Groupama // 2021 Universal Registration Document

7 FINANCIAL STATEMENTS Annual financial statements and notes

Other unquantified and unlimited commitments received and given Before or during the year, Groupama Assurances Mutuelles also granted or obtained unquantified or unlimited commitments involving notably: the letter of intent written by Groupama Assurances Mutuelles to ❯ the Comité des Etablissements de Crédit et des Entreprises d’Investissement (CECEI) as part of the creation of Groupama Épargne Salariale; the assumption by Assurances Mutuelles of the guarantee given ❯ by Groupama Reassurance to Sorema NA (now General Security National Insurance Company) regarding the payment of all obligations stemming from two retrocession contracts underwritten by Rampart (Le Mans Re and MMA portfolios); the unconditional guarantees granted by Groupama Assurances ❯ Mutuelles to Gan Assurances, which require it to supply if applicable the financial means necessary to satisfy the payment of claims relating to insurance policies signed by said companies;

these guarantees were designed to improve the debt ratings of these companies and terminated during fiscal year 2012, but rights and obligations under these guarantees remain. Groupama Assurances Mutuelles is also responsible for commitments of this type given previously by the C.C.A.M.A. to group entities (some of which have been divested) that have since been cancelled but for which certain rights and obligations still exist; the usual specific and underwriting guarantees (run off) upon the ❯ disposal of The Gan Company of Canada Ltd. to CGU group Canada Ltd.; certain specific guarantees granted during the transfer of the Gan ❯ Eurocourtage brokerage portfolio to Allianz; the fundamental and specific guarantees granted when ❯ Groupama Banque securities were contributed to Compagnie Financière d’Orange Bank; the specific and fundamental guarantees related to the sale of ❯ 50% of the shares of Presence Verte SA and its subsidiary PVTAP.

Operating income statement by source Note 17

31.12.2021

31.12.2020

RUN-OFF and CDA

Inward reinsurance

RUN-OFF and CDA

Inward reinsurance

Total

Total

(in thousands of euros)

Earned premiums

85,654 2,803,610 2,889,264

82,234 2,684,795 2,767,029

Claims expense

37,672 1,844,909 1,882,581

37,281 2,128,483 2,165,764

Charges from other underwriting reserves

5,458

(30,214)

(24,756)

2,123 (31,309)

(29,186)

Change in the equalisation reserve

145

(13,764)

(13,619)

111 (21,062)

(20,951)

Profit sharing

0

25

25

0

(1,364)

(1,364)

A- Underwriting result

53,585

914,749

968,334

47,187 502,577

549,764

Acquisition costs

19

343,610

343,629

346 337,641

337,987

Administrative costs

0

240,722

240,722

0 227,604

227,604

Other underwriting costs and income

(485)

165,682

165,197

(459)

188,782

188,323

B- Net acquisition and management expenses

(466)

750,014

749,548

(113)

754,026

753,913

C- Allocated investment income

0

41,785

41,785

0 158,936

158,936

D- Reinsurance result

20,777

206,481

227,258

21,526 (13,829)

7,697

UNDERWRITING RESULT (A-B+C+D)

33,274

39

33,313

25,774 (78,684)

(52,910)

296

Universal Registration Document 2021 - GROUPAMA ASSURANCES MUTUELLES