GROUPAMA / 2019 Universal Registration Document

1 OVERVIEW OF THE GROUP Key figures

1.3.2

GROUPAMA COMBINED SCOPE

The following table shows financial disclosuresand ratios from the by the European Union. It provides a view of the entire scope of Group’s combined financial statements. The combined financial consolidation of the mutuals, including the Groupama Assurances statementswere prepared in accordancewith the IFRS as adopted Mutuellescapital ownership scope of consolidation.

2019

2018

2017

(in millions ofeuros)

Premiumincome (1)

14,382

14,262

13,818

of which France insurance

11,857

11,556

11,066

of which Internationalinsurance

2,357

2,537

2,605

of which financialand bankingbusinesses

168

169

147

Non-lifecombinedratio (2)

97.0% 99.3% 98.9%

Economicoperatingincome (3)

413

298

349

Net income,Group share

345

450

292

Financialstructureand soundness Shareholders’equity, Group share

10,238

8,884

8,912

Total balance sheet

102,861

96,833

98,957

Debt ratio (4)

27.2% 28.4% 25.9%

Solvency 2margin (5)

302% 297% 315%

IFS Rating

Fitch Ratings

A

A-

A-

Insurance premiums writtenand income from financial businesses. (1) See glossaryin this registration document (page 325). (2)

Economicoperating incomeequals net income adjusted forrealisedcapital gains and losses, long-term impairment increases and write-backs, andunrealised (3) capital gains and losseson financial assets recognisedat fair value (allsuch items are netof profit sharingand corporatetax). Also adjusted are non-recurring items netof tax, impairment ofvalue of business in forceand impairment of goodwill(net of tax). Debt excludingcash of holdings,as a share of book value ofgroup’sequity excludingre-evaluationreserve (including subordinated liabilities andminority (4)

interests).In 2017,the debt ratio was calculatedaccordingto the method chosen byour rating agency. Solvency 2margin coverage, with transitionalmeasure onGroupama GanVie’s technicalreserves. (5)

On 20 June2019, Fitch Ratings upgradedthe insurer financialstrength(IFS) ratings of GroupamaAssurancesMutuellesand its subsidiaries to “A”. The outlookassociated withthese ratingswas maintainedat “Positive”.

9 Universal Registration Document 2019 - GROUPAMA ASSURANCES MUTUELLES