GROUPAMA / 2019 Universal Registration Document

7 FINANCIAL STATEMENTS Consolidated financial statements and notes

Commitments given and received Note 48

31.12.2019

31.12.2018

(in millions ofeuros)

Endorsements,securities,and guaranteesreceived

24

34

Other commitmentsreceived

282

878

Total commitmentsreceived,excludingreinsurance

306

911

Reinsurancecommitmentsreceived

654

643

Endorsements,securitiesand guaranteesgiven

1,038

311

Other commitmentsrelated to stock, assets or income

677

703

Other commitmentsgiven

879

1,609

Total commitmentsgiven excludingreinsurance

2,593

2,623

Reinsurancecommitmentsgiven

4,178

3,607

Securitiesbelongingto protectioninstitutions Other securitiesheld on behalf of third parties

Endorsements, securities, and guarantees received totalled €24 million. Other commitmentsreceived excluding reinsurance decreased by €596 million following Groupama’s decision not to renew the €750 million credit line granted byHSBC. This item, which totalled €282 million as of 31 December 2019, mainly consists of the following: securities received as collateral under the collateralisation ● mechanismput in place to guaranteeunrealisedgains/losseson derivativesare also recordedas off-balance-sheetcommitments, reflected in the financial statements as €133 million of commitmentsreceivedin respect ofbonds; commitments to sell properties for €119 million, mainly in the ● subsidiaryGroupama Gan Vie. Endorsements, securities and guarantees given totalled €1,038 million, consisting largely of the following major transactions: general guarantees given as part of the contribution of ● GroupamaBanquesecuritiesto CompagnieFinancièred’Orange Bank for€75 million; guarantee given for the sale of GroupamaSeguros Espagne for ● €81 million; guarantee given as part of the sale of Carole Nash for ● €23 million; Guaranteefor €11 milliongiven as part of the sale of Groupama ● Seguros de Vida Portugal. pledges of securities for €803 million in connection with life ● insurance policies. Other commitments on securities, assets, or income consist of subscriptions to venture capital funds (“FCPR”). The remaining €677 millioncorrespondsto the differencebetween the investment commitment of the subscribers and the total of calls for funds actually received.

Other commitmentsgiven amounted to €879 million. They mostly consist of the followingelements: securities given as collateral under the collateralisation ● mechanismput in place to guaranteeunrealisedgains/losseson derivativesare also recordedas off-balance-sheetcommitments, reflected in the financial statements as €623 million of commitmentsgiven in respectof hedging unrealisedgains/losses on financial futures instruments; commitments to sell properties for €153 million, mainly in the ● subsidiaryGroupama Gan Vie; commitmentsof €3 millionrelating to real estate leases (on rents ● outstanding until the end of the lease to lessors outside the Group); commitments made on orders for real estate works for ● €33 million, mainly from Groupama Gan Vie and the subsidiary SCI GanFoncier. Reinsurancecommitmentsgrantedamountedto €4,178 millionand consisted mainly of securities pledged under reinsurance agreements. UNVALUED COMMITMENTS GroupamaHolding Filiales et Participations,in its capacity as main shareholder, undertakes to give Cofintex 6 the financial support necessary for the normal continuation of its business, in accordancewith the notion of continuity of operations. TRIGGER CLAUSES: In conjunctionwith issues of subordinatedinstruments(redeemable subordinated securities and perpetual subordinated bonds), Groupama Assurances Mutuelles has trigger clauses on coupon payments: For the three issues, GroupamaAssurancesMutuelles is prohibited from paying interest in the event of regulatory deficiencies where the solvency capitalcover (SCR/MCR) is less than 100%. The trigger is valued as of the closing date prior to the anniversary date (ex-dividenddate).

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Universal Registration Document 2019 - GROUPAMA ASSURANCES MUTUELLES