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Crédit Agricole S.A.Update of the 2011 registration document - A03Breakdown of insurance technical reserves(in millions of euros)Life30/06/2012Property &Casualty International CreditorInsurance contracts 111,184 2,807 9,334 1,393 124,718Investment contracts with discretionary participationfeaturesInvestment contracts without discretionary participationfeaturesTotal96,564 - 4,739 - 101,3031,736 - 828 - 2,564Deferred participation liability (1) 668 - - - 668Other technical reserves - - - - -Total technical reserves 210,152 2,807 14,901 1,393 229,253Deferred policyholders’ participation asset (1) (2) - (263) - (265)Reinsurers’ share of technical reserves (534) (200) (41) (238) (1,013)Net technical reserves (2) 209,616 2,607 14,597 1,155 227,975(1) Including deferred liability on revaluation of available-for-sale securities of €1.7 billion before tax, i.e. €1.1 billion after tax (seeNote 5.2 Available-for-sale financial assets).(2) Reinsurers’ share in technical reserves and other insurance liabilities is recognised under “Accruals, prepayments and sundryassets”.(in millions of euros)Life31/12/2011Property &Casualty International Creditor TotalInsurance contracts 107,797 2,441 8,878 1,381 120,497Investment contracts with discretionary participationfeaturesInvestment contracts without discretionaryparticipation features97,992 - 6,422 - 104,4141,743 - 4,163 - 5,906Deferred policyholders’participation liability (1) - - - - -Other technical reserves - - - - -Total technical reserves 207,532 2,441 19,463 1,381 230,817Deferred policyholders participation asset (1) (3,872) - (401) - (4,273)Reinsurers’ share of technical reserves (498) (178) (38) (293) (1,007)Net technical reserves (2) 203,162 2,263 19,024 1,088 225,537(1) Including deferred asset on revaluation of available-for-sale securities of €2.9 billion before tax, i.e. €1.9 billion after tax (seeNote 5.2 Available-for-sale financial assets).(2) Reinsurers’ share in technical reserves and other insurance liabilities is recognised under “Accruals, prepayments and sundryassets”.The deferred policyholders’ participation liabilty at 30 June 2012 and deferred policyholders’ participationasset at 31 December 2011 breaks down as follows:Deferred policyholders’ participation 30/06/2012 31/12/2011Deferred policyholders’ participation on available-for-sale securities and on2,139 (2,584)hedging derivatives mark-to market adjustment (1)Deferred policyholder’s participation on trading securities mark-to marketadjusted(1,768) (2,034)Other deferred policyholders’ participation (liquidity risk reserve cancellation) 33 345TOTAL (2) 404 (4,273)(1) Deferred policyholders’ participation liability on revaluation of available-for-sale securities of €1.7 billion before tax, i.e. €1.1 billionafter tax at 30 June 2012, compared to deferred participation asset on revaluation of available-for-sale securities of €2.9 billionbefore tax, i.e. €1.9 billion after tax at 31 December 2011, (see Note 5.2 "Available-for-sale financial assets").(2) The deferred participation liability, which amounted to €404 million at 30 June 2012, consisted of a deferred participation asset of-€265 million booked under assets on the balance sheet and a deferred participation liability of €669 million booked under liabilitieson the balance sheet in the technical reserves.The recoverable nature of this asset was determined by tests carried out as described in Note 1.3 of theRegistration document 2011 on insurance activities, in accordance with the CNC recommendation of 19December 2008.Page 160 sur 237
Crédit Agricole S.A.Update of the 2011 registration document - A034.3 French retail banking – Regional BanksOperations and contribution of the Regional Banks and their subsidiaries(in millions of euros) 30/06/2012 31/12/2011 30/06/2011Adjusted revenues 6,592 13,420 6,841Operating expenses (3,704) (7,377) (3,661)Gross operating income 2,888 6,043 3,180Cost of risk (549) (1,008) (828)Operating income 2,339 5,035 2,352Other income 6 5 4Income tax charge (839) (1,748) (778)Adjusted aggregate net income of Regional Banks 1,506 3,292 1,578Adjusted aggregate net income of Regional Banks’subsidiaries17 46Net aggregate income (100%) 1,523 3,338 1,627Net aggregate income contributed before restatements 391 854 411Increase in share of Regional Banks’ net income (1) 161 162 161Income from dilution/accretion on changes in share capital (7) (9) 2Other consolidation restatements and eliminations - 1 -SHARE OF NET INCOME OF EQUITY-ACCOUNTED ENTITIES 545 1,008 574(1) Including the difference between dividends actually paid by the Regional Banks to Crédit Agricole S.A. and dividendscalculated on the basis of Crédit Agricole S.A.’s percentage ownership of the Regional Banks.49Page 161 sur 237
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UPDATE A03Financial reviewat 30 Jun
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JUNE 2012JUNE 2012JUNE 2012JUNE 201
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Total regulatory capital before ded
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