from CREDIT COOPERATIF
Investor presentation Crédit Agricole Assurances 30.06.2024
CRÉDIT AGRICOLE
ASSURANCES
INVESTOR PRESENTATION
Data and figures at end of June 2024
C A A I N V E S T O R S R E L A T I O N S
DISCLAIMER
This document has been prepared by Crédit Agricole Assurances S.A. for information purposes only and is available on its website (https://www.ca-assurances.com/en/investors/). It is not to be reproduced by any person, nor to be forwarded or distributed to any person unless so authorised by Crédit Agricole Assurances S.A.. Failure to comply with this directive may result in a violation of the Securities Act of 1933 as amended (the Securities Act), or the applicable laws of other jurisdictions. None of Crédit Agricole Assurances S.A. or its affiliates, advisers, dealers or representatives takes any responsibility for the use of these materials by any person.
No representation or warranty expressed or implied is made as to the fact that the entire information within this document has been subjected to a full independent review, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information or opinions contained herein. Unless otherwise specified, the sources for the business rankings and market positions are internal. The information in this document relating to parties other than Crédit Agricole Assurances S.A. or taken from external sources has not been subjected to independent verification. None of Credit Agricole Assurances S.A. or its affiliates, advisers, dealers or representatives, or any other person, shall have any liability whatsoever (in negligence or otherwise) for any loss arising from any use of this document or its contents or otherwise arising in connection with this document.
Without limiting the foregoing, this document is not an offer to sell or the solicitation of an offer to purchase or subscribe for securities in the United States nor in any other jurisdiction, and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Crédit Agricole Assurances S.A. does not intend to register any portion of any offering in the United States or to conduct a public offering of securities in the United States.
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Forward Looking Statements
This communication contains forward looking information and prospective statements about Crédit Agricole Assurances S.A. that are not historical facts. These statements may include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance and has been developed from scenarios based on a number of economic assumptions in the context of a given competitive and regulatory environment (including but not limited to applicable accounting principles and methods and the applicable prudential regulations). Such statements do not represent profit forecasts and estimates within the meaning of the COMMISSION DELEGATED REGULATION (EU) 2019/980 of 14 March 2019. Forward looking statements may be identified by the words “believe”, “expect”, “anticipate”, “target” or similar expressions. Although Crédit Agricole Assurances S.A.’s management believes that the expectations reflected in such forward looking statements are reasonable, investors are cautioned that forward looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Crédit Agricole Assurances S.A. that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward looking information and statements. Crédit Agricole Assurances S.A. undertakes no obligation to publicly revise or update any forward-looking statements given as at the date of this document in light of new information or future events. More detailed information on the risks that could affect Crédit Agricole Assurances S.A.’s financial position and results can be found in the section “Risk Factors” in our Universal Registration Document filed with the French Autorité des Marchés Financiers (available here). Readers must take all these risk factors and uncertainties into consideration before making their own judgement.
Presentation of financial information
The figures presented in this document have been prepared in accordance with International Financial Reporting Standards, as adopted in the European Union (“IFRS”). IFRS 17 “Insurance contracts” is mandatorily applicable for reporting periods beginning on or after 1 January 2023. Comparative information as at and for the year ended 31 December 2022 has been restated when relevant.
Some figures presented in this document have been subject to rounding adjustments. Accordingly, in certain instances, the totals shown for a column or row in tables may not conform exactly to the arithmetic sum of the figures presented.
SUMMARY
1 COMPANY OVERVIEW 2 A ROBUST BUSINESS MODEL | P.5 6 AMBITIONS 2025 P.11 7 APPENDICES | P.29 P.33 |
3 |
SOLVENCY & CAPITAL P.14 8 CAA CONTACT LIST P.40
MANAGEMENT
4 |
DISCIPLINED RISK P.18 9 NOTES P.42
MANAGEMENT
5 ESG STRATEGY AND AMBITIONS P.24
KEY MESSAGES
CRÉDIT AGRICOLE ASSURANCES – KEY MESSAGES
INVESTOR PRESENTATION
CHAPTER 1
COMPANY OVERVIEW
CRÉDIT AGRICOLE ASSURANCES (CAA): KEY ITEMS
€23.1bn in premiums1 for H1-24 +11.2% vs H1-23 |
€16.7bn, +13% |
€2.7bn, +7% |
€3.7bn, +7% |
SAVINGS / RETIREMENT
DEATH & DISABILITY CREDITOR
GROUP INSURANCE
PROPERTY & CASUALTY
€1,033m, +9% |
200%, -15 pts |
€337.9bn, +2% |
Strong Financial Profile
• Net income Group share (vs H1-23)
• Solvency II ratio2 (vs Q4-23)
• Life insurance outstandings3(vs Q4-23)
See notes on page 42 and following
INVESTOR PRESENTATION
CAA: A SIZEABLE ASSET WITHIN THE CRÉDIT AGRICOLE
GROUP
A significant part of Crédit Agricole S.A.1 | CAA Group revenues by distribution model2 |
86% |
9% |
5% |
Bancassurance model: distribution of personal insurance, property & casualty and creditors insurance in Crédit Agricole group’s banking networks in France, Italy and Poland.
|
22% 
See notes on page 42 and following
CRÉDIT AGRICOLE ASSURANCES: PROFILE IN FRANCE
• 
Very well positioned in France, particularly in individual Death
& Disability, Creditor insurance, Life insurance and Retirement
• Strong prospects in Property & Casualty
Improving our market shares in France, almost exclusively through organic growth
Size of the French non-life market and CAA's positioning
#1 #1 #2
Retirement bancassurer Individual Death & Disability Creditor insurer in France9 insurer in France10 in France11
PROPERTY & CASUALTY12
#1 Equipment rates:
} 43.5%15 in French Regional Banks
Home, car and health } 27.8%15 in LCL bancassurer in France14
See notes on page 42 and following
CRÉDIT AGRICOLE ASSURANCES: INTERNATIONAL PROFILE
|
|
CAA distributes its Life insurance, Property & Casualty, and Creditor insurance The recent acquisitions and distribution agreement with Banco BPM
See notes on page 42 and following
WORKING EVERY DAY IN THE INTEREST OF OUR
CUSTOMERS AND SOCIETY
Expanding offers and services to cover all customer needs, for
instance through the launch of the first Article 9 Euro fund on the market by Spirica in May 2024 or a more inclusive home-insurance in June 2024, the 2023 integration into Ma Banque1 and LCL Mes Comptes of the car quote and multi-risk home insurance subscription (following on the multi-risk home insurance quote that was already integrated), or the Pacifica / Mobilize Financial Services partnership signed in 2022.
Accompanying our customers in their retirement, with the creation
in 2022 of Crédit Agricole Assurances Retraite, our Group Pension Fund (Fonds de Retraite Professionnel Supplémentaire – FRPS), which supports Crédit Agricole Assurances' longterm development ambitions in this supplementary pensions market.
Expanding our core businesses to accompany our customers
internationally, with some recent examples of new or strengthened partnerships: Banco
BPM, Abanca Seguros Generales…
See notes on page 42 and following
CHAPTER 2
A ROBUST
BUSINESS MODEL
02. A ROBUST BUSINESS MODEL
DIVERSIFIED BUSINESS MIX AND SOLID LIFE
INSURANCE OUTSTANDINGS
Group premiums by activity | Savings & retirement – Net inflows |
See notes on page 42 and following 
Euro 
Unit-Linked
INVESTOR PRESENTATION
02. A ROBUST BUSINESS MODEL
STRONG AND RECURRING PROFITABILITY
CAA Net Income Group Share (IFRS 17) | Net combined ratio2 evolution |
Net Income Group Share Net Income Group Share restated
97.1%
95.9%
• Profitable growth 94.7% 94.6%
➢ Net combined ratio under 100%
• Expansion of the portfolio 93.8%
Q1-23 H1-23 9M-23 FY-23 Q1-24 H1-24
+162 | +133 | +542 | +540 | +533 | +525 |
One year portfolio growth
(thousand policies)
CSM roll forward and evolution
• 
Contribution from new business, driven by an increased activity exceeding the CSM release
• Economic variance notably due to the
rise in interest rates over the first half of the year.
• Annualized CSM allocation factor: 8.7%
CHAPTER 3
SOLVENCY &
CAPITAL MANAGEMENT
A STRONG SOLVENCY II RATIO OVER THE YEARS
Solvency II ratio evolution | Solvency II ratio sensitivities as of Dec. 2023 |
Dividends impact 
S2 ratio
224% |
204% |
215% |
+19%
+27% +11%
Dec. 2022 Dec. 2023June 2022
Solvency ratio at a high level:
 |
Net of the estimated dividend related to H1 2024 results
June 2023 June 2024
• The Solvency II prudential ratio was estimated at 200% at 30 June 2024, demonstrating the strength of CAA.
• CAA has maintained a high level of solvency over time despite strong dividend distributed to shareholder (recurrent and/or exceptional).
CAA SOLVENCY CAPITAL REQUIREMENT (SCR) AND
CAPITAL STRUCTURE AT THE END OF JUNE 2024
Breakdown of the Solvency Capital Requirement1 | Eligible own funds |
In € billion
26.7 | 0.1
| Other Surplus funds Reconciliation reserve Ordinary share capital & share premium associated | |||||
Tier 2 4.4 | |||||||
Restricted Tier 1 | |||||||
1.3 Unrestricted Tier 1 | |||||||
21.0 | |||||||
Surplus 13.4 |
SCR 13.3 |
Market risk
Counterparty default risk
Life underwriting risk
Non-life underwriting risk
Health underwriting risk
Operational risk
• Use of the Standard formula
• No transitional measures applied
• Inclusion of the eligible policyholder participation reserve (PPE) in surplus funds
• Unrestricted and restricted T1 cover 167% of SCR; Tier 2 represents 33% of the SCR
• Group’s subordinated debt valued at €5.7 billion under Solvency II, of which €284 million held by Crédit Agricole Group
See notes on page 42 and following
16 INVESTOR PRESENTATION – AUGUST 2024
SUBORDINATED DEBTS BREAKDOWN AND FINANCIAL STRENGTH RATING
Breakdown of the subordinated debts1
NB: The indication of the first call
Tier 1 - external 
Tier 2 - external 
Tier 2 - intra-group date is not an indication of the
Crédit Agricole Assurances main subsidiaries Last review: 29th November 2023 |
A+ / Stable outlookissuer’s intention to call or not to call the instruments
CHAPTER 4
DISCIPLINED RISK
MANAGEMENT
FLEXIBILITY TO SERVE ATTRACTIVE CREDITING RATES TO CLIENTS
Average minimum guaranteed rate1 | Portfolio yield | Predica crediting rate vs market |
4.2%
0.16%2,8%
2021 2022 2023 
Ability to adapt our crediting rates
€8.7bn €9.2bn
30.06.2024 30.06.2024
Unrealised gain on CAA’s Policyholder participation diversification investments reserve****(PPE)
• Strong customer loyalty with an annualised surrender rate of 5.6% at H1-24 • Part of the bond portfolio covered by caps
A REINSURANCE POLICY IN LINE WITH OUR RISK APPETITE
Cautious policy on technical risks |
Rigorous approach to counterparty risk |
• 
Capital protection
• Control over the volatility of the result
• Annual analysis of ceilings and coverage
• Optimization of the coverage/price ratio challenged by brokers and internal analysis
• Relationship with reinsurers meeting a minimum financial strength criterion (A-)
• Rules for diversifying reinsurers and limiting the concentration of premiums ceded
• Securing the provisions ceded by means of standard collateral clauses
A PRUDENT AND DIVERSIFIED ASSET ALLOCATION
Breakdown of General Account investments by asset class1 | Bonds portfolio by rating |
45%
40%
35% 30%
25%
20%
15%
10%
5%
0%
FLEXIBILITY TO SERVE ATTRACTIVE CREDITING RATE TO CLIENTS
|
|
France
Italy
Austria
Belgium
Spain
Other countries
SOLID SOLVENCY II RATIO AND LIMITED SENSITIVITY TO SOVEREIGN RISK
CAA’s exposure to French sovereign risk(1)
91% of total French sovereign risk is accounted with VFA model under IFRS 17 (related to Savings, Retirement and Funeral liabilities scope) with no material impact on net income due to symmetrical valuation effects on assets and liabilities
30.06.2024 (in € billion) | VFA model (3) (Variable Fee Approach) | Total assets on other models(3) | Total CAA |
French sovereign risk (including assimilated)(2) | 42.8 | 4.1 | 46.9 |
Net impact at end 2023 on the measurement of insurance and reinsurance contracts and Financial investments
Risk-free rates +100 bps
Risk-free rates -100 bps
CSM |
Net income |
Higher impacts on CSM while remaining High level of solvency
Impacts on net income very limited
largely absorbable by the group in each regulatory scenario
CHAPTER 5
ESG STRATEGY AND AMBITIONS
05. ESG STRATEGY AND AMBITIONS
INSURANCE, A FUNDAMENTAL PART OF THE CRÉDIT AGRICOLE GROUP'S RAISON D'ÊTRE
ACT EVERY DAY IN THE INTEREST OF OUR CUSTOMERS AND SOCIETY
As an insurer, our mission is to support all our customers to meet all their needs, at every stage of their lives ➔ we are a universal bancassurer
As a leader in our markets and a major investor, we have the ability and the responsibility to act and to have a positive impact on our customers and on society.
Thanks to our employees, the strength of our Group and our partner banks, we are multiplying the impact of our actions to work in favour of the climate, inclusion and the agricultural and agri-food transition
THREE PRIORITIES OF THE GROUP'S SOCIAL PROJECT CAA: A CSR STRATEGY AT THE HEART OF ITS BUSINESSES
RESPONSIBLE RESPONSIBLE
INVESTOR COMPANY
Taking into account the social and environmental
Integrating environmental impacts of our business and and social criteria into our focusing on the investment decisions
development of our employees
05. ESG STRATEGY AND AMBITIONS
CRÉDIT AGRICOLE S.A.’S NON-FINANCIAL RATINGS
CHAPTER 6
AMBITIONS 2025
06. AMBITIONS 2025 Crédit Agricole Group model
A WINNING FORMULA CREATING THE BANK OF STRONG AND LASTING RELATIONSHIPS
Constantly renewed potential for organic growth, driven by customer acquisition, customer equipment and the development of offers
See notes on page 42 and following
06. AMBITIONS 2025
CAA | EXPANDING OFFERS AND SERVICES TO 2025 Targets
COVER ALL CUSTOMER NEEDS, PARTICULARLY IN
HEALTH AND RETIREMENT
Comprehensive and service-oriented Health insurance approach
• Health insurance for all markets (seniors, small business owners & self-employed professionals, corporates) and new segments (students, public sector)
• A single individual and group Health Platform providing 100% digitised customer journeys and access to a services and care ecosystem
Complete offer for Seniors and Retirement
• 
A range of “ageing well in the future” solutions: insurance, assistance and services, capitalising on Europ Assistance France and Nexecur
• Digital advisory platform on retirement planning
• Crédit Agricole Assurances Retraite, new insurance company dedicated to retirement, to accelerate the development of this activity
CSR: Core of our offers and business model
• 
Responsible offers, in line with our NZIA5 commitments (e.g., insurance for low-impact mobility) and reduction in our investment portfolio's carbon emissions (NZAOA6 commitments)
• Entry-level offers, affordable for all (EKO)
• Strong positioning on Crop insurance and prevention, supporting the agri-food transition
Best-in-class digital customer journeys
+40%
Health beneficiaries1
€23bn
Retirement outstandings2 x2
Outstandings on certified responsible unit-linked funds3
Corporates GWP
14W
Installed capacity in renewable energy4 financed by CAA
Equivalent to the average consumption of over
5 million households
• Increasing visibility and use of digital bancassurance journeys
• 
Personalising the customer relationship and improving equipment rates and satisfaction using data
See notes on page 42 and following
20%
Of P&C underwriting in self-care7
 |
CHAPTER 7 APPENDICES
CRÉDIT AGRICOLE ASSURANCES (CAA): 2023 KEY ITEMS
€37.2bn in premiums1 in 2023 +6%2 vs 2022 |
€26.4bn, +4% |
€5.1bn, +8%2 |
€5.7bn, +9%2 |
SAVINGS / PENSIONS
DEATH & DISABILITY CREDITOR
GROUP INSURANCE
PROPERTY & CASUALTY
• Ireland: Pan-European management platform
Strong Financial Profile
• IFRS Net income Group share at end-2023 €1.8bn, +21%2
• Solvency II ratio3 at end-2023 215%, +11 pts
• Life insurance outstandings4 at end-2023 €330,3bn, +3%
See notes on page 42 and following
 |
CRÉDIT AGRICOLE GROUP PERIMETER
CRÉDIT AGRICOLE GROUP KEY FIGURES
Rankings and key figures 
2. The Banker 2023
3. L’Argus de l’assurance, 13 December 2023 (data at end-2022)
4. IPE « Top 500 Asset Managers », June 2023
5. The 2023 World Cooperative Monitor, January 2024 (in revenues)
CRÉDIT AGRICOLE GROUP INSURANCE COMPANIES
Simplified organizational chart (December 2023)
In France,
• 
Life insurance and Death & CACI develops creditor disability activities, with insurance worldwide
Predica, CAAR and Spirica Presence in several
• Property & casualty insurance countries, mainly Italy and activity led by Pacifica Luxembourg
OUR STORY
Acquisition of 65% of the
Natural extension of Development of Acquisition of 50% of the share capital of Vera banking network’s Creditor insurance Launch of the Group life share capital of Europ Assicurazioni, Vera savings business business managed insurance offering Assistance Protezione and Banco BPM into life insurance from Dublin Assicurazioni in 10 countries Increased Banco BPM
ownership Life insurance partnership
Life insurancePredica Creditor insuranceCACI of CA Vita (Italy) to 100% partnership with Credito Valtelinese S.p.A. (Italy) AssistanceEurop P&C, personal protection, creditor insurance
1986 1990 2006 2008 2011 2012 2014 2017 2018 2020 2021 2022 2023
Pacifica Spirica CA Insurance Abanca Crédit Agricole
Property & Casualty Life insurance Poland CA Zycie Assurances Retraite
Creation of Life Life insurance
insurance
Crédit Agricole Creation of a subsidiary
Development Life Japan Diversification Creation of Crédit •Creation of CA Zycie, life insurance in dedicated to retirement of and enhanced Agricole Insurance Poland products
Property & presence at top Poland (Non-life •Creation of Abanca Seguros
Casualty of range and on insurance in Poland) Generales (Non-life insurance in business web Spain) with 50% of capital owned
•Increased ownership of Mudum
Seguros to 100% of the share capital
(Non-life insurance in Portugal)
•Launch of the Property & Casualty commercial lines
CHAPTER 8
CAA CONTACT LIST
08. CONTACT LIST
CAA CONTACT LIST
CAA Investors Relations | relations.investisseurs@ca-assurances.fr |
Yael Beer-Gabel Head of Financial Communication, Rating & Investors relations | yael.beer-gabel@ca-assurances.fr |
Gaël Hoyer Financial Communication, Rating & Investors relations manager | gael.hoyer@ca-assurances.fr |
Sophie Santourian Financial Communication, Rating & Investor relations manager | sophie.santourian@ca-assurances.fr |
Cécile Roy Financial Communication, Rating & Investor relations manager | cecile.roy@ca-assurances.fr |
CHAPTER 9 NOTES
NOTES (1/4)
Page 6 1 “Non-GAAP” revenue
[1] Calculated using the standardised approach without transitional measures other than the grandfathering of subordinated debts [2] Savings, Retirement and Protection
[3] Data FA 2022 – life insurance outstandings
[4] Data FA 2022 and Predica estimates – Death, Funerals and Dependence premiums
[5] Data FA 2022 and CAA estimates – Creditor insurance premiums from retail banking excluding CACF
[6] Data FA 2022 and CAA estimates – Health premiums
8 CAA estimates - Premiums at end-2022
9 CA VITA estimates of the Life bancassurance market – Premiums at end-2023
10 Statistics compiled by Italian consultancy firm IAMA Consulting, in market shares, based on data at end of June 2023
11 CALIE estimates – Life insurance outstandings at end-2023
12 Statistics of Life Insurance Business in Japan Fiscal 2022 published Dec 2023 and CA Life Japan estimates – Creditor insurance premiums at end-2022 13 Data KNF and CAA estimates – Life premiums at end-2022
14 CAA estimates – Premiums at end-2023
15 Internal source CAA, premiums at end-2022
Page 7
1 Excluding Corporate centre
2 As a percentage of premiums at end of June 2024
Page 8
1 Source: L’Argus de l’assurance, December 13th, 2023, premiums at end-2022
NOTES (2/4)
Page 8 (continued)
9 Source: L’Argus de l’assurance, May 31st, 2024, premiums at end-2023
[7]0 Source: L’Argus de l’assurance, April 26th, 2024, premiums at end-2023
11 Source: L’Argus de l’assurance, September 1st, 2023, premiums at end-2022
12 #6 in France (source: L’Argus de l’assurance, December 13th, 2023, premiums at end-2022)
13 Source: L’Argus de l’assurance, May 10th, 2024, premiums at end-2023
14 Source: L’Argus de l’assurance, May 31st, 2024, premiums at end-2023
15 Share of retail customers having at least one contract in automotive, household, health, legal, all mobiles or accident insurance
Page 9
1 Statistics compiled by Italian consultancy firm IAMA Consulting, in market shares, based on data at end of June 2023
2 Calculation based on data at end-2022
3 Share of CA Italia’s retail customers having at least one contract marketed by CA Assicurazioni, non-life insurance subsidiary of Crédit Agricole Assurances
Page 10
1 Banking application of the Crédit Agricole Regional Banks
Page 13
1 Base effect in Q2-22 not taking account of management decisions on investments/assets made at the end of 2022, i.e. segregation of equity and derisking the portfolio
2 P&C insurance combined ratio in France (Pacifica scope) including discounting and excluding undiscounting, net of reinsurance: (claims + operating expenses + commissions) to premium income
Page 16
1 Solvency Capital Requirement (SCR) breakdown presented before diversification and after loss absorbing capacity by technical provisions and including operational risk
Page 17
NOTES (3/4)
Page 19
1 Rate calculated considering contractual guarantees gross of fees, following the launch in 2017 of products which apply negative guarantees for customers. * Source: ACPR
** Source: ACPR
*** Predica scope
**** France Life scope
Page 21
1 Net of repurchase agreements
2 Société Civile Immobilière: non-trading real estate investment company
Page 22
1 Scope: CAA Group assets owned directly, excluding Mudum Seguros and CA Assicurazioni as well as derivatives, repurchase agreements, Intragroup loans
2 Exposure to sovereign debt is presented as net of impairment, before hedging, and corresponds to an exposure before application of sharing mechanisms between insurer and policyholder specific to life insurance.
Page 23
1 Bonds only
2 French government bond (OAT) and public sector debt securities assimilated to central, regional or local administrations
3 VFA model (Variable Fee Approach) : Savings, Retirement and Funeral ; BBA model (Building Block Approach) : Personal protection (death & disability / creditor / group insurance) ; PAA model
(Premium Allocation Approach) : P&C
Page 30
1 LCL and CR market share in household and similar lending at end-Sept. 23 – Banque de France study
2 Market share in UCITS in France at end-December 2023 for all customer segments
3 Banque de France OSMP 2023 reports (2022 data)
4 Internal data end-2022
5 35% of the French population – Sofia 2021 KANTAR
NOTES (4/4)
Page 31
1 International subsidiaries
2 2025 IFRS4 Cost/income ratio: <30%
Page 32
1 Individual and Group Health, 1.7m health beneficiaries at end-2021
2 Individual and group retirement, €19bn at end-2021
3 ISR, Greenfin, Finansol
4 Renewable energy - mainly solar, wind, hydropower, and hydrogen
5 Net Zero Insurance Alliance - Committed to accelerating the industry’s role in the green transition with a zero-carbon target 6 Net Zero Asset Owner Alliance
7 Web and Web-to-store
Page 34
1 “Non-GAAP” revenue
2 At constant scope excluding La Médicale
3 Calculated using the standardised approach without transitional measures other than the grandfathering of subordinated debts 4 Savings, Retirement and Protection
5 Data FA 2022 – life insurance outstandings
6 Data FA 2022 and Predica estimates – Death, Funerals and Dependence premiums
7 Data FA 2022 and CAA estimates – Creditor insurance premiums from retail banking excluding CACF
8 Data FA 2022 and CAA estimates – Health premiums
9 CAA estimates - Premiums at end-2022
10 CA VITA estimates of the Life bancassurance market – Premiums at end-2023
11 Statistics compiled by Italian consultancy firm IAMA Consulting, in market shares, based on data at end of June 2023
12 CALIE estimates – Life insurance outstandings at end-2023
13 Statistics of Life Insurance Business in Japan Fiscal 2022 published Dec 2023 and CA Life Japan estimates – Creditor insurance premiums at end-2022 14 Data KNF and CAA estimates – Life premiums at end-2022
15 CAA estimates – Premiums at end-2023
16 Internal source CAA, premiums at end-2022
[1] Source: Data FA 2022 – life insurance outstandings
[2] Source: Data FA 2022 and CAA estimates – individual & group supplementary retirement savings premiums
[3] Source: Data FA 2022 and L’Argus de l’assurance, December 13th, 2023, premiums at end-2022
[4] Source: Data FA 2022 and Predica estimates – Death, Funerals and Dependence premiums
[5] Source: Data FA 2022 and CAA estimates – Creditor insurance premiums from retail banking excluding CACF
[6] Source: L’Argus de l’assurance, May 26th and December 13th, 2023, and CAA estimates - premiums at end-2022 8 Source: L’Argus de l’assurance, April 5th, 2024, premiums at end-2023
[7] Maturity date for bullet issues and first call date for callable issues