Societe Generale S.a. Class A · EURONEXT:GLE
Societe Generale S.a. Class A — Sogecap — Debt Investor Presentation (June 2025)
27 slides from Societe Generale S.a. Class A's debt investor presentation, June 2025
Slide 1: Sogecap Investor Presentation June 2025
Sogecap Investor Presentation June 2025
Slide 2: Disclaimer
DISCLAIMER This document comprises the written materials for a credit update presentation relating to SOGECAP (the “Company”). The contents of this presentation are to be kept confidential and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published
Slide 3: Sogecap Investment Highlights
SOGECAP INVESTMENT HIGHLIGHTS Sogecap is the wholly-owned insurance subsidiary of Societe Generale, fully integrated within the Group’s strategy, offering savings and protection products in 7 countries including France 4th largest life insurance player in the French market (1) Sogecap benefits
Slide 4: 1. Company overview
1. Company overview INVESTOR PRESENTATION | JUNE 2025 | 4
Slide 5: Sogecap Group at a Glance
SOGECAP GROUP AT A GLANCE SOGECAP IS A HIGHLY PERFORMING LIFE AND NON-LIFE INSURANCE GROUP WITH TWO COMPLEMENTARY STRATEGIC PILLARS EUR 20.3bn EUR 2.0bn EUR 146bn EUR 393m Working in synergy with all the retail banking, private banking PREMIUM INCOME PROTECTION PREMIUMS OUTSTANDINGS NET INCOME (1) a
Slide 6: Sogecap is a key component of Societe Generale group's diversified and integrated model
SOGECAP IS A KEY COMPONENT OF SOCIETE GENERALE GROUP’S DIVERSIFIED AND INTEGRATED MODEL Societe Generale aims to foster deeper cooperation between bank and insurance through stronger integration SOCIETE GENERALE GROUP ORGANIZATIONAL CHART CONTRIBUTION TO SOCIETE GENERALE GROUP NET INCOME (1) Societe
Slide 7: A strong footprint with leadership positions, diversified business mix
A STRONG FOOTPRINT WITH LEADERSHIP POSITIONS, LEVERAGING ON A DIVERSIFIED AND ATTRACTIVE BUSINESS MIX Savings Life Insurance A record performance 78% 89% 22% 11% GROSS INFLOWS OUTSTANDINGS EUR 18.3bn EUR 146bn UNIT-LINKED +42% VS. 2023 UNIT-LINKED +7% VS. 2023 6th SHARE SHARE LIFE INSURER IN LUXEMBO
Slide 8: ESG is at the heart of Sogecap's development strategy
ESG IS AT THE HEART OF SOGECAP’S DEVELOPMENT STRATEGY WITH CONCRETE AND AMBITIOUS COMMITMENTS Responsible insurer Responsible investor Responsible employer 1 300+ EUR 28.9bn EUR 7bn C. 3 000 99 % responsible funds responsible unit- of green investments in outstandings employees trained in ESG linked
Slide 9: 2. Business model and strategy
2. Business model and strategy INVESTOR PRESENTATION | JUNE 2025 | 9
Slide 10: Sogecap has a clear roadmap to further accelerate
SOGECAP HAS A CLEAR ROADMAP TO FURTHER ACCELERATE SAVINGS LIFE INSURANCE ACTIVITIES Support our private clients in enhancing their assets and in preparing their retirement, by deepening the cooperation with SG Bank (notably the “Banque Patrimoniale”), Societe Generale Private Banking and BoursoBank
Slide 11: 2024: Record activity and performance for a sustainable growth
2024: RECORD ACTIVITY AND PERFORMANCE FOR A SUSTAINABLE GROWTH Savings Life Insurance Protection Record gross inflows with a +1.1pt of market share gain in France(1), leading to Strong performance of Sogecap’s omnichannel setup, particularly in record increase in outstandings (EUR +10bn vs. 2023 to
Slide 12: Savings life insurance is Sogecap's historical core engine
SAVINGS LIFE INSURANCE IS SOGECAP’S HISTORICAL CORE ENGINE, WITH AN IMPROVING MARKET POSITIONNING SAVINGS LIFE INSURANCE – OUTSTANDINGS IN FRANCE (EUR BN) (1) A MAJOR PLAYER IN THE SAVINGS LIFE INSURANCE MARKET, WITH FURTHER GROWTH POTENTIAL Market share gains across the years thanks to a recognized
Slide 13: Savings life insurance: an attractive and highly performing offer
SAVINGS LIFE INSURANCE: AN ATTRACTIVE AND HIGHLY PERFORMING OFFER OUTSTANDINGS (EUR BN) A COMPREHENSIVE AND ATTRACTIVE SAVINGS LIFE INSURANCE OFFER 146 148 135 136 126 132 Ambition to capture the full potential of an integrated Savings value chain, in light of Sogecap’s past trajectory (total outsta
Slide 14: Protection: a comprehensive and digital offer
PROTECTION: A COMPREHENSIVE AND DIGITAL OFFER, LEVERAGING AN EFFICIENT OMNICHANNEL MODEL SOGECAP’S AMBITION IS TO ACCELERATE THE DEVELOPMENT OF THE PROTECTION PROPERTY & CASUALTY PREMIUMS (EUR M) ACTIVITY 981 906 Strong momentum in Property & Casualty 836 781 • Continued growth in P&C, with premiums
Slide 15: 2024: Robust financial performance and solidity confirmed
2024: ROBUST FINANCIAL PERFORMANCE AND SOLIDITY CONFIRMED Contribution to SG NBI (1) Contribution to SG net result(1) Cost-to-income ratio Main highlights (EURm) (EURm) 674 Consistent results and strong financial 620 393 358 performance in 2024 : 22.0% • Strong momentum in our businesses, with a 9%
Slide 16: 3. Solvency and risk management
3. Solvency and risk management INVESTOR PRESENTATION | JUNE 2025 | 16
Slide 17: Strong solvency position, optimized use of subordinated debt capacity
STRONG SOLVENCY POSITION, WITH WELL OPTIMIZED USE OF SUBORDINATED DEBT CAPACITY AND FURTHER HEADROOM SCR AND MCR RATIOS CAPITAL STRUCTURE SUBORDINATED DEBT – MATURITY PROFILE(4) (2024) (2024, EURm) (2024, EURm, Sogecap perimeter) SCR RATIO MCR RATIO S2 ratio Perp-NC-Feb2026 notes issued externally 8
Slide 18: Capital requirements mainly on market and life underwriting risks
CAPITAL REQUIREMENTS MAINLY ON MARKET AND LIFE UNDERWRITING RISKS, MANAGED THROUGH SCR SENSITIVITIES BREAKDOWN OF NET SCR(1) MARKET SENSITIVITIES (IN % PTS OF SCR RATIO IMPACT) Underwriting Risk - Life Interest Rates -4 pts 21% +50bps Underwriting Risk - Health 3% Interest Rates +3 pts Underwriting
Slide 19: Risk management: several buffers to cope with financial markets volatility
RISK MANAGEMENT: SEVERAL BUFFERS TO COPE WITH FINANCIAL MARKETS VOLATILITY Sogecap can rely of several buffers to limit the impact of market risk volatility on its balance sheet (figures as of end of 2024): Low contractually guaranteed rates (0.26% on average) Good level of financial reserves re
Slide 20: A prudent and diversified investment policy
A PRUDENT AND DIVERSIFIED INVESTMENT POLICY Focus on SOGECAP Group France asset allocation, excluding unit-linked PORTFOLIO BY ASSET TYPE BOND PORTFOLIO BY ISSUER RATING 73% 42% 5% - Alternative assets 2% - Liquidity and others 7% - Equity products 32% OF ASSETS UNDER 7% - Other interest MANAGEMENT
Slide 21: 4. Appendix
4. Appendix INVESTOR PRESENTATION | JUNE 2025 | 21
Slide 22: Q1 2025 financial results continuing a positive momentum
Q1 2025 FINANCIAL RESULTS CONTINUING A POSITIVE MOMENTUM EUR 170m EUR 99m EUR 148bn 20.0% NET BANKING INCOME GROUP NET INCOME OUTSTANDINGS COST/INCOME (+2.1% VS. Q1 2024) (+6.8% VS. Q1 2024) (+5% VS. Q1 2024) RATIO Notes: normative IFRS contribution to SG Group as of end of March 2025. INVESTOR PRES
Slide 23: Sogecap Group shareholding structure
SOGECAP GROUP SHAREHOLDING STRUCTURE Branches Branches 100% Sogessur Italy SOGECAP Germany Sogessur Germany SOGECAP Italy Sogessur Poland SOGECAP Poland Sogessur Romania 100% 51% SOGESSUR Komercni Pojistovna (France) (Czech Rep.) 100% 51% ORADEA VIE BRD Asigurari de Viata (France) (Romania) 50% 73%
Slide 24: Sogecap consolidated financials (French GAAP)
SOGECAP CONSOLIDATED FINANCIALS (FRENCH GAAP) P&L BALANCE SHEET In EURm FY2024 FY2023 FY2022 In EURm FY2024 FY2023 FY2022 Gross earned premiums 20,458 14,952 14,711 Intangible assets 201 227 250 Net investment result 5,990 6,326 (3,333) Investments 112,191 110,014 111,440 Other operating income 437
Slide 25: Reconciliation from Sogecap French GAAP P&L to SG Group IFRS contribution
RECONCILIATION FROM SOGECAP FRENCH GAAP P&L TO SG GROUP IFRS CONTRIBUTION SOGECAP Group, Difference in Normative SG Group IFRS In EURm, FY2024 IFRS adjustments(1) French GAAP consolidation scope adjustments(2) contribution(3) Net banking income 1,161 -29 -175 -284 674 Operating expenses -562 25 448
Slide 26: Sogecap's long term financial performance
SOGECAP’S LONG TERM FINANCIAL PERFORMANCE CONTRIBUTION TO SG NET RESULT(1) CONTRIBUTION TO SG NBI(1) COST-TO-INCOME RATIO (EURm) (EURm) (%) IFRS4 IFRS4 IFRS4 IFRS 9/17 457 1012 IFRS9/17 421 963 40.1% 38.7% 38.6% IFRS9/17 393 887 363 358 297 674 620 510 20.6% 21.1% 22.0% +9.7% YoY +8.7% YoY +0.9pt Yo
Slide 27: Societe Generale Assurances
SOCIETE GENERALE Assurances