CNP Assurances : Quarterly indicators – First three months of 2021

PRESS RELEASE

Paris, 12 May 2021

Quarterly indicators - First three months of 2021

Premium income of €7.9 billion (up 14.6%)

Attributable net profit of €308 million (up 2.9%)

SCR coverage ratio of 217% (up 9 pts)

Highlights

• Premium income of €7.9 billion, up 14.6% as reported (up 21.8% like-for-like1)
• • Strong momentum in the Savings/Pensions segment across all geographies, with:
  • • Unit-linkedsales in France up 54.3%, representing 25.4% of total new money
    • Success of the integrated bancassurance model, with La Banque Postale's unit-linked sales up 44.1%
    • PACTE transfers of €2.1 billion, equivalent to 62% of their contribution for the whole of 2020
    • €0.5 billion net inflow to unit-linked Savings/Pensions products in France vs €1.6 billion net outflow from traditional contracts
    • 3.1% growth in Savings/Pensions premiums in the Europe excluding France region
    • Solid commercial momentum in Latin America, with Pensions premiums up 41.2% like-for-like
  • Personal Risk/Protection premiums up 4.2% like-for-like
• EBIT of €715 million2, down 9.1% as reported (down 1.8% like-for-like)
• Attributable net profit of €308 million, up 2.9% as reported (up 5.6% like-for-like)
• APE margin of 13.2% (up 1 point vs 2020)
• Consolidated SCR coverage ratio of 217% at 31 March 2021 (up 9 points vs 31 December 2020)

Stéphane Dedeyan, CNP Assurances' Chief Executive Officer, said:

"This first publication of the year marks the start of my term as Chief Executive Officer of the CNP Assurances Group. In a period shaped by the Covid-19 crisis, net profit rose 2.9% and the SCR coverage ratio came in at 217%. The Group's performance for the quarter confirms that we are on the right track in pursuing our strategic objectives. We are transforming the business mix towards unit-linked products, as well as advancing in our international development, with the start of operations under the new agreement in Brazil and the signing of a planned acquisition in Italy that will ultimately double our market share."

1 Average exchange rate, Brazil: first three months of 2021 €1 = BRL 6.60; first three months of 2020 €1 = BRL 4.92

• Effective from 2021, EBIT includes realised gains on available-for-sale financial assets (initially included in mark-to-market effects) and excludes amortisation of intangible assets (now included in "Mark-to-market effects and intangible amortisation"). The reclassifications had the effect of increasing first-quarter 2020 EBIT by €165 million.

CNP Assurances | Headquarters: 4, place Raoul Dautry 75716 Paris cedex 15 - 00 33 1 42 18 88 88 I www.cnp.fr I French société anonyme with paid-up share capital of €686,618,477 I Registered in Paris, RCS 341 737 062 - Company governed by the French Insurance Code (Code des assurances)

1. First-quarter 2021 premium income and APE margin

Consolidated premium income for the quarter came to €7.9 billion, up 14.6% as reported (up 21.8% like-for-like), reflecting a strong recovery in Savings/Pensions business led by Brazil and the premium savings segment in France.

In France, premium income rose by 23.8% to €5.2 billion.

Savings/Pensions premium income totalled €4.1 billion, an increase of €948 million (29.9%) that was attributable to the very good performance by CNP Patrimoine, robust unit-linked sales by the main distribution partners and the effect of last-year's low basis of comparison following introduction of the lockdown in March 2020. The reported amount does not include PACTE transfers of €2.1 billion during the quarter (equivalent to 62% of total transfers recorded in 2020).

The process of transforming the product mix continued, with unit-linked new money rising by 54% to €1 billion. Overall, unit-linked sales represented 25.4% of total new money in France (up 4.0 points on first- quarter 2020), with the La Banque Postale network delivering a strong 5.9-point increase in the unit-linked weighting to 24.8%.

Personal Risk/Protection premium income amounted to €1.1 billion, an increase of 4.6% that was due to the low basis of comparison resulting from prior period adjustments in the Personal Risk segment. Term creditor insurance premiums were stable, with the decline in premiums from run-off portfolios offset by the performances of the La Banque Postale and BPCE networks.

The APE margin was 7.5% versus 4.1% in 2020.

In Europe excluding France, premium income came in at €1.2 billion, an increase of 1.2%.

Savings/Pensions premiums were up 3.1% at €993 million, Unit-linked products accounted for a very high 78.7% of new money in the Europe excluding France region.

Personal Risk/Protection premium income contracted by 5.8% to €246 million, with CNP Santander in particular experiencing the effects of the Covid-19 crisis.

The APE margin widened to 18.6% from 17.2% in 2020.

In Latin America, premium income totalled €1.4 billion, down 0.5% due to the currency effect. Like-for-like growth was a strong 33.6%. The total includes premiums written by the new joint venture in Brazil, Caixa Vida e Previdência (personal risk insurance, consumer loan insurance and pension products) and by the businesses that continue to be operated within the existing structure.

Savings/Pensions premium income came in at €1.1 billion, up 5.2% as reported. Like-for-like growth was a very strong 41.2%, in line with the trajectory established in the latter part of 2020. The Group is still the third largest pensions provider in Brazil, with 21.4% of the market at end-February 2021.

Personal Risk/Protection premium income amounted to €291 million, down 17.9% as reported but up 10.4% like-for-like. The Group held on to its leading position in the consumer loan insurance segment of the Brazilian market acquired in September 2020.

The APE margin narrowed slightly, to 34.7% from 35.5% in 2020.

The Value of New Business (VNB) written by the Group3 during the quarter amounted to €88 million, an increase of 30% excluding the currency effect that was primarily driven by higher rates in France.

• VNB is calculated on a Group share basis

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CNP Assurances | Headquarters: 4, place Raoul Dautry 75716 Paris cedex 15 - 00 33 1 42 18 88 88 I www.cnp.fr I French société anonyme with paid-up share capital of €686,618,477 I Registered in Paris, RCS 341 737 062 - Company governed by the French Insurance Code (Code des assurances)

2. Quarterly indicators - First three months of 2021

Net insurance revenue for the quarter stood at €697 million, down 2.7% as reported but up 6.7% like-for-like.

In France, net insurance revenue amounted to €425 million, an increase of 9.1% that was partly attributable to the shift in product mix in favour of unit-linked Savings contracts combined with higher volumes in this segment. Another factor was the negative impact on 2020 performance of Covid-19-related sick leaves.

In Europe excluding France, net insurance revenue was up 3.2% at €74 million.

In Latin America, net insurance revenue contracted by 22.6% to €197 million. Excluding the currency effect, the like- for-like change was an increase of 4.0%, with good momentum in the Pensions business helping to offset the impact of higher loss ratios in the Personal Risk/Protection segment.

Revenue from own-fundsportfolios stood at €226 million, down 21.8% as reported (down 22.0% like-for-like) due to a combination of lower investment revenues and lower realised capital gains.

Total revenue amounted to €923 million, a decline of 8.2% as reported (down 1.5% like-for-like).

Administrative costs amounted to €208 million, down 5.1% as reported (down 0.6% like-for-like). Administrative costs in France were stable.

The cost/income ratio improved by 0.8 points vs first-quarter 2020 to 29.9%.

At €715 million, EBIT was down 9.1% as reported (down 1.8% like-for-like). The method of calculating EBIT has been adjusted, with realised gains on AFS4 initially reported below the line now included in EBIT and amortisation of intangible assets previously included in EBIT now excluded from EBIT and reported below the line under "Mark-to-market effects and intangible amortisation". The pro forma impact on first-quarter 2020 EBIT is an increase of €165 million, raising the basis of comparison from €621 million to €786 million.

Attributable net profit came in at €308 million, up 2.9% as reported (up 5.6% at constant exchange rates).

IFRS book value was €18.8 billion at 31 March 2021, representing €27.3 per share compared to €27.4 per share at 31 December 2020.

The consolidated SCR coverage ratio was 217% at 31 March 2021 versus 208% at end‑2020. Movements during the first three months of 2021 were as follows: +11 points from mark-to-market effects, +1 point from capital creation net of dividends, -3 points from the acquisition of Aviva's Life business in Italy (with a further negative impact of around 3 points expected when the deal is closed), +3 points from the March 2021 subordinated notes issue (US$700 million), -2 points from the decline in the UFR5 to 3.60% and -1 point from other effects.

• AFS: available-for-sale financial assets

• UFR: Ultimate Forward Rate

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CNP Assurances | Headquarters: 4, place Raoul Dautry 75716 Paris cedex 15 - 00 33 1 42 18 88 88 I www.cnp.fr I French société anonyme with paid-up share capital of €686,618,477 I Registered in Paris, RCS 341 737 062 - Company governed by the French Insurance Code (Code des assurances)

			Q1 2021		Q1 2020		%		% change
					change
						(like-for-like)
							(reported)
	Premium income	7,854	6,852	+14.6	+21.8
	Average net technical reserves	325,131	326,038	-0.3	-
	Total revenue	923	1,005	-8.2	-1.5
	Net insurance revenue (NIR), of which:	697	717	-2.7	+6.7
	France	425	390	+9.1	+9.1
	Latin America	197	255	-22.6	+4.0
	Europe excluding France	74	72	+3.2	+3.2
	Revenue from own-funds portfolios	226	289	-21.8	-22.0
	Administrative costs, of which:	208	220	-5.1	-0.6
	France	147	147	0.0	0.0
	Latin America	28	38	-27.8	-2.1
	Europe excluding France	33	34	-1.5	-1.5
	EBIT(*)	715	786	-9.1	-1.8
	Finance costs	(56)	(64)	-11.2	-11.2
	Non-controlling and net equity accounted	(117)	(126)	-7.4	+19.2
	interests
	Attributable recurring profit	542	596	-9.2	-5.2
	Income tax expense	(147)	(192)	-23.3	-16.5
	Mark-to-market effects and intangible	(11)	(71)	-85.0	-81.5
	amortisation
	Non-recurring items	(76)	(34)	+122.9	+122.9
	Attributable net profit	308	299	+2.9	+5.6

• Effective from 2021, EBIT includes realised gains on available-for-sale financial assets (initially reported below the line) and excludes amortisation of intangible assets (now reported under "Mark-to-market effects and intangible amortisation"). The reclassifications had the effect of increasing pro forma EBIT for first-quarter 2020 by €165 million.

The first-quarter 2021 profit indicators of CNP Assurances were reviewed by the Board of Directors at its meeting on 12 May 2021 and are subject to

completion of audit procedures by CNP Assurances' Statutory Auditors. 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 website at

https://www.cnp.fr/en/the-cnp-assurances-group/investors/results/results-presentation/2021-results

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CNP Assurances | Headquarters: 4, place Raoul Dautry 75716 Paris cedex 15 - 00 33 1 42 18 88 88 I www.cnp.fr I French société anonyme with paid-up share capital of €686,618,477 I Registered in Paris, RCS 341 737 062 - Company governed by the French Insurance Code (Code des assurances)

APPENDICES

First-quarter attributable net profit by operating segment

								Personal		Own-funds
					Savings/Pensions		Risk/Protection
							portfolios
								insurance
		Premium Income			6,256		1,598			-
		Total revenue			344		353			226
		Administrative costs			92		81			36
		Earnings before interest and taxes (EBIT)		252		273			190
		Attributable recurring profit			220		190			132
		Attributable net profit			170		136			2
			Premium income by country
		(in € millions)	Q1 2021			Q1 2020	% change			% change
				(reported)			(like-for-like)
	France	5,175		4,181		+23.8		+23.8
	Brazil	1,436		1,442		-0.4		+33.6
	Italy	940		949		-0.9		-0.9
	Germany	114		117		-2.7		-2.7
	Cyprus	45		43		+3.3		+3.3
	Spain	36		35		+1.1		+1.1
	Luxembourg(1)	61		32		+89.0		+89.0
	Poland	20		23		-12.2		-12.2
	Austria	5		6		-10.1		-10.1
	Norway	6		6		+0.3		+0.3
	Denmark	5		5		-11.6		-11.6
	Argentina	4		5		-12.7		+37.5
	Portugal	1		1		-20.7		-20.7
	Other International	6		6		+5.5		+5.5
	Total International	2,679		2,671		+0.3		+18.5
	Total	7,854		6,852		+14.6		+21.8

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CNP Assurances | Headquarters: 4, place Raoul Dautry 75716 Paris cedex 15 - 00 33 1 42 18 88 88 I www.cnp.fr I French société anonyme with paid-up share capital of €686,618,477 I Registered in Paris, RCS 341 737 062 - Company governed by the French Insurance Code (Code des assurances)