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C1 - Public Natixis
LA MONDIALE
INVESTOR PRESENTATION
October 2019
C1 - Public Natixis
2
✓ Inaugural Euro-denominated benchmark Perpetual non-call 10 Restricted Tier 1 Notes
✓ Callable at par anytime between 9.5 and 10 years, and at every coupon payment date thereafter, subject to regulatory approval
and other conditions
✓ Principal write-down upon standard Solvency II triggers (breach of 75% of SCR, breach of 100% MCR, or breach of 100% of
SCR not remedied within 3 months)
✓ Discretionary and conditional principal reinstatement (write-up)
✓ Fully discretionary interest payments; mandatorily cancellable upon breach of 100% of MCR or 100% of SCR or Solvency
Condition, in case of insufficient distributable items or if required by the regulator
✓ The Notes are expected to be rated BBB- by S&P
✓ Optimization of the group’s capital structure under Solvency II, with the issuance of Restricted Tier 1 securities eligible up to
20% of the total Tier 1 Capital
✓ Supportive to current positive Outlook by S&P as the notes are expected to be taken into account in the rating agency’s
capital model
✓ Optimize financial flexibility in a cost-effective way while maintaining a strong financial flexibility by leaving Tier 2 and Tier 3
issuance capacities unchanged (respectively €1.7bn and €0.9bn as of end of June 2019)
✓ Significant buffers to principal write-down triggers as the regulatory Solvency II capital was in excess of more than €5bn of the
SCR at the end of June 2019
Key
features
Issuance
Rationale
Proposed Transaction
C1 - Public Natixis
✓ Leader in savings & pensions in France
3
Group overview
€11.3bn eligible own funds as of HY19 (SGAM)
€9.7bn GWP in 2018 (SGAM)
€237mn net result for the first half of 2019 (SGAM)
SII ratios of 185% (SGAM) & 229% (La Mondiale) as of HY19
Organic capital generation of €1bn in 3 years (SGAM)
A- / Positive outlook from S&P
✓ Strong footprints in private wealth savings, with
a large share in Unit-Linked
✓ Major player in health & protection in France
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4
“The positive outlook on AG2R LM indicates
that we could raise the ratings in the next 12
months if the group continues to reduce its
sensitivity to persisting low interest rates.
An upgrade would also be predicated on AG2R
LM maintaining S&P Global Ratings' capital
adequacy around the 'AA’ level, and a
satisfactory operating performance.”
Outlook
“SGAM AG2R LA MONDIALE benefits from its
strong brand and leading competitive
position in life and protection insurance in
France.”
The ‘A-’ rating, positive outlook is also affirmed
on AG2R LM's core subsidiaries: AG2R
Prévoyance, Prima, La Mondiale, and Arial
CNP Assurances.
At the same time, S&P affirmed its 'BBB' issue
rating on La Mondiale's junior subordinated
debt.
Overview
'A-’ Positive Outlook
Business risk profile: Strong
Financial Risk Profile: Satisfactory
Liquidity: Exceptional
Financial Strength Rating: A-
As of September 23, 2019
Standard & Poor’s affirmed SGAM 'A-' Rating with a Positive outlook
C1 - Public Natixis
Table of contents
1. Who are we?
2. Addressing the current environment
3. Solvency & Capital management
4. Proposed transaction
5. Appendix
C1 - Public Natixis
Unit Linked
€25.9bn31%
General account €57.5bn
69%
6,205 6,161
2,744
3,529 4,224
1,845 2,532
1,793
831 144 143 67
FY 2017 FY 2018 HY 2019
Total Savings Pensions Others
6
Results in line with the Group's strategy:
▪ Limit inflows on the general account (with guaranteed capital)
▪ Keep a competitive position on the market
▪ Maximize the unit linked inflows
31% of La Mondiale’s liabilities made of UL: c. 10pts above the market
39% pensions / 61% savings: natural hedge between liabilities
Outstanding liabilities
€83.4bn
Premiums (in €m)Liabilities by products
€83.4bn
Core businesses’ financial structure
Protection1%
Retail Savings
6%
Individual Pension
14%
Group Pension
24%
Private Wealth Management
55%67%
33%
G/A
UL
63%
37%
62%
38%
Figures as of HY2019
C1 - Public Natixis
4,171 3,237
3,935
1,702
325
292
289
143
FY 2016 FY 2017 FY 2018 HY 2019
Private Wealth management Retail Savings
7
Gross Written Premiums (in €m)
Private wealth savings: a UL-focused market
Partnerships with leading
private banks and distributors
Top 3 on the French market
46% of UL in Premiums: stable compared to FY 2018, far above the French market
Specific focus on HNWIs thanks to our distribution networks (private banks)
Specific tax treatment and inheritance purpose
Continuous product innovation bringing tailor-made solutions to our partners: dedicated funds, multiple investment options, more than 7,200 unit-linked supports
A joint offer of Luxembourg and French insurance products
(Source : Fédération Française de l’Assurance and Commissariat aux assurances Luxembourg)
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8
Gross Written Premiums (in €m)
Group supplementary pension: a market with a strong potential
1,078
956
436
400
FY 2016 FY 2017 FY 2018 HY 2019
1,669
Exceptional
#1 on the French market, through the partnership with CNP
Strong growth experienced in Group SupplementaryPension over the last 20 years
Affected positively by the ageing population and thereduction of the state pension benefits going forward
Clients: medium and large companies, including thoseof the CAC 40 - covering the retirement of theiremployees
Powerful IT platform for underwriters to manage groupcontracts incorporating all product innovations
PACTE law: an opportunity for further market development
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882 864 837
395
FY 2016 FY 2017 FY 2018 HY 2019
9
Individual retirement plans: a selective and mature market
Gross Written Premiums (in €m)
#1 on the French market on Self-Employed Retirement Plans,landmark business line of La Mondiale for more than 50 years
Distribution network with more than 1,000 salespeoplewho are expert in tax and patrimonial optimization
Clients: CEOs and entrepreneurs, long-termpartnerships in particular with auditors / accountants
Contracts with regular premium payments whichcannot lapse ensuring a very stable portfolio
Increased needs of the French ageing population forretirement products to complement the state retirementsystem given the reduction of the state pension benefits
Critical mass which ensures a mutualization / diversification ofthe longevity risk (more than 50k annuitants) without a negativeselection bias
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10
Diversification towards Protection and Health: leading positions
Note: 2018 ranking
Source: Argus de l’assurance
Very competitive market
Strategy is not to sacrifice profitabilityfor growth
Aggregation of players in this market
AG2RLM is actively participating in thismovement by incorporating every yearnew health mutual structures
5
12
34
5
21
34
Protection (GWP in €bn)
Health (GWP in €bn)
€2.0bn
€1.6bn
€1.4bn
€1.3bn
€1.3bn
€5.1bn
€2.3bn
€2.1bn
€2.0bn
€1.8bn
C1 - Public Natixis
4,495 210
324 21 1 5,050
2018 FY 2018net income
Fair valueadjustment
Mutualcertificates
Assets& Others
HY 2019
12.2%
19.4%
11.1%
13.9%
8.1%
9.0%
8.4%
9.3% 8.8%
7.6%
7.8%*
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 E2019
Equity capital and net income
11
Strong organic capital generation (in €m)
Return on equity
Performance in line with our financial strategy
+ €555m
Note : *Estimated EoY2019
La Mondiale: €5.1bn of IFRS own funds (+12% compared to FY 2018,
more than x3 compared to 10 years ago), as a result in HY2019 of:
✓ €210m of net income
✓ €21m of mutual certificates issuance
✓ €324m of fair value adjustment (evaluation of unrealized gains on
almost all non-real estate investments, net of deferred profit-sharing
and tax)
Group equity capital target: €1bn of growth every three years, driven
by the net results
✓ Results directly contribute to equity, hence driving growth in equity
✓ No dividend distribution given our mutual nature
✓ ROE is in line with our target
(*)
0
100
200
300
400
500
0
1
2
3
4
5
6
€m
€bn
Equity Net income
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Group structure
Note: *HY estimated
SGAM AG2R LA MONDIALE
SGAPS AG2R LA MONDIALE
Eligible Own Funds = €11.3bn
SCR = €6.1bn
S2 ratio = 185%
Premiums = €4.3bnLA MONDIALE
Protection & Health
Eligible Own Funds = €1.4bn
SCR = €1.0bn
S2 ratio = 144%S2 standards
Premiums = €1.5bn
Total balance sheet = €11.7bn*
Pensions & Savings
Eligible Own Funds = €8.7bn
SCR = €3.8bn
S2 ratio = 229% S2 standards
Premiums = €2.7bn
Total balance sheet = €105.2bn
▪ All securities issued since 2016 have a dual trigger on both the SGAM and La Mondiale solvency ratios (see details p.48)
▪ A mutual life insurance company is a company with no shareholders, i.e. results go directly into equity
▪ It has been decided to stop the merger with Matmut committed on 1/1/2019; this should be legally effective at the beginning of December 2019 and
with almost no impact on the Group's solvency (estimated 2p.p. of Solvency pro-forma end of 2018)
SGAM’s prudential scope
Full financial
solidarity in
proportion of
capital surplus
C1 - Public Natixis
Table of contents
1. Who are we?
2. Addressing the current environment
3. Solvency & Capital management
4. Proposed transaction
5. Appendix
C1 - Public Natixis
A steered business model
Strong profitability driven by sound and recurrent results and no shareholders to remunerate given our mutual nature
Leading to an organic capital generation of €1bn every three years
Many levers still available given our flexibility on liabilities, the strong management buffers we have such as policyholders surplus
reserve but also management actions such as hedging, use of reinsurance, etc.
Active management of the traditional books with a continued decrease of guaranteed rates, while maintaining sound and robust
net investment yields way higher than guarantees thanks to a disciplined ALM group policy and longer fixed income investment than
the market (pension business part)
Controlled underwriting and unique positioning towards high net worth individuals allowing us to have a better mix than the market
(10pts above peers)
14
C1 - Public Natixis
0.9
1.1
0.9
-0.1
0.1
0.3
0.5
0.7
0.9
1.1
2016 2017 2018 2019
1.2
-0.1
0.50.4
-0.5
0.0
0.5
1.0
1.5
2016 2017 2018 2019
15
HY2019: very limited inflows on the GA and continue growth on UL
Net Unit Linked inflows
(€bn)Net inflows (in €m)
Measures have been taken to restrain the volume in GA while keeping good UL net inflow.
Net General Account
inflows (€bn)
888
1,798
419 986
1,220
530
-98
578
-111
FY 2017 FY 2018 HY 2019
Net inflows
Unit Linked
GeneralAccount
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16
€2.2bn
Policyholder surplus reserve (EOY2018)
✓ Represents more than 4% of technical reserves
✓ Considered as hard equity by S&P’s
- 5 bps
Continuous decrease of the average guaranteed rate
✓ EoY 2018 average guaranteed rate on the Inforce = 0.74%
✓ Buffer of 227bps (difference between asset yield and average guaranteed rate)
Flexible policyholders liabilities and strong management buffers
0%
before fees
Negative new business guaranteed rate since November 2017
✓ Real guarantee at about -80bps
✓ Buffer of 208bps (difference between fixed income investment yield and average NB guaranteed rate)
2.02%
Discretionary profit sharing
✓ Follows the decrease of the asset yield
✓ Always superior to the market
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17
Continuous decrease of guaranteed rates
SGAM CNP AXA Generali Groupama
Inforce guaranteed rate 0.74% 0.28% 1.80% 1.36% 1.20%
New business guaranteed rate 0.00% 0.02% 0.30% 0.12% 0.00%
2.1%
1.5%
1.09% 1.04%0.94%
0.84% 0.79%
0.74%
0
10
20
30
40
50
60
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
higher than 4.5% btw 3.5% and 4.5% btw 2.5% and 3.5% btw 1% and 2.5%
btw 0% and 1% 0% guaranteed Average guaranteed rate
Portion of liabilities with a
gross guaranteed rate
above 3.5% decreased
from 35% in 2003 to 8%
in 2018
Average guaranteed rate
decreased from 0.79% in
2017 to 0.74% in 2018
Inforce guaranteed rate
lower than peers
C1 - Public Natixis
1.79%
-0.16%-0.29%
18
Inforce business
Buffer
Large investment spreads on savings and pensions
SCR
€5.3bn
(*)Savings and Pensions average guaranteed rate (1st year & 2nd year)
(**) Savings and Pensions average guaranteed rate (after 2nd year)
New business (NB) in 2018
Market buffer (bps) Inforce buffer NB buffer
SGAM 227 208
CNP 240 117
AXA 135 220
Generali 174 189
Groupama 100 170
3.01%
0.74%
1.28%
Yield on
total
Savings
and
Pensions
asset
base
Savings and Pensions average
guaranteed rate (mandatory)
2.02%
net of feesProfit
sharing
+227bps
274265 262
247 241227269
228
151 155
179208
2013 2014 2015 2016 2017 2018
Inforce bufferNB buffer
Yield on
Savings
and
Pensions
fixed
income
assets
+208bps
* **
C1 - Public Natixis
0.4 0.40.7 0.7 0.8
1.51.7
2.3 2.2
0.6% 0.7%
1.2%0.9%
1.8%1.6%
1.8%
3.1%3.4%
4.3%4.1%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Profit-sharing reserve (€bn)
0.2 0.2
19
Consolidated policyholder surplus reserves
A credited rate in line with the market
Policyholder surplus reserve: still above 4% of the reserves
Target: stability over 4%
✓ €2.2bn Policyholder Surplus Reserve, representing 4.1% of total
technical reserves
✓ Slight decrease in the provision between 2017 and 2018 (€56m) to
absorb the capital losses reserving on mainly equity securities (impact
of €60m)
✓ The profit-sharing rate is still decreasing, along with the decline in the
asset return rate.
✓ While keeping our policyholders surplus reserve target above 4% of
reserves
(*) Assumption of a 10cts decrease of the market as provided by numerous press articles
3.69%
3.40%3.25%
3.13%
2.84%2.64%
2.20%2.15%
2.02%1.83%
3.40%
3.00%2.91%
2.80%
2.54%
2.27%
1.93% 1.83% 1.73%
2010 2011 2012 2013 2014 2015 2016 2017 E2018*
Net average credited rate La MondialeNet average credited rate French market (FFA)
+29cts
Between
+19cts & +29cts
C1 - Public Natixis
▪ HY2019 Average investment rate on bond portfolios: 1.58%
▪ Credit exposure: more than 80% above A-
▪ Duration / sensitivity of portfolio (7.4) in line with liabilities sensitivity
▪ Sovereign exposure accounts for 28% of total fixed income exposure
▪ Peripheral countries exposure forms 14% of this sovereign bucket and
hence represents only 4% of overall total investments. High level of
unrealized gains (€327m) allowing credit shock absorption
Fixed income
▪ HY2019 performance at +18.6%, after -8.9% in 2018 and +12.5% in
2017
Equity
▪ Solid rental market, especially on all recently delivered surfaces
Property
✓ Asset allocation stable over time
✓ No change in risk policy in the current environment
✓ Investment on average longer than the market thanks to pension
business
20
Outstanding assets – €100.8bn
General Account assets allocation – €74.7bn
Disciplined asset allocation in line with our liabilities profile
SCR
€5.3bn
Fixed Income €60.1bn
81%
Equity€6.7bn
9%
Property (**)€3.6bn
5%
Repo collateral (*)€3.4bn
4%
Cash€0.9bn
1%
(*) Sale and repurchase agreement
(**) IFRS figures – total value: €5.1bn
Figures as of HY2019
General account asset€74.7bn
74%
Unit linked assets€26.1bn
26%
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21
Active hedging program
▪ Implementation of these risk hedges to lower rates in 2010 and 2015-2016
▪ Allowed to crystallize an average purchase rate of 2.21% for an amount of approximately €1bn
▪ Amount of the unrealized gains to more than €280m at the end of August 2019
Futures financial instrument – Purchase of forwards
Choice to give up part of the equity yield to protect the balance sheet and set up a hedge on the entire equity portfolio, for a strike of 90% compared to
the level of the Eurostoxx at the beginning of September.
This will result in:
▪ Reducing portfolio sensitivity to equity risk
▪ Preserving the financial margin
▪ Improving the solvency ratio
Equity coverage – Purchase of puts
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22
Management actions available to face the negative rates environment
Although the short / medium term profitability of the Group is high, the negative rates environment could have an impact on the solvency figures. Thus,
reflections / actions have already been identified to limit as much as possible the negative impacts of this environment. Depending on the strategy adopted
by the Board, it may be decided to implement all or part of these in the short term
Debts issuance(Capital management)
Longer duration investment(Asset management)
Hedging program(Asset management)
Reinsurance
Mutual certificates(Capital management)
Cost savings
New products(Liability management)
Crediting policy lowering(Liability management)
Strong limitation of inflows on general
account(Liability management)
C1 - Public Natixis
Table of contents
1. Who are we?
2. Addressing the current environment
3. Solvency & Capital management
4. Proposed transaction
5. Appendix
C1 - Public Natixis
24
Capital management: key indicators
Framework 2018 HY2019
Solvency ratio > 150% 218% 185% ▪ Market Impacts
Financial leverage < 40% 31% 27%
▪ Improvement of leverage ratios, thanks to
redemption of debts (2013 PerpNC6)
▪ Leverage between 20%-40%
Interest coverage > 4 4.8 5.6
▪ Extremely good early refinancing conditions of
the 2013 PerpNC6
▪ Interest Coverage in a highly satisfying range
In addition, the residual issuance capacity under Solvency 2 is significant at €2.9bn (€1.2bn in RT1, €1.7bn in T2, including €0.9bn of T3) – details on p.27
Comfortable room on all the indicators to reinforce the capital position of the Group
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25
▪ The solvency ratio decreased by 33pts between FY2018 and HY2019,
almost exclusively due to lower HY2019 interest rates
▪ The EIOPA yield curve dropped by almost 100bps on HY2019
▪ As the solvency ratio sensitivity to a 50bps interest rates decrease was
15pts at EoY 2018, the impact is in line with what was displayed
The amount of the transitional measure on technical provision is €3.6bn
and represents 60pts of SGAM AG2R LA MONDIALE ratio. The measure
has been agreed by the supervisor until 2032
The issuer La Mondiale (solo) S2 ratio is at 229% (see details in appendix
p.48)
SGAM solvency
Key Sensitivities (EoY 2018) SCR breakdown
Solvency 2 position
2018 HY2019
218% 185%
SCR
€5.3bn
Eligible
own funds
€11.7bnSCR
€6.1bn
Eligible
own funds
€11.3bn
Market67%
Life14%
Health10%
Operational6%
Counterparty3% 19% of diversification
benefit1 -14pts
+13pts
-14pts
+5pts
-3pts
Interest rate -50bps
Interest rate +50bps
Equity market -20%
UL/GA mix (+5% UL)(ie 38% instead of 33%)
UFR -45bps
(1) Diversification benefit = (sum of net SCR excluding Operational risk SCR - net BSCR) / sum of net SCR excluding Operational risk SCR
C1 - Public Natixis
11,764
6,090
Total EOF pro forma
SCR
26
Eligible Own Funds mostly made of the hardest form of capital
Eligible own funds pro forma (in €m) SGAM solvency pro forma
Before:
185%*
193%*
After
(*) Including transitional measure
79%
EOF
9%
EOF
12%
EOF
Contemplated
issuance
Unrestricted
Tier 1
RT1 Tier 2 HY19 Total EOF
pro forma
Contemplated
Issuance
8,935
1,020
1,309 11,26411,764500
C1 - Public Natixis
191
768
197
499
340
256
500
2024 2025 2026 Jan-27 Dec-27 2028 2029
3.38%*
1,020
1,309
500 714
1,736
913
RT1
Tier 2
Tier 3
Issued
Contemplated issuance
Headroom
27
Significant financial flexibility left
Debt maturity profile Issuance capacity as per S2
regulation (in €m)
RT1
T2
Contemplated
issuance
6.75%
5.05%
2.56%*
2.58%*
1.94%
(*) euro equivalent issuance rate, after hedging
Total RT1 (as of HY2019): €965m
Total T2: €1,286m
C1 - Public Natixis
Table of contents
1. Who are we?
2. Addressing the current environment
3. Solvency & Capital management
4. Proposed transaction
5. Appendix
C1 - Public Natixis
29
✓ Inaugural Euro-denominated benchmark Perpetual non-call 10 Restricted Tier 1 Notes
✓ Callable anytime between 9.5 and 10 years, and at every coupon payment date thereafter, subject to regulatory approval and
other conditions
✓ Principal write-down upon standard Solvency II triggers (breach of 75% of SCR, breach of 100% MCR, or breach of 100% of
SCR not remedied within 3 months)
✓ Discretionary and conditional principal reinstatement (write-up)
✓ Fully discretionary interest payments; mandatorily cancellable upon breach of 100% of MCR or 100% of SCR or Solvency
Condition, in case of insufficient distributable items or if required by the regulator
✓ The Notes are expected to be rated BBB- by S&P
✓ Optimization of the group’s capital structure under Solvency II, with the issuance of Restricted Tier 1 securities eligible up to
20% of the total Tier 1 Capital
✓ Supportive to current positive Outlook by S&P as the notes are expected to be taken into account in the rating agency’s
capital model
✓ Optimize financial flexibility in a cost-effective way while maintaining a strong financial flexibility by leaving Tier 2 and Tier 3
issuance capacities unchanged (respectively €1.7bn and €0.9bn as of end of June 2019)
✓ Significant buffers to principal write-down triggers as the regulatory Solvency II capital was in excess of more than €5bn of the
SCR at the end of June 2019
Key
features
Issuance
Rationale
Proposed Transaction
C1 - Public Natixis
30
Key RT1 Risks & Mitigants
Principal
Write-Down
Risk
✓ Substantial buffer to principal write-down risk of at least €5.2 billion (HY2019 distance to 100% SCR)
✓ Strong >150% minimum Solvency ratio target, with HY2019 position of 185% largely in excess
✓ Conservative capital management and available mitigation actions to strengthen the Solvency position if necessary
‒ Debt issuance, mutual certificates, hedging programme, cost savings, reinsurance…
✓ Discretionary principal reinstatement, subject to certain conditions
✓ Limited liquidity risk and No Point of Non-Viability (PONV) Loss Absorption seen in Bank AT1s
Coupon
Cancellation
Risk
✓ Similarly substantial buffer to mandatory coupon cancellation triggers
✓ Robust available distributable items position of €1.1 billion at H12019
✓ Track-record of capital generation
✓ Modest and manageable distributions to mutual certificates’ holders
Extension
Risk
✓ Long term interest rate risk to investors is mitigated by a coupon reset mechanism
✓ The Notes do not contain any incentive to redeem at any call date, in line with applicable Solvency II regulation, with call decisions
remaining fully discretionary and subject to regulatory approval
✓ Very reasonable issuer debt maturity profile
C1 - Public Natixis
11,264
2,540
Total Eligible OwnFunds
MCR
11,264
4,567
Total Eligible OwnFunds
75% SCR
11,264
6,090
Total Eligible OwnFunds
SCR
31
Large buffers to principal write-down triggers (HY2019 in €bn)
€6.7bn€5.2bn
€8.7bn
Breach of 100% of SCR Breach of 100% of MCRBreach of 75% of SCR
As of HY2019, available distributable items1 amounted to €1.1bn
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
CNPFY18
AegonFY18
LaMondiale
FY18
SCORFY18
AchmeaFY18
ASRFY18
87pp
111pp
118pp
115pp
98pp
97pp
€11.7bn
€9.3bn
€6.3bn
€4.8bn€4.4bn
€3.4bn
CNPFY18
AegonFY18
LaMondiale
FY18
AchmeaFY18
SCORFY18
ASRFY18
337pp
801pp
279pp
144pp
269pp
CNPFY18
AegonFY18
LaMondiale
FY18
SCORFY18
AchmeaFY18
ASRFY18
122pp
123pp
140pp
143pp
136pp
32
Larger buffers than most of recent issuers of RT1 as of FY2018
Breach of 100% of SCR Breach of 75% of SCR Breach of 100% of MCR
€15bn
€11.3bn
€7.6bn
€5.9bn€5.6bn
€4.3bn
€18.3bn
€15.6bn
€9.2bn
€6.6bn
€5.3bn €5.3bn
112pp
379pp
Source: SNL, financial reports
Buffer to SCR/MCR (in points of margins)
C1 - Public Natixis
Issuer La Mondiale
Notes EUR[●],000,000 Perpetual Fixed Rate Resettable Restricted Tier 1 Notes (the Notes)
Issue Rating BBB- (S&P) (expected)
Maturity Perpetual
RankingDeeply Subordinated Obligations, junior to prêts participatifs granted to the Issuer and titres participatifs issued by the Issuer, Ordinary Subordinated Obligations, Senior Subordinated Obligations and
Unsubordinated Obligations of the Issuer and senior to all present and future Mutual Certificates of the Issuer
Interest Rate• Fixed rate until [●] 2029 (the “First Reset Date”) payable semi-annually in arrear.
• Resets at the First Reset Date and every Reset Date (5 year intervals) thereafter to 5 Year Mid-Swap Rate plus the Margin payable semi-annually in arrear.
Optional Redemption
• At the option of the Issuer in whole, but not in part, (i) at any time from [●] 2029 (the “First Call Date”) to and including the First Reset Date and on any Interest Payment Date thereafter (ii) upon the occurrence
of a Gross-Up Event, a Withholding Tax Event, Tax Deductibility Event, a Regulatory Event, or a Rating Methodology Event or Clean-up Redemption (≥ 80% already purchased).
• All redemptions are at the Base Call Price and subject to the Conditions to Redemption and Purchase being met and Prior Approval of the Relevant Supervisory Authority.
Interest Cancellation
• Fully discretionary interest payments, cancellable (in whole or in part)
Mandatory interest cancellation (in full or part) in case of (i) non-compliance with the SCR, (ii) non-compliance with the MCR, (iii) insufficient Distributable Items, (iv) required by the Relevant Supervisory
Authority
• All cancelled interest payments are non-cumulative
Trigger EventAt the determination of the Issuer, the amount of Own Fund Items of the Issuer or SGAM (as the case may be) eligible to cover: (a) the SCR is ≤ 75% of the SCR; or (b) the MCR is equal to or less than the MCR ; or
(c) the SCR of the Issuer has been less than the SCR for a continuous period of 3m (starting from the date on which non-compliance was first observed)
Write-Down upon
Trigger Event
• If (a) or (b) of the Trigger Event occurs: Write-Down Amount shall be equal to: (i) amount that would reduce Prevailing Principal Amount to EUR 0.01 or to the extent required;
• If only (c) of Trigger Event occurs: x) the amount necessary to restore the SCR ratio of the Issuer and/or SGAM to 100; or b) if the SCR Ratio cannot be restored to 100%, then the amount necessary on a
linear basis to reflect the SCR Ratio where the Prevailing Principal Amount would be equal to (a) EUR0.01 if the SCR Ratio of the Issuer and/or SGAM were 75% and (b) the Initial Principal Amount if the SCR
Ratio were 100%; or z) any higher amount that would be required by the relevant rules in force at the time of the Write-Down
Discretionary
Reinstatement
The Issuer may at its discretion increase the Prevailing Principal Amount of the Notes, provided that this shall not cause the occurrence of a Regulatory Event and:
(A) only if SCR compliance is restored; (B) such reinstatement is not activated by reference to Own Fund Items issued or increased in order to restore SCR compliance; (C) occurs only on the basis of profits that
contribute to Distributable Items made subsequent to restoration of SCR compliance of the Issuer and/or SGAM in a manner that does not undermine loss absorbency and hinder recapitalisation (D) does not result
in a Trigger Event (E) occurs no later than 10 years since the last Write-Down Date and (F) authorised only if the Issuer and/or SGAM is not subject to any Administrative Procedure or the Relevant Supervisory
Authority has formally notified the Issuer and/or SGAM of the end of Administrative Procedures
Denominations EUR 100,000 + 100,000
Governing Law / Docs French law / Information Memorandum dated [●] 2019
Selling Restrictions As per the Information Memorandum; Professional investors and ECPs only target market
Form / Listing /
ClearingBearer / Euronext Growth / Euroclear and Clearstream
Restricted Tier 1 Notes – summary of terms
33
C1 - Public Natixis
Comparison with recent RT1 transactions
Issuer La Mondiale Achmea B.V. Aegon N.V. CNP Assurances
Issue Date / Maturity [●] Oct 2019 / Perpetual 19 Sep 2019 / Perpetual 28 March 2019 / Perpetual 20 Jun 2018 / Perpetual
Issuer Call
at anytime 6 months prior to [●] October 2029
(FRD) or any IPD thereafter, subject to
redemption conditions, unless waived by
regulator
at anytime 6 months prior to 24 September
2029 (FRD) or any IPD thereafter, subject to
redemption conditions, unless waived by
regulator
at anytime 6 months prior to 15 October 2029
(FRD) or any reset date thereafter, subject to
redemption conditions, unless waived by
regulator
27 Jun 2028 (FCD), and every IPD thereafter,
subject to redemption conditions, unless waived
by regulator
Issue Rating
(Moody’s/S&P/Fitch)-/BBB-/- (Exp) -/ BB+/BBB- Baa3/BBB-/BB+ Baa3/BBB/-
Ranking Senior to all Mutual Certificates Senior to all classes of share capital Senior to all classes of share capital Senior to share capital and preference shares
Currency / Amount EUR[●]m EUR 500m EUR 500m EUR 500m
Coupon[●]% until the FRD, then reset to 5yr m/s+[●]
bp (no step-up), payable semi-annually
4.625% until the FRD, then reset to 5yr
m/s+478bp (no step-up), payable semi-
annually
5.625% until FRD, then reset to 5yr
m/s+520.7bp (no step-up), payable semi-
annually
4.75%, until the FCD, then reset to 5yr
m/s+391.4bp (no step-up), payable semi-
annually
Optional Interest Cancellation Anytime, non-cumulative Anytime, non-cumulative Anytime, non-cumulative Anytime, non-cumulative
Mandatory Interest
Cancellation
Anytime, non-cumulative, upon breach of
SCR/MCR/insufficient ADIs, or as otherwise
required by the regulator
Anytime, non-cumulative, upon breach of
SCR/MCR/Solvency Condition/insufficient ADIs
Anytime, non-cumulative, upon breach of
SCR/MCR/Solvency Condition/insufficient ADIs,
or as otherwise required by the regulator
Anytime, non-cumulative, upon breach of
SCR/MCR/Solvency Condition/insufficient ADIs,
or as otherwise required by the regulator
Trigger Event75% SCR or breach of MCR or breach of SCR
not remedied within 3 months
75% SCR or breach of MCR or breach of SCR
not remedied within 3 months
75% SCR or breach of MCR or breach of SCR
not remedied within 3 months
75% SCR or breach of MCR or breach of SCR
not remedied within 3 months
Principal Loss Absorption Temporary write-down (partial or in full) Temporary write-down (partial or in full)
Equity conversion (in full)
Conversion price equal to EUR 2.994 (c. 70% of
share price at issue)
Temporary write-down (partial or in full) subject
to permanent write-down fall-back
Write-UpAmount at the issuer’s discretion, subject to
certain conditions
At the issuer’s discretion, subject to certain
conditions and Relevant Proportion of Net
Profits
-Amount at the issuer’s discretion, subject to
certain conditions
Special Event Redemptions
Tax event (withholding, gross-up, deductibility),
Regulatory Event, or Rating Methodology
Event, or Clean-Up Redemption subject to
replacement provisions within the first 5 years
and/or other conditions
Gross-Up Event, Tax Deductibility Event,
Regulatory Event, or Rating Methodology
Event, or Clean-Up Redemption subject to
replacement provisions within the first 5 years
and other conditions
Gross-Up Event, Capital Disqualification Event,
Rating Methodology Event, at any time, subject
to replacement provisions within the first 5 years
and other conditions
Tax Event (withholding, gross up, deductibility),
Regulatory Event, Rating Methodology Event,
Clean-Up Call, at any time, subject to
replacement provisions within the first 5 years
and other conditions
Substitution / Variation
Upon a Regulatory Event, Rating Methodology
Event or Tax event (withholding, gross-up,
deductibility), subject to certain conditions
Upon a Regulatory Event or Rating
Methodology Event, subject to certain
conditions
Upon Capital Disqualification Event or Rating
Methodology Event, alternatively to redemption,
subject to certain conditions
-
Governing Law French Law Dutch Law Dutch Law French Law
34
C1 - Public Natixis
Table of contents
1. Who are we?
2. Addressing the current environment
3. Solvency & Capital management
4. Proposed transaction
5. Appendix
C1 - Public Natixis
36
AG2R La Mondiale and Matmut
La Mondiale’s board of director decided to suspend the process of unification of the AG2R La MONDIALE MATMUT Group on
May 2019 due to discrepancies in values and methods.
Today, La Mondiale’s Board of Directors held an extraordinary meeting and, in keeping with its agenda, looked at
the progress of the merger, the governance of the AG2R LA MONDIALE MATMUT Group and the organization of
the General Meetings to be held in late May.
A hundred days into the existence of this new group, the Board of Directors found discrepancies in values, vision
and methods between AG2R LA MONDIALE and MATMUT, which go against the continuation of the constitution
of the Group.
As a result, La Mondiale’s Board of Directors is suspending La Mondiale’s involvement in the process of
operational unification.
An extraordinary General Assembly will soon be organized in order to draw all consequences of this decision.
André Renaudin, Chief Executive, has been given mandate by the Board of Directors to implement the decisions
that have been made and prepare the future1.
Very limited financial impact, 2p.p of solvency pro-forma end of 2018 (from 220% to 218%)
C1 - Public Natixis
37
Executive summary (SGAM AG2R LA MONDIALE, as of 30/06/2019)
(1): Unit Linked are low capital need products
(2): General Account products are more capital intensive that Unit Linked ones
(*): HY estimated
Robust balance sheet
and monitored solvency
€7.1bn* IFRS Equity capital
(+€0.7bn / FY 2018)
185% S2 ratio (-33pts / FY 2018)
€5.1bn IFRS Equity capital
(+€0.6bn / FY 2018)
229% S2 ratio (-38pts / FY 2018)
Rated A- / positive outlook
A- positive outlook confirmed by
Standard & Poor’s in September 2019
Diversified and steered
business model
€4.3bn Premiums (-12,5% / HY2018)
43% Life & Savings
19% Pensions
22% Health
15% Protection
€90.1bn* Liabilities
€237m Net income (+13% / HY2018)
€2.7bn Premiums, 37%/63% UL1/GA2
mix above the French market:
24%/76%
€83.4bn Liabilities, 31%/69% UL1/GA2 mix
above the French market
EoY2018: 21%/79%
€210m Net income (+20% / HY2018)
Sound asset allocation & risk
management (La Mondiale EoY2018)
4.1% High level of policyholder surplus
of reserves reserve with €2.2bn
Around 15% of investments rated BBB+ or
below (lower than the market)
Complete and competitive
player on the French market
2nd in Supplementary Pension
5th in Health Insurance
3rd in Protection
12th in Savings
Top3 in Private Wealth ManagementCapital items
€2.3bn Total amount of subordinated debt
€162m Total amount of mutual
certificates (unrestricted Tier 1)
SGAM
La Mondiale
SGAM
La Mondiale
C1 - Public Natixis
38
More than a century of presence and diversification
A long story of sustained growth
2008
SGAM AG2R LA MONDIALE
Life, savings, pensions, protection, health
8,000 employees
Premiums €7.3bn
6m policyholders
2019
SGAM AG2R LA MONDIALE
Life insurance
10,600 employees
Premiums €9.7bn
9m policyholders
2018: Issuance of
$310m of 30NC10
Tier 22003: Issuance of a
€175m hybrid debt
in the European
institutional market
– PerpNC10
2004: Tap of the
PerpNC10 issued in
2003 to reach a final
size of €400m total
2006: New €200m
hybrid offering in the
European
institutional market
– PerpNC10
1989: La Mondiale
has been the first
French mutual
insurance company
to issue Perpetual
securities
successfully
launching FRF500m
2013: Tender and Exchange
Offer on the PerpNC10
issued in 2003 into a new
€331.7m 31NC11 and new
issue of $600m of PerpNC6
2014: Tender and
Exchange offer on the
31NC11 and PerpNC10.
New issue of € PerpNC11
2016: Launch of
Mutual Certificates
Program
2017: Issuance of
$530m of
30NC10 Tier 2
+ $400m of
30NC10 Tier 2
2019: Call of
PerpNC6
Issued in 2013
… …
1905
LA MONDIALE
Creation
Life insurance
A Solid Access to Capital Markets
C1 - Public Natixis
39
AG2R LA MONDIALE financial solidarity
SCR ratio or
MCR ratio
Target 115%
125%
Trigger 110%
Financial solidarity
in proportion of
capital surplus
Financial solidarity
function of solvency ratios
Financial solidarity - description
▪ Financial solidarity rules are set in a way such that, if the solvency ratio
of a member were to go below 110%, other members will have to
provide additional capital to restore a 115% ratio, as long as this does
not make other members breach their own solvency
▪ Starting at 125%, an audit is performed in order to reduce the risk of
triggering financial solidarity
C1 - Public Natixis
40
Overview of La Mondiale Balance sheet (consolidated, IFRS)
FY 2017 HY 2018 FY 2018 HY 2019%Change
HY 2019 / HY 2018€m
TOTAL ASSETS 98,357 101,748 97,479 105,227 3.4%
Intangible assets 62 61 49 48 -21.5%
ow. Goodwill 52 52 41 40 -22.3%
Insurance investments 68,495 71,937 69,699 74,670 3.8%
Unit Linked investments 25,498 25,566 23,826 26,092 2.1%
Others assets 3,164 3,434 3,042 3,336 -2.8%
Cash and cash equivalent 1,138 750 863 1,081 44.3%
FY 2017 HY 2018 FY 2018 HY 2019%Change
HY 2019 / HY 2018€m
TOTAL LIABILITIES 98,357 101,748 97,479 105,227 3.4%
Equity Group Share 3,848 3,993 4,132 4,686 17.4%
Minority Interests 14 14 339 364 2,459.6%
Total Equity 3,863 4,008 4,471 5,050 26.0%
Financing debt 2,304 2,609 2,641 2,127 -18.5%
Insurance and financial liabilities 85,472 86,074 83,731 89,990 4.5%
Other liabilities 6,717 9,058 6,636 8,061 -11.0%
C1 - Public Natixis
FY 2017 HY 2018 FY 2018 HY 2019%Change
HY 2019 / HY 2018€m
Revenue 6,205 3,181 6,161 2,744 -13.7%
Financial Products 2,549 1,084 2,429 1,229 13.4%
Others 1,625 -166 -2,307 2,818 -1,801.8%
Current operating income 10,379 4,099 6,282 6,792 65.7%
Current operating expenses -9,999 -3,870 -5,876 -6,522 68.5%
Operating Income 380 230 406 271 18.1%
CONSOLIDATED NET RESULT 308 175 293 210 20.1%
o.w Group share 308 175 292 208 19.0%
o.w Minority Interest 0 0 1 2
41
Overview of La Mondiale P&L account (consolidated, IFRS)
C1 - Public Natixis
42
Historical asset allocation General Account
(Net book value)
Asset allocation
SCR
€5.3bn
0
5
10
15
20
25
30
35
40
45
50
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Property Equity Fixed Income
(€bn)
C1 - Public Natixis
2019 bond investment inflowsAchieved investments split
Average investment rate on bond portfolios: 1.58%
Yield
Average maturity (years)
Sovereign1.55%
Financials1.59%
Corporates1.58%
1.40%
1.50%
1.60%
1.70%
1.80%
8 10 12 14 16 18 20Financials: 66%
Corporates: 50%
Sovereign: -16%
Financials: 31%
Corporates: 60%
Sovereign: 9%
Net investment inflow
Investment inflow
HY 2019 Investments
43
C1 - Public Natixis
Sovereign28%
Guaranteed government bonds
3%
Supra / Agencies10%
Covered bonds 8%
Senior Financials
16%
Sub Financials4%
Corporates28%
Other3%
AAA12%
AA+4%
AA27%
AA-10%
A+9%
A9%
A-9%
BBB+11%
BBB3%
BBB-2%
NR4%
A
27%
BBB
16%
AA
41%
AAA
12%
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
< 1 year > 1 year to3 years
> 3 to 5years
> 5 to 7years
> 7 to 10years
> 10 to 30years
Fixed income allocation
Credit Exposure split
by Credit Rating
Credit Exposure by Issuer TypePortfolio by maturity band
Total fixed income exposure is at €60.1bn
▪ Limited exposure to risky investments, demonstrated by less than 20%
of the investments currently rated BBB+ or below
▪ No floating rate bond
▪ Duration / sensitivity of portfolio (7.4) in line with liabilities sensitivity,
much lower than their duration (11) due to crediting rate policy
Amount (€m)
44
Figures as of HY2019
C1 - Public Natixis
Spain€1,075 m
53%Ireland€497 m
25%
Italy€392 m
19%
Portugal€60 m
3%
France68%
Peripheral14%
Belgium10%
Austria3%
Others5%
Fixed income allocation – Sovereign exposure
Sovereign bond exposure
Peripheral countries exposure
Total Sovereign exposure is at €14.8bn
▪ Sovereign exposure accounts for 28% of total fixed income exposure
Total Sovereign on Peripheral countries exposure is at €2.0bn
▪ Peripheral countries exposure forms 14% of this sovereign bucket and
hence represents only 4% of overall total investments
▪ High level of unrealized gains (€327m) allowing credit shock
absorption
45
Figures as of HY2019
C1 - Public Natixis
Equities exposure: €6.6bn (including €1.9bn through mutual funds)
▪ HY2019 performance at +18.6%, after -8.9% in 2018 and +12.5% in
2017
▪ 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 (excl. mutual funds)
Equities investment allocation
France59%
U.K.11%
Germany6%
Switzerland8%
Others16%
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
46
Figures as of HY2019
C1 - Public Natixis
Geographic breakdown (market value) Total performance, as of EoY 2018
91.4%
3.0%
2.0%3.6%
Paris and Parisregion's officesOther offices inFranceParis and Parisregion's homesCommercialspace
Total Property exposure is at €3.6bn (fair value: €5.1bn)
La Mondiale property assets represent 1,000,000 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.5%
Exceptional IPD index outperformances of 2015 and 2016 explained by the strong value creation on the deliveries of the restructured buildings. Average
revenue: €426/m2
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
14%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
La Mondiale Property
IPD (french market)
IPD = Investment Property Databank
Property allocation
47
Figures as of HY2019
C1 - Public Natixis
Eligible own funds
€9.9bnEligible own
funds€8.7bn
SCR€3.7bn
SCR€3.8bn
FY2018 HY2019
Market 75%
Counterparty 2%
Life 16%
Health 0%
Operational7%
268% 229%
LA MONDIALE (solo): Solvency figures and SCR breakdown
The amount of the transitional measure on technical provision is €3.4bn and represents 90pts 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
LA MONDIALE SCR breakdown
13% of diversification
benefit1
48
C1 - Public Natixis
9,179
3,788
Total EOF pro forma
SCR
49
Eligible Own Funds La Mondiale standalone
Eligible own funds pro forma (in €m) La Mondiale solvency pro
forma
Before:
229%*
242%*
After
(*) Including transitional measure
73%
EOF
12%
EOF
15%
EOF
Contemplated
issuance
C1 - Public Natixis
Exceptional liquidity in the event of a sharp rise in interest rates
Liquidity: Exceptional
“We believe AG2R LM has exceptional liquidity, sustained highly liquid
assets, and positive net inflows. The group's pension business, which
cannot be surrendered easily, is positive for its liquidity, in our view.
Should any cash needs arise, we believe that AG2R LM's investment
assets are highly marketable and could provide liquidity.”
Extract of detailed analysis - December 20, 2018
Evolution of unrealized gains and losses
according to the securities sold
S&P analysis
French market lapse rate (18-year period)
Cash buffer: €13.2bn
7.9
1.40.9
3.0 Repo agreement
La mondiale treasury
Recurring financial revenues
Bonds with close maturity
0
1,000
2,000
3,000
4,000
5,000
6,000
0% 20% 40% 60% 80% 100%
LiquidVery liquid
Shock
+100bp
I
L
L
I
Q
U
I
D
Quite illiquid
sold % of portfolio
Unrealized gains and losses €m
50
C1 - Public Natixis
Disclaimer (1/2)
IMPORTANT: You must read the following before continuing and, in accessing such information, you agree to be bound by the following restrictions. This document was prepared by La Mondiale (the “Company”) for the sole
purpose of the presentation in relation to a contemplated issue of bonds. This document includes a summary of certain terms of the proposed offering of bonds as currently contemplated and has been prepared solely for information
purposes and on the basis of your acceptance of the below restrictions and does not purport to be a complete description of all material terms or of the terms (which may be different from the ones referred to herein) of an offering
that may be finally consummated. This document is confidential and must be treated confidentially by the attendees at the presentation.
Unless otherwise specified, the financial statements are prepared in accordance with IFRS as adopted by the European Union. Information relating to the solvency margin are, from January 1st, 2016, calculated under the European
Union’s Solvency 2 rules.
In the presentation, SGAM AG2R LA MONDIALE is called “SGAM” and is a French insurance group.
The information contained in this document has not been independently verified.
No representation or warranty, express or implied, is made as to, and no reliance should be placed upon, the fairness, completeness or correctness of the information or opinions contained in this document and the Company, as
well as its subsidiaries, affiliates, directors, advisors, employees and representatives accept no responsibility in this respect. The information contained within this presentation is subject to change without notice, it may be
incomplete or condensed, and it may not contain all material information concerning the Company and its subsidiaries, affiliates and/or connected parties.
Certain information included in this presentation and other statements or materials published by the Company are not historical facts but are forward-looking statements. These forward-looking statements are based on current
beliefs, expectations and assumptions, including, without limitation, assumptions regarding present and future business strategies and the environment in which the Company operates. They involve known and unknown risks,
uncertainties and other factors, which may cause actual results, performance or achievements, or industry results or other events, to be materially different from those expressed or implied by these forward-looking statements.
Forward-looking statements speak only as of the date of this presentation and, subject to any legal requirement, the Company expressly disclaims any obligation or undertaking to release any update or revisions to any forward-
looking statements included in this presentation to reflect any change in expectations or any change in events, conditions or circumstances on which these forward-looking statements are based. Such forward looking statements are
for illustrative purposes only. Forward-looking information and statements are not guarantees of future performances and are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the
control of the Company. Actual results could differ materially from those expressed in, or implied or projected by, forward-looking information and statements. These risks and uncertainties include those discussed or identified under
Chapter “Risk factors” in the Information Memorandum (as defined below).
Market data and certain industry forecasts included in this presentation were obtained from internal surveys and estimates, as well as external reports and studies, publicly available information and industry publications. The
Company, its subsidiaries, affiliates, directors, officers, advisors, employees and representatives have not independently verified the accuracy of any such market data and industry forecasts and make no representations or
warranties in relation thereto. Such data and forecasts are included herein for information purposes only.
This document does not constitute, or form part of, an offer or invitation to sell or purchase, or any solicitation of any offer to purchase or subscribe for, any securities of the Company in any jurisdiction whatsoever. This document
shall not form the basis of, or be relied upon in connection with, any contract or commitment whatsoever.
51
C1 - Public Natixis
Disclaimer (1/2)
Persons who intend to purchase or subscribe for any of the bonds of the Company in the context of the contemplated issue must make any decision to purchase or subscribe solely on the basis of the information contained in the
information memorandum prepared in connection with the offering of the bonds. In particular, the Company draws your attention on the risk factors relating to the Company and its business and to the Company’s securities, as
described in the “Risk factors” section of the Information Memorandum.
This document is provided solely for your information on a confidential basis and may not be reproduced, redistributed or sent, in whole or in part, to any other person, including by email or by any other means of electronic
communication. In particular, neither this document nor any copy of it may be taken, transmitted or distributed, directly or indirectly, in the United States, Canada, Japan, Australia or South Africa. The bonds will not be offered to the
public in any jurisdiction.
The Company’s bonds have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered, sold or otherwise transferred in the United States except pursuant to
an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Company does not intend to register, in whole or in part, any bonds in the United States. Neither this document nor any
copy of it may be transmitted or distributed in the United States. Failure to observe these restrictions may result in a violation of the laws of the United States. By accessing the information in this presentation, you represent that you
are outside the United States.
This presentation is not a prospectus for the purposes of the Regulation (EU) 2017/1129, as amended.
PRIIPS Regulation / Prohibition of sales to EEA retail investors: The securities referred to herein are not intended to be offered, sold or otherwise made available to and should not be offered, sold, or otherwise made available to any
retail investors in the European Economic Area (the “EEA”). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU, as amended
("MiFID II"); or (ii) a customer within the meaning of Directive 2016/97/EU, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently no key information document
required by Regulation (EU) No 1286/2014, as amended (the "PRIIPs Regulation") for offering or selling the securities referred to herein or otherwise making them available to retail investors in the EEA has been prepared and
therefore offering or selling the securities referred to herein or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.
MiFID II product governance / Professional investors and ECPs only target market: The target market assessment in respect of the securities referred to herein has led to the conclusion that the target market of the securities
referred to herein is eligible counterparties and professional clients only (each as defined in MiFID II).
.
52
C1 - Public Natixis
André RenaudinChief Executive Officer
David SimonDeputy Chief Executive Officer
(Finances, Investments, Risks)
Benoit CourmontChief Financial & Risk Officer
+33 1 76 60 87 38
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
104-110, boulevard Haussmann, 75008 Paris - France
http://www.ag2rlamondiale.fr
Contact details
53