Groupama // 2021 Universal Registration Document

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

The Group’s net income amounted to €493 million at 31 December 2021 compared with €177 million at 31 December 2020. The non-recurring financial margin increased by €42 million. It includes a level of realised capital gains of €135 million in 2021, up €17 million with a decrease in real estate capital gains and an increase in capital gains on the sale of securities. The good performance of financial markets is reflected in the increase in changes in the fair value of financial instruments (+ €13 million) and lower provisions for impairment (+ €12 million).

The 2021 income also includes: the result of Orange Bank amounts to -€54 million (which ❯ includes the result of the sale as well as the share of the result

for the period until the date of sale of -€22 million); various non-recurring expenses of -€35 million. ❯

As a reminder, the impairment of goodwill in 2020 was related to an impairment charge on the goodwill of the Italian subsidiary.

31.12.2020

31.12.2021

Value change

Economic operating income

306

461

155

Net capital gains realised (1)

118

135

17

Allocation to reserves for long-term impairment (1)

(32)

(20)

12

Gains or losses on financial assets recognised at fair value (1)

45

58

13

Other expenses and income

(85)

(89)

(4)

Financing expenses

(49)

(53)

(3)

Goodwill impairment

(125)

0

125

NET INCOME

177

493

315

Amounts net of profit sharing and corporate tax. (1)

Business and results in France 6.1.4.2

31.12.2020 pro forma

31.12.2021

Premium income - France (in millions of euros)

L&H

P&C

Total

L&H

P&C

Total

Regional mutuals

1,999

4,077

6,076

2,075

4,217

6,292

Groupama Assurances Mutuelles

10

27

37

11

18

29

Groupama Gan Vie

4,164

4,164

4,786

4,786

Gan Assurances

140

1,248

1,387

142

1,266

1,408

Other entities (1)

5

341

347

5

341

346

TOTAL

6,319

5,692

12,011

7,019

5,842

12,860

Including Assu-Vie. (1)

Insurance premium income in France at 31 December 2021 increased by 7.1% compared with 31 December 2020 and totalled 12,860 million.

Property and casualty insurance (a)

P&C - France

Insurance premium income (in millions of euros)

31.12.2020 pro forma

31.12.2021

Change%

Regional mutuals

4,077

4,217

3.4%

Groupama Assurances Mutuelles

27

18

-32.9%

Gan Assurances

1,248

1,266

1.5%

Other entities

341

341

-0.1%

TOTAL

5,692

5,842

2.6%

123

Universal Registration Document 2021 - GROUPAMA ASSURANCES MUTUELLES