UNIVERSAL REGISTRATION DOCUMENT 2023

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

(c) Investments (including unit ‑ linked investments) Insurance investments totalled €85.5 billion in 2023 compared with €79.2 billion in 2022, up 7.9%. The Group’s unrealised capital gains (including property) rose by €2.3 billion to €0.7 billion (compared with -€1.6 billion in unrealised capital gains at the previous close) because of the unrealised capital gains on bonds. Unrealised capital losses on financial assets (excluding property) totalled -€1.2 billion compared with -€3.7 billion at 31 December 2022. These amounts are recorded in the financial statements in the revaluation reserve. By asset segment, the bond portfolio reflected unrealised capital losses of -€2.1 billion. Unrealised capital gains from equities were +€0.9 billion. Unrealised capital gains on property amounted to +€1.9 billion compared with +€2.1 billion at 31 December 2022. Because the Group has high ‑ quality property assets, the current real estate crisis.has resulted in a fairly limited impact. An impairment of €250 million was recorded on a high ‑ rise building under construction in La Défense in accordance with IFRS standards. However, the outlook for this building and the projections of its future cash flows point to a reversal of these provisions in the coming years. The Group elected to account for investment and operating property according to the amortised cost method. Unrealised property gains were thus not recorded in the accounts. The equity share of total investments by market value was 9.4% at 31 December 2023, versus 8.6% at 31 December 2022, taking an economic view.

6.1.4.6 Combined balance sheet As at 31 December 2023, Groupama’s combined balance sheet totalled €91.9 billion, compared with €86.3 billion in 2022, an increase of 6.5%. Goodwill Goodwill remained stable at €1.6 billion as at 31 December 2023. Other intangible assets Other intangible assets totalling €435 million as at 31 December 2023 ( versus €412 million in 2022) are composed primarily of computer software. (a) (b) Groupama Assurances Mutuelles is the ultimate parent company of the Group and the central governance body. It acts as a holding company by holding (directly or indirectly) all of the Group’s French and international subsidiaries. In respect of this role, Groupama Assurances Mutuelles directs the operating activities of the Group and is the focal point for internal and external financing. The net financial income is broken down using a standardised basis for underwriting business. The expenses allocated to this business correspond to the share of costs and expenses of senior management, functional departments and shared, non ‑ underwriting expenses. The economic operating income of holding companies was a loss of €113 million in 2023 compared with a loss of €118 million as at 31 December 2022. The net income of holding companies was a loss of €238 million as at 31 December 2023 compared with a loss of €76 million as at 31 December 2022. This figure includes the €110 million loss on the disposal of the Turkish subsidiaries.

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Document d’Enregistrement Universel 2023 GROUPAMA ASSURANCES MUTUELLES