NATIXIS // 2021 Universal Registration Document

4 COMMENTS OF THE FISCAL YEAR

Management report as of December 31, 2021

Insurance 4.2.2.3

2020 pro forma

2021

Change 2021 vs. 2020

(in millions of euros)

964

904

6.7% 5.1% 8.4%

Net banking income

Banking operating expenses Gross operating income

(515)

(490)

450

415

Cost of risk Net operating income

450

415 (17)

8.4%

Associates

7

Gains or losses on other assets Change in the value of goodwill Pre-tax profit Net income (Group share)

456 331

398 274

14.8% 21.1%

Cost/income ratio Equity (average)

53.4% 1,051 31.5%

54.1%

924

ROE

29.6%

Earned premiums increased by 8% to €1.8 billionwith strong growth in activity for both the Banque Populaire network (+11%) and Caisse d’Epargne (+6%). Growth was driven by the core offering, with auto insuranceup +11%, multi-riskhomeowners’ insuranceup +10%, Pers. acc./Multi-risk acc. insurance up 7%, in line with growth in the portfolio and updated rates. Net banking income for Insurance businesses totaled €964 million, up 7% compared with 2020, resulting from: growth of 10% in net banking income from Personal insurance, V which benefited from the 12% increase in Life insurance investments and the rise in the financial markets. Net revenue growth also benefited from the strong performance of the Personal protection and Payment protection insurance activities, with notably an improvement in lost-time claims; the decline of 5% of net banking income in Non-life insurance, V which is linked to the deterioration of the loss ratio; the non-renewal of the exceptional contribution of €14 million to V the COVID Solidarity Insurance Fund implemented by the government and recorded in the first half of 2020. Operating expenses stood at €515 million, up 5%. This change helped to support business growth. Gross operating income rose 8% to €450 million. At 31.5%, the division’s ROE improved by 1.9 points compared to 2020.

2021 was marked by very dynamic commercial activity in both business lines. With €11.3 billion in premiums in direct business, the collection of Life insurance recorded a sharp rebound (+39%) compared to 2020. Inflows are thus back at a higher level than before the health crisis: +12% compared to 2019. Premiums on unit-linked assets grew by 51% and totaled €4.4 billion. They accounted for 38.5% of total gross inflows, up 3.2 points compared to 2020, and 0.4 points higher than the market average at end-November. Gross inflows invested in the euro fund increased by 32% to reach €6.9 billion. At €1.2 billion, contributions to Personal protection and Payment protection insurance increased at a sustained pace (+15%). Premiums on Personal protection insurance rose 11%, mostly driven by the Caisse d’Epargne network (+19%) which now represents 42% of the business. Payment protection insurance premiums were up by 17% thanks to the commercial dynamismof the networks and the change in the co-insurance share of new business since January 1, 2020 (from 34% to 50%). In Non-life insurance , the portfolio reached 6.8 million contracts, an increase of 6%, driven by the sales momentum in both networks in both the retail and professional markets. Gross sales, up by 15%, confirmed a “shift in gear” due to the successful deployment of the new Auto and MRH offers.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2021