Groupama // 2021 Universal Registration Document

7 FINANCIAL STATEMENTS Combined financial statements and notes

Investments in related companies and joint ventures under the Note 10 equity method

31.12.2021

31.12.2020

Equivalent value Share of income

Equivalent value

Share of income

(in millions of euros)

Orange Bank

(22)

110

(50)

STAR

84

3

82

2

Groupama - AVIC Property Insurance Co.

93

3

62

(11)

Compagnie Financière d’Orange Bank TOTAL

177

(16)

254

(60)

The Group holds a number of stakes in the following insurance companies: STAR in Tunisia, a leader in the Tunisian insurance market, jointly ❯ owned with the Tunisian government; Groupama AVIC Property Insurance Co is the result of the joint ❯ venture between Groupama and the AVIC group. This company sells non-life insurance products in the People’s Republic of China.

On 30 September 2021, the Orange group acquired Groupama’s 24.14% stake in Orange Bank via Compagnie financière d’Orange Bank. The share of the result for the period from 1 January 2021 to 30 September 2021 amounts to -€22 million. The key figures for these various companies are provided in the tables below.

10.1

Significant data pursuant to IFRS 12

2021

Premium income

Net income Underwriting reserves Total assets

Shareholders' equity

(in millions of euros)

STAR (1)

112

6

251

403

111

Groupama - AVIC Property Insurance Co. (2)

331

1

188

498

180

Actual 2020 data on Underwriting Reserves, total assets, and Group's equity/Estimated 2021 data for the result and 2021 actual data for premium income. (1) Actual data. (2)

2020

Premium income Net income Underwriting reserves Total assets

Shareholders' equity

(in millions of euros)

STAR (2)

112

3

243

388

113

Groupama - AVIC Property Insurance Co. (2)

300

(17)

152

389

123

Orange Bank (1)

(178)

4,327

351

Compagnie Financière d’Orange Bank (1)

(210)

421

411

Actual data. (1) Actual 2019 data on Underwriting Reserves, total assets, and Group's equity/Estimated 2020 data for premium income and the result. (2)

The Group has opted for temporary exemption from the rule on consistency of accounting policies ordinarily required by the IAS 28 standard, and as stipulated under paragraph 20 O (b) of the amendments to IFRS 4 “Applying IFRS 9, Financial Instruments with IFRS 4, Insurance Contracts” and “Extension of the Temporary Exemption from Applying IFRS 9”. These amendments

allow insurance groups that have elected to defer application of IFRS 9, and that consolidate their related companies using the equity method to preserve the financial statements prepared by such related companies for the purposes of producing their

consolidated financial statements.

197

Universal Registration Document 2021 - GROUPAMA ASSURANCES MUTUELLES