UNIVERSAL REGISTRATION DOCUMENT 2023

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

Economic operating income and net income ı

On 1 January 2023, the Group adopted IFRS 17 – Insurance policies and IFRS 9 – Financial Instruments. The restated comparative information for 2022 has been prepared in accordance with these new standards. All the tables in this report present comparative financial data for the previous fiscal year as restated in accordance with IFRS 17 and IFRS 9.

31.12.2023

Total Insurance

Financial businesses

Holding companies

P&C

H/P

S/P

Group

(in millions of euros)

PAA business Insurance income

13,325

8,423

4,902

0

13,325

Insurance expenses

(12,594)

(8,013)

(4,582)

0

(12,594)

o/w attributable expenses

(4,179)

(3,095)

(1,083)

0

(4,179)

Reinsurance balance

(128)

(117)

(11)

0

(128)

Other non ‑ attributable expenses Financial income from contracts

(175)

(113)

(62)

(175)

(119)

(89)

(30)

(119)

PAA net underwriting margin

309

92

217

0

309

PAA combined ratio

96.8% 97.9% 95.0%

96.8%

BBA business Release

38

31

7

38

Experience variances

(24)

(25)

0

(24)

Financial income from contracts

(66)

2

(67)

(66)

Reinsurance balance

(7)

(7)

(7)

Other non ‑ attributable expenses

(6)

0

(5)

(1)

(6)

Other

(3)

(2)

0

(3)

BBA net underwriting margin

(68)

0

(7)

(61)

(68)

VFA business Release

300

8

292

300

Experience variances

29

0

29

29

Other non ‑ attributable expenses

(96)

(17)

(79)

(96)

Other

18

0

18

18

VFA net underwriting margin

251

(9)

260

251

Net underwriting margin (incl. non ‑ attributable expenses and

financial income) for all models – IFRS 17

492

91

201

200

492

Financial and other income Recurring financial margin

571

353

157

60

18

(28)

561

Other items

(359)

(129)

(126)

(103)

18

(85)

(426)

ECONOMIC OPERATING INCOME

705

316

233

156

35

(113)

627

Capital gains realised net of tax

19

13

6

0

(62)

(43)

Impairment charge net of tax

(57)

(14)

(43)

(3)

(60)

Changes in fair value net of tax

85

37

48

0

84

Income from ordinary activities net of tax

(38)

(24)

(6)

(8)

0

0

(38)

Financing expenses net of tax

(54)

(54)

Net income from discontinued business activities

(6)

(6)

NET INCOME

713

327

238

148

35

(238)

510

180

Universal Registration Document 2023 GROUPAMA ASSURANCES MUTUELLES