GROUPAMA / 2019 Universal Registration Document

7 FINANCIAL STATEMENTS Consolidated financial statements and notes

Information pertaining to personnel benefits – defined-benefit Note 24 plans

Principal actuarial assumptions 24.1

31.12.2019

31.12.2018

United Kingdom

United Kingdom

France

Other

Total

France

Other

Total

(in millions ofeuros)

Actuarialdebt

222

384

31

637

206

351

34

590

Fair value of hedgingassets

20

384

404

24

336

360

Net actuarialdebt

202

0

31

233

182

15

34

230

Principalactuarialassumptions Financialassumptions Discountrate

0.70% 2.00%

NS

1.60% 2.90%

NS

Yield expectedfrom plan assets

0.70% 2.00%

NS

1.60% 2.90%

NS

Expectedsalary/pension increase

1.82% 2.60%

NS

1.90% 3.20%

NS

Staff turnover 18 to 34 years n

6.93%

NA

NS

6.50%

NA

NS

35 to 44 years n

3.53%

NA

NS

3.32%

NA

NS

45 to 54 years n

1.45%

NA

NS

1.76%

NA

NS

55 and older n

0.00%

NA

NS

0.00%

NA

NS

Note that in the United Kingdom, the Groupama Insurance Company Limited (GICL) pension fund was transferred to Groupama Assurances Mutuelles following the sale of the subsidiaryin 2012.

Only staff turnoverrates for Franceare material in the contextof the consolidated financial statements. The discount rate used at 31 December 2019 to value actuarial commitmentsis the interestrate on high-qualitycorporate bonds.

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Universal Registration Document 2019 - GROUPAMA ASSURANCES MUTUELLES