Groupama // 2021 Universal Registration Document

7 FINANCIAL STATEMENTS Combined financial statements and notes

Information pertaining to personnel benefits ‒ defined-benefit Note 24 plans

Principal actuarial assumptions 24.1

31.12.2021

31.12.2020

France United Kingdom Other

Total

France United Kingdom Other

Total

(in millions of euros)

Actuarial debt

417

409

29

855

439

380

31

850

Fair value of hedging assets

34

450

484

19

380

400

Net actuarial debt

383

(41)

29

371

420

0

31

451

Limitation on recognition of hedging assets

41

41

Net Liabilities

383

0

29

412

420

0

31

451

Principal actuarial assumptions Financial assumptions Discount rate

0.80% 1.70% NS

0.50% 1.60% NS

Yield expected from plan assets

0.80% 1.70% NS

0.50% 1.60% NS

Expected salary/pension increase

1.92% 3.00% NS

1.84% 2.70% NS

Staff turnover

18 to 34 years

5.75%

NA

NS

5.02%

NA

NS

❯

35 to 44 years

2.66%

NA

NS

2.58%

NA

NS

❯

45 to 54 years

1.12%

NA

NS

1.06%

NA

NS

❯

55 and older

0.00%

NA

NS

0.00%

NA

NS

❯

Note that in the United Kingdom, the Groupama Insurance Company Limited (GICL) pension fund was transferred to Groupama Assurances Mutuelles following the sale of the subsidiary in 2012.

Only staff turnover rates for France are material in the context of the consolidated financial statements. The discount rate used at 31 December 2021 to value actuarial commitments is the interest rate on high-quality corporate bonds.

211 Universal Registration Document 2021 - GROUPAMA ASSURANCES MUTUELLES