GROUPAMA / 2020 UNIVERSAL REGISTRATION DOCUMENT

7 FINANCIAL STATEMENTS Consolidated financial statements and notes

The sensitivity criteria applied were the following: increase or decrease of 100 basis points, for interest rate risk; ❯ increase or decrease of 10% in the stock market indices for ❯ equity risk; up or down fluctuationof 10% in all currenciesagainst the euro, ❯ for exchange rate risk.

Risk management 4.2 Stress tests are regularly conductedon both assets and liabilities in order to ensure that in the event of a simultaneous increase in benefits payable and interest rates, the Group is able to meet its commitments in terms of both assets to dispose of and any realisations of capital losses. At the end of 2020, the liquidity risk was greatly reduced by the size of unrealised capital gains present in the portfolio. by maturity The profile of the annual maturities of bond portfolios is given in Note 6.8.2 to the annual financial statements. Liabilities relating to insurance policies and liabilities relating to financial contracts by maturity The profile of annual maturitiesof the liabilities related to insurance policies is the following: 4.4 Financial investment portfolio 4.3

4

Liquidity risk

Nature of exposure to liquidity risk 4.1 The overall liquidity risk is analysed using the asset/liability approach, which defines the cash requirement to be held as an asset based on the liquidity requirements imposed by liabilities, using: technical cash flow projections in a central scenario; ❯ sensitivity scenarios on technical assumptions (production, ❯ claims ratio).

31.12.2020

31.12.2019

< 1 year 1 to 5 years > 5 years

Total

< 1 year 1 to 5 years > 5 years

Total

(in millions of euros)

Non-life technical reserves

4,268 3,,877 5,264 13,409 4,357 3,475 5,238 13,070

Life technical reserves - insurance policies excluding unit-linked items Technical liabilities relating to financial contracts with discretionary profit sharing excluding unit-linked items Technical liabilities relating to financial contracts without discretionary profit sharing excluding unit-linked items

2,406 5,994 25,605 34,005 1,100 5. 830 27,098 34,028

803 2,648 8,026 11,477

379 2,823 8,795 11,997

1

1

1

Reserve for deferred profit-sharing liability

5,825

177 6,002 5,438

5

51 5,494

TOTAL TECHNICAL INSURANCE LIABILITIES AND LIABILITIES FOR FINANCIAL CONTRACTS

13,301 12,520 39,071 64,893 11,274 12,133 41,182 64,590

Financing liabilities by maturity 4.5 The principal features of financial debt, as well as its breakdownby maturity, are provided in Note 24 herein – Financial Debt.

Most underwriting liabilities relating to financial contracts, with and without discretionaryprofit sharing, may be redeemedat any time. The table above provides an economic overview of the liquidation of insurance underwriting liabilities.

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Universal Registration Document 2020 - GROUPAMA ASSURANCES MUTUELLES