GROUPAMA / 2020 UNIVERSAL REGISTRATION DOCUMENT

7 FINANCIAL STATEMENTS Consolidated financial statements and notes

Receivables from outward reinsurance transactions Note 16

31.12.2020

31.12.2019

Gross value

Reserves

Net value

Net value

(in millions of euros)

Outward reinsurer and retrocessionaire current accounts Other receivables from reinsurance transactions

58

(1)

57

64

193

193

118

TOTAL

251

(2)

249

182

Receivables from outward reinsurance transactions – by maturity 16.1

31.12.2020

31.12.2019

< 1 year 1 to 5 years

> 5 years

Total

> 5 years

Total

< 1 year 1 to 5 years

(in millions of euros)

Outward reinsurer and retrocessionaire current accounts Other receivables from reinsurance transactions

53

3

57

61

2

64

193

193

118

118

TOTAL

246

3

249

180

2

182

Risk of reinsurer insolvency Note 17

any reinsurer approached for an outward reinsurance outside Groupama must first be on the list of the Group Security Committee. Approvedreinsurersmust have a rating compatiblewith the type of business reinsured, depending on whether they have a short or long accounting run-off. Transferred insurance technical reserves and recoverables are shown below, by rating, according to the three largest rating agencies (Standard & Poor’s, Fitch Ratings, Moody’s).

Outward reinsurance consists of transferring to the reinsurer a portion of the risks accepted by the ceding company. They are regularly reviewed to monitor and limit the credit risk on third-party reinsurers. The Reinsurance Securities Committee examines and approves the list of reinsurers accepted for all external outward reinsurance. This list is reviewed in its entirety at least twice a year. During the year, continualmonitoringis performedto adapt the internal ratings on reinsurers to any changes that might affect them and modify their solvency assessment. For any given reinsurance placement,

31.12.2020

Total

AAA

AA

A

BBB < BBB Not rated

(in millions of euros)

Share of reinsurers in non-life insurance reserves

1,062 175

5 472 1,715

Share of reinsurers in life insurance reserves

12

16

47

76

Share of reinsurers in reserves for financial contracts with discretionary profit sharing Share of reinsurers in reserves for financial contracts without discretionary profit sharing Receivables from outward reinsurance operations

173

24

52 249

TOTAL

1 1,248 215

5 572 2,040

202

Universal Registration Document 2020 - GROUPAMA ASSURANCES MUTUELLES