-facing platform showcases PAGE 35 the array of digital innovations developed Solvency of BNP Paribas Cardif by BNP Paribas Cardif in many of the PAGE 39 countries where we do business, as well Consolidated income as new high-tech solutions with potential PAGE 41 to reshape the world of insurance RESULTS tomorrow. Cardif Lab’ is emblematic Corporate and social responsibility (CSR) of our commitment to innovation PAGE 43 and to advancing the digital Worldwide presence transformation of our company. PAGE 44 2015 Business report 1 2 MINUTES TO UNDERSTAND HOW WE ARE DIFFERENT Our business model is unique. We created our company by working with partners, and partnerships have driven our growth ever since. We forge relationships anchored in transparency and collaborative development. This has been our approach for more than 40 years. And that makes all the difference. What motivates us is our entrepreneurial spirit and reciprocal sharing of expertise and knowledge, making us more than simply a supplier. By always being more open to the world, we innovate not just for, but with our partners. This proximity and open approach allow us to create insurance solutions with our partners matched to their needs. 1 – 4 2 BNP PARIBAS CARDIF We begin by We do not listening closely compromise when — Rather than talk about ourselves, it comes to respecting we prefer to listen. We don’t have the interests off-the-shelf solutions. We pay close of our partners. attention to our partners’ needs, we’re able to create new, tailored — We do more than simply comply solutions. We listen equally with the regulations that govern to clients to guarantee that the conduct of our business, our products and services are we respect the best interests fully matched to their needs of our stakeholders – our partners, and expectations. their clients and our employees. We act with a long-term vision and we consider our social and environment responsibility as a strategic pillar. We invent solutions to meet evolving market trends — We never remain rooted We are motivated by in the present, but rather focused an entrepreneurial on the future. We carefully analyse spirit new lifestyles and technology trends that are reshaping the world — Being a leader in our areas around us. We identify the most of expertise never stops us from promising ideas and transform them driving our business forward: ACTION PRINCIPLES individually and collectively, into solutions that create value. 5 our 10,000 employees* continue to be inspired by the same entrepreneurial spirit that defined WHICH MAKE US the founding of our company. We share That’s why we continually rethink our experience the best ways to prepare for the future with our partners, and our expertise and why we welcome opportunities DISTINCTIVELY — Rather than just keep to work with prominent experts our expertise to ourselves, and promising start-ups. we prefer to share it. We actively cultivate this open The knowledge and expertise approach and agility to better DIFFERENT of our teams is the foundation support all our partners each day. of our value-proposition, * Headcount for legal entities controlled and we want to be a source by BNP Paribas Cardif: nearly 8,000 employees. of value for our partners and their clients too. We are convinced that sharing expertise is the best way to keep moving RATHER THAN TALK ABOUT HOW GOOD our insurance business forward. WE ARE, WE WOULD RATHER SHOW HOW USEFUL WE CAN BE. BECAUSE EVERY DAY, OUR ACTIONS AND COMMITMENTS OFFER THE BEST EXAMPLES OF HOW WE MAKE A DIFFERENCE. 2015 Business report 3 A FEW FIGURES THAT SAY A LOT ABOUT US A few figures speak more eloquently than a long speech to illustrate the scope of our business and our community, and above all to give you a sense of our experience and our shared obsession with quality. 10,000 90 42 people* who work million people years of partnerships, with our insured the cornerstone partners every day. worldwide. of our corporate culture. 36 450 FOLLOW US countries, with strong positions partners in multiple ON TWITTER: in three regions: Europe, Asia sectors place their confidence @bnpp_cardif, and Latin America. in us to distribute @CardifLab our products and services. 4 BNP PARIBAS CARDIF INTERNATIONAL REACH AND LOCAL PRESENCE Breakdown of BNP Paribas Cardif gross written premiums in 2015 EUROPE, EXCLUDING FRANCE FRANCE 36% ASIA 41% 17% LATIN AMERICA 6% EUROPE 21.5 billion euros in gross written premiums, ASIA LATIN AMERICA of which 17.1 billion euros in savings 4.8 billion euros and 4.4. billion euros in protection. 1.7 billion euros in gross written in gross written premiums, premiums in protection. 24 countries: Algeria, Germany, Austria, of which 4 billion euros in savings Belgium, Bulgaria, Croatia, Denmark, and 800 million euros in protection. 6 countries: Argentina, Brazil, Chile, Spain, France, Hungary, Italy, Luxembourg, Colombia, Mexico and Peru. 6 countries: China, South Korea, India, Norway, Netherlands, Poland, Portugal, Japan, Taiwan and Vietnam. Czech Republic, Romania, United Kingdom, Russia, Slovakia, Sweden, Turkey and Ukraine. 2015 Business report 5 20 MINUTES TO (RE)DISCOVER ABOUT HOW WE DO BUSINESS We anticipate changes and explore new opportunities thanks to an approach built on collaboration. We believe that mixing individual expertise with collective intelligence is the best way to ensure success, which is why we co-create savings and protection solutions with our partners that are matched to their needs. And together, we have an even greater agility to continually adapt this offering to an evolving environment. This is how we work with our partners and their customers to create the insurance of tomorrow. 5 – 18 6 BNP PARIBAS CARDIF Keys to building the insurance of tomorrow — Interview with Pierre de Villeneuve, Executive Chairman, and Renaud Dumora, Chief Executive Officer. 2015 Business report 7 Pierre de Villeneuve, you’ve been Executive human values which characterize our day-to-day Chairman of BNP Paribas Cardif since Janu- relationships with clients, with partners and with ary 2016, and Renaud Dumora, you then became one another across our teams inside the company. Chief Executive Officer. Has this transition at the head of the company gone smoothly? When you hear staff, partners or clients talk Pierre de Villeneuve: Absolutely. Renaud Dumora’s about BNP Paribas Cardif, what makes you expertise, sense of ethics and managerial skills most proud? are essential in our business. What’s more, this P. de V.: Well, first of all I’d say the entrepreneurial appointment marks a seamless continuity in our mindset, and also the contributions we make to governance, as well as ensuring a consistent improving products and services for policyhold- management approach for our teams, our part- ers. In each of our markets we continually focus ners and their clients. At the same time, it reflects on serving the end customer. This is the heart of the confidence of the BNP Paribas Group in our our development strategy and explains why we management team. work so closely with our partners. Renaud Dumora: I’m naturally delighted and very R. D.: I’d also mention BNP Paribas Cardif’s repu- proud to become the head of BNP Paribas Cardif tation as an innovator, a company that through- and to contribute to new chapters in its success out its history has spearheaded advances in the alongside teams who share a daily commitment insurance industry and in insurance products. to better meet the expectations of our partners. I also feel a tremendous sense of pride in our business model: we began with a partnership Pierre de Villeneuve, in June 2015 you also approach and we’ve grown through partnerships, became head of the French bancassurance replicating our model and our know-how in dif- industry group. How does this position fit with ferent sectors and in different countries. Each your responsibilities at BNP Paribas Cardif? new partnership in a new industry, and each new P. de V.: My role at BNP Paribas Cardif is to actively country where we launch are great sources of contribute to defining the company’s strategic ini- pride. This proves that our model, our position in tiatives, and I thus have a responsibility to closely the market and our capacity for innovation con- track changes in the different markets where we tinue to gain traction. operate, while contributing to analyses about the future of our activities. Our company has always And what about things that irritate you most? been deeply integrated in the local economic P. de V.: I think I can answer for both of us, for fabric, in France and around the world, because our entire management team in fact: any failure we believe strongly in the growth potential of to respect the timely commitments to excellence our business.

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