Investor presentation Crédit Agricole Assurances 31.12.2025

INVESTOR PRESENTATION March 2026

CRÉDIT AGRICOLE ASSURANCES

Data and figures at end of December 2025

DISCLAIMER

This document has been prepared by Crédit Agricole Assurances S.A. for information purposes only and is available on its website (https://www.ca-assurances.com/en/investors/). It is not to be reproduced by any person, nor to be forwarded or distributed to any person unless so authorised by Crédit Agricole Assurances S.A.. Failure to comply with this directive may result in a violation of the Securities Act of 1933 as amended (the “Securities Act”), or the applicable laws of other jurisdictions. None of Crédit Agricole Assurances S.A. or its affiliates, advisers, dealers or representatives takes any responsibility for the use of these materials by any person.

No representation or warranty expressed or implied is made as to the fact that the entire information within this document has been subjected to a full independent review, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information or opinions contained herein. Unless otherwise specified, the sources for the business rankings and market positions are internal. The information in this document relating to parties other than Crédit Agricole Assurances S.A. or taken from external sources has not been subjected to independent verification. None of Credit Agricole Assurances S.A. or its affiliates, advisers, dealers or representatives, or any other person, shall have any liability whatsoever (in negligence or otherwise) for any loss arising from any use of this document or its contents or otherwise arising in connection with this document.

Without limiting the foregoing, this document is not an offer to sell or the solicitation of an offer to purchase or subscribe for securities in the United States nor in any other jurisdiction, and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Crédit Agricole Assurances S.A. does not intend to register any portion of any offering in the United States or to conduct a public offering of securities in the United States.

This document is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation.

Forward Looking Statements

This communication contains forward looking information and prospective statements about Crédit Agricole Assurances S.A. that are not historical facts. These statements may include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance and has been developed from scenarios based on a number of economic assumptions in the context of a given competitive and regulatory environment (including but not limited to applicable accounting principles and methods and the applicable prudential regulations). Such statements do not represent profit forecasts and estimates within the meaning of the COMMISSION DELEGATED REGULATION (EU) 2019/980 of 14 March 2019. Forward looking statements may be identified by the words “believe”, “expect”, “anticipate”, “target” or similar expressions. Although Crédit Agricole Assurances S.A.’s management believes that the expectations reflected in such forward looking statements are reasonable, investors are cautioned that forward looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Crédit Agricole Assurances S.A. that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward looking information and statements. Crédit Agricole Assurances S.A. undertakes no obligation to publicly revise or update any forward-looking statements given as at the date of this document in light of new information or future events. More detailed information on the risks that could affect Crédit Agricole Assurances S.A.’s financial position and results can be found in the section “Risk Factors” in our Universal Registration Document filed with the French Autorité des Marchés Financiers (available here). Readers must take all these risk factors and uncertainties into consideration before making their own judgement.

Presentation of financial information

The figures presented in this document have been prepared in accordance with International Financial Reporting Standards, as adopted in the European Union (“IFRS”). IFRS 17 “Insurance contracts” is mandatorily applicable for reporting periods beginning on or after 1 January 2023. Comparative information as at and for the year ended 31 December 2022 has been restated when relevant. Financial information for the year ended 31 December 2025 presented in this document has been approved by Crédit Agricole Assurances S.A.’s board of directors but is unaudited and subject to ongoing review by Crédit Agricole Assurances S.A.’s statutory auditors.

Some figures presented in this document have been subject to rounding adjustments. Accordingly, in certain instances, the totals shown for a column or row in tables may not conform exactly to the arithmetic sum of the figures presented.

SUMMARY

• COMPANY OVERVIEW
• A ROBUST BUSINESS MODEL
• DISCIPLINED RISK MANAGEMENT
• SOLVENCY & CAPITAL MANAGEMENT
• MEDIUM-TERM PLAN ACT 2028
• SUMMARY OF THE MEDIUM-TERM PLAN AMBITIONS 2025
• ESG STRATEGY AND AMBITIONS
• APPENDICES
• CAA CONTACT LIST
• NOTES

CRÉDIT AGRICOLE ASSURANCES – KEY MESSAGES

1. Diversified business mix and strong net inflows in savings over the past quarters
2. Robust and recurring profitability
3. Strong Solvency II ratio over the years
4. Comfortable financial structure

1. COMPANY OVERVIEW

CRÉDIT AGRICOLE ASSURANCES: KEY ITEMS

Leader in Europe

€52.4bn
in gross written premiums¹ for 2025
+20.1%
vs 2024

n.s.: non-significant
n.a.: absent from market

Leader in Europe
No. 1 BANK INSURER IN EUROPE¹⁶

See notes on pages 46 and following

Strong Financial Profile

• Net income Group share (vs. FY-24) €2,030m, +7.8%¹⁷
• Solvency II ratio² (vs. end 2024) 195%, -6pts
• Life insurance outstandings³ (vs. end 2024) €373bn, +7.4%
• Distributable items⁴ (at end-2025) €8,146m

A SIZEABLE ASSET WITHIN THE CRÉDIT AGRICOLE GROUP

A significant part of Crédit Agricole S.A.¹⁸

FY-25 net income excl. CC: €7.8bn

CAA revenues by distribution model¹⁹

88% Bancassurance model / Group partnerships
12% Open architecture

Bancassurance model: distribution of personal insurance, property & casualty and creditors insurance in Crédit Agricole group’s banking networks in France, Italy and Poland.

Group partnerships: internal financial partners together with complementary channels.

Open architecture: e.g. group insurance, independent wealth management advisors and partnerships with local banks.

See notes on pages 46 and following

PROFILE IN FRANCE

• Very well positioned in France, particularly in individual Death & Disability, Creditor insurance, Life insurance and Retirement
• Strong prospects in Property & Casualty

No. 1 INSURANCE GROUP IN FRANCE²⁰

SAVINGS & RETIREMENT

#1
Life insurer in France²¹

#2
Retirement insurer in France²²

DEATH & DISABILITY / CREDITOR / GROUP INSURANCE

#1
Individual Death & Disability insurer in France²³

#1
Creditor insurer in France²⁴

PROPERTY & CASUALTY²⁵

#1
Home, car and health bancassurer in France³²

#2
Home insurer in France³¹

Equipment rates³³:
 44.7% in French Regional Banks
 28.5% in LCL

Improving our market shares in France, almost exclusively through organic growth

P&C market shares
Car insurance³⁰ Individual property insurance³¹ All Products²⁹

Life insurance market shares
Retirement²² Life insurance²¹ Creditor insurance²⁴ Individual Death & Disability²³

See notes on pages 46 and following

INTERNATIONAL PROFILE

CAA distributes its Life insurance, Property & Casualty, and Creditor insurance products in 9 countries

14.7% of premiums written outside France

In € billion

Italy / Other countries

P&C equipment rate in Italy³⁴

More than 40 banking partnerships including
new
new
new

Creditor insurance
Savings & Retirement
Pan-European management platform CACI
Property & Casualty

JAPAN
PORTUGAL
SPAIN
FRANCE
ITALY
GERMANY
LUXEMBOURG
POLAND
United Kingdom

CAA distributes its Life insurance, Property & Casualty, and Creditor insurance products in 9 countries

See notes on pages 46 and following

WORKING EVERY DAY IN THE INTEREST OF OUR CUSTOMERS AND SOCIETY

1. Expanding offers and services to cover all customer needs, for instance in 2025: launch of a Multi-risk Renewable Energies product to support renewable energy producers; overhaul of digital update customer paths for crop and grassland insurance contracts; expansion of the creditor offering with no additional premium or exclusion for people with breast, prostate or testicular cancer, an unprecedented advance in the market.
2. Accompanying our customers in their retirement, with the creation in 2022 of Crédit Agricole Assurances Retraite, our Group Pension Fund (Fonds de Retraite Professionnel Supplémentaire – FRPS), which supports Crédit Agricole Assurances' long-term development ambitions in this supplementary pensions market.
3. Expanding our core businesses to accompany our customers internationally, with the opening of a life and non-life insurance branch in Germany, and some recent examples of new or strengthened partnerships: Agos and Crédit Agricole Auto Bank in Italy, MDS, Leasys and JAP Automotive in Portugal, CA Bank Polska and EFL (Europejski Fundusz Leasingowy) in Poland …

2. A ROBUST BUSINESS MODEL

DIVERSIFIED BUSINESS MIX

In € billion

Gross written premiums by line of business

Death&Disability / Creditor / Group insurance
P&C
Savings & Retirement - UL
Savings & Retirement - €

Total premiums CAGR: +4.1%
Covid crisis

• +1.6% CAGR 2010-2025
• +10.5%
• +6.7%
• +5.5%

See notes on pages 46 and following

SOLID LIFE INSURANCE ACTIVITY

Savings & retirement – Net inflows³⁵

In € billion

Euro
Unit-Linked
Total

Life insurance outstandings³⁶

In € billion

Euro
Share of Unit-Linked

Contractual Service Margin³⁷ evolution

In € billion

• Positive stock revaluation effect, in relation to favourable market impact
• Strong contribution from new business driven by revenues growth, exceeding the CSM release
• CSM allocation factor³⁸: 7.5%

See notes on pages 46 and following

P&C PROFITABLE GROWTH

Expansion of the portfolio³⁹

In million policies

Combined ratio⁴⁰ evolution

• In FY-25, stability of the net discounted combined ratio at 94.6% without significant climatic event
• The net undiscounted combined ratio was 96.7% for FY-25, compared with 96.4% for FY-24.

• First consolidation of Abanca Seguros Generales (Spain) and PiùVera Assicurazioni (Italy) with retroactive effect on January 1, 2025
• At constant scope, the P&C portfolio grew by +2.3% year-on-year

See notes on pages 46 and following

STRONG AND RECURRING PROFITABILITY

In € million

Operating income

2022 => 2025 CAGR operating income: +8.8%

Net income Group share

2022 => 2025 CAGR NIGS: +9.3%

+11.5%
+7.8%*
* Excluding the effect of the exceptional corporate income tax. Including the exceptional tax contribution, the change was +3.6%.

Climate events in Q4 2023: Ciaran, Domingos and floods in northern France

3. DISCIPLINED RISK MANAGEMENT

STRONG ADAPTABILITY TO THE INTEREST RATE ENVIRONMENT

Average return rate, policyholders’ yields and minimum guaranteed rate⁴¹

Predica crediting rate
Market average crediting rate*
Predica portfolio average return rate

Buffers to manage shocks

3.6%
2025
Predica fixed income reinvestment yield

€6.3bn
31.12.2025
Policyholder participation reserve⁴² (PPB)

€2.3bn
31.12.2025
Capitalisation reserve⁴²

€11.0bn
31.12.2025
Unrealised gain on CAA’s diversification investments

Very low structural exposure of CAA to minimum guaranteed rates⁴¹ with an average of 0% at end-2025

Strong customer loyalty

Surrender rate⁴³

See notes on pages 46 and following

REINSURANCE POLICY IN LINE WITH OUR RISK APPETITE

CAA reinsurance policy

• Cautious policy on technical risks
  • Capital protection
  • Control over the volatility of the result
  • Annual analysis of ceilings and coverage
  • Optimization of the coverage/price ratio challenged by brokers and internal analysis
• Rigorous approach to counterparty risk
  • Relationship with reinsurers meeting a minimum financial strength criterion (A-)
  • Rules for diversifying reinsurers and limiting the concentration of premiums ceded
  • Securing the provisions ceded by means of standard collateral clauses

Placement of a €160m Cat Bond

• Diversifies our sources of reinsurance
• 4 years protection from January 2024, locked price
• Issued by Taranis Re DAC and supported by Guy Carpenter

Class A Notes
Providing €110m of Ultimate Net Loss, Per Occurrence cover, losses from windstorm and hailstorm

Class B Notes
Providing €50m of Ultimate Net Loss, Annual Aggregate cover, second event basis, losses from windstorm only

CONSERVATIVE AND DIVERSIFIED ASSET ALLOCATION

General Account investments by asset class⁴⁴

€278bn / €282bn / €293bn

Short term investments
Equity
Private equity, infrastructures, alternative investments
Real estate
Interest rate products

Investments by geographical area⁴⁴

FY-25: €293bn

France 62%
Eurozone excl. France 21%
Europe excl. Eurozone 5%
Supra 3%
United States 6%
Rest of the world 3%

Investments by economic sector⁴⁴

FY-25: €293bn

Corporates 24%
Sovereign & assimilated 22%
Financials 25%
Supra & agencies 12%
Real Estate 10%
Other 7%

See notes on pages 46 and following

HIGH-QUALITY AND DIVERSIFIED BOND PORTFOLIO

Bond portfolio by nature⁴⁵

FY-25: €209bn

Sovereign & assimilated 32%
Corporates - Financials 27%
Corporates - Non financials 24%
Supranational & agencies 17%

Bond portfolio by issue rating⁴⁵

FY-24: €203bn
FY-25: €209bn

Impact of downgrade in France’s sovereign rating from AA- to A+ in the second half of 2025

• Part of the bond portfolio covered by caps

See notes on pages 46 and following

BONDS PORTFOLIO ORIENTED TOWARDS FRENCH GOVERNMENT BONDS AND SENIOR FINANCIAL DEBT

Exposure to sovereign debt⁴⁶
(sovereign and assimilated, supranational and agencies)

FY-25: €103bn

France 55%
Supranational 9%
Italy 9%
Spain 8%
Belgium 7%
Germany 2.2%
United States 1.9%
Netherlands 1.8%
Canada, 0.7%
Various countries 5.3%
Other 12%

Financial debt exposure by seniority⁴⁷

FY-25: €56bn

Senior bonds 68%
Covered bonds 11%
Subordinated bonds 17%
Other 4%

See notes on pages 46 and following

DIVERSIFIED NON-FINANCIAL DEBT EXPOSURE

• Well-balanced non-financial corporate portfolio
• Exposure over more than 15 macro-economic sectors

Non-financial debt exposure by macro-economic sector⁴⁸
based on an exposure of €49bn at end-December 2025

1 Scope: bonds owned by Group CAA at market value with look-through approach for equity and bonds funds, excluding repurchase agreements. The macro-economic sectors are the result of a consolidation of NACE sectors.

4. SOLVENCY & CAPITAL MANAGEMENT

STRONG SOLVENCY II RATIO OVER THE YEARS

Solvency ratios at a high level at the end of December 2025:
• Solvency II prudential ratio of 195%, demonstrating the strength of CAA;
• MCR coverage ratio of 366%⁴⁹.

=> Strong level of solvency over time despite large dividend distributed to shareholder (recurrent and/or exceptional)

Solvency II ratio evolution

215% 201% 195%
Dec. 2023 Dec. 2024 Dec. 2025

2025 dividend theoretical impact; the amount is subject to the Board’s proposal and the Annual Shareholders’ Meeting’s approval

Sensitivities at end-December 2025

Solvency II ratio Dec-25 195%
Interest rate +50bps 177%
Interest rate -50bps 214%
Equities -25% 189%
Spreads Corporate +75bps 182%
Spreads Govies +75bps 176%

Subject to approval from Crédit Agricole Assurances S.A’s board of directors

SOLID SOLVENCY II RATIO AND LIMITED SENSITIVITY TO SOVEREIGN RISK

Exposure to French sovereign risk⁵⁰

92% of total French sovereign risk (including assimilated)⁵¹ is accounted with VFA model⁵² under IFRS 17 with no material impact on net income due to symmetrical valuation effects on assets and liabilities

Net impact at end-2025 on the measurement of insurance and reinsurance contracts and Financial investments

Impacts on net income very limited
Higher impacts on CSM while remaining largely absorbable by CAA
Strong level of solvency in each regulatory scenario

See notes on pages 46 and following

SOLVENCY CAPITAL REQUIREMENT (SCR) AND CAPITAL STRUCTURE

• Use of the Standard formula with no transitional measures applied
• Inclusion of the eligible policyholder participation reserve (PPE) in surplus funds; Tier 2 represents 38% of the SCR
• Unrestricted and restricted T1 cover 157% of SCR

Breakdown of the Solvency Capital Requirement⁵⁴

In € billion

Market risk 43%
Life underwriting risk 37%
Non-life underwriting risk 8%
Health underwriting risk 4%
Counterparty default risk 2%
Operational risk 6%

Total SCR: €14.1bn

Eligible own funds (EOF)⁵⁵

In € billion

Reconciliation reserve 9.8
Share capital & related premiums 7.1
Surplus funds 4.1
Other 0.3

Unrestricted Tier 1 21.3
Restricted Tier 1 0.7
Tier 2 5.3
Eligible own funds 27.4

See notes on pages 46 and following

SUBORDINATED DEBTS BREAKDOWN AND RATINGS

Last review date: 10th October 2025

NB: The indication of the first call date is not an indication of the issuer’s intention to call or not to call the instruments

Total debt nominal value at end-January 2026⁵⁶:

• Restricted Tier 1: €750m
• Tier 2: €5,550m

Restricted Tier 1 subordinated notes rating
BBB

Financial Strength Rating (Crédit Agricole Assurances main operating subsidiaries)
A+ / Stable

Tier 2 subordinated notes rating
BBB+

Issuer Credit Rating (Crédit Agricole Assurances S.A.)
A / Stable

External Tier 1 / External Tier 2 / Intra-group Tier 2

5. MEDIUM-TERM PLAN ACT 2028

2028 AMBITION

Crédit Agricole Assurances
Speed up our diversification and strengthen our European footprint

Become the leading insurer for all our customers

• Build tailormade and digital customer journeys by design
• Strengthen customers’ multi-equipment notably through direct distribution to serve relationship-banks
• Aim for very high client satisfaction in line with the market’s best standards to serve our customers (benefits and claims)

Speed up our diversification in France to confirm our leadership

• Set up customer capture through insurance for relationship-based banks
• Expand life insurance distribution outside Group networks for affluent customers
• Expand our bankinsurer model for entrepreneurs, farmers and corporates
• Boost Health and Retirement insurance activities through innovative offers and by tapping into Group synergies
• Prepare an ambitious growth plan for our telemonitoring solution

Become a key player in Prevention and strengthen regional foothold

• Offer risk adaptation and mitigation services for all customers
• Invest in transitions, sovereignty and innovation to serve territories

Transform ourselves to become more efficient and safeguard our customer promise

• Reduce time to market of offers and digital journeys through a “product mode” organisation
• Improve Property & Casualty claims processes by integrating service providers⁵⁹
• Improve productivity, especially using an industrial approach to AI in coordination with relationship-based banks and internally (back-offices, processes,…)

Intensify international expansion

• Amplify our integrated and non-Group bancassurance activities in Italy, Poland and the Iberian Peninsula
• Create an operational system dedicated to pan-European BtoB partnerships primarily for Mobility offerings

2028 AMBITION

• > €400bn Life insurance outstandings⁵⁷
• 3m Number of Health beneficiaries⁵⁸
• > 20m Property & Casualty contracts
• > €9bn International premium income (CAGR 24-28: +7% per year)
• > 3% GOI CAGR 24-28

See notes on pages 46 and following

6. SUMMARY OF THE MEDIUM-TERM PLAN AMBITIONS 2025

MEDIUM-TERM PLAN AMBITIONS 2025 ASSESSMENT

Leader in France in savings, protection, creditor insurance and home insurance markets, CAA undertakes business and services development initiatives, as well as geographic and distribution diversification

• Supporting life insurance inflows: dynamism of the Savings & Retirement activity confirmed
• Pursuing business and geographic diversification: strong growth across business lines; success of commercial initiatives in Italy and Luxembourg
• Answering the growing need for protection: #1 in individual death & disability in France, #1 in the creditor insurance ranking in France for the first time, significant tenders won in Group business (e.g. IEG effective starting July 1, 2025)
• Adapting the organization to become the benchmark digital insurer: Major digital developments, such as voluntary payments on savings contracts through mobile app or P&C solutions fully available in self-care
• Contributing to the Group ESG project: more than 25 000 farms protected against climate risks by Pacifica, launch in June 2024 of the new offering of committed home insurance, creation by Spirica in April 2024 of the "Euro Climate Objective Fund"

7. ESG STRATEGY AND AMBITIONS

INSURANCE, A FUNDAMENTAL PART OF THE CRÉDIT AGRICOLE GROUP'S RAISON D'ÊTRE

WORKING EVERY DAY IN THE INTEREST OF OUR CUSTOMERS AND SOCIETY

As an insurer, our mission is to support all our customers to meet all their needs, at every stage of their lives ➔ we are a universal bancassurer

As a leader in our markets and a major investor, we have the ability and the responsibility to act and to have a positive impact on our customers and on society.

Thanks to our employees, the strength of our Group and our partner banks, we are multiplying the impact of our actions to work in favour of the climate, inclusion and the agricultural and agri-food transition

CAA: A CSR STRATEGY AT THE HEART OF ITS BUSINESSES

RESPONSIBLE INSURER
Addressing environmental and social issues through responsible product offerings

RESPONSIBLE INVESTOR
Integrating environmental and social criteria into our investment decisions

RESPONSIBLE COMPANY
Taking into account the social and environmental impacts of our business and focusing on the development of our employees

THREE PRIORITIES OF THE GROUP'S SOCIAL PROJECT

• ACTING FOR THE CLIMATE AND THE TRANSITION TO A LOW-CARBON ECONOMY
• STRENGTHENING SOCIAL COHESION AND INCLUSION
• MAKING AGRICULTURAL AND AGRI-FOOD TRANSITIONS A SUCCESS

INSURANCE, A FUNDAMENTAL PART OF THE CRÉDIT AGRICOLE GROUP'S RAISON D'ÊTRE – CLIMATE

RESPONSIBLE INSURER
Addressing environmental and social issues through responsible product offerings

• 100% of new products designed using our CSR guidelines by 2025
• Increasing carbon capture and committing to biodiversity through reforestation. CAA, France's leading forest insurance company, planted or protected 4 million trees between 2019 and 2025
• Insuring new forms of mobility and soft mobility ➔ NVEI insurance, portability of PDC on bicycles, electric vehicle insurance
• Developing our prevention systems
• Member of FIT (Forum for Insurance Transition to Net-Zero)

RESPONSIBLE INVESTOR
Integrating environmental and social criteria into our investment decisions

• NZAOA membership since 2021
• Expanding our commitment to renewable energy infrastructure so that it reaches 14 GW by 2025 (compared with 5.2 GW at the end of 2020), equivalent to the annual electricity consumption of more than 5 million homes in France ➔ target achieved by end-2024
• Reducing the carbon footprint of the portfolio (equities and corporate bonds): target of -25% by 2025 compared with 2019, reached as of 2024
• CAA, fully committed to the transition of its investment portfolios, has made a further commitment for 2030: it now aims to reduce by 50% the carbon footprint (in tonnes of CO₂ equivalent per million euros invested) of its investment portfolios listed in equities and corporate and real estate bonds held directly by the end of 2029 compared with the end of 2019.

RESPONSIBLE COMPANY
Taking into account the social and environmental impacts of our business and focusing on the development of our employees

• Reducing our direct carbon footprint by 17% on energy, fleet and business travel (between 2019 and 2025)
• Designing low-carbon Claims Management Units (CMU) ➔ Inauguration in 2023 of two low-carbon CMUs, in Grenoble and Caen, and three others in 2024: Saint-Etienne, Dijon and Pau
• Raising employee awareness of social issues:
  • Launch of a training course for CAA employees in April 2023, with a web conference on social issues followed by an e-learning module.
  • Creation and coordination of a network of CSR ambassadors with reinforcement of eco-friendly programmes
  • Seminars with BU management committees on societal topics and societal masterclass for the executive committee

INSURANCE, A FUNDAMENTAL PART OF THE CRÉDIT AGRICOLE GROUP'S RAISON D'ÊTRE – AGRI-AGRO / INCLUSION

RESPONSIBLE INSURER
Addressing environmental and social challenges through responsible and committed product offerings

• Providing access to insurance for all - entry-level motor and home insurance
• Given the frequency and intensity of these climatic hazards, Crédit Agricole Assurances is committed to supporting 1 in 4 farmers by supporting crop insurance reform and the market in doubling the number of agricultural multi-risk policies covering renewable energy installations by 2025

RESPONSIBLE INVESTOR
Integrating environmental and social criteria into our investment decisions

• Developing and enhancing investments in access to housing, food, health and digital services for as many people as possible in the regions
• Continuing to invest in support of the farming and agri-food industries

RESPONSIBLE COMPANY
Taking into account the social and environmental impacts of our business and focusing on the development of our employees

• Continuing our commitment to helping caregivers through the annual call for proposals since 2013
• Developing employees' commitment to solidarity with the introduction of skills sponsorship ➔ The program was launched in May 2023 and made permanent in 2024. In 2024, employees carried out 383 assignments for the benefit of 50 associations.
• Deployment of the rounding-off of salaries ➔ in 2024, payment of more than €10,000 to the association la Maison des Femmes de Saint-Denis to enable it to improve the support of women victims of violence hosted within the structure.

CRÉDIT AGRICOLE S.A.’S NON-FINANCIAL RATING AS AT 1 OCTOBER 2025

MSCI: AA (scale CCC to AAA)

SUSTAINALYTICS⁶⁰: 17.7 (Severe risk (100) to Negligible risk (0))

ISS ESG⁶¹: C+ (scale D- to C+…)

CDP⁶²: A- (scale D+ to A)

1 ESG risk score on a reverse scale (100-0): the lower the score, the better the ESG risk
2 C+ is the best ESG rating assigned by ISS ESG in its Commercial Banks & Capital Markets sector
3 Climate change rating

8. APPENDICES

OTHER SENSITIVITIES: LIMITED IMPACTS

Net impact at end-2025 on the measurement of insurance and reinsurance contracts and Financial investments

Impacts on net income very limited
Higher impacts on CSM while remaining largely absorbable by CAA
Strong level of solvency in each regulatory scenario

See notes on pages 46 and following

Crédit Agricole Assurances – 2024 snapshot

Crédit Agricole Assurances No.1 insurer in France and No. 6 in Europe⁶⁴

A comprehensive and diversified insurer (2024 data)

€43.6bn *non-GAAP* premium income⁶⁵ (+17.2% vs 2023)

Savings – Retirement €32.1bn +21.5%
Death & disability, Creditor, Group insurance €5.3bn +4.6%
Property & Casualty €6.2bn +8.2%

Geographical breakdown of premium income⁶⁵: 84% France / 16% International
9th insurer in Italy

A robust business model
201% Solvency II ratio⁶⁷
94.4% Combined ratio⁶⁸

A leading player (2024 data unless otherwise stated)

Savings – Retirement
#1 Life insurance⁶⁹
#2 Retirement insurance⁶⁹
€347bn Life insurance outstandings⁶⁹ UL rate: 30%

Death & disability, Creditor, Group insurance
#1 Death & disability insurance⁷⁰
#1 Creditor insurance⁷⁰

Property & Casualty
#2 Home insurance⁷⁰
#6 Property and liability insurance⁶⁶
16.7m P&C contracts

+6,700⁷¹ employees

Contribution to Group P&L
€7.8bn of Group revenues including €5.0bn of fee and commission income and €2.8bn of CAA Revenues
€1.9bn of net income Group share

Net Promoter Score
97% for Savings – Retirement
91% for P&C

See notes on pages 46 and following

AG – INSURANCE (Crédit Agricole S.A., Q4-25 / FY 2025)

Premium income of €13.1bn (+20%⁷² Q4/Q4) and record year at €52.4bn (+20%)

Savings/Retirement: high net inflows in a favourable market environment

• Gross inflows: €9.9bn (+19% Q4/Q4) driven by France (+20%) and international markets (+17%); strong momentum in unit-linked products (+21%) and euro-denominated products (+19%), as well as in group pensions, including a significant new contract; unit-linked rate of 37.6% (+0.2 pp Q4/Q4)
• AuM⁷³: €373.0bn (+7% Dec./Dec.), benefiting from record net inflows and positive market effects; UL rate at 31.1%

Property and casualty: growth both in France and internationally, reflecting in particular the increase in the average premium and the momentum of the portfolio (+7%⁷⁴ year-on-year to 17.9 million policies)

Personal protection: +28% growth in group insurance. Increase in individual death & disability insurance and creditor insurance⁷²

Revenues benefiting from additions to the scope in Death & Disability, Creditor and Property & Casualty insurance. Increase of +3.1% on a like-for-like basis⁷⁵, particularly thanks to lower claims (climate and death & disability).

CSM: €27.5bn (+9.1% Dec./Dec.) new business contribution higher than CSM allocation and positive market effect; allocation factor of 7.5% (-0.2 pp year on year)³⁸

Combined ratio⁷⁶: 94.6% at end-December (+0.2 pp yoy, -0.7 pp vs end-September)

Solvency 2 ratio at end-Dec. 25 of 195%; stock of provision for policyholders’ participation reserve at €6.3bn

CRÉDIT AGRICOLE GROUP SCOPE AND SHAREHOLDING STRUCTURE

Crédit Agricole Group includes Crédit Agricole S.A. as well as all of the regional banks and local banks and their subsidiaries.

(1) The Regional Bank of Corsica, 99.9% owned by Crédit Agricole S.A., is a shareholder of SACAM Mutualisation. (2) The Fédération Nationale du Crédit Agricole (FNCA) acts as a think-tank, a mouthpiece and a representative body for the Regional Banks vis-à-vis their stakeholders. (3) Non-significant (~0.013%)

REGIONAL BANKS
12.3 M cooperative shareholders hold the shares of 2,376 Local Banks 39 Regional Banks jointly holding the majority of Crédit Agricole S.A’s share capital through SAS Rue La Boétie⁷⁷

Fédération Nationale du Crédit Agricole (FNCA)⁷⁷
Sacam Mutualisation

Political link 100% / 25%

FLOAT
21.8% Institutional investors
8.1% Individual shareholders
6.6% Employees via employee savings plans
NS⁷⁷ Treasury shares

As of December 31, 2025

CRÉDIT AGRICOLE GROUP INSURANCE COMPANIES

Simplified organizational chart (as of end-December 2025)

Other entities:
• CAAS is the common employer for Crédit Agricole Assurances, Predica and CACI Gestion employees
• CACI, Space Lux and Space Holding are holdings

Savings & Retirement
Death & Disability / Creditor / Group insurance
Property & Casualty

OUR STORY

Natural extension of banking network’s savings business into life insurance

1986 Predica Life insurance

1990 Pacifica P&C insurance
Development of property and personal protection business

2006 CA Life Japan Creditor insurance
Creation of CA Life Japan – partnership with 50 Japanese banks

2008 CACI Creditor insurance
Creation of CACI Business managed from Dublin and Lille in 10 countries

2011 Spirica Life insurance
Diversification and enhanced presence at the top of range and on web

2012 CA Vita Life insurance
Acquisition of 100% of the share capital of CA Vita

2015 Launch of group insurance offerings

2018 Life insurance partnership with Credito Valtelinese S.p.A (Italy)

2020 Abanca Seguros Generales P&C insurance
CA Zycie Life insurance
Launch of businesses in Poland, Portugal and Spain

2021 Europ Assistance Home care services
Acquisition of 50% of the share capital of Europ Assistance

2022 Crédit Agricole Assurances Retraite Life insurance
Creation of a 100% subsidiary dedicated to retirement products

2023 Banco BPM partnership P&C, personal protection, creditor insurance
Acquisition⁷⁸ of 65% of the share capital of Vera Assicurazioni, Vera Protezione and Banco BPM Assicurazioni

2024 CATU P&C insurance
1st consolidation of Crédit Agricole Towarzystow Ubezpieczeń (subsidiary in Poland created in 2014)

2025 1st consolidations⁷⁹ of Abanca SG, PiùVera Assicurazioni and PiùVera Protezione
Mudum Seguros P&C insurance

1 In 2025, Banco BPM Assicurazioni and Vera Assicurazioni merged ; Vera Assicurazioni and Vera Protezione became PiùVera Assicurazioni and PiùVera Protezione
2 Effective 1st January 2025

9. CAA CONTACT LIST

CAA CONTACT LIST

CAA Investor Relations
relations.investisseurs@ca-assurances.fr

Yael Beer-Gabel
Head of Financial Communication, Ratings & Investor relations
yael.beer-gabel@ca-assurances.fr

Gaël Hoyer
Financial Communication, Ratings & Investor relations manager
gael.hoyer@ca-assurances.fr

Sophie Santourian
Financial Communication, Ratings & Investor relations manager
sophie.santourian@ca-assurances.fr

Cécile Roy
Financial Communication, Ratings & Investor relations manager
cecile.roy@ca-assurances.fr

10. NOTES

1. Non-GAAP revenues
2. Calculated using the standardised approach without transitional measures other than the grandfathering of subordinated debts.
3. Savings, retirement, death and disability (funeral)
4. Available distributable items are calculated at Crédit Agricole Assurances S.A. level (on an unconsolidated basis) and not at the Crédit Agricole Assurances Group level. The amount of available distributable items is calculated on the basis of the figures as at the end of the financial year ended December 31, 2025, and takes into account (i) the interim dividend paid in 2025 by Crédit Agricole Assurances S.A. to shareholders in respect of this year, and (ii) the dividend paid in 2025 by Crédit Agricole Assurances S.A. to shareholders in respect of the preceding year.
5. France Assureurs data and Predica estimates – Life insurance outstandings at end-2024
6. France Assureurs data and Predica estimates – Individual death, Funeral and Dependence gross written premiums at end-2024
7. France Assureurs data and CAA estimates – Creditor insurance gross written premiums from retail banking excluding CAPFM at end-2024
8. France Assureurs data and Predica estimates – Group health and protection gross written premiums at end-2024
9. L'Argus de l'assurance, December 12th, 2025, and CAA estimates - Property and liability insurance gross written premiums at end-2024
10. Market share calculated by Italian consultancy firm IAMA Consulting, on the Life bancassurance market, based on gross written premiums at end-November 2025
11. Market share calculated by Italian consultancy firm IAMA Consulting, on the Non-life bancassurance market, based on gross written premiums at end-September 2025
12. Data Commissariat aux Assurances and CALIE estimates – Life insurance outstandings at end-2025
13. Statistics of Life Insurance Business in Japan and CA Life Japan estimates – Creditor insurance premiums at end-March 2025
14. Data PIU (Polish Chamber of Insurance - Polska Izba Ubezpieczeń) and CA Zycie estimates – Life premiums at end-September 2025
15. Preliminary data Autoridade de Supervisão de Seguros e Fundos de Pensões and CAA estimates – Non-Life gross written premiums at end-2025
16. Internal source CAA – Insurance revenue at end-2024
17. Change adjusted for the exceptional tax contribution on the profits of large companies. Including the exceptional tax contribution, the change was +3.6%.
18. Excluding Corporate centre
19. As a percentage of 2025 gross written premiums
20. Source: L’Argus de l’assurance, December 12th, 2025, gross written premiums at end-2024
21. Source: France Assureurs data and Predica estimates – Life insurance outstandings at end-2024
22. Source: France Assureurs data and CAA estimates – Individual & group supplementary retirement savings gross written premiums at end-2024
23. Source: France Assureurs data and Predica estimates – Individual death, Funeral and Dependence gross written premiums at end-2024
24. Source: France Assureurs data and CAA estimates – Creditor insurance gross written premiums from retail banking excluding CAPFM at end-2024
25. #6 property and liability insurer in France (source: L’Argus de l’assurance, December 12th, 2025, gross written premiums at end-2024)
26. L'Argus de l'assurance, December 12th, 2025, and CAA estimates - Property and liability insurance gross written premiums at end-2024
27. Source: France Assureurs data and Pacifica estimates – Car insurance gross written premiums at end-2024
28. Source: France Assureurs and Pacifica estimates – Individual property insurance gross written premiums at end-2024
29. Source: L’Argus de l’assurance, November 28th, 2025, gross written premiums at end-2024
30. Percentage of Regional banks and LCL customers with at least one motor, home, health, legal, mobile/portable or personal accident insurance policy marketed by Pacifica, French Crédit Agricole Assurances' non-life insurance subsidiary
31. Percentage of CA Italia network customers with at least one policy marketed by CA Assicurazioni, Italian Crédit Agricole Assurances' non-life insurance subsidiary
32. In local GAAP
33. Savings, retirement, death and disability (funeral)
34. CSM or Contractual Service Margin: corresponds to the expected profits by the insurer on the insurance activity, over the duration of the contract, for profitable contracts, for Savings, Retirement, Death and Disability and Creditor products
35. Annualised CSM allocation factor = CSM release to P&L / (opening CSM stock + revaluation of stock + new business)
36. P&C portfolio at current scope
37. P&C combined ratio in France (Pacifica) including discounting and excluding undiscounting, net of reinsurance: (claims + operating expenses + commissions) to gross earned premiums. For FY-25, the total of (claims + operating expenses + commissions) of Pacifica was €5,836m. The FY-25 gross earned premiums of Pacifica amounted to €6,169m.
38. Impact of undiscounted Cat Nat claims in France (Pacifica), all years, net of reinsurance, as a percentage of gross earned premiums
39. Since 2020: rate calculated considering contractual guarantees gross of fees, following the launch in 2017 of products which apply negative guarantees for customers
40. France life scope
41. Annualised amount of surrenders since January 1st compared to the corresponding provisions at the beginning of the financial year
42. CAA Group’s investments excluding Abanca Seguros Generales, PiùVera Assicurazioni and PiùVera Protezione, at market value without look-through approach, including securities under repurchase agreement and net of liabilities towards holders of units in consolidated investment funds. Assimilated: related to bonds with explicit guarantees from a State. Agencies: ownership >50% by a local authority or ownership >50% by the government but without guarantee or ownership <50% by the government but sponsors of government policy
43. Scope: bonds owned by the CAA Group excluding Abanca Seguros Generales, PiùVera Assicurazioni and PiùVera Protezione, at market value with look-through approach for equity and bonds funds, excluding repurchase agreements. Assimilated: related to bonds with explicit guarantees from a State. Agencies: ownership >50% by a local authority or ownership >50% by the government but without guarantee or ownership <50% by the government but sponsors of government policy
44. Scope: debt owned by the CAA Group excluding Abanca Seguros Generales, PiùVera Assicurazioni and PiùVera Protezione, including sovereign and assimilated, supranational and agencies, at market value with look-through approach for equity and bonds funds, excluding repurchase agreements. Assimilated: related to bonds with explicit guarantees from a State. Agencies: ownership >50% by a local authority or ownership >50% by the government but without guarantee or ownership <50% by the government but sponsors of government policy
45. Scope: bonds owned by the CAA Group excluding ASG, PiùVera Assicurazioni and PiùVera Protezione, at market value with look-through approach for equity and bonds funds, excluding repurchase agreements.
46. At the end of December 2025, the total eligible own funds to meet the minimum consolidated group SCR and the Minimum consolidated group SCR amounted to €22.7bn and €6.2bn, respectively.
47. Bonds only
48. French government bond (OAT) and public sector debt securities equivalent to those of central, regional or local governments
49. VFA model (Variable Fee Approach): Savings, Retirement and Funeral
50. BBA model (Building Block Approach): Personal protection (death & disability / creditor / group insurance); PAA model (Premium Allocation Approach): P&C
51. Subject to approval from Crédit Agricole Assurances S.A’s board of directors
52. Solvency Capital Requirement (SCR) breakdown presented before diversification and after loss absorbing capacity by technical provisions and including operational risk
53. Maturity date for bullet issues and first call date for callable issues
54. Savings, retirement and funeral coverage
55. Group and individual
56. Example: construction trades, repair, reconditioning, circular economy
57. Subject to approval from Crédit Agricole Assurances S.A’s board of directors
58. According to AM Best’s 2024 rankings (premiums as of end-2022 excluding UK & Switzerland)
59. IFRS consolidation scope as of end-2024
60. Combined ratio of P&C in France (Pacifica) including discounting and excluding undiscounting, net of reinsurance: (claims costs + operating expenses + fee and commission income) / gross earned premiums
61. L’Argus de l’assurance, 2024 ranking (premium income at end of 2023)
62. Subject to approval from Crédit Agricole Assurances S.A’s board of directors
63. Savings, retirement and funeral insurance
64. Number of permanent contracts, fixed-term contracts and work-study students at end-December 2024 across the entire scope of CAA (consolidated and non-consolidated entities)
65. Premium income on a like-for-like basis (excl. Abanca SG, PiùVera Assicurazioni and PiùVera Protezione): +17% in total, +8% in property and personal protection; +9% in property and casualty; +7% in personal protection; stable in creditor insurance.
66. Savings, retirement and funeral insurance
67. On a like-for-like basis: +2% in property & casualty portfolio
68. First consolidation of Abanca SG (Q3-25) and PiùVera Assicurazioni & PiùVera Protezione (Q4-25)
69. Combined property & casualty ratio in France (Pacifica) including discounting and excluding undiscounting. net of reinsurance: (claims + operating expenses + fee and commission income)/gross premiums earned. Undiscounted ratio: 96.7% (+0.3 pp/2024)
70. The Regional Bank of Corsica, 99.9% owned by Crédit Agricole S.A., is a shareholder of SACAM Mutualisation. The Fédération Nationale du Crédit Agricole (FNCA) acts as a think-tank, a mouthpiece and a representative body for the Regional Banks vis-à-vis their stakeholders. Non-significant (~0.013%)
71. In 2025, Banco BPM Assicurazioni and Vera Assicurazioni merged ; Vera Assicurazioni and Vera Protezione became PiùVera Assicurazioni and PiùVera Protezione
72. Effective 1st January 2025
73. ESG risk score on a reverse scale (100-0): the lower the score, the better the ESG risk
74. C+ is the best ESG rating assigned by ISS ESG in its Commercial Banks & Capital Markets sector
75. Climate change rating