UNIVERSAL REGISTRATION DOCUMENT 2023
6 EARNINGS AND FINANCIAL POSITION Management report of the Board of Directors
31.12.2022
Total Insurance
Financial businesses
Holding companies
P&C
H/P
S/P
Group
(in millions of euros)
PAA business Insurance income
12,233
7,789
4,443
12,233
Insurance expenses
(12,446)
(8,239)
(4,207)
(12,446)
o/w attributable expenses
(3,817)
(2,847)
(970)
(3,817)
Reinsurance balance
308
329
(21)
308
Other non ‑ attributable expenses Financial income from contracts
(134)
(85)
(50)
(134)
(40)
(37)
(3)
(40)
PAA net underwriting margin
(80)
(243)
162
(80)
PAA combined ratio
100.4% 102.6% 96.3%
100.4%
BBA business Release
33
22
1
10
33
Experience variances
(19)
(1)
(17)
(1)
(19)
Financial income from contracts
(23)
(23)
26
(25)
(23)
Reinsurance balance
3
(1)
4
3
Other non ‑ attributable expenses
(4)
(3)
(1)
(4)
Other
7
4
3
7
BBA net underwriting margin
(2)
(3)
14
(13)
(2)
VFA business Release
372
12
360
372
Experience variances
38
0
38
38
Other non ‑ attributable expenses
(86)
(14)
(73)
(86)
Other
(29)
(1)
(28)
(29)
VFA net underwriting margin
296
(2)
298
296
Net underwriting margin (incl. non ‑ attributable expenses and
financial income) for all models – IFRS 17
213
(246)
174
285
213
Financial and other income Recurring financial margin
446
321
178
(53)
15
(28)
434
Other items
(278)
(97)
(90)
(90)
27
(90)
(341)
ECONOMIC OPERATING INCOME
381
(22)
262
142
42
(118)
306
Capital gains realised net of tax
(8)
(9)
0
0
104
96
Impairment charge net of tax
(14)
(10)
(4)
0
0
(14)
Changes in fair value net of tax
(235)
(115)
(120)
0
(2)
(237)
Income from ordinary activities net of tax
(43)
(29)
(3)
(11)
0
(6)
(49)
Financing expenses net of tax
(54)
(54)
Net income from discontinued business activities
(34)
(31)
(3)
0
(34)
NET INCOME
47
(217)
133
130
42
(76)
13
181
Document d’Enregistrement Universel 2023 GROUPAMA ASSURANCES MUTUELLES
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