GROUPAMA / 2018 Registration document

7 FINANCIAL STATEMENTS

ANNUAL FINANCIAL STATEMENTS AND NOTES

NOTE 18

INVESTMENT INCOME AND EXPENSES

31.12.2018

31.12.2017

Companies with equity link

Companies with equity link

Related Companies

Other origins

Related Companies

Other origins

Type of income (in thousands of euros)

Total

Total

Investment income

Investment income

276,192

960 19,028 296,180 498,609

2,372 18,886 519,867

Investment income

239,895

960

240,855 476,872

2,372

479,244

Income from realestateinvestments

36,034

17

36,051 21,596

23

21,619

Income from otherinvestments

263

19,011 19,274

141

18,764 18,905

Other financial income Other investment income

52,481

64

13,933 66,478 131,337 75,784 50,201 257,322

Profits on the sale of investments

1,416

3,424

4,840 38,514 10,010 65,614 114,138

Totalinvestment income

328,673

2,440 36,385 367,498 668,460 88,166 134,701 891,327

Investment expenses Internal andexternal investment management costs and financialexpenses

24,595

185 170,220 195,000 18,639

514 181,490 200,643

Other investment expenses

5,822

26

18,397 24,245 28,418 17,283 22,515 68,216

Losseson thesaleof investments

40,312

96

9,275 49,683

65,557 79,537 145,094

Totalinvestmentexpenses

70,729

307 197,892 268,928 47,057 83,354 283,542 413,953

NET INVESTMENT INCOME

257,944

2,133 (161,507)

98,570 621,403

4,812 (148,841)

477,374

The decrease in “Investment income” comes from a decrease in dividend distributions in2018 from subsidiaries. The “Other investment expenses” and “Other investment income” items include net writebacks of allocations to reserves for long-term impairment for €45.3 million at 31 December 2018

versus a net writeback of €55.4 million in 2017. In 2017, a repayment by Groupama Gan Vie of the compensation related to the capital gain realised from the sale of the Icade share for

€108.4 million hadbeen recorded.

NOTE 19

OTHER NON-TECHNICAL INCOME AND EXPENSES

Other non-underwriting expenses of -€17.3 million mainlyconsist of general expenses brokendown by budget control.

EXTRAORDINARY INCOME AND EXPENSES NOTE 20

The 2018 extraordinary result was an expense of -€15.6 million and mainly consists of grants paid as part of the financing of the major programmes to the Group entities for -€21.9 million, as well as an expense of -€3.4 million related to the repayment of shares held by minority shareholdersand an extraordinaryexpenseof -€4.3 millionon pension commitmentsoffset by a writebackof +€14.1 millionon the tax reserve.

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REGISTRATION DOCUMENT 2018 - GROUPAMA ASSURANCES MUTUELLES