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Ernst and YoungGlobal Insurance Conference

Paris, 3rd June 2008

Charlotte Dennery : CFO BNP Paribas Assurance

« Environnement attitude »L’impression de ce document est-elle indispensable ? Si oui, pensez à imprimer plusieurs diapositives par feuille.

ContentsContents

I – BNP Paribas Assurance : history of development

II – BNP Paribas Assurance Business model

III - Partnership culture

IV – Development perspectives

3

French Retail Banking + BNL

Corporate and Investment Banking

Asset Managementand Services

International Retail Bankingand Financial Services

BNP Paribas Assurance, the insurance arm of BNP ParibasBNP Paribas Assurance, the insurance arm of BNP Paribas

25%25% 30%30%17%17%28%28%

Financial RatingsStandard & Poor’s AA+ Moody’s Aa1Fitch AA

Financial RatingsFinancial RatingsStandard & Poor’s AA+ Moody’s Aa1Fitch AA

I – BNP Paribas Assurance

Financial RatingsStandard & Poor’s AA+ AM Best FSR A+ AM Best ISR aa

Financial RatingsFinancial RatingsStandard & Poor’s AA+ AM Best FSR A+ AM Best ISR aa

Two brandsBNP Paribas Assurance

andCardif

Two brandsTwo brandsBNP Paribas Assurance

andCardif

4

20021978Creditor insurance

N/A1976Protection

19831973Savings

Intermediaries(IFA’s, credit brokers)

Partnerships(bancassurance)

Distribution

Products

Alternative distribution channels

35 35 yearsyears of bancassurance of bancassurance experienceexperience

1973 - Pioneer of bancassurance in France : B2B2C business modelMajor steps : 1 - bancassurance

2 - multi-partnerships (non captive)

1986 : French banking deregulation Development abroad

I –BNPParibas Assurance

5

4 4 stepssteps of international expansionof international expansion

1. 1989… 12 former EU countries out of 15 (excl. Greece, Denmark, Finland)« greenfield » except UK, (more mature) -> acquisition (d° USA subsequently)

2. 1996… Worldwide – main available markets, by zonesPoland Chile South Africa Taiwan United-States SwitzerlandCzech Rep. Argentina Japan MexicoSlovakia BrazilHungary

3. 2001… « Joint-Ventures » markets (mainly regulatory constraints)India, South Korea, Thailand, Russia… China, Vietnam-----------------------------------------------------------------------------------------------------------------------

4. 2006… New insurance markets – quick wins of market shares (partnerships)Norway Croatia Ukraine Peru AlgeriaDenmark Romania Turkey Colombia

Bulgaria Canada

I – BNP Paribas Assurance

6

North and Central AmericaCanadaMexicoUSA

South AmericaArgentina BrazilChileColombiaPeruUruguay**

Asia PacificChina*IndiaJapanSouth KoreaTaiwanThailandVietnam*

AfricaAlgeriaSouth Africa

Cardif presence

* Representative Office

** Through Freedom of Services

EuropeAustriaBelgiumBulgariaCroatiaCzech RepublicDenmarkFranceGermanyGreece**HungaryIrelandItalyLuxembourg

NetherlandsNorwayPolandPortugalRomaniaRussiaSlovakiaSpainSwedenSwitzerlandTurkeyUkraineUnited Kingdom

Since 1989, a global expansionSince 1989, a global expansion

I – BNP Paribas Assurance

7

BNP Paribas Assurance BNP Paribas Assurance keykey figuresfigures

Gross Written Premiums(in billions of euros)

Assets Under Management(in billions of euros)

Net Banking Income(in millions of euros)44 % coming from external clients

Pretax Income (*)

(in millions of euros)

* Excluding extraordinary items.

18,015.6

1277

680

109,5

789

1437

18,015,6

1311,4

9,3

2003 2004 2005 2006 2007

109,5

88,077,5

68,263,2

2003 2004 2005 2006 2007

789680

527467

391

2003 2004 2005 2006 2007

14371277

1017867

733

2003 2004 2005 2006 2007

I – BNP Paribas Assurance

8

n 4th largest life insurer in France in 2007

BNP Paribas Assurance PositionningBNP Paribas Assurance Positionningl Ranking

n # 1 for creditor insurance worldwiden # 1 in unit linked product in Francen Most prominent positions around the

world :Ø India 4th largest life insurance

#3 « bancassurer » in variable annuities

Ø Italy 6th largest life insurer

Ø South Korea 2nd largest « bancassurer »#1 in variable annuities

Ø Taiwan 2nd largest « bancassurer » in unit linked

Ø Chile #1 « bancassurer »

I – BNPParibas Assurance

Groupe Natexis5,8%

Groupe CNP33,3%

Groupe CM CIC10,8%

Groupe Crédit Agricole23,3%

Groupe Société Générale10,7%

Groupe HSBC2,6%

BNP Paribas Assurance 13,5%

BNP Paribas Assurance : +0,8 points / Year 2006

Insurance M arket in France 2000/2006

49% 47% 43% 40%

51% 53% 57% 60%

0%

20%

40%

60%

80%

100%

120%

2 000 2 002 2 004 2 006

Traditional Life Insurers Bancassurers

9

A A differentiateddifferentiated business modelbusiness model« Creating value for distributing partners »

B B CManufacturer Distributors Customers

Business lines Partners Segments

Know-how creatingvalue

Productsthroughdistribution channels

B B CManufacturer Distributors Customers

Business lines Partners Segments

Know -how creatingvalue

Products throughdistribution channels

l Implementation of bespoke partnership’s solutions

l Range of products adapted to the client needs

l Expertise in developing marketing solutions to maximise client revenues and customer loyalty

II – Business model

10

CreditorInsurance

Budget Insurance

HealthProtection

GoodsProtection

IndividualProtection

With-profitcontracts

Investment-linked

contracts

Investment-linkedand with-profit

contracts

n Credit cardn Consumer creditn Auto loansn Leasingn Mortgages

n GAPn Extended

warrantiesn Property &

Casualty (in France)

n Hospitalisation plan

n Critical illnessn Health plans

n Fraudulent usen Deposit account

protectionn Bills insurancen Shopping basketn Standard of living

guaranteen Payment

instrument protection

n Personal accidentn Term lifen Travel insurancen Whole lifen Guaranteed minimum

death benefit

Distribution:

Banks, Finance companies,

Retailersand IFA’s

savings

protection

A comprehensive and innovative product rangeA comprehensive and innovative product range

II – Business model

11

Clients: 35 of the top 100 worldwide banksClients: 35 of the top 100 worldwide banks

III – Partnership culture

12

#1 Bank in India

Second largest banking group in Korea

#1 Local insurer in Thailand

Polish Postal services

Leading group in Italy for consumer personal finance

Third largest Brazilian retailer

…… JointJoint--VenturesVentures withwith marketmarket leadersleaders

III – Partnership culture

13

……+ global partners in car and consumer finance+ global partners in car and consumer finance

AFR.

AT BE CZ FR GE HU IT PL PT RU SK SP SU SW NL UK CH IN JP SK TW TH AR BR SA

AMERICA

CARDIF’s current activity with global partners

Car financing Consumer financingNot a country operating brand

COUNTRIES

EUROPE ASIA

Aut

oC

onsu

mer

Cre

dit

III – Partnership culture

14

Maximising every part of the value chainMaximising every part of the value chain

.Bringing value to our partners means :

Customerunderstanding

Riskmanagement

Capacity to maximize profit

Culture ofpartnership

n Market knowledge

n Understanding ofcustomer needs

n Specialized actuarialteam

n Worldwide experts

n Monitoring tools

n Marketing toolsn Training & incentives

programsn Product innovationn Claims management

n Frequent meetings

n Ongoing reporting

n Service levelagreement

Customersatisfaction

Sustainableprofit

Maximize value creation Transparency

Management ofexternal factors

n Legal Compliancelobbying team (consumersassociations & European Union)

n Legal framen Benchmarking

Minimization ofthe market andreputation risk

III– Partnership culture

15

BNP Paribas Assurance strategy

l Maintain double-digit growth in revenues worldwiden In France

oIn Savings, continue to grow faster than the overall market,oIn Protection, reach our natural market share

n International :oIn Protection, saturate potential of existing networks ( inside or outside the Group)oIn Savings, pursue targeted developmentoWorldwide, fill out our expertise through targeted acquisitions

l Innovate and expand or product rangen Launch at least one major product innovation per year

l Industrializen Identify efficiency gains through applications and processes

l Globalize our organizationn Position our human resources and governance as key success factors that drive our

efficiency

IV – Development

16

Key Key successsuccess factorsfactors ofof ourour international international developmentdevelopmentHuman Ressources Organization

Governance Systems and tools

IV – Development

ØEntrepreneurial culture and commercial autonomy given to ourCEOs

Ø Pooling of knowledge

Ø Mobility of employeesstrongly encouraged

ØMatrix organizationcomprising territories, businesses and functions

Ø Two transversal positions : International COO and Head ofInternational operations

Ø A wordwidegovernance for primaryfunctions

Ø Very clear delegationdefined

Ø Mutualization ofplatforms to gain efficiency

ØIntegration intopartner’s systems

Ø Sharing of tools andbest practices