GROUPAMA / 2019 Universal Registration Document

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

The breakdownof the Groupama Gan Vie entity’s premium income by network isas follows:

31.12.2018 Actual

31.12.2019 Actual

2019-2018 Change

(in millions of euros)

Regionalmutuals

1,176

1,144

-2.7%

General agents

808

777

-3.8%

Brokerage

1,189

1,345

13.1%

Gan Patrimoine

276

294

6.5%

Gan Prévoyance

469

450

-4.0%

Réunima

1

1

-3.6%

TOTAL

3,919

4,012

2.4%

Individuals

2,192

2,172

-0.9%

of which unit-linkedsavings/pensions

757

672

-11.1%

of which savings/pensions(in euros)

1,064

1,119

5.2%

Groups

1,727

1,839

6.5%

TOTAL

3,919

4,012

2.4%

Premium income of the network of regional mutuals amounted to €1,144 millionat 31 December2019, down -2.7% comparedwith the previous year. Individual insurance business totalled €1,076 million (+1.2%) in connection with the rise in individual savings/retirement premium income (+0.8%). Group insurance premium income totalled €69 million at 31 December 2019, compared with €113 million over the previous period. As a reminder, fiscal year 2018 had exceptional group retirement premiums. The Gan Assurances network posted premium income of €777 million at 31 December 2019, down -3.8% compared with 31 December 2018. Individual insurance written premiums decreased by -8.1% as a result of the decline in individual savings/pensions (-15.2%). The group insurance business remained stable at €425 million as of 31 December 2019. The brokerage network posted premium income of €1,345 million at 31 December 2019, up +13.1% compared with 31 December 2018. The growth in the protection(+18.8%),health (+19.7%),and

group inward reinsurance(+30.5%)segmentserases the decline in group retirement (-34.9%) associated with a lower level of large single premiums thanin 2018. The Gan Patrimoine network’s premium income increased +6.5% to €294 millionat 31 December2019, driven by the growth of the individual savings/pensions segment (+7.1%). The Gan Prévoyance sales network contributed €450 million to Group premium income at 31 December 2019, a decrease of -4.0% compared with the previous period. The individual savings/pensions business decreased -4.2% (including -5.1% in euros and -2.1% in UL). Gan Assurances life and health insurance premium income increased +2.1% to €145 million as of 31 December2019, driven by the strong performance of the individual health insurance segment (+2.6%). The Caisses Fraternelles posted premium income of €2 million at 31 December 2019.

119 Universal Registration Document 2019 - GROUPAMA ASSURANCES MUTUELLES