Groupama // 2021 Universal Registration Document

1 OVERVIEW OF THE GROUP Key figures

1.2.3

TIES BETWEEN THE GROUP’S

Relations between the regional mutuals and Groupama Assurances Mutuelles are governed by: an internal reinsurance agreement between the regional mutuals ❯ and Groupama Assurances Mutuelles with terms updated every year. This agreement is described in more detail in § 3.6.2; a security and solidarity agreement between all the regional ❯ mutuals and Groupama Assurances Mutuelles (“agreement defining the security and solidarity mechanisms of the Caisses de Réassurance Mutuelle Agricole”). This agreement is described in more detail in section 3.6.1 and is the subject of a special report from the statutory auditors on regulated agreements (see section 3.8).

ENTITIES

The subsidiaries are bound by capital ties. Moreover, in exchange for a certain degree of operational autonomy, each of the subsidiaries is subject to the requirements and obligations defined by the Groupama Assurances Mutuelles environment, particularly in terms of control.

1.3

KEY FIGURES

1.3.1

GROUPAMA COMBINED SCOPE

The following table shows financial disclosures and ratios from the consolidation of the mutuals, including the Groupama Assurances Group’s combined financial statements. The combined financial Mutuelles capital ownership scope of consolidation.

statements were prepared in accordance with the IFRS as adopted by the European Union. It provides a view of the entire scope of

2021

2020

2019

(in millions of euros)

Premium income/revenue (1)

15,477

14,445

14,382

of which France insurance

12,860

12,011

11,857

of which International insurance

2,377

2,245

2,357

of which financial and banking businesses

240

189

168

Combined non-life ratio (2)

98.3%

98.7%

97.0%

Economic operating income (3)

461

306

413

Net income, group share

493

177

345

Financial structure and soundness Group's equity

10,659

10,704

10,238

Total balance sheet

104,469

104,702

102,861

Debt ratio (4)

27.8%

26.9%

27.2%

Solvency 2 margin (5)

271%

244%

302%

Rating

Fitch Ratings

A

A

A

Insurance premiums written and income from financial businesses. (1) See glossary in this Universal Registration Document (page 331). (2)

Economic operating income equals net income adjusted for realised capital gains and losses, long-term impairment increases and write-backs, and unrealised (3) capital gains and losses on financial assets recognised at fair value (all such items are net of profit sharing and corporate tax). Also adjusted are non-recurring items net of tax, impairment of value of business in force and impairment of goodwill (net of tax). Debt excluding cash of holdings, as a share of book value of Group’s equity excluding re-evaluation reserve (including subordinated liabilities and minority (4) interests). Solvency 2 margin coverage, with a transitional measure on Groupama Gan Vie’s underwriting reserves. (5) On 21 June 2021, Fitch Ratings maintained Groupama’s “A” rating and upgraded its outlook to “Positive”. The revision of the outlook to “Positive” reflects Fitch’s expectations that Groupama will strengthen its strong capitalisation in 2021–2022 while maintaining a solid operating performance.

8 Universal Registration Document 2021 - GROUPAMA ASSURANCES MUTUELLES