UNIVERSAL REGISTRATION DOCUMENT 2023

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

It includes a non ‑ recurring financial margin of -€19 million ( versus -€155 million last year) on Property and casualty insurance and Health/protection business (as the non ‑ recurring financial margin from Savings/pension business is included in economic operating income). This margin resulted from a sharp increase in the change in assets recognised at fair value through profit or loss (+€321 million net of corporate income tax) offset

by the realisation of capital losses on bonds whereas a few capital gains on the disposal of assets had been recorded the previous year. Thus, the change in this item between 2022 and 2023 amounts to a decrease in income of €139 million. In addition, the non ‑ recurring financial margin includes an impairment charge of €46 million (mainly on real estate assets).

6.1.4.2 Business and results in France

Non ‑ GAAP income in France ı

31.12.2022 pro forma

31.12.2023 actual

Premium income - France (in millions of euros)

S/P

H/P

P&C

Total

S/P

H/P

P&C

Total

Regional mutuals

2,119 4,396 6,515

2,228 4,775 7,003

Groupama Gan Vie

2,598 2,192

4,790 2,425 2,403

4,828

Gan Assurances

147 1,295 1,442

160 1,385 1,545

Groupama Assurances Mutuelles

11

33

44

13

45

59

(1)

Other entities

4

458

463

4

498

501

TOTAL

2,602 4,469 6,182 13,253 2,429 4,804 6,703 13,936

Including Assu ‑ Vie. (1)

Insurance premium income in France as at 31 December 2023 increased by 5.2% compared with 31 December 2022 and totalled €13,936 million. Property and casualty insurance business (48.1% of premium income in France) increased 8.4% to €6,703 million as at 31 December 2023. Insurance for individuals and professionals rose by 7.2% to €3,700 million ( i.e. , more than 55% of premiums written in Property and casualty insurance). This increase was driven by growth in the passenger vehicle insurance segment (+3.4% to €1,693 million) and the home insurance segment (+11.2% to €1,213 million). Insurance for businesses and local authorities (€1,174 million and 18% of the portfolio) increased by +8.5%, driven by the good performance of the business and local authorities casualty segment (+10.3% to €626 million) and the fleet segment (+6.6% to €548 million). The growth in the agricultural business segment (+14.0%) can be explained by the development of multi ‑ risk climate insurance in France, which increased by 40.1% as part of the ongoing regulatory changes in this segment. Premium income from Health and protection insurance (34.5% of premium income in France) increased by 7.5% compared with the previous period to €4,804 million at 31 December 2023, driven by growth in the Health segment (+4.5%, of which +5.6% from Individual health and +3.0% from Group health) and Group inward reinsurance (+33.2%). Premiums from Savings/pensions (17.4% of premium income in France) were down 6.7% to €2,429 million because of the decline recorded in individual savings/pensions (-8.8%). The decrease was slightly lower in the unit ‑ linked products segment (-8.3% decrease in income) than in the traditional euro business (-9.4% decline). Unit ‑ linked policies accounted for 51.6% of volume, which was slightly higher than last year (51.3%) and

(a) Regional mutuals Premium income for regional mutuals increased 7.5% to €7,003 million as at 31 December 2023. Health and protection insurance business increased by 5.1%, to €2,228 million versus the previous period, driven by growth in the health segment (+5.8 to €1,551 million, including +5.3% for individual health and +8.5% for group health), which benefited from price increases. The sound performance in individual protection was also noteworthy (+3.3% to €374 million). Premium income of regional mutuals in property and casualty insurance (€4,775 million) grew 8.6% over the period, mainly under the effect of price increases. The good performance of the agricultural business lines (+15.1% to €1,151 million), thanks to the development of multi ‑ risk climate cover and insurance for businesses and local authorities (+7.8% to €862 million) is worth noting. As climate change continues to strongly affect this segment, in which the Group has chosen to preserve its margins, home insurance business grew +8.9% to €970 million under pricing effects, as the number of policies fell (-65,000 policies at end ‑ December 2023). For similar reasons (hail damage to vehicles was particularly hard hit in 2023), the passenger vehicle business increased by 3.7% to €1,294 million, with a portfolio down by 105,000 policies at end ‑ December 2023. reflects the resilience of the Savings/pensions model in the new financial markets context. The actuarial reserve rate in unit ‑ linked individual savings was 31.5% ( versus 29.6% at 31 December 2022). The Group’s net inflows in France were negative at -€1,022 million as at 31 December 2023, compared with €553 million during the previous period.

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Document d’Enregistrement Universel 2023 GROUPAMA ASSURANCES MUTUELLES