GROUPAMA / 2018 Registration document

6 EARNINGS AND FINANCIAL POSITION MANAGEMENT REPORT OF THE BOARD OF DIRECTORS

31.12.2017

31.12.2018

(in millions of euros)

Economicoperating income

349 208

298 351

Net capital gains realised  (1)

Allocation to reserves for long-term impairment  (1)

(7)

(7)

Gainsor losses on financialssetsrecognised at fair value 

40

(25)

(1)

Other expenses and income

(318)

(109)

Financing expenses

(57)

(57)

Net income from discontinued businessactivities

136

(2)

Goodwill impairment

(58)

0

NET INCOME

292

450

Amounts net of profit sharing and corporate tax. (1)

Summary of activity and income 6.1.4.2

31.12.2017 pro forma

Like-for-like change

Premium income (in millions of euros)

31.12.2017

31.12.2018

Actual change

Property and casualty insurance – France

3,349

3,337

3,391

1.3%

1.6%

Groupama Gan Vie

3,595

3,595

3,919

9.0%

9.0%

Life andhealth insurance in France –  excluding Groupama Gan Vie

604

616

629

4.0%

2.0%

TotalInsurance – France

7,548 1,765

7,548 1,685

7,939 1,768

5.2%

5.2%

Property and casualty insurance – International

0.1%

4.9%

Life andhealth insurance – International

840

813

770

-8.4%

-5.3%

TotalInsurance – International

2,605

2,498

2,537

-2.6%

1.6%

Banking and financialbusinesses

150

150

173

15.2%

15.2%

TotalGroupama SA

10,304

10,196

10,650

3.4%

4.4%

TotalInsurance

10,154

10,046

10,477

3.2%

4.3%

Property and casualty insurance

5,114

5,022

5,159

0.9%

2.7%

Life andhealth insurance

5,040

5,024

5,318

5.5%

5.8%

2017 pro forma data: The restatement of certain data from 31 December 2017 was necessary in order to permit the comparison and analysis of changes between the two periods. For those entities that do not use the euro as their functional currency (Turkey, Romania and Hungary), the exchange rate effects are neutralised in the pro forma data; the actual data at 31 December 2017 were converted based on the exchange rate at 31 December 2018. In the rest of the document, figures are expressed on a like-for-like basis and with constant exchange rates. The data with constant exchange rates correspond to the comparison between the actual data at 31 December 2018 and the actual data at 31 December 2017, converted at the average exchange rates at 31 December 2018.

At 31 December2018, Groupama’sconsolidatedpremium income from Insurance increased +4.3% to €10.5 billion on a like-for-like basis (+3.2% in actual data) compared with 31 December 2017. Including financial businesses, the Group’s consolidated premium income was up +4.4% on a like-for-like basis (+3.4% in actual change) at €10.7 billion. The Group’s property and casualty insurance premium income increased +2.7%, including +1.6% in France and +4.9% for International. Activity was supported by personal and professional insurance (+3.2%, or nearly 65% of property and casualty insurance premiums), which benefited from the good performance of the passenger vehicle (+3.7%) and home (+4.0%) insurance

segments, both in France and internationally. Growth in the assistance business (+19.1%) in France reinforced this trend. Life and health insurance premium income grew by +5.8% at 31 December 2018. Groupama Gan Vie, which handles the savings/pensions business in France, saw its premium income increase by +9.0% over the period, particularly with a rise of +11.3% in individual UL savings/pensions. Other life and health insurance businesses in France also increased +2.0%. This is explained mainly by the growth of the health insurance (individual and collective: +9.0%) and municipal staff insurance (+13.9%). International life and health insurance premium income was down -5.3% due to the decline in individual savings/pensions(-12.6%),

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REGISTRATION DOCUMENT 2018 - GROUPAMA ASSURANCES MUTUELLES