#1Investor Presentation Based on 2022 annual results Insuring a more open world CNP assurances March 2023#2Disclaimer Some of the statements contained in this document may be forward-looking statements referring to projections, future events, trends or objectives that, by their very nature, involve inherent risks and uncertainties that may cause actual results to differ materially from those currently anticipated in such statements. These risks and uncertainties may concern factors such as changes in general economic conditions and financial market performance, legal or regulatory decisions or changes, changes in the frequency and amount of insured claims, changes in interest rates and foreign exchange rates, changes in the policies of central banks or governments, legal proceedings, the effects of acquisitions and divestments, and general factors affecting competition. Further information regarding factors which may cause results to differ materially from those projected in forward-looking statements is included in CNP Assurances' filings with the Autorité des Marchés Financiers - AMF. CNP Assurances does not undertake to update any forward-looking statements presented herein to take into account any new information, future events or other factors. Certain prior-period information may be reclassified on a basis consistent with current year data. The sum of the amounts presented in this document may not correspond exactly to the total indicated in the tables and the text. Percentages and percentage changes are calculated based on unrounded figures and there may be certain minor differences between the amounts and percentages due to rounding. CNP Assurances' final solvency indicators are submitted post-publication to the insurance supervisor and may differ from the explicit and implicit estimates contained in this document. This document may contain alternative performance measures (such as EBIT) that are considered useful by CNP Assurances but are not recognised in the IFRSS adopted for use in the European Union. These measures should be treated as additional information and not as substitutes for the balance sheet and income statement prepared in accordance with IFRS. They may not be comparable with those published by other companies, as their definition may vary from one company to another. CNP assurances Investor Presentation March 23 2#3CNP assurances Agenda 05 Solvency 01 Overview 02 Key figures 06 Investments and ALM 03 Financial 07 Performance 20 04 Non-financial performance Ratings & Funding 08 IFRS 17 Non-financial 09 Appendices 10 Financial Appendices Investor Presentation March 23 | 3#401 Overview#5A strong ownership structure CNP Assurances is wholly owned by Groupe La Banque Postale forming together the major publicly owned financial group La Banque Postale is wholly owned by Groupe La Poste AA; AA2; AA 3 LA POSTE GROUPE A+ ; A+ 2 66% of Groupe La Poste is owned by Groupe Caisse des Dépôts and 34% by the French State CNP assurances 1- Fitch Moody's; S&P 2 - Fitch; S&P 3- Fitch Moody's; S&P Caisse des Dépôts GROUPE LA BANQUE POSTALE A; A2; A+ 1 CNP assurances Investor Presentation March 23 5#6CNP Assurances, an international multi-partner group Established on two continents with 5645 employees, CNP Assurances manages over €385bn for 32 millions personal risk/protection and 14 million savings and pensions policyholders. Leadership Position # 1 in France for term creditor insurance (Argus de l'assurance Sept 2022) # 3 in Brazil for insurance (SUSEP 2022) # 5 in Europe for insurance (Bloomberg 2021) Strong Financial Performance in 2022 Premium income: €36bn EBIT: €3,9bn Attributable net profit: €1,9bn Financial Strength 230% Group SCR coverage ratio on 2022¹ A1/A+/A+ financial strength rating assigned by Moody's/S&P/Fitch (with stable outlooks for Moody's/Fitch and negative outlook for S&P) Solid Growth Prospects Strong partnerships renewed in France, Europe and Latin America Two legs models development in France, Italy and Latin America Corporate Social Responsibility A CSR strategy aligned with the United Nations Sustainable Development Goals A responsible investor committed to helping meet the +1.5°C climate objective in alignment with Paris Agreement commitments Upgraded NZAOA target and definition of a decarbonisation trajectory validated by the SBTi CNP assurances 1 standard formula without transitional measures Investor Presentation March 23 6#7Leadership positions and partnerships France Leading provider of term creditor insurance² 2nd largest life insurer³ Long-term partnerships with La Banque Postale and BPCE group Latin America Brazil's 3rd largest insurer¹ In the Top 3 in pensions and consumer credit life insurance Present in Brazil since 2001 Exclusive distribution agreements until 20467 with Brazil's second largest state- owned bank, Caixa Econômica Federal (CEF) CNP assurances Europe excl. France Europe's fifth largest insurer4 Italy's 5th largest life insurer Present in 18 countries: in Italy with CUV and CVA6, in Luxembourg with CNP Luxembourg, in Cyprus with CNP Cyprus Insurance and in 12 countries with CNP Santander (Germany, Poland, Spain, Portugal, Scandinavian countries, etc.) 1. Source: SUSEP (Brazilian insurance supervisor), November 2022, Caixa Vida e Previdência + Caixa Seguros Holding (premium income) / 2. Argus de l'assurance, Top 10 term creditor insurance providers (including inward reinsurance) September 2021 (premium income) / 3. 2020 key indicators, FFA, July 2021 (technical reserves) / 4. Source: Bloomberg, Janvier 2023 (balance sheet assets) / 5. Source: ANIA December 2022 (premium income)/6. CNP Vita Assicurazione & CNP Vita Assicura / 7, 2046 for CVP's JV and 2041 for Consorcio's JV March 23 7 Investor Presentation#8Products overview France Santander located in 12 countries No. 1 in Europe for consumer credit, especially consumer car credit €19,3bn GWP 54% Traditional¹ savings & pensions 25% Unit Linked savings & pensions 21% Personal risk & protection Latin America €7,3bn GWP 81% Savings & pensions with 99,7% in Unit Linked 16% Personal risk & protection 3% P&C CNP Luxembourg 100% wealth savings CNP assurances 1.Traditional: guarantee of capital at any time. Unit-Linked: no guarantee of capital CNP UniCredit Vita 96% Savings & pensions 4% Personal risk & protection CNP Vita Assicura and CNP Vita Assicurazione 100% Savings & pensions Europe excl. France €9,4bn GWP 46% Traditional¹ savings & pensions 41% Unit Linked savings & pensions 12% Personal risk & protection 1% P&C CNP CYPRUS INSURANCE HOLDINGS Full range of products in life and non- life insurance Investor Presentation March 23 8#9Diversified franchise & business mix Main markets France 53% of Group Premiums 80% of Group Reserves 63% of Group EBIT 79% of Group SCR Latin America 21% of Group Premiums 7% of Group Reserves 25% of Group EBIT 10% of Group SCR **** **** Europe excl. France 26% of Group Premiums 13% of Group Reserves 12% of Group EBIT 11% of Group SCR Savings & Pensions 81% of Group Premiums 97% of Group Reserves 53% of Group EBIT 65% of Group ANP3 Traditional¹ 50% of Premiums Unit-Linked¹ 50% of Premiums Main businesses Personal risk Protection & P&C 19% of Group Premiums 3% of Group Reserves 47% of Group EBIT 35% of Group ANP³ Combined ratio of 78,4% Term Creditor Insurance 65% of Premiums Protection 25% of Premiums P&C and Health 10% of Premiums CNP assurances On Dec 31, 2022 1.Traditional: guarantee of capital at any time. Unit-Linked: no guarantee of capital 3.ANP: Attributable Net Profit excluding own-funds portfolios Investor Presentation March 23 9#10Our strategy 1. Keep our fundamentals (leadership positions in France) 2. Develop growth and diversification Levers 3. Transform our model By adapting the Individual Savings/Pensions model in response to changes in the interest rate environment and sustainability issues By maintaining our positions and attractivity in Term Creditor Insurance, based on an optimised industrial model, and developing the Guarantee business By leveraging our partnership with La Banque Postale By developing social protection and premium offerings By activating additional growth drivers in Europe and Latin America By strengthening our unique qualities defined by our corporate mission By developing our very high value-added model, in order to play an essential role in our partners' value chain CNP assurances Investor Presentation March 23 | 10 10#11Implementing our strategy 1. Keep our fundamentals (leadership positions) Unit-linked as a % of total new money in France Up 2.2 pts to 31.5% Optimised strategic asset allocation Significant increase in average yield to maturity at purchase (2.2% vs. 0.8%) for more than €30bn invested Term creditor insurance Price freeze and removal of surcharge for AERAS level 2 aggravated insurance risk Creation of FRPS supplementary pension fund €25bn of technical reserves transferred to the fund 2. Develop growth and diversification levers In international markets, extension of the open model Acquisitions in Italy and Brazil, and 10-pt increase in international top-line contribution to 47% In France, closer partnership with La Banque Postale Cachemire 2 manager-guided management option available to all buyers of the contract Deployment of CNP Caution Creation of the family assistance guarantee Strong momentum in the wealth savings segment Above-target results 3. Transform our model Corporate mission Publication of our non-financial commitments and corresponding indicators by stakeholder High value-added model Transformative and empowering approach to improving working practices New headquarters designed to the highest collaborative working standards Information system transformation plan CNP assurances Investor Presentation March 23 11#1202 Key figures#13Measuring and reporting overall performance Disclosures that embody the corporate mission and inform our six stakeholder groups: customers, partners, employees, the planet, society, our shareholder and investors CNP assurances Indicateurs financiers Financial performance Non-financial performance Indicateurs extra-financiers Financial and non-financial performance form a virtuous circle. Investor Presentation March 23 | 13#14Key financial indicators Robust results 2022 €36bn Recognised strength 230% €500m Premium income up 13.7% vs FY 2021 down 3.6% Lfl¹ vs FY 2021 EBIT up 15.4% vs FY 2021 up 6.6% Lfl vs FY 2021 Attributable net profit up 25.0% vs FY 2021 up 18.5% Lfl vs FY 2021 2021 €31.7bn 2021 €3,095m 2021 €1,552m 2022 €3,570m 2022 €1,939m Consolidated SCR ratio Tier 3 subordinated up 13 pts €14.1bn policyholders' surplus reserve €0.6bn utilised in 2022 +66 bps growth in average policyholder yield to 1.57% notes issue January 2022 A1/A+/A+ Moody's/Fitch / S&P Stable Negative Stable Successful integration of CVA² in Italy €4.4bn contribution to premium income Up 78% premium income Europe excl. France CNP 1 Like-for-like change based on a comparable scope of consolidation and at constant exchange rates 2. including CNP Vita Assicura and CNP Vita Assicurazione assurances Investor Presentation March 23 14#15Key non-financial indicators Decisive action in favour of the environment Green investments (CNP Assurances and subsidiaries) (€bn) + 19.4% vs FY 2021 Committed to stakeholders 2022 €25.2bn 2.2/5 Customer Effort Score 2021 21.1 +12 Net Promoter Score awarded by distribution partners 2022 42% 51% Percentage of women on Executive Committee² 2021 28% Inclusive purchases (micro-enterprises-SMES, social economy, etc.) as a % of total 9% 2022 Among the top 9% of insurance companies based on ESG ratings on a representative panel of 5 agencies 76 55 kgeqCO₂/€k Coverage rate of the forestry asset biodiversity indicator (% of forests by surface area) +24 pts vs FY 2021 Carbon footprint of the investment portfolio¹ (in kgeqCO2/€k invested) - 28% vs FY 2021 18 2021 Indicators for France excluding green investments; ESG rating and gender equality indicator CNP 1 Equities, corporate bonds and infrastructure, Updated calculation formula (SFDR) and recalculation of the precedence 2. annual average Investor Presentation March 23 15 assurances#1603 Business & financial Performance ナ#17Solid financial performances Premium income (€bn) CAGR¹: +2,2% EBIT (Єm) CAGR: +4,1% 3.570 36.0 32.4 32.6 31.7 2.924 3.041 3.094 27.0 2.614 2018 2019 2020 2021 2022 Net profit (€m) CAGR: +7,2% 2018 2019 2020 2021 2022 Dividend per share (€) CAGR: +9,2% 0.80 1,939 1,367 1,412 1,552 1,350 0.89 1.38 1.00 0.77 0.00 2018 CNP assurances 2019 2020 2021 2022 2018 2019 2020 2 2021 2022 1. CAGR: Compound annual growth rate over 5 years. 2. €0.77 Regular Cash paid + €0.80 Special cash paid on 04/23/2021 Investor Presentation March 23 17#18Strong growth in international premium income Europe : 5.1% excluding France and Italy CNP Luxembourg, CNP Santander (exclusive partnership => 2034), CNP Cyprus Insurance Holding, others International 47% up 10 pts vs 2021 Italy: 21.1% ■ CNP UniCredit Vita Partnership with UniCredit => 2024 8.8% ■ CNP Vita Assicura S.p.A CNP Vita Assicurazione 12.3% CNP assurances Brazil: 20.3% ■ CNP Seguros Holding 1.78% ■ Caixa Vida e Previdência 18.5% Partnership with Caixa Econômica Federal => 2046 La Banque Postale Exclusive partnership 22.0% €36bn 2022 premium income BPCE Partnership => 2030 15.8% CNP Patrimoine Non-exclusive partnerships Amétis France other 6.5% CNP Assurances and subsidiaries 0.5% Non-exclusive partnerships and brokers 8.7% France 53% Investor Presentation March 23 18 123|#19Strong momentum in international markets Robust growth led by the acquisition of 100% interests in the CNP Vita Assicura (CVA) subsidiaries in Italy Premium income (Єm) 5,291 +43.5% 9,419 Change Reported Like-for-like +43.5% -3.5% EBIT (€m) 227 5,004 +78.0% -5.4% +41.5% Change Reported Like-for-like +41.5% +11.6% 410 267 +80.6% +17.5% 898 765 +28.8% +9.6% 698 6,388 7,341 6,270 +14.9% -1.8% 2021 2022 2022 Lfl Europe excl. France 2021 2022 2022 Lfl Latin America CNP assurances The international business's contribution to total EBIT increased by 7 pts to 37% The CVA subsidiaries (€4.4bn in premium income) accounted for 57% of premium income in Italy and 26% of international premium income. Their EBIT of €143 million represented 11% of EBIT excluding France Like-for-like EBIT growth reflected strong momentum in CUV 's Personal Risk/Protection business (Italy) and CVP's private pension plan business (Brazil) Our distributors and partners' refocusing on banking products in Q4 had an impact on new money in Brazil and Italy, with the 30% fall over this period cancelling the gains made in the early part of the year Investor Presentation March 23 | 19#20CNP assurances France: higher earnings and ongoing shift towards unit-linked products Personal Risk/Protection Premium income (€m) 4,105 -3.7% EBIT Change (€m) vs 2021 +4.2% -0.3% 4,092 4,656 4,769 +2.4% 2,170 2,262 11,228 10,386 -7.5% 2021 2022 Unit-linked Savings/Pensions Traditional Savings/Pensions 2021 2022 • Shift in product mix in favour of unit-linked products: unit-linked weighting in France up 2.2 pts. The €4.0bn worth of PACTE transfers, which are not recognised in premium income, drove a 15-pt improvement in the unit-linked weighting at the time of transfer EBIT rose by 4.2%, reflecting the favourable effect of higher interest rates (providing scope to release funds from interest-related reserves), and controlled 5.4% growth in administrative costs in an inflationary environment Investor Presentation March 23 20#21French life insurance market key figures Premium income (€bn) 148.6 144.6 144.4 139.7 40.1 116.4 38.8 57.9 57.7 40.5 100.9 104.5 90.7 86.7 75.9 2018 Net inflows (€bn) 2019 2020 20211 2022 2 22.4 14.3 21.5 21.9 34.2 34.6 17.4 21.2 22.8 0.3 4.5 -11.8 -25.2 -20.3 Withdrawals (€bn) 130.1 126.2 122.7 118.2 118.8 17.6 22.7 23.7 23.1 17.7 100.6 100.0 101.1 102.5 107.0 2018 2019 2020 20211 2022 2 Mathematical reserves (€bn) 1,804 1,639 1,722 1,734 1,779 341 391 419 490 464 1,297 1,331 1,314 1,315 1,315 2018 2019 -2.4 2020 2018 2019 2020 2021 1 2022 2 20211 2022 2 Unit-linked Savings/Pensions Traditional Savings/Pensions CNP Source: FFA- 1.Semi définitif 2.Provisoire assurances Investor Presentation March 23 21 224#22Efficiently managed cost/income ratio 35.7% 36 33.9% 34 32.1% 31.9% CNP Assurances and subsidiaries 32 France 30.6% 29.7% 30 31,0 28 30.8% 30,5 2017 2018 2019 2020 2021 2022 30,0 29.6% 55 51.9% 29,5 28.8% 50 29,0 28.6% 28,5 Europe excl. France 45 27.9% 45.2% 28,0 40 44.6% 43.0% 38.8% 35.0% 27,5 27.0% 35 27,0 2017 2018 2019 2020 2021 2022 26,5 19.5% 20 26,0 25,5 T Latin America 19 2017 2018 2019 2020 2021 2022 18 17 17.5% 16.9% 16.6% 16.5% 16.2% 16 15 2017 2018 2019 2020 2021 2022 ■ Improved cost/income ratios in France and Europe excluding France, led by higher net insurance revenue in both geographies ▪ Latin American cost/income ratio up slightly, reflecting inflation and creation of the new CVP subsidiary CNP Investor Presentation March 23 | 22 assurances#23Profit up 25% 2022 (2021) (Єm) 3,570 (3,095) (193) Own-funds 624 portfolios (-227) (631) 2,746 (2,432) (-436) (647) Personal Risk/ Protection 1,388 154 (314) 1,939 (1,552) (-622) (-33) (-225) Savings/ Pensions 1,558 CNP assurances " EBIT Finance costs Non-controlling and net equity accounted interests Recurring attributable net profit Income tax expense Mark-to-market effects and intangible amortisation Non-recurring items Attributable net profit Attributable net profit of €1,939m vs €1,552m in 2021 (up 25% as reported and up 18.5% like-for-like), with growth in all geographies Non-recurring items include a €321 million transfer to the policyholders' surplus reserve net of tax Policyholders' surplus reserve of €14.1bn at 31 December 2022 (after €0.6bn utilised during the year), representing 6.5% of technical reserves for traditional savings accounts Investor Presentation March 23 23#24Attributable net profit by segment CNP assurances 31.12.2022 €m Savings / Pensions Personal Risk Protection Premium income 29 329 6 678 Total revenue 2 042 Administrative costs 483 Own funds portfolios 1758 797 370 173 EBIT 1 558 1 388 624 Attributable recurring profit 1 349 952 445 Profit attributable to owners of the parent > €1311m €707m €(79)m Investor Presentation March 23 | 24#25Attributable net profit and ROE by geography/subsidiary Au 31.12.2022 CNP assurances (Єm) Latin CNP Santander Others Europe Group France America insurance CUV CVA Excl. France Premium income 36 007 19 247 7 341 760 3 155 4 415 1 088 Period end technical reserves net 358 855 287 285 25 955 1761 15 495 26 108 2 251 of reinsurance Total revenue 4 597 2 910 1 065 132 165 222 103 Administrative costs -1 027 -649 -167 -25 -41 -79 -66 EBIT 3 570 2 262 898 107 124 143 36 Finance costs -193 -192 O O ○ -1 ○ Equity accounted and non -631 13 -491 -52 -54 -47 O controlling interests net Attributable recurring profit 2746 2082 407 54 70 95 37 Income tax expense -647 -428 -157 -7 -21 -24 -8 Mark to market effects and 154 233 -57 -9 -9 -5 intangible amortisation Non-recurring items -314 -321 7 о Attributable net profit ROE 1939 1566 200 11,2% 38 49 61 24 Investor Presentation March 23 25#2604 Non-financial performance#27Developing our unique qualities Our corporate mission: "As a responsible insurer and investor, driven by the community values of our Group, we work with our partners to create an inclusive and sustainable society, providing solutions to as many people as possible to protect and support them on their chosen paths." 1 strong commitment to each of our 6 stakeholder groups 16 key performance indicators CNP assurances Employees Partners Customers Society The Planet Shareholder and investors Investor Presentation March 23 27#28Customers Make protection solutions available to everyone, regardless of their situation, and be there for our insureds when they need us Support the customer at all times Customer Effort Score (France, between 1 (very easy) and 5 (very difficult)) Insure as many people as possible, regardless of their situation Number of products improving access to insurance for vulnerable populations (CNP Assurances and subsidiaries) CNP assurances 2.2 < 2.0 2022 2025 target Outlook for 2023 Improved self-care tools made available to customers ☐ Use of plain language in dealings with customers > 15 2022 2025 target Increased emphasis on proactive contacts (calls, e-mails, SMS) to better support customers and improve their satisfaction Discussions with non-profits and distributors in order to respond to the insurance needs of vulnerable populations¹ 1 Vulnerable populations: including, but not limited to, disadvantaged people, people on low incomes, creators of micro-enterprises, people with illnesses or disabilities, migrants, victims of domestic violence or people who have difficulty accessing traditional insurance channels, Investor Presentation March 23 28#29Partners Develop effective and innovative solutions with our partners to drive progress in protection insurance CNP assurances Strengthen synergies with our partners to increase insurability and protection Net Promoter Score awarded by our partners (France, between -100 and +100) +12 > +20 2022 2025 target Outlook for 2023 . Improved self-care tools made available to financial advisors • More seamless processes . Joint product development with our partners to include in our contracts value-added product innovations for our customers Investor Presentation March 23 | 29 29#30Employees Support employee development within an organisation that boasts a wealth of talent and diversity Develop employee engagement in an environment that promotes individual and collective well- being Level of employee engagement and workplace well-being (France, between 0 and 100) Promote equal opportunities Percentage of women in senior management positions (CNP Assurances and subsidiaries) Percentage of women on the Executive Committee (CNP Assurances and subsidiaries) Number of work-study contracts or internships offered to young people from deprived neighbourhoods or who have dropped out of school (CNP Assurances and subsidiaries) CNP assurances 73 > 75 45 51 50 36 59 > 200 2022 2025 target 2022 2025 target 2022 2025 target 2022 2025 target Highlights • Gender parity on the Executive Committee (objective: maintain parity over time) Outlook Each manager involved in defining with their team ways of improving employee engagement and workplace well-being at the level of the team Campaign to hire students from priority urban areas under work-study contracts Increased percentage of women in senior management positions Investor Presentation March 23 | 30#31Society Help to build a more inclusive and sustainable society with a place for everyone Promote inclusive growth through our procurement policy Assist and support projects with a social impact to promote better living in society Inclusive¹ purchases as a % of total purchases (France) >30% 28% 2022 2025 target Outlook Annual spending on sponsorship projects and actions with a social impact (CNP Assurances and subsidiaries, €m) Percentage of employees mobilised during their working hours to participate in projects with a societal impact (CNP Assurances and subsidiaries) > 3,5 2,9 2022 2025 target 11% > 20% 2022 2025 target • Increased purchases from the sheltered employment sector and the social economy Ongoing Fondation CNP Assurances' initiatives to reduce social inequalities in the area of healthcare Implementation of an employee social engagement scheme at CNP Assurances and its subsidiaries, allowing employees to participate in public interest activities during working hours and contribute to salary rounding schemes that generate donations to non-profits CNP 1, micro-enterprises-SMEs, social economy etc. assurances Investor Presentation March 23 | 31#32The Planet Combat climate change and protect the natural world as a committed player in environmental transition Finance energy and environmental transition Reduce our greenhouse gas emissions Carbon footprint Carbon footprint Green investment portfolio (CNP Assurances and subsidiaries, €bn) of our investment portfolio (France, kgeqCO₂€k invested) of our internal operations (France, teqCO₂ Protect biodiversity Coverage rate of the forestry asset biodiversity indicator (France, % of forests by surface area) CNP assurances <80 2.280 > 30 bn 55 25.2 < 1.746 42% 2022 2025 target Highlights • 100% 2022 2022 2024 target NZAOA¹ 2022 2030 target 2025 target • €25bn green investment target exceeded 3 years ahead of schedule (and target raised to €30bn) Target of reducing the investment portfolio's carbon footprint by 25% exceeded 2 years ahead of schedule A-score from CDP, the leading international organisation for the assessment of corporate climate strategies Outlook . • • Upgraded NZAOA target and definition of a decarbonisation trajectory validated by the SBTI Maintained or improved level of biodiversity in our forests 1.Net-Zero Asset Owner Alliance Investor Presentation March 23 | 32#33Shareholder and investors Responsibly generate sustainable financial performances Improve our non-financial performance CNP Assurances' ESG ratings¹ (CNP Assurances and subsidiaries, relative positioning vs insurance sector Do more in support of a sustainable economy as a major player in responsible investment Impact investment portfolio (France, €bn) CNP assurances 9% 5% to 10% 2022 2025 target Outlook 0.5 >€1bn 2022 2025 target • • ESG criteria embedded more deeply in decision-making process (M&A, product creation, etc.) Continued investment in impact funds 1. be among the top 5-10% of companies in the insurance sector Investor Presentation March 23 33#34Corporate mission indicators and target values Indicators No. of work-study contracts or internships offered to young people from deprived neighbourhoods or who have dropped out of school Percentage of women on the Executive Committee from to 59 2022 > 200 2025 40% 2021 50% 2025 Employees Percentage of women in senior management positions Employee engagement and workplace well-being* 38% 2021 > 45% 2025 73/100 2022 > 75/100 2025 Customer Effort Score* 2.6/5 2021 <2/5 2025 Customers No. of products that improve access to insurance for vulnerable populations 6 2022 > 15 2025 Partners Partner NPSS* +12 2022 >+ 20 2025 Shareholder CNP Assurances' ESG ratings position Among top Among top 2019 2025 12% 5% to 10% and Investors Impact investment portfolio* €0.2bn 2021 > €1bn 2025 Inclusive purchases as a % of total purchases* Society Annual spending on sponsorship projects and actions with a social impact 25% 2021 > 30% 2025 €2.4m 2021 > €3.5m 2025 Percentage of employees mobilised during their working hours for actions in a societal impact 3% 2021 > 20% 2025 Green investment portfolio €21.1bn 2021 > €30bn 2025 Carbon footprint of our investment portfolio* 107 < 80 2019 2024 kgeqCO₂/€k kgeqCO₂/€k The Planet 3,492 <1,746 Carbon footprint of our internal operations* 2019 2030 Coverage rate of the forestry asset biodiversity indicator* teqCO₂ 18% 2021 teqCO₂ 100% 2025 CNP CNP Assurances and its subsidiaries except for The targets presented are on a like-for-like basis and may change in future years if the scope of the calculation changes Investor Presentation assurances March 23 | 34#35A performance recognised by ESG rating agencies CNP assurances MSCI AAA Best rating in the insurance sector Corporate ESG Performance RATED BY ISS ESG‣ Prime B- Best rating Prime in the insurance sector MOODY'S ESG 62/100 5th out of 49 insurers in Europe SAM Now a Part of S&P Global 71/100 24th out of 236 insurers worldwide ShareAction>> BBB 3rd out of 39 life insurers worldwide SUSTAINALYTICS Low risk 47th out of 296 insurers worldwide CDP DISCLOSURE INSIGHT ACTION A- Among the 21% of financial sector companies with an A score for leadership Investor Presentation March 23 I 35#3605 Solvency#37Robust balance sheet Net technical reserves (€bn) Policyholder surplus reserve (€bn, % of French technical reserves) 359 369 314 328 13,8 13,9 14,6 14,1 324 11,9 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 IFRS equity and subordinated debt (% of total AUM) 6,6% 7,6% 6,6% Consolidated SCR coverage ratio 7,2% (%) 6,9% 5,5% 4,7% 4,8% 5,2% 4,8% 227% 208% 217% 230% 187% 1,9% 2,1% 2,2% 2,0% 2,1% 2018 2019 2020 2021 2022 2018 2019 2020 Sub debt Equity CNP Investor Presentation 2021 2022 March 23 37 assurances#38A consolidated SCR coverage ratio of 230% Consolidated SCR coverage ratio¹ 217% (5) (2) (3) 18 Sensitivities (2022 vs 2021) (%) Interest rates +50bps - 6 pts (+14 pts) Interest rates + - 50bps 4 pts (-18 pts) Sovereign spreads +50bps 13 pts (-11 pts) 230% Corporate spreads +50 bps - 7 pts (+3 pts) Share prices -25% - - 20 pts (0 pts) 2 Volatility adjustment O bp - 7 pts (-3 pts) 3 Rating migration (-20%) - 3 pts (-3 pts) Coverage ratio at 31/12/2021 Market changes reserve Policyholders' Net profit, surplus net of dividend Reduction Subordinated Coverage in Ultimate debt ratio at Forward 31/12/2022 Rate CNP assurances Utilisation of eligible policyholders' surplus reserve for €0.6bn. The policyholders' surplus reserve is qualified as Tier 1 capital for the calculation of the SCR coverage ratio (for €9.8bn, included in surplus own funds) Attributable profit net of planned dividend of €1.38 per share (50% payout rate) Neutral FRPS impact. The effect of market changes in 2022 offset the expected gain in solvency when the FRPS was created on 1 January 2022 The ratio does not include the €500m Tier 2 sustainable subordinated debt issue carried out in January 2023 1. Standard formula without transitional measures except grandfathering of subordinated securities / 2. Recalibration of the volatility adjustment / 3. Sensitivity to a one-notch ratings downgrade applied to 20% of the bonds in the portfolio Investor Presentation March 23 | 38#39Capital structure under Solvency II Eligible own funds (Єbn CNP Assurances and subsidiaries) 36.4 1.1 3.8 2.6 28.9 31 Dec. 2022 Contribution to SCR (in pts) 230% Unrestricted Tier 1 Restricted Tier 1 Tier 2 Tier 3 CNP assurances Financial headroom based on high quality eligible own funds (87% of Tier 1 capital) Increased leverage due to the decrease in gains on the bond portfolio included in equity 183% 16% 24% 7% 31 Dec. 2022 Investor Presentation March 23 | 39#40Consolidated SCR coverage ratio Eligible own funds/SCR (€bn) SCR coverage ratio CNP assurances 39,6 17,5 36,4 15,8 31/12/2021 31/12/2022 Eligible own funds SCR Decrease in eligible own funds of €2.7bn Increase in the reconciliation reserve, for €1.8bn Decrease in the fair value of subordinated debt securities, for €1.6bn Decrease in surplus own funds due to higher interest rates, for €2.9bn 217% 230% 31/12/2021 31/12/2022 Investor Presentation March 23| 40#41Breakdown of consolidated SCR CNP assurances SCR by geography (%/Dec 2022) 11% 10% 79% France Latin America Europe excl. France SCR by risk (%/Dec 2022) 2% 5% 6% 6% 34% Market risk Life underwriting risk 47% Health underwriting risk Operational risk Counterparty default risk Non-life underwriting risk Investor Presentation March 23 | 41#4206 Investments & ALM OPER Welcom#43Strong increase in reinvestment rates in 2022 with €37bn invested Investment flows in 2022¹ (%) 2% 1% 4% 2% 2.2% Average reinvestment rate (vs 0.8% in 2021) Bonds Private debt Yield to maturity at purchase, in % 3,0 2,5 2,0 T T Bond investment flows in 2022¹ Financials (N) Corporates ex financials (N) 1,5 1,0 Corporates ex financials (N-1) 0,5 T 91% Property and infrastructure Equities Private equity 0,0 О 2 4 6 • More measured investment in infrastructure assets and real estate • Reduced equity exposure, with profit-taking in Q1 and investment of the proceeds in bonds €16bn worth of disposals to drive faster growth in portfolio yields CNP 1. CNP Assurances SA only assurances Sovereign (N) Financials (N-1) Sovereign (N-1) 8 10 12 14 16 18 20 22 24 26 28 30 32 Average maturity (years) Unaudited management reporting data Investor Presentation March 23 | 43#44Bond portfolio (excluding unit-linked portfolios) by issuer, maturity and rating Bond portfolio¹ by type of issuer (%) Bond portfolio¹ by maturity (%) 1% 20% 20% 1.79% Average return on fixed-rate (vs 1.88% in 2021) 42% 34% 10% Less than 5 years 5 to 10 years 10 to 15 years 59% Sovereigns Corporates Banks Covered bonds Unaudited management reporting data at 31 December 2022 Bond portfolio¹ by rating² (%) 45% 14% More than 15 years 22% 24% 6% AAA AA A BBB 2% High Yield 1% Not Rated CNP 1. CNP Assurances and its subsidiaries, excluding Argentina and Arial. Subsidiaries acquired from Aviva added in H2 2022 on 100% basis and CNP Partners removed 2. Second-best rating: method consisting of using the second-best rating awarded to an issue by the three leading agencies, S&P, Moody's and Fitch Investor Presentation assurances March 23 44#45Low guaranteed yield on liabilities and increasing share of unit-linked Breakdown of CNP Assurances liabilities by guaranteed yield: 19.4% 22.3% 22.9% Unit-linked liabilities 76.7% 74.2% 74.0% Liabilities without any guaranteed yield including protection 2020 1.5% 1.3% 0.9% Liabilities with 0% to 2% guaranteed yield 0.7% 0.8% 0.8% Liabilities with 2% to 4% guaranteed yield 1.7% 1.5% 1.5% 2021 2022 Liabilities with > 4% guaranteed yield CNP Assurances business model is mainly based on fee and underwriting earnings, as reflected by the breakdown of liabilities: Fee earnings Underwriting earnings Spread earnings Unit-linked policies: €87bn Savings and pensions policies without any guaranteed yield: €220bn Savings and pensions policies with low guaranteed yield: €6,2bn Protection, personal risk, P&C and other reserves: €60bn Own funds and subordinated debt: €27,3bn Savings and pensions policies with high guaranteed yield: €5,7bn 77% 15% 8% CNP assurances 1. Including liabilities from CVP and CSH in Brazil, where interest rates are higher than in Europe Investor Presentation March 23 45#46Hedging strategy Type of hedge Hedge maturity Outstanding options at Options set up in 2022 30 December 2022 Option premiums Notional amounts Fair value Notional amounts EQUITY RISK Protects equity portfolio against a falling market Put < 7 years €129m €1.5bn €343m €10.4bn CURRENCY RISK Protects Caixa Seguradora's profit and dividends paid to CNP Assurances Put < 2 years €10m €137m €0m €137m Protects traditional savings portfolio against rising interest rates Cap < 10 years €115m €7.6bn €2,935m €118.8bn INTEREST RATE RISK Protects funds reinvested in traditional savings portfolio against falling interest rates Floor < 10 years €71m €16.8bn €45m €16.8bn CREDIT RISK Protects bond portfolio against wider corporate spreads Put 1 year €8m €1.5bn €3m €1.5bn CNP assurances The 2022 hedging programme covered all market risks Equity portfolio hedging strategy scaled back Brazilian real hedging strategy maintained Interest rate hedging strategy stepped up (risk of rising interest rates) Credit spread risk hedging strategy expanded Unaudited management reporting data Investor Presentation March 23 46#47Hedging strategy CNP assurances Equity hedging strategy scaled back At end-2022, portfolio of CAC 40 and Eurostoxx 50 index options (puts). Total notional amount: €10.4bn; average remaining life: 1.3 years; average strike prices: 3,369 pts (CAC 40) and 3,356 pts (Eurostoxx 50) More moderate hedging programme against rising interest rates At end-2022, portfolio of caps. Total notional amount: €118.8bn; average remaining life: 3 years, average strike price: 10-year swap rate plus 2.8% Unaudited management reporting data Equity hedges (notional amount in €bn) 17.1 10.4 31 Dec. 2021 31 Dec. 2022 Interest rate hedges (average strike price) 2.9% 2.8% 31 Dec. 2021 31 Dec. 2022 Investor Presentation March 23 | 47#4807 Ratings & Funding#49Recognised financial strength Standard & Poor's Financial strength rating A+ Negative outlook¹ (October 2022) Fitch Financial strength rating A+ Stable outlook (November 2022) Moody's Financial strength rating A1 Stable outlook (May 2022) Strong operational profile: CNP has strong market shares both geographically and in terms of its activities. Strong capitalisation and results: majority owned by La Banque Postale, benefits from an increasingly light product mix in terms of cost of capital and the end of the bancassurance agreement in Brazil which is reducing uncertainty about the capital impact of CNP, should be at a very high level and support a strong financial risk profile. Very strong business profile, mainly due to the group's extremely strong and well-established franchise in the French life insurance sector. Strong capital despite market pressures: CNP's score under the Prism Factor-Based model was "very strong" at the end of June 2021. Capital and leverage ratio should remain low for the rating as the group improves its business mix. Very strong position in the French life insurance market: Low liability risk profile due to low average guaranteed rate for traditional savings. Very stable profitability, as profits come mainly from underwriting results and fee and commission income on long-term liabilities. Good financial flexibility, partly supported by CDC, which remains the main indirect shareholder in the planned new ownership structure. CNP assurances 1. Outlook changed from stable to negative on 7 December 2022 Investor Presentation March 23 | 49#50Credit ratios Interest coverage EBIT/debt interest (X) Debt to equity ratio (Debt/Equity + Debt in %) 13.7 9.1 9.3 8.3 10.8 mil 32,0 31,0 30,0 30,0 29,0 29,0 28,0 27,0 28,2 27,8 26,0 25,0 24,0 23,0 22,0 2018 2019 2020 2021 2022 2018 2019 2020 2021 CNP assurances Interest cover improvement to 13.7x, up 2.9 pts A debt to equity ratio increase due to lower total equity 2022 30,8 Unaudited management reporting data Investor Presentation March 23 | 50#51Credit ratios Insurance Leverage ratio in % CNP assurances 6.8 6 7.6 7.2 6.9 Average coupon to total debt issued in % 5,0 4.4 4.3 4,5 5.48% 4,0 3.7 4.79% 5.18% 4.75% 3,5 3.2 4.66% 3,0 2.8 2,5 2,0 1,5 1,0 123 1.91% 2,05% 2.16% 2.00% 2.11% 2018 2019 2020 2021 2022 o/w equity² o:w subordinated debt 3. 2018 2019 2020 2021 2022 Insurance leverage ratio: [Total Equity+Debt subordinated classified in debt] / Insurance investments - derivatives instruments liabilities] o/w equity: [Total Equity-Debt subordinated classified in equity] / Insurance investments - derivatives instruments liabilities] o/w: [Debt subordinated classified in debt+ Debt subordinated classified in Equity] / Insurance investments - derivatives instruments liabilities] Investor Presentation March 23 | 51#52Maturities and call dates of subordinated notes Dec 2022 $500m $700m 6% 2049-nc-2029 4.875% Perp-nc- 2030 €750m 4.5% 2047-nc- 2027 €500m 4.75% Perp-nc-2028 €500m 2.75% Bullet- 2029 €90m & €93m Perp-nc- 2016 €225m & €24m Perp-nc- €500m 4% Perp-nc- 2024 €500m 4.25% 2045-nc- 2025 €200m €500m 0.375% 2028-nc- 20272 €500m 1.25% 2029-nc- 2028 €750m 2% 2050-nc- 2030 Green €750m 2.5% 2051-nc- 20303 €500m 1.875% 2053-nc- 20333 2011 €75m Perp-nc-2010 2023-nc- €250m 0.8% Bullet-2027 2013 €108m Perp-nc-2026 C160m 5.25% Perp-nc-2036 €300m Perp-nc-2009 2023 2024 2025 2026 2027 2028 2029 2030 2031 2033 2036 Undated 1 Tier 1 Tier 2 Tier 3 Grandfather clause CNP assurances 1. Undated perpetual subordinated notes for which the first call date has already passed 2. Callable in the three-month period up to the final maturity date 3. Callable in the six-month period up to the first interest reset date Investor Presentation March 23 | 52#53Diversification of funding By currency 12.1% 87.9% By structure 6.6% 14.6% EUR USD By distribution 78.8% By Solvency II Tiering 12.4% 23.9% 29.2% 41.7% Dated Callable Perp Callable 7.4% Bullet 29.1% CNP assurances Nominal amounts on June 30, 2022 39.6% Institutional Private Placement Retail Tier 1 Grandfathered Tier 1 16.7% Tier 2 Grandfathered Tier 2 Tier 3 Investor Presentation March 23 | 53#54Solvency II subordinated notes issuance capacity Tier 1 (€bn) 28.9 Tier 2 & Tier 3 (€bn) Max = 20% of total Tier 1 = 25% of unrestricted Tier 1 7.2 Unrestricted Tier 1 Max. amount of Tier 1 debt 2.6 Outstanding Tier 1 debt CNP 1. €500m Tier 2 sustainable debt issued in January 2023 not included. assurances 4.6 15.8 Max = 50% of SCR 7.9 4.9 3.0 Tier 2: 3.8 Tier 1 debt issuance capacity Consolidated Max. amount Outstanding Tier 2&3 debt SCR of Tier 2&3 Tier 2&3 debt¹ debt issuance capacity Investor Presentation Max = 15% of SCR 1.3 On which Tier 3 debt issuance capacity March 23 | 54#5508 IFRS 17 Welcom OPER#56Key messages at the transition (01.01.2022) 1 Company's underlying qualities are unchanged This accounting change does not affect the underlying quality of the company's business model: its solvency, liquidity, ratings, ability to generate recurring income and strategy are unchanged 2 Two new items on the liabilities side of the balance sheet Contractual Service Margin (CSM): A "pool of contracts' profit" for around €17bn 3 Risk Adjustment (RA): "provision for uncertainty" for around €1.5bn Equity is slightly lower for around €1bn (out of €21.1bn) but remains robust and is expected to be less volatile 4 Earnings will be more volatile 5 due to the market effects Financial reporting will be tailored due to adjustments to the formulas for calculating key indicators: ROE, cost/income ratio, combined ratio, etc. CNP assurances Investor Presentation March 23 | 56#57New representation of provisions IFRS 17 introduces a forward-looking and economic framework for measuring provisions that uses market data available on the reporting date and the company's internal experience-based data. The calculation period for these provisions is 50 years. CNP assurances IFRS 17 provisions CSM Pool of future profits as services are provided over the duration of profitable contracts RA A buffer reserve reflecting the inherent uncertainty of technical assumptions used to calculate the Best Estimate Best Estimate 介 - Experience-based projection assumptions without any risk margin (the margin is incorporated in the RA) - Current discount rate, including an illiquidity premium - - · Cost of guarantees and financial options taken into account Contract boundary includes flexible premium Savings contracts - Only directly-attributable costs Investor Presentation March 23 | 57#58CSM, BE and RA calculation methods The main assumptions used to calculate technical reserves are as follows: CNP assurances Transition-specific methods Other methodological choices Initial application of FVA, FRA and MRA: - - - Fair value approach (FVA) for the majority of contracts within the scope inspired by the Mandarine¹ valuation covering more than 70% of the CSM. Full retrospective approach (FRA) for 2021 term creditor insurance cohorts Modified retrospective approach (MRA) for the BPCE term creditor insurance portfolio and certain Brazilian portfolios VFA method (with carve out²) used in the majority of cases (95% of contracts within the scope in terms of technical reserves net of reinsurance) Bottom up approach a Solvency II-inspired yield curve: risk-free rate + liquidity premium (e.g., on initial application in France: a volatility adjustment³ at 64 bps) Different modelling approaches compared to Solvability 2: measurement of future cash flows from Savings/Pensions contracts; attributable costs..... Risk adjustment: quantile approach based on 80% confidence level OCI option activation to the liabilities balance sheet in VFA and BBA 1- Mandarine transaction: value attributed to CNP Assurances SA for the purposes of the sale of CDC's interest in the company to LBP on 4 March 2020 2-Option avoiding to distinguish the cohorts in VFA 3- a measure to ensure the appropriate treatment of insurance products with long-term guarantees under Solvency II. The volatility adjustment shall apply only to the relevant risk-free interest rates of the term structure Investor Presentation March 23 58#59Contractual Service Margin and Risk Adjustment Contractual Service Margin ~€17bn At transition, the opening CSM would be around €17bn¹. This indicator, considered as a provision, is designed to separately identify the insurer's future earnings. The CSM is a retrospective value at transition; in subsequent periods, it is a prospective value like the VIF. CNP assurances 1- Unaudited datas Risk Adjustment ~€1.5bn At transition, the risk adjustment would be around €1.5bn¹. Considered as a buffer reserve for inherent uncertainty, the RA allows to reduce sharp fluctuations in technical assumptions. Investor Presentation Mars 23 59#60A new Balance Sheet: from IAS 39 / IFRS 4 to IFRS 9 / IFRS 17 IAS 39-IFRS 4 Balance Sheet Simplified presentation Assets Liabilities Equity IFRS 9-IFRS 17 Balance Sheet Simplified presentation Assets Liabilities Equity CSM RA French GAAP Assets technical reserves Assets Best Estimate Deferred participation CNP assurances The assets side of the insurance balance sheet is virtually unchanged; however, liabilities now include a new item, the CSM. The purpose of the CSM is to recognise profits in the income statement as and when the insurance contract services are provided, i.e., throughout the period of coverage of the contract. The transition to IFRS 17 will help to reduce market-driven volatility of equity by reducing the accounting mismatch between assets and liabilities. Investor Presentation March 23 60#61Impact on Equity At the transition date: Impact on equity ~-€1bn The transition should lead to a small reduction in CNP Assurances' equity of around €1bn¹ due to the reassessment of provisions under IFRS 17, which will be higher than under IFRS 4. Post transition: Reduced volatility of equity IFRS 17 mitigates the effects of changes in bond prices through the CSM's role in cushioning losses and the reduced accounting mismatch between assets and liabilities. CNP 1. Unaudited datas assurances Investor Presentation March 23 | 61#62IFRS 17 income statement 1 Insurance Non- insurance service result revenue¹ Revenue from own funds portfolios CNP assurances 1- Non-insurance revenue: unit-linked, Consorcio Finance costs Total revenue Unattributable Depreciation costs and amortisation EBIT Share of profit of Taxes equity- accounted companies Non- controlling interests Other Attributable net profit Investor Presentation March 23 | 62#631 CSM, a decisive factor for the determination of insurance service result { 1/8th CSM at 1 Jan. 2022 2022 insurance service result CSM at 31 Dec. 2022 2023 insurance service result CSM at 31 Dec. 2023 2024 insurance service result Expected CNP assurances The unearned profits corresponding to the CSM are recognised in profit - as a component of the insurance service result duration, i.e., at the rate of approximately 12% (12% in France, 23% in Latin America, 14% in Italy) Expected future profits are reassessed each year in the same way as the CSM. A result mainly based on the release of CSM reflecting the services provided over the coverage period - over the contract Investor Presentation March 23 | 63#64Focus on Loss component (LC) Direct P&L impact in the case of loss-making cohorts FCF: Fulfilment Cash Flows PVFCF: Present Value of Future Cash Flows or best estimate Profitable contracts Onerous contracts Inflows (premiums) Outflows (claims, expenses, etc.) Discounting adjustment RA Profit CSM Loss Inflows (premiums) Outflows (claims, expenses, etc.) Discounting adjustment RA Day one loss Unearned profits recognised over the duration of the contract Estimated loss recognised immediately in the income statement CNP assurances In the case of loss-making cohorts (onerous contracts), the loss component is recognised directly in P&L (as a component of the insurance service result) and not over the duration of the contract like the CSM. At transition, the loss component represents less than €100m Investor Presentation March 23 64#65Variance analyses: insurance service result In future communications, changes in the insurance service result will be presented in the following format: Insurance service result Business model CNP assurances Expected (stock) Corresponds to the expected allocation to the CSM and RA, based on the stock of contracts in force at the beginning of the year (taking as the basis opening CSM before changes in assumptions and market effects) Experience adjustments (stock) Impact of observed differences between expected and actual experiences (direct impact on P&L or effect of CSM impact allocated to P&L) and changes in technical assumptions = Markets (stock) + New Business + Impact of changes in the economic environment (direct P&L impact for BBA scope or effect of allocation to P&L of the CSM impact for VFA scope) + financial margin for the BBA scope Profit or loss on New business written during the year (P&L impact of CSM recognised during the period) New Business Direct P&L impact of the loss component in the case of loss-making cohorts Investor Presentation March 23 | 65#66Presentation of the new performance indicators A mix of IFRS 17, Solvency II and non-GAAP KPIs 1. Business (non-GAAP) For example: - Gross new money, Net new money - Insurance liabilities (traditional and unit-linked) - Asset mix, purchase rate, Administrative costs (...) 4. Value and capital (Solvency II and IFRS 17) For example: - IFRS 17 total equity - IFRS 17 book value, ge ΩΩ KPIs 2. Profitability (IFRS 17) - - - - For example: CSM Cost/income ratio Loss Component Combined ratio - ECL (...) 3. Profit or loss (IFRS 17) For example: Insurance service result EBIT Attributable net profit (...) - Solvency II coverage ratio Pay-out ratio/dividends (...) CNP assurances The management of the company will be based on a mix of multi-standard KPIs The MCEV standard is abandoned in favour of the Solvency 2 and IFRS 17 standards Investor Presentation March 23 | 66#6709 Non-financial appendices#68Definition of corporate mission KPIs Customer Effort Score The KPI measures for each customer the effort required to complete a process with CNP Assurances or its subsidiaries, ranging from 1 (very easy) to 5 (very difficult) The score concerns the entire process, from start to finish, and is therefore measured once the customer's operation/request has been fully executed Number of products that improve access to insurance for vulnerable populations The KPI measures the number of products that improve access to insurance for vulnerable populations (such as, but not limited to, disadvantaged people or people on low incomes, creators of micro-enterprises, the sick or disabled, migrants, victims of domestic violence, or people who have difficulty accessing traditional insurance channels). The objective of the KPI is to reach populations that are uninsured, underinsured or misinsured Partner NPSS The Net Promoter Score KPI measures the likelihood of distribution partners recommending CNP Assurances and its subsidiaries. It ranges from -100 to +100 CNP Assurances' ESG ratings performance The KPI measures CNP Assurances' average ESG rating performance in relation to that of the insurance sector as a whole. It compares the ratings awarded by five agencies (MSCI, ISS ESG, Sustainalytics, Moody's ESG, S&P Global CSA) and ranges from 0% (best rating) to 100% (worst rating) Impact investment portfolio The KPI measures social and environmental impact investments held in CNP Assurances' portfolios (excluding unit-linked funds). It is based on the definition of impact investments adopted in 2021 by Paris-based banks and insurance companies. Impact investments are investments that meet the criteria of intentionality (investment decisions are guided by an explicit ex ante objective to generate a positive social and economic impact), additionality (in particular via a commitment to the investee companies) and measurability (the social or environmental impact must be measurable) CNP assurances Investor Presentation March 23 68#69Definition of corporate mission KPIs Number of work-study contracts or internships offered to young people from deprived neighbourhoods or who have dropped out of school The KPI measures the number of young people from deprived neighbourhoods (defined as priority areas under urban development policies) or who have dropped out of school taken on by CNP Assurances and its subsidiaries under work-study contracts or internships Percentage of women on the Executive Committee The KPI measures the average annual percentage of women on the CNP Assurances Executive Committee Percentage of women in senior management positions The KPI measures the average annual percentage of women in senior management positions. It concerns CNP Assurances and its subsidiaries Employee engagement and workplace well-being The KPI measures the level of engagement and workplace well-being of CNP Assurances employees, measured through a series of questions included in the annual quality of life at work survey. The questionnaire is anonymous CNP assurances Investor Presentation March 23 | 69#70Definition of corporate mission KPIs Inclusive purchases as a percentage of total purchases The KPI measures the proportion of CNP Assurances' direct purchases made from inclusive enterprises: micro-enterprises and SMEs, the sheltered employment sector, the social economy, priority neighbourhoods and regions Annual spending on sponsorship projects and initiatives with a social impact The KPI measures the annual amount spent by CNP Assurances and its subsidiaries on initiatives with a social impact, such as: Initiatives aligned with CNP Assurances' corporate mission, or • actions with a social impact: • Targeting people in a vulnerable and/or precarious situation • • Contributing to sustainable development Conducted in an area where needs are not met or are poorly met by profit-making companies or by public policy Supporting a non-profit or recognised public interest organisation The KPI notably covers the Fondation CNP Assurances, the Instituto CNP Brasil and sponsorship schemes Percentage of employees mobilised to participate in actions with a social impact The KPI measures the proportion of employees of CNP Assurances and its subsidiaries who participate in public interest activities during their working hours. These include activities: Targeting people in a vulnerable and/or precarious situation Contributing to sustainable development Conducted in an area where needs are not met or are poorly met by profit-making companies or by public policy Supporting a non-profit or recognised public interest organisation CNP assurances Investor Presentation March 23 70#71Definition of corporate mission KPIs Green investment portfolio The KPI measures green investments in the portfolios of CNP Assurances and its subsidiaries (excluding unit-linked funds). These investments contribute to one or more environmental objectives (climate change, biodiversity, circular economy, pollution, water): • Green bonds issued by a government or a company . Forests certified as being sustainably managed • Buildings with an energy or environmental label ⚫ SFDR Article 9 funds that have sustainable investment or a reduction in carbon emissions as their objective • Infrastructure assets and non-listed companies (private equity) whose main business is related to the environment The definition of these green investments is broader than in the European taxonomy Carbon footprint of our investment portfolio The KPI measures the scope 1 and 2 greenhouse gas emissions of the companies in which CNP Assurances has invested directly (shares, corporate bonds, infrastructure assets). It is expressed in kgeqCO2/€k invested Carbon footprint of our internal operations The KPI measures CNP Assurances' scope 1 and 2 greenhouse gas emissions generated by the use of petrol and diesel, natural gas, fuel oil, air conditioning. electricity and heating networks. It is expressed in teqCO₂ Coverage rate of the forestry asset biodiversity indicator The KPI measures the surface area of forests owned by CNP Assurances that have been subject to a biodiversity measurement using a recognised method (Potential Biodiversity Inventories). It is expressed as a percentage of the total surface area of our forestry assets CNP assurances Investor Presentation March 23 71#72A committed insurer Member since 2003 of major global sustainability initiatives CNP assurances WE SUPPORT OBA UN GLOP COMPACT 2003 Climate Action 100+ PRI MontréalPLEDGE Global Investors Driving Business Transition TCFD TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES UNEP FINANCE INITIATIVE PSI Principles for Sustainable Insurance 2011 2015 2016 2017 2019 2020 2021 PRI Principles for Responsible Investment CDP DISCLOSURE INSIGHT ACTION THE NET-ZERO ASSET OWNER ALLIANCE Finance for Biodiversity Pledge INVESTORS FOR A JUST TRANSITION Investor Presentation March 23 | 72#7310 Financial appendices lanch#74Main characteristics of French savings products MAXIMUM AMOUNT PER PERSON Bank Deposits & Taxable Passbooks Tax Free Passbooks e.g. Livret A Unlimited €23k Stocks, Bonds & Mutual Funds Unlimited POSSIBILITY TO CONVERT No No No INTO ANNUITIES WEALTH TAX [0.5% TO 1.5%] None None None Life Insurance Unlimited Yes None Properties Unlimited No Yes, above €1.3m of properties per household INHERITANCE TAX [0% TO 60%] Yes Yes Yes None below €152k per beneficiary (with illimited # of beneficiaries) Yes INCOME TAX [0% TO 45%] 30% flat tax 0% 30% flat tax & SOCIAL TAX [17.2%] 30% flat tax before 8 years 17.2% to 30% after 8 years(1) 17.2% to 62.2% GUARANTEE OF CAPITAL Yes LIQUIDITY CNP assurances Yes None Fully liquid Fully liquid Depending on capital markets liquidity Traditional: guarantee at any time Unit-linked: optional guarantee in case of death, disability or survival Fully liquid Simplified description for illustration purpose only. Source: INSEE and Banque de France 1. 17.2% for the part of annual gains below €4.6k for a single person (€9.2k for a couple) / 24.7% for premiums written before 2018 or with an AUM below €150k for a single person / 30% flat tax for premiums written after 2018 and with an AUM above €150k for a single person, for the fraction of AUM above this threshold None Illiquid Investor Presentation March 23 74#75Main LATAM products Subsidiaries Activities Products CNP Assurances CNP assurances Caixa Vida & Previdência Caixa Seguradora UC Retirement / Previdencia Personal risk/ Vida Borrower PGBL/VGBL: group or individual insurance products, single or periodic premiums, annuities with a unit-linked accumulation phase (currently all are in the accumulation phase) with possible surrenders (without penalties after 3 years from the contract's subscription) CONJUGADO: Combined pension and provident product Consumer credit / Single-premium consumer credit death and disability insurance products Prestamista Personal risk/ Vida Borrower real estate loan / Hipotecario P&C : various risks & Auto Caixa Capitalização Saving (51% par CSH) Caixa Consórcios Product excluding insurance Caixa Saúde Odonto Empresas Previsul Youse (digital model) Health Health Personal risk/ Health P&C Personal risk Group and/or individual, annual death or accidental disability term insurance products, single premium or periodic with optional benefits Mortgage loan insurance products guaranteeing payment of the outstanding capital in the event of death, incapacity and disability (MIP guarantee) combined with a Multi-Risks-House insurance (MRH guarantee) for the property financed on credit, with monthly premiums Miscellaneous risk insurance products: fire, theft and property damage construction; consumer credit bonding; civil liability; motor DPVAT product speciality: compulsory insurance covering bodily injury caused by vehicles, managed at national level by an administrator (Seguradora Lider) Insurance products of capitalisation bonds with a guaranteed rate (popular savings rate + 4.5%) over a defined period (5 years on average) with monthly or single payments In addition, a part of the premium (about 1%) is diverted and gives the right to participate in a lottery allowing, in case of a draw, to recover the diverted amount on the whole series of tickets, including the part on unsold tickets Non-insurance product (under the control of the BACEN, the banking authority) allowing savings to be made with a view to acquiring a property and thus constituting an alternative to bank loans ■ Each member pays a monthly premium to take part in a draw that gives access to the right to either borrow to acquire the property provided for in the contract, or to leave the sum provided for in the consorcio until the end of the contract, in return for a guaranteed increase in value at a high rate ■ The subscriber thus repays parts of his loan before he has even taken it out. All those paying a monthly premium will therefore necessarily be drawn by the end of the contract, with only the date of release of the loan depending on the draw. ■To increase the chances of being drawn early, the member can participate in blind auctions, offering a higher initial premium, which is equivalent to making an early payment. Health care costs (medical and hospital expenses) Dentistry fees The risks covered are: Fire, theft and property damage (Multi-risk home insurance) Car insurance (Vehicule damage and Vehicule civil liability) Group and individual insurance, temporary annual death with single or periodic premiums and with tacit renewal. Capital is revalued to inflation. Guarantees in the event of accident or total or partial permanent disability are optional Investor Presentation March 23 75#76Main Europe excluding France products CNP Cyprus Insurance Holdings CNP assurances CNP Espana Unit-linked and structured unit-linked savings, Individual and group pensions CNP Cyprialife Full range of products in life and non-life insurance " Group pension fund management, Individual and group A&S contracts CNP Asfalistiki Non-life Insurance Products (Life accident Insurances, Health, Car insurance, home insurance, freight, marine liability ....) Cajamar, SegurCaixa Adeslas, Kutxabank, CNP Italia Abanca Seguros, CaixaBank, Reinsurance, Credit Insurance and Protection products with partners Nationale Nederlanden, Mafpré Banca Popolare di Bari Banca di Asti Insurance and Reinsurance (Consumer Credit, Niche products, Protection and Term Creditor Insurance) CNP Luxembourg CNP Partners CNP Santander CNP UniCredit Vita CNP Vita Assicura CNP Vita Assicurazione High-end Saving products, Wealth savings, Life products, Euro funds reinsured by CNP Assurances Protection and Term Creditor Insurance, Health products, doctori.com, car/motorbike insurances and Protection, Saving Products, Multi-fund Products (brokerage) Term Creditor Insurance, Consumer Credit, Payment protection insurance, Income protection insurance Savings and Pensions products, Unit-linked and euro Savings, Multi-fund policies (multiramo) with single or periodic premiums, pension product (PIP), Risk products, Consumer and real estate loans (group), Contract individual provident fund (range of temporary death) Savings (mainly single premium), Static multi-funds and Dynamic multi-funds Savings, (mainly single premium), Static multi-funds and Dynamic multi-funds, Income protection insurance, Term Creditor Insurance Investor Presentation March 23 76#77Technical reserves and premium income by geography/segment Average technical reserves net of reinsurance¹ (€m) 31.12.2022 FRANCE Savings/pensions Savings/pension Ex UL UL only Personal risk Protection Total 236 803 44 363 8 289 289 455 EUROPE EX FRANCE 25 168 18 978 2 611 46 756 LATIN AMERICA 891 TOTAL > 262 862 Premium income (Єm) 31.12.2022 FRANCE 20 160 1 613 83 501 12 513 22 664 358 876 Savings/pensions Ex UL Savings/pension UL only Personal risk Protection Total 10 386 4 769 4 092 19 247 EUROPE EX. FRANCE 4 370 3 875 LATIN AMERICA Total > CNP assurances 1. Excluding active participation deferred 1174 9 419 15 5 914 1 412 7 341 14 771 14 558 6 678 36 007 Investor Presentation March 23 LL❘#78France: growth in Savings/Pensions and Personal Risk/Protection net insurance revenue Administrative costs (Єm) +5.4% Total revenue (Єm) +4.5% Change 2,910 2,786 vs 2021 : 616 724 -6.7% 776 716 745 2,186 +8.8% 2,009 1,442 1,293 31.12.2021 Savings/Pensions NIR 31.12.2022 Revenue from own-funds portfolios Personal Risk/Protection NIR EBIT (Єm) +4.2% 649 2,170 2,262 31,12,2021 31,12,2022 31,12,2021 31,12,2022 CNP assurances Lower revenue from own-funds portfolios: impact of sales of bonds and reinvestment of the proceeds in assets paying higher rates of interest, so as to improve the portfolios' recurring yield, partly offset by increased gains on the equity portfolio EBIT rose by 4.2%, reflecting the favourable effect of higher interest rates (providing scope to release funds from interest-related reserves), and controlled 5.4% growth in administrative costs in an inflationary environment Investor Presentation March 23 78#79CNP assurances Europe excluding France: a positive CVA effect Premium income (Єm) Net new money (French Gaap) (€m) +78,0% 9,419 1,174 Change Reported Like-for-like +78,0% -5,4% +220,4% 2,803 1,532 3,875 5,291 1,037 5,004 1,057 +13.2% +1,8% 875 497 (-43.1%) 1,271 3,157 2,927 878 4,370 +22,8% -7,3% 739 -3 1,098 31.12.2021 31.12.2022 1,020 31.12.2022 Lfl +298,1% -7,1% 31.12.2021 31.12.2022 -241 31.12.2022 Lfl Personal Risk/Protection Unit-linked Savings/Pensions Traditional Savings/Pensions Growth in premium income following the acquisition of CNP Vita Assicura S.p.A and CNP Vita Assicurazione. Contribution of unit-linked contracts to total savings new money: 47.0% due to the integration of CVA (22.1%) and a 3-pt decrease in CUV (76.1%) offset by a 8.7-pt increase in CNP Luxembourg (63.8%). Investor Presentation March 23 79#80Europe excluding France: growth in EBIT Total revenue (€m) Administrative costs (Єm) EBIT (Єm) +80,6% +74,3% 622 18 Change Reported Like-for-like +74,3% +12,0% 262 399 -21,7% -9,9% 357 21 130 23 604 226 206 334 342 378 +80,8% +13,1% 128 152 +63,3% 212 133 (+2.3%) 227 410 267 (+17.5%) 31.12.2021 Savings/Pensions NIR 31.12.2022 31,12,2022 Lfl 31.12.2021 31.12.2022 31.12.2022 Lfl 31.12.2021 31.12.2022 31.12.2022 Lfl Revenue from own-funds portfoglios Personal Risk/Protection NIR CNP assurances Savings/Pensions net insurance revenue affected by loading increase at CUV (one off) Growth in Personal Risk/Protection net insurance revenue (impact of personal risk insurance volumes at CUV and improved loss ratios in personal risk in CNP Santander) Growth in administrative costs reflecting the integration of CVA Investor Presentation March 23 80#81CNP assurances Latin America: lower activity and positive currency effect Premium income Net new money (French Gaap) (€m) (Єm) Change +14,9% Reported Like-for-like -18,2% 7,341 +14.9% -1.8% 2,436 6,388 1.412 6,272 1.193 1.209 +18.3% +1.3% 1,993 1,703 (-30.1%) 2,434 +14.4% -2.4% 5.914 2,032 5.171 5.045 1,733 23 31.12.2021 15 31.12.2022 Personal Risk/Protection -34.8% -26.1% 17 31,12,2022 Lfl 2 31.12.2021 -38 31.12.2022 -31 31,12,2022 Lfl Unit-linked Savings/Pensions Traditional Savings/Pensions Decrease on new money with a limit effect in regard of the technical reserves (€25,955m) Investor Presentation March 23 | 81#82Total revenue (Єm) 201 583 +29,1% Latin America: higher earnings 258 1010 784 751 220 643 Administrative costs EBIT Change (Єm) (Єm) Reported Like-for-like +28,8% +29,1% +10,4% +31,0% 167 146 698 898 765 (+9.6%) 863 +28,8% +10,1% 127 41 31.12.2021 31.12.2022 Savings/Pensions NIR Personal Risk/Protection NIR 55 47 31.12.2022 Lfl +36,2% +15,5% 31.12.2021 31.12.2022 31.12.2022 Lfl 31.12.2021 31.12.2022 31.12.2022 Lfl Revenue from own-funds portfoglios CNP assurances Like-for-like EBIT rose by 9.6%, reflecting a favorable volume effect in Pensions and Personal Risk, an improvement in the claims experience in Personal risk and a positive volume effect on the revenue from own-funds portfoglios. Investor Presentation March 23 82#83Higher average policyholder yield in France Average yield on Savings/Pension contracts (%) CNP assurances 0.16% 0.91% +66 bps 1.57% Contracts with a 30% Unit-linked minimum (%) +106 bps 1.32% 2.38% 0.15% 2021 2022 2021 2022 Average guaranteed yields Investor Presentation March 23 | 83#84Savings/Pensions net new money - France 31.12.2022 (31.12.2021) (% technical reserves) CNP assurances 5,5% (5,7%) -3,1% (-3,2%) -3,2% (-3,2%) -0,3% (-0,3%) -1,1% (-0,9%) Premium income Lapse Mortality Others withdrawals Net inflows Données de gestion non auditées France (€m) Traditional Unit-linked Total 31.12.2021 31.12.2022 -5 311 -6 019 2 771 3 078 -2540 -2941 Investor Presentation March 23 84#85Consolidated sovereign bond portfolio CNP assurances €m Issuer country Gross exposure (list for information) Cost¹ 31 Dec. 2022 Gross exposure MtMarket Net France 77 990,7 66 779,4 Brazil 22 157,7 22 100,6 exposure MtMarket 9 055,4 1757,7 6% 3% 1% 1% 4% 7% Italy 15 982,7 13 446,7 1 438,6 Spain 10 636,1 9 472,5 1 387,3 11% Belgium 6566,0 5 300,4 639,8 Germany 5543,9 4 745,8 653,3 15% Austria 897,5 828,9 185,4 Portugal 810,0 734,6 107,6 Canada 455,2 423,8 64,1 France Others 9 217,8 7 947,3 1497,7 Brazil Italy Belgium Germany Austria Canada Other TOTAL 150 258 131 780 16 787 Spain Portugal Sovereign exposure including securities held directly by consolidated mutual funds 1. Cost net of amortisation and impairment, including accrued interest 52% Investor Presentation March 23 85#86Corporate bond portfolio (excluding unit-linked portfolios) Corporate bond portfolio¹ by sector (%) Corporate bond portfolio¹ by rating² (%) Technology, electronics 2% Media 2% Services Chemicals, pharmaceuticals AAA 0% 12% AA 11% 9% Basic industry 3% Cyclical consumer goods 8% Energy 10% Basic consumer goods 9% Transport 7% Industrial Telecommunications Utilities Unaudited management reporting data at 31 December 2022 12% 12% A BBB High Yield 3% 14% Not Rated 1% 42% 43% CNP 1. CNP Assurances and its subsidiaries, excluding Argentina and Arial. Subsidiaries acquired from Aviva added in H2 2022 on 100% basis and CNP Partners removed 2. Second-best rating: method consisting of using the second-best rating awarded to an issue by the three leading agencies, S&P, Moody's and Fitch Investor Presentation assurances March 23 | 86#87Bank bond portfolio (excluding unit-linked portfolios) Bank bond portfolio ¹ by ranking (%) Bank bond portfolio by rating² (%) 5% 14% 81% Bank bond portfolio¹ by country (%) Senior Senior non-preferred Dated subordinated AAA 3% Perpetual subordinated <0,5% AA 11% A BBB 22% France US Spain Germany High Yield 1% Netherlands Sweden UK Italy Belgium Switzerland Not Rated 3% Australia Other 25% 10% 20% 3% 3% 2% 5% 8% 3% 3% 7% 11% CNP assurances Unaudited management reporting data at 31 December 2022 1. CNP Assurances and its subsidiaries, excluding Argentina and Arial. Subsidiaries acquired from Aviva added in H2 2022 on 100% basis and CNP Partners removed 2. Second-best rating: method consisting of using the second-best rating awarded to an issue by the three leading agencies, S&P, Moody's and Fitch 60% Investor Presentation March 23 40 87#88Covered bond portfolio (excluding unit-linked portfolios) Covered bond portfolio ¹ by country Covered bond portfolio¹ by rating² CNP (%) assurances 2% 4% 1% 1% 15% (%) AAA 71% AA 26% A 1% BBB 2% High Yield 0% 77% Not Rated 0% France Spain Netherlands Italy UK Other Unaudited management reporting data at 31 December 2022 1. CNP Assurances and its subsidiaries, excluding unit-linked portfolios, excluding Argentina and Arial Subsidiaries acquired from Aviva added in H2 2022 on 100% basis and CNP Partners removed 2. Second-best rating: method consisting of using the second-best rating awarded to an issue by the three leading agencies, S&P, Moody's and Fitch Investor Presentation March 23 88#89Consolidated investment portfolio by asset class (Єm) Assets at cost FV adjustments 31 Dec. 2022 Assets (IFRS carrying amount) % Excl. unit-linked Bonds and other fixed income Equities and other variable income Investment property and property funds 267,319 (31,299) 236,020 76.10% 39,015 12,665. 51,680 16.66% 11,432 4,186 15,618 5.04% Forward financial instruments (526) 2,788 2,262 0.73% Property company loans, receivables and advances 3,364 0 3,364 1.08% Other loans and receivables Other Total assets excluding unit-linked 888 0 888 0.29% 317 13 330 0.11% 321,810 (11,647) 310,163 100.00% Bonds Equities Investment properties Total unit-linked portfolio Total assets (net of derivative instruments Investment properties Loans and receivables. HTM Unrealised capital gains (off-balance sheet) Total unrealised gains (IFRS) CNP assurances 1,360 0 9 1,369 (10,278) 44,608 38,694 3,615 86,917 397,080 Investor Presentation March 23 | 89#90Investor calendar H1 2023 11 April - 10:30 Results indicators based on IFRS 17 2022 annual results CNP assurances INVESTOR AND ANALYST RELATIONS 2 August 11:00 Results indicators based on IFRS 9/17 First-half 2023 Céline Byl | (+33) 01 42 18 77 95 Pascale Fargnier | (+33) 01 42 18 93 27 Anne Laure Le Hunsec | (+33) 01 42 18 74 43 H2 2023 [email protected] Investor Presentation March 23 90