Groupama // 2021 Universal Registration Document

7 FINANCIAL STATEMENTS Combined financial statements and notes

7.1.2

COMBINED INCOME STATEMENT

31.12.2021

31.12.2020

(in millions of euros)

Written premiums

Note 34

15,237

14,256

Change in unearned premiums

(126)

(17)

Earned premiums

15,111

14,239

Net banking income, net of cost of risk

195

162

Investment income

2,162

2,039

Investment expenses

(757)

(657)

Capital gains or losses from divestments net of impairment and depreciation write-backs Change in fair value of financial instruments recorded at fair value through income

389

306

1,433

424

Change in impairment on investments

(23)

(63)

Investment income net of expenses

Note 35

3,203

2,049

Total income from ordinary business activities

18,509

16,451

Insurance policy servicing expenses

Note 36

(13,885)

(12,352)

Income on outward reinsurance

Note 37

293

490

Expenses on outward reinsurance

Note 37

(548)

(513)

Net outward reinsurance income and expenses

(14,140)

(12,376)

Operating expenses for financial sector businesses

(114)

(107)

Policy acquisition costs

Note 39

(2,034)

(1,964)

Administrative costs

Note 40

(530)

(505)

Other current operating income and expenses

Note 41

(855)

(873)

Total other current income and expenses

(17,673)

(15,825)

Current operating income

836

626

Total other non-current operating income and expenses

Note 42

(59)

(146)

Operating income

777

480

Financing expenses

Note 43

(78)

(77)

Share of results of associates and joint ventures under the equity method

Note 10

(16)

(60)

Corporate income tax

Note 44

(190)

(165)

Net income from continuing operations

494

178

Net income from activities either discontinued or due to be discontinued OVERALL NET INCOME

494

178

of which, non-controlling interests

1

1

OF WHICH, NET INCOME (GROUP SHARE)

493

177

148

Universal Registration Document 2021 - GROUPAMA ASSURANCES MUTUELLES