Groupama // 2021 Universal Registration Document

7 FINANCIAL STATEMENTS Annual financial statements and notes

Investment income and expenses Note 18

31.12.2021

31.12.2020

Related Companies

Equity-linked companies Other sources

Related Companies

Equity-linked companies Other sources

(in thousands of euros) Type of income

Total

Total

Investment income

254,289

960

23,412 278,661 495,057

960

18,780 514,797

Investment income

241,264

960

242,224 489,080

960

490,040

Income from real estate investments

12,527

13 12,540

5,472

17

5,489

Income from other investments Other financial income

498

23,399 23,897

505

18,763 19,268

Other investment income

13,754

61

7,357 21,172

3,125

387 (15,934)

(12,422)

Profits from the realisation of investments

1,002

5,186

6,188

1

3,715

3,716

Total investment income

268,043

2,023

35,955 306,021 498,182

1,348

6,561 506,091

Investment expenses Internal and external investment management fees and financial expenses Other investment expenses Losses from the realisation of investments

8,410

127 158,227 166,764

9,882

45 133,369 143,296

42,095

9,752 51,847 64,659

1,060

10,305 76,024

21

15,704 15,725

1,400

363

8,802 10,565

Total investment expenses

50,505

148 183,683 234,336 75,941

1,468 152,476 229,885

NET INVESTMENT INCOME

217,538

1,875 (147,728)

71,685 422,241

(120)

(145,915)

276,206

The decrease in “Investments income” is due to a decrease in dividend distributions from subsidiaries in 2021 of -€236.5 million.

The “Other investment expenses” and “Other investment income” items include net allocation to reserves for long-term impairment for +€30 million at 31 December 2021 versus a net allocation of -€64.9 million in 2020.

Other non-underwriting income and expenses Note 19

Other non-underwriting income and expenses of -€17.3 million mainly consist of general expenses broken down by budget control.

Extraordinary income and expenses Note 20

The extraordinary result for 2021 is negative at -€20.6 million and consists of subsidies granted to the Group’s entities to fund major programmes for -€25.7 million as well as various non-recurring extraordinary income and expenses for a net amount of +€5.1 million.

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Universal Registration Document 2021 - GROUPAMA ASSURANCES MUTUELLES