GROUPAMA / 2019 Universal Registration Document

6 EARNINGS AND FINANCIAL POSITION Management report of the Board of Directors

6.1.4

ANALYSIS OF FINANCIAL STATEMENTS

6.1.4.1

Introductory summary: reminder of the combined Group’s business data

31.12.2018 pro forma

Like-for-like change

Premium income (in millionsof euros)

31.12.2018

31.12.2019 Actual change

Propertyand casualty insurance –France

5,621

5,621

5,755

2.4%

2.4%

GroupamaGan Vie

3,919

3,919

4,004

2.2%

2.2%

2,016

2,016

2,097

4.0%

4.0%

Life andhealthinsurancein France –excludingGroupamaGanVie

Total Insurance –France

11,556

11,556

11,857

2.6% 2.6%

Propertyand casualty insurance –International

1,768

1,675

1,623

-8.2% -3.2%

Life and health insurance –International

770

737

734

-4.7% -0.4%

Total Insurance –International

2,537

2,413

2,357

-7.1% -2.3%

Bankingand financialbusinesses

169

169

168

-1.0% -1.0%

Total –Groupama

14,263

14,138

14,381

0.8% 1.7%

Total Insurance

14,094

13,969

14,213

0.8% 1.7%

Propertyand casualty insurance

7,388

7,296

7,377

-0.1%

1.1%

Life and health insurance

6,705

6,673

6,836

1.9%

2.4%

2018 pro forma data: The restatementof certain data from 31 December 2018 was necessary toallow changes between thetwo periods tobe compared andanalysed. - In France, Amaline’s 2018premium income waspro forma totake into accountthe portfolio transfer tothe regional mutuals (impact: €3 million in life and health insurance and€71 million in property andcasualty insurance). - In Turkey, a pro formawas done totake into accountthe end of a major partnership(impact: -€23 millionin life and health insurance and-€64 million in property and casualty insurance). For thoseentities thatdo not use the euro astheir functionalcurrency(Turkey, Romaniaand Hungary),the exchangerate effectsare neutralised in thepro forma data; the actual data at31 December2018 were converted based on the exchangerate at31 December2019. In the rest of the document,figures are expressed ona like-for-likebasis andwith constant exchangerates. The data with constant exchangerates correspondto the comparisonbetween theactual data at 31 December2019 and the actual data at 31 December2018, converted atthe averageexchangerates at 31 December 2019.

At 31 December 2019, Groupama’s combined premium income from insurance increased +1.7% to €14.2 billion on a like-for-like basis (+0.8% in actual data) compared with 31 December2018. Includingthe financialbusinesses,the Group’scombinedpremium income was up +1.7% on a like-for-like basis (+0.8% in actual change)at €14.4 billion. The Group’s property and casualty insurance premium income increased +1.1%, including +2.4% in France and -3.2% for International. The business is supported by insurance for businesses and local authorities (+3.3%), which benefits from the growth of the fleet segment (+3.0%) and the business and local authorities casualty (+3.5%) segment. The good performance of the agricultural business lines (+1.3%) should also be noted. Growth in the assistance business (+16.3%) in France is reinforcing this trend. Insurance for individuals and professionals fell -0.3%, masking a +2.9% increase in home insurance and a -2.1% decrease in passenger vehicle insurance.

Life and health insurance premium income grew by +2.4% at 31 December 2019. Groupama Gan Vie, which supports the savings/pensionsbusiness in France, enjoyeda +2.2% increase in premium income over the period. Other life and health insurance businesses in France also increased +4.0%. This is explained mainly by the growth of health insurance(individualand collective: +3.4%) and municipal staff insurance (+10.8%). International life and health insurancepremiumincomewas down -0.4%due to the decline in individual savings/pensions(-2.9%), although the good performance of the health insurance segment (individual and group: +13.7%)dampened this trend. Insurance premium income in France represented 82.4% of the Group’s overall business over the period, whereas international insurance premium income amounted to 16.4% of total premium income. The Group’s other businesses (financial businesses) represented 1.2% of total premium income. Net banking income from these businessesamounted to €152 millionat 31 December 2019.

112 Universal Registration Document 2019 - GROUPAMA ASSURANCES MUTUELLES