GROUPAMA / 2020 UNIVERSAL REGISTRATION DOCUMENT

7 FINANCIAL STATEMENTS Consolidated financial statements and notes

Information pertaining to personnel benefits – defined-benefit Note 23 plans

Principal actuarial assumptions 23.1

31.12.2020

31.12.2019

United Kingdom

United Kingdom

France

Other

Total

France

Other

Total

(in millions of euros)

Actuarial debt

232

380

31

643

222

384

31

637

19

380

400

20

384

404

Fair value of hedging assets

Net actuarial debt

213

0

31

243

202

0

31

233

Principal actuarial assumptions Financial assumptions Discount rate

0.50% 1.60%

NS

0.70% 2.00%

NS

Yield expected from plan assets 0.50% 1.60%

NS

0.70% 2.00%

NS

Expected salary/pension increase

1.83% 2.70%

NS

1.82% 2.60%

NS

Staff turnover

18 to 34 years

6.96%

NA

NS

6.93%

NA

NS

❯

35 to 44 years

3.63%

NA

NS

3.53%

NA

NS

❯

45 to 54 years

1.66%

NA

NS

1.45%

NA

NS

❯

55 and older

0.00%

NA

NS

0.00%

NA

NS

❯

Only staff turnover rates for Franceare material in the context of the consolidated financial statements. The discount rate used at 31 December 2020 to value actuarial commitments is the interest rateon high-quality corporate bonds.

Note that in the United Kingdom, the Groupama Insurance Company Limited (GICL) pension fund was transferred to Groupama Assurances Mutuelles following the sale of the subsidiary in 2012.

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Universal Registration Document 2020 - GROUPAMA ASSURANCES MUTUELLES