UNIVERSAL REGISTRATION DOCUMENT 2023

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

(d) Other entities Premium income at Groupama Assurances Mutuelles, which is home to some nationwide business activities (in particular, brokerage) via reinsurance and the share in professional pools (Gareat, Assurpol, etc.) totalled €59 million at 31 December 2023 versus €44 million over the previous period. Groupama Assurance ‑ Crédit et Caution posted premium income of €64 million at 31 December 2023, up 7.6% from 2022, in connection with the development of new business. The Group’s Credit insurance and surety subsidiary is continuing its targeted and profitable growth strategy in market segments where it has acknowledged expertise, and is benefiting from an underwriting policy supported by rates. Economic operating income and net income In France ı In property and casualty insurance in France, economic operating income was €544 million in 2023, compared with €301 million in 2022. This positive change is mostly attributable to the increase in economic operating income from Property and casualty insurance for €281 million. It should be noted that

Premium income for Mutuaide Assistance as at 31 December 2023 was up 9.8% to €308 million, thanks to the development of premiums recorded as direct business and especially on the affinity network. Société Française de Protection Juridique’s premium income grew by 6.1% to €126 million as at 31 December 2023 thanks to the development of partnerships. Caisses Fraternelles generated premium income of €2 million as at 31 December 2023, while the discontinued activity of the subsidiary Assuvie decreased by 22.2% compared with 31 December 2022. Its premium income (consisting only of periodic premiums in run off) amounted to €2 million as at 31 December 2023.

economic operating income in Savings/pensions was stable at €162 million, while Health and protection was down €38 million compared to last year, mainly due to long ‑ term segments (particularly Long ‑ term care and Borrowers, which come under the BBA models).

31.12.2023

31.12.2022

Insurance - France

Insurance - France

(in millions of euros)

P&C

H/P

S/P

P&C

H/P

S/P

PAA business Insurance income

10,424

6,202

4,222

11,289

6,715

4,574

Insurance expenses

(10,687)

(6,678)

(4,009)

(10,648)

(6,340)

(4,308)

o/w attributable expenses

(3,165)

(2,282)

(883)

(3,430)

(2,483)

(946)

Reinsurance balance

342

361

(19)

(141)

(133)

(9)

Other non ‑ attributable expenses Financial income from contracts

(115)

(69)

(46)

(149)

(93)

(57)

(33)

(30)

(3)

(97)

(68)

(29)

PAA net underwriting margin

(69)

(214)

145

254

82

171

PAA combined ratio

100.3% 103.0% 96.5%

96.9% 97.8% 95.6%

BBA business Release

18

22

(11)

7

22

18

4

Experience variances

(15)

(1)

(15)

1

(24)

(25)

1

Financial income from contracts

(24)

(23)

25

(26)

(67)

1

(68)

Reinsurance balance

3

(1)

4

(7)

(7)

Other non ‑ attributable expenses

(3)

(3)

0

(5)

0

(4)

0

Other

6

6

0

(3)

(3)

BBA net underwriting margin

(15)

(3)

6

(18)

(83)

0

(20)

(63)

VFA business Release

343

12

331

278

8

270

CSM release

314

10

304

245

6

238

RA release

29

2

27

33

2

31

Experience variances

26

26

38

0

38

Other non ‑ attributable expenses

(85)

(14)

(72)

(94)

(17)

(77)

Other

0

0

0

0

0

VFA net underwriting margin

283

(2)

285

221

(9)

230

Net underwriting margin (incl. non ‑ attributable expenses and financial income) for all models – IFRS 17

199

(217)

149

267

392

82

143

167

185

Document d’Enregistrement Universel 2023 GROUPAMA ASSURANCES MUTUELLES