NATIXIS_REGISTRATION_DOCUMENT_2017

1 PRESENTATION OF NATIXIS Natixis’ businesses

Natixis’ Insurance division had 1,601 full-time equivalent (FTE) employeesat the end of 2017, comparedto 1,567 at the end of

2016. The Insurancebusiness’stotal revenue from direct sales

exceeded€11.7 billion in 2017.

The Insurancedivisionis composedof severallegal entities(excludinginvestmentvehicles):

Share of ownership

Group company

Legal form

Location France France France France

Share of voting rights

Natixis Assurances

Joint stock company Joint stock company Joint stock company Joint stock company Joint stock company

100% 100% 100% 100% 100%

100% 100% 100% 100% 100%

BPCE Vie

BPCE Prévoyance BPCE Assurances

Natixis Life BPCE APS

Luxembourg

Simplified joint-stock company France

50%

50%

BPCE Relation Assurances EIG

Economic Interest Group

France France

100%

100%

BPCE IARD

Joint stock company Joint stock company

49.48%

49.48%

ADIR

Lebanon

34% 51%

34% 51%

Ecureuil Vie Développement

Simplified joint-stock company France

The Group’sfive largestentitiesare: BPCE Vie, a mixed insurance company that offers a a comprehensive range of policies and agreements with commitmentsthat are tied to the length of the policyholder’s life. BPCE Vie accounts for the majority of the Personal Insurancebusiness’sworkforceand providesthe other entities of the Insurancedivision with various resources necessaryfor operatinginsuranceactivities; BPCE Prévoyance, a non-life insurance company whose a operations include insurance coverage for accidents, sickness and differentforms of financialloss; BPCE Assurances,a non-life insurance company that offers a a full range of property and casualty insurance products (auto insurance, multi-risk home insurance, personal accident coverage, health insurance, legal protection and business and personalprotectioninsurancefor professionals); Natixis Life, a Luxembourg-basedlife insurance company that a offers life insurance and investment solutions to high net-worthcustomers; BPCE IARD, a non-life insurance company that offers a full a range of property and casualty insurance products (auto insurance, multi-risk home insurance and legal and multi-risk coveragefor professionals). In geographic terms, most of the Insurance division’s activity is concentratedin France and handledby companiesestablishedin France. However, the Personal Insurance business line owns a Luxembourg-basedentity that focuseson life insuranceproducts for Wealth Management clients. This entity is a client of the BPCE networks and non-Group entities in various European Union countries. It also owns an entity in Lebanon through an equity interest in a subsidiary in partnershipwith a local private bank. The Insurance division was created in 2014 in line with Groupe BPCE’s strategy of becoming a fully-fledged bancassurance player primarily serving clients from the two main banking networks of Groupe BPCE: the Banque Populaire banks and Caisses d’Epargne.This ambition resulted in three operationsof structuralimportance:

in March 2014, Natixis Assurances acquired 60% of BPCE a Assurances, a non-life insurance company created to serve customersof the Caisse d’Epargnenetwork.Along with BPCE IARD (49.5%-owned, focused on serving Banque Populaire customers), this acquisition enabled the formation of the non-life insurancebusiness,with BPCE Assurancesin a central operationalrole; on November 16, 2017, Natixis Assurances purchased an a additional 40% stake in BPCE Assurances from Macif and Maïf. This operation,which made Natixis Assurancesthe sole shareholder of BPCE Assurances, was in line with the New Frontier strategic plan, which seeks to create a single insurance division within Natixis to serve Groupe BPCE’s strategy of becoming a fully-fledged and leading bancassuranceplayer. It also contributedto keeping the value createdin non-lifeinsurancewithinthe Company; in the first quarter of 2015, GroupeBPCE and CNP Assurances a finalized the renegotiation of their partnership. As such, effective January 1, 2016, the distribution of life insurance policies for retirement savings and personal protection insurance, handled by the Personal Insurance business line, was extendedto the Caissed’Epargnenetwork. Natixis’ Insurance division, through its different operational entities, now offers a comprehensiverange of life and non-life insurancepolicies,with the BanquePopulairebanks and Caisses d’Epargne the main contributors to the business. On occasion, distribution partnerships have been entered into with third parties related to customer segments and coverage not considered to be a core part of the division’s development strategy. In 2013, echoing its strategy to prioritize the allocation of its resources toward harnessing the full potential of the Banque Populaire and Caisse d’Epargne networks, Natixis Assurances decided to discontinue its life insurance business developed via CGPI (independentwealth managementadvisors) and private banks in view of the major investments needed to developa marketsegmentcharacterizedby low unit marginsand considering the large positions acquired by the established players in this sector. An agreement has been reached to sell this portfolio, which represents €583 million in assets. The completionof this sale is subjectto approvalby the ACPR.

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Natixis Registration Document 2017