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Crédit Agricole S.A.Update of the 2011 registration document - A03management in the first half. Outflows from branch bank networks continued (-7.1 billion euros in the firsthalf of 2012), albeit at a slower pace than in the previous semesters. In all, net new inflows amounted to 13.8billion euros in the first half, including a market and currency impact of +20.5 billion euros.During the first half of 2012, Amundi continued to deliver a satisfactory operating performance.Revenues fell by 0.5% compared to the first half of 2011 or down 8.4% adjusted for the capital gain of 60million euros recognised in the first half of the year. However, operating expenses continued to recede with areduction of 7.3% year-on-year in the second half of 2012, and the cost/income ratio in the first half remainedhighly competitive at 55.4% ( 7 ) over the period, an increase of 0.7 points compared to the first half of 2011.The fall in revenues should be considered in relation to the decline in income from fixed fees owing to a lessfavourable product mix. Even so, performance-based commissions increased from 43 million euros in thefirst half of 2011 to 61 million euros in the first half of 2012.In all, Amundi's net income rose by 3.0% year-on-year to 253 million euros in the first half of 2012and its contribution to net income Group share was 186 million euros (up 2.8%).In asset servicing, CACEIS has been engaged in robust business development since the beginning of theyear. This, coupled with a favourable market effect on fixed-income business, generated growth in assetsunder management. As a result, assets under custody were 2,388 billion euros, a rise of 5.7% bycomparison with 31 December 2011; cash deposits rose sharply year-on-year in the first half-year.Compared to 31 December 2011, funds under administration rose by 6.6% to 1,109 billion euros.Net income Group share was 80 million euros, in the first half of 2012, up 25.4% on the first half ofthe previous year.Private Banking showed resilience in a climate of financial crisis. It registered modest outflows in the firsthalf, which was adversely affected by competition from on-balance sheet products in France and byconcerns related to the eurozone. Assets under management benefited from a positive market and currencyimpact and came to 128.1 billion euros at 30 June 2012. In France, assets under management were 54.2billion euros, at a level comparable to that of 31 December 2011. Internationally, they rose by 2.6% to 70.9billion euros over the same period.Net income Group share was 57.2 million euros in the first half 2012, down 12.8% by comparisonwith the first half of the previous year.In Insurance, premium income was 11.5 billion euros in the first half of 2012 compared with 14.8 billioneuros in the first half of 2011, with a mixed performance in the different markets.Life insurance in France was subject to difficult market conditions. Premium income for the first sixmonths of 2012 totalled 8.0 billion euros, down 25.8%. However, life insurance assets under management –including outside France, but excluding Bes Vida, which was excluded from the scope of consolidation in thefirst half of 2012 – increased by 1.0% relative to 31 December 2011 to 218.4 billion euros, including 39.2billion euros in unit-linked accounts, representing 18% of assets under management at the end of the firsthalf of 2012.Non-life insurance premium income in France increased by 7% year-on-year, well above the rate ofmarket growth. Premium income totalled 1.5 billion euros in the first half of 2012 as a result of bothdevelopment of the client base and price revisions.(7) Adjusted for the capital gain of 60 million euros recognised in the first quarter of 2012Page 87 sur 237