Obligation Mondial Assurances 4.375% ( FR0013455854 ) en EUR

Mondial Assurances

98.08 % ▲

France

FR0013455854 ( en EUR )

4.375% par an ( paiement semestriel )

Perpétuelle

Prospectus brochure de l'obligation La Mondiale FR0013455854 en EUR 4.375%, échéance Perpétuelle

24/10/2025 ( Dans 113 jours )

La Mondiale est une compagnie d'assurance française mutualiste spécialisée dans l'épargne retraite et l'assurance vie.

L'Obligation émise par Mondial Assurances ( France ) , en EUR, avec le code ISIN FR0013455854, paye un coupon de 4.375% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le Perpétuelle

INFORMATION MEMORANDUM DATED 22 OCTOBER 2019

LA MONDIALE
EUR500,000,000 Perpetual Fixed Rate Resettable Restricted Tier 1 Notes
Issue Price: 100 per cent.
The EUR500,000,000 perpetual fixed rate resettable restricted Tier 1 notes (the Notes) of La Mondiale (La Mondiale or the Issuer) will be
issued on 24 October 2019 (the Issue Date).
The obligations of the Issuer under the Notes in respect of principal, interest and other amounts, constitute (subject to certain limitations
described in the "Terms and Conditions of the Notes - Status of the Notes Payment on the Notes in the event of liquidation of the Issuer")
direct, unconditional, unsecured and lowest ranking subordinated obligations of the Issuer, including bonds or borrowings, the subordination
provisions of which are governed by the provisions of Article L. 228-97 of the French Code de commerce, and which rank and will rank (a)
pari passu with all other present and future Deeply Subordinated Obligations of the Issuer, but (b) junior to all present and future prêts
participatifs granted to the Issuer, titres participatifs issued by the Issuer, Ordinary Subordinated Obligations of the Issuer, Senior
Subordinated Obligations of the Issuer and Unsubordinated Obligations of the Issuer and (c) senior to all present and future Mutual
Certificates of the Issuer as set out in the "Terms and Conditions of the Notes - Status of the Notes".
The Notes will bear interest on their Prevailing Principal Amount (i) from (and including) the Issue Date, to (but excluding) 24 October 2029
(the First Reset Date), at a fixed rate of 4.375 per cent. per annum payable semi-annually in arrear on 24 April and on 24 October in each
year commencing on 24 April 2020, and (ii) from (and including) the First Reset Date, at the relevant Reset Rate of Interest payable semi-
annually in arrear on 24 April and on 24 October in each year, commencing on 24 April 2030, as further specified in "Terms and Conditions
of the Notes -- Interest".
The Issuer may elect at any time to cancel (in whole or in part) any Interest Payment (as defined herein) otherwise scheduled to be paid on
an Interest Payment Date and shall, save as otherwise permitted pursuant to the Conditions, cancel an Interest Payment upon the occurrence
of a Mandatory Interest Cancellation Event (as defined herein) with respect to that Interest Payment. The cancellation of any Interest
Payment shall not constitute a default or event of default for any purpose on the part of the Issuer. Any Interest Payment (or part thereof)
which is cancelled in accordance with the Conditions shall not become due and payable in any circumstances.
Upon the occurrence of a Trigger Event (as defined herein), any interest which is accrued and unpaid up to (and including) the
Write-Down Date (as defined herein) shall be automatically cancelled and the Issuer shall without the need for the consent of the
Noteholders write-down the Notes by reducing the Prevailing Principal Amount (as defined herein). A Write-Down (as defined
herein) of the Notes shall not constitute a default or an event of default in respect of the Notes or a breach of the Issuer's
obligations or duties or a failure to perform by the Issuer in any manner whatsoever, and shall not entitle Noteholders to petition
for the insolvency or dissolution of the Issuer or to take any other action. Following any reduction of the Prevailing Princi pal
Amount, the Issuer may, at its discretion, increase the Prevailing Principal Amount of the Notes on any date and in any amount
that it determines in its discretion (either to the Principal Amount or to any lower amount) provided that several conditions are
met, as set out in "Terms and Conditions of the Notes Discretionary Reinstatement".
The Notes do not contain any negative pledge or events of default.
The Issuer will have the right to redeem the Notes in whole, but not in part, at any time from the First Call Date to and including the First
Reset Date or on any Interest Payment Date thereafter, as defined and further described in "Terms and Conditions of the Notes - Redemption
and Purchase - Optional Redemption from the First Call Date". The Issuer may also, at its option and subject to Condition 6.9
("Redemption and Purchase Conditions to Redemption and Purchase"), redeem the Notes upon the occurrence of certain events, including
a Gross-up Event, a Withholding Tax Event, a Tax Deductibility Event, a Regulatory Event, a Rating Methodology Event or if the conditions
for Clean-up Redemption are met, all as further described in "Terms and Conditions of the Notes - Redemption and Purchase". All
redemptions are subject to the Prior Approval of the Relevant Supervisory Authority.
Application has been made to Euronext Growth, a market of Euronext in Paris (Euronext Growth) for the Notes to be admitted to trading
on Euronext Growth. Euronext Growth is a multilateral trading facility and is not a regulated market for the purposes of Directive
2014/65/EU of the European Parliament and of the Council on markets in financial instruments, as amended.
The Notes will be issued in bearer dematerialised form (au porteur) in the denomination of EUR100,000. The Notes will at all times be in
book-entry form in compliance with Articles L.211-3 and R.211-1 of the French Code monétaire et financier. No physical documents of
title (including certificats représentatifs pursuant to Article R.211-7 of the French Code monétaire et financier) will be issued in respect of
the Notes. The Notes will, upon issue, be inscribed in the books of Euroclear France (Euroclear France) which shall credit the accounts of
the Account Holders. Account Holder shall mean any financial intermediary institution entitled to hold, directly or indirectly, accounts on
behalf of its customers with Euroclear France, and includes Euroclear Bank SA/NV (Euroclear) and Clearstream Banking SA
(Clearstream).
The Notes are expected to be rated BBB- by S&P Global Ratings Europe Limited (S&P). The Issuer's long-term senior unsecured debt is
rated A- by S&P. S&P is established in the European Union and registered under Regulation (EC) No. 1060/2009 of the European
Parliament and of the Council of 16 September 2009 on credit rating agencies (as amended) (the CRA Regulation) and included in the list
of credit rating agencies registered in accordance with the CRA Regulation published on the European Securities and Markets Authority's
website (www.esma.europa.eu/supervision/credit-rating-agencies/risk) as of the date of this Information Memorandum. A rating is not a

recommendation to buy, sell or hold securities and may be subject to revision, suspension, change or withdrawal at any time by the assigning
rating agency.

IMPORTANT NOTICE
This information memorandum (the Information Memorandum) does not constitute a prospectus within the meaning of article 6.3 of and
for the purpose of Regulation (EU) 2017/1129, as amended.
No such prospectus will be approved by the Autorité des marchés financiers for the purpose of the listing and admission to trading of the
Notes on Euronext Growth.
The Notes shall only be offered to qualified investors (investisseurs qualifiés) within the meaning of Regulation (EU) 2017/1129, as
amended.

Copies of this Information Memorandum will be available on the website of the Issuer (www.ag2rlamondiale.fr).
Prospective investors should have regard to the risk factors described under the section headed "Risk Factors" in this Information
Memorandum, in connection with any investment in the Notes.

Structuring Advisor
HSBC
Joint Bookrunners
HSBC
MORGAN STANLEY
NATIXIS

This Information Memorandum should be read and construed in conjunction with all documents
incorporated by reference herein (see "Documents Incorporated by Reference").
Certain information contained in this Information Memorandum and/or documents incorporated herein by
reference has been extracted from sources specified in the sections where such information appears. The
Issuer confirms that such information has been accurately reproduced and that, so far as it is aware and is
able to ascertain from information published by the above sources, no facts have been omitted which would
render the information reproduced inaccurate or misleading. The Issuer has also identified the source(s) of
such information.
References herein to the Issuer are to La Mondiale. References to the Group are to the Issuer, together with
its fully consolidated subsidiaries taken as a whole. References to SGAM are to the combined group (groupe
combiné) of SGAM AG2R La Mondiale Matmut (which shall be renamed SGAM AG2R La Mondiale subject
to the approval of the Autorité de contrôle prudentiel et de résolution on 2 December 2019 and which
includes, as of the Issue Date the combination of two perimeters, AG2R Prévoyance and La Mondiale)
evolving from time to time.
No person has been authorised to give any information or to make any representation other than those
contained in this Information Memorandum in connection with the issue or sale of the Notes and, if given or
made, such information or representation must not be relied upon as having been authorised by the Issuer or
any of the Joint Bookrunners (as defined in "Subscription and Sale"). Neither the delivery of this
Information Memorandum nor any offering or sale made in connection herewith shall, under any
circumstances, create any implication that there has been no change in the affairs of the Issuer or those of
the Group since the date hereof or the date upon which this Information Memorandum has been most
recently supplemented or that there has been no adverse change in the financial position of the Issuer or that
of the Group since the date hereof or the date upon which this Information Memorandum has been most
recently supplemented or that any other information supplied in connection with the issue of the Notes is
correct as of any time subsequent to the date on which it is supplied or, if different, the date indicated in the
document containing the same.
This Information Memorandum does not constitute an offer to sell or the solicitation of an offer to buy any
Notes in any jurisdiction to any person to whom it is unlawful to make the offer or solicitation in such
jurisdiction. The distribution of this Information Memorandum and the offer or sale of Notes may be
restricted by law in certain jurisdictions. The Issuer and the Joint Bookrunners do not represent that this
Information Memorandum may be lawfully distributed, or that any Notes may be lawfully offered, in
compliance with any applicable registration or other requirements in any such jurisdiction, or pursuant to
an exemption available thereunder, or assume any responsibility for facilitating any such distribution or
offering. In particular, no action has been taken by the Issuer or the Joint Bookrunners which would permit
a public offering of the Notes or distribution of this Information Memorandum in any jurisdiction where
action for that purpose is required. Accordingly, no Notes may be offered or sold, directly or indirectly, and
neither this Information Memorandum nor any offering material may be distributed or published in any
jurisdiction, except under circumstances that will result in compliance with any applicable laws and
regulations. Persons into whose possession this Information Memorandum comes are required by the Issuer
and the Joint Bookrunners to inform themselves about and to observe any such restriction. In particular,
there are restrictions on the distribution of this Information Memorandum and the offer or sale of Notes in
the United States, the United Kingdom and France (see "Subscription and Sale").
THE NOTES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT
OF 1933, AS AMENDED (THE SECURITIES ACT) OR WITH ANY SECURITIES REGULATORY
AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES. SUBJECT TO
CERTAIN EXCEPTIONS, NOTES MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR
TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT IN TRANSACTIONS EXEMPT
FROM OR NOT SUBJECT TO THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND
IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS. FOR A DESCRIPTION OF

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CERTAIN RESTRICTIONS ON OFFERS AND SALES OF NOTES AND ON DISTRIBUTION OF THIS
INFORMATION MEMORANDUM, SEE "SUBSCRIPTION AND SALE".
The Joint Bookrunners have not separately verified the information contained in this Information
Memorandum. None of the Joint Bookrunners makes any representation, warranty or undertaking, express
or implied, or accept any responsibility or liability, with respect to the accuracy or completeness of any of
the information contained or incorporated by reference in this Information Memorandum or any other
information provided by the Issuer in connection with the issue and sale of the Notes. Neither this
Information Memorandum nor any information incorporated by reference in this Information Memorandum
is intended to provide the basis of any credit or other evaluation and should not be considered as a
recommendation by the Issuer or the Joint Bookrunners that any recipient of this Information Memorandum
or any information incorporated by reference should subscribe for or purchase the Notes. In making an
investment decision regarding the Notes, prospective investors must rely on their own independent
investigation and appraisal of the (a) the Issuer, the Group, its business, its financial condition and affairs
and (b) the terms of the offering, including the merits and risks involved. The contents of this Information
Memorandum are not to be construed as legal, business or tax advice. Each prospective investor should
subscribe for or consult its own advisers as to legal, tax, financial, credit and related aspects of an
investment in the Notes. None of the Joint Bookrunners undertakes to review the financial condition or
affairs of the Issuer or the Group after the date of this Information Memorandum nor to advise any investor
or potential investor in the Notes of any information coming to the attention of any of the Joint Bookrunners.
Potential investors should, in particular, read carefully the section entitled "Risk Factors" set out below
before making a decision to invest in the Notes.
Neither this Information Memorandum nor any other information supplied in connection with the issue and
sale of the Notes (a) is intended to provide the basis of any credit or other evaluation or (b) should be
considered as a recommendation by the Issuer or the Joint Bookrunners that any recipient of this
Information Memorandum or any other information supplied in connection with the issue and sale of the
Notes should purchase any Notes. Neither this Information Memorandum nor any other information
supplied in connection with the issue and sale of the Notes constitutes an offer or invitation by or on behalf
of the Issuer or the Joint Bookrunners to any person to subscribe for or to purchase any Notes.
MIFID II product governance / Professional investors and ECPs only target market - Solely for the
purposes of each manufacturer's product approval process, the target market assessment in respect of the
Notes, taking into account the five categories referred to in item 18 of the Guidelines published by the
European Securities and Markets Authority (ESMA) on 5 February 2018, has led to the conclusion that: (i)
the target market for the Notes is eligible counterparties and professional clients only, each as defined in
Directive 2014/65/EU (as amended, MiFID II); and (ii) all channels for distribution of the Notes to eligible
counterparties and professional clients are appropriate. Any person subsequently offering, selling or
recommending the Notes (a distributor) should take into consideration the manufacturers' target market
assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market
assessment in respect of the Notes (by either adopting or refining the manufacturers' target market
assessment) and determining appropriate distribution channels.
PRIIPs Regulation / Prohibition of sales to EEA retail investors - The Notes are not intended to be offered,
sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail
investor in the European Economic Area (EEA). For these purposes, a retail investor means a person who is
one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; or (ii) a customer
within the meaning of Directive 2016/97/EU, where that customer would not qualify as a professional client
as defined in point (10) of Article 4(1) of MiFID II. Consequently, no key information document required by
Regulation (EU) No 1286/2014 (as amended, the PRIIPs Regulation) for offering or selling the Notes or
otherwise making them available to retail investors in the EEA has been prepared and therefore offering or
selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful
under the PRIIPs Regulation.
In this Information Memorandum, unless otherwise specified or the context otherwise requires, references to
, Euro, EUR or euro are to the single currency of the participating member states of the European

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Economic and Monetary Union which was introduced pursuant to the Treaty establishing the European
Community, as amended.

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TABLE OF CONTENTS
Section
Page
Risk Factors ........................................................................................................................................................ 7
General Description of the Notes ..................................................................................................................... 28
Information Documents Incorporated by Reference ........................................................................................ 43
Terms and Conditions of the Notes .................................................................................................................. 44
Use of Proceeds ................................................................................................................................................ 72
Description of the Issuer ................................................................................................................................... 73
Subscription and Sale ....................................................................................................................................... 85
General Information ......................................................................................................................................... 87
Persons responsible for the information contained in the Information Memorandum ..................................... 90

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RISK FACTORS
The Issuer believes that the following factors may affect its ability to fulfill its obligations under the Notes.
All of these factors are contingencies which may or may not occur and the Issuer is not in a position to
express a view on the likelihood of any such contingency occurring.
Factors which the Issuer believes may be material for the purpose of assessing the market risks associated
with the Notes are also described below.
The Issuer believes that the factors described below represent the principal risks inherent in investing in the
Notes, but the inability of the Issuer to pay interest, principal or other amounts on or in connection with the
Notes may occur for other reasons and the Issuer does not represent that the statements below regarding the
risks of holding the Notes are exhaustive. Prospective investors should read the entire Information
Memorandum. The following is a disclosure of risk factors that are material to the Notes in order to assess
the market risk associated with these Notes and risk factors that may affect the Issuer's ability to fulfill its
obligations under the Notes. Prospective investors should consider these risk factors before deciding to
purchase Notes. The following statements are not exhaustive. Prospective investors should consider all
information provided in this Information Memorandum and consult with their own professional advisers if
they consider it necessary. In addition, investors should be aware that the risks described may combine and
thus intensify one another. The occurrence of one or more risks may have a material adverse effect on the
own funds, the financial position and the operating result of the Issuer.
Each of the risks highlighted below could have a material adverse effect on the business, operations,
financial conditions or prospects of the Issuer or the Group, which in turn could have a material adverse
effect on the amount of principal and interest which investors will receive in respect of the Notes. In
addition, each of the risks highlighted below could adversely affect the trading price of the Notes or the
rights of investors under the Notes and, as a result, investors could lose some or all of their investment.
Words and expressions defined in the section entitled "Terms and Conditions of the Notes" herein shall have
the same meanings in this section. Expressions in this section such as "we", "our", "us" and any similar
terms are a reference to the Issuer and/or the Group, as the case may be, unless the context requires
otherwise.
The order in which the following risks factors are presented is not an indication of the likelihood of their
occurrence.
RISK FACTORS RELATING TO THE ISSUER
The occurrence of any of the risks described below may affect the Issuer's capacity to repay, and/or
adversely affect the market price of the Notes and lead to Noteholders suffering loss when they sell their
Notes. Investors are therefore at risk of losing all or part of their investment.
1.
Financial risks
La Mondiale and its Group are exposed to the following financial risks:
Market risks
The market risk affects the yield of the assets backing the own funds or the technical provisions of
the Issuer. Market levels and returns on investment constitute a significant part of the overall
profitability of the Group and fluctuations in financial markets may have a material effect on
operating results.

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Global debt and equity market have experienced historical levels of volatility and the outlook is
uncertain. Any decline in the financial markets could have an adverse effect on the solvency, the
financial situation, operating results and cash flow of the Issuer.
Risks related to fluctuations in interest rates
Fluctuations in interest rates may affect the valuation of investments held, the conditions of future
investments and the solvency measurement.
During periods when interest rates are going up, the price of fixed income securities tends to
decrease and gains on sale of such securities are lower or losses greater. A significant rise in interest
rates could lead to buy-backs of savings contracts, even if the investment sensitive to interest rates
(mainly bonds) may be at a loss. This could lead to the Issuer selling at loss in order to honour its
buy-backs.
If the interest rates are low for a long time, investment could be affected in a sense that it would not
match the liability requirement. A sustainable maintenance of interest rates at low levels may lead to
a significant decrease in the return of investment assets due to future investments at this low level.
A combination of sustained near zero or negative interest rates for the shortest maturities followed
by a significant increase of these interest rates could lead to a negative impact on the financial
situation and solvency of the Issuer or the SGAM. This risk could also have an impact on the
liquidity and cash levels of the Issuer.
As at 31 December 2018, a 50 basis points decrease in the interest rates would have had a negative
impact of 14 points on the SGAM's solvency ratio, while a 50 basis points increase would have
resulted in a positive impact of 13 points increase of the solvency ratio. As at 30 June 2019, the
regulatory solvency ratio of the SGAM was 185%. In current market conditions with low interest
rates, this risk is considered to be "very significant".
Risks related to the variations in the value of investment assets
Likewise, the yield on assets representing technical commitments is key in the definition of
beneficiary participations attributed to the policy holders.
A reduction in the value of the investment assets could impact the capacity of the Issuer to achieve
capital gains and could even lead to impairment of certain assets. This could therefore have an
impact on the future yields of the assets, with a loss of competitiveness, such as an increase in
redemption rates. Such a development could also have unfavourable impacts on the solvency of the
Issuer or the solvency determination.
Variations in interest rates and returns on equity markets may also have an impact on policy holders'
behaviour. This phenomenon is particularly seen in the life insurance, pensions and savings business.
In addition, La Mondiale invests part of its assets in shares and funds, which are generally exposed
to volatility risks. The percentage of the Issuer's investment portfolio (excluding unit-linked
investments) invested in shares and funds as at 30 June 2019 was 8,8%.

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Investment risk on life insurance portfolios is sometimes borne by the policyholders in the case of
unit-linked life insurance policies. In these cases, fluctuations of the price of underlying securities
will directly or indirectly affect the financial results of the life insurance business operations.
Furthermore, such fluctuations could affect the solvency of the Group, in particular the level of
unrealised gains eligible to cover the solvency capital requirement. As at 30 June 2019, the solvency
capital ratio of the Issuer amounts to 229 % (with impact of transitional on technical provisions) as
of 30 June 2019.
Currency risk
This risk relates to the sensitivity of assets to changes in the currency in which assets are recorded on
the balance sheet. Since the bonds denominated in foreign currencies held by La Mondiale are
hedged, La Mondiale mainly faces this risk since it holds equity assets denominated in U.S. dollars,
Yen, Sterling, Swiss Francs and other currencies.
Credit risk
La Mondiale is mainly exposed to credit risk through its financial assets, and securities lending.
This risk relates to the potential negative fluctuation in the value of financial assets on the credit
quality of the Issuer. Such negative fluctuations could impact the Issuer's ability to generate capital
gains on the financial assets it holds and could lead the Issuer to set impairment to cover this risk.
A negative fluctuation in the value of financial assets could have an impact on their future yield,
which could result in a loss of competitiveness of the Issuer affecting the behaviour and commercial
choice of insured clients.
Counterparty risk
La Mondiale is exposed to counterparty risk with third parties, mainly financial institutions, with
which it enters into various financial transactions.
The failure of any of its counterparties could have an effect on the financial situation of the Issuer
but could also generate significant liquidity problems and cause other institutions to default.
The stability of financial institutions depends greatly on the trends in the markets. This risk can
adversely affect the financial intermediaries, banks and depositories with which La Mondiale
operates on a daily basis and which may therefore adversely affect its income, profit and solvency.
Liquidity risk
There is a risk that La Mondiale cannot sell a financial asset at its true value or cannot sell it at all.
La Mondiale also faces the risk that it cannot meet its obligations, such as being able to reimburse
the policy holders requesting it.
2.
Insurance risks
The Issuer and the Group are exposed to the following insurance risks:
Pricing risk
This risk may arise as a result of premiums being too low to meet the commitments (risk of wrong
assessment of the characteristics of the policy holder risk, risk of wrong evaluation of the premium).
The launch of new products or changes to existing products may lead to the occurrence of this type

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of risk. The occurrence of such a risk could negatively affect the financial results and solvency of the
Issuer.
Provision risk
This risk may arise if insufficient provision is made to meet commitments due to wrong assessment
of available data, subsequent modification of the risk factors or inappropriate calculation parameters.
In particular:
raising social security retirement age could lead to insufficient provision for disability benefits
because disability benefits expire and are assessed based on social security retirement age;
and

cutting social security benefits could lead to insufficient provision because La Mondiale would
have to compensate policyholders for such cuts.
The occurrence of such a risk could negatively affect the financial results and solvency of the Issuer.
Disaster risk
This risk relates to the sudden occurrence of a disastrous event affecting the population insured by
the Issuer (e.g. pandemics, terrorist attacks). The occurrence of such events could significantly
impact the corresponding cost to cover certain risks, lead to a sudden increase in health and welfare
expenses and increase above expectations the amounts of benefits related to death that are distributed
to insured parties. The occurrence of such a risk could negatively affect the activity, financial results,
prospects and solvency of the Issuer. It could also negatively affect the liquidity and cash levels of
the Issuer.
Longevity, mortality and morbidity risk
The Issuer may be affected by significant changes in statistics of longevity, mortality or morbidity of
its policyholders.
Longevity risk, which is the most significant risk compared to mortality and morbidity risks, is the
risk that the number of deaths are less than expected could lead the Issuer to distribute retirement or
incapacity pensions to its insured clients for a period of time longer than expected.
Mortality risk which is the risk that the number of deaths is higher than expected could have an
impact on savings portfolios and generate a significant decrease of the outstanding commitments
resulting in a loss of revenues for the Issuer. The occurrence of mortality risk could also generate
higher benefits related to death insurances.
Morbidity risk which is the risk that diseases are different than the ones expected could, aside from
having an impact on mortality and longevity, have an impact on incapacity and invalidity rates
leading them to be different than expected.
The assessment of these risks is at the centre of underwriting in health and protection insurance, and
may have an impact on the pricing and the provisions made by La Mondiale. The occurrence of such
risks may expose La Mondiale to greater than expected liabilities, which may have a material
adverse effect on its income, profit and solvency.
Surrender risk
Savings contracts include a surrender clause allowing policyholders to request reimbursement of all
or part of their accumulated savings. La Mondiale is exposed to the risk of surrender volumes being

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