GROUPAMA / 2020 UNIVERSAL REGISTRATION DOCUMENT

6 EARNINGS AND FINANCIAL POSITION Management report of the Board of Directors

SOVEREIGN 10-YEAR YIELDS, %

0,0 0,5 1,0 1,5 2,0 2,5

0,0 0,5 1,0 1,5 2,0 2,5

-1,0 -0,5

-1,0 -0,5

Jan. 2020

Feb. 2020

Mar. 2020

Apr. 2020

May 2020

Jun. 2020

Jul. 2020

Aug. 2020

Sept. 2020

Oct. 2020

Nov. 2020

Dec. 2020

Jan. 2020

Feb. 2020

Mar. 2020

Apr. 2020

May 2020

Jun. 2020

Jul. 2020

Aug. 2020

Sept. 2020

Oct. 2020

Nov. 2020

Dec. 2020

Germany

France

Italy

Spain

Japan

UK

US

Changes on credit markets (c)

support measures by governments to reduce default risk expectations. Nevertheless,spread tighteningwas more significant

Together with risky assets, credit indices fell sharply in March. They then recovered strongly starting in April because of the central bank’s purchases of securities from non-financial issuers and the

on good-quality credit.

PERFORMANCE OF CREDIT INDICES

10

5

0

-5

-10

-15

-20

Jan. 2020

Feb. 2020

Mar. 2020

Apr. 2020

May 2020

Jun. 2020

Jul. 2020

Aug. 2020

Sept. 2020

Oct. 2020

Nov. 2020

Dec. 2020

Euro IG

Euro HY

US IG

US HY

Bloomberg Barclays coupons reinvested indices

6.1.2

SIGNIFICANT EVENTS OF FISCAL YEAR 2020

In France, from the beginningof the crisis, insurers took measures totalling €2.6 millionto support the individualsand companiesmost affected by the crisis. This solidarity commitment includes €400 million for the solidarity fund set up by the French central governmentfor VSEs and SMEs in crisis, €400 millionin “collective” measures applied by FFA member insurers, as well as more than €1.8 billion in individual measures (extensions of protection at no charge, premium cancellations, funding for free health services, direct financial aid to companies in hardship, etc.).

Covid-19 6.1.2.1 The Covid-19 pandemic began to wreak havoc on 2020 in March with major impacts on the economy, individuals and entities, and markets.

116 Universal Registration Document 2020 - GROUPAMA ASSURANCES MUTUELLES