GROUPAMA / 2020 UNIVERSAL REGISTRATION DOCUMENT

1 OVERVIEW OF THE GROUP Key figures

GROUPAMA COMBINED SCOPE

1.3.2

The following table shows financial disclosuresand ratios from the consolidationof the mutuals, including the Groupama Assurances Group’s combined financial statements. The combined financial Mutuelles capital ownership scope of consolidation.

statementswere prepared in accordancewith the IFRS as adopted by the European Union. It provides a view of the entire scope of

2020

2019

2018

(in millions of euros)

Premium income/revenue (1)

14,445

14,382

14,262

of which France insurance

12,011

11,857

11,556

of which International insurance

2,245

2,357

2,537

of which financial and banking businesses

189

168

169

Combined non-life ratio (2)

98.7%

97.0%

99.3%

Economic operating income (3)

306

413

298

Net income, Group share

177

345

450

Financial structure and soundness Group’s equity

10,704

10,238

8,884

Total balance sheet

104,702

102,861

96,833

Debt ratio (4)

26.9%

27.2%

28.4%

Solvency 2 margin (5)

244%

302%

297%

IFS Rating

Fitch Ratings

A

A

A-

Insurance premiums written and income fromfinancial businesses. (1) See glossary in this universal registration document (page 335). (2) Economic operating income equals net income adjusted foreralised capital gains and losses, long-term impairmenintcreases (3) capital gains and losses on financial assets recognised at fair value (aslluch items are net of profit sharing and corporate tax). Alsaodjusted are non-recurring items net of tax, impairment of value of business in force and impairment of goodwill (net otafx). Debt excluding cash of holdings, as a share of book value of Group’sequity excluding re-evaluation reserve (including subordinatelidabilities and minority (4) interests). Solvency 2 margin coverage, with transitional measure oGn roupama Gan Vie’s technical reserves. (5) On 19 March 2020, Fitch Ratings revised Groupama’srating outlook to “Stable” and affirmed its “A” rating, to take into account both the significant uncertainty created by the global coronavirus pandemic, which led to high levels of volatility in financmialarkets, and “Negative” on the French life insurance sector. On 19 May 2020, then on 29 September2020, the agency affirmed Groupama’s“A” rating and “Stable” outlook. The Fitch rating reflects Groupama’s ability to maintain strongcapitalisation and leverage as well as its highrlyobust business profile in the French insurance sector. and write-backs, and unrealised

9 Universal Registration Document 2020 - GROUPAMA ASSURANCES MUTUELLES