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

196 135

182 287

Net capital gains realised  (1)

Allocation to reserves for long-term impairment  (1)

(8)

(3)

Gainsor losses on financialssetsrecognised at fair value 

29

(2)

(1)

Other expenses and income

(286)

(86)

Financing expenses

(57)

(57)

Net income from discontinued businessactivities

136

(2)

Goodwill impairment

(58)

NET INCOME

87

319

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

Business and results in France 6.1.4.3

31.12.2017 pro forma

31.12.2018

Premium income – France (in millions of euros)

L&H

P&C

Total

L&H

P&C

Total

Groupama Assurances Mutuelles

462

1,692

2,154

478

1,712

2,190

Groupama Gan Vie

3,595

3,595

3,919

3,919

Gan Assurances

142

1,280

1,422

142

1,280

1,421

Amaline Assurances

3

66

69

3

71

74

Other entities  (1)

8

300

308

5

329

335

TOTAL

4,211

3,337

7,548

4,548

3,391

7,939

Including Assuvie. (1)

Insurance premium income for France at 31 December 2018 increased by +5.2% compared with 31 December 2017 and totalled €7.939 billion.

Property andcasualty insurance (a)

P&C – France

Insurance premium income (in millions of euros)

31.12.2017 pro forma

31.12.2018

Change %

Groupama Assurances Mutuelles

1,692

1,712

1.2%

Gan Assurances

1,280

1,280

0.0%

Amaline Assurances

66

71

7.3%

Other entities

300

329

9.9%

TOTAL

3,337

3,391

1.6%

Property and casualty insurance premium income (42.7% of premium income in France) increased +1.6% to €3.391 billion at 31 December 2018. Insurance for individuals and professionals increased +1.5% over the period to €2.002 billion (nearly 60% of written premiums in property and casualty insurance). The growth in the home insurance (+3.9% to €626 million) and passenger vehicle insurance (+0.7% to €910 million) segments explains this change. Corporate and local authority insurance (€494 million and 15% of the portfolio) fell -1.7%. The developmentof the assistance

business (+27 million) also contributed to the increase in premium

income from propertyand casualty insurance.

The Groupama Assurances Mutuelles premium income from property and casualty insurance totalled €1.712 billion at 31 December 2018, an increase of +1.2%, driven mainly by insurance for individuals and professionals (+2.6%), which particularly benefited from the growth of home insurance (+4.8%). The passenger vehicle segment was up +0.8%.

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REGISTRATION DOCUMENT 2018 - GROUPAMA ASSURANCES MUTUELLES