UNIVERSAL REGISTRATION DOCUMENT 2023

6 EARNINGS AND FINANCIAL POSITION Management report of the Board of Directors

6.1.4 ANALYSIS OF FINANCIAL STATEMENTS

6.1.4.1 Summary of activity and income

Non ‑ GAAP income ı

Like ‑ for ‑ like change

Premium income (in millions of euros)

31.12.2022 pro forma

31.12.2023 actual

31.12.2022

Actual change

Property and casualty insurance - France

6,166

6,182

6,703

8.7% 8.4%

France - retirement savings

2,602

2,602

2,429

-6.7% -6.7%

Health and protection insurance France

4,469

4,469

4,804

7.5% 7.5%

Total Insurance - France

13,237

13,253

13,936

5.3% 5.2%

Property and casualty insurance - International

1,777

1,781

2,110

18.7% 18.5%

International - retirement savings

450

418

458

1.8% 9.6%

International health and protection insurance

244

281

320

30.8% 13.8%

Total Insurance - International

2,471

2,479

2,887

16.8% 16.5%

Financial businesses

211

211

213

0.9% 0.9%

Groupama Total

15,919

15,944

17,036

7.0% 6.9%

Total Insurance

15,708

15,733

16,823

7.1% 6.9%

Property and casualty insurance

7,943

7,963

8,813

10.9% 10.7%

Retirement savings

3,052

3,020

2,887

-5.4% -4.4%

Health & Protection

4,713

4,750

5,124

8.7% 7.9%

Pro forma data as at 31 December 2022: It was necessary to restate some 31 December 2022 data to enable a comparison and analysis to be made of changes between the two periods. In France, SFPJ changed the accounting method for LBP premiums (impact: +€16 million). Internationally, some entities have refined the breakdown of their premiums by business line with no impact on total income. The most significant figures have been restated on a pro forma basis to show consistent developments by business line. For those entities that do not use the euro as their functional currency (Romania and Hungary), the exchange rate effects are neutralised in the pro forma data; the actual figures as at 31 December 2022 were converted based on the exchange rate as at 31 December 2023. In the rest of the document, figures are expressed on a like ‑ for ‑ like basis and with constant exchange rates. Figures at constant exchange rates correspond to the comparison between the actual data at 31 December 2023 and the actual data at 31 December 2022, converted at the average exchange rates on 31 December 2023.

relaunch of multi ‑ risk climate insurance in France in light of the change in the multi ‑ level coverage scheme involving insurers and the government. The segment posted 14.0% growth in France, and remained stable internationally. Health and protection business was up 7.9%, driven mainly by growth in the health segment (individual and group: +5.0%), both in France (+4.5%) and internationally (+18.7%). Progress in these business lines was driven by volumes and prices. The solid performance of group inward reinsurance in France (+33.2%) should also be noted. Premium income from savings/pensions fell by 4.4% as at 31 December 2023, the result of a challenging year in individual savings/pensions (-7.1%). Groupama Gan Vie’s premium income from savings/pensions, which drives the business in France, fell by 6.7% over the period. International premium income from savings/pensions rose 9.6%, driven by growth in unit ‑ linked individual savings (+13.7%), mainly in Hungary. Insurance premium income in France accounted for 81.8% of the Group’s overall business over the period, whereas international insurance premium income amounted to 17.0% of total premium income. The Group’s financial businesses accounted for 1.2% of total revenue. Revenue from these businesses amounted to €213 million as at 31 December 2023.

As at 31 December 2023, Groupama’s combined premium income from Insurance increased 6.9% compared with 31 December 2022 to reach €16.8 billion. Including the financial businesses, the Group’s combined premium income was up 6.9% to €17.0 billion. In property and casualty insurance, premium income increased (+10.7%), with growth in France (+8.4%) and internationally (+18.5%). Business was driven by insurance for individuals and professionals (+11.0%, including +7.2% in France and +20.5% internationally), which benefited from the sustained expansion of the passenger vehicle segment (+11.1%, including +3.4% in France and +22.2% internationally, especially in Romania). On mass markets, activity in France was mainly driven by sustained pricing effects, dictated by a choice to preserve profitability against the backdrop of inflation and climate change that has weighed on the net growth of these business lines. Internationally, the Group combined growth in numbers with price increases on most mass markets. Insurance for businesses and local authorities rose by 9.0% (of which +8.5% in France and +10.9% internationally) thanks to the good performance of the business and local authorities casualty segment (+10.3%), both in France (+10.3%) and internationally (+10.5%). The good performance of the agricultural business lines (+13.4%) is also noteworthy, particularly with the successful

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Document d’Enregistrement Universel 2023 GROUPAMA ASSURANCES MUTUELLES