 Net new money from French market in 2007: € 53.4 billion (second record since 2006)
After 3 years of 15% growth p.a., in 2007 a 3% fall in French Life and Pensions market
After strong growth (20.6%) in 2006 consolidated premium income down by 1.4%
 Premium income fell by 1.9% like-for-like based on 2006 pro forma premiums and exchange rates
 Net new money of CNP Assurances in France: € 9.5 billion (French standards)
 Gross premium income from Life and Pensions in France (French GAAP): - 3.4%
 Net premium income: - 20% to + € 9.5 billion
 Growth in all sectors except Savings:  personal risk (+ 58%)
 Caisse d’Épargne: growth excluding PEL: - 1% Launching of a new pilot dependency policy
Pro forma change at constant exchange rate of which CNP Vida Spain 112.9
 Portugal: Global Group and Cofidis Portugal  Global Group: Non-life premiums stable
 Italian Life assurance market down by 8% in 2007 to € 53.4 million (New Production) Return to second half:  Fall in traditional policies (- 33%)
 All sectors showing local currency increases:  Savings: strong development of products with monthly premiums
 Personal risk: strong growth of insurance for death in automobile accidents
 Loan insurance: significant growth thanks to dynamic issue of property loans through the banking network Caixa Economica Federal
 Property & Casualty: increase in automobile and comprehensive homeowners' insurance segments
 Recurring Net Profit before capital gains: + 35% reported variation, + 20% pro forma variation
 Assets concerned: discounted 31/12/2007  Around € 10 million: indirect exposure to sub-primes
• Consumer loans, student loans, SME loans • 74% Europe, 18% United States, 8% pays OECD
 Only slight deterioration of rating At 31 December 2007, only two rating cuts for securities portfolio:  AAA to Aa1 (CDO): € 10 million
 AAA to AA, ABS (RMBS category outside France): € 1 million
 In-depth review of trading portfolios, AFS and new publications linked to IFRS7
 Amortisation of impact on profits by shadow accounting and deferred tax mechanisms
Valuation method:  Market value: securities negotiated on a market valuated according to their last listed price
 Total exposure  € 434 million in bonds (⅔ MBIA, ⅓ FSA)
 Credit-enhanced assets, 97% of which are debts on:  Utilities, particularly British
 In the context of IFRS, new attachments to the accounts give details on the following (see Appendices): 1 - Analysis of market risk sensitivity
 Affecting all portfolios (including insured portfolios) while EEV sensitivity on ANR only affects equity capital.
2 - Credit risk: in market value 3 - Interest rate risk 4 - Liquidity risk liability: schedule of liabilities 5 - Methods for calculating Fair Value (assets – liabilities)
 Strong proportion of pensions in net insurance revenue on flows
 + 8.3% growth of mathematical reserves:  Net new money (premium less services): + 4.5%,
(1) Pro forma change: excluding Ecureuil Vie and CNP Vida), at constant exchange rates 31/12/2007 Proforma change (1)
Recurring net profit before capital gains 1,120 + 34.8% + 20.0%
 Explanation for growth 21% of EBIT:  Product mix improvement: Increase of EBIT on Unit-linked products in France, increase in loan insurance contributions
 Progression of EBIT internationally, linked in particular to the pensions and personal risk (Brazil) and loan insurance (Italy) sectors.
 Ratio Administrative expenses / liabilities on policies excluding deferred participation reserve
Savings Pensions Personal Risk 1,837 (of which others € 60 million)
 Policyholders' surplus (PPE) at 31 December 2007: 1.4% of technical reserves in France (excluding Unit-Linked)
 Average solvency capital for the year 19.2%37.2%18.2%15.5%% of EBIT / Solvency Capital 7,900.9-1,114.0722.16,064.8 Solvency margin requirement 1,517.633.2414.1131.1939.1EBIT
recurring ROE after capital gains recurring ROE after capital gains accounting ROE
Average shareholder equity excl. AFS revaluation and subordinated debt 9021,178Recurring net profit 31/12/200631/12/2007 12.4%14.1%Accounting ROE
 Reminders:  APE calculated on Group share after minority interests
 APE down by 4%, in line with fall in turnover
 Business up by 29% and APE by 7%. Explanation for this difference: • Fall in regular premiums from 43% to 37%
European Embedded Value at 31 December 2007 € 77.8 / share
 Conservative tax hypotheses: • Brazil: anticipated increased social contributions expected for 2008
• Italy: lower taxes expected in 2008 not taken into account
 NAV/VIF bridge table: -2.250.5148,5378237,508 Integration of Ecureuil Vie -2.352.8148,5378237,838 Dividend payment 1.155.1148,5378238,180Share issue 54.0138,6353027,481NAV 31/12/06
Impact€ / sharesNumber of sharesValue 2.717.5148,5378232,596 Integration of Ecureuil Vie 0,014.8148,5378232,202Dividend payment 06 - 1.114.8148,5378232,202Share issue 15.9138,6353022,202VIF 31/12/06
(*) EEV 2006 after share issue and after dividend, 100% Ecureuil Vie
• After dividend • After share issue • 100% E. Vie
 Time value of options up from € 185 million (2006) to € 425 million (2007) linked to increased interest rates and volatility
 In Force Italy lost € 24 million, i.e. 20%, mainly through increase in takeovers. Expected lowering to tax to 31.8% in 2008 should improve In Force by € 10 million.
€ million €/share€ mln€/share€ mln€/share€ mln€/share 0.00.0- 2.9- 425- 2.9Time value of Options
Value of New Business Group share € / share at 31/12/07 31/12/2007 31/12/2006 (*)
Variation in New Business margin in Brazil 23.7%21.7% + 4.1 pts
 Effect of product mix and experience: + 4.1 points  Product mix: 0
 Contribution of contract stock to implicit rates:  4.92% on CNP France calculated on a long rate basis at 31/12/06.
 The implicit rate corresponds to the target discount rate enabling attainment of EEV in a traditional approach
 Contribution to operational business:  Improvement of recurring reported margins compared to 2006
- 151- 151WACC risk premium + 100bps 2,84011,553Central value - 28- 143Yield curve + 100bps
 At 30/12/07, TAC was estimated at € 26.8 billion as against € 24.4 billion at end December 2006
 Business review and financial highlights  Gilles Benoist, Chief Executive Officer
 La Banque Postale Personal Risk:  Objective: to continue developing at a strong pace
 Objective: 17 Caisses by April 2008 => end of technical calendar: mid-2009
 Reminder: Negative base impact from PEL € 400 million in 1st Half
 Marketing of a new orginal product combining savings and dependency risk cover
 Development of guarantees on Gaz de France invoices for 2008
 2008: objective: to integrate the loan insurance business of mutual companies
 20% fewer legal disputes in spite of an 18% increase in claims
Three developments 1. A new perimeter for operational exclusivity in November 2008
 Identical potential from Tuscany to Sicily 2. A new Unicrédit product range 1. Operational with CNP Vita from January 2008 2. Gradual disappearance of index-linked assets only charged on entry 3. Replacement by unit-linked products charged on flow and outstandings 4. Development of loan and personal risk insurance range 3. A new commissioning structure
 Unicredit Savings range: Unidiamond (multi-investment single premiums with surrender penalties) Uniplan (multi-investment with regular premiums and personal risk guarantees, surrender penalties) UniSmart (unit-linked product with guaranteed capital, surrender penalties)
 Analysis: Why are withdrawal rates in Italy higher than in France?
 High proportion of index-linked assets with automatic release on maturity
 Unit-Linked assets sold from 2005 not differentiated from finance offers of banks
 Personal Risk: key market with strong development potential for Caixa Seguros  Specific actions: • Development of dedicated sales force
 CNP Vida:  Acquired in April 2007: € 113 million in turnover for 2007
 First innovative realisation of CNP Vida on the Spanish market: launch of a new dependency product
 CNP Assurances: best stock exchange performance (+6.5%) among the 10 leading insurers in 2007