Groupama // 2021 Universal Registration Document

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

Bulgaria (f) In Bulgaria, the premium income of the subsidiaries Groupama Zastrahovane and Groupama Jivotozastrahovane climbed 22.4% to €30 million at 31 December 2021. Different segments fared differently. Life and health insurance totalled €13 million, down -2.2% compared with the previous period, mainly due to the decrease in group protection insurance (-3.5%). Property and casualty insurance (€17 million) was up by 51.4%, driven by strong growth in the passenger car (+59.3% thanks to good rate positioning and the development of partnerships) and home (+24.2%) segments. The contribution of the Bulgarian subsidiaries to the Group’s net income was +€1.4 million at 31 December 2021 compared with +0.9 million over the previous period. Gan Outre-Mer’s premium income rose +2.8% to €68 million as of 31 December 2021. The property and casualty insurance business amounted to €59 million (+2.9%) and benefited from the development of new business, particularly in the fleet (+7.8%) and businesses and municipality damage (+7.0%). The good performance of the home segment (+1.7%) and professional risks segment (+5.1%) should also be noted. Premium income in Gan Outre-Mer (g)

personal insurance (mainly individual health) rose by 2.0% to €9 million due to the development of a bancassurance agreement in protection insurance (everyday accident cover). Gan Outre-Mer’s economic operating income totalled €4 million at 31 December 2021 compared with €7 million in 2020. Net underwriting income in property and casualty insurance decreased by -€7 million with a net combined ratio that worsened by 13 points to 92.4%. The operating cost rate was up 0.6 points at 27.9% in 2021. Gan Outre-Mer’s net income totalled €4 million in 2021 compared with €7 million in 2020. Tunisia (h) The equity-method income of the Tunisian subsidiary Star was +€3 million as of 31 December 2021. China (i) The Chinese subsidiary’s contribution represented a profit of €3 million compared with a loss of €11 million at 31 December 2020. For the record, in 2020, the subsidiary suffered a series of exceptionally severe weather events (drought, typhoon, etc.).

Financial businesses 6.1.4.4

31.12.2020

31.12.2021

2021-2020 change

(in millions of euros)

Net banking income, net of cost of risk and long-term financial instruments Other operating income and expenses and non-underwriting current income and expenses

162

195

33

20.3%

(101)

(109)

(8)

-7.5%

Other items

(18)

(24)

(6)

-32.9%

Economic operating income

43

62

19

45.3%

Other operations net of corporate income tax

(50)

50

NA

GROUP NET INCOME

(8)

62

70

>100%

The economic operating income of financial and banking businesses totalled +€62 million in 2021 versus +€43 million in 2020. These figures include Groupama Asset Management’s income, which amounted to €56 million at 31 December 2021 and showed an increase of €17 million over the period due to the effect of non-recurring variable management fees related to management outperformance. The economic operating income of the other

entities (Groupama Immobilier, Groupama Epargne Salariale, and Groupama Gan Reim) represented +€6 million in income in 2021. Net income from financial and banking businesses totalled €62 million at 31 December 2020 compared with -€8 million over the previous period. As a reminder, the net income at 31 December 2020 took into account the loss of Orange Bank for -€50 million.

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Universal Registration Document 2021 - GROUPAMA ASSURANCES MUTUELLES