GROUPAMA / 2018 Registration document

7 FINANCIAL STATEMENTS

CONSOLIDATED FINANCIAL STATEMENTS AND NOTES

COMMITMENTS GIVEN AND RECEIVED NOTE 46

31.12.2018

31.12.2017

(in millions of euros)

Endorsements, securities, and guarantees received

34

86

Other commitments received

878 911 643 311

853 939 575 296

Total commitments received, excluding reinsurance

Reinsurance commitments received

Endorsements, securities andguaranteesgiven

Other commitments onsecurities,assets,or income

703

439

Other commitments given

1,609 2,623

869

Total commitments given xcluding reinsurance

1,604

Reinsurance commitments given

3,607

3,762

Securities belonging to protection institutions Other securities held on behalf of third parties

Endorsements, securities, and guarantees received totalled €34 million. Other commitments received excluding reinsurance for €878 millionare mainly made up of the following items: the line of credit established with HSBC in December 2014for ❯ €750 millionand not used at 31 December2018; Securities received as collateral under the collateralisation ❯ mechanism put in place to guarantee the unrealised gains on derivativesare also recorded in off-balance-sheetcommitments, reflected in the financial statements by €77 million in commitments receivedfor bond loans. Endorsements, securities and guarantees given totalled €311 million, consisting largely of the followingmajor transactions: general guarantees given as part of the contribution of ❯ Groupama Banque securities to Compagnie Financière d’Orange Bank for €75 million; guarantee given as part of the sale of Groupama Seguros ❯ Espagnefor €81 million; guarantee given as part of the sale of Carole Nash for ❯ €95 million; guarantee given as part of the sale of Groupama Seguros de ❯ Vida Portugal for€11 million. Other commitments on securities, assets, or income consist of subscriptions to venture capital funds (“FCPR”). The remaining €703 millioncorrespondsto the differencebetween the investment commitment of the subscribers and the total of calls for funds actually received. Other commitments given amounted to €1,609 million. They mostly consistof the following elements: securities given as collateral under the collateralisation ❯ mechanism put in place to guarantee the unrealised gains on derivatives are also recorded in other off-balance-sheet commitments, reflected in the financial statements by

€577 million in commitments given for hedging of unrealised capital gains or losses onfinancial futures; promisesto sell buildingsof €659 million; ❯ commitments of €302 million relating to real estate leases (on ❯ rents outstandinguntil the end of the lease to lessors outside the Group); commitments made on orders for real estate works for ❯ €66 million, mainly from Groupama Gan Vie and the subsidiary SCI Gan Foncier. Unvalued commitments Groupama Holding Filiales et Participations, in its capacity as principal shareholder, undertakes to provide Cofintex 6 with the financial support necessary for the normal continuation of its business in keeping with the principle of business continuity. This commitment runsuntil 28 May2019. Trigger clauses: Furthermore, in conjunction with issues of subordinated instruments (“TSR”, “TSDI”), Groupama AssurancesMutuelles has trigger clauseson the payment of coupons: GroupamaAssurancesMutuelles is entitled to defer payment of ❯ interest on the October 2009 TSR of €500 million should the capital cover (SCR/MCR) fall below100%; Groupama Assurances Mutuelles is prohibited from paying ❯ interest in the event of regulatory deficiencies from the issue of the 2017 TSR for €650 millionshould the solvency capital cover (SCR/MCR) fall below100%; Groupama Assurances Mutuelles is prohibited from paying ❯ interest in the event of regulatory deficiencies from the issue of the 2018 TSR for €500 millionshould the solvency capital cover (SCR/MCR) fall below100%. The trigger is valued as of the closing date prior to the anniversary date (ex-dividend date).

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REGISTRATION DOCUMENT 2018 - GROUPAMA ASSURANCES MUTUELLES