NATIXIS // 2021 Universal Registration Document

1 NATIXIS OVERVIEW Natixis business lines

Insurance division’s operating environment Launched in July 2021, the BPCE 2024 strategic plan aims to accelerate the deployment of responsible insurance solutions for network clients by capitalizing on the investments made with the following priorities: accelerate property & casualty and personal protection insurance V and roll out innovative life insurance and healthcareofferings; position the general fund on a more proactive trajectory than the V Paris agreement and promoting SRI UC. (target: +2°C by 2024 and +1.5°C by 2030); continue to invest in client experience and operational efficiency: V offer client and advisor experiences of the highest standard, notably based on the potential of data and digital technology, and improve management ratios. Over the last few years, the Insurance division has been operating in unprecedented market conditions: macroeconomic and financial shifts have resulted in the implementationof monetary policies with significant impacts on life insurance policies for pension savings, and, to a lesser extent, for the non-life insurance business. In particular,historically low interest rates, which are the main source of revenue for life insurance players, have led to significant changes in product and investment strategies: life insurance products aimed to improve the sharing of outcomes V among the various stakeholders in order to ensure balance between sustainable business competitiveness and solvency protection in the medium term; a variety of commercial initiatives targeted at end-clients and the V business provider networks, aimed at increasing the share of inflows and assets invested in unit-linked products; the steady decline in returns from traditional fixed-rate assets has V led to a number of changes in asset management policy: the diversification of fixed-income investments towards private V debt, the gradual reallocation of the equity bucket towards V recurring-dividend shares, development of a bucket for unlisted investments in Private V Equity and real assets. In addition, the insurance business is monitored via prudential and regulatory oversight, a process that has seen significant changes: since 2016, the Solvency II directive has defined the prudential V framework within which Natixis Assurances and its subsidiaries operate. Its implementation has led to a change in the organization, operating methods and the system for assessing the minimum capital adequacy required by the activities;

similarly, regulations have come into force in the insurance sector V recently (PRIIPS, IDD, GDPR, easier termination of payment protection insurance), all of which are likely to lead to changes to products and operating procedures; finally, the forthcoming entry into force of IFRS 9 and IFRS 17 V will require the Insurance division to adapt its financial and technical management; Natixis Assurances is continuing its preparatory work for the application of these standards expected on January 1, 2023. Lastly, the rapid development of digital technologyand its application in the development of new methods of distribution and client interaction is a source of opportunities that the Insurance division is closely monitoring. Accordingly, it has pursued a policy aimed at: digitizing its management processes: the business line intends to V continue the digitization and automation of low value-added processes, in order to position itself among the most efficient players in terms of management costs in relation to outstandings. In Personal Insurance, a multi-site, multi-brand client relationship model has been operational since 2018, with the same organization, tools and client relationship processes for the Banque Populaire banks and the Caisses d’Epargne. A platform for managing estates was also created; adapting subscription processes to incorporate new digital tools V and client behaviors. A significant share of non-life subscriptionsis already carried out and formalized remotely using an electronic signature. Steps are being taken to anticipate and prepare for the rapid development of these approaches; intensifying the quality of the relationship model with our clients, V in order to be recognized as a leader in client orientation by employees. Maintaining excellent quality of service from the relational platforms to clients and advisors is a major challenge, with a target of Net Promoter Score with the best market standards; continuing to adapt informationsystemswith a view to operational V efficiency and improved quality of service: efficiency of the relationship platforms and the information system. Wishing to put data at the heart of the model, in the service of development, client satisfaction, the employee experience and operational efficiency, developmentsare carried out to continue to open up the IS architecture and open up to new distribution and revenue models by 2024; outsourcing low-value-added operations to address variations in V business activity or to process specific operations for which adequate in-house skills or expertise is not immediatelayvailable; Natixis Assurances’ strategy for these two business lines is therefore to develop a sustainable level of business activity, by maintainingthe right balance between price competitivenessand the preservationof fundamental technical parameters.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2021