2012 Business Report - BNP Paribas Cardif - More information on bnpparibascardif.com

1. Shared experience
2013 BUSINESS REPORT

2. Partnership is the cornerstone of the BNP Paribas Cardif business model
and culture. As a designer of products and services for savings and
protection, the company relies on a network of partners to distribute its
ranges. We work within a trust-based relationship with all our partners
to continually evolve our approach to the market and design affinity offers
tailored to the needs of our customers. We learn from our partners, and
vice versa. This shared experience is what we were so keen to promote in
our 2013 Business Report.
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DIVERSIFIEDSOLUTIONS
MULTICHANNELDISTRIBUTION
ARESPONSIBLEENTERPRISE
FINANCIALSYNTHESIS
15 >17
18 >19
20 >21
22>33
AGLOBALENTERPRISE
PARTNERSINMULTIPLESECTORS
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2>3
CONTENTS

3. “ALL THE INDICATORS ARE POSITIVE,
VALIDATING OUR STRATEGIC DIRECTIONS”
Forty years of experience have demonstrated
the validity of our strategic choices and the
strength of our business model. 2013 was a
perfect illustration of our continued positive
momentum. The company had 25.3 billion euros
in gross written premiums, up 4% over 2012, thus
consolidating our strategic focus and develop-
ment objectives as we expand internationally and
diversify our offering. Thanks to a business model
with solid foundations created by our diversity
of products, partners and geographies, we can
look ahead to the future with confidence.
Our dual growth drivers are diversification
and internationalization
BNP Paribas Cardif derives close to 60% of its
gross written premiums from business outside
France. This international presence brings us
PIERRE DE VILLENEUVE
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
1 VIRGINIE KORNILOFF CHIEF OPERATING OFFICER, HEAD OF DOMESTIC MARKETS
2 PIERRE DE VILLENEUVE CHAIRMAN AND CHIEF EXECUTIVE OFFICER
3 RENAUD DUMORA CHIEF OPERATING OFFICER, HEAD OF FINANCE, RISKS AND LEGAL
4 STANISLAS CHEVALET CHIEF OPERATING OFFICER, HEAD OF DEVELOPMENT AND TRANSFORMATION
5 JEAN-BERTRAND LAROCHE CHIEF OPERATING OFFICER, HEAD OF INTERNATIONAL MARKETS
1 2
43 5

4. 1 PIERREDEVILLENEUVECHAIRMANANDCHIEFEXECUTIVEOFFICER 2 STANISLASCHEVALETCHIEFOPERATINGOFFICER,HEADOFDEVELOPMENT
AND TRANSFORMATION 3 RENAUD DUMORA CHIEF OPERATING OFFICER, HEAD OF FINANCE, RISKS AND LEGAL 4 VIRGINIE KORNILOFF CHIEF
OPERATINGOFFICER,HEADOFDOMESTICMARKETS 5 JEAN-BERTRANDLAROCHECHIEFOPERATINGOFFICER,HEADOFINTERNATIONALMARKETS
6 GÉRARD BINET MANAGING DIRECTOR 7 OLIVIER CORTÈS HEAD OF EFFICIENCY, TECHNOLOGY AND OPERATIONS (ETO) 8 JACQUES FAVEYROL
CHIEFACTUARY 9 ISABELLAFUMAGALLIHEADOFITALY 10 XAVIERGUILMINEAUHEADOFASIA 11 OLIVIERHÉREILCHIEFINVESTMENTANSASSETS
MANAGEMENTOFFICER 12 LAURENCEHONTARRÈDEHEADOFCLIENTANDMARKETINGSTRATEGY 13 SOPHIEJOYATHEADOFHUMANRESOURCES
14 FRANCISCO VALENZUELA HEAD OF LATIN AMERICA
EXECUTIVE COMMITEE
Find out
the video interview
of Pierre de Villeneuve
major growth outlets and creates a distinctive
difference versus competitors. BNP Paribas Cardif
is now the eleventh-largest life insurance company
in Europe*, with a diversified geographic business
balance. In Asia, which represents 3.6 billion euros
in gross written premiums, BNP Paribas Cardif
continues to expand, notably by gaining a foothold
in the Chinese life insurance market. In Latin
America, where our business is primarily
protection insurance, the company has experienced
fast-paced growth, led by growing markets such
as Brazil or Colombia. In 2013 we had 1.3 billion
euros in gross written premiums from protection
insurance in this region.
We focus on achieving and maintaining
leadership in the insurance businesses
we have chosen
We aim to pursue our itinerary and take advantage
of the company’s international profile, continuing
to drive the sustained organic growth we have
seen in all our host countries. Today’s increasingly
volatile environment dictates unyielding profes-
sionalism and extremely fast responsiveness.
Insurers must focus on a compact portfolio
of businesses, choosing alliances with partners
who can contribute complimentary expertise.
BNP Paribas Cardif is pursuing precisely this
strategy, one that is being adopted by more
and more players in the market.
In 2014 and beyond, BNP Paribas Cardif will
continue to focus on three main priorities: develop
our product catalogue, diversify our geographic
footprint and distribution channels—with a greater
emphasis on digital—and propose products and
services adapted to the new expectations of our
clients. Our underlying objective remains
unchanged: be the benchmark for insurance
partnerships and the leader in personal
insurance solutions.
Our partners inspire our ongoing innovation
We forge long-term relationships with each of
our 500 partners that are tailored to their sector,
their markets and their target clientele. We work
with them in a spirit of co-management, always
focused on the ultimate goal: satisfaction for end
customers. We suggest new growth opportunities
for their business along with ways to improve
the products and services offered to customers
in order to meet continually evolving expectations.
* Source: L’Argus de l’Assurance, European ranking of insurance
companies by gross written premiums (Top 20 Europe, 2012 ranking).
45
EDITORIAL

5. SAVINGS
BNP Paribas Cardif proposes a range of savings
solutions (unit-linked life insurance contracts,
diversified asset contracts, capital protected
products, diversified fund, etc.) designed to
help people build up and grow their savings,
plan for retirement, and achieve their life plans.
PROTECTION
Building on a position as a recognized specialist in creditor
insurance (CI), BNP Paribas Cardif has progressively expanded its
protection portfolio in protection with new products. It covers
diversified needs such as health insurance, property casualty
insurance, involuntary unemployment, products for budget and
income protection, credit card protection and extended warranty.
GROSSWRITTEN
PREMIUMS
NETBANKING
INCOME
PRE-TAX
NETPROFIT
2.1 1.2BILLIONEUROS BILLIONEUROS
25.3BILLIONEUROS
MEMBERSOFSTAFF*
* Headcount for legal entities controlled by BNP Paribas Cardif: close to 8,000 employees.
LEGALSTRUCTURES
TWOCOREACTIVITIESIN37COUNTRIES
CARDIF-ASSURANCES
RISQUESDIVERS
CARDIF
ASSURANCEVIE
INTERNATIONAL
SUBSIDIARIES
BNPPARIBASCARDIF
178 10,000BILLIONEUROS
ASSETSUNDER
MANAGEMENT HEADCOUNT
#KEYFIGURES_BNPPARIBASCARDIF

6. TAILORED LOCAL SOLUTIONS
WITH A PRESENCE IN 37 COUNTRIES, BNP PARIBAS CARDIF ADAPTS ITS SOLUTIONS
TO THE NEEDS OF LOCAL CUSTOMERS, WITH ITS PARTNERS, SKILLFULLY INTEGRATING
THE DISTINCTIVE ECONOMIC AND CULTURAL FACTORS THAT CHARACTERIZE EACH MARKET.
In Japan, customers
who take out a
mortgage can
subscribe insurance cover
against the risk of cancer.
BNP Paribas Cardif sells these
policies through retail banking
networks of its partners.
Policyholders receive a full
lump sum benefit if they are
diagnosed with the disease.
In Chile, insurance
covering personal
accidents (injuries
or death) has been compulsory
since 2013 for all vehicle owners.
An electronic signature is all
it takes to subscribe the SOAP*
cover available from BNP Paribas
Cardif. The policy is immediately
approved and available on line
for the policyholder or agencies
that require a copy.
*SeguroObligatoriodeAccidentesPersonales
ASIA
LATIN AMERICA
EUROPE
14.7BILLIONEUROS GROSS WRITTEN PREMIUMS
ON INTERNATIONAL MARKETS,
UP FOR 8%
58%OF GROSS WRITTEN
PREMIUMS ON
INTERNATIONAL MARKETS
In France, the compa-
ny has continued to
innovate with Cardif
Élite, a personalized life insurance
product for wealth management
customers. The product allows
clients to select different partner
brokers for their asset manage-
ment mandates. This new savings
vehicle provides exposure to
hundreds of mutual funds and
equities listed on a dozen stock
market indexes around the world.
67
A GLOBAL ENTERPRISE

7. In South Korea, savers
have considerable
appetite for structured
product such as equity linked
securities (ELS), which provide
cover against certain risks thanks
to underlying assets with good
near-term stability. These inno-
vative investment solutions,
proposed by BNP Paribas Cardif,
have enjoyed great success since
theywereintroducedtenyearsago.
In Mexico, ensuring
a family’s financial
stability means
planning for major expenses
over the course of a lifetime
(wedding, birth or adoption
of children, moving, death, etc.).
With the Life Events product,
BNP Paribas Cardif assists
the policyholder’s at every
moment of his life.
ASIA
LATIN AMERICA
EUROPE
10.6BILLIONEUROS GROSS WRITTEN
PREMIUMS IN FRANCE
42%OF GROSS WRITTEN
PREMIUMS
IN FRANCE
In Spain,
BNP Paribas Cardif is
launching the Leave
Your Keys offer in conjunction
with its partner FGA Capital and
brokers CBP. The cover provides
policyholders with the opportunity
to return their vehicle in the event
of unforeseen life issues (multiple
birth, illness, disability, unemploy-
ment, etc.), and cancel the loan
or long-term rental agreement
with a trade-in guarantee equiva-
lent to the vehicle market value.
Regardless of the type of insurance coverage
people seek, BNP Paribas Cardif adapts its
offering to the local market, profiles and
specific needs of its customers. In South
Korea, for example, where there is strong
demand for protection against serious
diseases such as cancer, BNP Paribas
Cardif made it easy to purchase cover
directly on the Web, the preferred channel
among Koreans.
In Continental Europe, where telemarketing
is used extensively, this channel generated
20% of gross written premiums. Another
example of local alignment is Latin America,
where we introduced 100% Web-based
policy subscription for individual auto
insurance, which is now compulsory, much
like comprehensive insurance in Europe.
#AGLOBALENTERPRISE_BNPPARIBASCARDIF

8. LATIN AMERICA EUROPE ASIA
BRAZIL IS THE THIRD-LARGEST
CONTRIBUTOR TO BNP PARIBAS
CARDIF’S PROTECTION BUSINESS.
Its leadership on the continent is
due in particular to excellent perfor-
mance in creditor insurance for
automobile loans. Another highlight
was the introduction of the new
SOAT(1)
and SOAP(2)
solutions from
BNP Paribas Cardif, enabling com-
plete online subscription of individual
auto cover, which is now compulsory
(in Chile, Colombia and Peru),
comparable to comprehensive
insurance in many European
countries.
Emblematic partnerships signed in
2013 include a long-term contract
(five years) for distribution of life
and non-life insurance products
with Caja Los Andes, a compensation
fund for family allowances set up
by the Chilean Construction Chamber.
In Peru, a new cancer risk insurance
product was introduced to cover
reimbursement of medical costs
and provide social aid. And in
Argentina, a new creditor insurance
agreement was signed with
longstanding partner Supervielle.
(1) Seguro Obligatorio de Accidentes de Tránsito.
(2) Seguro Obligatorio de Accidentes Personales.
FRANCE REMAINS THE FIRST MARKET
OF BNP PARIBAS CARDIF, with a
10.6 billion euros GWP. In an unstable
regulatory environment and uncertainty
regarding the tax treatment of savings
products, there was a high proportion of
unit-linked contracts. BNP Paribas Cardif
also became No. 4 in the French market
for personal insurance(3)
.
In 2013, Italy performed with very good
results (a GWP up for 48%), thanks to the
reinvestment of completed life insurance
contracts.
2013 was a pivotal year in Continental
Europe (Germany, Spain, Portugal and
Central Europe) as the outlook turned
brighter in most countries in the region,
especially in Spain. BNP Paribas Cardif
saw promising development in a new
category of protection, working with
the increasingly deregulated utilities
sector (water, gas and electricity).
Thus, in Czech Republic, agreements
were signed with partners as E.ON.
In the retailing sector, cooperation
with Carrefour expanded to develop
solutions in addition to creditor
insurance.
(3) Source: L’Argus de l’Assurance, ranking in France by
gross written premiums (Top 20 France, 2012 results).
AFTER EUROPE AND LATIN AMERICA,
BANCASSURANCE IS BECOMING
INCREASINGLY POPULAR IN ASIA.
Consumers throughout the region
now enjoy access to new ways to
subscribe insurance introduced by
BNP Paribas Cardif, whether at retail
outlets or through internet, which many
people in this part of the world prefer.
In savings, low interest rates and risk-
averse investors made unit-linked prod-
ucts less attractive. BNP Paribas Cardif
nevertheless posted good results,
particular with ELS investments in South
Korea. Several important partnerships
were forged in 2013. In Japan, a
new savings protection product was
launched with Sumitomo Mitsui Trust
Bank, and alliances were formed
with Hana Bank and Kookmin Bank
in South Korea. A joint venture with TCoB
in Taiwan enabled BNP Paribas Cardif
to maintain its leadership in creditor
insurance while business was driven by
telemarketing in Thailand, recording a
70% increase. A joint venture agreement
signed in July 2013 with Bank of Beijing
harbours great promise. China is expect-
ed to become the world’s second-largest
insurance market by 2020. In India, despite
several regulation changes, the company
maintained its market share, with a higher
growth compared to the market.
1.3BILLIONEUROS
GWPinprotection
20.4BILLIONEUROS
GWPinsavingsandprotection
ofwhich10.6BILLIONEUROS
INFRANCE
3.6BILLIONEUROS
GWPinsavings
andprotection
89
A GLOBAL ENTERPRISE

9. PERSONALIZED
SOLUTIONS
PARTNERSHIPS REMAIN AT THE HEART OF
BNP PARIBAS CARDIF’S BUSINESS MODEL
AND CULTURE. WE CONTINUALLY ENHANCE
OUR APPROACH TO WORK WITH OUR PARTNERS
TO DESIGN PRODUCTS AND SERVICES THAT
ARE EVEN BETTER ALIGNED WITH THE NEEDS
OF TODAY’S CUSTOMERS.
PARTNERS IN MULTIPLE SECTORS

10. PARTNERSHIPANCHORED
INSHAREDEXPERTISE
FORINSURANCEDISTRIBUTION
BNPPARIBASCARDIF’S
SUCCESSFULAPPROACHTO
PARTNERSHIPSISINSPIRED
BYFOURPRIORITIES:FORGE
CONTINUALLYCLOSER
PARTNERSHIPS,PROPOSE
ADIVERSIFIEDRANGE
OFSERVICES,CONSTANTLY
AIMFORBETTER
UNDERSTANDINGOF
CUSTOMERSANDBETTER
SERVICE,ANDMANAGE
EFFECTIVEMULTICHANNEL
DISTRIBUTION.
BNP PARIBAS CARDIF
CONTINUALLY INNOVATES
TO DESIGN INSURANCE
SOLUTIONS IN LIAISON WITH ITS
PARTNERS as we transition from a
business with a legacy strength in
creditor insurance to a vast and diversi-
fied array of insurance cover. We leverage
the distribution and management capa-
bilities of our partners to better integrate
insurance products
directly into their sales
processes. The for-
ward-thinking ap-
proach to insurance
orchestrated by
BNP Paribas Cardif
leads to a more inti-
mate understanding
of key success factors,
starting with customer
expectations and
channel preferences.
What’s more, this
approach lets us
regularly identify new
opportunities for selling insurance
in the fast-changing environments
that are reshaping all the different
industries we serve.
DEVELOPING NEW IDEAS
AND MAKING SURE THEY WORK
Co-construction with partners means
innovating together to evolve existing
products. This also means conceiving
new offers, as we did in 2013 to adapt
our creditor insurance solutions to a
variety of different sectors and partners,
including automakers and large retail
chains. Close proximity with partners
creates a virtuous circle for generating
new ideas, assessing their feasibility and
demonstrating their attractiveness for all
the stakeholders: insurer, partner retailer
and end customer. Our experience also
positions us to co-manage insurance offers
that deliver satisfaction for our partners
by embedding added value in the distribu-
tion model, coupled with tangible benefits
for the end consumer.
DEPLOYING EFFECTIVE
EXPERTISE
A fundamental factor
behind the success of
BNP Paribas Cardif’s
partnership approach
is our expertise as an
“architect”. We act as
an orchestra conductor
able to respond to the
different needs expressed
by partners and bring
them together in a
harmonious whole.
At every link of the value chain culminating
in an insurance product, BNP Paribas Cardif
calls on specialized expertise (customer
support, telemarketing, etc.) to create the
most effective custom-tailored package
for our partners and their customers.
Throughout the product development
process, BNP Paribas Cardif manages the
entire relationship, integrating innovations
and guiding the different contributors in
order to deliver a quality, fully-assembled
product to our partner.
THROUGH OUR
“CO-CONSTRUCTION”
APPROACH,
BNP PARIBAS CARDIF
SHARES KEY SUCCESS
FACTORS BASED ON
THE IDENTIFIED
EXPECTATIONS OF END
CUSTOMERS FOR
INSURANCE PRODUCTS.
10111011
PARTNERS IN MULTIPLE SECTORS

11. CUSTOMIZEDSOLUTIONS
DELIVEREDVIATHEMOSTRELEVANTCHANNEL
FINANCIALINSTITUTIONSMUSTMEETMULTIPLECHALLENGES
TOMAINTAINANDGROWTHEIRCLIENTPORTFOLIO.
ALTHOUGH REGULATORY CONSTRAINTS
PUT PRESSURE ON MARGINS, the emergence
of new consumption habits thanks to digital techno­
logies creates attractive opportunities for banks
and consumer credit companies. BNP Paribas Cardif
works closely with its finance sector partners to help
them better address the expectations of their custom-
ers with attractive solutions and efficient distribution
channels. The primary objective is to sell more prod-
ucts to existing customers by identifying the optimal
timeframe to propose a new product, as well as the
best contact channel. In 2013 BNP Paribas Cardif
worked with several partners to redefine the customer
journey. The banks Grupo Aval (Colombia) and Erste
Group (Central Europe) have deployed this innovative
approach to better align their offering with the
consumption habits of their customers. In Asia, devel-
opment continued working on innovative client offers
within the framework of joint ventures formed with
leading local banks: TCoB in Taiwan, Shinhan Bank
in South Korea, SBI in India, VietcomBank in Vietnam
and very soon, Bank of Beijing in China.
BANKSANDFINANCIALINSTITUTIONS
Our partnership with BNP Paribas Cardif started
in April 2006, with mortgage credit insurance
and cancer protection. Since they have been
launched, these offers brought relevant contribution
to our activity and enabled us to differentiate
from our competitors. Based on this solid relation-
ship, in 2007, we extended mortgage credit insurance
distribution through our subsidiary SBI Sumishin
Net Bank. In 2013, to further increase synergies
between bank and insurance, we launched an
innovative product for wrap account bundled
with cancer protection and nurse aids cover for
the first time in the industry. Since health and
money are major preoccupations for our wrap
account customers, this product is the perfect
match to their needs. Also, it has been making
a significant positive impact on not only the
promotion of wrap account but of our retail
business itself. This gives us an excellent
opportunity to talk with our customers about
a variety of topics (family, money) that enables
us to offer additional financial products.
With this robust partnership, we aim to become
a leading company in the bancassurance
business in Japan by making full use of expertise
of BNP Paribas Cardif.
Together, we become a leader of bancassurance in Japan
TERUKI IDO GENERAL MANAGER, INVESTMENT PRODUCTS PROMOTION DEPARTMENT
SUMITOMO MITSUI TRUST BANK
#PARTNERSINMULTIPLESECTORS_BNPPARIBASCARDIF

12. In the context of our
developmental move into the
market for auto extended
warranties independent of
finance, we asked BNP Paribas
Cardif to implement one pilot
project for mature major
retailers, and another for smaller
intermediaries, and to validate
the marketing methodology used.
In the first instance, these pilots
were limited solely to France.
On the basis of a survey
conducted to understand the
offers and expectations of these
retailers, we were able to work
together on a common basis
that incorporates several
different offers. Then, because
the Cetelem Auto teams are not
yet up to speed with offering
auto warranties independent of
finance, we tested the appetite
of our intermediaries with a
Test Learn pilot study to survey
their responses. The bottom line
was that this project gave us
the opportunity to work more
closely with our partner
BNP Paribas Cardif, and to check
whether there really was a
substantial opportunity for
developing jointly into a new
segment of the market.
Testing a new auto insurance
offer was a great opportunity
to strengthen our partnership
CHRISTOPHE MICHAELI HEAD OF FRENCH AUTOMOTIVE
MARKET, BNP PARIBAS PERSONAL FINANCE
A FUNDAMENTAL TREND
THAT EMERGED TO DIFFERENT
DEGREES DEPENDING ON THE REGION
WAS DEMAND FOR FINANCING OF
USED CARS, accompanied by contrasted
performance for new car sales. This
spurred new demand for insurance
solutions, both separate from or linked
to financing: creditor insurance, personal
protection, warranty extensions,
car insurance, vehicle assistance and
other products. Whether these offers
are sold at points of sale or through
alternative channels, with this multi-
facetted approach, BNP Paribas Cardif
meets the expectations of its partners
for continual innovation and solutions
that create loyalty among end custom-
ers. In creditor insurance, we designed
new products that add more value for
end customers, integrating complemen-
tary services like “Continue Driving”,
which covers the risk of loss of employ-
ment. In extended warranties, the em-
phasis was on loyalty-building insurance
proposed at repair shops covering
vehicle maintenance. BNP Paribas Cardif
also took advantage of telemarketing and
digital channels to provide new market-
ing opportunities for its partners to take
advantage of the redefined customer
journey. In this context, the company
developed in several countries, with its
partner Volkswagen, a client requesting
process, from their data analysis, to offer
them automotive financial loss products.
Another priority in 2013 was designing
new solutions to help our partners in the
automobile industry capture a broader
COMPLEMENTARYSERVICESDRIVEGROWTH
THEAUTOMOBILEINDUSTRYSAWANOVERALLRISEINNEWVEHICLE
REGISTRATIONSIN2013ASTHEGLOBALMARKETWASENERGIZED
BYASIA,ESPECIALLYCHINA.
AUTOMOBILE
clientele, or target a specific
consumer niche. Working with
Volkswagen in Germany, we desi­
gned a novel climate risk product
called Sunshine Guarantee for
owners of convertibles. To address
the needs of the financing arms
of major European automakers,
BNP Paribas Cardif also began
marketing extended warrantees
independent from the financing.
PARTNERS IN MULTIPLE SECTORS

13. Ever since the company was established in 1889,
Falabella has been a leading retailer in Chile
and the wider Latin America, and operates in
several market segments, from home furnishings
to supermarkets, real estate and retail banking.
Our partnership with BNP Paribas Cardif
dates back to the year 2000; the year in
which we began marketing mortgage-related
unemployment insurance.
Over the years, the partnership has expanded,
enabling us to offer our customers an increasing-
ly broad range of offers that complement our
own core businesses and, most importantly,
are tailored to the needs of local consumers.
In 2013, we once again refreshed our offers
with new products and services, including
death insurance for consumer loans and
unemployment insurance for credit card
balances. In Chile, we have moved into the digital
channel, through which we have successfully
marketed 120,000 of the legally-required auto
insurance policies known as SOAP. We particular-
ly appreciate the flexibility and availability
of our partner, which gives us the ability to
drive innovation inspired by the best practices
anywhere in the global insurance market.
A constant process of renewal
RODRIGO SABUGAL GERENTE DE NOGOCIOS DE FALABELLA
AT THE SAME TIME, NEW CONCEPTS,
NEW CONSUMER BEHAVIOURS AND
NEW PURCHASING HABITS EMERGED, such as
drive-through, showrooming, “extreme couponing”,
price comparisons and smartphone apps. These
trends have had a significant impact on retailers,
who already face continuous pressure on their mar-
gins. To help its partners sharpen their competitive-
ness, BNP Paribas Cardif identified insurance
products with high value-added that help anchor
customer loyalty. The goal is to offer products
that are easy to sell and understand, and are
matched to new lifestyles and customer concerns.
This offering expanded with products that protect
private life, loss of income or the multiple
nomadic devices in a growing number of households.
With a focus on co-designing solutions for end
customers, BNP Paribas Cardif worked throughout
2013 to precisely map and segment the new
customer journey for its retail partners. New
criteria have been integrated, including analysis
of purchasing behaviour, recourse to new acquisition
channels, plus the appearance of increasingly
popular innovative retail formats (city centre stores,
drive-through, webstores, etc.). This forwarding-
looking approach was introduced in partnership
with mass retailing leaders throughout Europe
and Latin America.
INSURANCEBUILDSLOYALTY
INTHEFIERCELYCOMPETITIVEENVIRONMENT,RETAILERSINASIA
ANDLATINAMERICA—FROMBIGSUPERMARKETSTOLOCALSTORES,
E-MERCHANTSANDSPECIALIZEDOUTLETS—SAWROBUSTGROWTH
IN2013,FUELLEDBYAGROWINGMIDDLECLASS.
RETAILING
12131213
#PARTNERSINMULTIPLESECTORS_BNPPARIBASCARDIF

14. CALLINGONNEWREVENUESOURCES
THEHOTLYCOMPETITIVETELECOMMARKET
HASREACHEDSATURATION,WITHANAVERAGE
MOBILEPHONESPENETRATIONRATEOF130%
INEUROPE,100%INLATINAMERICA,AND
OVER100%INASIA.
TELECOM OPERATORS
HAVE THUS TURNED
TO DIVERSIFICATION FOR
FRESH REVENUE STREAMS,
proposing new services beyond
their core business in areas such
as health care, payment solutions
or smart homes. BNP Paribas
Cardif has a pivotal role to play
in these promising segments.
In 2013, top-tier telecom
operators strengthened or estab-
lished new partnerships with
BNP Paribas Cardif to bring their
customers a vast range of new
insurance products. Some are
linked directly to their core
business, including cover for
theft or damage to mobile phones
and revenue protection to
guarantee payment of phone
bills. Others are ancillary, such
as health and accident protection.
BNP Paribas Cardif tapped into
the Orange and Play customer
franchise in Poland, using tele-
marketing to pitch new protection
insurance products. This same
approach was used with Globul,
a subsidiary of the operator
Telenor in Bulgaria, and with
T-Mobile and Telenor in
Hungary, as well as Nextel
in Mexico.
TELECOM
BROKERS
SERVEHIGH-END
CLIENTELE
CREATED30YEARSAGO,
THENETWORKDEDICATED
TOBROKERSADAPTSEASILY
TOTHECLIENTSNEEDSWHO
LOOKFORPRIVATEASSETS
MANAGEMENTANDSOCIAL
PROTECTION.
BROKERS AND INDEPENDENT
FINANCIAL ADVISORS
PROVIDE A DISTRIBUTION CHANNEL
THAT IS PERFECTLY ALIGNED
WITH THE EXPECTATIONS OF
HIGH-END CLIENTS.
The BNP Paribas network counts
some 2,600 registered professionals.
Created 30 years ago, this distribution
channel generally serves clients with
at least 150,000 euros in financial
assets who seek personalized wealth
management solutions. To continue
developing business through brokers,
BNP Paribas Cardif also offers pension
planning products—including “Cardif
Retraite Professionnelle”—designed
specifically for heads of SMEs and
non-salaried professionals.
BROKERS
PARTNERS IN MULTIPLE SECTORS

15. CO-DESIGNED
TOBENEFITEND
CUSTOMERS
BNP PARIBAS CARDIF ANTICIPATES TRENDS
BY ANALYZING THE INSURANCE NEEDS
OF END CUSTOMERS AND WHAT MOTIVATES
THEM TO PURCHASE INSURANCE COVER, AS WELL
AS THE WAY THEY USE DIGITAL CHANNELS.
THIS COMPREHENSIVE VISION LETS US PROPOSE
A VARIETY OF PERSONALIZED SOLUTIONS
FOR OUR PARTNERS WITH A COMMON
OBJECTIVE: VALUE CREATION FOR
THE END CUSTOMER.
DIVERSIFIED SOLUTIONS
14151415

16. PEACEOFMIND,
EVENINDIFFICULTTIMES
Recognizing the difficult economic
situation in Italy, BNP Paribas Cardif
worked with the bank BNL to create
Income Protection cover, protecting
people against unexpected job loss
or temporary disability. The cover
includes financial and legal support,
as well as assistance to help people
return to the workforce. This solution
is synonymous with peace of mind
during challenging periods.
CONVERTIBLECARS
CRUISEINANYWEATHER
Innovation never stops with
BNP Paribas Cardif, a pioneer in the
market for insurance against climate
risks. Working with our partner
Volkswagen, we created an insurance
policy against the risk of a rainy
summer called Sunshine Guarantee.
This novel insurance helps Volkswagen
boost the sale of its convertible cars,
illustrating our ability to meet the
needs of our partners, however specific.
INSURINGYOURCHILDRENAND
COVERINGTHEIREDUCATION
In Japan, a new type of combined protec-
tion and savings policy is now offered
to cover children from birth to age 12.
This educational insurance policy covers
children against perils such as civil
liability and hospital admission, and
pays parents a bonus every five years
to cover school fees. Juvenile Protection
is available via Kakaku.com, which
markets a broad range of electronic
and household electrical appliances.
ITALY GERMANY JAPAN
INSURANCE PLAYS AN
IMPORTANT ROLE IN ENABLING
PEOPLE ACHIEVE THEIR LIFE
PLANS. We have always helped
our partners better understand what
motivates their customers to
purchase insurance, in order
to design diversified products
that are perfectly tailored to
expectations and create value
for them. Here, it is essential
to engage with customers
differently and understand
their wants and needs beyond
the inherent rational
value of the insurance products
themselves.
PRECISION SEGMENTATION
PROVIDES VALUABLE KNOWLEDGE
We have identified the different levers
that motivate end customers, especially
for income protection and insurance
covering health, accidents or loss
of autonomy. Core knowledge like
this figures at the heart of BNP Paribas
Cardif’s business, enabling us to
articulate the meaning and utility
of insurance and propose value for
people at every stage in their lives.
Our insurance solutions also bring
people more freedom of choice because
the elements in a product can be adjusted
over time.
JOINT DEVELOPMENT
OF THE BEST SOLUTIONS
By listening closely to its customers
and partners, BNP Paribas Cardif has
determined that people who are most
inclined to purchase insurance are
those distinguished by their positive
vision of life, by a determination to
make their plans a reality. This is
because insurance makes a concrete
contribution to helping them carry out
their projects, including those that are
most personal. Not everyone makes
the same choices when it comes to
protection insurance, which is why we
have established a precise segmenting
of needs to better understand how
exactly people want to subscribe insur-
ance cover. This segmenting of needs
is based on a powerful survey tool
that BNP Paribas Cardif regularly
deploys with its partners.
They realized a study among the
local population to define their
purchase motivations for insurance
products and be able to implement
this segmentation. Results show
that 75 to 90% of the population
enters in the frame of this segmen-
tation. By carefully analyzing the data
and profiles for each clientele segment,
we are able to work with our partners
and co-design differentiating solutions
and messages.
BNP Paribas Cardif recently developped
Value Star, a tool to evaluate its offers
and thus define their quality with the
objective to improve them and increase
client value. An initiative which confirms
the will to improve quality service
delivered to the client, reviewing all
the processes around his journey,
started in 2008 with the launch of
the Customer Centric Program.
BY CREATING VALUE,
AN INSURANCE PRODUCT
THAT HAS MEANING AND UTILITY
HELPS END CUSTOMERS BRING
THEIR PROJECTS TO FRUITION.
DIVERSIFIED SOLUTIONS

17. After I sold my apartment in the north
of Paris I had some money available. I knew
I eventually wanted to buy a new apartment in
Paris, but while I was waiting to find one I liked
I thought I should put my money to work. I talked
to my investment advisor and he told me about
Cardif Élite, a personalized life insurance product
designed for savings, and which combines different
management alternatives. The product is safe
and it’s flexible, which is perfect for me since
I’ll need the money quickly if I find a new
apartment I like.
LAURENCE GOSSE (FRANCE)
“Cardif Élite is a
tailor-made investment,
that combines different
management alternatives.
For several years I’ve been able
to buy property in Brussels,
and each time there’s the issue of
the mortgage linked to the property
loan. The main thing that’s important
to me is not having to worry about
what would happen to my wife
and children. That’s why I always
purchase “outstanding balance” cover
to guarantee repayment of the loan
in the event of my death. Several
years ago I chose the Hypo Protect
Classic product from BNP Paribas
Cardif. Each time I invest in property
I compare the different offers available
in the market. Hypo Protect remains
the most reassuring product for me.
DENIS LATOUR (BELGIUM)
“With Hypo Protect, my mortgage
will be repaid if I die. My mind is
at ease for the future of my family.
At the beginning, I only needed an insurance for my smartphone. But I was not very
satisfied with what the telecoms operators offered, then I chose the Mobileo offer. Very
quickly, I valued its ease of use: only one contract, only one subscription, and when I bought
my tablet, it has been automatically insured. I also appreciated to be quickly reimbursed
with the value of the broken, and irrevocable market for my smartphone. A simple telephone
call was enough to declare the accident, then all has been done by exchange of e-mails.
AMANDINE LESCOP (FRANCE)
“I was reimbursed very quickly, when
my smartphone broke down, after my call
to declare the claim.
16171617
#DIVERSIFIEDSOLUTIONS_BNPPARIBASCARDIF

18. NEW
RULES
IN ADDITION TO PROVIDING OUR PARTNERS
WITH SOLUTIONS THAT SPAN MULTIPLE
DISTRIBUTION CHANNELS, BNP PARIBAS CARDIF
NOW INTEGRATES AN OMNI-CHANNEL APPROACH
TO OPTIMIZE REAL-TIME MANAGEMENT
OF INTERACTIONS ACROSS MULTIPLE DEVICES
AND CHANNELS. THE RESULT IS EVER-CLOSER
ENGAGEMENT WITH END CUSTOMERS.
MULTICHANNEL DISTRIBUTION

19. OVER THE YEARS BNP PARIBAS
CARDIF HAS HONED A HIGHLY
EFFICIENT FOUR-PRONGED
DISTRIBUTION STRATEGY, comprising
sector-segmented solutions, making
distribution expertise directly available
to partners, product diversification
focused on value creation for end cus-
tomers, and a multi-channel approach.
This last aspect is essential, enabling
BNP Paribas Cardif to market its insu-
rance products via all existing channels.
OMNI-CHANNEL OPENS DOORS
TO NEW CUSTOMER RELATIONSHIPS
The growing momentum of digital
channels has spawned the concept
of omni-channel. This creates an
additional layer of complexity for
distribution, because customers can
now interact with a business at any time
and from anywhere. They may be both
in a store and on their smartphone,
in front of the television and using a
tablet, conversing with a call centre
while looking at their laptop screen.
In addition to expertise that spans
multiple channels, BNP Paribas Cardif’s
approach also takes into account
multiple devices to ensure real-time
management of personalized customer
interactions. To be effective, this strategy
draws on expertise in three essential
areas. The first is an intimate understan-
ding of the customer journey, analyzing
how customers move through a store,
for example. The second is careful
observation of customer behaviour,
determining why they come into a bank
branch, for instance. And the third is
identifying the best sales campaign
and distribution method, creating a
dedicated customer experience
application, for example, coupled with
in-depth knowledge of the different
contact points to be leveraged.
AN INSURER DEEPLY INVOLVED IN
PARTNER DISTRIBUTION CHANNELS
The next step, beyond the design of
insurance cover, is more active involve-
ment of BNP Paribas Cardif teams in the
distribution processes of its partners at
every level, from strategy and methods
to channels. This is a major revolution
for an insurance company as we transi-
tion from simply selling a given product
for a category of partners, to selling
products for each customer contact point.
Ultimately, by becoming more intimately
involved in our partners’ direct marketing
initiatives, regardless of their business,
BNP Paribas Cardif has acquired all the
assets we needed to help them build
solutions tailored to the preferred contact
points of their end customers.
AMULTICHANNELCLIENT
If the client uses today the different on-line
direct sale channels (internet, mobile, call center),
he does not give up traditional channel (point
of sales).
Thus, hybrid, he moves from a channel to another.
He prefers, as an example, get information and
compare the prices on internet, but follows buying
its product in a shop and choses to have a phone
service. For BNP Paribas Cardif, the challenge is to
understand phases and interfaces of the customer
journey to improve comercial efficiency and client
satisfaction. In this context, the company pays
a particular attention to the “Analytics”, which
facilitates the understanding of the characteristics
and risks of the person insured. Thanks to an objective
data analysis, it makes possible profile the different
people and explain their behaviour when consuming
insurance. This client knowledge offers development
opportunities to BNP Paribas Cardif partners, who is
committed to support them on this approach.
18191819
#MULTICHANNELDISTRIBUTION_BNPPARIBASCARDIF

20. A RESPONSIBLE
VISION
OF OUR BUSINESS
BNP PARIBAS CARDIF EXERCISES ITS BUSINESS ACTIVITIES RESPONSIBLY,
ENCOURAGING ECONOMIC DEVELOPMENT AND A HEALTHY BALANCE IN SOCIETY.
OUR COMMITMENT IS ALSO EXPRESSED THROUGH THE ENGAGED INITIATIVES
OF OUR EMPLOYEES IN ALL THE COUNTRIES WHERE WE ARE PRESENT.
A RESPONSIBLE ENTERPRISE

21. CHILE SOUTHKOREA
INTERNATIONAL UNITEDKINGDOM FRANCE
THROUGH THE “EMPLOYEES PROJECT”,
BNP Paribas Cardif in Chile provides staff
with resources to let them become a force
for positive change in society. Since 2012,
each project supported has received a grant
of 780 euros, amounting to a total of 4,680 euros
over two years. This also anchors the efforts
of employees, some of whom have supported
their projects for five years or more.
THE “RESCUE RECOVER” ENDOWMENT
FUND was created by the BNP Paribas
group in 2013, led by BNP Paribas Cardif
as a founding member. The fund amplifies
the generosity of Group employees who
come to the aid of victims of humanitarian
disasters. Assistance is provided both in
the immediate wake of a disaster as well
as over the long term, to sustain support
for “forgotten crises”. All donations by
employees to the fund are matched by
BNP Paribas and then given to the fund’s
three partner NGOs: Care, the French
Red Cross and Médecins Sans Frontières.
IN MID-2013, CARDIF PINNACLE
introduced a staff volunteering
scheme, enabling employees to
spend two days a year helping a local
charity. One group of Cardif Pinnacle
volunteers visited the Pinniwells
Riding Centre for the Disabled to help
maintain the site, including clearing
bushes from perimeter fences.
Through a raffle, quiz night and
other events, the company also raised
funds for the centre, which provides
disabled people with a chance to
enjoy the pleasures of horse riding.
IN 2013, 40% OF THE EURO FUND
managed by BNP Paribas Cardif
was screened using an ESG(1)
filter,
representing more than 35 billion euros.
Since 2008, some 86% of the company’s
customer have expressed support for
BNP Paribas Cardif’s policy of increasing
the share of responsible investments
in its euro fund, while maintaining the
financial performance of the contracts.
This approach reflects the broader
commitment of the BNP Paribas group
to propose savings products that take
ESG criteria into account.
(1) Environmental, Social and Governance.
BY SUPPORTING THE “GREEN LEADER PROGRAM”,
BNP Paribas Cardif helps develop the concept of urban agriculture
in South Korea. Since its creation in 2011, this initiative has
transformed the lives of hundreds of children at schools and
well-being centres through a contest designed to transform
their spaces into miniature forests or crop fields. The Green Leader
Program—which is guided by regional organizations—culminated
in 2013 with the publication of an educational guide on urban
architecture (featuring the BNP Paribas Cardif Korea logo),
designed for all the country’s children.
ENGAGEDEMPLOYEES
HUMANITARIAN
AID
HELPINGDISABLED
RIDERS
RESPONSIBLE
EUROFUND
EDUCATIONFORYOUNGCHILDREN
2021
#ARESPONSIBLEENTERPRISE_BNPPARIBASCARDIF

22. BNPPARIBASCARDIFREVENUES
23
24
28
30
32
SECTION1
SECTION2
SECTION3
SECTION4
SECTION5
2013ASSETMANAGEMENT
COMPANYEARNINGSOFBNPPARIBASCARDIF
CONSOLIDATEDEARNINGS
CONSOLIDATEDSHAREHOLDERS’EQUITYANDSOLVENCY
22
FINANCIAL SYNTHESIS

23. SECTION 1
BNP PARIBAS CARDIF REVENUES
Reported data in this section relate to the BNP Paribas Group
insurance business.
Consequently, revenues cover the legal scope of the BNP Paribas
consolidated insurance entities, which for management reporting
purposes are assigned to BNP Paribas Cardif.
Reconciliation of the 2013 French GAAP consolidated financial
statements with the BNP Paribas Group insurance business
at 31 December (billions of euro):
CONSOLIDATEDREVENUES*: 19.7
Associatesandunconsolidatedcompanies: 5.6
ofwhich:
CardifLuxembourgVie(whollyowned) 2.3
AGInsurance(25%owned) 1.5
TaiwanCooperativeBank 1.0
SBILife(26%owned) 0.3
NatioAssurance 0.2
Othercompanies 0.3
INSURANCEBUSINESSREVENUES 25.3
* Revenues consolidated under French GAAP.
1.BNPPARIBASCARDIF
INSURESPEOPLEANDPROPERTY
1.1 SAVINGS
1.1.1 Gross Savings Inflows
SAVINGSREVENUESBYREGION(€BN)
2009 2010 2011 2012
64% 58% 54% 50%
20%
12%
16%
15%
9%
16%
16%
18%
7%
14%
14% 17%
17.0
20.4
17.8 18.6
2013
51%
14%
18%
17%
19.4 Asia
RestofEurope
Italy
France
In 5 years, inflows have expanded to Asia, Italy and the Benelux
countriesandgrewoutsideFrancebyover23%(averageannualgrowth
rate over the 5 years). This growth was underpinned by the
globalisation of the insurance community.
MAJORSAVINGSCOUNTRIES(€BN)
France Italy Luxembourg Taïwan SouthKorea
77% 86% 45% 8%
20%
3%
14%
55% 92%
17%
9.2
4.0
2.2 2.2
0.9
SundryProducts
UnitofAccount
GeneralFund
IndiaBelgium
83% 76% 55%
24% 45%0.4 0.3
1.1.2 Net Savings Inflows
2013 net world savings inflows (increasing BNP Paribas Cardif
assets under management) amounted to 2.9 billion euro including
1.3 billion euro in Asia, 0.8 billion euro in Italy and more than
0.5 billion euro in France.
1.2 PROTECTION INSURANCE
2013 Protection revenues came in at 5.9 billion euro.
BREAKDOWNOFREVENUESBYBUSINESSLINE
Other
Protection
33%
Extended
warranties
3%
Losses
11%
Collective
Protection
2%
Individual
Protection
8%
Others(1)
3%
Health
3%
Meansof
Payment
3%
Borrowers
insurance
67%
* Other: Guaranteed Auto Protection, budget insurance, property insurance,
assistance and services.
23

24. SECTION 2
2013 ASSET MANAGEMENT
1.2.1 Protection revenues by region
PROTECTIONREVENUESBYREGION(€BN)
2009 2010 2011 2012
33% 28% 25% 25%
16%
15%
12% 9%
29%
35%
35% 35%
7%
8%
9%
11%
3.7
4.9 5.4 5.7
LatinAmerica
Asia
RestofEurope
Italy
France
14%
2008
32%
16%
33%
5%
3.4
13% 15%
19% 20%
2013
24%
8%
34%
11%
5.9
22%
The company has continued to expand geographically since
2008 with rapid growth in Asia and Latin America. These regions
now account for almost one-third of total revenues, up from just
18% in 2008.
1.ECONOMICANDFINANCIALDATA
BNP Paribas Cardif total assets under management as at
31 December 2013 stood at 178 billion euro, including:
107 billion euro for Cardif Assurance Vie,
15 billion euro for Cardif Luxembourg Vie,
13 billion euro for Cardif Vita,
12 billion euro for AG Insurance,
8 billion euro for Asia,
12 billion euro for other insurance (mainly protection)
And over 9 billion euro in respect of unrealised gains.
Asset management for the main general funds of BNP Paribas
Cardif, Cardif Assurance Vie and Cardif Vita, is broken down below.
1.1 CARDIF ASSURANCE VIE GENERAL FUND
1.1.1 Breakdown of investments
Cardif Assurance Vie, the group’s primary insurance company, has
92 billion euro under management via KVIGG.
The Cardif Assurance Vie asset allocation at 31 December 2013
(excluding assets backing unit of account liabilities) was as follows:
Inmillionseuro
VALUATION
31/12/2012 31/12/2013
Fixedratenotes 62,193 70.7% 67,959 74.0%
Equity 6,440 7.3% 6,095 6.6%
VariablerateandInflation
indexednotes 9,895 11.2% 11,655 12.7%
Realestate 5,680 6.5% 6,136 6.7%
Shortterm 2,785 3.2% -1,190 -1.3%
Other 980 1.1% 1,173 1.3%
TOTAL 87,972 100.0% 91,828 100.0%
In values (including accrued interest), the proportion of fixed rate
investments increased to 74% up from 70.7%, thereby returning to
previous levels. The proportion of floating rate bonds reduced to
6.6% at 31 December 2013, down from 7.3% at 31 December 2012.
The percentage market value of investments in equities (including
convertible bonds, indexed shares, other equities and diversified
equities) increased from 11.2% at end 2012 to 12.7% at end 2013.
24
FINANCIAL SYNTHESIS

25. 1.1.2 Portfolio management
Equity markets:
During the first half of the year, European markets fluctuated in
line with key events. Beginning late February, renewed concerns
about the euro zone (e.g. institutional freeze in Italy following
the elections and the Cypriot crisis) had the effect of reversing
the bull market of the previous months. Subsequently, the relaxed
monetary policies conducted by central banks in the USA, UK
and Japan to stimulate the global economy allowed markets
to recover.
During the second half, the markets were influenced by events
related to the central banks’ monetary policies. Statements
from central bankers caused markets to bounce back rapidly by
more than 10%, after plunging from May to June. The company
took advantage of this market turnaround to increase equity
exposure. These tactical investments were sold when the CAC 40
stood at 4,000.
As from September, the improved outlook for the European
economy coupled with ECB monetary policy statements boosting
financial markets helped to prop up European markets.
In this economic climate displaying major market fluctuations,
the company frequently traded for tactical purposes during the
period.
In April, the company took advantage of the market downturn to
invest more in equities, particularly in North America and to a
lesser extent in emerging markets.
Investments were then sold once the markets had bounced back
and the CAC 40 stood at 4,000.
Mid-May, the market decline following worries about the US Fed
reducing its monetary stimulus programme was once again an
opportunity to increase equity exposure.
Given this climate, the company purchased investments in sectors
likely to benefit most from a European economic recovery.
Between 1 January and 31 December 2013, the CAC 40 and Euro
Stoxx 50 rose 22.22% and 21.51% respectively (capitalised
dividends).
As of 31 December 2013, equities accounted for 12.7% of total
assets.
BREAKDOWNBYGEOGRAPHICREGION
France Developedcountries
excludingeurozone
23%
44%
15%
EmergingcountriesEurozone
excludingFrance
18%
Bond markets
In the first half, US interest rates rose sharply, especially in
May and June, which led to an increase in interest rates elsewhere
in the world. As a result, the 10 year T-Note rate increased by
100 basis points in two months. In Germany and France, during
the first half the 10 year rate rose by around 40 basis points to
1.73% and 2.23% respectively as at 30 June.
The markets’ appetite for risk was hit by comments from Ben
Bernanke, Fed chairman, from mid-May, in which he signalled
the beginning of a very gradual tightening in monetary policy.
As a result, following a difficult start to the year for funds due to
Italian elections, Italian long rates fell sharply in April to 3.76%
before being pulled back up by US and core euro zone long rates
to a high of 4.85%.
In the second half of the year, fluctuating views on the Fed’s future
changes in monetary policy resulted in contrasting effects on
government bond rates.
Comments from the Fed’s chairman that the Fed may slow the
pace of bond purchases based on economic data worried the
markets. Despite the chairman’s confirmation that he would keep
low short rates, investors took the view that a slowdown in
monetary stimulus would lead to an early increase in the long-
term government bond rate.
US rates then rose sharply, which resulted in a rate increase
elsewhere in the world. As a result, the interest rate on French
10 year government bonds rose 60 basis points to a high of 2.63%
between 3 June and 9 September 2013.
At the end of the second half, markets reacted to the Fed’s
surprise decision on 18 September to maintain its bond purchases
programme which took the pressure off all bond markets.
25

26. On 18 December, the Fed then decided to very gradually reduce
the volume of bond purchases. This action does not put an end
to the zero base rate policy.
The downward trend in yields on European government bond
rates was bolstered in November by the decision of the ECB
(European Central Bank) to reduce its base rate.
During the year, despite large fluctuations, German and French
government bond rates closed at relatively stable levels of 1.87%
and 2.47% respectively. And, thanks to better than expected
macro-economic figures in the euro zone and investors searching
for higher returns, the market’s appetite for risk improved thereby
benefiting Spain, Italy and Ireland which enjoyed much lower
long rates on their bonds.
Indeed, the best performing bonds since the beginning of the year
come from the euro zone “periphery”: Spain, Portugal and Ireland.
In this market climate, Cardif Life Insurance adopted an active
investment policy while remaining cautious. Fixed rate, variable
rate and short-term debt securities as at 31 December 2013
account for 79.3% of the market value of the fund’s euro-
denominated assets.
Investments acquired mainly consisted of French government
bonds. For the “peripheral” countries, the fund traded by
purchasing positions in Spain and Ireland and selling positions
in Portugal and Slovenia.
While adopting a very strict stock picking policy, we increased
our investments in high ranking corporate bonds so as to take
advantage of the additional yield available on these bonds
compared to government bonds. The debt market was very active
in 2013. We increased our investments in senior bank debts and
securitised debt.
As at 31 December, the bond portfolio breaks down as 50%
government bonds and 50% non government bonds. Most non
government bonds come from industrial and financial services
companies.
The bond portfolio still has a very high rating averaging “A+”.
During the last six months, we switched investments from “short-
term” to long-term bonds.
RATINGSOFBONDPORTFOLIOISSUERSASAT31DECEMBER2013
AAA AA A BBB
5.6%
3.3%
5.9%
33.4%
26.9%
1.6%
10.6%
10.9%
1.5%
0.4%
8.8%
39.3%
28.5%
21.5%
1.9%
Governmentsimilar
Non-Government
BBB
With regard to credit risk, the portfolio comprised 8.8%
of securities rated AAA, 39.3% of securities rated AA, 28.5%
of securities rated A and 21.5% of securities rated BBB The
proportion of securities rated below BBB was just 1.9%.
27%
GovernmentAA
2.6%
GovernmentAAA
1.3%
GovernmentA
8.8%
GovernmentBBB
0.3%
GovernmentBBB
As at 31 December 2013, exposure in the peripheral countries
which received bailouts (Portugal, Greece and Cyprus) was very
low and, at 0.4% of the total portfolio’s book value, only consisted
of Portugal. Italy and Spain accounted for 6.5% and 3.1%
respectively of book value.
ISSUINGCOUNTRY Rating €m %
France AA 12 ,794 18.8%
Italy BBB 4 ,420 6.5%
Spain BBB- 2, 100 3.1%
Belgium AA- 3 ,777 5.5%
Netherlands AA+ 1 ,006 1.5%
Germany AAA 1, 125 1.7%
Austria AA+ 1 ,701 2.5%
Ireland BB+ 641 0.9%
Portugal BB- 270 0.4%
Poland A- 540 0.8%
Finland AAA 318 0.5%
CzechRepublic A+ 122 0.2%
Slovakia A 163 0.2%
BONDEXPOSURE 28,977 42.6%
26
FINANCIAL SYNTHESIS

27. Furthermore, BNP Paribas Cardif actively contributed to the real
economy as a long-term investor via two initiatives: the Fonds
Stratégique de Participation (strategic equity investment fund)
that was launched in 2012, and the NOVO fund.
TheFondsStratégiquedeParticipation(FSP)carriedoutitsfirsttwo
investmentsin2013bypurchasinga6.05%equitystakeinchemicals
company Acarkema and a 5.25% equity stake in SEB, a supplier of
smallelectricalhouseholdappliances.FSP,foundedbyBNPParibas
Cardif, CNP Assurances, Agricultural Credit Insurance and Sogecap
has a mission to act “as a long-term investor” while actively
participating in the governance of companies in which it invests.
Cardif Assurance Vie made an investment commitment amounting
to 50 million euro to the NOVO fund launched during the summer.
The purpose of this fund amounting to just over 1 billion euro is
to provide funding for French unlisted small and medium sized
enterprises (SMEs). 24 insurance companies supported by the
Caisse des Dépôts and the fonds de réserve des retraites (pension
reserve fund) invested in the Nova 1 fund managed by
BNP Paribas Investment Partner (who will manage two thirds of
the total investments) and the Nova 2 fund managed by Tikehau
Investment Management.
Real Estate Market
The proportion of real estate assets as at 31 December 2013
remained stable at 6.7% in value.
In 2013, investments acquired mainly consisted of recently
constructed or future office properties in the Paris region.
49%
Offices
24%
Retail
4%
Hotels
16%
Residential
7%
Others
Socially Responsible Investment:
BNP Paribas Cardif continued its socially responsible investment
approach for managing its financial assets. This involves managing
based not only on traditional financial criteria but also on
environmental, social and governance criteria in valuing and
picking investments.
1.2 CARDIF VITA GENERAL FUND:
In Italy, most assets under management are attributed to the life
insurance business of Cardif Vita which amounted to 13.2 billion
euro at market value.
1.2.1 Breakdown of investments:
The 13.2 billion euro total assets are broken down between seven
general funds.
At 31 December 2013, the assets allocated to Capital Vita, the
company’s primary general fund, break down as follows:
Inmillionseuro
VALUATION
31/12/2012 31/12/2013
Fixedrate 7,734 82.3% 9,501 81.7%
Variableratesandinflationindexed 857 9.1% 783 6.7%
Equities 424 4.5% 642 5.5%
RealEstate 6 0.1% 6 0.1%
Shortterm 382 4.1% 700 6.0%
TOTAL 9,402 100.0% 11,632 100.0%
1.2.2 Portfolio management:
Equity markets
The Euro Stoxx 50 rose some 14% in 2013, marginally
outperforming the Italian index FTSE MIB which was up only 12%
over the year.
Management of equities mainly involved reducing the directly
held equities and purchasing the actively managed European and
US equity fund.
At 31 December 2013, equities accounted for 5.5% of the market
value of the fund’s assets, a small 1% increase over the year. 43%
ofinvestmentsarehelddirectly(includingItalianandFrenchlines),
32% via ETFs and the remaining 25% are actively managed funds.
Bond markets
During 2013, yields on Italian 10-year governmental bonds
(“BTP”) declined by 4.25 percentage points to 4.125% with
volatility caused by renewed political concerns during the spring,
followed by a second phase of markedly lower tension in the
second quarter.
The Cardif Vita investment policy consisted in taking advantage
of the high tension phases to purchase medium/long term BTP
at fixed rates while trading in variable rate securities classified
short-term and reducing shorter maturity investments, and in
reducing the proportion of lower rated issuers (i.e. below BBB-)
and switching mainly to BTP and corporate bonds that included
issue premiums on the primary market.
27

28. At 31 December 2013, the bond portfolio broke down between
75% government and similar bonds (including close to 73% from
Italy), and 25% of “non-government” bonds. The proportion of
fixed rate bonds edged down from 82.3% to nearly 81.7%. Variable
rate bonds fell from 9.1% to 6.7%, while the balance consists of
term deposits (close to 3.5%) and high cash due to very buoyant
net inflows, especially in the second half of the year (when net
inflows amounted to 1,800 million euro, around 15% of the
portfolio).
Sensitivity to the total asset rate increased from 5 to 5.35 during
the year despite very high inflows. Maturities were spread over
the coming 10 years, and thereafter maturities were adjusted.
With regard to credit risk, 83% of the portfolio consists of BBB
rated bonds given the high proportion of Italian bonds, 9% of A
rated bonds, 2.5% of AA rated bonds, 0.5% of AAA rated bonds,
2.25% of BBB+ rated bonds, 1% of BBB- rated bonds, just 1% of BB
rated bonds and 0.15% of CCC rated bonds. The average rating
stands at just above BBB.
BREAKDOWNBYPORTFOLIOBONDISSUERRATINGASAT31DECEMBER2013
NOTATION IN %
AAA 0.46%
AA+ 0.23%
AA 0.26%
AA- 1.96%
A+ 0.92%
A 4.93%
A- 3.09%
BBB+ 2.25%
BBB 83.34%(incl.73%governmentbonds)
BBB- 0.91%
BB+ 0.63%
BB 0.45%
BB- 0.20%
B 0.05%
CCC 0.15%
NR 0.16%
As the insurance business holding company, BNP Paribas Cardif’s
principal activity is to ensure the funding and development of its
subsidiaries while hedging currency rate risk by forward
borrowings and sales.
1.2013HIGHLIGHTS
1.1 DIVIDENDS RECEIVED
Dividends received in 2013 in respect of 2014 earnings totalled
482.1 million euro and largely came from Cardif Assurance
Vie (353.9 million euro), and our subsidiaries in the Netherlands
(39.6 million euro).
1.2 HEDGING CARDIF ASSURANCE VIE BMS
In order to fund the growing minimum solvency margin and
in view of changes to Cardif Assurance hedges, BNP Paribas
Cardif invested in a Cardif Assurance Vie share issue amounting
to 60 million euro.
1.3 DIVIDENDS PAID
In 2013, BNP Paribas Cardif paid BNP Paribas Group a
462.4 million euro dividend.
1.4 ACQUISITIONS/TRANSACTIONS
A 2013 highlight was the signature of an agreement to purchase
the 50% stake held by ING Group in its life insurance joint venture
with Bank of Beijing. The new joint venture will be owned in equal
shares by the two shareholders, BNP Paribas Cardif and Bank of
Beijing.
The alliance of these two major players will combine BNP Paribas
Cardif Asia’s insurance know-how with the powerful Bank of
Beijing brand to offer Chinese customers savings and protection
products.
This transaction is subject to regulatory approvals that are in
progress.
SECTION 3
COMPANYEARNINGSOFBNPPARIBASCARDIF
28
FINANCIAL SYNTHESIS

29. 2.2013COMPANYRESULTS
2013 results displayed in the banking format of the BNP Paribas
Cardif holding company broke down as follows:
Inmillioneuro 2012 2013 2013/2012
Netbankingincome 504 350 -31%
ofwhich:
Dividends 614 482 -21%
Costsoffinancingsubsidiaries -59 -50 -15%
Financialmargin -50 -80 60%
Exchangegains/losses -1 -2 149%
Generalexpenses -119 -146 23%
Costofrisk 0 14 NS
Provisionsandcapitalgainsandlosseson
disposalofequityinvestments -7 -143 NS
Tax 0 0 NS
NETPROFIT 378 75 -80%
Net banking income fell from 504 million euro in 2012 to 350
million euro in 2013. This decrease is due to the following items:
A 131 million euro reduction in dividends including a 116 million
euro reduction from Cardif Assurances Vie;
The 30 million euro decline in the financial margin related
to the late 2012 issue of two subordinated bonds totalling
472 million euro and the late March 2013 issue of two other
subordinated bonds totalling 850 million euro;
These items are slightly offset by a 9 million euro reduction in
interest expense on funding subsidiaries due to lower average
interest rates on borrowings.
General expenses increased by 27 million euro largely due to an
increase in corporate charges for supporting the global growth
and diversification of the insurance business.
Reserves and capital gains and losses on disposals reduced
by 131 million euro primarily due to impairment of equity invest-
ments (UBI, Netherlands, Cardif Services).
Consequently, 2013 BNP Paribas Cardif net profit decreased by
303 million euro compared to the 2012 net profit and amounted
to 75 million euro.
3.SHAREHOLDERS’EQUITYANDEARNINGS
3.1 SHAREHOLDERS’ EQUITY BEFORE EARNINGS APPROPRIATION
BNP Paribas Cardif shareholders’ equity amounted to €4,053
million at 31 December 2013.
3.2 APPROPRIATION OF EARNINGS
Ineuros
2013earnings 74,575,649.14
RetainedearningsbeforeIAS19 (1)
577,566.91
DISTRIBUTABLEEARNINGSBEFOREIAS19 75,153,216.05
ImpactofIAS19revised -501,959.00
DISTRIBUTABLEEARNINGSAFTERIAS19 74,651,257.05
Dividend(€1.19x62,482,938shares) 74,354,696.22
Retainedearnings 296,560.83
(1) Change of accounting policy – adoption of IAS 19 revised
The Board of Directors proposes to distribute dividends totalling
74,354,696.22 euro representing a dividend per share of
1.19 euro, and to carry forward the balance of 296,560.83 euro
as retained earnings.
Pursuant to Article 243bis of the French General Tax Code,
it is hereby stated that all the proposed dividend is eligible
for the 40% relief benefiting individuals resident for tax purposes
in France, as provided for in Article 158-3 of the French General
Tax Code.
Net dividends per share over the last three fiscal years were as
follows:
6.53 euro in respect of 2010 earnings,
3.13 euro in respect of 2011 earnings,
7.40 euro in respect of 2012 earnings.
3.3 SHAREHOLDERS’ EQUITY AFTER EARNINGS APPROPRIATION
Shareholders’ equity after earnings appropriation as submitted
to the general meeting amounts to 3,979 million euro.
29

30. SECTION 4
CONSOLIDATED EARNINGS
1.CONSOLIDATEDEARNINGSUNDERFRENCHGAAP
Inmillioneuro 2012 2013 2013/2012
FundNetBankingIncomeActualNBI 1 ,605 1,720 114 7%
Generalexpenses -970 -1,055 -85 9%
EBITDA 635 664 29 5%
PROFITBEFORETAX 671 709 38 6%
NETPROFIT,GROUPSHARE 383 387 4 1%
2.RECONCILIATIONOFBNPPARIBASGROUPIFRSCONSOLIDATEDEARNINGS
TOFRENCHGAAPCONSOLIDATEDEARNINGS
Inmillioneuro(2013)
ACCOUNTING
PACKAGES
MANAGEMENT
ADJUSTMENTS*
AMOUNTS
CONSOLIDATED
INBNP
PARIBASIFRS
ACCOUNTS
ATNORMALEQUITY
DIFFERENCE
BETWEENACTUAL
EQUITYINCOME
ANDNORMAL
EQUITYINCOME
COMPANIES
MANAGEDBY
BNPPARIBAS
CARDIFBUT
HELDBYBNP
PARIBASSA(1)
CHANGE
INCONSOLIDATION
BNPP/
BUSINESS
REPROCESSINGOF
IFRSADJUSTMENTS(2)
,
DIFFERENCESIN
EARNINGSAND
CHANGESINA/CING
POLICIES(3)
BNPPCARDIFFRENCH
GAAPCONSOLIDATED
ACCOUNTSIN
BANKING
FORMAT
Netbankingincome 1,917 220 2,137 130 100 47 139 1,720
Generalexpenses -1,038 -39 -1,077 0 -39 14 3 -1,056
EBITDA 879 181 1,060 130 62 61 143 664
OtherPLitems -3 105 102 -17 114 -26 -14 45
PROFITBEFORETAX 876 286 1,162 113 176 35 129 709
Tax -321
Minorityinterests -1
NETPROFIT,GROUPSHARE 387
(1) Darnell, Tutelle Groupe, AG Insurance, ERE, etc.
(2) IFRS adjustments
a) Revaluation of financial assets net of deferred PPE
b) Based on income statement, this represents goodwill impairment
(3) Difference in accounting policy between BNPP and business lines: GW impairment eliminated on consolidation
* Primarily difference on return on equity, AG Insurance, ERE, Darnell, Group regulatory fees…
30
FINANCIAL SYNTHESIS

31. 3.CONTRIBUTIONTOBNPPARIBAS
FRENCHGAAPANDIFRSSHAREHOLDERS’EQUITY
Inmillioneuro 2012 2013 2013/2012
NBI: 1 ,970 2 ,137 167 8%
Generalexpenses -1 ,002 -1,077 -75 8%
EBITDA 968 1 ,060 92 9%
OtherPLitems 95 102 7 8%
PBT 1 ,063 1,162 99 9%
Cost/incomeratio 50,8% 50,4%
RONE 18,5% 19,2%
IFRS net banking income for the year ended 31 December 2013
came in at 2,137 million euro, up 8% or 167 million euro compared
to the year ended 31 December 2012. This increase breaks down
as follows:
Mark-to-market adjustments: 2 million euro increase compared
to 2012: 152 million euro in December 2013 vs. 150 million euro
in December 2012
Net banking income before mark-to-market adjustments:
165 million euro increase compared to 2012:
Change in consolidation and currency differences: 6 million
euro including a 50 million euro currency loss (mainly Japan
and Brazil) and a 56 million euro positive adjustment due to
change in consolidation including 39 million euro for Russia
and 17 million euro for Colombia,
Volume variance: 118 million euro mainly for International
activities 8% (especially Latin America and Asia) and on
International protection reserves,
Variance on claims and losses: A 61 million euro increase
primarily due to the impact of the Euro margin (before PPE)
– up 2bp compared to December 2012, an improvement in the
technical protection market in France (changed business
structure benefiting non-ADE products with higher margins)
and lower claims (mainly in Japan),
Reserves/nonrecurring items: a 19 million euro decrease
largely as a result of:
• An interim difference in 2011 reducing 2012 earnings by
35 million euro; no interim difference in 2013,
• A 2012 charge of 62 million euro on closure of the Luxembourg
reinsurance business that did not reoccur in 2013,
• An 82 million euro reduction in write-backs on exceptional
reserves for claims and equalisation (15 million euro in 2013
against 97 million in 2013),
• A 2013 PPE charge of 173 million euro against a 156 million
euro charge in 2012.
2013 general expenses amounted to 1,077 million euro, up
7% compared to December 2012 for a 75 million euro reduction
against earnings.
Change in consolidation and currency differences: A
13 million euro increase comprising a 20 million euro currency
loss and a 33 million euro increase from acquisitions of which
€14 million for Russia and 19 million euro for Colombia.
France: A 45 million euro increase primarily due to non-
recurring items in 2012 and 2013 (44 million euro of impairment
provisions in 2013 on non-current assets and 21 million euro
of depreciation of hardware and software developed in-house
in 2012), combined with an increase in total payroll and IT
costs.
International: A 23 million euro increase due to support for
International growth (personnel costs and taxes on revenue)
Regulatory costs and interim differences: A 7 million euro
decrease (relating to the financial accounting/management
accounting split of IPS costs).
The 2013 income statement bottom line came in as income
of 102 million euro, up 7 million euro compared to 95 million euro
in 2012, largely due to the additional 2012 provisions on
Greek bonds offset by an impairment charge at end 2013 of
19 million euro on UBI.
31

32. 1.SOLVENCYMARGIN
Under regulations (articles R334-17 and A334-1 of the French
Insurance Code), insurance companies must have a level of equity
sufficient to cover a solvency margin based on their liabilities.
The consolidated BNP Paribas Cardif group solvency margin
amounted to 5,401 million euro at 31 December 2013, as
calculated under Article R334-19 of the French Insurance Code.
In Savings, the solvency margin is based on actuarial provisions
on euro-denominated and unit of account contracts.
In Protection, it is based on capital at risk (for the Life business)
and on revenues (for the Non-life business).
This solvency margin exceeds the consolidated solvency margin
at 31 December 2012 of 5,040 million by 361 million euro. This
increase arose due to growth in Savings within the Life business.
Inmillioneuro 2010 2011 2012 2013 Change
2012/2013
EuroSavings 2,979 3,538 3,612 3,828 6%
UCSavings 362 365 391 399 2%
Protection 930 1,022 1,038 1,175 13%
TOTAL 4,272 4,925 5,040 5,401 7%
2.SOLVENCYMARGIN
In addition to the consolidated shareholders’ equity of
3,993 million euro, BNP Paribas Cardif benefited from loans and
subordinated bonds amounting to 2,586 million euro, and from
technical provisions accepted under regulations amounting to
638 million euro.
After minority interests of 33 million euro, the solvency margin
would amount to 7,251 million euro.
In addition, items are deducted from the margin. These are
intangible assets, goodwill and the portion of deferred
acquisition costs not allowed as assets backing liabilities
totalling -914 million euro.
Total assets included in the calculation of the solvency margin,
after appropriation of earnings submitted to the shareholders
general meeting, amounted to 6,337 million euro, which
represents a margin of 117.3% (excluding unrealised capital gains
and losses) as calculated under regulatory requirements.
These assets after appropriation of earnings and excluding
the deduction of a portion of deferred acquisition costs not
allowed as backing for the regulatory liabilities amounted
to 6,705 million euro, which represented a margin amounting to
124.1% (excluding unrealised capital gains and losses) as
calculated under the economic method.
3.SOLVENCYII
The Solvency II Directive is scheduled to enter into force as of
1 January 2016 and will provide EU insurance companies with
a new standard prudential framework based on a risk
assessment approach.
In particular, new rules to measure the solvency capital required
– under an approach known as “standard formula” – were issued
by EU institutions beginning in 2005 with the first quantified
impact study (QIS) on the matter, which should result in the
adoption of Implementing Technical Standards (ITS) in the
coming months.
During this transition period, different approaches and criteria
have been tested in order to take account of the specific features
of the various insurance liabilities, including long-term
liabilities, while valuing balance sheet assets and liabilities at
“fair value”.
Under Solvency II, two levels of capital have been introduced:
The Minimum Capital Requirement (MCR): absolute minimum
amount below which the financial resources of the company
must not fall in order to pursue its activity,
The Solvency Capital Required (SCR): economic capital that
must hold insurance and reinsurance undertakings to limit the
probability of bankruptcy to one in two hundred, or alternatively,
so that said undertakings remain able to meet their liabilities
in the coming 12 months with a probability of at least 99.5%.
SECTION 5
CONSOLIDATEDSHAREHOLDERS’EQUITY
AND SOLVENCY
32
FINANCIAL SYNTHESIS

33. SCR coverage ratios have been calculated since 2010 for Cardif
Assurance Vie and, despite changes in calculation methods and
in economic and financial conditions, have always been well
above 100%.
As at 31 December 2012, based on the last available figures, the
SCR coverage ratio was 170%.
2010 2011 2012
Eligiblenetequity 6,072 4,952 6,314
SCR 4,321 3,881 3,712
SCRCOVER 141% 128% 170%
Tier1 123% 98% 138%
Tier2 13% 30% 32%
Tier3 5% 0% 0%
MCR 1,945 1,746 1,670
MCRCOVER 312% 283% 378%
Note: The calculations have been made on the basis of Cardif
Assurance Vie interpretations of currently available regulations
and legislation. Calculations based on future decisions made by
regulators could lead to different results.
The SCR breakdown illustrates the company’s risk profile:
SCR iN%
Marketrisk 3,073 70%
Creditrisk 242 5%
Lifeunderwritingrisk 711 16%
Healthunderwritingrisk 98 2%
Non-lifeunderwritingrisk - 0%
Operationalrisk 282 6%
TOTAL(BEFOREDIVERSIFICATION) 4,406 100%
-Diversificationbetweenmodules 694
TOTALSCR 3,712
Furthermore, for the first time at 2013 year end, in conjunction
with the in-house valuation of solvency and risk required under
Solvency II, a forecast valuation of this ratio was carried out with
the same timeline as the Medium-Term Plan, and its sensitivity
was tested by applying reasonable worst case scenarios. In all
circumstances reviewed, the SCR coverage ratio remains well
above 100%.
33

34. LATINAMERICA
ASIA
EUROPEANDRESTOFTHEWORLD
JAPAN
YasunoriKume
9th
FloorInfossTower,
20-1Sakuragaoka-cho,Shibuya-ku,
Tokyo150-0031
Tel:+81364156340
cardif.co.jp
BELGIUM
ChristopheDeLongueville
ChausséedeMons,1424,1070
Anderlecht
Tel:+3525280003
bnpparibascardif.be
RUSSIA
KonstantinKozlov
UI.Timiryazevskaya1,
127422Moscou
Tel:+7495287778
bnpparibascardif.ru
SLOVAKIA
PeterDudak
Poist‘ovnaCardifSlovakia,a.s.,
Plynarenska7/C,
82109Bratislava,
Tel:+421258240011
bnpparibascardif.sk
ZONES
ARGENTINA
GustavoCicinelli
Av.AliciaMoreaudeJusto,170,
1107CapitalFederalBuenosAires
Tel:+541143164200
bnpparibascardif.com.ar
ASIA
XavierGuilmineau
23/FThreeExchangeSquare
8ConnaughtPlace,Central
HongKong
Tel:+85228251190
LATINAMERICA
FranciscoValenzuela
Vitacura2670Piso14-LasCondes
SantiagoDelChile
Chili
Tel:+5623704801
NORTHERNEUROPE
EMERGINGMARKETS
AlexandreDraznieks
8rueduPort
92728NanterreCedex
France
Tel:+ 33141424136
CONTINENTALEUROPE
PierpaoloDipaola
8rueduPort
92728NanterreCedex
France
Tel:+33141424835
IBERIANPENINSULA
AlexandreBoccia
26CalleRibeiraDelLoira
28042Madrid
Espagne
Tel:+34902052560
BELGIUM,NETHERLANDS
NadègeGaspard
8rueduPort
92728NanterreCedex
France
Tel:+33141428299
CENTRALEUROPE
ZdenekJaros
Rotenturmstrasse16-18,
A-1010Vienna,
Austria
Tel:+42029636888
CHINA*
ElsaLee
Unit2611,
26FShangaiWorldFinancial
Center,N°100,
CenturyAvenue,
Pudong,Shanghai200120
Tél.:+886223963953
INDIA
AtanuSen(PDG)/VivienBerbigier(DGA)
SBILife *,NatrajBuilding,MVRoadWestern
ExpressHighwayJunction,
Mumbai400069
Tel:+912256392011
Tel:+912261910060
sbilife.co.in
ALGERIA
HervéGiraudon
57,rueAbriArezki,Hydra,
16035Alger
Tel:+21321482623
GERMANY
DavidFurtwängler
FriolzheimerStrasse6D-70499
Stuttgart
Tel:+4971182055-0
bnpparibascardif.de
AUSTRIA
FlorianWally
Rotenturmstrasse16-18A-1010
Vienna
Tel:+431533987883
bnpparibascardif.at
HUNGARY
FabricePomiers
Korhazu,6-12,H-1033Budapest
Tel:+3614302300/2
bnpparibascardif.hu
ITALY
IsabellaFumagalli
ViaTolmezzo,15–DPalazzo
–20132Milan
Tel:+3902772241
bnpparibascardif.it
ROMANIA
CarmenBahrim
40-44BanulAntonachestreet,
1st
floor,
District1,Bucarest011665
Tel:+4031-2261111
bnpparibascardif.ro
OURLOCATIONS
34

35. MEXICO
NicoleReichdePolignac
PaseodelasPalmas425,Piso5,
LomasdeChapultepec,11000Mexico,D.F.
Tel:+525522822000
bnpparibascardif.com.mx
BRAZIL
AdrianoRomano
RuaCamposBicudo984°andar
04536–010SaoPaulo–SP
Tel:+551122469000
bnpparibascardif.com.br
PEROU
DanielWeis
AvenidaCanavalyMoreyra380,
Piso11,SanIsidro,Lima27
Tel:+511–6151700
bnpparibascardif.com.pe
CHILE
AlessandroDeodato
Vitacura2670Piso13,
LasCondes,Santiago
Tel:+5623704800
bnpparibascardif.cl
COLOMBIA
JorgeHernandez
Calle113No7–80TorreArPiso11,
Bogota
Tel:+5717444040
bnpparibascardif.com.co
TAIWAN
PollyWang
TCBLife *
Taipei101,XinyiDistrict,
Taiwan110
Tel:+886266363456
tcb-life.com.tw
THAILAND
SirinthipChotithamaporn
ThaiCardiflifeassurance *
36/39-4236/59-62PSTower,
13th
and18th
floor,Sukhumvit21(Asoke)
Road,NorthKlongtoey,Wattana,
Bangkok10110
Tel:+6626458500–thaicardif.com
VIETNAM
TranBaPhuoc
VCLI *
11th
floor,CapitalTower,
109TranHungDaostreet,
HoanKiemdistrict,Hanoi
Tel:+84439368507
vcli.vn
*Joint-ventures
BULGARIA
MarioKostov
29AHristoBelchevstr1st
,3rd
floor,
Sofia1000
Tel:+35924915970
bnpparibascardif.bg
CROATIA
AnaIvancic
IvanaLucica2a10000Zagreb
Tel:+38515393100
bnpparibascardif.hr
DENMARK
JorgenSeligmann
Bredgade56,2-1260Copenhagen
Tel:+4533177476
www.bnpparibascardif.dk
SPAIN
AlexandreBoccia
CalleRiberaDelLoira,284aPlanta
28042Madrid
Tel:+34902052560
bnpparibascardif.es
LUXEMBOURG
FabriceBagne
23-25avenuedelaporteneuve
L-2227Luxembourg
Tel:+35226214-1
cardifluxvie.lu
NORWAY
DagMevold
Munkedamsveien35,0250Oslo
Tel:+4793480621
bnpparibascardif.no
NETHERLANDS
CeesdeJong
Hoevestein28,4903SCOosterhout
Tel:+31162486000
bnpparibascardif.nl
POLAND
PascalPerrier
Pl.Pilsudskiego2,00-073Varsovie
Tel:+48225290120
cardif.pl
PORTUGAL
MiguelRibeiro
Av.5deOutubro,N°206–6°Piso,
1050-065Lisbonne
Tel:+351213825540
bnpparibascardif.pt
SWEDEN
JanDeGeer
Mölndalsvägen93,2nd
floor
40022Goteborg
Tel:+460317079870
cardif.se
TURKEY
CemalKismir
Meclis-iMebusanCadde,
No :57–34427Findikli-Beyoglu,
Istanbul
Tel:+902123933000
bnpparibascardif.com.tr
UKRAINE
OlegRomanenko
8,IllinskaStr,Kiev
Tel:+380444286161
cardif.com.ua
SOUTHKOREA
Jean-ChristopheDarbes
BNPParibasCardifLifeInsurance *
4F,SeoulCityTower,581,5Ga
Namdaemun-Ro,Jung-Gu,
Seoul100-741
Tel:+82237888851
cardif.co.kr
FRANCE
VirginieKorniloff
8,rueduPort
92728NanterreCedex
Tel:+33(0)141428300
cardif.fr
UNITEDKINGDOM
PaulGlen
PinnacleHouseA1,BarnetWay–
Borehamwood,HerfordshireWD62XX
Tel:+442082079000
cardifpinnacle.com
CZECHREPUBLIC
TomasKadlec
BNPParibasCardifPojistovna
Plzenska3217/16
Prague15000
Tel:+420234240234
cardif.cz
35

36. Head Office
1, boulevard Haussmann
75009 Paris
France
Offices
8, rue du Port
92728 Nanterre Cedex
France
www.bnpparibascardif.com
382 983 922 RCS Paris
Limited company with capital of 149,959,922.20 euros Continue the experience on-line…