CNP Assurances : 16 November 2018Quarterly indicators – First nine months of 2018

PRESS RELEASE

Paris, 16 November 2018

Quarterly indicators-First nine months of 2018

Attributable net profit up 3.1% to €955 million

Consolidated SCR coverage ratio1of 193%

HIGHLIGHTS

• Premium income up 3.1% (up 6.6% like-for-like) reflecting a positive momentum in unit-linked sales (+19.5%) and very strong growth in high net worth distribution channels for CNP Patrimoine and CNP Luxembourg

• Proportion of savings/pensions premiums represented by unit-linked contracts up to 23.1% in France (versus 20.4% in the year-earlier period) and up to 42.2% at the Group level (versus 37.6% in the year-earlier period)

• APE margin1that remaining at a high level (22.7% versus 23.6% in 2017)

• EBIT up 1.9% (up 8.9% like-for-like) to €2,169 million2

• Attributable net profit of €955 million, up 3.1% (up 5.1% like-for-like2)

• Consolidated SCR coverage ratio1of 193% (versus 198% at 30 June 2018)

Antoine Lissowski,CNP Assurances' Chief Executive Officer, said:

"CNP Assurances delivered a very good performance over the first nine months of the year, thanks to our steadilyimproving product mix in France and the measures taken to enhance our efficiency for the benefit of our customers. We therefore confirm our 2018 EBIT growth objective."

The results indicators for the first nine months of 2018, on which CNP Assurances' Statutory Auditors do not provide an opinion, were reviewed by the Board of Directors at its meeting on 15 November 2018. This press release includes a certain number of alternative performance measures (APMs). These APMs and their calculation method are presented in the Investor/Analyst section of the CNP Assurances websitewww.cnp.fr/en/Investor-Analyst(2018 Results).

1Including the impacts of the new exclusive distribution agreement in Brazil.

2Average exchange rates:

First nine months of 2018: Brazil: €1 = BRL 4.30; Argentina: €1 = ARS 29.85 First nine months of 2017: Brazil: €1 = BRL 3.54; Argentina: €1 = ARS 18.13

In the like-for-like comparatives, the contributions of CNP Luxembourg (Luxembourg) and Holding d'Infrastructures Gazières (the vehicle for the investment in

GRTgaz) have been excluded from the 2018 figures.

1

1.

Premium income and APE margin for the first nine months of 2018

On 30 August 2018, CNP Assurances announced the signing of a framework agreement providing for the establishment of a new long-term exclusive distribution agreement until 13 February 2041 in Brazil in the network of Caixa Econômica Federal (CEF). This newagreement will be taken into account in the Group's

IFRS indicatorsas from the date the transaction is completed, which should occur in 2019 once the various conditions precedent have been met. However, in the interests of prudence and transparency, CNP Assurances has decided to recognise the impacts of the new agreement in itsSolvency II and MCEV indicatorswith immediate effect.

Consolidated premium incomefor the period totalled €24.6billion, up 3.1% (up 6.6% like-for-like) versus the first nine months of 2017.

InFrance,premium income declined 3.4% to €16.6 billion.

Savings/pensions premium income contracted by 2.8% to €13.3 billion. The period saw a favourable shift inthe product mix, with very strong growth of 10.2% in unit-linked premiums and a 6.2% decline in premium income from traditional products. The shift drove a sharp rise in the proportion of savings and pensions premiums represented by unit-linked contracts, to 23.1% in the first nine months of 2018 from 20.4% in the year-earlier period. In the high net worth (HNW) customers savings segment, CNP Patrimoine is now the

Group's thirddistribution channel in France3, with premium income of €1.7 billion (versus €0.7 billion in theyear-earlier period) and an excellent 44% unit-linked proportion. All told, savings/pensions for the periodreflected a €1.9billion net inflow to unit-linked contracts and a €4.2 billion net outflow from traditionalsavings and pensions products.

Personal risk/protection premium income contracted by 5.7% to €3.2billion. Protection and health insurance premiumswere up 2.2% at €1.3 billion.Term creditor insurance premiums were down 10.2% at€2.0 billion, due to the impact of the new agreements with Crédit Agricole under which CNPAssurances has given up its role as ceding insurer in favour of that of ceding co-insurer (accounting impact not affecting economic exposure). Excluding this impact, term creditor insurance premiums remained virtually stable compared with the first nine months of 2017.

The APE margin rose to 23.2% from 21.5% in 2017, thanks to an improved savings/pensions product mix and the more favourable economic environment.

InLatin America, premium income totalled €4.0 billion, up 2.5%. At constant exchange rates, theperiod-on-period increase was 24.9%, reflecting the Brazilian subsidiary's continued robust business performance. Pending fulfilment of the various conditions precedent in the new distribution agreement, the current agreement remains in effect, without any impact on premium income.

Savings/pensions premium income grew 13.6% (up 38.2% at constant exchange rates) to €2.9 billion,primarily led by the pensions business. Caixa Seguradora continued to outperform the Brazilian insurance market, lifting its market share to 10.2% from 8.1% at end-2017. The proportion of savings and pensions premiums represented by unit-linked contracts remained stable at 98.7%. Savings/pensions net inflowsrose sharply to €1.7billion, virtually all of which came from unit-linked contracts.

Personal risk/protection premium income amounted to €1.1 billion, down 18.8% (down 0.7% at constantexchange rates). The dip in term creditor insurance premiums (down 1.5% at constant exchange rates) was mainly due to a one-off premium adjustment in the mortgage term creditor insurance segment (hipotecario)and Caixa Econômica Federal's decision toapply stricter lending criteria.

The APE margin remained high, at 25.6%. This was nonetheless below the 31 December 2017 rate of 32.6%, reflecting a less favourable product mix and the advance recognition of the reduction in CNPAssurances'economic rights from 51.75% to 40% in the business lines included in the new distribution agreement (vida, prestamista, previdência4).

• 3See table in the appendix, p.7.

• 4Life insurance, consumer credit life insurance, private pension plans.

InEurope excluding France, premium income totalled €4.0 billion, an increase of 44.8% (up 29.4% like-for-like).

Savings/pensions premium income was 57.3% higher (up 36.7% like-for-like) at €3.2 billion. Growth wasled by sales under the new distribution agreements with UniCredit, which added 32% to the Italiansubsidiary's unit-linked premiums. CNP Luxembourg'sHNW savings business also enjoyed very stronggrowth, generating premiums of €423 million over the nine-month period-of which 47% in unit-linked-andputting the subsidiary on track to meet its target of annual premium income of more than €600million. Net inflows were positive at €1.3 billion (€1.2 billion to unit-linked contracts and €0.1billion to traditional products).

Personal risk/protection premium income rose 7.7% to €0.7 billion, with growth led by the 8.1% increase inbusiness written by CNP Santander and the 17.8% surge in CNPUniCredit Vita's personal risk/protectionbusiness.

The APE margin for the first nine months of 2018 was 15.8% versus 19.1% for the whole of 2017, with the decline attributable to the strong relative growth of the savings business.

Average net technical reservesfor the Group totalled €313.7billion at the period-end compared with€309.7 billion at 30 September 2017, an increase of €4.0 billion or 1.3%.

2.

Nine-month 2018 results indicators

Net insurance revenue (NIR)for the first nine months of 2018 came to €2,245million, up 2.2% (up 10.1% like-for-like).

InFrance, net insurance revenue grew 5.5% to €1,283 million. The increase was attributable to improvedprior year loss ratios in personal risk insurance, higher unit-linked liabilities in the savings business, and stronger underwriting margins in the group pensions business.

InLatin America, net insurance revenue came to €787 million, a slight increase of 0.3% (up 22.5% atconstant exchange rates). Growth factors included sharply higher technical reserves in the pensions business, improved loss ratios in the personal risk/protection business, and a one-off term creditor insurance reserve release following a change in local regulations concerning the calculation of insurance liabilities for mortgage insurance.

InEurope excluding France, net insurance revenuecontracted by 10.8% to €175 million. As explainedpreviously, during the initial three-year term of the new distribution agreement with UniCredit, which came into effect on 1 January 2018, the joint subsidiary CNP UniCredit Vita will pay UniCredit higher commissions than under the previous agreement. CNP Santander continued to enjoy strong growth in net insurance revenue, which rose 21.8% on the back of ongoing business expansion in Poland, Spain, Italy and Scandinavia.

Revenue from own-funds portfoliosamounted to €592million, down 1.6% (down 0.5% like-for-like). The slight decrease observed in the third quarter of 2018 reflected lower interest rates in Europe and Brazil5and exceptional amortization of capitalised IT development costs, partly offset by profit-taking on bond portfolios in France.

Total revenuecame to €2,837 million, an increase of 1.4% (up 7.8% like-for-like).

Administrative costsamounted to €668 million, down 0.1% (up 4.4% like-for-like). In light of this performance, the

Group confirms its objective of a €60 million recurring annual reduction in the cost base by end-2018.

Thecost/income ratioremained at a very healthy level (29.8% versus 30.5% for the year-earlier period).

5The Brazilian central bank cut its base rate from 8.25% at 30 September 2017 to 6.50% at 30 September 2018.

At €2,169million,EBITwas up 1.9% (up 8.9% like-for-like).

Attributable net profitcame to €955million, an increase of 3.1% (up 5.1% like-for-like).

IFRS book valuewas €16.2 billion at 30 September 2018, representing €23.55 per share (versus €24.02 per shareat 31 December 2017).

Theconsolidated SCR coverage ratiowas 193% at 30 September 2018 versus 198% at 30 June 2018. The decrease already takes into account the BRL 4.65 billion payment to be made by CNP Assurances upon fulfilment of the various conditions precedent included in the new distribution agreement in Brazil, the effect of which was eased slightly by the favourable impact of market conditions in the third quarter. The ratio at 30 September does not include the effect of redeeming the $500 million Tier 1 subordinated notes issue on 18 October 2018.

*****

CNP Assurances confirms its objective of achieving organic EBIT growth of at least 5% in 2018 compared to the 2017 baseline.

(in € millions)	9 months 2018	9 months 2017	% change (reported)	% change(like-for-like)
Premium income	24,581	23,834	+3.1	+6.6
Average net technical reserves	313,662	309,670	+1.3	-
Total revenue	2,837	2,798	+1.4	+7.8
Net insurance revenue (NIR), of which:	2,245	2,196	+2.2	+10.1
France	1,283	1,217	+5.5	+5.5
Latin America	787	784	+0.3	+22.5
Europe excluding France	175	196	-10.8	-11.2
Revenue from own-funds portfolios	592	602	-1.6	-0.5
Administrative costs, of which:	668	669	-0.1	+4.4
France	443	434	+2.1	+2.1
Latin America excluding Youse	113	127	-10.7	+10.7
Youse	24	27	-8.1	+11.7
Europe excluding France	87	82	+6.7	+4.1
Earnings before interest and taxes (EBIT)	2,169	2,129	+1.9	+8.9
Finance costs	(184)	(194)	-5.0	-5.0
Income tax expense	(719)	(691)	+4.1	+14.9
Non-controlling and equity-accounted interests	(195)	(250)	-22.3	+1.6
Fair value adjustments and net gains (losses)	136	158	-13.6	-11.3
Non-recurring items	(253)	(226)	+11.8	+11.8
Attributable net profit	955	926	+3.1	+5.1

APPENDICES

Premium income by country

(in € millions)	9 months 2018	9 months 2017	% change (reported)	% change (like-for-like)
France	16,564	17,148	-3.4	-1.3
Brazil	4,016	3,906	+2.8	+25.0
Italy	2,775	2,044	+35.8	+35.8
Luxembourg(1)	423	0	n.m.	n.m.
Germany	361	346	+4.3	+4.3
Spain	193	153	+26.2	+26.2
Cyprus	111	104	+6.3	+6.3
Poland	61	50	+22.6	+22.6
Scandinavia	39	36	+9.3	+9.3
Argentina	22	31	-29.8	+15.6
Other International	16	15	+5.2	+5.2
Total International	8,017	6,685	+19.9	+32.2
Total	24,581	23,834	+3.1	+6.6

(1)

CNP Luxembourg was consolidated for the first time at 31 December 2017.

Premium income by segment

(in € millions)	9 months 2018	9 months 2017	% change (reported)	% change (like-for-like)
Savings	15,724	14,916	+5.4	+5.1
Pensions	3,772	3,436	+9.8	+28.0
Personal Risk Insurance	1,391	1,407	-1.1	+5.3
Term Creditor Insurance	3,055	3,333	-8.4	-5.5
Health Insurance	382	448	-14.8	-12.3
Property & Casualty	258	293	-11.9	+4.4
Total	24,581	23,834	+3.1	+6.6