UNIVERSAL REGISTRATION DOCUMENT 2023
6 EARNINGS AND FINANCIAL POSITION Management report of the Board of Directors
International economic operating income and net income ı
The economic operating income of the insurance business in the International scope was €160 million as at 31 December 2023, compared with €80 million as at 31 December 2022. This favourable change was mainly due to the increase in economic operating income in property and casualty insurance
(+€57 million) linked to the combined ratio (-2.9 points to 98.3%) and to a lesser extent in health and protection (+€9 million). Economic operating income from savings/pensions improved by €14 million.
31.12.2023
31.12.2022
International insurance
International insurance
(in millions of euros)
P&C
H/P
S/P
P&C
H/P
S/P
PAA business Insurance income
1,809
1,588
221
2,036
1,709
328
0
Insurance expenses
(1,759)
(1,562)
(198)
(1,946)
(1,673)
(273)
0
o/w attributable expenses
(652)
(565)
(87)
(749)
(612)
(137)
0
Reinsurance balance
(33)
(31)
(2)
13
15
(2)
0
Other non ‑ attributable expenses Financial income from contracts
(20)
(16)
(4)
(26)
(21)
(6)
(8)
(8)
0
(23)
(21)
(1)
PAA net underwriting margin
(11)
(29)
18
55
9
46
0
PAA combined ratio
100.5% 101.3% 93.9%
96.5% 98.3% 85.2%
BBA business Release
15
12
3
16
13
3
Experience variances
(4)
(2)
(2)
(1)
0
(1)
Financial income from contracts
1
1
1
1
0
1
Reinsurance balance
0
0
Other non ‑ attributable expenses
(1)
0
0
(1)
(1)
(1)
Other
1
(2)
3
0
0
0
BBA net underwriting margin
13
8
5
15
13
2
VFA business Release
30
0
30
22
22
CSM release
26
0
26
20
20
RA release
4
4
2
2
Experience variances
13
0
13
(8)
(8)
Other non ‑ attributable expenses
(1)
0
(1)
(2)
(2)
Other
(29)
(1)
(28)
18
18
VFA net underwriting margin
12
(1)
13
30
30
Net underwriting margin (incl. non ‑ attributable expenses and financial income) for all models – IFRS 17
14
(29)
25
18
101
9
59
32
Financial and other income Recurring financial margin
80
98
7
(24)
103
119
7
(23)
Other items
(14)
3
(4)
(14)
(44)
1
(29)
(15)
ECONOMIC OPERATING INCOME
80
73
28
(20)
160
130
37
(6)
Capital gains realised net of tax
(9)
(9)
(1)
0
10
9
1
0
Impairment charge net of tax
(1)
(1)
0
0
(1)
(1)
0
Changes in fair value net of tax
(18)
(15)
(3)
0
(4)
(4)
0
0
Income from ordinary activities net of tax
(32)
(22)
(3)
(7)
(24)
(14)
(3)
(8)
Financing expenses net of tax Net income from discontinued business activities
(34)
(31)
(3)
NET INCOME
(14)
(5)
19
(28)
141
120
35
(14)
189
Document d’Enregistrement Universel 2023 GROUPAMA ASSURANCES MUTUELLES
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