GROUPAMA / 2018 Registration document

OVERVIEW OF THE GROUP KEY FIGURES

1.3.2

GROUPAMA COMBINED SCOPE

1

The following table shows financial disclosures and ratios from the adopted by the European Union. It provides a view of the entire Group’s combined financial statements. The combined financial scope of consolidation of the mutuals, including the Groupama statements were prepared in accordance with the IFRS as AssurancesMutuellescapital ownershipscope ofconsolidation.

2018

2017

2016

(in millions of euros)

Premium income/revenue (1)

14,262 11,556

13,818 11,066

13,576 10,796

of which France insurance

of which International insurance

2,537

2,605

2,647

of which financialndbanking businesses

169

147

133

Combined non-life ratio (2)

99.3%

98.9%

100.3%

Economic operating income (3)

298

349

153

Net income, group share

450

292

322

Financial structure andsoundness Group’s equity, groupshare

8,884

8,912

8,752

Total balance sheet

96,833

98,957

98,085

Debt ratio (4)

28.4%

25.9%

9.7%

Solvency 2margin (5)

297%

315%

289%

Rating

Fitch Ratings

A-

A-

BBB+

Insurance premiums written and income from financial businesses. (1) See glossary in this registration document (page 353). (2)

Economic operating income equals net income adjusted for realised capital gains and losses, long-term impairment increases and write-backs, and (3) unrealised capital gains and losses on financial assets recognised at fair value (all such items are net of profit sharing and corporate tax). Also adjusted are non-recurring items net of tax, impairment of value of business in force and impairment of goodwill (net of tax). Debt excluding cash of holdings, as a share of book value of shareholders’ equity excluding re-evaluation reserve (including subordinated liabilities and (4) minority interests). In 2017, the debt ratio was calculated according to the method chosen by our rating agency. Pursuant to European Directives, Groupama is subject to regulations for covering the solvency margin, both at the corporate level for each of the (5) insurance companies and at the level of the combined Group.

On 29 October 2018, Fitch Ratings confirmed the “A-” Insurer Financial Strength (IFS) ratings of Groupama AssurancesMutuelles and its subsidiaries andthe “Positive” outlook.The agencyhad upgraded theoutlook from “Stable”to “Positive” on19 April 2018.

9 REGISTRATION DOCUMENT 2018 - GROUPAMA ASSURANCES MUTUELLES