GROUPAMA / 2020 UNIVERSAL REGISTRATION DOCUMENT

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

Consolidated balance sheet 6.1.4.7 At 31 December 2020, Groupama’s consolidated balance sheet totalled €95.0 billion, compared with €93.6 billion in 2019, an increase of 1.6%. Goodwill (a) Goodwill amounted to €1.6 billion as of 31 December 2020 compared with €1.8 billion in 2019, following the impairment of goodwill of the Italian subsidiary. Other intangible assets (b) Other intangible assets totalling €266 millionat 31 December2020 ( versus €245 millionin 2019) are composedprimarilyof amortisable portfolio securities(€31 million)and computersoftware.The change in this item is related to software activations and amortisation for the period. Investments (including unit-linked investments) (c) Insurance investmentstotalled €84.6 billionin 2020 comparedwith €83.7 billion in 2019, an increase of 1.0%. The Group’s unrealised gains (including property) increased by €0.8 billion to €10.7 billion (compared with €9.9 billion at the

previous close), mainly because of the increase in unrealisedgains on bonds. By asset allocation, unrealised gains are broken down into €8.0 billion on bonds, +€0.8 billionon equities, and +1.8 billion on property. Unrealised gains on financial assets (excluding property) totalled €8.9 billion, with €2.1 billion attributable to the Group (after profit sharing and tax) versus €1.8 billion at 31 December 2019. These amounts are recorded in the financial statements in the revaluation reserve. Unrealisedproperty gains attributableto the Group (net of tax and deferred profit sharing) totalled +€0.62 billion compared with +€0.56 billion at 31 December 2019. The Group elected to account for investment and operating property according to the amortised cost method; therefore, unrealised property gains were not recorded in the accounts. The equity share of total investmentsin terms of market value was 5.9% at 31 December 2020 versus 5.6% at 31 December 2019 according to an economic view. Group’s equity (d) Groupama’s equity at 31 December2019 was +4.6% higher than the previous period, totalling €6.4 billion.

This change can be summarised as follows:

(in millions of euros)

GROUP’S EQUITY AT 2020 OPENING

6,076

Change in revaluation reserve: fair value of AFS assets

879

Change in revaluation reserve: shadow accounting

(391)

Change in revaluation reserve: deferred tax

(138)

Foreign exchange adjustment

(57)

Other

(62)

Profit/Loss

49

GROUP'S EQUITY AT 31.12.2020

6,356

Subordinated liabilities, financing and other debts (e) Subordinated liabilities and external debt remained stable at €1.6 billion at 31 December 2020. Subordinated debts amounted to €1,632 million in 2020 versus €1,630 million at the end of 2019. Technical reserves (f) Gross underwriting reserves (including deferred profit sharing) totalled €76.5 billion at 31 December 2020, compared with €75.8 billion at 31 December 2019.

Contingent liabilities (g) Reserves for contingent liabilities totalled €394 million in 2020, comparedwith €356 million in 2019, and were primarily made up of pension commitments under IAS 19.

133 Universal Registration Document 2020 - GROUPAMA ASSURANCES MUTUELLES