Groupama // 2021 Universal Registration Document

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

6.1.4

ANALYSIS OF FINANCIAL STATEMENTS

6.1.4.1

Summary of activity and income

Premium income (in millions of euros)

31.12.2020 pro forma

Like-for-like change

31.12.2020

31.12.2021 Actual change

Property and casualty insurance - France

5,692

5,692

5,842

2.6%

2.6%

Groupama Gan Vie

4,164

4,164

4,786

14.9% 14.9%

Life and health insurance in France – excluding Groupama Gan Vie

2,155

2,155

2,233

3.6%

3.6%

Total Insurance - France

12,011

12,011

12,860

7.1% 7.1%

Property and casualty insurance - International

1,540

1,500

1,641

6.6%

9.4%

Life and health insurance - International

705

693

736

4.4%

6.1%

Total Insurance - International

2,245

2,194

2,377

5.9% 8.4%

Financial businesses

189

189

240

26.9% 26.9%

Groupama Total

14,445

14,394

15,477

7.1% 7.5%

Total Insurance

14,256

14,205

15,237

6.9% 7.3%

Property and casualty insurance

7,233

7,193

7,483

3.5%

4.0%

Life and health insurance

7,024

7,012

7,755

10.4% 10.6%

2020 data: It was necessary to restate some 31 December 2020 data to enable a comparison and analysis to be made of changes between the two periods. For those entities that do not use the euro as their functional currency (Turkey, Romania and Hungary), the exchange rate effects are neutralised in the pro forma data; the actual figures at 31 December 2020 were converted based on the exchange rate at 31 December 2021. In the rest of the document, figures are expressed on a like-for-like basis and with constant exchange rates. The data with constant exchange rates correspond to the comparison between the actual data at 31 December 2021 and the actual data at 31 December 2020, converted at the average exchange rates at 31 December 2021.

At 31 December 2021, Groupama’s combined premium income from insurance increased 7.3% to €15.2 billion on a like-for-like basis (+6.9% in actual data) compared with 31 December 2020. Including the financial businesses, the Group’s combined premium income was up 7.5% on a like-for-like basis (+7.1% in actual change) at €15.5 billion. In property and casualty insurance, premium income increased (+4.0%) both in France and internationally. The activity is supported by insurance for individuals and professionals (+3.5% including +1.7% in France and +8.8% internationally), which benefits from the growth of the passenger vehicle segment (+4.8% including +1.7% in France and +10.1% internationally). Insurance for businesses and local authorities rose by 8.2% (of which +7.3% in France and +11.8% internationally), driven by the good performance of the property damage segment for businesses and local authorities (+12.0%), both in France (+10.9%) and internationally (+14.7%).

Life and health insurance premium income grew by 10.6% at 31 December 2021. Groupama Gan Vie, home to the savings/pensions business in France, saw its premium income grow by 14.9% over the period, driven by the excellent performance of the individual savings/pensions segment (+20.8%), particularly on unit-linked contracts (+47.1%). Other life and health insurance business activities in France increased 3.6%. This is explained mainly by the growth of health insurance (individual and collective: +4.3%). International life and health insurance premium income rose by 6.1%, mainly due to growth in individual retirement savings (+2.8%, i.e. nearly 60% of life and health insurance premiums written). Insurance premium income in France represented 83.1% of the Group’s overall business over the period, whereas international insurance premium income amounted to 15.4% of total premium income. The Group’s financial activities represented 1.5% of total premium income. Revenue from these businesses amounted to €240 million at 31 December 2021.

121 Universal Registration Document 2021 - GROUPAMA ASSURANCES MUTUELLES