GROUPAMA / 2020 UNIVERSAL REGISTRATION DOCUMENT

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

the contribution to the VSE/SME Covid-19 fund and various ❯ grants for -€31 million; the impact of the reduction in the tax rate representing ❯ -€19 million; Orange Bank’s equity-method result of -€50 million; ❯ various non-recurring expenses amounting to -€56 million; ❯ impairment of goodwill of the Italian subsidiary totalling ❯ -€126 million.

The Group’s net income totalled +€177 million at 31 December 2020, compared with +€345 million at 31 December 2019. The non-recurring financial margin decreased by €160 million. It includes gains of €118 millionin 2020 compared with €354 million in 2019 (a fiscal year that included the sale of a property in Paris located on the Champs-Elysées). The 2020 income also includes: the result of the modificationof the Insurance partnershipwith ❯ LBP for +€82 million;

31.12.2019

31.12.2020

413

306

Economic operating income

Net capital gains realised (1)

354

118

Allocation to reserves for long-term impairment (1)

(71)

(32)

Gains or losses on financial assets recognised at fair value (1)

9

45

Other expenses and income

(110)

(85)

Financing expenses

(63)

(49)

Net income from discontinued business activities

(4)

0

Goodwill impairment

(183)

(125)

NET INCOME

345

177

Amounts net of profit sharing and corporate tax. (1)

Summary of activity and income 6.1.4.2

31.12.2019 pro forma

Like-for-like change

Premium income (in millions of euros)

31.12.2019

31.12.2020 Actual change

Property and casualty insurance – France

3,466

3,363

3,362

-3.0%

0.0%

Groupama Gan Vie

4,012

4,012

4,172

4.0%

4.0%

Life and health insurance in France – excluding Groupama Gan Vie

651

651

656

0.8%

0.8%

Total Insurance - France

8,129

8,026

8,190

0.8% 2.0%

Property and casualty insurance – International

1,623

1,573

1,540

-5.1% -2.1%

Life and health insurance – International

734

712

705

-4.0% -1.0%

Total Insurance – International

2,357

2,285

2,245

-4.7% -1.7%

Financial businesses

172

172

193

12.3% 12.3%

Total Groupama Assurances Mutuelles

10,657

10,483

10,628

-0.3% 1.4%

Total Insurance

10,486

10,311

10,436

-0.5% 1.2%

Property and casualty insurance

5,089

4,936

4,902

-3.7%

-0.7%

Life and health insurance

5,397

5,375

5,533

2.5%

2.9%

2019 pro forma data: The restatement of certain data from31 December 2019 was necessary to allow changes between the twpoeriods to be compared and analysed. Groupama Assurances Mutuellesp: ro forma figures were used to take into account the end of thqeuota share treaty with La Banque Postale (impact: -€103 million in property and casualty insurance). For those entities that do not use the euro as their functional currency (Turkey, Romania anHdungary), the exchange rate effects are neutralised in the prforma data; the actual data at 31 December 2019 were converted based on the exchange rate at 31 Decemb2e0r 20. In the rest of the document, figuresare expressed on a like-for-like basis and with constanetxchange rates. The data with constant exchange ratecsorrespond to the comparison between the actual data at 31 December 2020 and the actual data at 31 December 2019co, nverted at the average exchange rates at 31 December 2020.

120

Universal Registration Document 2020 - GROUPAMA ASSURANCES MUTUELLES