présentation powerpoint alm 16/9e
TRANSCRIPT
C1 - Public Natixis
LA MONDIALE
HALF YEAR 2021
EARNINGS
October 7, 2021
C1 - Public Natixis
HY 2021 2
Successful transformation of the pension products
and portfolio
✓ Strong performance and good UL mix of the PER contracts:
nearly €70m of premiums with a UL rate of 57% (+10pts
compared to old contracts). A robust trend of premiums after a
successful launch of new pension contracts in a very competitive
market
✓ Transformation of Madelin portfolio into PER : > 90% positive
client return, leading to 25pts positive impact on the solvency ratio
Half Year 21: delivering on our strategy
Acquisition of a 67% stake in Aegide-Domitys
on June 30th, 2021
Aegide-Domitys: a leading position in the Senior Services
Residences in France
✓ Senior services residences developer and operator for
20+ years
✓ >20% market share (#1) in France with more than 130
residences and 12,000 residents
✓ Value-added creation through control of the entire value
chain, along with strong growth potential
Transaction rationale
✓ Population support at all ages and stages of life
✓ Synergies in real estate development, marketing & sales,
and finance
✓ Business, profit and risk diversification through a non-
insurance structure purchase
Managed and robust solvency position: 222%
✓ A comfortable level of equity capital, supported by a net income
in the Group’s target in addition to a reinforcement of stability
reserves and no dividend constraint
✓ A tight control on capital requirement reinforced through
General Account strict monitoring (controlled net inflow in line with
Group’s target), extremely good unit-linked premium mix (50%)
and liabilities management
C1 - Public Natixis
HY 2021
✓ Confirming profitable growth of the portfolio and steering
towards unit linked (+29% of GWP compared to HY 2020)
3
Group overview
€8.4bn* IFRS equity capital as of HY 2021
€5.3bn Gross Written Premiums at HY 2021
€110m Net Result at HY 2021
SGAM Solvency ratio at 222% as of HY 2021
(La Mondiale Solvency ratio at 268%)
S&P rating ‘A’ Stable outlook
✓ Management of organic own funds generation
✓ Managed performance in a robust solvency position
✓ Resilient model as emphasized by the S&P upgrade
✓ In the high end of our target solvency range thanks to the
pension transformation and interest rates increase
(*) HY estimated
C1 - Public Natixis
Table of contents
1. Group financial results
2. Additional information
C1 - Public Natixis
HY 2021
4,321
1,720
4,047
2,533
1,775
831
1,817
848
144
67
229
67
6,240
2,618
6,093
3,447
FY 2019 HY 2020 FY 2020 HY 2021
Savings Pensions Others
Protection2%
Retail Savings
5%
Individual Pension
15%
Group Pension
23%
Private Wealth
Management55%
5
Technical reserves - €92.5bn
+4% vs FY20
35% UL
Gross Written Premiums* (€m)
+29% vs HY20
La Mondiale – Key business figures
60%
40%
G/A
UL
55%
45%50%
50%
(*) Excluding internal reinsurance
Focus La Mondiale
Strong growth of GWP compared to
HY20:
✓ +47% savings
✓ +2% pensions
35% of La Mondiale’s liabilities made
of UL (+2pts vs FY20), still above the
market
38% pensions / 60% savings: natural
hedge between liabilities
52%
48%
C1 - Public Natixis
HY 2021
-0.1
0.1
0.3
0.5
0.7
0.9
1.1
1.3
1.5
jan feb mar apr may jun jul aug sep oct nov dec
2018 2019 2020 2021
€1.3bn reached target
-0.8
-0.6
-0.4
-0.2
0.0
0.2
0.4
0.6
jan feb mar apr may jun jul aug sep oct nov dec
2018 2019 2020 2021
-€300m
on track
6
La Mondiale – Net inflows
Focus La Mondiale
Net General Account inflows
(€bn)*
(*) : French Gaap
Net Unit Linked inflows
(€bn)*
Measures have been taken to
monitor the volume in GA while
keeping good UL net inflows: levels
of UL net inflows are higher than
ever, while GA’s levels keep
decreasing.
Great stability of the key business
indicators, maintained at a strong
level in line with the Group's strategy:
✓ Steer and limit gross inflows on
the general account
✓ Keep a competitive position on
the market
✓ Maximize the unit linked
inflows
(*) : French Gaap
C1 - Public Natixis
HY 2021
SCR€6.4 bn
Eligibleown funds€14.3 bn
218% 221%
180%
222%
0
1
1
2
2
3
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
FY 2018 FY 2019 FY 2020 HY 2021
0.2 0.20.2 0.2
0.69%
0.09%-0.33%
0.10%0.2 0.20.2 0.2
7
SGAM solvency
SGAM – A robust solvency position in a low rates environment
Successful actions carried out during the first semester to return to a
comfortable solvency
The solvency ratio increased by 42pts between FY 2020 and HY 2021 mainly
due to :
✓ Around +25pts estimated impact through the transformation of Madelin
contracts into individual PER contracts
✓ Financial market environment impact (especially rise of interest rates by
40bps and CAC40) for +27pts
✓ Around -10pts from others technical impacts (inflation, transitional
measures amortization, etc.)
The Group settles into a comfortable solvency position that can be
managed with confidence. Especially since the result directly feeds equity
with no shareholders to remunerate.
Thus, the amount of the transitional measure on technical provision is €2.4bn
and represents 57pts of SGAM ratio. The measure has been agreed by the
supervisor until 2032
The issuer La Mondiale (solo) S2 ratio is at 268% (see details p.27)
Tec10
S2 ratio
C1 - Public Natixis
HY 2021
Equity capital (€6.3bn) and net income
8
La Mondiale – Performance in line with our strategy
La Mondiale: €6.3bn of IFRS own funds (-0.7% compared to FY 2020)
✓ Stability reserves exceptional funding
✓ €28m mutual certificates issuance leading to a total of almost €300m of
core Tier 1
✓ Lightened organic capital generation driven by the robust solvency
position
Net income: €18m of controlled growth in the Group target
✓ Realization of exceptional equity gains (€343m) used to fund profit
sharing reserve (-€356m)
Focus La Mondiale
Organic capital generation management (€m)
-€42m
+ €18m
Net income – HY 2020 / HY 2021
343
3.3 3.1 3.5 3.9 4.55.9 6.3 6.3
260 251
288 308
293
296
262
139
0
50
100
150
200
250
300
350
0
2
4
6
8
10
12
14
16
18
20
2014 2015 2016 2017 2018 2019 2020 HY 2021
€m
€b
n
Equity Net income
C1 - Public Natixis
HY 2021
Fixed Income€66.3bn
82%
Equity€5.8bn
7%
Property (**)€3.9bn
5%
Repo collateral (*)€4.4bn
5%Other€0.8bn
1%
Total AuM €113.7bn – 29% UL / 71% GA
✓ AuM growth: +4.7% compared to FY 2020
✓ Risk monitoring increased in the current environment
✓ Asset allocation stable over time, with a slight increase in the share
of UL (+2pts vs FY 2020)
9
Stable asset allocation in line with liabilities profile and sound investments
(*) Sale and repurchase agreement
(**) IFRS figures – total value: €5.7bn
General Account assets allocation – €81.3bn
Investment grade: 97%
Sovereign debts: 39%
Focus La Mondiale
C1 - Public Natixis
HY 2021
AAA11% AA+
3%
AA25%
AA-10%
A+6%
A12%
A-10%
BBB+13%
BBB5%
BBB-2%
NR3%
Steering towards Corporates – No change in the credit policy
✓ Lengthening of the average maturity at purchase
✓ Slight increase of investments in financials
Total fixed income exposure is at €66.3bn
✓ No floating rate bond
✓ Duration / sensitivity of portfolio (7.8) in line with liabilities sensitivity,
much lower than their duration (13.9) due to crediting rate policy
10
Stable asset allocation in line with liabilities profile and sound investments
A
28%
BBB
21%
AA
38%
AAA
11%
Credit Exposure split
by Credit Rating
2021 bond investment inflowsYield
Sovereign (*)0.64%
Financials0.76%
Corporates0.81%
0.50%
0.55%
0.60%
0.65%
0.70%
0.75%
0.80%
0.85%
0.90%
0.95%
9 10 11 12 13 14 15 16 17 18 19 20 21 22
(*) including Supra / Agencies
Average maturity (years)
Focus La Mondiale
C1 - Public Natixis
HY 2021
3.5
4.0
4.5
5.0
5.5
6.0
6.5
After sales and equity hedging
Without sale and equity hedging
Equity sales Hedging roll
from June 2020 to
December 2020
Hedging roll
from June 2020
to 2021
Hedging roll
from June 2021
to 2022
Equity purchase of
€260m
▪ The equities portfolio value was at €5.3bn in September 2019, with unrealized gains significantly higher than expected (€0.9bn at the end of
September vs €0.2bn at the end of 2018)
▪ The hedging strategy allowed a 22pts gain on solvency ratio at the worst moment of the financial crisis
▪ 20% of the portfolio have been sold, and the remaining 80% have been hedged with an original strike of Stoxx50 3150 – Update in order to gradually
lengthen the hedging maturity to end of 2021
Equity portfolio value
The equity hedge allows to keep active management of underlying
equities portfolio
11
Focus La Mondiale
€6.2bnIncl. €0.6bn of realized gains
and €1.3bn of unrealized
gains
€6.1bn€5.3bnIncl. €0.9bn
of unrealized
gains
October 1, 2021
C1 - Public Natixis
HY 2021
1,513
1,809
497
1,096
1,406
468
RT1 Tier 2 Tier 3
Headroom
Issued
12
Significant financial flexibility left
Next / Regulatory call date breakdown (nominal, €m) Issuance capacity as per Solvency 2 regulation (€m)
(*) euro equivalent issuance rate, after hedging
191
499
340
256
500
768
197
5006.75%
5.05%
3.38%
2.56%
2.58%
4.375% 2.125%
500
0.75%
2024 2025 2026 jan-27 dec-27 2028 2029 2031
*
*
*
Total RT1: €1,465m
Total T2: €1,786m
Total T3: €500m
C1 - Public Natixis
Table of contents
1. Group financial results
2. Additional information
C1 - Public Natixis
HY 2021 14
Group structure
SGAM AG2R LA MONDIALE
SGAPS AG2R LA MONDIALE
Eligible Own Funds = €14.3bn
SCR = €6.4bn
S2 ratio = 222%
Premiums = €5.3bnLA MONDIALE
Protection & Health
Eligible Own Funds = €1.5bn
SCR = €0.8bn
S2 ratio = 182%S2 standards
Premiums = €1.6bn
Total balance sheet = €13.4bn(*)
Pensions & Savings
Eligible Own Funds = €12bn
SCR = €4.5bn
S2 ratio = 268% S2 standards
Premiums = €3.4bn
Total balance sheet = €119.1bn
▪ A mutual life insurance company is a company with no shareholders, i.e. results go directly into equity
▪ All securities issued since 2016 have a dual trigger on both the SGAM and La Mondiale solvency ratios (see details p.7 / p.27)
SGAM’s prudential scope
Full financial
solidarity in
proportion of
capital surplus
(*): as of EoY2020
C1 - Public Natixis
HY 2021 15
Executive summary (SGAM AG2R LA MONDIALE, as of 06/30/2021)
(1) : HY estimated
(2): Unit Linked are low capital need products
(3): General Account products are more capital intensive that Unit Linked ones
Robust balance sheet
and monitored solvency
€8.4bn1 IFRS Equity capital
(stable / FY 2020)
222% S2 ratio +42pts / FY 2020)
€6.3bn IFRS Equity capital
(-0.7% / FY 2020)
268% S2 ratio (+73pts / FY 2020)
Rated A / stable outlook
Upgrade on March 25, 2021 by S&P,
in an unusual environment
Diversified and steered
business model
€5.4bn Premiums (+29.4% / HY 2020)
48% Life & Savings
16% Pensions
20% Health
16% Protection
€99.2bn1 Liabilities
€110m Net income
€3.7bn Premiums, 50%/50% UL2/GA3
mix above the French market:
FY 2020: 34%/66%
€92.5bn Liabilities, 35%/65% UL2/GA3 mix
above the French market
FY 2020: 24%/76%
€139m Net income
Sound asset allocation & risk
management (La Mondiale HY 2021)
4.7% High level of profit sharing
of reserves reserve with €2.6bn
Around 21% of investments rated BBB+ or
below (lower than the market)
Complete and competitive
player on the French market
2nd in Supplementary Pension
6th in Health Insurance
6th in Protection
12th in Savings
Top3 in Private Wealth ManagementCapital items
€3.8bn Total amount of subordinated debt
€298.6m Total amount of mutual
certificates (unrestricted Tier 1)
SGAM
La Mondiale
SGAM
La Mondiale
C1 - Public Natixis
HY 2021 16
S&P points out :
✓ the financial strength of SGAM
✓ its leading positions in France
✓ stabilization of fundamentals
✓ control of net General Account inflows
✓ the continued decrease of guaranteed rates
✓ the transformation of Madelin contracts expected by end of 2021
Rating upgraded on March 25, 2021
'A’ Outlooks Stable
Business risk profile: Strong
Financial Risk Profile: Very Strong
Liquidity: Exceptional
Financial Strength Rating: A
A strong recognition by S&P of the robustness of AG2RLM model
Upgrade to ‘A’ Stable outlook
C1 - Public Natixis
HY 2021 17
Overview of La Mondiale Balance sheet (consolidated, IFRS)
FY 2019 HY 2020 FY 2020 HY 2021
%Change
HY 2020/
HY 2021€m
TOTAL ASSETS 107,418 108,053 114,151 119,059 10.2%
Intangible assets 49 48 46 390 710.9%
ow. Goodwill 39 38 38 376 879.3%
Insurance investments 75,313 76,746 79,223 81,269 5.9%
Unit Linked investments 27,383 26,520 29,342 32,452 22.4%
Others assets 3,757 3,487 3,691 4,012 15.1%
Cash and cash equivalent 917 1,252 1,849 936 -25.2%
FY 2019 HY 2020 FY 2020 HY 2021
%Change
HY 2020/
HY 2021€m
TOTAL LIABILITIES 107,418 108,053 114,151 119,059 10.2%
Equity Group Share 5,495 5,524 5,923 5,878 6.4%
Minority Interests 367 363 372 376 3.4%
Total Equity 5,862 5,888 6,295 6,253 6.2%
Financing debt 2,144 2,648 3,056 3,093 16.8%
Insurance and financial liabilities 91,711 90,080 95,624 97,888 8.7%
Other liabilities 7,700 9,437 9,176 11,825 25.3%
C1 - Public Natixis
HY 2021 18
Overview of La Mondiale P&L account (consolidated, IFRS)
FY 2019 HY 2020 FY 2020 HY 2021
%Change
HY 2020/
HY 2021€m
Revenue 6,241 2,617 7,414 3,745 43.1%
Financial Products 2,594 1,211 2,480 1,702 40.5%
Others 3,921 -1,455 939 1,981 -236.1%
Current operating income 12,756 2,374 10,833 7,428 212.9%
Current operating expenses -12,357 -2,209 -10,465 -7,245 228.0%
Operating Income 400 166 369 184 11.2%
CONSOLIDATED NET RESULT 296 121 262 139 15.1%
o.w Group share 292 120 259 134 11.8%
o.w Minority Interest 4 1 4 5
C1 - Public Natixis
HY 2021
0 bn
5 bn
10 bn
15 bn
20 bn
25 bn
30 bn
35 bn
40 bn
45 bn
50 bn
55 bn
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Property
Equity
Fixed Income
19
General Account assets allocation – €81.3bn
Stable asset allocation in line with liabilities profile
(*) Sale and repurchase agreement
(**) IFRS figures – total value: €5.7bn
Historical asset allocation General Account
(Net book value)
Fixed Income€66.3bn
82%
Equity€5.8bn
7%
Property (**)€3.9bn
5%
Repo collateral (*)€4.4bn
5%Other€0.8bn
1%
Focus La Mondiale
C1 - Public Natixis
HY 2021
Financials 54%
Corporates 25%
Sovereign (*) 21%
Net Investment Flow
Investments breakdown
Average investment rate on new bonds portfolio: 0.81%
HY 2021 fixed income cash flows and allocation
20
(*) including Supra / Agencies
Sovereign26%
Guaranteed government bonds
3%
Supra / Agencies10%
Covered bonds 6%
Senior Financials
16%
Sub Financials
5%
Corporates32%
Other2%
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
< 1 year > 1 year to3 years
> 3 to 5years
> 5 to 7years
> 7 to 10years
> 10 to 30years
> 30 years
Credit exposure by issuer type
Amount (€m)
Portfolio by maturity band
Focus La Mondiale
C1 - Public Natixis
HY 2021
France68%
Peripheral13%
Belgium9%
Austria2%
Others8%
Spain€1,127 m
59%
Ireland€341 m
18%
Italy€411 m
21%
Portugal€31 m
2%
Fixed income allocation – Sovereign exposure
Sovereign bond exposure
Peripheral countries exposure
Total Sovereign exposure is at €15.0bn
▪ Sovereign exposure accounts for 26% of total fixed income exposure
Total Sovereign on Peripheral countries exposure is at €1.9bn
▪ Peripheral countries exposure forms 13% of this sovereign bucket and
hence represents only 3% of overall total investments
▪ High level of unrealized gains (€272m) allowing credit shock
absorption
21
Focus La Mondiale
C1 - Public Natixis
HY 2021
0.0% 5.0% 10.0% 15.0% 20.0% 25.0%
Technology
Local Government.
TMT
Commodities
Services
Oil and Gas
Health
Industry
Financial Instit.
Consumer Goods
La Mondiale Equity DJ Stoxx 50
France 63%Switzerland 8%
U.K. 6%
Germany 6%
Others 17%
60
80
100
120
140
160
180
200
220
240
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 HY21
La Mondiale Equity DJ Stoxx 50 (incl. Dividends)
Equities exposure: €5.8bn (including €1.5bn through mutual funds)
▪ HY 2021 performance at 15.5%, after 3.9% in 2020 and 23.3% in 2019
▪ A well diversified equity portfolio by geography and sector
▪ Focus on large liquid equity stocks traded on the main exchange
markets
▪ All FX exposures are fully hedged
Equities performance
Breakdown by sectorBreakdown by countries (excluding mutual funds)
Equity allocation
22
Focus La Mondiale
C1 - Public Natixis
HY 2021
87.0%
2.0%
2.0%3.0%
6.0%
Paris and Paris region'soffices
Other offices in France
Paris and Paris region'shomes
Commercial space
Diversificaiton in France& Abroad
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
La Mondiale Property
IPD (french market)
Geographic breakdown (market value) Total performance
Total Property exposure is at €3.9bn (fair value: €5.7bn).
La Mondiale property assets represent 708,000 sq.m. and are mainly offices located in the center or Western Paris, i.e. only Prime Real Estate.
Solid rental market, especially on all recently delivered surfaces, prompting a very good vacancy rate of c.16.9%.
Average revenue: €463/m2
IPD = Investment Property Databank
Property allocation
23
Focus La Mondiale
C1 - Public Natixis
HY 2021
-30pts
+28pts
-4pts
Interest rate -50 bps
Interest rate +50 bps
Equity market -20%
UnrestrictedTier 1
€10,437m73%
RT1€1,513m
11%
Tier 2€1,809m
13%
Tier 3€497m
3%
24
SGAM: Solvency position
SGAM SCR breakdown – €6.4bn
16% of diversification
benefit1
(1) Diversification benefit = (sum of net SCR excluding Operational
risk SCR - net BSCR) / sum of net SCR excluding Operational risk
SCR
SGAM Eligible Own Funds – €14.3bn
✓ Eligible Own Funds mostly made of the hardest form of capital
✓ Stability of the risk profile
Market73%
Counterparty2%
Life12%
Health8%
Operational5%
Key Sensitivities
C1 - Public Natixis
HY 2021
14.3
6.4
Total eligible own funds tomeet the SCR
SCR
12.5
2.7
Total eligible own funds tomeet the MCR
MCR
14.3
4.8
Total eligible own funds tomeet the SCR
75% SCR
25
Large buffers to principal write-down triggers – SGAM (€bn)
9.2
7.8
9.4
Free surplus to 100% of SCR Free surplus to 75% of SCR Free surplus to 100% of MCR
C1 - Public Natixis
HY 2021
3.0
4.0
5.0
6.0
7.0
2016 2017 2018 2019 2020
Positive rating
Negative rating
10%
20%
30%
40%
50%
2016 2017 2018 2019 2020
Positive rating
Negative rating
Economic leverage
Interest coverage and Leverage, as of FY 2020
Interest coverage SGAM Leverage SGAM
Liability management of the 7.07 2013 PerpNC6 in April 2019
Issuance of the 4.375 PerpNC10 (RT1) in October 2019
Issuance of the 2.125 11Y Bullet (T2) in June 2020
Issuance of the 0.75 5.5Y Bullet (T3) in October 2020
NB : IFRS leverage doesn’t take into account €146m of Super Subordinated Debts and €500m of RT1
26
IFRS leverage
C1 - Public Natixis
HY 2021
0.69%
0.09%-0.33%
0.10%0.2 0.20.2
SCR€4.5 bn
Eligibleown
funds€12.0 bn
268%
289%
195%
268%
0
1
1
2
2
3
3
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
FY 2018 FY 2019 FY 2020 HY 2021
0.2 0.20.2 0.2Unrestricted
Tier 1€8.2bn69%
RT1€1.5bn13%
Tier 2€1.8bn15%
Tier 3€0.4bn
3%Market77%
Counterparty2%
Life12%
Health4%
Operational5%
LA MONDIALE: Solvency figures and SCR breakdown
The amount of the transitional measure on technical provision is €2.1bn and represents 79pts of La Mondiale ratio. The measure has been agreed by the
supervisor until 2032
(1) Diversification benefit = (sum of net SCR excluding Operational risk SCR - net BSCR) / sum of net SCR excluding Operational risk SCR
SCR breakdown – €4.5bn
13% of diversification
benefit1
27
Eligible own funds – €12.0bnSolvency ratio
Tec10
S2 ratio
C1 - Public Natixis
HY 2021
12.0
4.5
Total eligible own funds tomeet the SCR
SCR
12.0
3.3
Total eligible own funds tomeet the SCR
75% SCR
10.1
2.2
Total eligible own funds tomeet the MCR
MCR
28
Large buffers to principal write-down triggers – La Mondiale (€bn)
8.6
7.5
8.0
Free surplus to 100% of SCR Free surplus to 100% of MCRFree surplus to 75% of SCR
As of HY 2021, available distributable items1 amounted to €1.3bn
1Distributable Items: (i) the retained earnings and the distributable reserves of the Issuer, calculated on an unconsolidated basis, as at the last calendar day of the then most recently ended financial year of the Issuer; plus (ii) the profit for
the period (if any) of the Issuer, calculated on an unconsolidated basis, for the period from the Issuer's then latest financial year end to (but excluding) such Interest Payment Date; less (iii) the loss for the period (if any) of the Issuer,
calculated on an unconsolidated basis, for the period from the Issuer's then latest financial year end to (but excluding) such Interest Payment Date, each as defined under national law, or in the articles of association of the Issuer.)
C1 - Public Natixis
HY 2021
André RenaudinChief Executive Officer
David SimonDeputy Chief Executive Officer
(Finances, Investments, Risks)
Luca De DominicisChief Financial & Risk Officer
+33 1 76 60 81 09
Jean-Louis CharlesChief Investment Officer
+33 1 76 60 99 91
Marie DeboosèreInvestor Relations
+33 1 76 60 87 36
Investor Relations - Contact: [email protected]
AG2R LA MONDIALE
14 - 16 Boulevard Malesherbes, 75008 Paris - France
http://www.ag2rlamondiale.fr
Contact details
29
C1 - Public Natixis
HY 2021
Disclaimer
Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or
indicate future events, trends, plans or objectives.
Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and
uncertainties and can be affected by other factors that could cause actual results and La Mondiale’s plan and objectives to differ materially
from those expressed or implied in the forward looking statements.
La Mondiale undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information,
future events or circumstances or otherwise.
Unless otherwise specified, financial statements are calculated in accordance with IFRS as adopted by the European Union. The IFRS figures
are subject to the review by the statutory auditors, whose work is still in progress.
In the presentation, SGAM AG2R LA MONDIALE is called “SGAM” and is a French prudential insurance group.
30