GROUPAMA / 2019 Universal Registration Document

7 FINANCIAL STATEMENTS Annual financial statements and notes

Reserves (other than underwriting) Note 12

Increasein reserves duringthe fiscal year

Reserves at 31.12.2018

Write-backs for the year

Reserves at 31.12.2019

(in thousands ofeuros)

Regulatoryreserves Reservesfor pensionsand similar obligations

48,583

42,121

48,583

42,121

Tax reserves Other contingentliabilitiesreserves

26,568

3,845

6,585

23,828

Other reservesfor charges TOTAL

75,151

45,966

55,168

65,949

“Reserves (other than underwriting)” on the liabilities side of the balancesheet for €65.9 millionas of 31 December2019 particularly includes reserves for pensions and similar commitments, which includes a reserve related to pension commitments for current employees and former employees of subsidiaries taken over (SMDA).

However, a significant part of the end-of-career benefit commitments for Groupama Assurances Mutuelles employees is outsourcedmainly to GroupamaGan Vie. Non-coveredretirement obligations are provisioned in a reserve for retirement commitments.

Liabilities Note 13

31.12.2019

31.12.2018

Maturity

Maturity

<1 year 1 to 5 years >5 years

Total

<1 year 1 to 5 years >5 years

Total

(in thousands ofeuros)

Other debts Debts arising fromdirect insurance operations

3,019

75

3,094 3,428

3,428

Policyholders

77

77

80

80

Insurance intermediaries

34

34

Co-insurers

2,943

75

3,017 3,314

3,314

Other third parties Debts relatingto reinsurancetransactions 148,782 59,366

32 208,180 259,010 10,741

269,751

Reinsurers

98,365 55,752

154,117 166,715 10,672

177,387

Ceding entities

50,417 3,614

32 54,063 92,295

69

92,364

Other intermediaries Bonds (includingconvertiblebonds)

481,989 113,662

595,651 85,290 482,640

567,930

Debt to credit institutions Other liabilities Other loans, deposits and guaranteesreceived

989,752

989,752 964,814

964,814

729,415

729,415 699,561

699,561

Personnel,social security institutions and localauthorities

39,413

39,413 40,342

40,342

Government,Social Security

63,561

63,561 33,979

33,979

Other creditors

157,363

157,363 190,932

190,932

TOTAL

1,623,542 173,103

32 1,796,678 1,312,542 493,381

1,805,923

287

Universal Registration Document 2019 - GROUPAMA ASSURANCES MUTUELLES