GROUPAMA / 2018 Registration document

FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS AND NOTES

Debt securities of peripheral countries of the eurozone Sovereign debtsecuritiesof peripheral countries of the eurozone

Note 7.9 Note 7.9.1

31.12.2018

Unrealised capital gains (losses) net of taxes and profit sharing

Gross unrealised capital gains (losses)

Gross discounted cost price

Reserves for impairment

Net discounted cost price

Fair value

(in millions of euros)

Spain

2,152

2,152

2,797

645

76

Greece Ireland

9

9

10

1

Italy

7,076

7,076

8,008

932

144

Portugal

12

12

12

0

TOTAL

9,249

9,249

10,827

1,578

220

31.12.2017

Unrealised capital gains (losses) net of taxes and profit sharing

Gross unrealised capital gains (losses)

Gross discounted cost price

Reserves for impairment

Net discounted cost price

Fair value

(in millions of euros)

Spain

2,152

2,152

2,803

650

73

Greece Ireland

16

16

18

1

Italy

7,044

7,044

8,556

1,512

228

Portugal

233

233

289

56

6

7

TOTAL

9,446

9,446

11,665

2,220

308

Exposure to sovereign debt securities of peripheral eurozone countries included directly owned securities and look-through reporting, which is required on consolidated mutual funds. Unrealised capital gains on these securities totalled €220 million (net of taxes and profit sharing). All sovereign debt securities of peripheral eurozone countries are classed as Level 1 in accordance with IFRS 13 on fair value measurement;these securities are listed on an active market, and their prices can beeasily and regularly obtained.

The Group has largely divested itself of its exposure to Portuguese sovereign debt. In addition, the exposure level on Hungary is approximately €294 million, exclusivelyheld by the Hungariansubsidiary. The sovereign debt securities of the peripheral eurozone countries have the following maturities:

31.12.2018

< 3 years

3 to 7 years

7 to 10 years

> 10 years

Total

(in millions of euros)

Spain

4

328

130

2,335

2,797

Greece Ireland

10

10

Italy

1,076

1,539

1,646

3,748

8,008

Portugal

3

9

12

TOTAL

1,092

1,876

1,776

6,083

10,827

225

REGISTRATION DOCUMENT 2018 - GROUPAMA ASSURANCES MUTUELLES