GROUPAMA / 2020 UNIVERSAL REGISTRATION DOCUMENT

7 FINANCIAL STATEMENTS Annual financial statements and notes

The decrease in “Investment income” comes from a decrease in dividend distributions in 2020 from subsidiaries.

The “Other investment expenses” and “Other investment income” items include net allocation to reserves for long-term impairment for -€64.9 millionat 31 December2020 versus a net allocation of -€173.1 million in 2019.

Other non-technical income and expenses Note 19

Other non-underwritingexpensesof -€17.8 millionmainly consist of general expenses broken down by budget control.

Extraordinary income and expenses Note 20

The exceptional result for 2020 presents an expense -€17 million compensation from La Banque Postale for +€44.7 million and mainly consists of subsidies paid in connection with the (cf. significant events), the Covid-19VSE solidarity fund contribution funding of major programmes for the Group’s entities for for -€4.9 million, the contractual payment to the UK pension fund -€25.5 million as well as various non-recurring exceptional for -€6 million, as well as an expense of -€14.6 millionlinked to an expenses, the main ones of which were compensationrelating to operating property project. the change of banking partner at the Group level of -€5.3 million,

Income tax Note 21

Tax charge ı

31.12.2020

31.12.2019

(in thousands of euros)

Corporate income tax payable

0

(267,549)

Reserves linked to fiscal consolidation gains in year N

116,828

275,755

Other

(1,445)

(15,850)

TOTAL INCOME TAX

115,384

(7,645)

Tax loss carry-forwards As of 31 December2020, the consolidatedgroup had a short-term loss carry-forward of €159.8 million. Groupama Assurances Mutuelles tax audit Groupama Assurances Mutuelles underwent a tax audit in 2010. Reserves have not been recognised for some of the adjustments considered to be excessive by the tax authorities for technical reserves for property and casualty as well as long-term care risk. Groupama Assurances Mutuelles essentially believes that the reasonsbehind the adjustmentsare highly questionable,and it thus has a technical case to make in litigation. The sums demanded in 2013 have been recorded in tax debts with an offset to income receivable from the government.This account was reduced for the carry-back then the corporate taxabatement over fiscal year 2009.

Specific nature and make-up of the “Corporate income tax” line At 31 December 2020, the “income tax” line includes a net tax credit of €115.4 million that breaks down as follows:

tax consolidation income: €127.4 million; ❯ tax consolidation expenses: -€12.1 million; ❯ Group income tax expense: €0 million. ❯

“Income tax” consists of taxable income posted to individual tax income for the year from consolidated subsidiaries totalling €116.8 million. The tax consolidationgroup generateda tax loss of -€159.8 million subject to corporate tax at the ordinary tax rate. Consequently,the tax consolidation group’s corporate tax expense was zero.

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Universal Registration Document 2020 - GROUPAMA ASSURANCES MUTUELLES