Credit Agricole SA Investor Day Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Benoit Valleaux - ODDO BHF Corporate & Markets, Research Division - Analyst : Benoit Valleaux, ODDO BHF. Three questions, if I may, related to Credit Agricole Assurance, 2 on earnings and 1 on capital. Maybe first on earnings, can you share, please, with us what is your expected impact from IFRS 17 on earnings and on the volatility of these earnings and if you plan to take some measures in order to mitigate this volatility? And second question, I need to complete a previous question related to P&C business. We're also seeing some rising claims inflation. So what do you expect in terms of combined ratio over the course of the plan? I mean do you expect that you'll be able to maintain stable or not your combined ratio? And regarding capital, you had a Solvency II margin at 245% under standard formula. Of course, these Solvency II should have benefited from increasing interest rates year-to-date partly mitigated by increase in spread volatility, in equity market. But overall, I will assume a net positive impact. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 22, 2022 / 8:30AM, CAGR.PA - Credit Agricole SA Investor Day So do you believe that thanks to that and depending on your view on the PPE reserve level at the end of the plan, but do you believe that Credit Agricole Assurance will be able to return some extra capital to the group or not in terms of the ordinary capital return policy?