NATIXIS - Universal registration document and financial report 2019

PRESENTATION OF NATIXIS Natixis’ businesses

of GAPC on the aforementioned date. Since June 30, 2016, in view of the current value of the option (see "TRS" and "Option" below), Natixis has not recorded any capital savings on assets hedged by the TRS (as described below). In December 2019, by mutual agreement with BPCE, the two banks terminated the financial guarantee, which became void for Natixis as it could no longer call up the guarantee. Nevertheless, the parties agreed that Natixis will continue to owe BPCE 85% of any moneys collected on the guaranteed assets for a period of three years from the termination of the guarantee. At the same time, the parties terminated all other agreements entered into in respect of the guarantee mechanism established in 2009, i.e. the TRS and the agreements covering the governance of the guarantee.

Miscellaneous: other run-off

1.2.2.5

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activities In 2008, Natixis established the GAPC division structure (Gestion Active des Portefeuilles Cantonnés — Workout Portfolio Management) in order to (i) isolate the assets that were most impacted by the crisis and that were no longer deemed to fit the new strategic direction of Natixis, and (ii) progressively offload these assets by means of active management, ensuring the proper balance between speeding up the return of capital and the resale price of the assets. The drastic run-off of assets led to the closure of GAPC on June 30, 2014. Since July 1, 2009, a portion of the GAPC portfolios has been covered by a guarantee from BPCE. The monitoring system and guarantee mechanism remain strictly unchanged since the closure

Insurance 1.2.3 Insurance division

The Insurance division consists of a holding company, Natixis Assurances, which owns various operating insurance subsidiaries that develop and manage a comprehensive range of insurance solutions for individuals and professionals. The division is structured as two large business lines and one activity common to all of Groupe BPCE: the Personal Insurance business, which focuses on the V development of portfolios for life insurance, investment and retirement savings, and a very wide range of personal protection coverage (death benefit, work cessation and dependency) and payment protection solutions;

the Non-Life Insurance business, which develops portfolios for V motor and multi-risk home insurance, personal accident insurance, legal protection, healthcare, and property and casualty insurance; Corporate Solutions handles Groupe BPCE insurance matters that V are not dealt with by its own insurance subsidiaries, e.g. the Group’s insurance program. Natixis’ Insurance division had 1,880 full-time equivalent (FTE) employees at the end of 2019, compared to 1,741 at the end of 2018. The Insurance business generated total revenue from direct sales of €12.7 billion in 2019.

The Insurance division comprises several legal entities (excluding investment vehicles):

Group company Natixis Assurances

Legal form

Location

% voting rights

% of ownership

Joint stock company Joint stock company Joint stock company Joint stock company Joint stock company Economic Interest Group Joint stock company Joint stock company Simplified joint-stock company Simplified joint-stock company

France France France France France France France

100% 100% 100% 100% 100%

100% 100% 100% 100% 100%

BPCE Vie

BPCE Prévoyance BPCE Assurances

Natixis Life BPCE APS

Luxembourg

53%

53%

BPCE Relation Assurances

100%

100%

BPCE IARD

50% 34% 51%

50% 34% 51%

ADIR

Lebanon

Ecureuil Vie Développement

France

The Group’s five biggest entities are: BPCE Vie, a mixed life insurance company that offers all types V of policies and agreements with commitments linked to the length of the policyholder’s life. It accounts for most of the Personal Insurance business workforce and provides other the entities of the Insurance division with the resources they need for their operations; BPCE Assurances, a non-life insurance company that offers a full V range of property and casualty insurance products (auto insurance, multi-risk home insurance, personal accident coverage, health insurance, legal protection and business and personal protection insurance for professionals);

Natixis Life, a Luxembourg-based life insurance company that V offers life insurance and investment solutions to high net-worth customers; BPCE Prévoyance, a non-life insurance company whose operations V include insurance coverage for accidents, illness and different forms of financial loss; BPCE IARD, a non-life insurance company that offers a full range V of property and casualty insurance products (auto insurance, multi-risk home insurance and legal and multi-risk coverage for professionals).

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2019