Press release — Paris, July 31, 2026

Historic revenue driven by all business lines

Key figures for H1 2026

• Total revenue[^1] of €31.9 billion, up 15.9%[^2]
• Record net inflows[^3] of €11.8 billion, with more than half in euro-denominated funds
• Pre-tax income of €1.357 billion, stable year on year[^4]
• Estimated Solvency II ratio of 195%

“Results for this first half confirm the strength of our growth trajectory across all our businesses, in France and internationally. They illustrate the relevance of a model that enables us to support our clients across all aspects of protection: securing their savings, preparing for retirement, protecting their assets, health, or business. The strength of our bancassurance model lies in its ability to address all of these needs in a consistent and integrated way, thanks to the proximity of our networks, the breadth of our expertise and our local roots. The start of the year was also marked by the announcement of our new corporate project ‘Façonner Demain,’ the acquisition of Milleis Vie and its integration with Spirica, as well as the launch of our Foundation dedicated to prevention, health and the protection of vulnerable people. These initiatives reflect our ambition to combine performance, usefulness and positive impact in the service of our customers and society. Faced with the fires that continue to affect France, Crédit Agricole Assurances stands more than ever alongside affected customers and has put emergency measures in place to support them. I would also like to salute the exceptional commitment of our 1,500 colleagues in our claims management units, who do exemplary work every day. In both urgent and long-term situations, we will remain alongside victims, emergency services and residents in the affected regions,” said Nicolas Denis, Chief Executive Officer of Crédit Agricole Assurances.

Dynamic activity across all business lines

In the first half of 2026, Crédit Agricole Assurances generated revenue[^1] of €31.9 billion, a new all-time high, up 15.9%[^2] from the first half of 2025. Activity remained strong in France, where revenue rose 17.8% to €27.7 billion, and internationally, where it increased 5.1%[^2] to €4.3 billion.

In savings/retirement, revenue[^1] increased 17.5% year on year in a particularly favorable savings environment. Gross inflows[^3] amounted to €16.1 billion on euro funds, up 15.9%, and €8.3 billion on unit-linked products, up 20.7%. As a result, the share of unit-linked products in gross inflows reached 34.1%, up 0.9 percentage point from a year earlier.

Net inflows[^3] reached a record €11.8 billion, up €3.6 billion year on year. By product type, net inflows[^3] totaled €6.6 billion on euro funds, up €2.2 billion, and €5.2 billion on unit-linked products, up €1.4 billion.

Life insurance assets under management[^5] stood at €392.1 billion, up 9.1% year on year, supported by very strong net inflows[^3] and a positive market effect. They comprised €266.5 billion in euro funds, up 6.2%, and €125.6 billion in unit-linked assets, up 15.9%. The share of unit-linked assets rose by 1.9 percentage points over the year. The new fully digital Oriance life insurance contract, launched on February 23, 2026, has seen strong demand, with assets of nearly €5 billion at the end of June.

In property and casualty insurance[^6], activity continued to grow, with revenue[^1] up 10.5% from the end of June 2025 to €4.5 billion. The first half of 2025 did not include the contributions of ASG and PiùVera Assicurazioni, which have since been consolidated. On a like-for-like basis, growth was 7.4%. The portfolio totaled 18.2 million contracts, up 7.3% year on year and 2.2% on a like-for-like basis.

Retail client penetration across Crédit Agricole Group banks also continued to improve year on year, both at the regional banks (45.0%[^7], up 0.8 point), at LCL (28.9%[^7], up 0.5 point), and at CA Italia (21.2%[^8], up 0.6 point).

In personal protection (protection / borrower insurance / group insurance)[^9], revenue[^1] reached €3.1 billion, up 12.1% year on year. The first half of 2025 did not include the contributions of ASG, PiùVera Assicurazioni and PiùVera Protezione, which have since been consolidated. On a like-for-like basis, personal protection revenue grew 7.0%. Borrower insurance increased 10.8% (3.1% on a like-for-like basis). Group insurance rose 25.2%, notably reflecting the contract with the Electric and Gas Industries (IEG), effective July 1, 2025. Individual protection increased 9.1% (7.4% on a like-for-like basis).

In individual and group health insurance[^10], revenue increased 17.1% year on year (14.2% on a like-for-like basis) and represented 14.0% of property and personal protection revenue.

Resilient earnings

The increase in activity, combined with favorable market conditions and lower weather-related claims in the second quarter, helped offset the impact of storms and flooding in the first quarter. As a result, Crédit Agricole Assurances reported pre-tax income[^4] of €1.357 billion in the first half, stable year on year. Net income attributable to the Group fell 5.5%[^2] year on year to €961 million, reflecting an unfavorable comparison base.

The combined ratio[^11] increased by 2.1 percentage points year on year to 96.7%, in connection with first-quarter weather-related claims. The discounted accident ratio net of reinsurance across all years stood at 73.8%, worsening by 3.1 percentage points year on year. The undiscounted net combined ratio increased by 2.6 percentage points to 100.0%.

Contractual service margin[^12] reached €29.5 billion at the end of June 2026, up 7.2% from December 31, 2025. It includes a strong contribution from new business of €2.3 billion, supported by revenue growth and above the allocation to earnings (€1.2 billion negative). The remeasurement of the stock contributed €1.1 billion, reflecting a positive market effect.

Solvency

As of June 30, 2026, Crédit Agricole Assurances again reported solid financial strength, with an estimated Solvency II ratio of 195%.

Notation

Significant developments since the last publication

• Crédit Agricole Assurances accelerated the development of its distribution partnerships with the launch of Crédit Agricole Insurance Partners
• Crédit Agricole Assurances supported eight new initiatives to promote the mental health of caregivers
• Publication of the CAA 2025 ESG-Climate report
• CAA successfully placed a €750 million Restricted Tier 1 subordinated securities issue with an initial fixed interest rate of 5.875%
• Establishment of a 2026 base prospectus
• Crédit Agricole Assurances joined the Finance for Biodiversity Foundation and strengthened its commitment to biodiversity
• Crédit Agricole Assurances created its corporate foundation dedicated to prevention, health and the protection of vulnerable people
• LCL and Crédit Agricole Assurances completed the acquisition of Groupe Milleis and consolidated their wealth management strategy

About Crédit Agricole Assurances

Crédit Agricole Assurances, the leading insurer in France, is the Crédit Agricole Group company that brings together all of Crédit Agricole S.A.’s insurance businesses. Crédit Agricole Assurances offers a range of savings, retirement, health, protection and property insurance products and services. These are distributed by Crédit Agricole Group banks in France and in nine countries worldwide, serving individual customers, professionals, farmers and businesses. At the end of 2025, Crédit Agricole Assurances had more than 7,100 employees. In 2025, its revenue (“non-GAAP”) amounted to €52.4 billion. www.ca-assurances.com

Appendix — Activity analysis by geographic area

[^1]: Non-GAAP revenue.
[^2]: On a like-for-like basis, i.e. excluding the consolidation of Abanca Seguros Generales (“ASG,” the Spanish property and personal insurance subsidiary held 50%), completed on September 30, 2025 with retroactive effect from January 1, 2025, and excluding the consolidation of PiùVera Assicurazioni and PiùVera Protezione (Italian property and personal, and personal protection insurance subsidiaries, respectively, held 65%), completed on December 31, 2025 with retroactive effect from January 1, 2025, total revenue growth would have been 15.0%, international revenue would have been -1.4%, and net income attributable to the Group would have been -6.4%.
[^3]: Under local accounting standards.
[^4]: The contribution to Crédit Agricole S.A.’s pre-tax income amounts to €1.343 billion. The difference from Crédit Agricole Assurances’ pre-tax income mainly comes from analytical adjustments.
[^5]: Savings, retirement and protection (funeral) insurance.
[^6]: As of June 30, 2026, ASG’s property and casualty portfolio totaled 220,000 contracts, with a net increase of 44,000 contracts year on year. PiùVera Assicurazioni’s property and casualty portfolio totaled 645,000 contracts, with a net increase of 18,000 contracts year on year.
[^7]: Share of regional bank and LCL customers with at least one contract in auto, home, health, legal, mobile/portable or GAV insurance marketed by Pacifica, Crédit Agricole Assurances’ French non-life insurance subsidiary.
[^8]: Share of customers of the CA Italia network with at least one contract marketed by CA Assicurazioni, Crédit Agricole Assurances’ Italian non-life insurance subsidiary.
[^9]: Excluding savings/retirement.
[^10]: Health revenue is split between property insurance for the individual segment and group insurance for the collective segment.
[^11]: See the definition in chapter 8.4, “Alternative Performance Indicators,” of Crédit Agricole Assurances’ 2025 Universal Registration Document available on the Investors section of Crédit Agricole Assurances’ corporate website.
[^12]: CSM, or Contractual Service Margin, corresponds to the profits expected by the insurer over the life of insurance contracts, for profitable contracts, for savings, retirement, protection and borrower insurance products.

Attachment

Press release — CAA H1 2026 results