PRESENTATION INVESTISSEURS EXERCICE 2025

Full Year 2025
Earnings Presentation
March 31, 2026

Speakers

Olivier Arlès
Deputy Chief Executive Officer
(Finances, Investments, Risks)

Luca De Dominicis
Chief Financial & Risk Officer

Thomas Rivron
Chief Investment Officer

Table of contents

01 A leading group in its core activity, commited to its new « Esprit de conquête » (« Spirit of Conquest ») strategic plan (2026-2031)

02 Strong results in 2025

• a Strong performance in 2025, providing a solid foundation for the new « Esprit de conquête » strategic plan
• b 2025 results reflecting strong economic performance
• c A robust financial position, continuing to improve

Additional informations on interest rate commitments and asset management
Focus on non-financial indicators
Focus on the issuer

A.

A leading group in its core activity, commited to its new « Esprit de conquête » (« Spirit of Conquest ») strategic plan (2026-2031)

01.

AG2R LA MONDIALE is one of the leading groups in social protection and wealth
management in France, present in four major business sectors

AG2R LA MONDIALE Group as of December 31, 2025

AG.Mut1
ViaSanté Mutuelle
MPJ2
Scope of mutuals

SGAPS
AG2R LA MONDIALE

AG2R Prévoyance1
and its subsidiary Prima
Arpege Prévoyance1
Scope of provident
institutions

CGRR
Agirc-Arrco1

Association sommitale AG2R LA MONDIALE

AG2R
Agirc-Arrco1
and the other mutuals
members of AG.Mut

SGAM AG2R LA MONDIALE

LA MONDIALE1

Ægide-Domitys
(at 100%)3

La Mondiale Retraite
Supplémentaire
La Mondiale Partenaire
La Mondiale Europartner
Arial CNP Assurances
(at 60%)

Scope of savings and
additional pension

GIE LA MONDIALE GROUPE

AG2R LA MONDIALE Gestion d'actifs
GIE AG2R
Corporate foundation AG2R LA MONDIALE
AG2R LA MONDIALE foundation for Artistic Vitality

footnote (1): summit association member
footnote (2): substituted mutuals
footnote (3): starting from, January 1st, 2025
footnote (4): operations will begin once approval has been obtained
from the French supervisor (ACPR) (expected in 2026)

Domitys acquisition at
100% (67% in 2024)
Exit of MIAG and end of
MNSPF substitution
Changes in scope in 2025
Launch of AG2R LA
MONDIALE
Réassurance4

Premiums €13.1bn
Net Result €188m
Capital at book value €8.1bn
Solvency ratio
excluding transitional measures 181%
Standard & Poor’s
rating
A Stable Outlook

• 2.1% growth, mainly driven by inflows in savings and pensions
• Up +2.9%, notably driven by continued improvement in health and
  protection activities
• Up +5 percentage points compared to 2024, with €4.3bn of excess of
  equity
• Confirmed rating in February 2026, reflecting very strong financial
  strength, leading market positions and exceptional liquidity
• 1.8% growth, driven by Sgam net result

Strong performance in 2025, providing a solid foundation for the new
strategic plan « Esprit de conquête »

2025 was also dedicated to defining a new ambitious strategy through to
2031: « Esprit de conquête » (Spirit of Conquest) strategic plan

Three conquest pillars

A new ambition for 2031

« Esprit de conquête » quantified targed for 2031

en Md€

The Group targets contributions of €17bn…

Activités d'assurance de la Sgam
Activités non assurantielles de la Sgam
(dont Domitys)

16
10.7
(67%)
5.4
(33%)
12.8
0.8
(2%)
13.6

in €m

…and targets a doubling of Sgam’s net
result Group share

188
350 - 400

SGAPS
40 – 45%
La Mondiale
55 – 60 %

Sgam insurance activities
Health and Protection
Savings and Retirement
Sgam non-insurance activities
(including Domitys)

Strong performance in 2025, providing a solid foundation for the new « Esprit de conquête » strategic plan

2.a

A consolidated turnover at its highest historical level at €13.1bn

• Consolidated revenue growth stood at +2.1% reaching +3.1% in savings, retirement and wealth management,
  notably driven by large corporate clients in group retirement and by wealth savings, while health and protection slightly
  declined (-0.6%), but remained stable on a like-for-like basis.
• The share of unit-linked products in retirement and savings revenue reached 50%, up 9 points compared to
  2024, supported by favourable market conditions in savings and the continued PER products commercialization
  predominantly invested in unit-linked assets.
• Net inflows in life insurance reached €1.4bn in 2025, up €0.9bn compared to 2024, driven by the combined effect
  of revenue growth and lower benefit outflows, particularly on euro-denominated savings products.
• Outstandings increased by +4.6% in savings and retirement, supported by positive net inflows, credited returns
  and the valuation of unit-linked assets (+5.8%). The share of unit-linked products in life insurance outstandings
  reached 44% (excluding profit-sharing reserve), up 11 points above the market average of 32%.

Combined turnover increased by 2.1% in 2025, at €13.1bn

Domitys and
other activities +7.0%
Protection -1.2%
Health -0.1%
Additional
pension
+4.8%
Savings +2.5%

▪ In protection and health: slight decrease
(-0.6%) due to MIAG’s exit from the Group
and the end of MNSPF substitution
▪ In savings and pension: growth in
inflows (+3.1%), notably driven by wealth
savings and large corporate clients in
group retirement
€bn

Net inflows reached €1.4bn in 2025, notably driven by unit-linked (UL) products

(savings and pension, in €m)

The share of unit-linked remains 11 points above the market in both total premiums and outstandings

(savings and pension)

Share of UL in premiums
French insurance market

Share of UL in outstandings*
French insurance market

*: excluding profit-sharing reserve

Consolidated Sgam outstanding technical provisions are up by 4.4%, at €112.8bn

• The 10% increase in unit-linked assets was driven by the positive revaluation of underlying assets, supported by the growth of European equity
  markets, as well as positive net inflows recorded in 2025.
• Euro-denominated assets increased by 1.1%, with slightly negative net inflows more than offset by contract remuneration.

2025 results reflecting strong economic performance

2.b

A consolidated net profit of €188 million, confirming the strength of the Group's economic fundamentals

• The contribution from SGAPS* (protection and health business) stands at €188m (vs. €149m in 2024), driven
  notably by the effects of AG2R Prévoyance recovery plan, with an improvement in the Institution’s result of €130m
  over 3 years.
• The contribution from La Mondiale* (savings and retirement) reached €170m supported by an improvement in
  recurring financial margin (+17 bps), a stable average contract remuneration rates (2.45%) and a limited use of the
  profit-sharing reserve (PSR) (113 M€), allowing to maintain a strong PSR reserve (3.2% euro-denominated
  assets), providing significant flexibility for the coming years.
• The corporate tax (CT) surcharge applied to large companies had an impact of - €71m for Sgam.
• Aegide-Domitys’s contribution to combined earnings amounted to - €99m (vs. - €168m in 2024), reflecting the
  initial effects of the strengthened recovery plan, notably resulting in an 9% increase in EBITDA compared to 2024.

* Excluding corporate tax surcharge

SGAM result breakdown in 2025

in €m

Group share of combined earnings at €188m, increasing by +2.9%

This refers to the contribution of each sement to the Sgam result. These contributions may differ from the combined/consolidated results of each segment.
*: excluding Domitys

• ▲ AG2R Prévoyance
  recovery plan
  (positive current
  operating result)
• ▲ Improvement in
  financial result
• ▲ Asset management
  performance: increase
  in bond yield (+17
  cents) and equity
  capital gains
• ▲ Reasoned recovery of
  the PSR
• ▼ Slight increase in the
  average contract
  crediting rate
• ▲ Recovery plan mainly
  on operating expenses
• ▼ Real Estate
  development

AG2R Prévoyance further strengthens its lead over its recovery plan targets, both in net profit and current operating profit

*: including exceptional CT surcharge of €34m in 2025

Objectif annuel plan de
redressement
Résultat annuel Annual result Annual recovery plan
target

The increase in the average yield of the bond portfolio in savings and pension continued, up +17 bps compared to 2024

2020 2021 2022 2023 2024 2025
2,17%
2,00%
1,87% 1,83%
2,11%
2,28%
+17bps

• Reinvestment of cash holdings
• Maturity arbitrage
• Average bond reinvestment rate at
  3.65%

LM+LMRS*
Average bond yield for LM and LMRS (measured at year-end)
in %
*: La Mondiale and La Mondiale Retraite Supplémentaire

Profit-sharing rate of La Mondiale contrats

in %

The 2025 contract crediting rate remained stable compared to 2024, and Profit sharing reserve (PSR) level, at 3.2% of € provisions, providing significant flexibility for the coming years

0,9
1,6 1,7
2,3 2,2 2,3 2,3 2,3 2,3
2,1
1,9 1,7
1,8%
3,2%
3,4%
4,3%4,1% 4,1% 4,1% 4,1% 4,1%
3,9%
3,4%
3,2%
0,00%
0,50%
1,00%
1,50%
2,00%
2,50%
3,00%
3,50%
4,00%
4,50%
- 200
300
800
1 300
1 800
2 300
2 800
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

PSR
in €bn and % of € provisions

Return on euro
contrats of La
Mondiale
Return on euro
contrats in the
market
(source: France
assureurs)

A robust financial position, continuing to improve

2.c

A significant improvement in the Group’s solvency in 2025 and the confirmation of its financial rating

• The Group secured its solvency funding by anticipating the refinancing of €500m of debt maturing in 2026,
  while continuing its deleveraging with the repayment of €315m.
• 2025 was also marked by a further improvement in the mutual certificates dynamic (+€40m in net
  subscriptions after buybacks).
• The Group’s solvency ratio increased by 5 points to reach 181%, supported by 2025 earnings and favourable
  financial market developments.
• Last February, Standard & Poor's reaffirmed the Group's A rating with a stable outlook, highlighting its very
  strong financial strength and its leading position in the French insurance market in savings, retirement,
  protection & health, as well as its “exceptional liquidity”.

An excess of equity at €4.3bn in 2025, increasing by €0.2bn compared to 2024.

Excess of assets
over liabilities
Mutual certificates
Excess funds
Eligible subordinated debt

* : excluding transitional measures on technical provision
** : eligible own funds (including capping– Market value)

Eligible own
funds
SCR

The Group’s solvency ratio increased by 5 points to reach 181%, supported by 2025 earnings and favourable financial market developments

181%
2024
+4%
Result
-4%
Deleveraging
+5%
Market conditions 2025
176%
+5 points

• The contribution of earnings to equity (impact: +4 pts) offset the reduction in debt (impact: -4 pts).
• Market conditions were very favourable in 2025 (impact: +5 pts), driven by strong equity markets, a steepening yield
  curve and tightening spreads, in a context of bond yield increase.
• In addition, the ratio is calculated using the standard formula, while the transitional measure would again be eligible
  under the financial conditions observed at year-end 2025 and would have an impact of +8 additional points.
• Finally, the solvency ratio excluding debt increased by +9 pts compared to 2024.

Solvency – SGAM AG2R LA MONDIALE

Diversification gain at 23%*
It should be noted that the Tier 3 debt maturing in April
2026 was not taken into account in the solvency
assessment as at year-end 2025, as it had been refinanced
in advance with Tier 2 debt.
*: Diversification benefit = (sum of net SCR excluding Operational risk SCR - net BSCR) / sum of net SCR excluding Operational risk SCR

The increase in the Group’s solvency ratio is reflected in both main entities, La Mondiale and AG2R Prévoyance

176%
238%
148%
197%
132% 124% 136%
215%
347%
270%
677%
181%
265%
144%
180%
131% 123%
154%
231%
350%
271%
710%

SGAM AG2R LA
MONDIALE
La Mondiale La Mondiale
Partenaire
La Mondiale
Europartner
La Mondiale
Retraite
Supplémentaire
ARIAL CNP
ASSURANCES
AG2R Prévoyance Prima VIASANTÉ
Mutuelle
Arpege
Prévoyance
Ag.Mut
2024 2025
Solvency ratio excluding transitional measures on technical provision

Coverage ratio sensitivities

in pts

-6,5
7,3
-5,2
-4,4
-4,8
-2,8

Interest rates + 50 pts Interest rates - 50 pts Corporate spread +50 pts Sovereign spread +50 pts Equity -25% Real Estate -10%

SGAM AG2R LA
MONDIALE
SCR coverage ratio
181%

A stable outlook

February 24, 2026

The rating agency highlights in particular:

• The Group's "very strong" financial strength
• The Group's continued leadership position in the French insurance market in terms of
  savings, pension, protection and health
• It "exceptional" level of liquidity

Standard & Poor's confirmed in February 2026 the A rating with a stable outlook for the
Group

Additional informations on interest rate commitments and asset management

Focus on the consolidated scope of La Mondiale interest rate commitment

3,65%
-0,70%
2,35%
0,28%
2,17%

+207 bps

Inforce business
Savings and
Pensions
average
guaranteed rate
(mandatory)

Yield* on total
Savings and
Pensions asset
base

Profit-sharing

New flow

Yield on
Savings and
Pensions fixed
income assets

Savings and
Pensions
average
guaranteed rate
2,45% net of
fees

+435 bps

*: This represents the asset yield backing mathematical provisions and equity, corresponding to income plus normalised capital gains.

A continuous reduction of minimum guaranteed rates over 20 years

€bn

1,9%
1,7%
1,5%
1,4%
1,09%
0,94%
0,79%
0,65%
0,58%
0,53% 0,35%
0,32%
0,29% 0,28%

0
10
20
30
40
50
60
2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025

0% garanti brut
]0,0%;1,0%] bruts
]1,0%;2,5%] bruts
]2,5%;3,5%] bruts
]3,5%;4,5%] bruts
>4,5% bruts
Taux garanti net

Sgam investment assets held by the Group increased by +3.5% reaching €119.9bn

▪ Asset growth was primarily driven by favourable market conditions in European equities, leading to an increase in
the value of unit-linked assets.

€75.4bn
Fixed income**; 80%
Equities*; 8%
Properties; 5%
Deposit including
REPO; 6%
Equity & mutual
funds* ; 8%
*: including Equity mutual funds with variable income
**: including mutual funds with fixed income

Focus on the consolidated investment scope of La Mondiale

Total assets
in net book value (NBV)
€113.1bn

61%
39%
Actif général Actifs en UC

€ Asset allocation (in VNC)
€68.8bn

Fixed income**;
80%
Equities*; 9%
Properties; 6%
Deposit including
REPO; 6%

Unrealized gains and losses
- €1.6bn

Real Estate
€1.7bn
Bonds and loans
- €4.5bn
Stocks and equity
holdings
€1.3bn

UL: unit-linked
*: including Equity mutual funds with variable income
**: including mutual funds with fixed income
Equity & mutual
funds* ; 9%

Focus on the bond structure

La Mondiale and La Mondiale Retraite Supplémentaire

Total outstanding: €42.7bn
Average rating: A+

AAA; 15%
AA; 15%
A; 52%
BBB; 18%

Exposure by credit rating (% market value)

Market value breakdown
by issuer type (€m)

14 734
9 652
6 607 6 766
1 965 1 771
407 815

Portfolio by maturity band (€bn)

3,7
5,2
7,6
9,1
19,6
1,5

>1 à 3 ans >3 à 5 ans >5 à 7 ans >7 à 10 ans >10 à 30 ans > 30 ans

Corporate Emprunt Etat Agences et
organismes
supranationaux
Financières
senior
Subordonnées Obligations
sécurisées
Structurés Emissions
Groupe

Government
bonds
Agencies and
supranationals
bonds
Senior
financials
Subordinated Covered
bonds
Structured Group issued
bonds

Focus on country risk

La Mondiale and La Mondiale Retraite Supplémentaire

Total bond
outstanding: €42.7bn

Bond breakdown (market value, €m)

1 184
6 067
5 059
3 585
4 577
2 881
6 275
4 265 807
478
3 667
2 277
548
783
6 607
9 652
15 549
10 910

Agences et organismes
supranationaux
Emprunt Etat Corporate Financières

Asia
America
Europe
France

Agencies and
supranationals bonds
Government
bonds
Corporate Financials

Focus on La Mondiale Treasury (€m)

La Mondiale and La Mondiale Retraite Supplémentaire

La Mondiale Trésorerie (LM et LMRS)
Total GIE Cash
12/31/2024 12/31/2025
2 317
3 049
2 238
2 614

La Mondiale
Trésorerie
19%
Revenus
financiers
récurrents
10%
Obligations
à maturité
proche
47%
REPO
24%

€12.3bn
Cash buffer
Liquidity management
A liquidity level rated as « exceptionnal » by the rating agency S&P in February 2026

Listed equities and equity mutual funds portfolio

La Mondiale and La Mondiale Retraite Supplémentaire (LM+LMRS)

A combined performance for LM+LMRS at 16.8% in 2025 and an exposure mainly in France

Performance (market value)
(100 basis in 2019)

50
70
90
110
130
150
170
190
2019 2020 2021 2022 2023 2024 2025

Performance LM+LMRS
DJ Stoxx 50 (incl. Dividends)

Geographical exposure

France
52%
Europe
42%
États-Unis d'Amérique
6%
€4.7bn

USA
6%

Private Equity portfolio

La Mondiale and La Mondiale Retraite Supplémentaire

Real Estate portfolio

Performance

3,5%
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
AGLM IMMO
MSCI / IPD Assurance
La Mondiale Property
MSCI / IPD Insurance

Geographical exposure

Paris CBD office
Paris office outside the CBD
Office in the rest of the Paris region
Diversification in France and internationaly
Retail France
Residential France
Office in regional France
Senior living residences

Paris CBD office
Paris office outside the CBD
Office in the rest of the Paris region
Diversification in France and internationaly
Retail France
Residential France
Office in regional France
Senior living residences

2%
2%
3%
4%
5%
22%
28%
34%

Maturity of La Mondiale debts issued on the market

• In October 2025, La Mondiale issued new Tier 2
  subordinated debt with a maturity of 10 years and a
  coupon rate of 4.375% (yield to maturity of 4.427%) for
  an amount of €500m. The issuance was priced at a
  spread of 180 bps.
• This issuance enabled the early refinancing of €500m
  of Tier 3 debt issued in 2020, maturing on April 20,
  2026.
• In addition, a €91m super subordinated loan, put in
  place in 2005 and no longer benefiting from the
  “grandfathering” clause as from January 1, 2026, was
  repaid in January 2026.
• The next maturities relate to USD-denominated debt,
  with repayments due in January and December 2027, for
  a total amount of €840m.

Next / Regulatory call date breakdown (nominal, €m)
*: Issurances in USD. Amounts and yields in euros after hedging
** : Yield to maturity at 4.427%
Debt
issuance in
2025

Focus on non-financial indicators

A continued strong social commitment, with initiatives amounting to €98m

A structured CSR strategy to dive greater impact

• Commit to inclusion and
  prevention
• Support the vitality of
  local communities
• Invest in sustainable
  transitions

+60%
of purchase from
inclusive enterprises
over 3 years

€10.6bn
in green, social and
sustainable bonds,
up by 4%

79%
of our office portfolio is
environmentally certified

Solidarity and
autonomy
62
Projects supported by
the group’s foundations

25
Artistic
vitality

€98m
invested in the social
and solidarity
economy (SSE)

A committed HR policy

7%
Employment rate of employees with
disabilities

98%
Training access rate

5.5%
Percentage of
apprentices in the
workforce

Agreement on
quality of life and
working conditions

Charter against
sexism in the
workplace

StOpE

LGBT+ commitment
charter
LGBT+

Regarding investments made in 2025, 14.6% of annual purchases were in green assets.

CSR Reporting: Group Environmental Performance

Environmental certifications obtained (share of assets under review – excluding retail)

24%
46%
51% 54% 55% 55% 56% 61%
69%
62%
76%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Neuf & Rénovation

76% of new and
renovated certified
surfaces representing a
6% increase on our
target of 70% by the end
of 2025.

New and Renovated

Other certifications (at 12/31/2025)

13%
15% 17%

▪ All assets are managed with an ambitious and proactive approach to CSR (Tertiary
Decree, eligibility, Taxonomy alignment, CREEM carbon trajectory, etc.).
▪ The delivery of a building undergoing renovation (Paris Châteaudun) in 2025 has
increased the proportion of new and renovated certifications. Other deliveries will take
place in 2026 (Lille Agora, Paris 96 Haussmann), which will further significantly
increase the proportion of new and renovated certified buildings.

A reinforced responsible investment policy

Responsible investment including 9 SRI-labelled funds

Reinforced commitment to financing energy transition over 4 years:
dedicated envelope for private equity asset class fully committed by end of December
2025

A strong contribution in financing the economy

Private debt investments (more than 30 issuers)
Specialised debt funds (more than 50 funds)
Private equity funds (more than 200 funds)

€96bn
€425m
€327m
€972m
€875m

*: presented levels include, in particular, investments related to supplementary retirement line of business.

Extra-financial
SGAM has been commited to implementing a sustainable and responsible investment policy for more than 20 years*

Awards for asset management performance

Awards for the responsible investment approach and contributions to a sustainable and inclusive economy

June 2025
Best Fund Trophies by « Le Revenu »
Gold Trophy
«Best manager European Equities 3
Year » (Insurance)

December 2025
« IPE Awards »
Winner
« Commitment to Diversity »

April 2025
« LSE Lipper France Fund Awards »
Best « Mixed Asset Euro Bal-Global
Fund 10 Year »
Best « Mixed Assets manager 3 Year »

May 2025
IPE Real Estate Awards
Winner of Three Awards:
« France+Belgium » &
« Investment in alternatives »
« Commitment to Diversity »

December 2025
« Couronnes de
l’Investissement »
Winner
« Financing of territories an the
real economy »

June 2025
IPE Transition Awards
Winner «Public Markets»

November 2025
« PEX Awards»
Gold Award
« ESG Private Equity Initiatives -
LP»

December 2025
« Prix Green »
Winner
« Best Institutional Investor»
« Inclusive Finance»

The Group’s asset management policy was distinguished with 12 awards in 2025

Focus on the issuer

Focus on the consolidated perimeter La Mondiale

Key figures in millions of euros

Focus on the issuer – La Mondiale solo

Key figures in millions of euros

Focus on the issuer

Stength of the issuer’s solvency level

Focus on the issuer
Stength of the issuer’s solvency level
La Mondiale solo
SCR Coverage ratio*
*: excluding transitional measures on technical provision
**: Diversification benefit = (sum of net SCR excluding Operational risk SCR - net BSCR) / sum of net SCR
excluding Operational risk SCR

La Mondiale solo
MCR Coverage ratio
SCR breakdown
Eligible own funds
Diversification gain at 17%**
€2.4bn
€6.5bn

Contact

Olivier Arlès
Deputy Chief Executive Officer
(Finances, Investments, Risks)

Luca De Dominicis
Chief Financial & Risk Officer

Thomas Rivron
Chief Investment Officer

Ines Manai
Supervisor, Rating agency and Investor Relations

Investor Relations - Contact: infosfinancieres@ag2rlamondiale.fr

AG2R LA MONDIALE
14 - 16 Boulevard Malesherbes, 75008 Paris - France
http://www.ag2rlamondiale.fr