GROUPAMA / 2020 UNIVERSAL REGISTRATION DOCUMENT

7 FINANCIAL STATEMENTS Consolidated financial statements and notes

Employees of consolidated companies Note 46

This note is presented in section 1.5.2 of this universal registration document.

Commitments given and received Note 47

31.12.2020

31.12.2019

(in millions of euros)

Endorsements, securities, and guarantees received

20

24

Other commitments received

582

282

Total commitments received, excluding reinsurance

602

306

Reinsurance commitments received

663

654

Endorsements, securities and guarantees given

4,554

1,038

Other commitments for securities, assets, or revenue

1,173

677

Other commitments given

1,941

879

Total commitments given excluding reinsurance

7,669

2,593

Reinsurance commitments given

476

4,178

Securities belonging to protection institutions Other securities held on behalf of third parties

commitments, reflected in the financial statements as €549 million of commitments given in respect of hedging unrealised capital gains or losses on financial futures instruments; provisional sales agreements of €21 million, mainly at the ❯ subsidiary SCI Gan Foncier; commitmentsof €451 millionrelating to bond loans mainly in the ❯ subsidiary Groupama Gan Vie; commitments made on order for property work for €824 million. ❯ Commitments given in respect of reinsurance totalled €476 million and mainly comprised securities given as pledges under reinsurance treaties. UNVALUED COMMITMENTS Groupama Holding Filiales et Participations,in its capacity as main shareholder, undertakes to give Cofintex 6 the financial support necessary for the normal continuation of its business, in accordance with the notion of continuity of operations. TRIGGER CLAUSES GroupamaAssurancesMutuellesbenefits from “trigger” clauses on the payment of interest on its three redeemable subordinated instrument (TSR) debt issues. It must therefore postpone the payment of interest in the event of a regulatoryshortfall, particularly when the coverage ratios of MCR (minimum capital requirements) and SCR (solvency capital requirements) are less than 100%. Deferred interest will be interest arrears.

Other commitments received excluding reinsurance amounted to €582 million at 31 December 2020 and consisted mainly of securities received as collateral under the collateralisation mechanismset up to guarantee unrealised capital gains or losses on derivatives. They are booked as off-balance sheet commitments, resulting in commitments received in respect of bond loans in the accounts of €557 million. Endorsements, securities and guarantees given totalled €4,554 million, consisting largely of thfeollowing transactions: €22 million guaranteegiven in connectionwith the sale of Carole ❯ Nash; €11 million guarantee given in connection with the sale of ❯ Groupama Seguros de Vida Portugal; pledged securities worth €4,447 million folirfe insurance policies. ❯ Other commitments on securities, assets or income consist of subscriptions to venture capital funds (“FCPR”). The remaining €1,173 million corresponds to the difference between the investmentcommitmentof the subscribersand the total of calls for funds actually received. Other commitmentsgiven amountedto €1,941 million.They mostly consist of the following elements: securities given as collateral under the collateralisation ❯ mechanism put in place to guaranteeunrealisedcapital gains or losses on derivatives are also recorded as off-balance-sheet

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Universal Registration Document 2020 - GROUPAMA ASSURANCES MUTUELLES