Groupama // 2021 Universal Registration Document

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

The continued development of the unit-linked strategy resulted in a 47.1% increase in unit-linked sales in individual retirement savings (notably due to the ramp-up of PERIN products - individual

Vie had €113 million in Fourgous transfers to multi-component funds (including €81 million invested in UL). Group insurance

(41.2% of business) rose by 11.2% to €1,972 million, mainly due retirement savings plans), while the segment’s euro-denominated to growth in pensions (+59.5%, partly linked to the payment of a sales declined by 2.0%. UL assets in individual savings now one-off exceptional premium) and protection insurance (+8.6%). represent 31.9% of the total assets. Also note that Groupama Gan

The breakdown of the Groupama Gan Vie entity’s premium income by network is as follows:

31.12.2020

31.12.2021

2021-2020

Actual

Actual

Change

(in millions of euros)

Regional mutuals

1,109

1,527

37.7%

General agents

899

793

-11.8%

Brokerage

1,327

1,536

15.7%

Gan Patrimoine

369

415

12.4%

Gan Prévoyance

459

515

12.1%

Réunima

1

1

4.6%

TOTAL

4,164

4,786

14.9%

Individuals

2,391

2,813

17.7%

of which unit-linked savings/pensions

937

1379

47.1%

of which savings/pensions (in euros)

1,082

1,060

-2.0%

Groups

1,773

1,972

11.2%

TOTAL

4,164

4,786

14.9%

Premium income of the network of regional mutuals amounted to €1,527 million at 31 December 2021, up 37.7% from the previous period. The individual insurance business earned €1,477 million (+40.9%). It was driven by the good performance recorded in individual retirement savings (+45.0% of which +44.2% on unit-linked products and +45.9% on euro-denominated products), which benefited from the dynamic performance of Perin retirement products. Group insurance premium income totalled €49 million compared with €61 million over the previous period. The Gan Assurances network posted premium income of €793 million at 31 December 2021, down 11.8% on the previous period. This change is explained by the decline in premiums written in individual retirement savings (-27.2%), which nonetheless masks a 2.5-fold increase in premium income on unit-linked products, while premium income in euros for the segment fell by 64.1% compared with 31 December 2020. The Group insurance business remained stable over the period at €386 million. The brokerage network recorded premium income of €1,536 million at 31 December 2021, up 15.7% compared with 31 December 2020, mainly due to the strong growth in Group pensions (+ €145 million, in particular due to the payment of a one-off exceptional premium). The good progress of the protection segments (+9.4%) and acceptances (+10.8%) should also be noted.

Premium income for the Gan Patrimoine network was up 12.4%, totalling €415 million at 31 December 2021, driven by growth in the individual savings/pensions segment (+12.9%), particularly on UL vehicles (+24.0%). The Gan Prévoyance sales network contributed €515 million to group premium income at 31 December 2021, a +12.1% increase compared with the previous period. The individual retirement savings business (+18.4%) was mainly driven by growth in the retirement segment (+18.1% linked to Perin products) as well as a better than expected resistance of the protection portfolio. Unit-linked premium income continued to grow (+46.5%), particularly in pensions. In personal insurance, the premium income of the regional mutuals (€2,075 million) was up by 3.8% compared with 2020, when business slowed down due to the health crisis. Individual personal insurance increased by 2.9%, driven by growth in the health segment (+3.1% to €1,204 million). Group personal insurance grew by 7.3%, driven by the increase in group health (+13.1% to €227 million). Gan Assurances’ premium income in personal insurance (mainly individual health) rose by 1.8% to €142 million at 31 December 2021. The Caisses Fraternelles had premium income of €3 million at 31 December 2021, an increase of +11.3% compared with the previous period.

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Universal Registration Document 2021 - GROUPAMA ASSURANCES MUTUELLES