The Essentials 2021

The Essentials 2021 Engaging with others and the world around us “As a responsible insurer and investor, driven by the community values Our corporate mission, now enshrined in of our Group, we work CNP Assurances’ Articles of Association, commits with our partners us to taking a long view. We are setting out to create an inclusive on a new path of improvements and sustainable and innovations… society, providing solutions to as many

2 History people as possible 4 Partnership hard-wired into our DNA 6 International ambitions to protect and 8 Trends 10 Roadmap support them on 12 Business model 14 Performance their chosen paths.”

1 A path of innovation and a steady reholde ’ sha rs ces an 020 ur r 2 stream of tweaks and adjustments s be s m A ce e P D N 1 From the National Insurance Funds of the 19th century 3 C t a through to the international Group we are today, 16.1% CNP Assurances has been engaging with the world BPCE around it for 170 years.

Foundation of the Caisses nationales de retraite et de prévoyance to provide protection for all employees 1850 62.8% La Banque 21.1% Postale Institutional wholly-owned by La Poste Group, which and individual is itself 66%-owned shareholders Formation of CNP by Caisse des Dépôts IPO (Caisse nationale and 34%-owned on the Paris de prévoyance) by the French State Stock Exchange Expansion into Brazil, a country accounting for almost half 1998 1959 the Latin American personal Integration with insurance market La Banque Creation Postale within of Filassistance the French International, public-sector The exclusive a subsidiary financial grouping distribution specialised marshalled agreement for in local services by Caisse consumer finance Decision to join des Dépôts. insurance products the Net-Zero sealed with Launch of Youse, Asset Owner New exclusive CNP Assurances Santander the first Alliance and distribution adopts Member of Consumer Finance 100%-digital commitment to agreement a corporate 2001 the United Nations opens the doors insurance make the covering the period mission and Expansion Global Compact Principles to 9 countries platform investment to 2046 in Brazil begins a new into the Cypriot and undertaking for Responsible in Europe in Brazil portfolio carbon chapter in Expansion and Greek to abide by Investment (11 now) neutral by 2050 its history into Italy markets its core values adopted

2021 2003 2005 2008 2011 2014 2016 2019 2020

2 THE ESSENTIALS 2021 3 Partnership hard-wired into our DNA CNP Assurances jointly designs its solutions with partners who distribute them. Their fine-grained knowledge of customers’ needs coupled with CNP Assurances’ risk-sharing expertise 5 long-term produces solutions perfectly tailored to needs banking partners Our products are distributed in France and unlocks the high performance of the open model. by La Banque Postale and BPCE(1), two longstanding partners, both shareholders in CNP Assurances 76% who share its commitment to serving the general interest. Outside France, ome by dist of premium income inc ribu CNP Assurances forms joint ventures ium tion em p with banking partners possessing an r 0 ar f p 02 tn extensive distribution network ensuring o r 2 e is be r they can forge close relationships and s m ly ce keep their finger on the pulse of what a e D n 1 most customers are really looking for. 3 A t a (1) Banques Populaires and the Caisses d’Épargne. 11.8% Term creditor 23.4% insurance and social La Banque Postale Exclusive partnership protection lenders until 2025, to be (France) extended until 2036 (France) 340 non-exclusive 20.7% partners in France Caixa Econômica Federal 340 partners in France Partnership until 2046 and its own proprietary 9.4% (Brazil) distribution network Wealth management CNP Assurances, a leading provider companies of social protection insurance (over (France) 100 mutual insurers, employee benefits 5 major institutions, non-profit organisations, etc.), designs solutions aligned 2.2% banking with partners’ core purpose and helping Others, including Amétis, of CNP Assurances’ direct them to make a real difference. 23.4% distribution network in France partners Around 200 mortgage lenders and premium income 12.2% 40 wealth management specialists UniCredit also work closely with CNP Assurances. Exclusive partnership 1 7. 5% until 2024 (Italy) BPCE 2.8% Partnership until 2030 Santander (France) Consumer Finance Partnership until 2034 (Europe)

4 THE ESSENTIALS 2021 5 International ambitions CNP Assurances protects people Ambitious plans in Italy Italy is CNP Assurances’ second-largest market and everything that matters to in Europe. Our exclusive partnership with UniCredit running until 2024 covers distribution them in Europe and Latin America of a full range of personal insurance products and adapts to the different in central and southern Italy, Sardinia and Sicily. The plan announced in early 2021 to acquire economies, societies and cultures the Aviva group’s life insurance operations has enabled CNP Assurances to aim even in each country, to make life easier Latin America Europe higher in Italy. for all our customers, in all walks of life. 14 million 22 million policyholders personal risk in personal risk and protection and protection policyholders 4 million 8 million policyholders savings in savings and pensions and pensions policyholders

Brazil 2046 over 65s That’s the current end date of CNP account for 19.5% Assurances’ latest agreement with Caixa of the population Source: Ined, 2021 estimate. Econômica Federal, Brazil’s largest bank by customer base. It grants exclusive rights to our joint venture Vida e Previdência

to distribute personal protection,

consumer credit and pensions solutions

across the 54,000 sales outlets operated

by the Caixa Econômica Federal network.

Brazil 100% digital, 63% the Youse France insurance platform 32% Latin

America

– under 24s B

account for 19.5% r 5%

of the population a Europe k Source: CIA World Factbook, d o 2021 estimate. w n of EBIT by geographic area

6 THE ESSENTIALS 2021 7 In a changing world 4 major trends are shaping our business model, encouraging us to change and adapt even more rapidly.

Uncertain environment The revolution and a compelling need for insurance in lifestyles and work environments

The pandemic has unleashed The social distancing introduced major disruption on economies and to address the pandemic has created a climate of uncertainty. accelerated the uptake of digital 40% of the active population in France technology in every facet of our lives. now wants to work from home Contraction Record increase in the liquid savings Source: Les Echos. in euro-zone GDP: held by households in France: 7.2% Up €90 billion Source: IMF, January 2021. in 2020 Source: FFA 54% (French Insurance of people in France have Federation). made a video call since the beginning of the crisis Source: World Observatory according to CNP Assurances, Ipsos barometer.

An offer challenged Global warming by low interest rates and the loss and longer life expectancy of biodiversity Average 10-year interest By 2030 There is a tremendous need for innovation rates(1) in France in 2020: life expectancy Leading to reduced benefits from given the performance of traditional, in developed the natural world (farming, fishing, non-unit-linked, insurance, and funding –0.15% countries will have forestry, etc.), a threat to human health solutions for pensions and long-term care. Source: FFA, 2021. increased to: and severe disruption to our economies. 90 years 4 Source: The Lancet. Rise of 2 °C to 4 °C 79 years 3 over 80 years Sources: estimate from 1750 to 2020: 2 United Nations Report on global warming – September 2020; for 2020 to 2100: Intergovernmental 48 years 1 Temperature Panel on Climate Change (IPCC). 0 rise of 1.1 °C Beginning of over 270 years industrialisation

1900 2000 1750 2020 2100 (1) Average interest rate on government bonds, the main regulatory 8 THE ESSENTIALS 2021 investment used by insurers. 9 Our roadmap

4 priorities for delivering on goals No. 3 and meeting expectations. Offer a unique omnichannel experience In 2021, CNP Assurances stepped up the transformation of its information system Positions in into an insurance service platform for the benefit of its distribution partners and its policyholders. 19 countries Artificial intelligence and the ethical and at year-end 2020 secure use of data are also helping to optimise No. 1 the omnichannel user experience. Diversify to insure as many people as possible Integration of the auto and homeowner insurance business as part of the link-up with La Banque Postale, development Over of consórcio, a special form of loan product offered in Brazil for first-time homebuyers among others. 174,000 CNP Assurances is working with its partners to enhance customers on Youse, its solutions, building offers that are aligned the 100%-digital insurance with the needs of its customers and their universes. in Brazil

54% reduction No. 2 achieved over 6 years in the carbon footprint of the equity and Keep pace corporate bond portfolio held by with major social trends CNP Assurances. Our new target To push customers towards higher-return for 2025: 25% reduction No. 4 life insurance solutions, CNP Assurances €5,000 is inventing the long-term savings vehicles Act as an insurer is the minimum of the future. These aim to strike and a responsible investor investment in the a perfect balance between security and returns over the long term while CNP Immo Prestige CNP Assurances has pledged to make adapting to individual circumstances. its investment portfolio carbon-neutral by 2050. unit-linked range, We are a leading player in supplementary Every year, it sets its targets even higher, providing returns pensions and are well-placed to create as it strives to lead the entire economy linked to prime real funding solutions geared to today’s longer towards the 1.5 °C trajectory mapped out estate in Paris life expectancies and to provide support in the Paris Agreement. for long-term care at home.

10 THE ESSENTIALS 2021 11 Our positive-impact business model The CNP Assurances group puts people at the forefront of its businesses and its model.

Trends An uncertain environment An offer challenged The revolution in lifestyles, Global warming impacting our and a compelling need by low interest rates work environments and the loss business model for insurance and longer life expectancy and social interaction of biodiversity

Resources Our mission Shared value Contribution to the UN SDGs (3)

Insureds: Protect people and everything that mat- Insureds and beneficiaries 36 million personal ters to them over the long term €25.3 billion in lump sum 36 million personal risk and risk/protection payments or in annuities protection policyholders policyholders(1) and Our business 12 million savings/pensions Reinsurers on the Board policyholders worldwide €0.7 billion in ceded 50% of women Pool risks of Directors (7 out of 14) Policyholder premiums: premiums €27 billion in premium Secure policyholder premiums and savings and 36% in the Executive Committee (4 out of 11) income Guarantee their coverage Employees, service lti-partner providers, suppliers, Mu Employees: 97% of employees distribution partners 5,156 worldwide are covered by a collective €5 billion in wages CNP Assurances: 2,841 bargaining agreement and salaries, Consolidated In t and 96% have a permanent e purchases of services subsidiaries: 2,315 r e n employment contract v and commissions i a s t i u o l Distribution partners: n c a Bondholders 88% of our investment portfolio n 340 (banks, wealth I l €0.3 billion management firms, term meets environmental, social creditor insurance and social and governance (ESG) criteria (2) protection lenders) in States in corporate Europe and Latin America €0.7 billion income tax paid in countries €17 billion worth where the Group operates of green investments

Shareholders S e Target: €20 billion by 2023 u l s b and investors: t i (2) CNP Assurances also contributes a s to government finances in its host countries €22.1 billion in n o through the payment of taxes other than a p in shareholders’ equity b s corporate income tax. 123 countries excluded from our le e R investment portfolios due to lack €8.7 billion in subordinated bonds of tax transparency, corruption or

breaches of democracy and freedoms

Open

(1) Personal risk, health, term creditor and property and casualty insurance. Figures at end-2020. (3) SDG: Sustainable Development Goals.

Diversify to insure Create new offers Innovate to offer Continue to commit Our roadmap and include as many people to keep pace with major a unique omnichannel and work as a responsible as possible social trends experience insurer-investor

12 THE ESSENTIALS 2021 13 Our sustainable performance The CNP Assurances group combines profitability and responsibility for the benefit of all its stakeholders.

A profitable trajectory A responsible trajectory

Attributable net profit The equity and bond has held up in the face of the crisis portfolio’s carbon footprint 468 has been halved in 6 years 440 405 (kgeqCO2/€k invested) €1.99 295 €1.92 €1.91 265 €1.80 227 217 1.5 €1.64 Attributable net profit in € per share

2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020

More rapid transfer of savings/ pension investments into unit-linked vehicles

40 51.8% 41.9% 42.9% 30 38.3% Unit-linked portion of Group Investments in driving the energy Policyholders are investing 20 26.7% savings/pension premium and environmental transition overwhelmingly in responsible, 10 income have doubled over 3 years green and solidarity-led unit-linked (investments in € billion) (investments in € billion)

2016 2017 2018 2019 2020 20 Tight grip on operating costs again evident(1) 17.2 14.4 11.20 10.4 44.2% 40 8.2 (1) This indicator measures operational efficiency 39.3% based on administrative expenses. It is calculated Cost/income by dividing administrative ratio 1.9 expenses by net insurance 0.8 1.1 33.9% in France(1) 30 revenue. A lower ratio indicates an improvement in operational efficiency. 32.1%

2014 2016 2018 2020 2017 2018 2019 2020 2023 2017 2018 2019 2020

14 THE ESSENTIALS 2021 15 A sustainable performance hailed by rating agencies The leading financial and CSR rating agencies have hailed the performance of the CNP Assurances group.

Financial rating

Fitch Ratings Standard & Poor’s Moody’s Financial Strength Rating Financial Strength Rating Financial Strength Rating (September 2020) (January 2021) (March 2021) A+ A A1 Stable outlook Stable outlook Stable outlook

CSR rating @CNP_Assurances cnpassurances.officiel MSCI ISS-ESG V E Linkedin.com/company/cnp (November 2020) (October 2020) (March 2020) cnp_assurances AAA Prime B– 61/100 youtube.com/c/CnpFr_officiel Best rating Best rating No. 5 of 49 insurers in the insurance sector in the insurance sector in Europe Visit our website cnp.fr

CNP Assurances – May 2021 – Strategic Marketing, Communication and Sponsorship department – Design and production: – Photo credits: Getty Images/10.000 Hours – Adam Hester – Alistair Berg – Atlantide Phototravel – Betsie Van Der Meer – Blend Images, JGI/Jamie Grill – Eugenio Marongiu – Hiroshi Higuchi – Ippei Naoi – Kelvin Murray – Luis Alvarez – Maskot – Miodrag Ignjatovic – Oleh_Slobodeniuk – Oscar Wong – Pekic – 16 THE ESSENTIALS 2021 PixelsEffect – RgStudio – Senserini Lucrezia – Tom Werner – Vesnaandjic – Westend61. Printing: Stipa. CNP Assurances I Registered office: 4, place Raoul Dautry – 75716 Paris Cedex 15 I Tel.: +33 (0)1 42 18 88 88 I www.cnp.fr Société anonyme (joint-stock company) with fully paid-up share capital of €686,618,477 Registered in the Paris Trade and Companies Register under no. 341 737 062 Company governed by the French Insurance Code (Code des assurances)