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
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