GROUPAMA / 2020 UNIVERSAL REGISTRATION DOCUMENT

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

The breakdown of the Groupama Gan Vie entity’s premium income by network is as follows:

2020-2019 Change

31.12.2019

31.12.2020

(in € million)

Regional mutuals

1,144

1,117

-2.4%

General agents

777

899

15.6%

Brokerage

1,345

1,327

-1.3%

Gan Patrimoine

294

369

25.5%

Gan Prévoyance

450

459

2.0%

Réunima

1

1

2.6%

TOTAL

4,012

4,172

4.0%

Individuals

2,172

2,391

10.0%

of which unit-linked savings/pensions

672

937

39.4%

of which savings/pensions (in euros)

1,119

1,082

-3.3%

Groups

1,839

1,781

-3.1%

TOTAL

4,012

4,172

4.0%

Premium income for the Gan Patrimoine network was up 25.5%, totalling €369 million at 31 December 2020, driven by growth in the individual savings/pensionssegment (+26.3%), particularly on UL vehicles (+31.0%). The Gan Prévoyance sales network contributed €459 million to group premium income at 31 December 2020, a 2.0% decrease compared with the previous period. The individual savings/pensionsbusiness (+4.5%) was driven by the growth in individual retirement (+10.0% related to Perin products), breaking down in a 38.3% increase in UL and a 10.3% decrease in euros. Meanwhile, individual protection insurance was down (-3.7%). Gan Assurances life and health insurance premium income declined 3.4% to €140 million as of 31 December 2020 in connection with the decline in the individual health insurance business (-3.3%). The Caisses Fraternelles generated €3 million in premium income at 31 December2020 comparedwith €2 millionover the previous period. The discontinued business of the subsidiary Assu-Vie decreased 26.7% compared with 31 December 2019. Its premium income (consisting only of periodic premiums in run off) amounted to €3 million at 31 December 2020. In life and health insurance, economicoperating income in France was €96 million in 2020 compared with €186 million in 2019.

Premium income of the network of regional mutuals amounted to €1,117 millionat 31 December2020, down 2.4% compared with the previous year. In individual insurance, business totalled €1,048 million(-2.5%) and suffered from the decrease in premium income in individualsavings/pensions(-3.1%, including+41.8%on UL vehicles and -28.2% in euros). However, this change masks a 69.4% increase in individual retirement premiums resulting from the success of Perin products, while the individual savings business declinedby 8.5%. The Group insurancepremiumincome remained stable at €67 million as of 31 December 2020. The Gan Assurances network posted premium income of €899 million at 31 December2020, up 15.6% comparedwith the previous period, driven by individual insurance. Written premiums in individual insurance (+45.9%) benefited from the growth in individual savings/pensions (+72.8% including +58.5% on UL vehicles). The good performance of the individual retirement business, with premium income tripling over the period due to the success of Perin products, was offset by the decline in individual savings (-19.4%). The Group insurance business was down 9.5% at 31 December 2020 in connection with the decline in the protection insurance segment (-16.4%). The brokerage network recorded premium income of €1,327 million at 31 December2020, down 1.3% comparedwith 31 December 2019, mainly under the effect of the decline in protection insurance (-9.5%) and health insurance (-4.1%). However, these changes were mitigated by the growth in Group inward reinsurance (+25.6%).

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Universal Registration Document 2020 - GROUPAMA ASSURANCES MUTUELLES