UNIVERSAL REGISTRATION DOCUMENT 2023

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

(d) Romania Premium income of the Romanian subsidiary Groupama Asigurari rose by 37.4% over the period to €826 million as at 31 December 2023. Property and casualty insurance business (€786 million) rose by 38.3%, driven by growth in the passenger vehicle segment (+42.4%, or more than 85% of property and casualty insurance premiums). The motor casualty segment increased by 24.8% (under the influence of increases in prices and the average premium) while the motor liability segment posted an increase of 50.3% (in a market marked by the discontinuation of underwriting by the leading discount companies in this segment. Health and protection premium income (€40 million) increased 21.9% over the period, in connection with the growth seen in group health (+29.1%), particularly due to major policy renewals. Bulgaria In Bulgaria, the premium income of the subsidiaries climbed 40.5% to €48 million as at 31 December 2023. Property and casualty insurance business (€30 million) increased by 45.3%, thanks to growth in the passenger vehicle (+57.4%) and home insurance (+25.6%) segments, which benefited in particular from the increase in average premiums and numbers (+8,500 in motor insurance). Premium income in health and protection expanded by 35.5%, driven by a solid performance from group protection (+21.4%) and group health (>100% thanks to the successful launch of a new product) segments. The savings/ pensions business remained stable at €1 million. Gan Outre ‑ Mer Gan Outre ‑ Mer’s premium income rose 7.4% to €75 million as at 31 December 2023. Property and casualty insurance business came in at €65 million (+7.4%). Health ‑ protection premium income totalled €11 million, compared with €10 million for the previous period. (e) (f)

(c) Hungary Premium income of the subsidiary Groupama Biztosito in Hungary increased 17.4% to €493 million as at 31 December 2023. Written premiums in property and casualty insurance were up 13.6% to €257 million as at 31 December 2023. The development of the portfolio and new business with high average premiums explain the growth of the non ‑ life business (+16.9%). The passenger vehicle (+11.0% driven by price increases) and home insurance (+18.3%) segments also fared well, rounding out this good performance. Written premiums in Health ‑ protection rose 22.8% compared with 31 December 2022 and totalled €89 million. Premium income in savings/pensions increased by 21.4% to €146 million. Unit ‑ linked premiums in the partner banking network reaped the benefits of successful sales campaigns and were up 24.1%. The subsidiary’s life/savings premium income is now 97.2% unit ‑ linked policies (a slightly higher level than the average recorded in recent years at the subsidiary). Life and health insurance premium income increased by 15.4% to €52 million. It got a lift from growth in the health segment (+21.1%, including +12.9% in individual health and +43.3% in group health), which benefited from price increases and the expansion of the portfolio. Savings/pensions business grew by 42.7% to €69 million at 31 December 2023, driven by the strong performance of the Group retirement segment (+48.3% thanks to the development of large single premiums).

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Universal Registration Document 2023 GROUPAMA ASSURANCES MUTUELLES