UNIVERSAL REGISTRATION DOCUMENT 2023

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

(b) Groupama Gan Vie Premium income of the networks of Groupama Gan Vie increased 0.8% to €4,828 million as at 31 December 2023. Growth in Health and protection (+9.6% to €2,403 million) offset the decline in Savings/pensions business (-6.7% to €2,425 million), mainly due to the drop in individual savings (-11.5%). This reduction occurred against a backdrop in which the level of profit ‑ sharing chosen for the end of 2022 was slightly lower than that of the main competitors. The unit ‑ linked

development strategy continued, with UL making up 31.5% of individual savings under management as at 31 December 2023 compared with 29.6% over the previous period. In Group retirement, however, the change was a 4% increase compared to last year, due in particular to the net growth of the Gan Eurocourtage network. Health and protection business performed well, mainly due to the growth of the Group protection (+9.1%) and Group inward reinsurance (+33.2%) segments.

The breakdown of the Groupama Gan Vie entity’s premium income by network is as follows:

2023 ‑ 2022

31.12.2022

31.12.2203

Pro forma

Actual

Change

(in millions of euros)

Regional mutuals

1,384

1,301

-6.0%

General agents

724

706

-2.5%

Brokerage

1,721

1,938

12.6%

Gan Patrimoine

439

402

-8.5%

Gan Prévoyance

506

481

-5.0%

Réunima

17

1

-95.0%

TOTAL

4,790

4,828

0.8%

Savings/pensions

2,598

2,425

-6.7%

of which unit ‑ linked savings/pensions of which savings/pensions in euros

1,165

1,068

-8.3%

1,113

1,000

-10.2%

Health and protection

2,192

2,403

9.6%

TOTAL

4,790

4,828

0.8%

Premium income of the network of regional mutuals amounted to €1,301 million as at 31 December 2023, down 6.0% compared with the previous period. Savings/pensions business totalled €1,135 million (-7.8%) in connection with the decrease in individual savings (-10.3%). The segment’s premium income now stands at €946 million, including €415 million for unit ‑ linked vehicles and €531 million for euro ‑ denominated vehicles. Health and protection insurance premium income increased by 9.0% to €165 million. The Gan Assurances network posted premium income of €706 million as at 31 December 2023, down 2.5% from the previous period. Savings/pensions business was down 8.4%, mainly due to the decline in individual savings (-25.6%). This negative change was mitigated by the good performance of Health and protection (+3.3%), which benefited from growth in the Group protection segment (+7.9%). The brokerage network had premium income of €1,938 million as at 31 December 2023, up 12.6% compared with 31 December 2022, mainly under the effect of the growth in Group inward insurance (+33.1%), and Group protection (+10.7%) segments. Premium income for the Gan Patrimoine network was down 8.5%, totalling €402 million as at 31 December 2023, due to a decrease in the individual savings/pensions segment (-10.2%).

(c) Gan Assurances Gan Assurances’s premium income increased 7.2% compared with the previous period to €1,545 million as at 31 December 2023. Health and protection business (individual health portfolio) grew by 8.9% to €160 million at 31 December 2023 (driven by the effects of price increases and slight growth in numbers). Premium income for Property and casualty insurance increased 7.0% to €1,385 million as at 31 December 2023. This growth came from solid performances in the Private and professional market (+9.5%), which was buoyed by growth in home insurance (+16.3%), VSE occupational risks (+9.7%) and construction (+25.4%). Insurance for businesses and local authorities increased by 8.4%, in line with the increase recorded by the fleet segment (+12.8%). The Gan Prévoyance sales network contributed €481 million to Group premium income as at 31 December 2023, a 5.0% decrease compared with the previous period. This decrease is linked to individual retirement (-7.6%) and individual protection (-2.4%), as individual savings remained stable over the period and individual health grew by 4.8% compared to last year.

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Universal Registration Document 2023 GROUPAMA ASSURANCES MUTUELLES