Groupama // 2021 Universal Registration Document

7 FINANCIAL STATEMENTS Annual financial statements and notes

Income tax Note 21

Tax charge ı

31.12.2021

31.12.2020

(in thousands of euros)

Corporate income tax payable

(105,275)

0

Reserves linked to fiscal consolidation gains in year N

173,676

116,828

Other

(4,620)

(1,445)

TOTAL INCOME TAX

63,781

115,384

Specific nature and make-up of the “Corporate income tax” line At 31 December 2021, the “income tax” line includes a net tax credit of €63.8 million that breaks down as follows:

Tax loss carry-forwards At 31 December 2021, the consolidated group no longer had short-term carry-forwards. Groupama Assurances Mutuelles tax audit Groupama Assurances Mutuelles underwent a tax audit in 2010. Reserves have not been recognised for some of the adjustments considered to be excessive by the tax authorities for underwriting reserves for property and casualty as well as long-term care risk. Groupama Assurances Mutuelles essentially believes that the reasons behind the adjustments are highly questionable, and it thus has a underwriting case to make in litigation. The sums demanded in 2013 have been recorded in tax debts with an offset to income receivable from the government. This account was reduced for the carry-back then the corporate tax abatement over fiscal year 2009.

tax consolidation income: €186.3 million; ❯ tax consolidation expenses: -€17.1 million; ❯ Group corporate tax expense: -€105.3 million. ❯

“Income tax” consists of taxable income posted to individual tax income for the year from consolidated subsidiaries totalling €173.7 million. The tax consolidation group generated a taxable profit of €370.7 million subject to corporate tax at the ordinary tax rate. As a result, the corporate tax expense of the tax consolidation group was a total amount of €105.3 million: €101.9 million for corporation tax at the ordinary rate and €3.3 million for the 3.3% social contribution.

Breakdown of employee expenses Note 22

31.12.2021

31.12.2020

(in thousands of euros)

Salaries

73,765

76,209

Social Security charges

38,784

41,566

Other

6,479

6,525

TOTAL

119,027

124,300

These figures correspond to the de facto Groupama Assurances Mutuelles grouping after allocation to each of its constituents. In 2021, the average rate of expenses of the Group kept by Groupama Assurances Mutuelles is 76.4%.

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Universal Registration Document 2021 - GROUPAMA ASSURANCES MUTUELLES