GROUPAMA / 2020 UNIVERSAL REGISTRATION DOCUMENT

7 FINANCIAL STATEMENTS Annual financial statements and notes

Operating income statement by source Note 17

31.12.2020

31.12.2019

Inward reinsurance

RUN-OFF and CDA

Inward reinsurance

RUN-OFF and CDA

Total

Total

(in thousands of euros)

82,234 2,684,795 2,767,029

81,741 2,767,976 2,849,717

Earned premiums

Claims expense

37,281 2,128,483 2,165,764

26,330 1,990,279 2,016,610

Charges from other technical reserves

2,123

(31,309)

(29,186)

22,847

(33,298)

(10,452)

Change in the equalisation reserve

111

(21,062)

(20,951)

143

(16,291)

(16,147)

Profit sharing

0

(1,364)

(1,364)

0

0

0

A – Underwriting result

47,187

502,577

549,764

78,400

728,108

806,508

Acquisition costs

346

337,641

337,987

500

351,205

351,705

Administrative costs

0

227,604

227,604

0

227,978

227,978

Other technical costs and income

(459)

188,782

188,323

(806)

192,887

192,081

B – Net acquisition and management expenses

(113)

754,026

753,913

(306)

772,070

771,764

C – Allocated investment income

0

158,936

158,936

0

279,442

279,442

D – Reinsurance result

21,526

(13,829)

7,697

29,806

121,779

151,585

UNDERWRITING INCOME/(LOSS) (A + B + C - D)

25,774

(78,684)

(52,910)

48,901

113,701

162,601

Investment income and expenses Note 18

31.12.2020

31.12.2019

Companies with equity link

Companies with equity companies

Related companies

Other origins

Related Companies

Other origins

Type of income (in thousands of euros) Investment income Investment income

Total

Total

495,057

960 18,780 514,797 844,409 1,874 17,242 863,525

Investment income

489,080

960

490,040 831,088 1,874

832,962

Income from real estate investments

5,472

17 5,489 12,804

20 12,824

Income from other investments

517

17,222 17,739

Other financial income

505

18,763 19,268

Other investment income

3,125

387 (15,934)

(12,422)

20,516

63 44,578 65,157

Profits on the sale of investments

1

3,715 3,716

243 12,816 13,059

Total investment income

498,182 1,348 6,561 506,091 864,925 2,180 74,636 941,741

Investment expenses Internal and external investment management costs and financial expenses

9,882

45 133,369 143,296 56,839

236 174,941 232,016

Other investment expenses

64,659 1,060 10,305 76,024 191,345

7 20,275 211,627

Losses on the sale of investments

1,400

363 8,802 10,565

262

8,191 8,453

Total investment expenses

75,941 1,468 152,476 229,885 248,446

243 203,407 452,096

NET INVESTMENT INCOME

422,241

(120) (145,915)

276,206 616,479 1,937 (128,771)

489,645

301

Universal Registration Document 2020 - GROUPAMA ASSURANCES MUTUELLES