Groupama // 2021 Universal Registration Document

7 FINANCIAL STATEMENTS Combined financial statements and notes

Underwriting liabilities related to financial contracts Note 27

31.12.2021

31.12.2020

(in millions of euros)

Reserves on financial contracts with discretionary profit sharing Life underwriting reserves

10,383

11,014

Reserves for unit-linked contracts

65

62

Outstanding claims reserves

110

118

Reserves for profit-sharing

259

231

Other underwriting reserves Total

10,818

11,424

Reserves on financial contracts without discretionary profit sharing Life underwriting reserve Reserves for unit-linked contracts

1,069

167

Outstanding claims reserves

1

1

Reserves for profit-sharing Other underwriting reserves Total

1,070

168

TOTAL

11,888

11,592

The strong increase in non-discretionary life insurance underwriting reserves relating to unit-linked contracts is due to the reclassification of certain insurance policies into non-discretionary financial contracts.

Liabilities related to financial contracts (excluding unit-linked items) 27.1 ‒ by operating segment

31.12.2021

31.12.2020

France

International

Total

France

International

Total

(in millions of euros)

Life financial contract reserves

8,369

2,014 10,383

9,026

1,987 11,014

Outstanding claims reserves

101

10

110

103

16

118

Profit-sharing reserves

259

259

231

231

Other underwriting reserves TOTAL

8,729

2,024 10,753

9,359

2,003 11,363

The conversion without forfeiting tax benefits of euro single-vehicle financial policies into multi-vehicle insurance policies is carried out by transferring the amounts of actuarial reserves. This conversion had no impact on the recognition of premium income. The amounts involved in this “Fourgous” conversion totalled €113 million at 31 December 2021.

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Universal Registration Document 2021 - GROUPAMA ASSURANCES MUTUELLES