GROUPAMA / 2019 Universal Registration Document

7 FINANCIAL STATEMENTS Consolidated financial statements and notes

Investments in related companies and joint ventures Note 11

The Group holds a number of stakes in the following insurance companies: STAR in Tunisia, a leader in the insurance market in Tunisia, ● jointly ownedwith theTunisiangovernment; GroupamaAVIC Property Insurance Co is the result of the joint ● venture betweenGroupamaand the AVIC group. This company sells non-life insurance products in the People’s Republic of China. La Banque Postale Assurances IARD in France and the Group signed a non-binding memorandum of understanding for La

Banque Postale to acquire the 35% stake held by the Group. In accordance with IFRS 5, La Banque Postale Assurances IARD is classified asa businessto be discontinued. Compagnie Financière d’Orange Bank, 65%-held by Orange and 35%-held by the Groupama group, is the holding company that holds Orange Bank,a 100%mobileonline bank. The key figures for these various companies are provided in the table below.

31.12.2019

31.12.2018

Equivalentvalue

Share ofincome

Equivalentvalue

Share ofincome

(in millions ofeuros)

BanquePostaleAssurancesIARD

114

(1)

OrangeBank

155

(63)

234

(59)

STAR

69

3

61

1

Groupama –AVIC Property InsuranceCo.

75

(4)

77

4

CompagnieFinancièred’OrangeBank TOTAL

299

(64)

485

(56)

An analysis is conducted to determine whether it is necessary to recognisean additionalloss of value relative to the Group’sstake in related companies.

This analysis revealed for the subsidiaryOrange Bank a shortfall of €81 million, which was the subject of a reserve for impairment of securitiesin the financial statements at 31 December 2019.

11.1

Significant data pursuant to IFRS 12

2019

Underwriting reserves

Shareholders’ equity

Premium income

Net income

Total assets

(in millions ofeuros)

BanquePostaleAssurancesIARD (3) STAR (2)

114

5

221

348

111

Groupama –AVIC Property InsuranceCo. (1)

287

2

149

356

143

OrangeBank (1)

(177)

4,775

332

CompagnieFinancièred’OrangeBank (1)

(287)

432

424

Actual data. (1) Estimated data forincome andearnings / Actual data atDecember 2018 forthe balance sheet. (2) La BanquePostale Assurances IARD places businessto be discontinued under IFRS 5. (3)

188

Universal Registration Document 2019 - GROUPAMA ASSURANCES MUTUELLES