GROUPAMA / 2018 Registration document

EARNINGS AND FINANCIAL POSITION MANAGEMENT REPORT OF THE BOARD OF DIRECTORS

The breakdown ofthe Groupama Gan Vie entity’spremium incomeby networkis as follows:

2017 Actual

2018 Actual

2018-2017 Change

(in millions of euros)

Regional mutuals

1,024

1,176

14.9%

General agents

868

808

-6.9%

Brokerage

992

1,189

19.8%

Gan Patrimoine

234

276

17.8%

Gan Prévoyance

475

469

-1.2%

Réunima

2

1

-42.4%

TOTAL

3,595

3,919

9.0%

Individuals

2,127

2,192

3.0%

of which unit-linked savings/pensions

680

757

11.3%

of which savings/pensions (in euros)

1,050

1,064

1.3%

Groups

1,467

1,727

17.7%

TOTAL

3,595

3,919

9.0%

Premium income of the network of regional mutuals amounted to €1.176 billion at 31 December 2018, up +14.9% compared with the previous period. Individual insurance business totalled €1.063 billion (+8.9%) in connection with the rise in individual savings/pensions income (+9.6%, including +8.5% in UL). Group insurance premium income totalled €113 million at 31 December 2018 compared with €47 million over the previous period, mainly due to the booking of exceptional premiums in group retirement (including €30 million inUL). The Gan Assurances network posted premium income of €808 million at 31 December 2018, down -6.9% compared with 31 December 2017. Individual insurance written premiums decreased by -13.1% as a result of the decline in individual savings/pensions (-12.8%). Activity in group insurance declined -0.5%, mainly due to the decline in protection insurance (-2.6%) and health insurance (-1.1%). However, it was dampened by growth in group inward reinsurance(+41.3%due to the rise in new business). The brokerage network posted premium income of €1.189 billion at 31 December 2018, up +19.8% compared with 31 December 2017, in connectionwith the growth of the group health (+21.9%) and group retirement (+58.9%) segments, which benefited in particularfrom the development ofa major policy(€70 million).

Revenue for the Gan Patrimoine network increased by +17.8% to €276 million at 31 December 2018, driven by the growth of the individualsavings/pensionssegment (+19.8%). The Gan Prévoyance sales network contributed €469 million to group revenue at 31 December2018, a drop of -1.2% compared with the previous period. Activity in individual savings/pensions rose +0.7% (including -9.2% in euros and +35.7% in UL) with growth in the retirement segment (+5.4%) mitigating the decline in the savings segment (-14.2%).However,this changewas offset by the decline inthe protectioninsurancesegment(-4.4%). The premium income in life and health insurance of Gan Assurancesremainedstable at €142 millionat 31 December2018. The decrease in individual health (-0.8%) due to a decrease in the number of policies in the portfolio (-5,400 policies as of the end of December) was offset by the growth in the individual protection insurance segment (+3.3%). The Caisses Fraternelles posted premium income of €2 million at 31 December 2018. The discontinued business of the subsidiary Assuvie decreased -24.7% compared with 31 December 2017. Its premium income (consisting only of periodic premiums in run off) amounted to €3 million at 31 December2018.

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REGISTRATION DOCUMENT 2018 - GROUPAMA ASSURANCES MUTUELLES

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