UNIVERSAL REGISTRATION DOCUMENT 2023

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

The change in the other elements is explained in particular by the change in the tax expense based on the underwriting income. This item includes other non ‑ underwriting income and expenses, tax on recurring income, and income from equity ‑ method entities.

In France, net income amounted to €572 million in 2023 versus €61 million in 2022. The non ‑ recurring financial margin improved by €270 million over the period due in particular to more favourable changes in fair value given developments in the financial markets, which largely absorbed the provisions for impairment of real estate assets.

6.1.4.3 International activity and earnings

International non ‑ GAAP income ı

31.12.2022 pro forma

31.12.2023 actual

International premium income (in millions of euros)

S/P

H/P

P&C

Total

S/P

H/P

P&C

Total

Italy

241

108

820 1,169

233

111

880 1,224

Greece

48

45

84

178

69

52

91

213

Hungary

120

73

227

420

146

89

257

493

Romania

0

33

568

601

0

40

786

826

Croatia

7

7

8

8

Bulgaria

1

12

21

34

1

17

30

48

Gan Outre ‑ Mer

10

60

70

11

65

75

TOTAL

418

281 1,781 2,479

458

320 2,110 2,887

(a) Italy Premium income for the Italian subsidiary Groupama Assicurazioni increased by 4.7% to €1,224 million as at 31 December 2023. Property and casualty insurance premium income grew 7.3% to €880 million. The passenger vehicle segment (more than 60% of property and casualty insurance premiums) posted a 7.0% The Group’s international combined premium income was €2,887 million as at 31 December 2023, up 16.5% from 31 December 2022. Property and casualty insurance premium income totalled €2,110 million as at 31 December 2023, an 18.5% increase compared with the previous period. This growth was driven by the passenger vehicle segment (+22.2%, or more than 65% of written premiums in property and casualty insurance), which grew in nearly all geographical areas, and especially in Romania. It is also worth noting the strong performance of the business and local authority insurance segment (+10.9%), particularly in Italy, Hungary, and Romania, and the home insurance segment (+14.0%), notably in Hungary and Italy. Health and protection business increased by 13.8% to €320 million as at 31 December 2023, driven by growth in the Group health (+38.6%, mainly in Romania and Greece) and individual protection (+10.0%, particularly in Hungary) segments. Premium income from Savings/pensions rose 9.6% to €458 million. Individual savings rose by 4.1% over the period, comprised of 13.7% growth in unit ‑ linked savings (mainly in Hungary) and a 6.5% decline in traditional savings (particularly in Italy). Group retirement increased by 39.3% to €91 million, mainly in Greece.

(b) Greece Groupama Phoenix’s premium income increased 19.4% compared with the previous period to €213 million as at 31 December 2023. Property and casualty insurance business was up 8.2% at €91 million as at 31 December 2022. The passenger vehicle segment (more than 60% of premiums in property and casualty insurance) increased by 2.1% thanks to growth in the business, a figure that fell short of projections, particularly technical forecasts, while the premium income of the physical network fell. In this unfavourable environment, the subsidiary benefited from the strong performance of the home insurance (+15.5%) and occupational risks (+14.5%) segments. increase as a result of increases in the number of policies (23,000) and in the portfolio’s average premium. In line with the subsidiary’s strategy, this trend is due to the increase in the non ‑ box portfolio (+7.1%) while the box portfolio (telematics) decreased by 4.9%. The Business and municipal property segment (+9.5%) benefited from the expansion of the brokerage channel. Savings/pension business (€233 million) decreased by 3.1% compared with 31 December 2022. Premium income in the individual retirement savings business posted a 5.3% decrease over the period, broken down into a 4.6% decrease in unit ‑ linked individual savings and a 5.6% decrease in euro ‑ denominated individual savings/pensions business. Health/protection premium income (primarily Individual protection) totalled €111 million as at 31 December 2023, compared with €108 million for the previous period.

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Document d’Enregistrement Universel 2023 GROUPAMA ASSURANCES MUTUELLES