GROUPAMA / 2019 Universal Registration Document

7 FINANCIAL STATEMENTS Consolidated financial statements and notes

Investment income net of management expenses 36.2 (income breakdown by type of asset)

31.12.2019

31.12.2018

Income and expenses

Proceedsof disposal (1)

Change in fair value

Change in reserves

Income and expenses

Proceedsof disposal (1)

Change in fair value

Change in reserves

Total

Total

(in millions ofeuros)

Property

31

551

2

584

55

349

(11)

393

Equities

91

44

135

49

28

(1)

(4)

74

Bonds

1,293

34

8

1,335

1,362

67

(31)

1,398

Equitymutual funds

136

11

(11)

(1)

134

125

36

(59)

101

Mutual funds: Cash from repurchaseagreements

(13)

(3)

(16)

(15)

(2)

(17)

Other cash mutual funds

(7)

(1)

(8)

(9)

(3)

(12)

Bondmutual funds

40

(35)

56

(1)

59

42

(33)

(40)

(31)

Derivatives

(25)

(25)

62

62

Other investmentincome

188

15

(48)

155

211

7

18

1

236

Investmentincome

1,778

602

(24)

(1)

2,354

1,844

431

(55)

(14)

2,205

Internal and external managementexpenses and expenseson financial instruments

(292)

(292)

(315)

(315)

Other investment expenses

(54)

(54)

(49)

(49)

Investmentexpenses

(346)

(346)

(363)

(363)

Investmentincome,net of expenses Capital gains on securities representingunit-linked policies Capital losses on securities representingunit-linked policies

1,432

602

(24)

(1)

2,008

1,481

431

(55)

(14)

1,842

1,562

1,562

344

344

(92)

(92)

(1,074)

(1,074)

Adjustmentson unit-linkedpolicies

1,470

1,470

(730)

(730)

TOTAL

1,432

602 1,445

(1)

3,478

1,481

431 (785)

(14)

1,112

Net of write-back ofimpairment andamortisation. (1)

Proceeds fromthe sale of properties include a capital gain of €445 million on the sold property, 79 Champs-Élysées in Paris.

219

Universal Registration Document 2019 - GROUPAMA ASSURANCES MUTUELLES