GROUPAMA / 2019 Universal Registration Document

7 FINANCIAL STATEMENTS Consolidated financial statements and notes

The Level 3investments comprise: for equities, these largely involve shares of private equity funds ● and unlisted equities. The private equity fund units are valued based on the latest net asset values. Unlistedequities are valued using several methods, such as discounted cash flow or the restated net asset method; for bonds,securitiesvaluedbasedon a modelusing extrapolated ● data;

for investments in unit-linked policies classified as Level 3 or in ● structured products not listed on an active market where the compensationis indexed either on indexes, baskets of shares or rates. Beyond the financialassets and liabilitiesdescribedin the table, the Group recorded fair-value financial contracts without discretionary profit sharing in its technical liabilities. This amount totalled

31.12.2019

Available-for-sale assets

Tradingassets

Cash mutual funds

Investmentsin unit-linked policies

Derivative assets and liabilities

Other investments Equities

Other investments

Equities

Bonds

Bonds

(in millions ofeuros)

LEVEL 3OPENINGAMOUNT

338 1,136

285

349

303

Change in unrealisedcapital gains/losses recognisedin: income n gains and losses recogniseddirectly n in group’s equity

(1)

(50)

(39)

9

(27)

(191)

Transferto level 3 Transferoutside of level 3

(11)

Reclassificationto loans and receivables Change in scope of consolidation Acquisitions

23

184

78

3

3

Divestments/Redemptions

(13)

(62)

(22)

(83)

Foreign exchangeadjustments

(1)

(4)

LEVEL 3CLOSINGAMOUNT

319 1,056

291

313

228

183

Universal Registration Document 2019 - GROUPAMA ASSURANCES MUTUELLES