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 -€15 million; the impact of the reduction in the tax rate representing ❯ €6 million; Orange Bank’s equity-method result of -€50 million; ❯ various non-recurring expenses amounting to -€49 million; ❯ impairment of goodwill of the Italian subsidiary totalling ❯ -€126 million.

The Group’s net income totalled +€49 million at 31 December 2020 compared with +€104 million at 31 December 2019. The non-recurring financial margin decreased by €144 million. It includesgains of €70 millionin 2020 comparedwith €297 millionin 2019 (a fiscal year that included the sale of a property in Paris located on the Champs-Elysées). The 2020 income also includes: the positive result of the modification of the Insurance ❯ partnership with LBP for +€82 million;

31.12.2019

31.12.2020

234

185

Economic operating income

Net capital gains realised (1)

297

70

Allocation to reserves for long-term impairment (1)

(67)

(22)

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

(9)

29

Other expenses and income

(102)

(38)

Financing expenses

(63)

(49)

Net income from discontinued business activities

(4)

0

Goodwill impairment

(183)

(125)

NET INCOME

104

49

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

Business and results in France 6.1.4.3

31.12.2019 pro forma

31.12.2020

Premium income - France (in millions of euros)

L&H

P&C

Total

L&H

P&C

Total

501

1,729

2,230

511

1,748

2,259

Groupama Assurances Mutuelles

Groupama Gan Vie

4,012

4,012

4,172

4,172

Gan Assurances

145

1,266

1,410

140

1,250

1,390

Other entities (1)

6

368

374

5

364

369

TOTAL

4,663

3,363

8,026

4,828

3,362

8,190

Including Assu-Vie. (1)

Insurance premium income in France at 31 December 2020 increased by 2.0% compared with 31 December 2019 and totalled 8,190 million.

Property and casualty insurance (a)

P&C - France

Insurance premium income (in millions of euros)

31.12.2019 pro forma

31.12.2020

Change%

Groupama Assurances Mutuelles

1,729

1,748

1.1%

Gan Assurances

1,266

1,250

-1.2%

Other entities

368

364

-1.2%

TOTAL

3,363

3,362

0.0%

122 Universal Registration Document 2020 - GROUPAMA ASSURANCES MUTUELLES