GROUPAMA / 2019 Universal Registration Document

7 FINANCIAL STATEMENTS Consolidated financial statements and notes

Risk management 4.2 Stress tests are regularlyconductedon both assets and liabilities in order to ensure that in the event of a simultaneous increase in benefits payable and interest rates, the Group is able to meet its commitments in terms of both assets to dispose of and any realisations of capital losses. At the end of 2019, the liquidityrisk was greatly reducedby the size of unrealised capital gains present in the portfolio. 4.3 The profile of the annual maturities of bond portfolios is given in Note 7.8.2to the annualfinancial statements. and liabilities related to financial contracts by maturity The profile of annual maturities of the liabilities related to insurance policies isthe following: Financial investment by maturity Liabilities related to insurance policies 4.4

As a reminder, the sensitivitycriteria appliedwere the following: up or downfluctuation of 100 basispoints, forinterest rate risk; ● up or down fluctuation of 10% in the stock market indices for ● equity risk; up or down fluctuationof 10% in all currenciesagainst the euro, ● for exchange raterisk.

4.

Liquidity risk

Nature of exposure to liquidity risk 4.1 The overall liquidity risk is analysed using the asset/liability approach, which defines the cash requirement to be held as an asset based on the liquidity requirements imposed by liabilities, using: technical cash flow projections in a central scenario; ● sensitivity scenarios on technical assumptions (production, ● claims ratio).

31.12.2019

31.12.2018

<1 year 1 to 5 years >5 years

Total

<1 year 1 to 5 years >5 years

Total

(in millions ofeuros)

Non-life technicalreserves

4,357 3,475 5,238 13,070 4,370 3,496 5,047 12,913

Life underwritingreserves - insurancepolicies excludingunit-linkeditems Technical liabilitiesrelating to financial contractswith discretionaryprofit sharing excludingunit-linkeditems Technical liabilitiesrelating to financial contractswithout discretionaryprofit sharing excludingunit-linkeditems

1,100 5,830 27,098 34,028 1,073 5,785 26,954 33,812

379 2,823 8,795 11,997

365 2,895 9,277 12,537

1

1

1

1

Reservefor deferredprofit-sharingliability

5,438

5

51 5,494 3,756

4

44 3,804

TOTALTECHNICALINSURANCE LIABILITIESAND LIABILITIES FOR FINANCIALCONTRACTS

11,274 12,133 41,182 64,590 9,564 12,180 41,323 63,066

Financing debt by maturity 4.5 The principal features of financial debt, as well as its breakdownby maturity, are provided in Note 25 herein – Financial Debt.

Most technical liabilities relating to financial contracts, with and without discretionaryprofit sharing, may be redeemedat any time. The table above provides an economic overview of the liquidation of technical insurance-related liabilities.

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Universal Registration Document 2019 - GROUPAMA ASSURANCES MUTUELLES