Groupama // 2021 Universal Registration Document

6 EARNINGS AND FINANCIAL POSITION Management report of the Board of Directors

PERFORMANCE OF CREDIT INDICES

6

5

1 2 3 4

-6 -5 -4 -3 -2 -1 0

Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21

EUR IG

EUR HY

US IG

US HY

Bloomberg Barclays coupons reinvested indices

Equity market developments (c) The economic recovery was favourable to equity indices. Corporate Corporate earnings are therefore driving equity indices to levels earnings forecasts rose throughout 2021 so that US earnings per close to or above their historical highs in Europe and the US. The share (EPS) on the SP500 index at the end of 2021 were at levels emerging market index significantly underperformed due to its high well above those at the end of 2019. To a lesser extent, the exposure to the Chinese equity market. Chinese indices were observation was similar for the European indices, where earnings affected by depressed valuations in the technology sector and per share were expected to be up by +82% compared with 2020. concerns about the property sector.

PERFORMANCE OF EQUITY INDICES

30

25

20

15

10

5

0

Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 -5

S&P 500

TOPIX

Europe Stoxx 300

MSCI Emerging Markets

I

119 Universal Registration Document 2021 - GROUPAMA ASSURANCES MUTUELLES