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Crédit Agricole S.A.Update of the 2011 registration document - A03The creditor insurance business continued to be supported by home loans, but was adverselyaffected by the slowdown in consumer finance, particularly in car loans in Italy. Overall, premium incomedecreased by 11% to 474 million euros in the first half of 2012.In international activities, the first half of the year saw two changes to the scope of consolidation. InApril 2012, Crédit Agricole Assurances (CAA) sold Bes Vida to BES. The business unit’s assets undermanagement stood at 5.4 billion euros at 31 December 2011. CAA also increased its stake in CA Vita to100% with the acquisition on 30 March 2012 of the shares held by Cariparma. On a like-for-like basis,international premium income continued to improve, rising by 5.2% relative to the second quarter 2011 at1,525 million euros.Investments are conservatively managed. As a result, 6 billion euros in peripheral sovereign debt was sold inthe first half of 2012, including 3.2 billion euros for Italy and 1.7 billion euros for Spain. Gross exposure ofCrédit Agricole Group's insurance companies to the sovereign debt of peripheral countries (Greece, Ireland,Portugal, Italy and Spain) had been reduced to 8.5 billion euros at 30 June 2012 from 15.3 billion euros at 31December 2011. Moreover, investments are innovatively managed. The Group is thus developing itsinvestments in new asset classes designed to provide financing for the French economy, and particularly forlocal authorities.Net income Group share for the insurance business amounted to 545 million euros in thefirst half of 2012, up 13.6% year-on-year. Revenues fell by 5.7% year-on-year in the first half of 2012 to1,069 million euros due to the exclusion of BES Vida from the scope of consolidation (it accounted for 11million euros in the second quarter of 2011 in revenues) and to an unfavourable base effect. Operatingexpenses remained under control; they are stable year-on-year, excluding non-recurring gains related to PSIlosses that are deductible from tax bases. In terms of cost of risk, the first half of 2011 was impacted byCrédit Agricole Assurances’s involvement in the support plan to Greece, representing an amount of 131million euros in terms of cost of risk, equal to an impact of 81 million euros in terms of net income Groupshare. The cost of risk for the first half of 2012 includes 53 million euros relating to the exchange of Greekgovernment bonds, equal to an impact in terms of net income Group share of 35 million euros. TheInsurance business also recorded a capital gain of 28 million euros on the sale of shares in Bes Vida to BES.Page 88 sur 237