A solid third quarter, a company mobilised to serve its customers and the economy

 At the end of September 2020, Crédit Agricole Assurances continued to diversify its product-mix through the development of its priority lines, protection of assets and individuals and unit-linked products in savings and retirement. In Porperty & Causalty, Crédit Agricole Assurances continued its growth momentum, with written premiums amounting to €3.8 billion at the end of September 2020, up 5.3% compared to the end of September 2019. In September 2020, new business increased by 30% compared to September 2019, reaching the new highest monthly level of subscriptions. In addition, the number of contracts in the portfolio also benefited from a net positive contribution of nearly 360,000 contracts over the first nine months, totalling more than 14.4 million contracts at end-September 2020, up 3.4% year-on-year.  Equipment rates of retail customers continued to rise, in France in the Regional Banks (41.5%¹ at the end of September 2020, up 1.0 point year-on-year) and LCL (25.5%¹, up 0.6 point year-on-year), and in Italy in CA Italia (16.2%², up 1.2 point year-on-year). The combined ratio³ remained well under control at 96.7% at the end of September 2020, including the cost of the mutual and voluntary support scheme on the business interruption guarantee.   Death & disability, creditor, and group insurance written premiums amounted to €3.1 billion, up 4.6% year-on-year. Business was particularly dynamic in the third quarter of 2020 for death & disability and creditor products, which posted a revenue growth of +6.2% and +12.4%, respectively, compared with the third quarter of 2019.  In Savings / Retirement, Crédit Agricole Assurances continued its shift toward unit-linked products. At the end of September 2020, unit-linked represented 39.7% of gross new inflows⁴, up 12.0 percentage points compared to the first nine months of 2019. With a very high level of unit-linked net inflows, at €3.6 billion at the end of September 2020, and net outflows of -€3.4 billion on euro contracts, the total net inflows are slightly positive at €0.2 billion. Life insurance outstandings⁵increased by 0.9% year-on-year to €304 billion, including €70.2 billion in unit-linked products (+4.2% compared to the end of September 2019), and €233.9 billion of Euro-denominated contracts (-0.1%). The proportion of unit-linked products reached 23.1% of the total outstandings, up 0.7 percentage point year-on-year.  Furthermore, Crédit Agricole Assurances continues to set up its policyholder participation reserve (PPE), which stood at more than €11.8 billion as of 30 September 2020 (+ €1 billion year-on-year), representing 5.7% of Euro outstandings⁶.  Overall, Crédit Agricole Assurances posted a premium income of €21.4 billion, down 26.6% compared with the end of September 2019.  On 17 July 2020, Crédit Agricole Assurances successfully placed €1 billion subordinated notes in order to finance the early repayment of intragroup debts. These notes will bear a fixed interest rate of 2.00% pa until the maturity date in 2030 and are eligible as Tier 2 capital under Solvency II.   *******  Development in France  Crédit Agricole Assurances and Europ Assistance announced on 22 October 2020 the signing of a partnership agreement, which, in January 2021, will result in Pacifica acquiring a 50% stake in Europ Assistance France – Europ Assistance’s main service entity, which brings the group’s expertise and resources to the French market. In January 2022, we will therefore be entrusting all our assistance activities in France to Europ Assistance, which will become the assistance partner of the Crédit Agricole Group’s insurers (Predica, Pacifica, CAMCA, and La Médicale). The finalisation of the transaction, scheduled for early January 2021, is subject to approval by the relevant competition authorities.  International development In line with its international development strategy, Crédit Agricole Assurances announced on 9 October 2020 the signing of an agreement with Novo Banco for the acquisition of 25% of GNB Seguros, a non-life insurance company in Portugal. Crédit Agricole Assurances thus increased its stake to 100% of the capital of GNB Seguros.