GROUPAMA / 2019 Universal Registration Document

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

31.12.2018

31.12.2019

(in millions ofeuros)

Economicoperatingincome

182

234

Net capital gains realised (1)

287

297

Allocationto reservesfor long-term impairment (1)

(3)

(67)

Gains or losses on financialassets recognisedat fair value (1)

(2)

(9)

Other expensesand income

(86)

(102)

Financingexpenses

(57)

(63)

Net income from discontinuedbusinessactivities

(2)

(4)

Goodwill impairment

0

(183)

NET INCOME

319

104

Amountsnet of profit sharing and corporatetax. (1)

Business and results in France 6.1.4.3

31.12.2018 pro forma

31.12.2019

Premium income –France (in millions ofeuros)

L&H

P&C

Total

L&H

P&C

Total

GroupamaAssurancesMutuelles

482

1,783

2,264

501

1,832

2,333

GroupamaGan Vie

3,919

3,919

4,012

4,012

Gan Assurances

142

1,280

1,421

145

1,266

1,410

Other entities (1)

5

329

335

6

368

374

TOTAL

4,548

3,391

7,939

4,663

3,466

8,129

includingAssu-Vie. (1)

Insurance premium income in France at 31 December 2019 increased by +2.4% compared with 31 December 2018 and totalled 8,129 million.

(a) Property and casualty insurance

P&C – France

Insurance premiumincome (in millions ofeuros)

31.12.2018 pro forma

31.12.2019

Change%

GroupamaAssurancesMutuelles

1,783

1,832

2.8%

Gan Assurances

1,280

1,266

-1.1%

Other entities

329

368

11.9%

TOTAL

3,391

3,466

2.2%

Property and casualty insurance premium income (42.6% of premium income in France) increased +2.2% to €3,466 million at 31 December 2019. Insurance for individuals and professionals increased +0.8% over the period to €2,018 million(nearly 60% of written premiums in property and casualty insurance). The growth of the passengervehicle insurance(up +0.62%to €915 million)and home insurance (up +2.1% to €639 million)segments explains this change. Insurancefor businessesand local authorities(€505 million and 15% of the portfolio) rose by +2.4%, driven especially by the good performance of the fleet segment (+2.7% to €256 million). The development of the assistance business (+28 million) also

contributed to the increase in premium income from property and

casualty insurance.

For Groupama Assurances Mutuelles, property and casualty insurance premium income totalled €1,832 millionat 31 December 2019, an increase of +2.8%, driven mainly by insurance for individuals and professionals (+2.7%), which benefited from the growth of the passenger vehicle insurance (+2.4%) and home insurance (+2.1%) segments. Premium income for Gan Assurances decreased -1.1% to €1,266 million at 31 December2019. This decreasestems from the gradual redirection of the Gan Assurances portfolio (development

116 Universal Registration Document 2019 - GROUPAMA ASSURANCES MUTUELLES