GROUPAMA / 2020 UNIVERSAL REGISTRATION DOCUMENT

7 FINANCIAL STATEMENTS Consolidated financial statements and notes

CONSOLIDATED INCOME STATEMENT

7.1.2

31.12.2020

31.12.2019

(in millions of euros)

Written premiums

Note 34

10,436

10,486

Change in unearned premiums

(15)

1

Earned premiums

10,421

10,487

Net banking income, net of cost of risk

162

153

Investment income

1,904

2,064

Investment expenses

(588)

(630)

Capital gains or losses from divestments net of impairmenatnd depreciation write-backs

241

602

Change in fair value of financial instruments recorded at fair valutehrough income

402

1,445

Change in impairment on investments

(49)

(3)

Investment income net of expenses

Note 35

1,910

3,478

Total income from ordinary business activities

12,493

14,117

Insurance policy servicing expenses

Note 36

(9,456)

(10,559)

Income on outward reinsurance

Note 37

632

457

Expenses on outward reinsurance

Note 37

(644)

(608)

Net outward reinsurance income and expenses

(9,469)

(10,710)

Banking operating expenses

(107)

(104)

Policy acquisition costs

Note 39

(1,332)

(1,388)

Administrative costs

Note 40

(580)

(640)

Other current operating income and expenses

Note 41

(609)

(562)

Total other current income and expenses

(12,096)

(13,404)

Current operating income

396

713

Total other non-current operating income and expenses

Note 42

(139)

(271)

Operating income

258

441

Financing expenses

Note 43

(75)

(98)

Share in income of related companies

Note 10

(60)

(64)

Corporate income tax

Note 44

(73)

(171)

Net income from continuing operations

50

108

Net incomefrom activities either discontinued or due to be discontinued

(4)

OVERALL NET INCOME

50

105

Of which, non-controlling interests

1

1

OF WHICH, NET INCOME (GROUP SHARE)

49

104

148

Universal Registration Document 2020 - GROUPAMA ASSURANCES MUTUELLES