GROUPAMA / 2018 Registration document

FINANCIAL STATEMENTS ANNUAL FINANCIAL STATEMENTS AND NOTES

corresponds to 60% of the average TME for the last 24 months plus 10 basis points, compared with 60% of the average TME for

EARLYAPPLICATIONOF ANCREGULATIONNO 2018-08 OF 11 DECEMBER2018 GroupamaAssurancesMutuelles applied in advance in its financial statements at 31 December 2018 the new provisions of ANC Regulation no 2018-08 on the revaluation rate of technical reserves for payments and other disability and invalidity benefits, which is now 2% comparedwith 2.25% in previous years,and the discount rate of the technical reserves for annuities, which now

the last 24 months in previous years.

The impact of these provisions on the technical reserves for pending annuities allocated for traffic accidents and on the technical reserves forpensions in service is €87.9 million.

Note 11.2

Change over the past five years in claims regulations applied since its inception

and the outstanding claims reserve

CHANGEINACCRUEDPREMIUMSANDCLAIMS The data presented belowcorrespondto changes in the followingportfolios: inward reinsurancefrom regional mutuals; ❯ direct business; ❯ other inward reinsurance. ❯

Fiscal years

2013 and earlier

2014

2015

2016

2017

2018

(in thousands of euros)

Estimate of the claimsexpense: at endof N

21,925,522 1,550,777 1,329,591 1,872,609 1,927,798 1,942,129

at endof N+1

21,871,922 1,548,840 1,270,869 1,746,946 1,992,447

at endof N+2 at endof N+3 at endof N+4 at endof N+5

21,904,661 1,521,798 1,375,629 1,638,044

21,841,512 1,539,965 1,365,828

21,836,070 1,529,440

21,770,368

7

Claims expense (a)

21,770,368 1,529,440 1,365,828 1,638,044 1,992,447 1,942,129

Cumulative claims payments (b)

20,654,843 1,146,373 1,170,777

896,667 1,304,643

785,738

Outstanding claims reserves (a)-(b)=(c) (netof theretained share of theCDA)

1,115,525

383,067

195,051

741,377

687,804 1,156,391

Earned premiums

26,457,682 2,159,433 2,183,727 2,195,526 2,661,248 2,644,140

S/P

82.28% 70.83% 62.55% 74.61% 74.87% 73.45%

Change in opening claims reserves

Note 11.3 Liquidation ofclaims reservesgross of reinsurance

2018

2017

(in thousands of euros)

Opening claims reserves net of expected recoveries

4,321,588

3,364,014

Payments made during the year for previous years netof expected recoveries

(1,040,894)

(368,329)

Closing claims reserves net of expected recoveries

(3,110,918)

(2,953,221)

SURPLUS/DEFICIT

169,777

42,465

The opening surplus posted in 2018 on claims reserves totalled €87.5 millionon run-off operations due to the amicable agreement €169.8 million. It mainly consists of a €36.0 million surplus on the on the World Trade Centerfile of theRéunion Aérienne pool. risks accepted on the regional mutuals’ portfolio and an

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REGISTRATION DOCUMENT 2018 - GROUPAMA ASSURANCES MUTUELLES