CNP Assurances

1
CNP Assurances

• Frances leading personal insurer

2

• A strong business model
• A strategy backed by strong fundamentals
• FY 2008 results
• Key Themes
• Main international agreements
• CNP and the financial crisis

3
CNPs business model

• Individual insurance bancassurance through two
  major networks in France
• La Banque Postale ? Caixa Economica Federal
  (Brazil)
• Savings Banks ? Unicredit (Italy)
• and an inhouse salesforce CNP Trésor
• Group insurance traditional distribution
  through business-to-business partnerships

Distribution
Product offering
Developmentof the offer
Marketinginitiatives
Needs analysis
Sales
Financial management
Policy management
Fund selection
Underwriting
Events inlife of policy
Claimsmanagement
ALM
Asset management
4
CNP Strengths and Challenges
Strengths
Challenges

• Deal with decreasing margins in France
• Adapt to changes in the Italian market
• Revitalise the CNP Trésor sales force and boost
  Savings Banks sales.
• Respond to slower growth in the French life
  insurance market after three years of rapid
  expansion, but with mathematical reserves still
  playing a significant role in driving earnings.

• Vitality of the distribution networks two large
  often counter-cyclical networks in France
• 19,000 sales outlets nationwide
• Loyal customers (24 million being served by our
  networks) and potential to grow the life
  insurance penetration rate
• A variety of age groups and socio-professional
  categories
• Role as a bancassurer and a group insurer range
  extended to include risk products, such as loan
  and personal risk insurance
• Low policy administration costs but still room
  for improvement
• Strong and resilient drivers through mathematical
  reserves
• High quality asset/liability management, ensuring
  our resilience in the face of market crises

5
Milestones
CNPs history

• 1998 Public offering of 21 of CNPs capital
• 2001 Acquisition of 51 of Caixa Seguros in
  Brazil
• 2005 CNP Assurances acquires 57.5 of FinecoVita
  for 575m
• June 2006 CNP Assurances renews the distribution
  agreements with Group Caisses dÉpargne and
  Banque Postale until 31 December 2015
• Nov. 2006 SP rating AA
• Dec 2006 1.25 billion subordinated debt issue
• Jan. 2007 Shareholders agreement renewed until
  2015
• Feb. 2007 - 700 million share issue
• - Acquisition of Écureuil Vie completed
• July 2007 Change in governance from a
  Supervisory Board and Executive Board to a Board
  of Directors
• Jan. 2008 -New partnership CNP
  Assurances/Unicredit (Joint subsidiary CCV)

6
Renewal of the shareholders agreement until 2015
Ownership (Nov. 07)
SopassureLa Banque PostaleCaisses dÉpargne
35.48
39.99
CDC (Caisse des Dépôts)
23.44

• Public breaks down as
• 19 institutions ( of which France 8, US 7,
  UK 4)
• 4 Individuals and employees

Public
French State1.09

• Relationships between CNP Assurances key
  shareholders are subjectto a shareholders
  agreement that has been extended until end 2015

7
Renewal of distribution agreements with our major
partners
June 2006

• Stable long-term environment for CNP Assurances
• Distribution agreements renewed with our major
  partner networks
• Individual insurance
• With the Savings Banks ? 31 Dec. 2015
• With La Banque Postale ? 31 Dec. 2015
• Loan insurance
• With the Savings Banks ? 31 Dec. 2015
• Applicable from 1 January 2006
• Individual Insurance
• Unit-linked contracts increase in the networks
  share of premium loading
• 60-65 under the previous agreements
• 70 bonus for meeting objectives or 100,
  depending on the product
• Non-unit-linked contracts commission on managed
  assets based on financial margins
• In a difficult financial market environment, the
  effect on margins will be shared between CNP
  Assurancesand the network
• If margins and productivity increase, the network
  will receive a larger share of the margin
• The partnerships will be reviewed in 2012

8
CNP Assurances rated AA negative outlook
Last report November 2008
AA
Outlook negative

• Leading life insurer in France
• A unique and profitable business model that
  benefits from very strong support and operational
  links with shareholders cemented by a
  shareholders pact and a 10-year exclusive
  distribution agreement
• A strong investment strategy, supported by sound
  ALM practices with highly segregated funds
• Close link and support from French state-owned
  CDC
• Strong operating performance

Risk profile
A front ranked playerin the French life
insurance industry
and a very safe investment portfolio risk
profile
with secure and powerful distribution channels
9
CNP Assurances Business Environment in France
Long-term shareholders agreement and
distribution agreements
Caisses dÉpargne
La Banque Postale
CDC
50
50
Sopassure
lt 40
35.48
CNP Écureuil Vie Merged in 2007
Capital ties Distribution agreements

• Shareholders agreement renewed until 2015
• Distribution agreements in France renewed until
  2015

10

• A strong business model
• A strategy backed by strong fundamentals
• FY 2008 results
• Key Themes
• Main international agreements
• CNP and the financial crisis

11
Overview of CNP Assurances
Key facts
Breakdown of gross premiums - FY 2008-

• Frances leading personal insurer
• 18.4 share of the personal insurance market
• 18.3 share of the savings and pensions market
• Significant share of the loan insurance market
• 14m clients in France and 24m globally(of which
  7m in Brazil)
• CNP clients / total active clients in French
  networks 3.6m/12m (Banque Postale), 3m/8m
  (Savings Banks)
• 13m individual insurance contracts
• A comprehensive range of personal insurance
  products
• Extensive distribution networks
• More than 19,000 sales outlets in France(and
  28,000 globally)
• Long-term agreements

Health1
PC1
Loan insurance9
Personal Risk6
Pension10
Savings73
Others 3
Italy4
Brazil5
France88
12
Overview of CNP Assurances
Breakdown of gross premiumsby partner - FY 2008-
Key facts

• Measured international development
• Brazil, Portugal, Argentina, local bases in
  Europe
• Recent acquisitions in Italy, Spain and Greece
• Low risk profile
• Rigorous ALM
• Asset mix in line with risk profile high quality
  assets
• Low sensitivity of embedded value to market
• Significant cushion of unrealised capital gains

Foreign subs.11
Mutual insurers3
La Banque Postale42
Companies7
Financial inst.5
CNP Trésor3
Savings Banks29
13

• A strong business model
• A strategy backed by strong fundamentals
• FY 2008 results
• Key Themes
• Main international agreements
• CNP and the financial crisis

14
Robust Operating Profitability Despite the Crisis
In m
Change (restated1)
Change (reported)
CNP Group
2008
EBIT
2,369
29.0
16.9
Finance costs Associates
(79)
-
-
Income tax expense
(714)
-
-
(164)
Minority interests
-
-
Recurring profit before capital gains/losses
1,411
26.0
13.0
/- Net gains (losses) on equities and property
(271)
-
-
Attributable to equity holders
Recurring profit
1,140
- 3.2
- 3.2
/- Fair value adjustments to trading securities
(410)
-
-
Reported profit
731
- 40.2
- 40.2
(1) Details of the adjustments are provided in
the notes.
15
88 of Net Insurance Revenue Generated by
Mathematical Reserves

• Sources of Net Insurance Revenue in 2008

Savings premiums
Proprietary mathematical reserves
Premiums
1
Savings mathematical reserves
12
28
36
Pensionsand other
6
88
29
Mathematical reserves
Personal risk
Policyholders Proprietary

• The contribution of Personal Risk business to net
  insurance revenueis now on a par with that of
  the Savings business
• Two drivers

16
EBIT Up Across All Businesses
EBIT after restatement (m)
16.9
?
16.9
?
24.9
2,146.3
1,836.5
?
1,274.0
1,089.9
10.0
?
661.0
529.0
2007
173.7
158
2008
EBIT breakdown in 2008
Others 2
Personal Risk 31
Savings 59
Pensions 8
17
Improved Profitability Across All Segments

• EBIT/solvency capital ratio

49.9
44.8
23.2
20.7
21.3
20.0
17.9
16.4
Personal risk
Pensions
Savings
2007
2008

• Personal Risklower volumes than for Savings but
  higher margins

18
22 of EBIT Generated Outside France
In m
EBIT France
Total EBIT
?
29
2,369
32
?
International(22 )
519
1,837
1,850
1,850
France (78 )
1,398
2008
2007
2008
2007
EBIT Brazil (Caixa Seguros)
EBIT Italy (CNP Vita)
30
?
- 15
?
408
313
96
81
2008
2007
2008
2007
19
Limited Crisis Impact
In m

• Impact on recurring profit

Total Impact Equities Property
Realised gainsEquities
Realised gainsProperty
Gross Impairment
Net Impairment
AFS (3,024) (412) 135 6 (271)

• Impact on attributable net profit

Realised gains on trading securities
Settledhedges on trading securities
Shadowaccounting adjustments before tax
Fair value adjustments before tax
Net
Tax effect
Total Impact
Trading (5,444) 4,463 399 (582) 170 2 (410)
20
MCEV 70.3/share
In /share
81.3
- 14
In Force
?
25.4
70.3
15.9
ANAV
55,8
55.8
51,45
54.4
31 December 2007 After dividend
31 December 2008 Before dividend

• At 31 December 2008 148,537,823 shares

21
New Business Margin by Country

• Estimated new business value 342m, i.e.
  2.3/share

• New business margin (NB/APE) in 2008 12.4

28.4
23.7
14.4
13.9
13.0
12.9
12.4
10.9
Brazil
Italy
Total
France
2007
2008
22
A Robust, High Quality Capital Base
In m French GAAP
11,041
Subordinated debt
3,702
9,579
115
Equity(1) including capitalisation reserve
(1,606m)
7,339
Estimated required capital, including minority
interests

• Solvency margin based on equity and subordinated
  debt stable (1.17x in 2007)
• Intangible assets at around 8 of net assets,
  significantly below the industry average

(1) Après dividende et déduction des éléments
incorporels
23

• A strong business model
• A strategy backed by strong fundamentals
• FY 2008 results
• Key Themes
• Main international agreements
• CNP and the financial crisis

24
Main International Agreements ITALY

• Italy a new framework for the partnership with
  UniCredit
• Adjusted distribution agreements with UniCredit
  (running until 2017)
• Geographic organisation from November 2008
  redefined exclusive territory

• Equivalent potential (in terms of new money)
• Merger between Xelion Bank and Fineco Bank

25
Italy Strengthened Partnership with Distribution
Network Change in Product Mix

• Exclusive distribution agreements with
  UniCreditextended for three years until 2017
• Improved balance between non-unit-linked and
  unit-linked offerings with the development of
  UniGarantito
• Unigarantito the best-selling non-unit-linked
  product in the range
• Enhanced line-up and product innovation
• Development of a personal risk offer with a
  long-term care option
• Unit-linked offer evolving towards a French-style
  combinednon-unit-linked/unit-linked offer
• Cost saving plan to be launched in 2009
• Information system rationalization
• Tighter day-to-day cost management

26
Main International Agreements BRAZIL

• Brazil long-term exclusive distribution
  agreement with a powerful network
• Agreement until 2021 with Brazils second largest
  public banking network, Caixa Economica Federal
• 4,000 branches throughout Brazil, 9,000 other
  points of sale (lottery ticket sales offices),
• 23 million savers,
• 5.3 million accounts.
• Significant potential for value creation (Caixa
  Seguros 7 million customers)
• Strong growth outlook for Caixa Seguros
• President Lulas growth acceleration plan relayed
  by Caixa
• A robust position in home loan insurance, thanks
  to government measures to kick-start growth

27
Brazil Continued Excellent Outlook in an
Environment Shared by the Global Crisis

• Ongoing winning growth strategy in the Pensions,
  Personal Riskand Loan Insurance segments
• Caixa Economica Federal playing a major role in
  implementing measures to kick-start the economy,
  with priority given to private constructionand
  supporting the home loan market
• Flight to safety Caixa Seguros benefitsfrom the
  status of its partner as a public bank
• There are nevertheless some areas of uncertainty
• Exchange rates a hedging strategy has been
  implementedto protect profits
• Rate of decline in real interest rates

28
Asset Allocation
CNP and the financial crisis

• Total managed assets 218bn excl. unit-linked
  (31 December 2008)

Other 4
Property 3
IFRS before fair value adjustments
Equities 10
Bonds 83

• Allocation in each portfolio based on
  characteristics of corresponding insurance and
  financial liabilities
• Property is under-weighted

29
Bond Portfolio at 31 December 2008 ratings and
issuer category
CNP and the financial crisis

Governments 42.38 Supranational
issuers 1.53 Public sector
11.78 Financial institutions
31.96 Industry, services
8.91 Other 3.44 (o/w ABS
3) _____ 100
Percentages based on carrying amount in the
balance sheet (at amortised cost), totalling
164.65bn
30
Asset-Backed Securities Portfolio
CNP and the financial crisis

• Total ABS portfolio at fair value, at 31 December
  2008 3.9bn (or less than 2 of the total asset
  portfolio excluding unit-linked)
• Of which 1.2bn in CDOs
• Over 75 of ABSs are in policyholder portfolios
• Rating of the entire ABS portfolio

• 50 of ABSs rated BBB and lowered have a capital
  guarantee.
• Underlying assets
• CDOs of investment grade corporate obligations
  the higher credit spreads has led to a decline in
  valuations
• RMBS (France/mainland Europe) no deterioration
  in cash flow except in Spain
• Credit card receivables Positions at maturity
  short and secured

31
CNP exposures to Lehman Brothers, AIG,
Washington Mutual and Madoff
CNP and the financial crisis

• CNP exposure to Lehman Brothers
• Bond portfolio around 100Mn (after
  policyholder participation and tax)
• Equity portfolio no direct exposure, indirect
  exposure not material
• Commercial initiative in Italy to assist clients
  who invested in Index Linked contracts based on
  Lehman Brothers bonds 100Mn
• CNP exposure to AIG
• Bond portfolio 68Mn (after policyholder
  participation and tax)
• Equity portfolio no exposure
• CNP exposure to Washington Mutual
• Bond portfolio 2,5Mn (after policyholder
  participation and tax)
• Equity exposure no exposure
• CNP exposure to Madoff
• No direct exposure
• Limited exposure (fund of funds)

32

• Appendices

33
La Banque Postale
Description

• CNP contributes to La Postes performance
  through
• Product design
• IT system integration
• Marketing strategy input
• Participation of our regional sales agents in La
  Postes marketing strategy
• La Postes restructuring and creation of La
  Banque Postale (2006) have driven faster growth
  (19.6)
• Strong sales of the new Vivaccio range, launched
  in January 2006
• CNP and La Banque Postale operate through a 50/50
  joint venture, Assurposte (for risk products)

2008 premium income Change/2007
11 718,2m -2.5

• French Post Office
• 12m active clients, of whom 3.6m are users of CNP
  products
• 17,025 branches, 6,600 specialised financial
  advisers
• Willingness to further develop new products in
  promising markets with the Postal Bank
• In June 2006, distribution agreement renewed
  through December 2015

Premium income from La Poste
12,102m
12,015m
11,718m
8,865m
- 0.5
- 2.5
7,810m
6,958m
36.5
6,606m
13.3
12.2
GMO Poste Avenir Savings Multi-supports (Unit-li
nked ) Vivaccio
5,872m (66.2 of premium) Managed assets
49,100m
5.3
2003
2004
2002
2005
2006
2007
2008
Based on IFRS
34
Saving Banks
Description

• In 2006, CNP and Caisses dEpargne operated
  through a 50/50 joint venture, Ecureuil Vie.
• In February 2007, CNP has acquired 100 of
  Ecureuil Vie.
• Caisses dEpargne have a strong track-record at
  selling unit-linked products, with outstanding
  product innovation know-how (Nuances 3D
  products)
• A significant growth area is personal risks
  products (Prévoyance)

8,131.5m -20.3
2008 premium income Change/2007
Premium income from the Savings Banks
10,741m
10,200m
9,775m
-0.5
8,482m
8,131m
7,747m
7,189m
9.9
-20.3
15.2
9.5
7.8
2003
2004
2002
2005
2006
2007
2008
Based on IFRS
35
CNP Trésor
Description
CNP Trésor

• CNP has transformed the former French Treasury
  network into a fully dedicated sales force
• Focused on high net worth individuals
• Objectives
• Leverage existing portfolio more effectively
• Extend and streamline product range
• Continue to upgrade the Savings offer
• Maintain pace of growth in unit-linked sales
• Improve client segmentation
• Focus on high-end clients

720.1m -16.5
2008 premium income Change/2007
Premium income from CNP Trésor
982.5m
862.8m
801.9m
790.8m
738.1m
720.1m
605.3m
24.2
-12.2
-8.0
-16.5
30.6
Trésor
-16.8
CNP Trésor
2003
2004
2002
2005
2006
2007
2008
Based on IFRS
36
Specificities of the French life insurance
market

• Life technical reserves (bn)
• Personal insurance premium income (bn)

• Surrenders Very stable over the past 15 years
  (50 of claims), tax penalty discourages clients
  from any massive exit
• BancassuranceMore than 60 of premium income
  comes from banking networks

Source FFSA
37
Breakdown of liabilities by type of contract
At 31 December 2008 (m)
Breakdown
At 31 December 1997 (m)
Breakdown
Unit-linked contracts 33,980.7 14.1 (1)
1,631 2.0
1,631.0
Contracts offering guaranteed rate of return
(gr)0 lt gr lt 60 TME (2) 56,240.0 23.3 27,516.3
33.3
Contracts offering guaranteed rate of return
(gr) 0 110,681.1 45.8 4,330.3 5.2
After 8 years
Contracts offering a higher variable rate of
return 2,965.6 1.2 3,475.8 4.2
Contracts offering a higher fixed rate of return
6170.3 2.6 28,355.5 34.3
Guaranteed rate contracts including dividends
0.0 0 3,277.7 4.0
Others (3) 31,475.3 13.0 13,964.3 16.9
Total 241,513.0 100.0 82,551.1 100.0
(1) Incl. CNP Capitalia Vita (2) TME average
government bond yield (3) Incl. personal risk,
loan insurance, annuities

• Between 1997 and 2008, CNP's exposure to interest
  rate risks on its contracts declined
  significantly, reflecting
• Growth in unit-linked business
• A sharp decline in the proportion of contracts
  offering a higher fixed rate of return
• The increased proportion of contracts offering a
  guaranteed rate of return not exceeding 60 of
  the TME
• CNP Assurances practice rate of return
  guaranteed for 8 or 10 years only, no guarantee
  beyond this period
• These liabilities are matched by assets with
  similar interest rate profiles and the
  commitmentsare adequately covered by technical
  reserves

38
Sustained growth in profit

• Strong, steady growth led by sound growth drivers
• Commissions on premiums
• Commissions on assets under management
• Positive cash-flow from the contracts first year
  on
• No deferred acquisition costs

?
-3
31
?
1 178
?
23
1 140
948
15
?
?
8
2
?
2.85
8
?
724.7
Recurring net profitin m
12
?
629.3
2.30
571.1
582.6
1.91
528.3
470.9
1.66
1.53
1.49
Dividendin / share
1.39
1.08
Payout ratio
36
36
36
36
36
36
36
36
2001
2002
2004
2000
2003
2005
2006
2007
2008
French Gaap
IFRS Gaap

• Under IFRS, the dividend is based on net profit
  before fair value adjustments

39
Managing a Sharp Rate Fall the Japanese scenario

• Asset yield projected over 10 years with income
  reinvested in 1 or 2 fixed rate bonds from
  2008, assuming flat stock prices
• In force business at end-2008, surrenders and
  payments taken into account

CNP Group on a 100 basis
Asset yield with income
...reinvested at 2
...reinvested at 1
Guaranteed yield
40
Resilient embedded value
77.8
70.3
MCEV 70.3 /share Before dividend
69.85
61.4
After dividend After goodwill/share
54.9
In force EEV
50.1
15.9
45.5
43.5
43.4
42
39.5
54.3
Net assetvalue
1999
2000
2001
2002
2003
2004
2005
2005
2006
2007
2008 MCEV
2008
Number of shares as of 31 Dec. 2008 148 537 823
The net asset value used to calculate EV is net
asset value less the value of the portfolio
acquired (Caixa Seguros, CNP Capitalia Vita)and
the deferred tax assets in Brazil
41
Sustainable development

• Socially responsible investor
• Quarterly SRI review of the entire proprietary
  portfolio (conducted jointly with Natixis AM)
• Governance, human resources, environmental and
  CSR policies
• Participation in all shareholders meetings in
  France, extension to the rest of the EU
• Four-fold increase in policyholder investment in
  SRI unit-linked funds over past two years
• CNP Assurances now included in two leading SRI
  indices
• ASPI Eurozone
• ECPI Ethical

42
Stock performance since 1999
Since 1999, CNP share price multiplied by 2
CNP
CAC 40
DJ insurance
43
Disclaimer

• "Some of the statements contained in this
  document may be forward-looking statements
  referring to projections, future events, trends
  or objectives which, by their very nature,
  involve inherent risks and uncertainties. Actual
  results could differ materially from those
  currently anticipated in such statements by
  reason of factors suchas changes in general
  economic conditions and conditions in the
  financial markets, legal or regulatory decisions
  or changes, changes in the frequency and amount
  of insured claims, particularly as a result of
  changesin mortality and morbidity rates, changes
  in surrender rates,  interest rates, foreign
  exchange rates,the competitive environment, the
  policies of foreign central banks or governments,
  legal proceedings, the effects of acquisitions
  and the integration of newly-acquired businesses,
  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. CNP Assurances
  does not undertake to update any forward-looking
  statements presented herein to take into account
  any new information, future event or other
  factors."
• "The English language version of this document is
  a free translation from the original, which was
  preparedin French. All possible care has been
  taken to ensure that the translation is an
  accurate representationof the original. However,
  in all matters of interpretation of information,
  views or opinions expressed therein,the original
  language version of the document in French takes
  precedence over the translation."

44
Investor relations teamJim Root
Jim.root_at_cnp.fr33 1 42 18 71 89 Jean-Yves
Icolejean-yves.icole_at_cnp.fr33 1 42 18 94
93CNP Assurances4, place Raoul Dautry75716
Paris Cedex 15infofi_at_cnp.fr
www.cnp-finances.fr